# EDGAR Filing Document

**Accession Number:** 0000802716
**File Stem:** 0001398344-25-017568
**Filing Date:** 2025-9
**Character Count:** 1182020
**Document Hash:** f4b81259829ecc86ca1d31a3561b1c09
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-017568.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001398344-25-017568

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 158

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04852
- **FILM NUMBER:** 251292763

**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 Investment Grade Convertible Fund, formerly Victory INCORE Investment Grade Convertible Fund (Series ID: S000000786)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002332 | Class A      | SBFCX           |
| C000052112 | Class I      | VICIX           |
| C000219861 | Member Class | SBFMX           |

### Victory Diversified Stock Fund (Series ID: S000000787)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002333 | Class A      | SRVEX           |
| C000002336 | Class C      | VDSCX           |
| C000002337 | Class R      | GRINX           |
| C000052113 | Class I      | VDSIX           |
| C000111270 | Class Y      | VDSYX           |
| C000138365 | Class R6     | VDSRX           |

### Victory Sycamore Established Value Fund (Series ID: S000000788)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002334 | Class A      | VETAX           |
| C000002335 | Class R      | GETGX           |
| C000052114 | Class I      | VEVIX           |
| C000111271 | Class Y      | VEVYX           |
| C000138366 | Class R6     | VEVRX           |
| C000169232 | Class C      | VEVCX           |

### Victory Fund for Income, formerly Victory INCORE Fund for Income (Series ID: S000000792)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002344 | Class A      | IPFIX           |
| C000002345 | Class C      | VFFCX           |
| C000002346 | Class R      | GGIFX           |
| C000098399 | Class I      | VFFIX           |
| C000111273 | Class Y      | VFFYX           |
| C000155524 | Class R6     | VFFRX           |
| C000219862 | Member Class | VFFMX           |

### Victory Sycamore Small Company Opportunity Fund (Series ID: S000000800)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002356 | Class A      | SSGSX           |
| C000002357 | Class R      | GOGFX           |
| C000052116 | Class I      | VSOIX           |
| C000111275 | Class Y      | VSOYX           |
| C000164985 | Class R6     | VSORX           |

### Victory Core Bond Fund, formerly Victory Total Return Bond Fund (Series ID: S000046391)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000144969 | Class A      | MUCAX           |
| C000144970 | Class C      | MUCCX           |
| C000144971 | Class Y      | MUCYX           |
| C000155525 | Class R6     | MUCRX           |

### Victory Munder Mid-Cap Core Growth Fund (Series ID: S000046392)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000144972 | Class A      | MGOAX           |
| C000144973 | Class C      | MGOTX           |
| C000144975 | Class R6     | MGOSX           |
| C000144976 | Class Y      | MGOYX           |

### Victory Integrity Small-Cap Value Fund (Series ID: S000046393)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000144977 | Class A      | VSCVX           |
| C000144978 | Class C      | MCVSX           |
| C000144979 | Class R      | MRVSX           |
| C000144980 | Class R6     | MVSSX           |
| C000144981 | Class Y      | VSVIX           |

### Victory Munder Multi-Cap Fund (Series ID: S000046395)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000144984 | Class A      | MNNAX           |
| C000144985 | Class C      | MNNCX           |
| C000144987 | Class Y      | MNNYX           |

### Victory S&P 500 Index Fund (Series ID: S000046396)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000144988 | Class A      | MUXAX           |
| C000144989 | Class R      | MUXRX           |
| C000144990 | Class Y      | MUXYX           |

### Victory Integrity Mid-Cap Value Fund (Series ID: S000046397)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000144991 | Class A      | MAIMX           |
| C000144992 | Class Y      | MYIMX           |
| C000164741 | Class R6     | MRIMX           |
| C000217047 | Class C      | MCIMX           |
| C000219863 | Member Class | MMIJX           |

### Victory Integrity Small/Mid-Cap Value Fund (Series ID: S000046398)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000144993 | Class A      | MAISX           |
| C000144994 | Class Y      | MYISX           |
| C000155526 | Class R6     | MIRSX           |
| C000219864 | Member Class | MMMSX           |

### Victory Trivalent International Fund - Core Equity (Series ID: S000046399)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000144995 | Class A      | MAICX           |
| C000144997 | Class I      | MICIX           |
| C000144998 | Class Y      | MICYX           |
| C000155527 | Class R6     | MAIRX           |

### Victory Trivalent International Small-Cap Fund (Series ID: S000046400)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000144999 | Class A      | MISAX           |
| C000145000 | Class C      | MCISX           |
| C000145001 | Class I      | MISIX           |
| C000145002 | Class R6     | MSSIX           |
| C000145003 | Class Y      | MYSIX           |

### Victory Integrity Discovery Fund (Series ID: S000046401)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000145004 | Class A      | MMEAX           |
| C000145005 | Class C      | MMECX           |
| C000145007 | Class Y      | MMEYX           |
| C000219865 | Member Class | MMMMX           |

?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; 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Zip code)

Jay G. Baris & Matt Kutner, Sidley Austin LLP, 787 Seventh Avenue, New York, NY 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>June 30</u>

Date of reporting period: <u>June 30, 2025</u>

**Item 1. Reports to Stockholders.**

(a) #### Victory Integrity Discovery Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class A

Ticker: MMEAX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Integrity Discovery Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class A | $169 | 1.59% |

---

# What affected the Fund's performance during the last year?
For the fiscal year ended June 30, 2025, the Fund outperformed its benchmark, the Russell Microcap<sup>®</sup> Value Index (the "Index"). Over the last 12 months, U.S. equity market reactions to the Federal Reserve's interest rate policy and President Trump's tariff plans dominated headlines. Even though equities reached all-time highs in the fourth quarter of 2024, investor expectations for further rate cuts in 2025 began to cool. As the calendar turned to 2025, we believe market volatility increased due to concern and uncertainty regarding President Trump's tariff agenda. As the fourth quarter of the Fund's fiscal year end concluded, U.S. markets rallied once again to record highs. We believe that investor sentiment was boosted by hopes that the U.S. would reach trade agreements that could result in lower tariffs and optimism that the Federal Reserve could cut rates. For the one-year period ending June 30, 2025, microcap value stocks underperformed microcap growth stocks.

Top contributors to performance:

* From a benchmark perspective, information technology, consumer staples, and financials were the top performing sectors.

* Security selection in the health care, financials, and consumer discretionary sectors were the largest positive contributors to the Fund's relative performance.

* Sector weights contributed positively to the Fund's performance relative to the Index largely due to the Fund's underweight allocation to the health care sector and the Fund's overweight allocation to the information technology sector. 

Top detractors from performance:

* From a benchmark perspective, the materials, health care, and consumer discretionary sectors were the largest detractors from relative performance. 

* The information technology sector was the largest detractor from the Fund's performance.

* From a style perspective, the Fund's holdings on average had lower volatility and a higher market capitalization relative to the benchmark and both were headwinds. 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](ie85c061a2e88439ba6662077.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Integrity Discovery Fund Class A @ NAV - $20,297** | **Victory Integrity Discovery Fund Class A @ MOP - $19,128** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $35,936** | **Russell Microcap<sup>®</sup> Value Index - $19,827** |
| **6/15** | $10000 | $9424 | $10000 | $10000 |
| **6/16** | $9266 | $8732 | $10399 | $9283 |
| **6/17** | $12079 | $11383 | $12260 | $12185 |
| **6/18** | $13983 | $13178 | $14023 | $14706 |
| **6/19** | $12303 | $11594 | $15483 | $13101 |
| **6/20** | $9378 | $8838 | $16645 | $11145 |
| **6/21** | $17772 | $16749 | $23436 | $20464 |
| **6/22** | $15058 | $14191 | $20948 | $16332 |
| **6/23** | $15978 | $15058 | $25053 | $16799 |
| **6/24** | $18124 | $17080 | $31204 | $18136 |
| **6/25** | $20297 | $19128 | $35936 | $19827 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class A @ NAV | 11.99% | 16.70%<sup>Footnote Reference</sup> | 7.34% |
| Class A @ MOP | 5.55% | 15.32% | 6.70% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |
| Russell Microcap<sup>®</sup> Value Index | 9.32% | 12.21% | 7.08% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $58122 |
| Number of Holdings | 122 |
| Investment Advisory Fees | $641 |
| Portfolio Turnover | 33% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](if189be1562cb4a699a15e532.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 0.7% |
| Communication Services | 3.4% |
| Real Estate | 4.5% |
| Energy | 5.0% |
| Health Care | 5.0% |
| Materials | 5.3% |
| Consumer Discretionary | 12.4% |
| Information Technology | 12.6% |
| Industrials | 18.5% |
| Financials<sup>Footnote Reference\*\*</sup> | 30.9% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| nLight, Inc. | 1.3% |
| Digi International, Inc. | 1.2% |
| Interface, Inc. | 1.2% |
| Ducommun, Inc. | 1.2% |
| Ribbon Communications, Inc. | 1.2% |
| Artivion, Inc. | 1.2% |
| First Mid Bancshares, Inc. | 1.2% |
| Peoples Bancorp, Inc. | 1.2% |
| Great Lakes Dredge & Dock Corp. | 1.1% |
| ConnectOne Bancorp, Inc. | 1.1% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

MMEAX — AR (6/25)

#### Victory Integrity Discovery Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class C

Ticker: MMECX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Integrity Discovery Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class C | $258 | 2.45% |

---

# What affected the Fund's performance during the last year?
For the fiscal year ended June 30, 2025, the Fund outperformed its benchmark, the Russell Microcap<sup>®</sup> Value Index (the "Index"). Over the last 12 months, U.S. equity market reactions to the Federal Reserve's interest rate policy and President Trump's tariff plans dominated headlines. Even though equities reached all-time highs in the fourth quarter of 2024, investor expectations for further rate cuts in 2025 began to cool. As the calendar turned to 2025, we believe market volatility increased due to concern and uncertainty regarding President Trump's tariff agenda. As the fourth quarter of the Fund's fiscal year end concluded, U.S. markets rallied once again to record highs. We believe that investor sentiment was boosted by hopes that the U.S. would reach trade agreements that could result in lower tariffs and optimism that the Federal Reserve could cut rates. For the one-year period ending June 30, 2025, microcap value stocks underperformed microcap growth stocks.

Top contributors to performance:

* From a benchmark perspective, information technology, consumer staples, and financials were the top performing sectors.

* Security selection in the health care, financials, and consumer discretionary sectors were the largest positive contributors to the Fund's relative performance.

* Sector weights contributed positively to the Fund's performance relative to the Index largely due to the Fund's underweight allocation to the health care sector and the Fund's overweight allocation to the information technology sector. 

Top detractors from performance:

* From a benchmark perspective, the materials, health care, and consumer discretionary sectors were the largest detractors from relative performance. 

* The information technology sector was the largest detractor from the Fund's performance.

* From a style perspective, the Fund's holdings on average had lower volatility and a higher market capitalization relative to the benchmark and both were headwinds. 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i6b075de17aa41615fa99086a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Integrity Discovery Fund Class C @ NAV - $19,008** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $35,936** | **Russell Microcap<sup>®</sup> Value Index - $19,827** |
| **6/15** | $10000 | $10000 | $10000 |
| **6/16** | $9196 | $10399 | $9283 |
| **6/17** | $11893 | $12260 | $12185 |
| **6/18** | $13663 | $14023 | $14706 |
| **6/19** | $11922 | $15483 | $13101 |
| **6/20** | $9011 | $16645 | $11145 |
| **6/21** | $16934 | $23436 | $20464 |
| **6/22** | $14228 | $20948 | $16332 |
| **6/23** | $14963 | $25053 | $16799 |
| **6/24** | $16973 | $31204 | $18136 |
| **6/25** | $19008 | $35936 | $19827 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class C @ NAV | 11.01% | 15.71%<sup>Footnote Reference</sup> | 6.63% |
| Class C @ CDSC | 10.05% | 15.71% | 6.63% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |
| Russell Microcap<sup>®</sup> Value Index | 9.32% | 12.21% | 7.08% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $58122 |
| Number of Holdings | 122 |
| Investment Advisory Fees | $641 |
| Portfolio Turnover | 33% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](ibf8a281d8cd6a67257e25e71.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 0.7% |
| Communication Services | 3.4% |
| Real Estate | 4.5% |
| Energy | 5.0% |
| Health Care | 5.0% |
| Materials | 5.3% |
| Consumer Discretionary | 12.4% |
| Information Technology | 12.6% |
| Industrials | 18.5% |
| Financials<sup>Footnote Reference\*\*</sup> | 30.9% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| nLight, Inc. | 1.3% |
| Digi International, Inc. | 1.2% |
| Interface, Inc. | 1.2% |
| Ducommun, Inc. | 1.2% |
| Ribbon Communications, Inc. | 1.2% |
| Artivion, Inc. | 1.2% |
| First Mid Bancshares, Inc. | 1.2% |
| Peoples Bancorp, Inc. | 1.2% |
| Great Lakes Dredge & Dock Corp. | 1.1% |
| ConnectOne Bancorp, Inc. | 1.1% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

MMECX — AR (6/25)

#### Victory Integrity Discovery Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class Y

Ticker: MMEYX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Integrity Discovery Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class Y | $150 | 1.41% |

---

# What affected the Fund's performance during the last year?
For the fiscal year ended June 30, 2025, the Fund outperformed its benchmark, the Russell Microcap<sup>®</sup> Value Index (the "Index"). Over the last 12 months, U.S. equity market reactions to the Federal Reserve's interest rate policy and President Trump's tariff plans dominated headlines. Even though equities reached all-time highs in the fourth quarter of 2024, investor expectations for further rate cuts in 2025 began to cool. As the calendar turned to 2025, we believe market volatility increased due to concern and uncertainty regarding President Trump's tariff agenda. As the fourth quarter of the Fund's fiscal year end concluded, U.S. markets rallied once again to record highs. We believe that investor sentiment was boosted by hopes that the U.S. would reach trade agreements that could result in lower tariffs and optimism that the Federal Reserve could cut rates. For the one-year period ending June 30, 2025, microcap value stocks underperformed microcap growth stocks.

Top contributors to performance:

* From a benchmark perspective, information technology, consumer staples, and financials were the top performing sectors.

* Security selection in the health care, financials, and consumer discretionary sectors were the largest positive contributors to the Fund's relative performance.

* Sector weights contributed positively to the Fund's performance relative to the Index largely due to the Fund's underweight allocation to the health care sector and the Fund's overweight allocation to the information technology sector. 

Top detractors from performance:

* From a benchmark perspective, the materials, health care, and consumer discretionary sectors were the largest detractors from relative performance. 

* The information technology sector was the largest detractor from the Fund's performance.

* From a style perspective, the Fund's holdings on average had lower volatility and a higher market capitalization relative to the benchmark and both were headwinds. 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $1,000,000 Investment
![Growth of 10K Chart](ie24c2d2915673c2a0f61395c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Integrity Discovery Fund Class Y - $2,074,189** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $3,593,619** | **Russell Microcap<sup>®</sup> Value Index - $1,982,697** |
| **6/15** | $1000000 | $1000000 | $1000000 |
| **6/16** | $928992 | $1039928 | $928271 |
| **6/17** | $1213433 | $1226034 | $1218471 |
| **6/18** | $1408513 | $1402264 | $1470620 |
| **6/19** | $1242096 | $1548344 | $1310123 |
| **6/20** | $948498 | $1664549 | $1114500 |
| **6/21** | $1803001 | $2343588 | $2046409 |
| **6/22** | $1530551 | $2094797 | $1633197 |
| **6/23** | $1626788 | $2505253 | $1679921 |
| **6/24** | $1849108 | $3120445 | $1813643 |
| **6/25** | $2074189 | $3593619 | $1982697 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class Y | 12.17% | 16.94%<sup>Footnote Reference</sup> | 7.57% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |
| Russell Microcap<sup>®</sup> Value Index | 9.32% | 12.21% | 7.08% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $58122 |
| Number of Holdings | 122 |
| Investment Advisory Fees | $641 |
| Portfolio Turnover | 33% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](i309d6f7b934f7bc01a3809e8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 0.7% |
| Communication Services | 3.4% |
| Real Estate | 4.5% |
| Energy | 5.0% |
| Health Care | 5.0% |
| Materials | 5.3% |
| Consumer Discretionary | 12.4% |
| Information Technology | 12.6% |
| Industrials | 18.5% |
| Financials<sup>Footnote Reference\*\*</sup> | 30.9% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| nLight, Inc. | 1.3% |
| Digi International, Inc. | 1.2% |
| Interface, Inc. | 1.2% |
| Ducommun, Inc. | 1.2% |
| Ribbon Communications, Inc. | 1.2% |
| Artivion, Inc. | 1.2% |
| First Mid Bancshares, Inc. | 1.2% |
| Peoples Bancorp, Inc. | 1.2% |
| Great Lakes Dredge & Dock Corp. | 1.1% |
| ConnectOne Bancorp, Inc. | 1.1% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

MMEYX — AR (6/25)

#### Victory Integrity Discovery Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Member Class

Ticker: MMMMX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Integrity Discovery Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Member Class | $159 | 1.50% |

---

# What affected the Fund's performance during the last year?
For the fiscal year ended June 30, 2025, the Fund outperformed its benchmark, the Russell Microcap<sup>®</sup> Value Index (the "Index"). Over the last 12 months, U.S. equity market reactions to the Federal Reserve's interest rate policy and President Trump's tariff plans dominated headlines. Even though equities reached all-time highs in the fourth quarter of 2024, investor expectations for further rate cuts in 2025 began to cool. As the calendar turned to 2025, we believe market volatility increased due to concern and uncertainty regarding President Trump's tariff agenda. As the fourth quarter of the Fund's fiscal year end concluded, U.S. markets rallied once again to record highs. We believe that investor sentiment was boosted by hopes that the U.S. would reach trade agreements that could result in lower tariffs and optimism that the Federal Reserve could cut rates. For the one-year period ending June 30, 2025, microcap value stocks underperformed microcap growth stocks.

Top contributors to performance:

* From a benchmark perspective, information technology, consumer staples, and financials were the top performing sectors.

* Security selection in the health care, financials, and consumer discretionary sectors were the largest positive contributors to the Fund's relative performance.

* Sector weights contributed positively to the Fund's performance relative to the Index largely due to the Fund's underweight allocation to the health care sector and the Fund's overweight allocation to the information technology sector. 

Top detractors from performance:

* From a benchmark perspective, the materials, health care, and consumer discretionary sectors were the largest detractors from relative performance. 

* The information technology sector was the largest detractor from the Fund's performance.

* From a style perspective, the Fund's holdings on average had lower volatility and a higher market capitalization relative to the benchmark and both were headwinds. 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i8ae341ad8b7168f5559263e4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Integrity Discovery Fund Member Class - $19,801** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $20,113** | **Russell Microcap<sup>®</sup> Value Index - $16,503** |
| **11/20<sup>Footnote Reference\*</sup>** | $10000 | $10000 | $10000 |
| **6/21** | $17285 | $13117 | $17034 |
| **6/22** | $14663 | $11724 | $13594 |
| **6/23** | $15566 | $14021 | $13983 |
| **6/24** | $17679 | $17465 | $15096 |
| **6/25** | $19801 | $20113 | $16503 |

---

---

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

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| | 1 Year | Since Inception |
| Member Class | 12.00% | 15.80%<sup>Footnote Reference</sup> |
| S&P 500<sup>®</sup> Index | 15.16% | 16.19% |
| Russell Microcap<sup>®</sup> Value Index | 9.32% | 11.36% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $58122 |
| Number of Holdings | 122 |
| Investment Advisory Fees | $641 |
| Portfolio Turnover | 33% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](ie9b360bb947c4dea8852c6ba.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 0.7% |
| Communication Services | 3.4% |
| Real Estate | 4.5% |
| Energy | 5.0% |
| Health Care | 5.0% |
| Materials | 5.3% |
| Consumer Discretionary | 12.4% |
| Information Technology | 12.6% |
| Industrials | 18.5% |
| Financials<sup>Footnote Reference\*\*</sup> | 30.9% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| nLight, Inc. | 1.3% |
| Digi International, Inc. | 1.2% |
| Interface, Inc. | 1.2% |
| Ducommun, Inc. | 1.2% |
| Ribbon Communications, Inc. | 1.2% |
| Artivion, Inc. | 1.2% |
| First Mid Bancshares, Inc. | 1.2% |
| Peoples Bancorp, Inc. | 1.2% |
| Great Lakes Dredge & Dock Corp. | 1.1% |
| ConnectOne Bancorp, Inc. | 1.1% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

MMMMX — AR (6/25)

#### Victory Integrity Mid-Cap Value Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class A

Ticker: MAIMX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Integrity Mid-Cap Value Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class A | $104 | 1.00% |

---

# What affected the Fund's performance during the last year?
For the fiscal year ended June 30, 2025, the Fund underperformed its benchmark, the Russell Midcap<sup>®</sup> Value Index (the "Index"). Over the last 12 months, U.S. equity market reactions to the Federal Reserve's interest rate policy and President Trump's tariff plans dominated headlines. Even though equities reached all-time highs in the fourth quarter of 2024, investor expectations for further rate cuts in 2025 began to cool. As the calendar turned to 2025, we believe market volatility increased due to concern and uncertainty regarding President Trump's tariff agenda. As the fourth quarter of the Fund's fiscal year end concluded, U.S. markets rallied once again to record highs. We believe that investor sentiment was boosted by hopes that the U.S. will reach trade agreements that could result in lower tariffs and optimism that the Federal Reserve could cut rates. For the one-year period ending June 30, 2025, mid-cap value stocks underperformed mid-cap growth stocks.

Top contributors to performance:

* From a benchmark perspective, financials, communication services, and utilities were the top performing sectors.

* The consumer staples, health care, and utilities sectors were the largest positive contributors to the Fund's relative performance. 

Top detractors from performance:

* The health care and materials sectors were the largest detractors from relative performance.

* Security selection in the consumer discretionary, industrials, and energy sectors were the largest detractors from the Fund's performance.

* Sector weights detracted from the Fund's performance relative to the Index largely due to the Fund's underweight allocation to the financials and communication services sectors. 

* The Fund's higher volatility and lower market capitalization relative to the Index were style headwinds.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i70c83f43591214fad2ef5fcc.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Integrity Mid-Cap Value Fund Class A @ NAV - $22,782** | **Victory Integrity Mid-Cap Value Fund Class A @ MOP - $21,469** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $35,936** | **Russell Midcap<sup>®</sup> Value Index - $22,387** |
| **6/15** | $10000 | $9424 | $10000 | $10000 |
| **6/16** | $10041 | $9463 | $10399 | $10325 |
| **6/17** | $11655 | $10984 | $12260 | $11969 |
| **6/18** | $12975 | $12227 | $14023 | $12878 |
| **6/19** | $13022 | $12272 | $15483 | $13352 |
| **6/20** | $11212 | $10566 | $16645 | $11775 |
| **6/21** | $17788 | $16763 | $23436 | $18023 |
| **6/22** | $16622 | $15664 | $20948 | $16221 |
| **6/23** | $18920 | $17830 | $25053 | $17925 |
| **6/24** | $21137 | $19919 | $31204 | $20072 |
| **6/25** | $22782 | $21469 | $35936 | $22387 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class A @ NAV | 7.78% | 15.23%<sup>Footnote Reference</sup> | 8.58% |
| Class A @ MOP | 1.60% | 13.88% | 7.94% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |
| Russell Midcap<sup>®</sup> Value Index | 11.53% | 13.71% | 8.39% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $313979 |
| Number of Holdings | 112 |
| Investment Advisory Fees | $2350 |
| Portfolio Turnover | 49% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](i08f622be2bc1a635d232b4cb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 6.6% |
| Energy | 6.7% |
| Materials | 6.7% |
| Utilities | 7.2% |
| Health Care | 8.2% |
| Consumer Discretionary | 8.3% |
| Real Estate | 9.2% |
| Information Technology | 10.2% |
| Financials | 15.1% |
| Industrials | 18.3% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Realty Income Corp. | 1.6% |
| M&T Bank Corp. | 1.4% |
| Raymond James Financial, Inc. | 1.4% |
| Huntington Bancshares, Inc. | 1.4% |
| Xcel Energy, Inc. | 1.3% |
| VICI Properties, Inc. | 1.3% |
| WP Carey, Inc. | 1.2% |
| State Street Corp. | 1.2% |
| STERIS PLC | 1.2% |
| Nasdaq, Inc. | 1.2% |

---

---

| | |
|:---|:---|
| \* | 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](i1a844658bf676ac20b441018.jpg)

MAIMX — AR (6/25)

#### Victory Integrity Mid-Cap Value Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class C

Ticker: MCIMX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Integrity Mid-Cap Value Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class C | $181 | 1.75% |

---

# What affected the Fund's performance during the last year?
For the fiscal year ended June 30, 2025, the Fund underperformed its benchmark, the Russell Midcap<sup>®</sup> Value Index (the "Index"). Over the last 12 months, U.S. equity market reactions to the Federal Reserve's interest rate policy and President Trump's tariff plans dominated headlines. Even though equities reached all-time highs in the fourth quarter of 2024, investor expectations for further rate cuts in 2025 began to cool. As the calendar turned to 2025, we believe market volatility increased due to concern and uncertainty regarding President Trump's tariff agenda. As the fourth quarter of the Fund's fiscal year end concluded, U.S. markets rallied once again to record highs. We believe that investor sentiment was boosted by hopes that the U.S. will reach trade agreements that could result in lower tariffs and optimism that the Federal Reserve could cut rates. For the one-year period ending June 30, 2025, mid-cap value stocks underperformed mid-cap growth stocks.

Top contributors to performance:

* From a benchmark perspective, financials, communication services, and utilities were the top performing sectors.

* The consumer staples, health care, and utilities sectors were the largest positive contributors to the Fund's relative performance. 

Top detractors from performance:

* The health care and materials sectors were the largest detractors from relative performance.

* Security selection in the consumer discretionary, industrials, and energy sectors were the largest detractors from the Fund's performance.

* Sector weights detracted from the Fund's performance relative to the Index largely due to the Fund's underweight allocation to the financials and communication services sectors. 

* The Fund's higher volatility and lower market capitalization relative to the Index were style headwinds.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](idf696103b93d2dc28e62befe.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Integrity Mid-Cap Value Fund Class C @ NAV - $16,127** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $22,122** | **Russell Midcap<sup>®</sup> Value Index - $16,256** |
| **11/19<sup>Footnote Reference\*</sup>** | $10000 | $10000 | $10000 |
| **6/20** | $8245 | $10247 | $8550 |
| **6/21** | $12979 | $14427 | $13088 |
| **6/22** | $12036 | $12896 | $11779 |
| **6/23** | $13599 | $15422 | $13016 |
| **6/24** | $15081 | $19209 | $14575 |
| **6/25** | $16127 | $22122 | $16256 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Inception date for the Victory Integrity Mid-Cap Value Fund, Class C is 11/4/2019. |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | Since Inception |
| Class C @ NAV | 6.94% | 14.36% | 8.81% |
| Class C @ CDSC | 6.02% | 14.36% | 8.81% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 15.05% |
| Russell Midcap<sup>®</sup> Value Index | 11.53% | 13.71% | 8.96% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $313979 |
| Number of Holdings | 112 |
| Investment Advisory Fees | $2350 |
| Portfolio Turnover | 49% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](i6bf45b4f401ed2cd31528bef.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 6.6% |
| Energy | 6.7% |
| Materials | 6.7% |
| Utilities | 7.2% |
| Health Care | 8.2% |
| Consumer Discretionary | 8.3% |
| Real Estate | 9.2% |
| Information Technology | 10.2% |
| Financials | 15.1% |
| Industrials | 18.3% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Realty Income Corp. | 1.6% |
| M&T Bank Corp. | 1.4% |
| Raymond James Financial, Inc. | 1.4% |
| Huntington Bancshares, Inc. | 1.4% |
| Xcel Energy, Inc. | 1.3% |
| VICI Properties, Inc. | 1.3% |
| WP Carey, Inc. | 1.2% |
| State Street Corp. | 1.2% |
| STERIS PLC | 1.2% |
| Nasdaq, Inc. | 1.2% |

---

---

| | |
|:---|:---|
| \* | 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](i1a844658bf676ac20b441018.jpg)

MCIMX — AR (6/25)

#### Victory Integrity Mid-Cap Value Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class R6

Ticker: MRIMX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Integrity Mid-Cap Value Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class R6 | $62 | 0.60% |

---

# What affected the Fund's performance during the last year?
For the fiscal year ended June 30, 2025, the Fund underperformed its benchmark, the Russell Midcap<sup>®</sup> Value Index (the "Index"). Over the last 12 months, U.S. equity market reactions to the Federal Reserve's interest rate policy and President Trump's tariff plans dominated headlines. Even though equities reached all-time highs in the fourth quarter of 2024, investor expectations for further rate cuts in 2025 began to cool. As the calendar turned to 2025, we believe market volatility increased due to concern and uncertainty regarding President Trump's tariff agenda. As the fourth quarter of the Fund's fiscal year end concluded, U.S. markets rallied once again to record highs. We believe that investor sentiment was boosted by hopes that the U.S. will reach trade agreements that could result in lower tariffs and optimism that the Federal Reserve could cut rates. For the one-year period ending June 30, 2025, mid-cap value stocks underperformed mid-cap growth stocks.

Top contributors to performance:

* From a benchmark perspective, financials, communication services, and utilities were the top performing sectors.

* The consumer staples, health care, and utilities sectors were the largest positive contributors to the Fund's relative performance. 

Top detractors from performance:

* The health care and materials sectors were the largest detractors from relative performance.

* Security selection in the consumer discretionary, industrials, and energy sectors were the largest detractors from the Fund's performance.

* Sector weights detracted from the Fund's performance relative to the Index largely due to the Fund's underweight allocation to the financials and communication services sectors. 

* The Fund's higher volatility and lower market capitalization relative to the Index were style headwinds.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i47b1ee15d955658633c50811.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Integrity Mid-Cap Value Fund Class R6 - $25,697** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $36,304** | **Russell Midcap<sup>®</sup> Value Index - $24,136** |
| **12/15<sup>Footnote Reference\*</sup>** | $10000 | $10000 | $10000 |
| **6/16** | $10950 | $10506 | $11131 |
| **6/17** | $12749 | $12386 | $12904 |
| **6/18** | $14238 | $14166 | $13884 |
| **6/19** | $14341 | $15642 | $14395 |
| **6/20** | $12401 | $16816 | $12695 |
| **6/21** | $19748 | $23676 | $19431 |
| **6/22** | $18523 | $21162 | $17488 |
| **6/23** | $21170 | $25309 | $19325 |
| **6/24** | $23754 | $31524 | $21640 |
| **6/25** | $25697 | $36304 | $24136 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Inception date for the Victory Integrity Mid-Cap Value Fund, Class R6 is 12/14/2015. |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | Since Inception |
| Class R6 | 8.18% | 15.69%<sup>Footnote Reference</sup> | 10.39% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 14.46% |
| Russell Midcap<sup>®</sup> Value Index | 11.53% | 13.71% | 9.67% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $313979 |
| Number of Holdings | 112 |
| Investment Advisory Fees | $2350 |
| Portfolio Turnover | 49% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](i5c0438ce4e2effeb4b8b2ce2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 6.6% |
| Energy | 6.7% |
| Materials | 6.7% |
| Utilities | 7.2% |
| Health Care | 8.2% |
| Consumer Discretionary | 8.3% |
| Real Estate | 9.2% |
| Information Technology | 10.2% |
| Financials | 15.1% |
| Industrials | 18.3% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Realty Income Corp. | 1.6% |
| M&T Bank Corp. | 1.4% |
| Raymond James Financial, Inc. | 1.4% |
| Huntington Bancshares, Inc. | 1.4% |
| Xcel Energy, Inc. | 1.3% |
| VICI Properties, Inc. | 1.3% |
| WP Carey, Inc. | 1.2% |
| State Street Corp. | 1.2% |
| STERIS PLC | 1.2% |
| Nasdaq, Inc. | 1.2% |

---

---

| | |
|:---|:---|
| \* | 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](i1a844658bf676ac20b441018.jpg)

MRIMX — AR (6/25)

#### Victory Integrity Mid-Cap Value Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class Y

Ticker: MYIMX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Integrity Mid-Cap Value Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class Y | $78 | 0.75% |

---

# What affected the Fund's performance during the last year?
For the fiscal year ended June 30, 2025, the Fund underperformed its benchmark, the Russell Midcap<sup>®</sup> Value Index (the "Index"). Over the last 12 months, U.S. equity market reactions to the Federal Reserve's interest rate policy and President Trump's tariff plans dominated headlines. Even though equities reached all-time highs in the fourth quarter of 2024, investor expectations for further rate cuts in 2025 began to cool. As the calendar turned to 2025, we believe market volatility increased due to concern and uncertainty regarding President Trump's tariff agenda. As the fourth quarter of the Fund's fiscal year end concluded, U.S. markets rallied once again to record highs. We believe that investor sentiment was boosted by hopes that the U.S. will reach trade agreements that could result in lower tariffs and optimism that the Federal Reserve could cut rates. For the one-year period ending June 30, 2025, mid-cap value stocks underperformed mid-cap growth stocks.

Top contributors to performance:

* From a benchmark perspective, financials, communication services, and utilities were the top performing sectors.

* The consumer staples, health care, and utilities sectors were the largest positive contributors to the Fund's relative performance. 

Top detractors from performance:

* The health care and materials sectors were the largest detractors from relative performance.

* Security selection in the consumer discretionary, industrials, and energy sectors were the largest detractors from the Fund's performance.

* Sector weights detracted from the Fund's performance relative to the Index largely due to the Fund's underweight allocation to the financials and communication services sectors. 

* The Fund's higher volatility and lower market capitalization relative to the Index were style headwinds.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $1,000,000 Investment
![Growth of 10K Chart](ia9b41d191e1f575475c2103c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Integrity Mid-Cap Value Fund Class Y - $2,336,709** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $3,593,619** | **Russell Midcap<sup>®</sup> Value Index - $2,238,704** |
| **6/15** | $1000000 | $1000000 | $1000000 |
| **6/16** | $1007255 | $1039928 | $1032458 |
| **6/17** | $1172760 | $1226034 | $1196883 |
| **6/18** | $1308586 | $1402264 | $1287789 |
| **6/19** | $1316157 | $1548344 | $1335196 |
| **6/20** | $1136243 | $1664549 | $1177484 |
| **6/21** | $1806996 | $2343588 | $1802305 |
| **6/22** | $1692215 | $2094797 | $1622130 |
| **6/23** | $1931477 | $2505253 | $1792497 |
| **6/24** | $2162961 | $3120445 | $2007194 |
| **6/25** | $2336709 | $3593619 | $2238704 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class Y | 8.03% | 15.51%<sup>Footnote Reference</sup> | 8.86% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |
| Russell Midcap<sup>®</sup> Value Index | 11.53% | 13.71% | 8.39% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $313979 |
| Number of Holdings | 112 |
| Investment Advisory Fees | $2350 |
| Portfolio Turnover | 49% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](i9e903610d327c788ffeb040f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 6.6% |
| Energy | 6.7% |
| Materials | 6.7% |
| Utilities | 7.2% |
| Health Care | 8.2% |
| Consumer Discretionary | 8.3% |
| Real Estate | 9.2% |
| Information Technology | 10.2% |
| Financials | 15.1% |
| Industrials | 18.3% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Realty Income Corp. | 1.6% |
| M&T Bank Corp. | 1.4% |
| Raymond James Financial, Inc. | 1.4% |
| Huntington Bancshares, Inc. | 1.4% |
| Xcel Energy, Inc. | 1.3% |
| VICI Properties, Inc. | 1.3% |
| WP Carey, Inc. | 1.2% |
| State Street Corp. | 1.2% |
| STERIS PLC | 1.2% |
| Nasdaq, Inc. | 1.2% |

---

---

| | |
|:---|:---|
| \* | 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](i1a844658bf676ac20b441018.jpg)

MYIMX — AR (6/25)

#### Victory Integrity Mid-Cap Value Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Member Class

Ticker: MMIJX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Integrity Mid-Cap Value Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Member Class | $88 | 0.85% |

---

# What affected the Fund's performance during the last year?
For the fiscal year ended June 30, 2025, the Fund underperformed its benchmark, the Russell Midcap<sup>®</sup> Value Index (the "Index"). Over the last 12 months, U.S. equity market reactions to the Federal Reserve's interest rate policy and President Trump's tariff plans dominated headlines. Even though equities reached all-time highs in the fourth quarter of 2024, investor expectations for further rate cuts in 2025 began to cool. As the calendar turned to 2025, we believe market volatility increased due to concern and uncertainty regarding President Trump's tariff agenda. As the fourth quarter of the Fund's fiscal year end concluded, U.S. markets rallied once again to record highs. We believe that investor sentiment was boosted by hopes that the U.S. will reach trade agreements that could result in lower tariffs and optimism that the Federal Reserve could cut rates. For the one-year period ending June 30, 2025, mid-cap value stocks underperformed mid-cap growth stocks.

Top contributors to performance:

* From a benchmark perspective, financials, communication services, and utilities were the top performing sectors.

* The consumer staples, health care, and utilities sectors were the largest positive contributors to the Fund's relative performance. 

Top detractors from performance:

* The health care and materials sectors were the largest detractors from relative performance.

* Security selection in the consumer discretionary, industrials, and energy sectors were the largest detractors from the Fund's performance.

* Sector weights detracted from the Fund's performance relative to the Index largely due to the Fund's underweight allocation to the financials and communication services sectors. 

* The Fund's higher volatility and lower market capitalization relative to the Index were style headwinds.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](if391acd773723e04d7e03177.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Integrity Mid-Cap Value Fund Member Class - $18,476** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $20,113** | **Russell Midcap<sup>®</sup> Value Index - $17,302** |
| **11/20<sup>Footnote Reference\*</sup>** | $10000 | $10000 | $10000 |
| **6/21** | $14346 | $13117 | $13929 |
| **6/22** | $13420 | $11724 | $12537 |
| **6/23** | $15301 | $14021 | $13853 |
| **6/24** | $17124 | $17465 | $15513 |
| **6/25** | $18476 | $20113 | $17302 |

---

---

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

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| | 1 Year | Since Inception |
| Member Class | 7.89% | 14.09% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.19% |
| Russell Midcap<sup>®</sup> Value Index | 11.53% | 12.49% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $313979 |
| Number of Holdings | 112 |
| Investment Advisory Fees | $2350 |
| Portfolio Turnover | 49% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](ifff37eb3b5119f40a6455b0b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 6.6% |
| Energy | 6.7% |
| Materials | 6.7% |
| Utilities | 7.2% |
| Health Care | 8.2% |
| Consumer Discretionary | 8.3% |
| Real Estate | 9.2% |
| Information Technology | 10.2% |
| Financials | 15.1% |
| Industrials | 18.3% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Realty Income Corp. | 1.6% |
| M&T Bank Corp. | 1.4% |
| Raymond James Financial, Inc. | 1.4% |
| Huntington Bancshares, Inc. | 1.4% |
| Xcel Energy, Inc. | 1.3% |
| VICI Properties, Inc. | 1.3% |
| WP Carey, Inc. | 1.2% |
| State Street Corp. | 1.2% |
| STERIS PLC | 1.2% |
| Nasdaq, Inc. | 1.2% |

---

---

| | |
|:---|:---|
| \* | 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 800-235-8396 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](i1a844658bf676ac20b441018.jpg)

MMIJX — AR (6/25)

#### Victory Integrity Small-Cap Value Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class A

Ticker: VSCVX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Integrity Small-Cap Value Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class A | $141 | 1.43% |

---

# What affected the Fund's performance during the last year?
For the fiscal year ended June 30, 2025, the Fund underperformed its benchmark, the Russell 2000<sup>®</sup> Value Index (the "Index"). Over the last 12 months, U.S. equity market reactions to the Federal Reserve's interest rate policy and President Trump's tariff plans dominated headlines. Even though equities reached all-time highs in the fourth quarter of 2024, investor expectations for further rate cuts in 2025 began to cool. As the calendar turned to 2025, we believe market volatility increased due to concern and uncertainty regarding President Trump's tariff agenda. As the fourth quarter of the Fund's fiscal year end concluded, U.S. markets rallied once again to record highs. We believe that investor sentiment was boosted by hopes that the U.S. will reach trade agreements that could result in lower tariffs and optimism that the Federal Reserve could cut rates. For the one-year period ending June 30, 2025, small value stocks underperformed small growth stocks.

Top contributors to performance:

* From a benchmark perspective, communication services, information technology, and financials were the top performing sectors.

* The health care and utilities sectors were the largest positive contributors to the Fund's performance. 

* Sector weights contributed positively to the Fund's performance relative to the Index largely due to the Fund's underweight allocation to the health care sector and the Fund's overweight allocations to the utilities and information technology sectors. 

Top detractors from performance:

* The energy and health care sectors were the largest detractors from relative performance.

* Security selection in the industrials, materials, and consumer discretionary sectors were the largest detractors from the Fund's performance. 

* From a style perspective, the Fund's holdings on average, had lower beta and higher volume relative to the Index and both were headwinds.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i05fc7d2451f76632fe73a52a.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Integrity Small-Cap Value Fund Class A @ NAV - $17,778** | **Victory Integrity Small-Cap Value Fund Class A @ MOP - $16,757** | **Russell 3000<sup>®</sup> Index (regulatory broad based index) - $33,822** | **Russell 2000<sup>®</sup> Value Index - $19,158** |
| **6/15** | $10000 | $9426 | $10000 | $10000 |
| **6/16** | $9313 | $8778 | $10214 | $9742 |
| **6/17** | $11429 | $10773 | $12104 | $12163 |
| **6/18** | $12864 | $12125 | $13893 | $13757 |
| **6/19** | $11943 | $11257 | $15141 | $12899 |
| **6/20** | $9038 | $8519 | $16130 | $10645 |
| **6/21** | $16305 | $15368 | $23253 | $18445 |
| **6/22** | $14326 | $13504 | $20029 | $15442 |
| **6/23** | $16652 | $15695 | $23825 | $16370 |
| **6/24** | $18387 | $17331 | $29335 | $18153 |
| **6/25** | $17778 | $16757 | $33822 | $19158 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class A @ NAV | -3.31% | 14.49% | 5.92% |
| Class A @ MOP | -8.88% | 13.14% | 5.30% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| Russell 2000<sup>®</sup> Value Index | 5.54% | 12.47% | 6.72% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $1010876 |
| Number of Holdings | 127 |
| Investment Advisory Fees | $9956 |
| Portfolio Turnover | 44% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](ic1842a03c7553611214dcaef.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 2.1% |
| Materials | 4.1% |
| Utilities | 4.4% |
| Health Care | 6.1% |
| Energy | 6.3% |
| Information Technology | 7.7% |
| Consumer Discretionary | 10.8% |
| Real Estate | 11.4% |
| Industrials | 14.4% |
| Financials<sup>Footnote Reference\*\*</sup> | 29.2% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Glacier Bancorp, Inc. | 1.3% |
| Essent Group Ltd. | 1.3% |
| Ameris Bancorp | 1.3% |
| Hancock Whitney Corp. | 1.3% |
| Valley National Bancorp | 1.2% |
| Bank of Hawaii Corp. | 1.2% |
| Taylor Morrison Home Corp. | 1.2% |
| SouthState Corp. | 1.2% |
| Flagstar Financial, Inc. | 1.2% |
| The Chefs' Warehouse, Inc. | 1.1% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

VSCVX — AR (6/25)

#### Victory Integrity Small-Cap Value Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class C

Ticker: MCVSX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Integrity Small-Cap Value Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class C | $230 | 2.35% |

---

# What affected the Fund's performance during the last year?
For the fiscal year ended June 30, 2025, the Fund underperformed its benchmark, the Russell 2000<sup>®</sup> Value Index (the "Index"). Over the last 12 months, U.S. equity market reactions to the Federal Reserve's interest rate policy and President Trump's tariff plans dominated headlines. Even though equities reached all-time highs in the fourth quarter of 2024, investor expectations for further rate cuts in 2025 began to cool. As the calendar turned to 2025, we believe market volatility increased due to concern and uncertainty regarding President Trump's tariff agenda. As the fourth quarter of the Fund's fiscal year end concluded, U.S. markets rallied once again to record highs. We believe that investor sentiment was boosted by hopes that the U.S. will reach trade agreements that could result in lower tariffs and optimism that the Federal Reserve could cut rates. For the one-year period ending June 30, 2025, small value stocks underperformed small growth stocks.

Top contributors to performance:

* From a benchmark perspective, communication services, information technology, and financials were the top performing sectors.

* The health care and utilities sectors were the largest positive contributors to the Fund's performance. 

* Sector weights contributed positively to the Fund's performance relative to the Index largely due to the Fund's underweight allocation to the health care sector and the Fund's overweight allocations to the utilities and information technology sectors. 

Top detractors from performance:

* The energy and health care sectors were the largest detractors from relative performance.

* Security selection in the industrials, materials, and consumer discretionary sectors were the largest detractors from the Fund's performance. 

* From a style perspective, the Fund's holdings on average, had lower beta and higher volume relative to the Index and both were headwinds.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](ie84599cd43b024145891c5b4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Integrity Small-Cap Value Fund Class C @ NAV - $16,757** | **Russell 3000<sup>®</sup> Index (regulatory broad based index) - $33,822** | **Russell 2000<sup>®</sup> Value Index - $19,158** |
| **6/15** | $10000 | $10000 | $10000 |
| **6/16** | $9244 | $10214 | $9742 |
| **6/17** | $11271 | $12104 | $12163 |
| **6/18** | $12608 | $13893 | $13757 |
| **6/19** | $11627 | $15141 | $12899 |
| **6/20** | $8730 | $16130 | $10645 |
| **6/21** | $15615 | $23253 | $18445 |
| **6/22** | $13621 | $20029 | $15442 |
| **6/23** | $15696 | $23825 | $16370 |
| **6/24** | $17331 | $29335 | $18153 |
| **6/25** | $16757 | $33822 | $19158 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class C @ NAV | -4.24% | 13.50% | 5.30% |
| Class C @ CDSC | -5.01% | 13.50% | 5.30% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| Russell 2000<sup>®</sup> Value Index | 5.54% | 12.47% | 6.72% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $1010876 |
| Number of Holdings | 127 |
| Investment Advisory Fees | $9956 |
| Portfolio Turnover | 44% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](if9320519b184f8fa85a368f6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 2.1% |
| Materials | 4.1% |
| Utilities | 4.4% |
| Health Care | 6.1% |
| Energy | 6.3% |
| Information Technology | 7.7% |
| Consumer Discretionary | 10.8% |
| Real Estate | 11.4% |
| Industrials | 14.4% |
| Financials<sup>Footnote Reference\*\*</sup> | 29.2% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Glacier Bancorp, Inc. | 1.3% |
| Essent Group Ltd. | 1.3% |
| Ameris Bancorp | 1.3% |
| Hancock Whitney Corp. | 1.3% |
| Valley National Bancorp | 1.2% |
| Bank of Hawaii Corp. | 1.2% |
| Taylor Morrison Home Corp. | 1.2% |
| SouthState Corp. | 1.2% |
| Flagstar Financial, Inc. | 1.2% |
| The Chefs' Warehouse, Inc. | 1.1% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

MCVSX — AR (6/25)

#### Victory Integrity Small-Cap Value Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class R

Ticker: MRVSX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Integrity Small-Cap Value Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class R | $172 | 1.75% |

---

# What affected the Fund's performance during the last year?
For the fiscal year ended June 30, 2025, the Fund underperformed its benchmark, the Russell 2000<sup>®</sup> Value Index (the "Index"). Over the last 12 months, U.S. equity market reactions to the Federal Reserve's interest rate policy and President Trump's tariff plans dominated headlines. Even though equities reached all-time highs in the fourth quarter of 2024, investor expectations for further rate cuts in 2025 began to cool. As the calendar turned to 2025, we believe market volatility increased due to concern and uncertainty regarding President Trump's tariff agenda. As the fourth quarter of the Fund's fiscal year end concluded, U.S. markets rallied once again to record highs. We believe that investor sentiment was boosted by hopes that the U.S. will reach trade agreements that could result in lower tariffs and optimism that the Federal Reserve could cut rates. For the one-year period ending June 30, 2025, small value stocks underperformed small growth stocks.

Top contributors to performance:

* From a benchmark perspective, communication services, information technology, and financials were the top performing sectors.

* The health care and utilities sectors were the largest positive contributors to the Fund's performance. 

* Sector weights contributed positively to the Fund's performance relative to the Index largely due to the Fund's underweight allocation to the health care sector and the Fund's overweight allocations to the utilities and information technology sectors. 

Top detractors from performance:

* The energy and health care sectors were the largest detractors from relative performance.

* Security selection in the industrials, materials, and consumer discretionary sectors were the largest detractors from the Fund's performance. 

* From a style perspective, the Fund's holdings on average, had lower beta and higher volume relative to the Index and both were headwinds.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](iea0394f6a6c4235414e44050.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Integrity Small-Cap Value Fund Class R - $17,252** | **Russell 3000<sup>®</sup> Index (regulatory broad based index) - $33,822** | **Russell 2000<sup>®</sup> Value Index - $19,158** |
| **6/15** | $10000 | $10000 | $10000 |
| **6/16** | $9264 | $10214 | $9742 |
| **6/17** | $11340 | $12104 | $12163 |
| **6/18** | $12734 | $13893 | $13757 |
| **6/19** | $11793 | $15141 | $12899 |
| **6/20** | $8899 | $16130 | $10645 |
| **6/21** | $16010 | $23253 | $18445 |
| **6/22** | $14038 | $20029 | $15442 |
| **6/23** | $16265 | $23825 | $16370 |
| **6/24** | $17901 | $29335 | $18153 |
| **6/25** | $17252 | $33822 | $19158 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class R | -3.63% | 14.16% | 5.60% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| Russell 2000<sup>®</sup> Value Index | 5.54% | 12.47% | 6.72% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $1010876 |
| Number of Holdings | 127 |
| Investment Advisory Fees | $9956 |
| Portfolio Turnover | 44% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](i30c94045318e7c5b802cbce0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 2.1% |
| Materials | 4.1% |
| Utilities | 4.4% |
| Health Care | 6.1% |
| Energy | 6.3% |
| Information Technology | 7.7% |
| Consumer Discretionary | 10.8% |
| Real Estate | 11.4% |
| Industrials | 14.4% |
| Financials<sup>Footnote Reference\*\*</sup> | 29.2% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Glacier Bancorp, Inc. | 1.3% |
| Essent Group Ltd. | 1.3% |
| Ameris Bancorp | 1.3% |
| Hancock Whitney Corp. | 1.3% |
| Valley National Bancorp | 1.2% |
| Bank of Hawaii Corp. | 1.2% |
| Taylor Morrison Home Corp. | 1.2% |
| SouthState Corp. | 1.2% |
| Flagstar Financial, Inc. | 1.2% |
| The Chefs' Warehouse, Inc. | 1.1% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

MRVSX — AR (6/25)

#### Victory Integrity Small-Cap Value Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class R6

Ticker: MVSSX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Integrity Small-Cap Value Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class R6 | $95 | 0.96% |

---

# What affected the Fund's performance during the last year?
For the fiscal year ended June 30, 2025, the Fund underperformed its benchmark, the Russell 2000<sup>®</sup> Value Index (the "Index"). Over the last 12 months, U.S. equity market reactions to the Federal Reserve's interest rate policy and President Trump's tariff plans dominated headlines. Even though equities reached all-time highs in the fourth quarter of 2024, investor expectations for further rate cuts in 2025 began to cool. As the calendar turned to 2025, we believe market volatility increased due to concern and uncertainty regarding President Trump's tariff agenda. As the fourth quarter of the Fund's fiscal year end concluded, U.S. markets rallied once again to record highs. We believe that investor sentiment was boosted by hopes that the U.S. will reach trade agreements that could result in lower tariffs and optimism that the Federal Reserve could cut rates. For the one-year period ending June 30, 2025, small value stocks underperformed small growth stocks.

Top contributors to performance:

* From a benchmark perspective, communication services, information technology, and financials were the top performing sectors.

* The health care and utilities sectors were the largest positive contributors to the Fund's performance. 

* Sector weights contributed positively to the Fund's performance relative to the Index largely due to the Fund's underweight allocation to the health care sector and the Fund's overweight allocations to the utilities and information technology sectors. 

Top detractors from performance:

* The energy and health care sectors were the largest detractors from relative performance.

* Security selection in the industrials, materials, and consumer discretionary sectors were the largest detractors from the Fund's performance. 

* From a style perspective, the Fund's holdings on average, had lower beta and higher volume relative to the Index and both were headwinds.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](ib1e3b9863bbf9edefc42d3d3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Integrity Small-Cap Value Fund Class R6 - $18,719** | **Russell 3000<sup>®</sup> Index (regulatory broad based index) - $33,822** | **Russell 2000<sup>®</sup> Value Index - $19,158** |
| **6/15** | $10000 | $10000 | $10000 |
| **6/16** | $9359 | $10214 | $9742 |
| **6/17** | $11549 | $12104 | $12163 |
| **6/18** | $13071 | $13893 | $13757 |
| **6/19** | $12199 | $15141 | $12899 |
| **6/20** | $9278 | $16130 | $10645 |
| **6/21** | $16831 | $23253 | $18445 |
| **6/22** | $14874 | $20029 | $15442 |
| **6/23** | $17369 | $23825 | $16370 |
| **6/24** | $19270 | $29335 | $18153 |
| **6/25** | $18719 | $33822 | $19158 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class R6 | -2.86% | 15.07%<sup>Footnote Reference</sup> | 6.47% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| Russell 2000<sup>®</sup> Value Index | 5.54% | 12.47% | 6.72% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $1010876 |
| Number of Holdings | 127 |
| Investment Advisory Fees | $9956 |
| Portfolio Turnover | 44% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](i87ff02cf10e39beeab5e0d39.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 2.1% |
| Materials | 4.1% |
| Utilities | 4.4% |
| Health Care | 6.1% |
| Energy | 6.3% |
| Information Technology | 7.7% |
| Consumer Discretionary | 10.8% |
| Real Estate | 11.4% |
| Industrials | 14.4% |
| Financials<sup>Footnote Reference\*\*</sup> | 29.2% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Glacier Bancorp, Inc. | 1.3% |
| Essent Group Ltd. | 1.3% |
| Ameris Bancorp | 1.3% |
| Hancock Whitney Corp. | 1.3% |
| Valley National Bancorp | 1.2% |
| Bank of Hawaii Corp. | 1.2% |
| Taylor Morrison Home Corp. | 1.2% |
| SouthState Corp. | 1.2% |
| Flagstar Financial, Inc. | 1.2% |
| The Chefs' Warehouse, Inc. | 1.1% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

MVSSX — AR (6/25)

#### Victory Integrity Small-Cap Value Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class Y

Ticker: VSVIX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Integrity Small-Cap Value Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class Y | $104 | 1.06% |

---

# What affected the Fund's performance during the last year?
For the fiscal year ended June 30, 2025, the Fund underperformed its benchmark, the Russell 2000<sup>®</sup> Value Index (the "Index"). Over the last 12 months, U.S. equity market reactions to the Federal Reserve's interest rate policy and President Trump's tariff plans dominated headlines. Even though equities reached all-time highs in the fourth quarter of 2024, investor expectations for further rate cuts in 2025 began to cool. As the calendar turned to 2025, we believe market volatility increased due to concern and uncertainty regarding President Trump's tariff agenda. As the fourth quarter of the Fund's fiscal year end concluded, U.S. markets rallied once again to record highs. We believe that investor sentiment was boosted by hopes that the U.S. will reach trade agreements that could result in lower tariffs and optimism that the Federal Reserve could cut rates. For the one-year period ending June 30, 2025, small value stocks underperformed small growth stocks.

Top contributors to performance:

* From a benchmark perspective, communication services, information technology, and financials were the top performing sectors.

* The health care and utilities sectors were the largest positive contributors to the Fund's performance. 

* Sector weights contributed positively to the Fund's performance relative to the Index largely due to the Fund's underweight allocation to the health care sector and the Fund's overweight allocations to the utilities and information technology sectors. 

Top detractors from performance:

* The energy and health care sectors were the largest detractors from relative performance.

* Security selection in the industrials, materials, and consumer discretionary sectors were the largest detractors from the Fund's performance. 

* From a style perspective, the Fund's holdings on average, had lower beta and higher volume relative to the Index and both were headwinds.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $1,000,000 Investment
![Growth of 10K Chart](i8176407ecc9d353de841b4ff.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Integrity Small-Cap Value Fund Class Y - $1,846,551** | **Russell 3000<sup>®</sup> Index (regulatory broad based index) - $3,382,207** | **Russell 2000<sup>®</sup> Value Index - $1,915,800** |
| **6/15** | $1000000 | $1000000 | $1000000 |
| **6/16** | $934593 | $1021383 | $974182 |
| **6/17** | $1150836 | $1210436 | $1216334 |
| **6/18** | $1300512 | $1389315 | $1375664 |
| **6/19** | $1211634 | $1514111 | $1289885 |
| **6/20** | $920355 | $1612975 | $1064452 |
| **6/21** | $1667045 | $2325337 | $1844479 |
| **6/22** | $1471631 | $2002914 | $1544189 |
| **6/23** | $1716686 | $2382540 | $1636957 |
| **6/24** | $1902827 | $2933505 | $1815316 |
| **6/25** | $1846551 | $3382207 | $1915800 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class Y | -2.96% | 14.94% | 6.33% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| Russell 2000<sup>®</sup> Value Index | 5.54% | 12.47% | 6.72% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $1010876 |
| Number of Holdings | 127 |
| Investment Advisory Fees | $9956 |
| Portfolio Turnover | 44% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](ib501789d9af56d3baeb0cbc4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 2.1% |
| Materials | 4.1% |
| Utilities | 4.4% |
| Health Care | 6.1% |
| Energy | 6.3% |
| Information Technology | 7.7% |
| Consumer Discretionary | 10.8% |
| Real Estate | 11.4% |
| Industrials | 14.4% |
| Financials<sup>Footnote Reference\*\*</sup> | 29.2% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Glacier Bancorp, Inc. | 1.3% |
| Essent Group Ltd. | 1.3% |
| Ameris Bancorp | 1.3% |
| Hancock Whitney Corp. | 1.3% |
| Valley National Bancorp | 1.2% |
| Bank of Hawaii Corp. | 1.2% |
| Taylor Morrison Home Corp. | 1.2% |
| SouthState Corp. | 1.2% |
| Flagstar Financial, Inc. | 1.2% |
| The Chefs' Warehouse, Inc. | 1.1% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

VSVIX — AR (6/25)

#### Victory Integrity Small/Mid-Cap Value Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class A

Ticker: MAISX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Integrity Small/Mid-Cap Value Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class A | $115 | 1.13% |

---

# What affected the Fund's performance during the last year?
For the fiscal year ended June 30, 2025, the Fund underperformed its benchmark, the Russell 2500<sup>TM</sup> Value Index (the "Index"). Over the last 12 months, U.S. equity market reactions to the Federal Reserve's interest rate policy and President Trump's tariff plans dominated headlines. Even though equities reached all-time highs in the fourth quarter of 2024, investor expectations for further rate cuts in 2025 began to cool. As the calendar turned to 2025, we believe market volatility increased due to concern and uncertainty regarding President Trump's tariff agenda. As the fourth quarter of the Fund's fiscal year end concluded, U.S. markets rallied once again to record highs. We believe that investor sentiment was boosted by hopes that the U.S. will reach trade agreements that could result in lower tariffs and optimism that the Federal Reserve could cut rates. For the one-year period ending June 30, 2025, small/mid value stocks outperformed small/mid growth stocks.

Top contributors to performance:

* From a benchmark perspective, utilities, financials and communication services were the top performing sectors.

* The health care and utilities sectors were the largest positive contributors to the Fund's performance. 

Top detractors from performance:

* The health care and energy sectors were the largest detractors from relative performance. 

* Security selection in consumer discretionary, financials, and industrials sectors were the largest detractors from the Fund's performance. 

* Sector weights detracted from the Fund's performance relative to the Index largely due to the Fund's underweight allocation to the financials sector and overweight allocation to the industrials sector. 

* From a style perspective, the Fund's holdings on average had lower volatility and this was a style headwind. 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i208a82e5ab0b4b95d9794952.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Integrity Small/Mid-Cap Value Fund Class A @ NAV - $20,975** | **Victory Integrity Small/Mid-Cap Value Fund Class A @ MOP - $19,767** | **Russell 3000<sup>®</sup> Index (regulatory broad based index) - $33,822** | **Russell 2500™ Value Index - $21,063** |
| **6/15** | $10000 | $9424 | $10000 | $10000 |
| **6/16** | $9441 | $8897 | $10214 | $10022 |
| **6/17** | $11420 | $10763 | $12104 | $11862 |
| **6/18** | $12809 | $12071 | $13893 | $13224 |
| **6/19** | $12596 | $11871 | $15141 | $12970 |
| **6/20** | $10207 | $9619 | $16130 | $10960 |
| **6/21** | $17679 | $16661 | $23253 | $17890 |
| **6/22** | $16151 | $15221 | $20029 | $15529 |
| **6/23** | $18586 | $17516 | $23825 | $17140 |
| **6/24** | $20375 | $19202 | $29335 | $19067 |
| **6/25** | $20975 | $19767 | $33822 | $21063 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class A @ NAV | 2.95% | 15.49%<sup>Footnote Reference</sup> | 7.69% |
| Class A @ MOP | -2.97% | 14.14% | 7.05% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| Russell 2500™ Value Index | 10.47% | 13.96% | 7.73% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $312357 |
| Number of Holdings | 113 |
| Investment Advisory Fees | $2546 |
| Portfolio Turnover | 47% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](i1eb401b38cef625f7ee1d8d7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 3.7% |
| Energy | 4.6% |
| Consumer Staples | 4.9% |
| Materials | 7.0% |
| Health Care | 7.1% |
| Information Technology | 8.5% |
| Real Estate | 9.9% |
| Consumer Discretionary | 11.2% |
| Industrials | 19.7% |
| Financials | 19.8% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Gaming and Leisure Properties, Inc. | 1.3% |
| Textron, Inc. | 1.3% |
| Camden Property Trust | 1.3% |
| WP Carey, Inc. | 1.3% |
| Amdocs Ltd. | 1.2% |
| Flex Ltd. | 1.2% |
| First Industrial Realty Trust, Inc. | 1.2% |
| UGI Corp. | 1.1% |
| Pentair PLC | 1.1% |
| Federal Realty Investment Trust | 1.1% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
|  | 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](i1a844658bf676ac20b441018.jpg)

MAISX — AR (6/25)

#### Victory Integrity Small/Mid-Cap Value Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class R6

Ticker: MIRSX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Integrity Small/Mid-Cap Value Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class R6 | $84 | 0.83% |

---

# What affected the Fund's performance during the last year?
For the fiscal year ended June 30, 2025, the Fund underperformed its benchmark, the Russell 2500<sup>TM</sup> Value Index (the "Index"). Over the last 12 months, U.S. equity market reactions to the Federal Reserve's interest rate policy and President Trump's tariff plans dominated headlines. Even though equities reached all-time highs in the fourth quarter of 2024, investor expectations for further rate cuts in 2025 began to cool. As the calendar turned to 2025, we believe market volatility increased due to concern and uncertainty regarding President Trump's tariff agenda. As the fourth quarter of the Fund's fiscal year end concluded, U.S. markets rallied once again to record highs. We believe that investor sentiment was boosted by hopes that the U.S. will reach trade agreements that could result in lower tariffs and optimism that the Federal Reserve could cut rates. For the one-year period ending June 30, 2025, small/mid value stocks outperformed small/mid growth stocks.

Top contributors to performance:

* From a benchmark perspective, utilities, financials and communication services were the top performing sectors.

* The health care and utilities sectors were the largest positive contributors to the Fund's performance. 

Top detractors from performance:

* The health care and energy sectors were the largest detractors from relative performance. 

* Security selection in consumer discretionary, financials, and industrials sectors were the largest detractors from the Fund's performance. 

* Sector weights detracted from the Fund's performance relative to the Index largely due to the Fund's underweight allocation to the financials sector and overweight allocation to the industrials sector. 

* From a style perspective, the Fund's holdings on average had lower volatility and this was a style headwind. 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](ic01542e55482b07cadafb74d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Integrity Small/Mid-Cap Value Fund Class R6 - $21,627** | **Russell 3000<sup>®</sup> Index (regulatory broad based index) - $33,822** | **Russell 2500™ Value Index - $21,063** |
| **6/15** | $10000 | $10000 | $10000 |
| **6/16** | $9467 | $10214 | $10022 |
| **6/17** | $11489 | $12104 | $11862 |
| **6/18** | $12929 | $13893 | $13224 |
| **6/19** | $12749 | $15141 | $12970 |
| **6/20** | $10365 | $16130 | $10960 |
| **6/21** | $18002 | $23253 | $17890 |
| **6/22** | $16493 | $20029 | $15529 |
| **6/23** | $19044 | $23825 | $17140 |
| **6/24** | $20944 | $29335 | $19067 |
| **6/25** | $21627 | $33822 | $21063 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class R6 | 3.26% | 15.85%<sup>Footnote Reference</sup> | 8.02% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| Russell 2500™ Value Index | 10.47% | 13.96% | 7.73% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $312357 |
| Number of Holdings | 113 |
| Investment Advisory Fees | $2546 |
| Portfolio Turnover | 47% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](i90cfe17d9afcdcd16fbbcd83.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 3.7% |
| Energy | 4.6% |
| Consumer Staples | 4.9% |
| Materials | 7.0% |
| Health Care | 7.1% |
| Information Technology | 8.5% |
| Real Estate | 9.9% |
| Consumer Discretionary | 11.2% |
| Industrials | 19.7% |
| Financials | 19.8% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Gaming and Leisure Properties, Inc. | 1.3% |
| Textron, Inc. | 1.3% |
| Camden Property Trust | 1.3% |
| WP Carey, Inc. | 1.3% |
| Amdocs Ltd. | 1.2% |
| Flex Ltd. | 1.2% |
| First Industrial Realty Trust, Inc. | 1.2% |
| UGI Corp. | 1.1% |
| Pentair PLC | 1.1% |
| Federal Realty Investment Trust | 1.1% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
|  | 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](i1a844658bf676ac20b441018.jpg)

MIRSX — AR (6/25)

#### Victory Integrity Small/Mid-Cap Value Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class Y

Ticker: MYISX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Integrity Small/Mid-Cap Value Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class Y | $89 | 0.88% |

---

# What affected the Fund's performance during the last year?
For the fiscal year ended June 30, 2025, the Fund underperformed its benchmark, the Russell 2500<sup>TM</sup> Value Index (the "Index"). Over the last 12 months, U.S. equity market reactions to the Federal Reserve's interest rate policy and President Trump's tariff plans dominated headlines. Even though equities reached all-time highs in the fourth quarter of 2024, investor expectations for further rate cuts in 2025 began to cool. As the calendar turned to 2025, we believe market volatility increased due to concern and uncertainty regarding President Trump's tariff agenda. As the fourth quarter of the Fund's fiscal year end concluded, U.S. markets rallied once again to record highs. We believe that investor sentiment was boosted by hopes that the U.S. will reach trade agreements that could result in lower tariffs and optimism that the Federal Reserve could cut rates. For the one-year period ending June 30, 2025, small/mid value stocks outperformed small/mid growth stocks.

Top contributors to performance:

* From a benchmark perspective, utilities, financials and communication services were the top performing sectors.

* The health care and utilities sectors were the largest positive contributors to the Fund's performance. 

Top detractors from performance:

* The health care and energy sectors were the largest detractors from relative performance. 

* Security selection in consumer discretionary, financials, and industrials sectors were the largest detractors from the Fund's performance. 

* Sector weights detracted from the Fund's performance relative to the Index largely due to the Fund's underweight allocation to the financials sector and overweight allocation to the industrials sector. 

* From a style perspective, the Fund's holdings on average had lower volatility and this was a style headwind. 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $1,000,000 Investment
![Growth of 10K Chart](i46ce386070905d8552cf858b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Integrity Small/Mid-Cap Value Fund Class Y - $2,151,217** | **Russell 3000<sup>®</sup> Index (regulatory broad based index) - $3,382,207** | **Russell 2500™ Value Index - $2,106,258** |
| **6/15** | $1000000 | $1000000 | $1000000 |
| **6/16** | $946609 | $1021383 | $1002150 |
| **6/17** | $1147750 | $1210436 | $1186151 |
| **6/18** | $1291378 | $1389315 | $1322427 |
| **6/19** | $1272647 | $1514111 | $1296982 |
| **6/20** | $1034255 | $1612975 | $1095967 |
| **6/21** | $1795530 | $2325337 | $1788956 |
| **6/22** | $1643897 | $2002914 | $1552932 |
| **6/23** | $1897447 | $2382540 | $1713979 |
| **6/24** | $2084871 | $2933505 | $1906660 |
| **6/25** | $2151217 | $3382207 | $2106258 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class Y | 3.18% | 15.77%<sup>Footnote Reference</sup> | 7.96% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| Russell 2500™ Value Index | 10.47% | 13.96% | 7.73% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $312357 |
| Number of Holdings | 113 |
| Investment Advisory Fees | $2546 |
| Portfolio Turnover | 47% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](i3e3687c1894e64b257f84e0c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 3.7% |
| Energy | 4.6% |
| Consumer Staples | 4.9% |
| Materials | 7.0% |
| Health Care | 7.1% |
| Information Technology | 8.5% |
| Real Estate | 9.9% |
| Consumer Discretionary | 11.2% |
| Industrials | 19.7% |
| Financials | 19.8% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Gaming and Leisure Properties, Inc. | 1.3% |
| Textron, Inc. | 1.3% |
| Camden Property Trust | 1.3% |
| WP Carey, Inc. | 1.3% |
| Amdocs Ltd. | 1.2% |
| Flex Ltd. | 1.2% |
| First Industrial Realty Trust, Inc. | 1.2% |
| UGI Corp. | 1.1% |
| Pentair PLC | 1.1% |
| Federal Realty Investment Trust | 1.1% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
|  | 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](i1a844658bf676ac20b441018.jpg)

MYISX — AR (6/25)

#### Victory Integrity Small/Mid-Cap Value Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Member Class

Ticker: MMMSX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Integrity Small/Mid-Cap Value Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Member Class | $96 | 0.95% |

---

# What affected the Fund's performance during the last year?
For the fiscal year ended June 30, 2025, the Fund underperformed its benchmark, the Russell 2500<sup>TM</sup> Value Index (the "Index"). Over the last 12 months, U.S. equity market reactions to the Federal Reserve's interest rate policy and President Trump's tariff plans dominated headlines. Even though equities reached all-time highs in the fourth quarter of 2024, investor expectations for further rate cuts in 2025 began to cool. As the calendar turned to 2025, we believe market volatility increased due to concern and uncertainty regarding President Trump's tariff agenda. As the fourth quarter of the Fund's fiscal year end concluded, U.S. markets rallied once again to record highs. We believe that investor sentiment was boosted by hopes that the U.S. will reach trade agreements that could result in lower tariffs and optimism that the Federal Reserve could cut rates. For the one-year period ending June 30, 2025, small/mid value stocks outperformed small/mid growth stocks.

Top contributors to performance:

* From a benchmark perspective, utilities, financials and communication services were the top performing sectors.

* The health care and utilities sectors were the largest positive contributors to the Fund's performance. 

Top detractors from performance:

* The health care and energy sectors were the largest detractors from relative performance. 

* Security selection in consumer discretionary, financials, and industrials sectors were the largest detractors from the Fund's performance. 

* Sector weights detracted from the Fund's performance relative to the Index largely due to the Fund's underweight allocation to the financials sector and overweight allocation to the industrials sector. 

* From a style perspective, the Fund's holdings on average had lower volatility and this was a style headwind. 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i5a8ed7bc697ca475a27c1294.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Integrity Small/Mid-Cap Value Fund Member Class - $18,779** | **Russell 3000<sup>®</sup> Index (regulatory broad based index) - $19,383** | **Russell 2500™ Value Index - $17,724** |
| **11/20<sup>Footnote Reference\*</sup>** | $10000 | $10000 | $10000 |
| **6/21** | $15717 | $13326 | $15054 |
| **6/22** | $14373 | $11478 | $13068 |
| **6/23** | $16578 | $13654 | $14423 |
| **6/24** | $18209 | $16812 | $16045 |
| **6/25** | $18779 | $19383 | $17724 |

---

---

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

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| | 1 Year | Since Inception |
| Member Class | 3.13% | 14.49% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.27% |
| Russell 2500™ Value Index | 10.47% | 13.08% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $312357 |
| Number of Holdings | 113 |
| Investment Advisory Fees | $2546 |
| Portfolio Turnover | 47% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](i3b1d46d3d6c6d119fa7e2726.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 3.7% |
| Energy | 4.6% |
| Consumer Staples | 4.9% |
| Materials | 7.0% |
| Health Care | 7.1% |
| Information Technology | 8.5% |
| Real Estate | 9.9% |
| Consumer Discretionary | 11.2% |
| Industrials | 19.7% |
| Financials | 19.8% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Gaming and Leisure Properties, Inc. | 1.3% |
| Textron, Inc. | 1.3% |
| Camden Property Trust | 1.3% |
| WP Carey, Inc. | 1.3% |
| Amdocs Ltd. | 1.2% |
| Flex Ltd. | 1.2% |
| First Industrial Realty Trust, Inc. | 1.2% |
| UGI Corp. | 1.1% |
| Pentair PLC | 1.1% |
| Federal Realty Investment Trust | 1.1% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
|  | 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](i1a844658bf676ac20b441018.jpg)

MMMSX — AR (6/25)

#### Victory Munder Multi-Cap Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class A

Ticker: MNNAX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Munder Multi-Cap Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class A | $134 | 1.24% |

---

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

* The Fund generated the strongest relative performance within the technology, communication services, and health care sectors.

* Stocks that contributed most positively to the Fund's relative performance were Interactive Brokers Group, Inc. and Broadcom Inc.

Top detractors from performance:

* Stocks that contributed negatively to the Fund's performance were NVIDIA Corp. ("NVIDIA") and Novo Nordisk A/S, ADR ("Novo Nordisk"). 

* The Fund was underweight NVIDIA compared to the Fund's benchmark during much of the year while we believe investor excitement and demand for its high-end artificial intelligence chips led the stock to continually surpass market expectations. 

* Novo Nordisk underperformed as the company's flagship portfolio of GLP-1 drugs such as Wegovy lagged competitors in demand and efficacy for some health conditions.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i0460786e8a292049a5d52544.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Munder Multi-Cap Fund Class A @ NAV - $29,808** | **Victory Munder Multi-Cap Fund Class A @ MOP - $28,094** | **Russell 3000<sup>®</sup> Index (regulatory broad based index) - $33,822** | **S&P 500<sup>®</sup> Index - $35,936** |
| **6/15** | $10000 | $9425 | $10000 | $10000 |
| **6/16** | $9599 | $9047 | $10214 | $10399 |
| **6/17** | $11269 | $10621 | $12104 | $12260 |
| **6/18** | $12775 | $12041 | $13893 | $14023 |
| **6/19** | $13141 | $12385 | $15141 | $15483 |
| **6/20** | $13342 | $12574 | $16130 | $16645 |
| **6/21** | $18683 | $17609 | $23253 | $23436 |
| **6/22** | $17055 | $16075 | $20029 | $20948 |
| **6/23** | $20777 | $19582 | $23825 | $25053 |
| **6/24** | $25562 | $24092 | $29335 | $31204 |
| **6/25** | $29808 | $28094 | $33822 | $35936 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class A @ NAV | 16.61%<sup>Footnote Reference</sup> | 17.44%<sup>Footnote Reference</sup> | 11.54% |
| Class A @ MOP | 9.91% | 16.06% | 10.88% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $496726 |
| Number of Holdings | 75 |
| Investment Advisory Fees | $3580 |
| Portfolio Turnover | 88% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](id5dbb361ed4aac1490c4aaf2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.4% |
| Materials | 2.3% |
| Energy | 2.6% |
| Consumer Staples | 2.8% |
| Industrials | 8.0% |
| Communication Services | 11.0% |
| Consumer Discretionary | 12.3% |
| Health Care | 12.9% |
| Financials | 14.2% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 30.9% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Microsoft Corp. | 6.6% |
| NVIDIA Corp. | 5.5% |
| Apple, Inc. | 5.1% |
| Alphabet, Inc., Class A | 3.8% |
| Amazon.com, Inc. | 3.6% |
| Meta Platforms, Inc., Class A | 3.3% |
| Broadcom, Inc. | 3.2% |
| Visa, Inc., Class A | 2.3% |
| Eli Lilly & Co. | 2.0% |
| Jabil, Inc. | 1.8% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
| \*\* | 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](i1a844658bf676ac20b441018.jpg)

MNNAX — AR (6/25)

#### Victory Munder Multi-Cap Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class C

Ticker: MNNCX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Munder Multi-Cap Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class C | $233 | 2.16% |

---

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

* The Fund generated the strongest relative performance within the technology, communication services, and health care sectors.

* Stocks that contributed most positively to the Fund's relative performance were Interactive Brokers Group, Inc. and Broadcom Inc.

Top detractors from performance:

* Stocks that contributed negatively to the Fund's performance were NVIDIA Corp. ("NVIDIA") and Novo Nordisk A/S, ADR ("Novo Nordisk"). 

* The Fund was underweight NVIDIA compared to the Fund's benchmark during much of the year while we believe investor excitement and demand for its high-end artificial intelligence chips led the stock to continually surpass market expectations. 

* Novo Nordisk underperformed as the company's flagship portfolio of GLP-1 drugs such as Wegovy lagged competitors in demand and efficacy for some health conditions.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i9cf5ef2b2d178a53b8bd2335.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Munder Multi-Cap Fund Class C @ NAV - $27,937** | **Russell 3000<sup>®</sup> Index (regulatory broad based index) - $33,822** | **S&P 500<sup>®</sup> Index - $35,936** |
| **6/15** | $10000 | $10000 | $10000 |
| **6/16** | $9518 | $10214 | $10399 |
| **6/17** | $11084 | $12104 | $12260 |
| **6/18** | $12468 | $13893 | $14023 |
| **6/19** | $12744 | $15141 | $15483 |
| **6/20** | $12832 | $16130 | $16645 |
| **6/21** | $17820 | $23253 | $23436 |
| **6/22** | $16123 | $20029 | $20948 |
| **6/23** | $19473 | $23825 | $25053 |
| **6/24** | $23958 | $29335 | $31204 |
| **6/25** | $27937 | $33822 | $35936 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class C @ NAV | 15.53%<sup>Footnote Reference</sup> | 16.41%<sup>Footnote Reference</sup> | 10.82% |
| Class C @ CDSC | 14.53% | 16.41% | 10.82% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $496726 |
| Number of Holdings | 75 |
| Investment Advisory Fees | $3580 |
| Portfolio Turnover | 88% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](ief17d68292b0adbd4de5a267.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.4% |
| Materials | 2.3% |
| Energy | 2.6% |
| Consumer Staples | 2.8% |
| Industrials | 8.0% |
| Communication Services | 11.0% |
| Consumer Discretionary | 12.3% |
| Health Care | 12.9% |
| Financials | 14.2% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 30.9% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Microsoft Corp. | 6.6% |
| NVIDIA Corp. | 5.5% |
| Apple, Inc. | 5.1% |
| Alphabet, Inc., Class A | 3.8% |
| Amazon.com, Inc. | 3.6% |
| Meta Platforms, Inc., Class A | 3.3% |
| Broadcom, Inc. | 3.2% |
| Visa, Inc., Class A | 2.3% |
| Eli Lilly & Co. | 2.0% |
| Jabil, Inc. | 1.8% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
| \*\* | 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](i1a844658bf676ac20b441018.jpg)

MNNCX — AR (6/25)

#### Victory Munder Multi-Cap Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class Y

Ticker: MNNYX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Munder Multi-Cap Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class Y | $103 | 0.95% |

---

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

* The Fund generated the strongest relative performance within the technology, communication services, and health care sectors.

* Stocks that contributed most positively to the Fund's relative performance were Interactive Brokers Group, Inc. and Broadcom Inc.

Top detractors from performance:

* Stocks that contributed negatively to the Fund's performance were NVIDIA Corp. ("NVIDIA") and Novo Nordisk A/S, ADR ("Novo Nordisk"). 

* The Fund was underweight NVIDIA compared to the Fund's benchmark during much of the year while we believe investor excitement and demand for its high-end artificial intelligence chips led the stock to continually surpass market expectations. 

* Novo Nordisk underperformed as the company's flagship portfolio of GLP-1 drugs such as Wegovy lagged competitors in demand and efficacy for some health conditions.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $1,000,000 Investment
![Growth of 10K Chart](i7a556c66c007eecbff4582b4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Munder Multi-Cap Fund Class Y - $3,087,000** | **Russell 3000<sup>®</sup> Index (regulatory broad based index) - $3,382,207** | **S&P 500<sup>®</sup> Index - $3,593,619** |
| **6/15** | $1000000 | $1000000 | $1000000 |
| **6/16** | $963935 | $1021383 | $1039928 |
| **6/17** | $1136048 | $1210436 | $1226034 |
| **6/18** | $1292897 | $1389315 | $1402264 |
| **6/19** | $1334361 | $1514111 | $1548344 |
| **6/20** | $1360051 | $1612975 | $1664549 |
| **6/21** | $1911385 | $2325337 | $2343588 |
| **6/22** | $1750402 | $2002914 | $2094797 |
| **6/23** | $2138980 | $2382540 | $2505253 |
| **6/24** | $2639925 | $2933505 | $3120445 |
| **6/25** | $3087000 | $3382207 | $3593619 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class Y | 16.94%<sup>Footnote Reference</sup> | 17.81%<sup>Footnote Reference</sup> | 11.93% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $496726 |
| Number of Holdings | 75 |
| Investment Advisory Fees | $3580 |
| Portfolio Turnover | 88% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](ib85cf13736b8c2da8f8069a5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.4% |
| Materials | 2.3% |
| Energy | 2.6% |
| Consumer Staples | 2.8% |
| Industrials | 8.0% |
| Communication Services | 11.0% |
| Consumer Discretionary | 12.3% |
| Health Care | 12.9% |
| Financials | 14.2% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 30.9% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Microsoft Corp. | 6.6% |
| NVIDIA Corp. | 5.5% |
| Apple, Inc. | 5.1% |
| Alphabet, Inc., Class A | 3.8% |
| Amazon.com, Inc. | 3.6% |
| Meta Platforms, Inc., Class A | 3.3% |
| Broadcom, Inc. | 3.2% |
| Visa, Inc., Class A | 2.3% |
| Eli Lilly & Co. | 2.0% |
| Jabil, Inc. | 1.8% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
| \*\* | 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](i1a844658bf676ac20b441018.jpg)

MNNYX — AR (6/25)

#### Victory S&P 500 Index Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class A

Ticker: MUXAX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory S&P 500 Index Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class A | $57 | 0.53% |

---

# What affected the Fund's performance during the last year?
During the reporting period, the Fund had positive absolute returns.

Top contributors to performance:

* During the reporting period, nine of the 11 sectors delivered positive absolute returns.

* The information technology sector was the best performing sector.

Top detractors from performance:

* The energy sector lagged all other sectors. 

The Fund had a small allocation to derivatives during the period that did not have a material impact on performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price ("MOP") figures reflect a maximum sales charge of 2.25% for Class A. The Net Asset Value ("NAV") figures do not reflect sales charges.

# Growth of $10,000 Investment
![Growth of 10K Chart](iaa99ca99fff1baa03f1501b1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory S&P 500 Index Fund Class A @ NAV - $34,066** | **Victory S&P 500 Index Fund Class A @ MOP - $33,303** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $35,936** |
| **6/15** | $10000 | $9776 | $10000 |
| **6/16** | $10349 | $10117 | $10399 |
| **6/17** | $12124 | $11852 | $12260 |
| **6/18** | $13789 | $13480 | $14023 |
| **6/19** | $15140 | $14800 | $15483 |
| **6/20** | $16193 | $15830 | $16645 |
| **6/21** | $22670 | $22162 | $23436 |
| **6/22** | $20151 | $19700 | $20948 |
| **6/23** | $23955 | $23418 | $25053 |
| **6/24** | $29674 | $29008 | $31204 |
| **6/25** | $34066 | $33303 | $35936 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class A @ NAV | 14.80% | 16.04%<sup>Footnote Reference</sup> | 13.04% |
| Class A @ MOP | 12.22% | 15.51% | 12.78% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $266140 |
| Number of Holdings | 505 |
| Investment Advisory Fees | $511 |
| Portfolio Turnover | 4% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](i0eb01c999344b53023d9d34d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 2.0% |
| Utilities | 2.4% |
| Energy | 3.0% |
| Consumer Staples | 5.5% |
| Industrials | 8.5% |
| Health Care | 9.3% |
| Communication Services | 9.8% |
| Consumer Discretionary | 10.3% |
| Financials | 13.9% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 32.9% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.3% |
| Microsoft Corp. | 7.0% |
| Apple, Inc. | 5.8% |
| Amazon.com, Inc. | 3.9% |
| Meta Platforms, Inc., Class A | 3.0% |
| Broadcom, Inc. | 2.5% |
| Alphabet, Inc., Class A | 1.9% |
| Berkshire Hathaway, Inc., Class B | 1.7% |
| Tesla, Inc. | 1.7% |
| Alphabet, Inc., Class C | 1.6% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

MUXAX — AR (6/25)

#### Victory S&P 500 Index Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class R

Ticker: MUXRX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory S&P 500 Index Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class R | $93 | 0.87% |

---

# What affected the Fund's performance during the last year?
During the reporting period, the Fund had positive absolute returns.

Top contributors to performance:

* During the reporting period, nine of the 11 sectors delivered positive absolute returns.

* The information technology sector was the best performing sector.

Top detractors from performance:

* The energy sector lagged all other sectors. 

The Fund had a small allocation to derivatives during the period that did not have a material impact on performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](ic51a575f79f0cfa7e63b4fc7.jpg)

---

| | | |
|:---|:---|:---|
| | **Victory S&P 500 Index Fund Class R - $32,736** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $35,936** |
| **6/15** | $10000 | $10000 |
| **6/16** | $10303 | $10399 |
| **6/17** | $12012 | $12260 |
| **6/18** | $13611 | $14023 |
| **6/19** | $14879 | $15483 |
| **6/20** | $15856 | $16645 |
| **6/21** | $22108 | $23436 |
| **6/22** | $19574 | $20948 |
| **6/23** | $23175 | $25053 |
| **6/24** | $28617 | $31204 |
| **6/25** | $32736 | $35936 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class R | 14.39% | 15.60%<sup>Footnote Reference</sup> | 12.59% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $266140 |
| Number of Holdings | 505 |
| Investment Advisory Fees | $511 |
| Portfolio Turnover | 4% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](ifbd0afd9d5c3b96db59ce2be.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 2.0% |
| Utilities | 2.4% |
| Energy | 3.0% |
| Consumer Staples | 5.5% |
| Industrials | 8.5% |
| Health Care | 9.3% |
| Communication Services | 9.8% |
| Consumer Discretionary | 10.3% |
| Financials | 13.9% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 32.9% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.3% |
| Microsoft Corp. | 7.0% |
| Apple, Inc. | 5.8% |
| Amazon.com, Inc. | 3.9% |
| Meta Platforms, Inc., Class A | 3.0% |
| Broadcom, Inc. | 2.5% |
| Alphabet, Inc., Class A | 1.9% |
| Berkshire Hathaway, Inc., Class B | 1.7% |
| Tesla, Inc. | 1.7% |
| Alphabet, Inc., Class C | 1.6% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

MUXRX — AR (6/25)

#### Victory S&P 500 Index Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class Y

Ticker: MUXYX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory S&P 500 Index Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class Y | $46 | 0.43% |

---

# What affected the Fund's performance during the last year?
During the reporting period, the Fund had positive absolute returns.

Top contributors to performance:

* During the reporting period, nine of the 11 sectors delivered positive absolute returns.

* The information technology sector was the best performing sector.

Top detractors from performance:

* The energy sector lagged all other sectors. 

The Fund had a small allocation to derivatives during the period that did not have a material impact on performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $1,000,000 Investment
![Growth of 10K Chart](i66a8cdd11591416c69ac4e79.jpg)

---

| | | |
|:---|:---|:---|
| | **Victory S&P 500 Index Fund Class Y - $3,448,981** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $3,593,619** |
| **6/15** | $1000000 | $1000000 |
| **6/16** | $1037419 | $1039928 |
| **6/17** | $1217250 | $1226034 |
| **6/18** | $1387174 | $1402264 |
| **6/19** | $1524859 | $1548344 |
| **6/20** | $1632738 | $1664549 |
| **6/21** | $2288427 | $2343588 |
| **6/22** | $2035404 | $2094797 |
| **6/23** | $2421662 | $2505253 |
| **6/24** | $3002016 | $3120445 |
| **6/25** | $3448981 | $3593619 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class Y | 14.89% | 16.13%<sup>Footnote Reference</sup> | 13.18% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $266140 |
| Number of Holdings | 505 |
| Investment Advisory Fees | $511 |
| Portfolio Turnover | 4% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](i757486a300d361e64de33623.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 2.0% |
| Utilities | 2.4% |
| Energy | 3.0% |
| Consumer Staples | 5.5% |
| Industrials | 8.5% |
| Health Care | 9.3% |
| Communication Services | 9.8% |
| Consumer Discretionary | 10.3% |
| Financials | 13.9% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 32.9% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.3% |
| Microsoft Corp. | 7.0% |
| Apple, Inc. | 5.8% |
| Amazon.com, Inc. | 3.9% |
| Meta Platforms, Inc., Class A | 3.0% |
| Broadcom, Inc. | 2.5% |
| Alphabet, Inc., Class A | 1.9% |
| Berkshire Hathaway, Inc., Class B | 1.7% |
| Tesla, Inc. | 1.7% |
| Alphabet, Inc., Class C | 1.6% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

MUXYX — AR (6/25)

#### Victory Munder Mid-Cap Core Growth Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class A

Ticker: MGOAX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Munder Mid-Cap Core Growth Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class A | $137 | 1.28% |

---

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

* The Fund's best-performing sectors for the year on a relative basis were health care and real estate.

* On an individual stock basis, the Fund's two best active-contributing stocks over the past year were Amphenol Corp., Class A ("Amphenol") and CBRE Group, Inc., Class A. ("CBRE"). Amphenol provides electrical and fiber-optic connectors for use in a broad range of end markets. The company's fastest growing end market by far has been IT datacom. This segment continues to benefit from robust connector demand in AI-related data center applications. CBRE, the provider of commercial real estate services, has seen a significant improvement in transaction volumes and leasing activity over the past year, especially in core office markets like New York City.

Top detractors from performance:

* The Fund's worst-performing sectors were energy and industrials. 

* The Fund's two worst active-contributing stocks in the last two months were two benchmark names Palantir Technologies, Inc., Class A ("Palantir") and AppLovin Corp., Class A ("AppLovin"), both of which are in the information technology sector. Palantir provides data analytics software that leverages AI. The company's offering has gained significant traction in both government and commercial channels. While the Fund has been actively hedging its position over the last year, the Fund has been underweight the position mainly on valuation – Palantir consistently trades at more than 60 times forward revenues. AppLovin provides mobile gaming applications and related advertising platforms. The company's AI-powered advertising offering has been a significant growth driver. Similar to Palantir, the Fund has been actively hedging its position in AppLovin over the last year, but has been underweight the position due to valuation. 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](ide13efaaf0fd0faff35115b4.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Victory Munder Mid-Cap Core Growth Fund Class A @ NAV - $21,077** | **Victory Munder Mid-Cap Core Growth Fund Class A @ MOP - $19,866** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $35,936** | **Russell Midcap<sup>®</sup> Index - $25,678** | **Russell Midcap<sup>®</sup> Growth Index - $31,408** |
| **6/15** | $10000 | $9425 | $10000 | $10000 | $10000 |
| **6/16** | $9206 | $8677 | $10399 | $10056 | $9786 |
| **6/17** | $10787 | $10167 | $12260 | $11713 | $11454 |
| **6/18** | $12090 | $11395 | $14023 | $13157 | $13576 |
| **6/19** | $12596 | $11872 | $15483 | $14187 | $15468 |
| **6/20** | $12213 | $11511 | $16645 | $13869 | $17311 |
| **6/21** | $18016 | $16981 | $23436 | $20776 | $24888 |
| **6/22** | $14982 | $14121 | $20948 | $17182 | $17527 |
| **6/23** | $16679 | $15721 | $25053 | $19746 | $21582 |
| **6/24** | $18602 | $17533 | $31204 | $22289 | $24830 |
| **6/25** | $21077 | $19866 | $35936 | $25678 | $31408 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class A @ NAV | 13.31% | 11.53% | 7.74% |
| Class A @ MOP | 6.83% | 10.21% | 7.11% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |
| Russell Midcap<sup>®</sup> Index | 15.21% | 13.11% | 9.89% |
| Russell Midcap<sup>®</sup> Growth Index | 26.49% | 12.65% | 12.13% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $285661 |
| Number of Holdings | 94 |
| Investment Advisory Fees | $2240 |
| Portfolio Turnover | 89% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](i7a2647bd486c57d4a4e7f500.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 3.2% |
| Communication Services | 3.5% |
| Consumer Staples | 5.1% |
| Energy | 5.1% |
| Real Estate | 6.6% |
| Health Care | 10.0% |
| Consumer Discretionary | 12.2% |
| Industrials | 14.8% |
| Information Technology | 15.9% |
| Financials | 19.3% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Royal Caribbean Cruises Ltd. | 2.2% |
| Quanta Services, Inc. | 2.2% |
| Jabil, Inc. | 1.9% |
| CBRE Group, Inc., Class A | 1.8% |
| Interactive Brokers Group, Inc. | 1.8% |
| Verisk Analytics, Inc. | 1.7% |
| Federal Signal Corp. | 1.7% |
| Cencora, Inc. | 1.7% |
| HCA Healthcare, Inc. | 1.7% |
| Cheniere Energy, Inc. | 1.7% |

---

---

| | |
|:---|:---|
| \* | 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](i1a844658bf676ac20b441018.jpg)

MGOAX — AR (6/25)

#### Victory Munder Mid-Cap Core Growth Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class C

Ticker: MGOTX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Munder Mid-Cap Core Growth Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class C | $225 | 2.12% |

---

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

* The Fund's best-performing sectors for the year on a relative basis were health care and real estate.

* On an individual stock basis, the Fund's two best active-contributing stocks over the past year were Amphenol Corp., Class A ("Amphenol") and CBRE Group, Inc., Class A. ("CBRE"). Amphenol provides electrical and fiber-optic connectors for use in a broad range of end markets. The company's fastest growing end market by far has been IT datacom. This segment continues to benefit from robust connector demand in AI-related data center applications. CBRE, the provider of commercial real estate services, has seen a significant improvement in transaction volumes and leasing activity over the past year, especially in core office markets like New York City.

Top detractors from performance:

* The Fund's worst-performing sectors were energy and industrials. 

* The Fund's two worst active-contributing stocks in the last two months were two benchmark names Palantir Technologies, Inc., Class A ("Palantir") and AppLovin Corp., Class A ("AppLovin"), both of which are in the information technology sector. Palantir provides data analytics software that leverages AI. The company's offering has gained significant traction in both government and commercial channels. While the Fund has been actively hedging its position over the last year, the Fund has been underweight the position mainly on valuation – Palantir consistently trades at more than 60 times forward revenues. AppLovin provides mobile gaming applications and related advertising platforms. The company's AI-powered advertising offering has been a significant growth driver. Similar to Palantir, the Fund has been actively hedging its position in AppLovin over the last year, but has been underweight the position due to valuation. 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i0eba5367cf131ffd5bc14a99.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Munder Mid-Cap Core Growth Fund Class C @ NAV - $19,856** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $35,936** | **Russell Midcap<sup>®</sup> Index - $25,678** | **Russell Midcap<sup>®</sup> Growth Index - $31,408** |
| **6/15** | $10000 | $10000 | $10000 | $10000 |
| **6/16** | $9142 | $10399 | $10056 | $9786 |
| **6/17** | $10644 | $12260 | $11713 | $11454 |
| **6/18** | $11844 | $14023 | $13157 | $13576 |
| **6/19** | $12259 | $15483 | $14187 | $15468 |
| **6/20** | $11791 | $16645 | $13869 | $17311 |
| **6/21** | $17274 | $23436 | $20776 | $24888 |
| **6/22** | $14246 | $20948 | $17182 | $17527 |
| **6/23** | $15713 | $25053 | $19746 | $21582 |
| **6/24** | $17524 | $31204 | $22289 | $24830 |
| **6/25** | $19856 | $35936 | $25678 | $31408 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class C @ NAV | 12.15% | 10.60% | 7.10% |
| Class C @ CDSC | 11.24% | 10.60% | 7.10% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |
| Russell Midcap<sup>®</sup> Index | 15.21% | 13.11% | 9.89% |
| Russell Midcap<sup>®</sup> Growth Index | 26.49% | 12.65% | 12.13% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $285661 |
| Number of Holdings | 94 |
| Investment Advisory Fees | $2240 |
| Portfolio Turnover | 89% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](ic504bf04394ce9c10bff9ce4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 3.2% |
| Communication Services | 3.5% |
| Consumer Staples | 5.1% |
| Energy | 5.1% |
| Real Estate | 6.6% |
| Health Care | 10.0% |
| Consumer Discretionary | 12.2% |
| Industrials | 14.8% |
| Information Technology | 15.9% |
| Financials | 19.3% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Royal Caribbean Cruises Ltd. | 2.2% |
| Quanta Services, Inc. | 2.2% |
| Jabil, Inc. | 1.9% |
| CBRE Group, Inc., Class A | 1.8% |
| Interactive Brokers Group, Inc. | 1.8% |
| Verisk Analytics, Inc. | 1.7% |
| Federal Signal Corp. | 1.7% |
| Cencora, Inc. | 1.7% |
| HCA Healthcare, Inc. | 1.7% |
| Cheniere Energy, Inc. | 1.7% |

---

---

| | |
|:---|:---|
| \* | 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](i1a844658bf676ac20b441018.jpg)

MGOTX — AR (6/25)

#### Victory Munder Mid-Cap Core Growth Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class R6

Ticker: MGOSX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Munder Mid-Cap Core Growth Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class R6 | $94 | 0.88% |

---

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

* The Fund's best-performing sectors for the year on a relative basis were health care and real estate.

* On an individual stock basis, the Fund's two best active-contributing stocks over the past year were Amphenol Corp., Class A ("Amphenol") and CBRE Group, Inc., Class A. ("CBRE"). Amphenol provides electrical and fiber-optic connectors for use in a broad range of end markets. The company's fastest growing end market by far has been IT datacom. This segment continues to benefit from robust connector demand in AI-related data center applications. CBRE, the provider of commercial real estate services, has seen a significant improvement in transaction volumes and leasing activity over the past year, especially in core office markets like New York City.

Top detractors from performance:

* The Fund's worst-performing sectors were energy and industrials. 

* The Fund's two worst active-contributing stocks in the last two months were two benchmark names Palantir Technologies, Inc., Class A ("Palantir") and AppLovin Corp., Class A ("AppLovin"), both of which are in the information technology sector. Palantir provides data analytics software that leverages AI. The company's offering has gained significant traction in both government and commercial channels. While the Fund has been actively hedging its position over the last year, the Fund has been underweight the position mainly on valuation – Palantir consistently trades at more than 60 times forward revenues. AppLovin provides mobile gaming applications and related advertising platforms. The company's AI-powered advertising offering has been a significant growth driver. Similar to Palantir, the Fund has been actively hedging its position in AppLovin over the last year, but has been underweight the position due to valuation. 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](if250087067eb55f31ebef61d.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Munder Mid-Cap Core Growth Fund Class R6 - $21,955** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $35,936** | **Russell Midcap<sup>®</sup> Index - $25,678** | **Russell Midcap<sup>®</sup> Growth Index - $31,408** |
| **6/15** | $10000 | $10000 | $10000 | $10000 |
| **6/16** | $9246 | $10399 | $10056 | $9786 |
| **6/17** | $10885 | $12260 | $11713 | $11454 |
| **6/18** | $12253 | $14023 | $13157 | $13576 |
| **6/19** | $12812 | $15483 | $14187 | $15468 |
| **6/20** | $12479 | $16645 | $13869 | $17311 |
| **6/21** | $18494 | $23436 | $20776 | $24888 |
| **6/22** | $15436 | $20948 | $17182 | $17527 |
| **6/23** | $17250 | $25053 | $19746 | $21582 |
| **6/24** | $19316 | $31204 | $22289 | $24830 |
| **6/25** | $21955 | $35936 | $25678 | $31408 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class R6 | 13.66% | 11.96% | 8.18% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |
| Russell Midcap<sup>®</sup> Index | 15.21% | 13.11% | 9.89% |
| Russell Midcap<sup>®</sup> Growth Index | 26.49% | 12.65% | 12.13% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $285661 |
| Number of Holdings | 94 |
| Investment Advisory Fees | $2240 |
| Portfolio Turnover | 89% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](i63e91accba3a884c959b2f5e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 3.2% |
| Communication Services | 3.5% |
| Consumer Staples | 5.1% |
| Energy | 5.1% |
| Real Estate | 6.6% |
| Health Care | 10.0% |
| Consumer Discretionary | 12.2% |
| Industrials | 14.8% |
| Information Technology | 15.9% |
| Financials | 19.3% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Royal Caribbean Cruises Ltd. | 2.2% |
| Quanta Services, Inc. | 2.2% |
| Jabil, Inc. | 1.9% |
| CBRE Group, Inc., Class A | 1.8% |
| Interactive Brokers Group, Inc. | 1.8% |
| Verisk Analytics, Inc. | 1.7% |
| Federal Signal Corp. | 1.7% |
| Cencora, Inc. | 1.7% |
| HCA Healthcare, Inc. | 1.7% |
| Cheniere Energy, Inc. | 1.7% |

---

---

| | |
|:---|:---|
| \* | 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](i1a844658bf676ac20b441018.jpg)

MGOSX — AR (6/25)

#### Victory Munder Mid-Cap Core Growth Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class Y

Ticker: MGOYX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Munder Mid-Cap Core Growth Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class Y | $107 | 1.00% |

---

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

* The Fund's best-performing sectors for the year on a relative basis were health care and real estate.

* On an individual stock basis, the Fund's two best active-contributing stocks over the past year were Amphenol Corp., Class A ("Amphenol") and CBRE Group, Inc., Class A. ("CBRE"). Amphenol provides electrical and fiber-optic connectors for use in a broad range of end markets. The company's fastest growing end market by far has been IT datacom. This segment continues to benefit from robust connector demand in AI-related data center applications. CBRE, the provider of commercial real estate services, has seen a significant improvement in transaction volumes and leasing activity over the past year, especially in core office markets like New York City.

Top detractors from performance:

* The Fund's worst-performing sectors were energy and industrials. 

* The Fund's two worst active-contributing stocks in the last two months were two benchmark names Palantir Technologies, Inc., Class A ("Palantir") and AppLovin Corp., Class A ("AppLovin"), both of which are in the information technology sector. Palantir provides data analytics software that leverages AI. The company's offering has gained significant traction in both government and commercial channels. While the Fund has been actively hedging its position over the last year, the Fund has been underweight the position mainly on valuation – Palantir consistently trades at more than 60 times forward revenues. AppLovin provides mobile gaming applications and related advertising platforms. The company's AI-powered advertising offering has been a significant growth driver. Similar to Palantir, the Fund has been actively hedging its position in AppLovin over the last year, but has been underweight the position due to valuation. 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $1,000,000 Investment
![Growth of 10K Chart](i8851f289facc8115b49ec9f6.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Munder Mid-Cap Core Growth Fund Class Y - $2,166,651** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $3,593,619** | **Russell Midcap<sup>®</sup> Index - $2,567,804** | **Russell Midcap<sup>®</sup> Growth Index - $3,140,761** |
| **6/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **6/16** | $922946 | $1039928 | $1005579 | $978598 |
| **6/17** | $1084344 | $1226034 | $1171337 | $1145417 |
| **6/18** | $1218642 | $1402264 | $1315714 | $1357568 |
| **6/19** | $1273052 | $1548344 | $1418672 | $1546808 |
| **6/20** | $1237862 | $1664549 | $1386895 | $1731051 |
| **6/21** | $1832007 | $2343588 | $2077551 | $2488756 |
| **6/22** | $1527211 | $2094797 | $1718214 | $1752722 |
| **6/23** | $1705009 | $2505253 | $1974648 | $2158159 |
| **6/24** | $1908172 | $3120445 | $2228892 | $2483009 |
| **6/25** | $2166651 | $3593619 | $2567804 | $3140761 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class Y | 13.55% | 11.85% | 8.04% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |
| Russell Midcap<sup>®</sup> Index | 15.21% | 13.11% | 9.89% |
| Russell Midcap<sup>®</sup> Growth Index | 26.49% | 12.65% | 12.13% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $285661 |
| Number of Holdings | 94 |
| Investment Advisory Fees | $2240 |
| Portfolio Turnover | 89% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](ifb4c43a8660b24a20761dace.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 3.2% |
| Communication Services | 3.5% |
| Consumer Staples | 5.1% |
| Energy | 5.1% |
| Real Estate | 6.6% |
| Health Care | 10.0% |
| Consumer Discretionary | 12.2% |
| Industrials | 14.8% |
| Information Technology | 15.9% |
| Financials | 19.3% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Royal Caribbean Cruises Ltd. | 2.2% |
| Quanta Services, Inc. | 2.2% |
| Jabil, Inc. | 1.9% |
| CBRE Group, Inc., Class A | 1.8% |
| Interactive Brokers Group, Inc. | 1.8% |
| Verisk Analytics, Inc. | 1.7% |
| Federal Signal Corp. | 1.7% |
| Cencora, Inc. | 1.7% |
| HCA Healthcare, Inc. | 1.7% |
| Cheniere Energy, Inc. | 1.7% |

---

---

| | |
|:---|:---|
| \* | 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](i1a844658bf676ac20b441018.jpg)

MGOYX — AR (6/25)

#### Victory Trivalent International Fund - Core Equity
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class A

Ticker: MAICX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Trivalent International Fund - Core Equity (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class A | $105 | 0.95% |

---

# What affected the Fund's performance during the last year?
International returns were supported by a decline in the U.S. dollar alongside weaker U.S. confidence and widespread tariff announcements. All six regions posted gains during the period. Ten of 11 sectors were up with industrials as the highest-performing sector. The health care sector trailed the broader MSCI ACWI ex USA Index (the "Index").

Top contributors to performance:

* Security selection was positive and yielded relative outperformances for the Fund. 

* Four out of six regions outperformed the Index, and excess returns were generated in eight out of 11 sectors. 

* The industrials sector exhibited outperformance relative to the Index.

* From a style perspective, exposure to value had the biggest impact on relative outperformance, with a moderate contribution from exposure to business momentum.

Top detractors from performance:

* Security selection was weakest in the consumer discretionary and health care sectors. 

* Stylistically, exposure to quality was a minor headwind to relative performance. 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i06d6325f308635932e1c96e1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Trivalent International Fund - Core Equity Class A @ NAV - $18,116** | **Victory Trivalent International Fund - Core Equity Class A @ MOP - $17,069** | **MSCI ACWI ex USA Index (regulatory broad based index) - $18,115** |
| **6/15** | $10000 | $9422 | $10000 |
| **6/16** | $8957 | $8439 | $8975 |
| **6/17** | $10654 | $10038 | $10811 |
| **6/18** | $11479 | $10816 | $11598 |
| **6/19** | $11301 | $10648 | $11747 |
| **6/20** | $10752 | $10131 | $11183 |
| **6/21** | $14009 | $13199 | $15178 |
| **6/22** | $11301 | $10647 | $12230 |
| **6/23** | $13005 | $12254 | $13785 |
| **6/24** | $15069 | $14198 | $15388 |
| **6/25** | $18116 | $17069 | $18115 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class A @ NAV | 20.22%<sup>Footnote Reference</sup> | 11.00% | 6.12% |
| Class A @ MOP | 13.31% | 9.68% | 5.49% |
| MSCI ACWI ex USA Index | 17.72% | 10.13% | 6.12% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $238689 |
| Number of Holdings | 202 |
| Investment Advisory Fees | $1802 |
| Portfolio Turnover | 44% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](i26bbc8ac995af6abc60195a8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 3.6% |
| Energy | 4.7% |
| Communication Services | 5.8% |
| Materials | 5.9% |
| Consumer Staples | 6.6% |
| Health Care | 7.8% |
| Consumer Discretionary | 9.4% |
| Information Technology | 12.8% |
| Industrials | 14.4% |
| Financials | 23.7% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.0% |
| Novartis AG, Registered Shares | 1.6% |
| Siemens AG, Registered Shares | 1.5% |
| Tencent Holdings Ltd. | 1.4% |
| Alibaba Group Holding Ltd., Class W | 1.1% |
| Banco Santander SA | 1.1% |
| Deutsche Telekom AG | 1.1% |
| NEC Corp. | 1.1% |
| Schneider Electric SE | 1.0% |
| Standard Chartered PLC | 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. |
|  | 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](i1a844658bf676ac20b441018.jpg)

MAICX — AR (6/25)

#### Victory Trivalent International Fund - Core Equity
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class I

Ticker: MICIX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Trivalent International Fund - Core Equity (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class I | $66 | 0.60% |

---

# What affected the Fund's performance during the last year?
International returns were supported by a decline in the U.S. dollar alongside weaker U.S. confidence and widespread tariff announcements. All six regions posted gains during the period. Ten of 11 sectors were up with industrials as the highest-performing sector. The health care sector trailed the broader MSCI ACWI ex USA Index (the "Index").

Top contributors to performance:

* Security selection was positive and yielded relative outperformances for the Fund. 

* Four out of six regions outperformed the Index, and excess returns were generated in eight out of 11 sectors. 

* The industrials sector exhibited outperformance relative to the Index.

* From a style perspective, exposure to value had the biggest impact on relative outperformance, with a moderate contribution from exposure to business momentum.

Top detractors from performance:

* Security selection was weakest in the consumer discretionary and health care sectors. 

* Stylistically, exposure to quality was a minor headwind to relative performance. 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

# The graph reflects investment growth of a hypothetical investment of $2,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $2,000,000 Investment
![Growth of 10K Chart](ic468893c38cd1004ef6c2224.jpg)

---

| | | |
|:---|:---|:---|
| | **Victory Trivalent International Fund - Core Equity Class I - $3,762,101** | **MSCI ACWI ex USA Index (regulatory broad based index) - $3,622,969** |
| **6/15** | $2000000 | $2000000 |
| **6/16** | $1801647 | $1795085 |
| **6/17** | $2149369 | $2162187 |
| **6/18** | $2322857 | $2319559 |
| **6/19** | $2298562 | $2349448 |
| **6/20** | $2195079 | $2236610 |
| **6/21** | $2867851 | $3035507 |
| **6/22** | $2321974 | $2446038 |
| **6/23** | $2679601 | $2757071 |
| **6/24** | $3115603 | $3077533 |
| **6/25** | $3762101 | $3622969 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class I | 20.75%<sup>Footnote Reference</sup> | 11.38% | 6.52% |
| MSCI ACWI ex USA Index | 17.72% | 10.13% | 6.12% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $238689 |
| Number of Holdings | 202 |
| Investment Advisory Fees | $1802 |
| Portfolio Turnover | 44% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](i9f352ec6e5595b6695d657fa.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 3.6% |
| Energy | 4.7% |
| Communication Services | 5.8% |
| Materials | 5.9% |
| Consumer Staples | 6.6% |
| Health Care | 7.8% |
| Consumer Discretionary | 9.4% |
| Information Technology | 12.8% |
| Industrials | 14.4% |
| Financials | 23.7% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.0% |
| Novartis AG, Registered Shares | 1.6% |
| Siemens AG, Registered Shares | 1.5% |
| Tencent Holdings Ltd. | 1.4% |
| Alibaba Group Holding Ltd., Class W | 1.1% |
| Banco Santander SA | 1.1% |
| Deutsche Telekom AG | 1.1% |
| NEC Corp. | 1.1% |
| Schneider Electric SE | 1.0% |
| Standard Chartered PLC | 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. |
|  | 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](i1a844658bf676ac20b441018.jpg)

MICIX — AR (6/25)

#### Victory Trivalent International Fund - Core Equity
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class R6

Ticker: MAIRX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Trivalent International Fund - Core Equity (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class R6 | $61 | 0.55% |

---

# What affected the Fund's performance during the last year?
International returns were supported by a decline in the U.S. dollar alongside weaker U.S. confidence and widespread tariff announcements. All six regions posted gains during the period. Ten of 11 sectors were up with industrials as the highest-performing sector. The health care sector trailed the broader MSCI ACWI ex USA Index (the "Index").

Top contributors to performance:

* Security selection was positive and yielded relative outperformances for the Fund. 

* Four out of six regions outperformed the Index, and excess returns were generated in eight out of 11 sectors. 

* The industrials sector exhibited outperformance relative to the Index.

* From a style perspective, exposure to value had the biggest impact on relative outperformance, with a moderate contribution from exposure to business momentum.

Top detractors from performance:

* Security selection was weakest in the consumer discretionary and health care sectors. 

* Stylistically, exposure to quality was a minor headwind to relative performance. 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](if2ca4f073fc433faa251a718.jpg)

---

| | | |
|:---|:---|:---|
| | **Victory Trivalent International Fund - Core Equity Class R6 - $18,890** | **MSCI ACWI ex USA Index (regulatory broad based index) - $18,115** |
| **6/15** | $10000 | $10000 |
| **6/16** | $9014 | $8975 |
| **6/17** | $10761 | $10811 |
| **6/18** | $11637 | $11598 |
| **6/19** | $11507 | $11747 |
| **6/20** | $11008 | $11183 |
| **6/21** | $14373 | $15178 |
| **6/22** | $11653 | $12230 |
| **6/23** | $13459 | $13785 |
| **6/24** | $15641 | $15388 |
| **6/25** | $18890 | $18115 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class R6 | 20.77%<sup>Footnote Reference</sup> | 11.41% | 6.57% |
| MSCI ACWI ex USA Index | 17.72% | 10.13% | 6.12% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $238689 |
| Number of Holdings | 202 |
| Investment Advisory Fees | $1802 |
| Portfolio Turnover | 44% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](i4dc40d82c763f06ec0a7eb22.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 3.6% |
| Energy | 4.7% |
| Communication Services | 5.8% |
| Materials | 5.9% |
| Consumer Staples | 6.6% |
| Health Care | 7.8% |
| Consumer Discretionary | 9.4% |
| Information Technology | 12.8% |
| Industrials | 14.4% |
| Financials | 23.7% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.0% |
| Novartis AG, Registered Shares | 1.6% |
| Siemens AG, Registered Shares | 1.5% |
| Tencent Holdings Ltd. | 1.4% |
| Alibaba Group Holding Ltd., Class W | 1.1% |
| Banco Santander SA | 1.1% |
| Deutsche Telekom AG | 1.1% |
| NEC Corp. | 1.1% |
| Schneider Electric SE | 1.0% |
| Standard Chartered PLC | 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. |
|  | 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](i1a844658bf676ac20b441018.jpg)

MAIRX — AR (6/25)

#### Victory Trivalent International Fund - Core Equity
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class Y

Ticker: MICYX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Trivalent International Fund - Core Equity (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class Y | $77 | 0.70% |

---

# What affected the Fund's performance during the last year?
International returns were supported by a decline in the U.S. dollar alongside weaker U.S. confidence and widespread tariff announcements. All six regions posted gains during the period. Ten of 11 sectors were up with industrials as the highest-performing sector. The health care sector trailed the broader MSCI ACWI ex USA Index (the "Index").

Top contributors to performance:

* Security selection was positive and yielded relative outperformances for the Fund. 

* Four out of six regions outperformed the Index, and excess returns were generated in eight out of 11 sectors. 

* The industrials sector exhibited outperformance relative to the Index.

* From a style perspective, exposure to value had the biggest impact on relative outperformance, with a moderate contribution from exposure to business momentum.

Top detractors from performance:

* Security selection was weakest in the consumer discretionary and health care sectors. 

* Stylistically, exposure to quality was a minor headwind to relative performance. 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $1,000,000 Investment
![Growth of 10K Chart](i0501edabf141433140da617d.jpg)

---

| | | |
|:---|:---|:---|
| | **Victory Trivalent International Fund - Core Equity Class Y - $1,858,162** | **MSCI ACWI ex USA Index (regulatory broad based index) - $1,811,484** |
| **6/15** | $1000000 | $1000000 |
| **6/16** | $898121 | $897543 |
| **6/17** | $1071294 | $1081093 |
| **6/18** | $1157077 | $1159779 |
| **6/19** | $1141621 | $1174724 |
| **6/20** | $1089123 | $1118305 |
| **6/21** | $1422646 | $1517753 |
| **6/22** | $1151805 | $1223019 |
| **6/23** | $1327150 | $1378536 |
| **6/24** | $1541608 | $1538766 |
| **6/25** | $1858162 | $1811484 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class Y | 20.53%<sup>Footnote Reference</sup> | 11.28% | 6.39% |
| MSCI ACWI ex USA Index | 17.72% | 10.13% | 6.12% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $238689 |
| Number of Holdings | 202 |
| Investment Advisory Fees | $1802 |
| Portfolio Turnover | 44% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](i41a1833c8f6f37106708b700.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 3.6% |
| Energy | 4.7% |
| Communication Services | 5.8% |
| Materials | 5.9% |
| Consumer Staples | 6.6% |
| Health Care | 7.8% |
| Consumer Discretionary | 9.4% |
| Information Technology | 12.8% |
| Industrials | 14.4% |
| Financials | 23.7% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.0% |
| Novartis AG, Registered Shares | 1.6% |
| Siemens AG, Registered Shares | 1.5% |
| Tencent Holdings Ltd. | 1.4% |
| Alibaba Group Holding Ltd., Class W | 1.1% |
| Banco Santander SA | 1.1% |
| Deutsche Telekom AG | 1.1% |
| NEC Corp. | 1.1% |
| Schneider Electric SE | 1.0% |
| Standard Chartered PLC | 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. |
|  | 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](i1a844658bf676ac20b441018.jpg)

MICYX — AR (6/25)

#### Victory Trivalent International Small-Cap Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class A

Ticker: MISAX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Trivalent International Small-Cap Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class A | $153 | 1.35% |

---

# What affected the Fund's performance during the last year?
International returns were supported by a decline in the U.S. dollar alongside weaker U.S. confidence and widespread tariff announcements. All five regions were up during the period and all 11 economic sectors posted gains in the S&P<sup>®</sup> Developed Ex-U.S. SmallCap Index (the "Index"). Financials were the strongest performing sector while energy stocks detracted from performance relative to the broader Index.

Top contributors to performance:

* Overall security selection was strongest and accounted for the Fund's relative outperformance of the Index. 

* Excess returns were generated in four of the five regions and eight of 11 sectors. 

* Outperformance was generated within the industrials, information technology, and healthcare sectors.

* From a style perspective, the Fund's overall exposure to value, business momentum and quality factors all contributed positively to its relative performance. 

Top detractors from performance:

* Performance was weakest in the UK region and consumer staples sector. 

* At the sector level, relative underperformance was centered in consumer staples and utilities. 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](ia8b11fad8857605419c259a7.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Trivalent International Small-Cap Fund Class A @ NAV - $19,592** | **Victory Trivalent International Small-Cap Fund Class A @ MOP - $18,470** | **MSCI All Country World Index (regulatory broad based index) - $25,923** | **S&P Developed Ex-U.S. SmallCap Index - $17,744** |
| **6/15** | $10000 | $9428 | $10000 | $10000 |
| **6/16** | $9187 | $8661 | $9627 | $9581 |
| **6/17** | $11211 | $10569 | $11435 | $11626 |
| **6/18** | $12796 | $12064 | $12662 | $12904 |
| **6/19** | $11885 | $11205 | $13389 | $12110 |
| **6/20** | $11903 | $11222 | $13672 | $11608 |
| **6/21** | $16737 | $15779 | $19040 | $16672 |
| **6/22** | $12515 | $11799 | $16041 | $12460 |
| **6/23** | $14155 | $13345 | $18693 | $13768 |
| **6/24** | $15488 | $14602 | $22315 | $14813 |
| **6/25** | $19592 | $18470 | $25923 | $17744 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class A @ NAV | 26.56%<sup>Footnote Reference</sup> | 10.48% | 6.96% |
| Class A @ MOP | 19.20% | 9.18% | 6.33% |
| MSCI All Country World Index | 16.17% | 13.65% | 9.99% |
| S&P Developed Ex-U.S. SmallCap Index | 19.79% | 8.86% | 5.90% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $3803556 |
| Number of Holdings | 224 |
| Investment Advisory Fees | $32102 |
| Portfolio Turnover | 49% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](ia6eeedbbf72ea5da8b096106.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 3.4% |
| Communication Services | 4.0% |
| Consumer Staples | 4.0% |
| Health Care | 7.5% |
| Real Estate | 7.9% |
| Materials | 9.4% |
| Information Technology | 11.0% |
| Consumer Discretionary | 12.3% |
| Financials | 13.0% |
| Industrials | 23.5% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Celestica, Inc. | 1.7% |
| Swissquote Group Holding SA, Registered Shares | 1.2% |
| Bankinter SA | 1.0% |
| Dundee Precious Metals, Inc. | 1.0% |
| Sanwa Holdings Corp. | 1.0% |
| Coca-Cola HBC AG, Class DI | 0.9% |
| Indra Sistemas SA | 0.8% |
| SPIE SA | 0.8% |
| Buzzi SpA | 0.8% |
| Euronext NV | 0.8% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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](i1a844658bf676ac20b441018.jpg)

MISAX — AR (6/25)

#### Victory Trivalent International Small-Cap Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class C

Ticker: MCISX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Trivalent International Small-Cap Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class C | $237 | 2.10% |

---

# What affected the Fund's performance during the last year?
International returns were supported by a decline in the U.S. dollar alongside weaker U.S. confidence and widespread tariff announcements. All five regions were up during the period and all 11 economic sectors posted gains in the S&P<sup>®</sup> Developed Ex-U.S. SmallCap Index (the "Index"). Financials were the strongest performing sector while energy stocks detracted from performance relative to the broader Index.

Top contributors to performance:

* Overall security selection was strongest and accounted for the Fund's relative outperformance of the Index. 

* Excess returns were generated in four of the five regions and eight of 11 sectors. 

* Outperformance was generated within the industrials, information technology, and healthcare sectors.

* From a style perspective, the Fund's overall exposure to value, business momentum and quality factors all contributed positively to its relative performance. 

Top detractors from performance:

* Performance was weakest in the UK region and consumer staples sector. 

* At the sector level, relative underperformance was centered in consumer staples and utilities. 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i3d9e57564cf2ebc3350ea7cf.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Trivalent International Small-Cap Fund Class C @ NAV - $18,442** | **MSCI All Country World Index (regulatory broad based index) - $25,923** | **S&P Developed Ex-U.S. SmallCap Index - $17,744** |
| **6/15** | $10000 | $10000 | $10000 |
| **6/16** | $9113 | $9627 | $9581 |
| **6/17** | $11040 | $11435 | $11626 |
| **6/18** | $12505 | $12662 | $12904 |
| **6/19** | $11533 | $13389 | $12110 |
| **6/20** | $11458 | $13672 | $11608 |
| **6/21** | $15991 | $19040 | $16672 |
| **6/22** | $11859 | $16041 | $12460 |
| **6/23** | $13325 | $18693 | $13768 |
| **6/24** | $14579 | $22315 | $14813 |
| **6/25** | $18442 | $25923 | $17744 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class C @ NAV | 25.63%<sup>Footnote Reference</sup> | 9.64% | 6.31% |
| Class C @ CDSC | 24.56% | 9.64% | 6.31% |
| MSCI All Country World Index | 16.17% | 13.65% | 9.99% |
| S&P Developed Ex-U.S. SmallCap Index | 19.79% | 8.86% | 5.90% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $3803556 |
| Number of Holdings | 224 |
| Investment Advisory Fees | $32102 |
| Portfolio Turnover | 49% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](i72b43f981f5fc9a6438c8cf3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 3.4% |
| Communication Services | 4.0% |
| Consumer Staples | 4.0% |
| Health Care | 7.5% |
| Real Estate | 7.9% |
| Materials | 9.4% |
| Information Technology | 11.0% |
| Consumer Discretionary | 12.3% |
| Financials | 13.0% |
| Industrials | 23.5% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Celestica, Inc. | 1.7% |
| Swissquote Group Holding SA, Registered Shares | 1.2% |
| Bankinter SA | 1.0% |
| Dundee Precious Metals, Inc. | 1.0% |
| Sanwa Holdings Corp. | 1.0% |
| Coca-Cola HBC AG, Class DI | 0.9% |
| Indra Sistemas SA | 0.8% |
| SPIE SA | 0.8% |
| Buzzi SpA | 0.8% |
| Euronext NV | 0.8% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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](i1a844658bf676ac20b441018.jpg)

MCISX — AR (6/25)

#### Victory Trivalent International Small-Cap Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class I

Ticker: MISIX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Trivalent International Small-Cap Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class I | $109 | 0.96% |

---

# What affected the Fund's performance during the last year?
International returns were supported by a decline in the U.S. dollar alongside weaker U.S. confidence and widespread tariff announcements. All five regions were up during the period and all 11 economic sectors posted gains in the S&P<sup>®</sup> Developed Ex-U.S. SmallCap Index (the "Index"). Financials were the strongest performing sector while energy stocks detracted from performance relative to the broader Index.

Top contributors to performance:

* Overall security selection was strongest and accounted for the Fund's relative outperformance of the Index. 

* Excess returns were generated in four of the five regions and eight of 11 sectors. 

* Outperformance was generated within the industrials, information technology, and healthcare sectors.

* From a style perspective, the Fund's overall exposure to value, business momentum and quality factors all contributed positively to its relative performance. 

Top detractors from performance:

* Performance was weakest in the UK region and consumer staples sector. 

* At the sector level, relative underperformance was centered in consumer staples and utilities. 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

# The graph reflects investment growth of a hypothetical investment of $2,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $2,000,000 Investment
![Growth of 10K Chart](ib99e2b2520862babf53a398c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Trivalent International Small-Cap Fund Class I - $4,077,835** | **MSCI All Country World Index (regulatory broad based index) - $5,184,523** | **S&P Developed Ex-U.S. SmallCap Index - $3,548,838** |
| **6/15** | $2000000 | $2000000 | $2000000 |
| **6/16** | $1845183 | $1925406 | $1916122 |
| **6/17** | $2259497 | $2287013 | $2325264 |
| **6/18** | $2589494 | $2532390 | $2580855 |
| **6/19** | $2416167 | $2677859 | $2421991 |
| **6/20** | $2429152 | $2734373 | $2321685 |
| **6/21** | $3429018 | $3808038 | $3334400 |
| **6/22** | $2573301 | $3208286 | $2491989 |
| **6/23** | $2923810 | $3738609 | $2753545 |
| **6/24** | $3210415 | $4462961 | $2962507 |
| **6/25** | $4077835 | $5184523 | $3548838 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class I | 27.02%<sup>Footnote Reference</sup> | 10.92% | 7.38% |
| MSCI All Country World Index | 16.17% | 13.65% | 9.99% |
| S&P Developed Ex-U.S. SmallCap Index | 19.79% | 8.86% | 5.90% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $3803556 |
| Number of Holdings | 224 |
| Investment Advisory Fees | $32102 |
| Portfolio Turnover | 49% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](i6cd38663af511f2093fa573b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 3.4% |
| Communication Services | 4.0% |
| Consumer Staples | 4.0% |
| Health Care | 7.5% |
| Real Estate | 7.9% |
| Materials | 9.4% |
| Information Technology | 11.0% |
| Consumer Discretionary | 12.3% |
| Financials | 13.0% |
| Industrials | 23.5% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Celestica, Inc. | 1.7% |
| Swissquote Group Holding SA, Registered Shares | 1.2% |
| Bankinter SA | 1.0% |
| Dundee Precious Metals, Inc. | 1.0% |
| Sanwa Holdings Corp. | 1.0% |
| Coca-Cola HBC AG, Class DI | 0.9% |
| Indra Sistemas SA | 0.8% |
| SPIE SA | 0.8% |
| Buzzi SpA | 0.8% |
| Euronext NV | 0.8% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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](i1a844658bf676ac20b441018.jpg)

MISIX — AR (6/25)

#### Victory Trivalent International Small-Cap Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class R6

Ticker: MSSIX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Trivalent International Small-Cap Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class R6 | $116 | 1.02% |

---

# What affected the Fund's performance during the last year?
International returns were supported by a decline in the U.S. dollar alongside weaker U.S. confidence and widespread tariff announcements. All five regions were up during the period and all 11 economic sectors posted gains in the S&P<sup>®</sup> Developed Ex-U.S. SmallCap Index (the "Index"). Financials were the strongest performing sector while energy stocks detracted from performance relative to the broader Index.

Top contributors to performance:

* Overall security selection was strongest and accounted for the Fund's relative outperformance of the Index. 

* Excess returns were generated in four of the five regions and eight of 11 sectors. 

* Outperformance was generated within the industrials, information technology, and healthcare sectors.

* From a style perspective, the Fund's overall exposure to value, business momentum and quality factors all contributed positively to its relative performance. 

Top detractors from performance:

* Performance was weakest in the UK region and consumer staples sector. 

* At the sector level, relative underperformance was centered in consumer staples and utilities. 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i536bba5433ca87dc04621489.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Trivalent International Small-Cap Fund Class R6 - $20,169** | **MSCI All Country World Index (regulatory broad based index) - $25,923** | **S&P Developed Ex-U.S. SmallCap Index - $17,744** |
| **6/15** | $10000 | $10000 | $10000 |
| **6/16** | $9210 | $9627 | $9581 |
| **6/17** | $11262 | $11435 | $11626 |
| **6/18** | $12894 | $12662 | $12904 |
| **6/19** | $12010 | $13389 | $12110 |
| **6/20** | $12053 | $13672 | $11608 |
| **6/21** | $17011 | $19040 | $16672 |
| **6/22** | $12749 | $16041 | $12460 |
| **6/23** | $14476 | $18693 | $13768 |
| **6/24** | $15889 | $22315 | $14813 |
| **6/25** | $20169 | $25923 | $17744 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class R6 | 26.94%<sup>Footnote Reference</sup> | 10.85% | 7.27% |
| MSCI All Country World Index | 16.17% | 13.65% | 9.99% |
| S&P Developed Ex-U.S. SmallCap Index | 19.79% | 8.86% | 5.90% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $3803556 |
| Number of Holdings | 224 |
| Investment Advisory Fees | $32102 |
| Portfolio Turnover | 49% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](ief11161664fc2789966522f7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 3.4% |
| Communication Services | 4.0% |
| Consumer Staples | 4.0% |
| Health Care | 7.5% |
| Real Estate | 7.9% |
| Materials | 9.4% |
| Information Technology | 11.0% |
| Consumer Discretionary | 12.3% |
| Financials | 13.0% |
| Industrials | 23.5% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Celestica, Inc. | 1.7% |
| Swissquote Group Holding SA, Registered Shares | 1.2% |
| Bankinter SA | 1.0% |
| Dundee Precious Metals, Inc. | 1.0% |
| Sanwa Holdings Corp. | 1.0% |
| Coca-Cola HBC AG, Class DI | 0.9% |
| Indra Sistemas SA | 0.8% |
| SPIE SA | 0.8% |
| Buzzi SpA | 0.8% |
| Euronext NV | 0.8% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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](i1a844658bf676ac20b441018.jpg)

MSSIX — AR (6/25)

#### Victory Trivalent International Small-Cap Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class Y

Ticker: MYSIX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Trivalent International Small-Cap Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class Y | $125 | 1.10% |

---

# What affected the Fund's performance during the last year?
International returns were supported by a decline in the U.S. dollar alongside weaker U.S. confidence and widespread tariff announcements. All five regions were up during the period and all 11 economic sectors posted gains in the S&P<sup>®</sup> Developed Ex-U.S. SmallCap Index (the "Index"). Financials were the strongest performing sector while energy stocks detracted from performance relative to the broader Index.

Top contributors to performance:

* Overall security selection was strongest and accounted for the Fund's relative outperformance of the Index. 

* Excess returns were generated in four of the five regions and eight of 11 sectors. 

* Outperformance was generated within the industrials, information technology, and healthcare sectors.

* From a style perspective, the Fund's overall exposure to value, business momentum and quality factors all contributed positively to its relative performance. 

Top detractors from performance:

* Performance was weakest in the UK region and consumer staples sector. 

* At the sector level, relative underperformance was centered in consumer staples and utilities. 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $1,000,000 Investment
![Growth of 10K Chart](if560d2175fa0e87b041717e2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Trivalent International Small-Cap Fund Class Y - $2,008,738** | **MSCI All Country World Index (regulatory broad based index) - $2,592,262** | **S&P Developed Ex-U.S. SmallCap Index - $1,774,419** |
| **6/15** | $1000000 | $1000000 | $1000000 |
| **6/16** | $921255 | $962703 | $958061 |
| **6/17** | $1126450 | $1143507 | $1162632 |
| **6/18** | $1289209 | $1266195 | $1290428 |
| **6/19** | $1200549 | $1338930 | $1210996 |
| **6/20** | $1205463 | $1367187 | $1160843 |
| **6/21** | $1699263 | $1904019 | $1667200 |
| **6/22** | $1273286 | $1604143 | $1245995 |
| **6/23** | $1444322 | $1869305 | $1376772 |
| **6/24** | $1583522 | $2231481 | $1481254 |
| **6/25** | $2008738 | $2592262 | $1774419 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class Y | 26.85%<sup>Footnote Reference</sup> | 10.75% | 7.22% |
| MSCI All Country World Index | 16.17% | 13.65% | 9.99% |
| S&P Developed Ex-U.S. SmallCap Index | 19.79% | 8.86% | 5.90% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $3803556 |
| Number of Holdings | 224 |
| Investment Advisory Fees | $32102 |
| Portfolio Turnover | 49% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](i146346ab89387da5e7a9416c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 3.4% |
| Communication Services | 4.0% |
| Consumer Staples | 4.0% |
| Health Care | 7.5% |
| Real Estate | 7.9% |
| Materials | 9.4% |
| Information Technology | 11.0% |
| Consumer Discretionary | 12.3% |
| Financials | 13.0% |
| Industrials | 23.5% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Celestica, Inc. | 1.7% |
| Swissquote Group Holding SA, Registered Shares | 1.2% |
| Bankinter SA | 1.0% |
| Dundee Precious Metals, Inc. | 1.0% |
| Sanwa Holdings Corp. | 1.0% |
| Coca-Cola HBC AG, Class DI | 0.9% |
| Indra Sistemas SA | 0.8% |
| SPIE SA | 0.8% |
| Buzzi SpA | 0.8% |
| Euronext NV | 0.8% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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](i1a844658bf676ac20b441018.jpg)

MYSIX — AR (6/25)

#### Victory Core Bond Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class A

Ticker: MUCAX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Core Bond Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class A | $87 | 0.85% |

---

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

* Banking, utilities, transportation, and food & beverage were sub-sectors that contributed to relative performance.

* The Fund's overweight allocation to, and security selection in, commercial mortgage-backed securities contributed to relative performance.

* The Fund's overweight allocation to, and security selection in, BBB-rated securities were the largest credit rating factors that benefited performance.

Top detractors from performance:

* The Fund's underweight allocation to agency mortgage-backed securities was the largest detractor from relative performance during the year.

* Cable & satellite and media & entertainment were sectors that detracted from performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price ("MOP") figures reflect a maximum sales charge of 2.25% for Class A. The Net Asset Value ("NAV") figures do not reflect sales charges.

# Growth of $10,000 Investment
![Growth of 10K Chart](i9259755cee5a4a2a5324ee70.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Core Bond Fund Class A @ NAV - $11,459** | **Victory Core Bond Fund Class A @ MOP - $11,196** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $11,904** |
| **6/15** | $10000 | $9770 | $10000 |
| **6/16** | $10334 | $10097 | $10600 |
| **6/17** | $10435 | $10195 | $10567 |
| **6/18** | $10384 | $10146 | $10525 |
| **6/19** | $10983 | $10731 | $11353 |
| **6/20** | $11815 | $11544 | $12345 |
| **6/21** | $12012 | $11737 | $12304 |
| **6/22** | $10754 | $10507 | $11038 |
| **6/23** | $10611 | $10367 | $10934 |
| **6/24** | $10850 | $10601 | $11222 |
| **6/25** | $11459 | $11196 | $11904 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class A @ NAV | 5.62% | -0.61% | 1.37% |
| Class A @ MOP | 3.21% | -1.06% | 1.14% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 1.76% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $36237 |
| Number of Holdings | 318 |
| Investment Advisory Fees | $179 |
| Portfolio Turnover | 36% |

---

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

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

# (as of June 30, 2025)
![Group By Asset Type Chart](i20820c5740e73c696298564f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Obligations | 39.3% |
| Corporate Bonds | 25.9% |
| U.S. Government Agency Mortgages | 14.4% |
| Asset-Backed Securities | 8.8% |
| Collateralized Mortgage Obligations | 6.1% |
| Yankee Dollars | 4.2% |
| Other<sup>Footnote Reference\*\*</sup> | 0.3% |

---

---

| | |
|:---|:---|
| \* | 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](i1a844658bf676ac20b441018.jpg)

MUCAX — AR (6/25)

#### Victory Core Bond Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class C

Ticker: MUCCX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Core Bond Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class C | $164 | 1.60% |

---

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

* Banking, utilities, transportation, and food & beverage were sub-sectors that contributed to relative performance.

* The Fund's overweight allocation to, and security selection in, commercial mortgage-backed securities contributed to relative performance.

* The Fund's overweight allocation to, and security selection in, BBB-rated securities were the largest credit rating factors that benefited performance.

Top detractors from performance:

* The Fund's underweight allocation to agency mortgage-backed securities was the largest detractor from relative performance during the year.

* Cable & satellite and media & entertainment were sectors that detracted from performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i0c97d20e12c02563a946829a.jpg)

---

| | | |
|:---|:---|:---|
| | **Victory Core Bond Fund Class C @ NAV - $10,793** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $11,904** |
| **6/15** | $10000 | $10000 |
| **6/16** | $10256 | $10600 |
| **6/17** | $10269 | $10567 |
| **6/18** | $10154 | $10525 |
| **6/19** | $10666 | $11353 |
| **6/20** | $11387 | $12345 |
| **6/21** | $11491 | $12304 |
| **6/22** | $10201 | $11038 |
| **6/23** | $9994 | $10934 |
| **6/24** | $10219 | $11222 |
| **6/25** | $10793 | $11904 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class C @ NAV | 4.71% | -1.37% | 0.77% |
| Class C @ CDSC | 3.71% | -1.37% | 0.77% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 1.76% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $36237 |
| Number of Holdings | 318 |
| Investment Advisory Fees | $179 |
| Portfolio Turnover | 36% |

---

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

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

# (as of June 30, 2025)
![Group By Asset Type Chart](iad60cb4af7c533daa4fec680.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Obligations | 39.3% |
| Corporate Bonds | 25.9% |
| U.S. Government Agency Mortgages | 14.4% |
| Asset-Backed Securities | 8.8% |
| Collateralized Mortgage Obligations | 6.1% |
| Yankee Dollars | 4.2% |
| Other<sup>Footnote Reference\*\*</sup> | 0.3% |

---

---

| | |
|:---|:---|
| \* | 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](i1a844658bf676ac20b441018.jpg)

MUCCX — AR (6/25)

#### Victory Core Bond Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class R6

Ticker: MUCRX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Core Bond Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class R6 | $60 | 0.58% |

---

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

* Banking, utilities, transportation, and food & beverage were sub-sectors that contributed to relative performance.

* The Fund's overweight allocation to, and security selection in, commercial mortgage-backed securities contributed to relative performance.

* The Fund's overweight allocation to, and security selection in, BBB-rated securities were the largest credit rating factors that benefited performance.

Top detractors from performance:

* The Fund's underweight allocation to agency mortgage-backed securities was the largest detractor from relative performance during the year.

* Cable & satellite and media & entertainment were sectors that detracted from performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i6b4b10ac283bf5b5c24cd5b4.jpg)

---

| | | |
|:---|:---|:---|
| | **Victory Core Bond Fund Class R6 - $11,782** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $11,904** |
| **6/15** | $10000 | $10000 |
| **6/16** | $10360 | $10600 |
| **6/17** | $10483 | $10567 |
| **6/18** | $10471 | $10525 |
| **6/19** | $11105 | $11353 |
| **6/20** | $11986 | $12345 |
| **6/21** | $12218 | $12304 |
| **6/22** | $10959 | $11038 |
| **6/23** | $10843 | $10934 |
| **6/24** | $11129 | $11222 |
| **6/25** | $11782 | $11904 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class R6 | 5.87% | -0.34% | 1.65% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 1.76% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $36237 |
| Number of Holdings | 318 |
| Investment Advisory Fees | $179 |
| Portfolio Turnover | 36% |

---

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

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

# (as of June 30, 2025)
![Group By Asset Type Chart](ie2c94e279c21998e9d6604c0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Obligations | 39.3% |
| Corporate Bonds | 25.9% |
| U.S. Government Agency Mortgages | 14.4% |
| Asset-Backed Securities | 8.8% |
| Collateralized Mortgage Obligations | 6.1% |
| Yankee Dollars | 4.2% |
| Other<sup>Footnote Reference\*\*</sup> | 0.3% |

---

---

| | |
|:---|:---|
| \* | 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](i1a844658bf676ac20b441018.jpg)

MUCRX — AR (6/25)

#### Victory Core Bond Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class Y

Ticker: MUCYX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Core Bond Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class Y | $62 | 0.60% |

---

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

* Banking, utilities, transportation, and food & beverage were sub-sectors that contributed to relative performance.

* The Fund's overweight allocation to, and security selection in, commercial mortgage-backed securities contributed to relative performance.

* The Fund's overweight allocation to, and security selection in, BBB-rated securities were the largest credit rating factors that benefited performance.

Top detractors from performance:

* The Fund's underweight allocation to agency mortgage-backed securities was the largest detractor from relative performance during the year.

* Cable & satellite and media & entertainment were sectors that detracted from performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $1,000,000 Investment
![Growth of 10K Chart](i796f77a27450870cf5880121.jpg)

---

| | | |
|:---|:---|:---|
| | **Victory Core Bond Fund Class Y - $1,175,651** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $1,190,377** |
| **6/15** | $1000000 | $1000000 |
| **6/16** | $1035856 | $1060014 |
| **6/17** | $1048027 | $1056679 |
| **6/18** | $1046662 | $1052481 |
| **6/19** | $1109322 | $1135303 |
| **6/20** | $1197216 | $1234525 |
| **6/21** | $1220132 | $1230411 |
| **6/22** | $1094196 | $1103775 |
| **6/23** | $1082425 | $1093424 |
| **6/24** | $1110739 | $1122192 |
| **6/25** | $1175651 | $1190377 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class Y | 5.84% | -0.36% | 1.63% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 1.76% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $36237 |
| Number of Holdings | 318 |
| Investment Advisory Fees | $179 |
| Portfolio Turnover | 36% |

---

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

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

# (as of June 30, 2025)
![Group By Asset Type Chart](idfd505ee7fe4fe0bb784cb19.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Treasury Obligations | 39.3% |
| Corporate Bonds | 25.9% |
| U.S. Government Agency Mortgages | 14.4% |
| Asset-Backed Securities | 8.8% |
| Collateralized Mortgage Obligations | 6.1% |
| Yankee Dollars | 4.2% |
| Other<sup>Footnote Reference\*\*</sup> | 0.3% |

---

---

| | |
|:---|:---|
| \* | 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](i1a844658bf676ac20b441018.jpg)

MUCYX — AR (6/25)

#### Victory Diversified Stock Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class A

Ticker: SRVEX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Diversified Stock Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class A | $114 | 1.05% |

---

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

• The Fund generated the strongest relative performance within the technology, communication services, and health care sectors.

• Stocks that contributed most positively to the Fund's relative performance were Interactive Brokers Group, Inc. and Broadcom, Inc.

Top detractors from performance:

• Stocks that contributed negatively to the Fund's relative performance were Tesla, Inc. ("Tesla") and Novo Nordisk A/S, ADR ("Novo Nordisk").

• The Fund was underweight to Tesla stock compared to the Index and the company's shares rebounded sharply after the presidential election. We believe the rebound in share price suggests a favorable policy outlook for the company and its autonomous driving ambitions.

• Novo Nordisk underperformed as the company's flagship portfolio of GLP-1 drugs such as Wegovy lagged competitors in demand and efficacy for some health conditions.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](id4834d0535fe3e32136b1d33.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Diversified Stock Fund Class A @ NAV - $30,893** | **Victory Diversified Stock Fund Class A @ MOP - $29,118** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $35,936** |
| **6/15** | $10000 | $9425 | $10000 |
| **6/16** | $9848 | $9282 | $10399 |
| **6/17** | $11016 | $10383 | $12260 |
| **6/18** | $12564 | $11842 | $14023 |
| **6/19** | $13117 | $12363 | $15483 |
| **6/20** | $13601 | $12820 | $16645 |
| **6/21** | $19161 | $18061 | $23436 |
| **6/22** | $17546 | $16538 | $20948 |
| **6/23** | $21401 | $20172 | $25053 |
| **6/24** | $26464 | $24944 | $31204 |
| **6/25** | $30893 | $29118 | $35936 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class A @ NAV | 16.73%<sup>Footnote Reference</sup> | 17.83%<sup>Footnote Reference</sup> | 11.94% |
| Class A @ MOP | 10.03% | 16.44% | 11.28% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $339653 |
| Number of Holdings | 74 |
| Investment Advisory Fees | $2101 |
| Portfolio Turnover | 92% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](i61deb3afb5dd49314b718dd9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.0% |
| Materials | 1.9% |
| Energy | 2.5% |
| Consumer Staples | 2.8% |
| Industrials | 7.9% |
| Communication Services | 10.8% |
| Consumer Discretionary | 12.1% |
| Health Care | 12.6% |
| Financials | 13.7% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 32.9% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 6.7% |
| Microsoft Corp. | 6.7% |
| Apple, Inc. | 5.9% |
| Alphabet, Inc., Class C | 3.8% |
| Amazon.com, Inc. | 3.6% |
| Meta Platforms, Inc., Class A | 3.3% |
| Broadcom, Inc. | 3.1% |
| Visa, Inc., Class A | 2.2% |
| Eli Lilly & Co. | 1.9% |
| Jabil, Inc. | 1.8% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
| \*\* | 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](i1a844658bf676ac20b441018.jpg)

SRVEX — AR (6/25)

#### Victory Diversified Stock Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class C

Ticker: VDSCX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Diversified Stock Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class C | $218 | 2.02% |

---

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

• The Fund generated the strongest relative performance within the technology, communication services, and health care sectors.

• Stocks that contributed most positively to the Fund's relative performance were Interactive Brokers Group, Inc. and Broadcom, Inc.

Top detractors from performance:

• Stocks that contributed negatively to the Fund's relative performance were Tesla, Inc. ("Tesla") and Novo Nordisk A/S, ADR ("Novo Nordisk").

• The Fund was underweight to Tesla stock compared to the Index and the company's shares rebounded sharply after the presidential election. We believe the rebound in share price suggests a favorable policy outlook for the company and its autonomous driving ambitions.

• Novo Nordisk underperformed as the company's flagship portfolio of GLP-1 drugs such as Wegovy lagged competitors in demand and efficacy for some health conditions.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i5c361845e9c1c7a7d9da26ce.jpg)

---

| | | |
|:---|:---|:---|
| | **Victory Diversified Stock Fund Class C @ NAV - $28,755** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $35,936** |
| **6/15** | $10000 | $10000 |
| **6/16** | $9768 | $10399 |
| **6/17** | $10831 | $12260 |
| **6/18** | $12251 | $14023 |
| **6/19** | $12678 | $15483 |
| **6/20** | $13023 | $16645 |
| **6/21** | $18170 | $23436 |
| **6/22** | $16482 | $20948 |
| **6/23** | $19921 | $25053 |
| **6/24** | $24633 | $31204 |
| **6/25** | $28755 | $35936 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class C @ NAV | 15.59%<sup>Footnote Reference</sup> | 16.71%<sup>Footnote Reference</sup> | 11.14% |
| Class C @ CDSC | 14.59% | 16.71% | 11.14% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $339653 |
| Number of Holdings | 74 |
| Investment Advisory Fees | $2101 |
| Portfolio Turnover | 92% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](i22e261f2df31be3efdebd3a1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.0% |
| Materials | 1.9% |
| Energy | 2.5% |
| Consumer Staples | 2.8% |
| Industrials | 7.9% |
| Communication Services | 10.8% |
| Consumer Discretionary | 12.1% |
| Health Care | 12.6% |
| Financials | 13.7% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 32.9% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 6.7% |
| Microsoft Corp. | 6.7% |
| Apple, Inc. | 5.9% |
| Alphabet, Inc., Class C | 3.8% |
| Amazon.com, Inc. | 3.6% |
| Meta Platforms, Inc., Class A | 3.3% |
| Broadcom, Inc. | 3.1% |
| Visa, Inc., Class A | 2.2% |
| Eli Lilly & Co. | 1.9% |
| Jabil, Inc. | 1.8% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
| \*\* | 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](i1a844658bf676ac20b441018.jpg)

VDSCX — AR (6/25)

#### Victory Diversified Stock Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class I

Ticker: VDSIX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Diversified Stock Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class I | $90 | 0.83% |

---

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

• The Fund generated the strongest relative performance within the technology, communication services, and health care sectors.

• Stocks that contributed most positively to the Fund's relative performance were Interactive Brokers Group, Inc. and Broadcom, Inc.

Top detractors from performance:

• Stocks that contributed negatively to the Fund's relative performance were Tesla, Inc. ("Tesla") and Novo Nordisk A/S, ADR ("Novo Nordisk").

• The Fund was underweight to Tesla stock compared to the Index and the company's shares rebounded sharply after the presidential election. We believe the rebound in share price suggests a favorable policy outlook for the company and its autonomous driving ambitions.

• Novo Nordisk underperformed as the company's flagship portfolio of GLP-1 drugs such as Wegovy lagged competitors in demand and efficacy for some health conditions.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

# The graph reflects investment growth of a hypothetical investment of $2,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $2,000,000 Investment
![Growth of 10K Chart](i64bd1ed4ce1d8dd0dcce2096.jpg)

---

| | | |
|:---|:---|:---|
| | **Victory Diversified Stock Fund Class I - $6,332,781** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $7,187,237** |
| **6/15** | $2000000 | $2000000 |
| **6/16** | $1975297 | $2079856 |
| **6/17** | $2214305 | $2452067 |
| **6/18** | $2532159 | $2804528 |
| **6/19** | $2650488 | $3096689 |
| **6/20** | $2755420 | $3329098 |
| **6/21** | $3891308 | $4687176 |
| **6/22** | $3572361 | $4189593 |
| **6/23** | $4368459 | $5010506 |
| **6/24** | $5412735 | $6240890 |
| **6/25** | $6332781 | $7187237 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class I | 17.00%<sup>Footnote Reference</sup> | 18.11%<sup>Footnote Reference</sup> | 12.22% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $339653 |
| Number of Holdings | 74 |
| Investment Advisory Fees | $2101 |
| Portfolio Turnover | 92% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](ieb4c8cc591ca4a08bdb4bb85.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.0% |
| Materials | 1.9% |
| Energy | 2.5% |
| Consumer Staples | 2.8% |
| Industrials | 7.9% |
| Communication Services | 10.8% |
| Consumer Discretionary | 12.1% |
| Health Care | 12.6% |
| Financials | 13.7% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 32.9% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 6.7% |
| Microsoft Corp. | 6.7% |
| Apple, Inc. | 5.9% |
| Alphabet, Inc., Class C | 3.8% |
| Amazon.com, Inc. | 3.6% |
| Meta Platforms, Inc., Class A | 3.3% |
| Broadcom, Inc. | 3.1% |
| Visa, Inc., Class A | 2.2% |
| Eli Lilly & Co. | 1.9% |
| Jabil, Inc. | 1.8% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
| \*\* | 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](i1a844658bf676ac20b441018.jpg)

VDSIX — AR (6/25)

#### Victory Diversified Stock Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class R

Ticker: GRINX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Diversified Stock Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class R | $146 | 1.35% |

---

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

• The Fund generated the strongest relative performance within the technology, communication services, and health care sectors.

• Stocks that contributed most positively to the Fund's relative performance were Interactive Brokers Group, Inc. and Broadcom, Inc.

Top detractors from performance:

• Stocks that contributed negatively to the Fund's relative performance were Tesla, Inc. ("Tesla") and Novo Nordisk A/S, ADR ("Novo Nordisk").

• The Fund was underweight to Tesla stock compared to the Index and the company's shares rebounded sharply after the presidential election. We believe the rebound in share price suggests a favorable policy outlook for the company and its autonomous driving ambitions.

• Novo Nordisk underperformed as the company's flagship portfolio of GLP-1 drugs such as Wegovy lagged competitors in demand and efficacy for some health conditions.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](iec3d230aa0798627920956e3.jpg)

---

| | | |
|:---|:---|:---|
| | **Victory Diversified Stock Fund Class R - $30,014** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $35,936** |
| **6/15** | $10000 | $10000 |
| **6/16** | $9818 | $10399 |
| **6/17** | $10951 | $12260 |
| **6/18** | $12453 | $14023 |
| **6/19** | $12970 | $15483 |
| **6/20** | $13409 | $16645 |
| **6/21** | $18833 | $23436 |
| **6/22** | $17198 | $20948 |
| **6/23** | $20924 | $25053 |
| **6/24** | $25789 | $31204 |
| **6/25** | $30014 | $35936 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class R | 16.38%<sup>Footnote Reference</sup> | 17.49%<sup>Footnote Reference</sup> | 11.62% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $339653 |
| Number of Holdings | 74 |
| Investment Advisory Fees | $2101 |
| Portfolio Turnover | 92% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](i5bef205a578ef776084539fb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.0% |
| Materials | 1.9% |
| Energy | 2.5% |
| Consumer Staples | 2.8% |
| Industrials | 7.9% |
| Communication Services | 10.8% |
| Consumer Discretionary | 12.1% |
| Health Care | 12.6% |
| Financials | 13.7% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 32.9% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 6.7% |
| Microsoft Corp. | 6.7% |
| Apple, Inc. | 5.9% |
| Alphabet, Inc., Class C | 3.8% |
| Amazon.com, Inc. | 3.6% |
| Meta Platforms, Inc., Class A | 3.3% |
| Broadcom, Inc. | 3.1% |
| Visa, Inc., Class A | 2.2% |
| Eli Lilly & Co. | 1.9% |
| Jabil, Inc. | 1.8% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
| \*\* | 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](i1a844658bf676ac20b441018.jpg)

GRINX — AR (6/25)

#### Victory Diversified Stock Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class R6

Ticker: VDSRX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Diversified Stock Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class R6 | $85 | 0.78% |

---

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

• The Fund generated the strongest relative performance within the technology, communication services, and health care sectors.

• Stocks that contributed most positively to the Fund's relative performance were Interactive Brokers Group, Inc. and Broadcom, Inc.

Top detractors from performance:

• Stocks that contributed negatively to the Fund's relative performance were Tesla, Inc. ("Tesla") and Novo Nordisk A/S, ADR ("Novo Nordisk").

• The Fund was underweight to Tesla stock compared to the Index and the company's shares rebounded sharply after the presidential election. We believe the rebound in share price suggests a favorable policy outlook for the company and its autonomous driving ambitions.

• Novo Nordisk underperformed as the company's flagship portfolio of GLP-1 drugs such as Wegovy lagged competitors in demand and efficacy for some health conditions.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](iea16705a883512f34d644a8b.jpg)

---

| | | |
|:---|:---|:---|
| | **Victory Diversified Stock Fund Class R6 - $31,811** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $35,936** |
| **6/15** | $10000 | $10000 |
| **6/16** | $9880 | $10399 |
| **6/17** | $11079 | $12260 |
| **6/18** | $12677 | $14023 |
| **6/19** | $13275 | $15483 |
| **6/20** | $13808 | $16645 |
| **6/21** | $19510 | $23436 |
| **6/22** | $17917 | $20948 |
| **6/23** | $21927 | $25053 |
| **6/24** | $27174 | $31204 |
| **6/25** | $31811 | $35936 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class R6 | 17.06%<sup>Footnote Reference</sup> | 18.17%<sup>Footnote Reference</sup> | 12.27% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $339653 |
| Number of Holdings | 74 |
| Investment Advisory Fees | $2101 |
| Portfolio Turnover | 92% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](i24d52a032433feae128353d2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.0% |
| Materials | 1.9% |
| Energy | 2.5% |
| Consumer Staples | 2.8% |
| Industrials | 7.9% |
| Communication Services | 10.8% |
| Consumer Discretionary | 12.1% |
| Health Care | 12.6% |
| Financials | 13.7% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 32.9% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 6.7% |
| Microsoft Corp. | 6.7% |
| Apple, Inc. | 5.9% |
| Alphabet, Inc., Class C | 3.8% |
| Amazon.com, Inc. | 3.6% |
| Meta Platforms, Inc., Class A | 3.3% |
| Broadcom, Inc. | 3.1% |
| Visa, Inc., Class A | 2.2% |
| Eli Lilly & Co. | 1.9% |
| Jabil, Inc. | 1.8% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
| \*\* | 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](i1a844658bf676ac20b441018.jpg)

VDSRX — AR (6/25)

#### Victory Diversified Stock Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class Y

Ticker: VDSYX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Diversified Stock Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class Y | $93 | 0.86% |

---

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

• The Fund generated the strongest relative performance within the technology, communication services, and health care sectors.

• Stocks that contributed most positively to the Fund's relative performance were Interactive Brokers Group, Inc. and Broadcom, Inc.

Top detractors from performance:

• Stocks that contributed negatively to the Fund's relative performance were Tesla, Inc. ("Tesla") and Novo Nordisk A/S, ADR ("Novo Nordisk").

• The Fund was underweight to Tesla stock compared to the Index and the company's shares rebounded sharply after the presidential election. We believe the rebound in share price suggests a favorable policy outlook for the company and its autonomous driving ambitions.

• Novo Nordisk underperformed as the company's flagship portfolio of GLP-1 drugs such as Wegovy lagged competitors in demand and efficacy for some health conditions.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $1,000,000 Investment
![Growth of 10K Chart](i22b5c67f3d835d8a6db9df63.jpg)

---

| | | |
|:---|:---|:---|
| | **Victory Diversified Stock Fund Class Y - $3,153,035** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $3,593,619** |
| **6/15** | $1000000 | $1000000 |
| **6/16** | $986651 | $1039928 |
| **6/17** | $1105938 | $1226034 |
| **6/18** | $1263355 | $1402264 |
| **6/19** | $1321847 | $1548344 |
| **6/20** | $1373879 | $1664549 |
| **6/21** | $1939739 | $2343588 |
| **6/22** | $1780732 | $2094797 |
| **6/23** | $2177066 | $2505253 |
| **6/24** | $2695856 | $3120445 |
| **6/25** | $3153035 | $3593619 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class Y | 16.96%<sup>Footnote Reference</sup> | 18.07%<sup>Footnote Reference</sup> | 12.17% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $339653 |
| Number of Holdings | 74 |
| Investment Advisory Fees | $2101 |
| Portfolio Turnover | 92% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](i7d8430354f622ee65e48f631.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.0% |
| Materials | 1.9% |
| Energy | 2.5% |
| Consumer Staples | 2.8% |
| Industrials | 7.9% |
| Communication Services | 10.8% |
| Consumer Discretionary | 12.1% |
| Health Care | 12.6% |
| Financials | 13.7% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 32.9% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 6.7% |
| Microsoft Corp. | 6.7% |
| Apple, Inc. | 5.9% |
| Alphabet, Inc., Class C | 3.8% |
| Amazon.com, Inc. | 3.6% |
| Meta Platforms, Inc., Class A | 3.3% |
| Broadcom, Inc. | 3.1% |
| Visa, Inc., Class A | 2.2% |
| Eli Lilly & Co. | 1.9% |
| Jabil, Inc. | 1.8% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
| \*\* | 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](i1a844658bf676ac20b441018.jpg)

VDSYX — AR (6/25)

#### Victory Fund for Income
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class A

Ticker: IPFIX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Fund for Income (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class A | $94 | 0.91% |

---

# What affected the Fund's performance during the last year?
The Federal Reserve cut rates three times from September to December 2024, leaving the Federal Funds rate 1% less than where it was at the end of June 2024. We believe that the U.S. economy remained strong as the market appreciated strong balance sheets and solid employment. In response, the U.S. yield curve steepened, with yields at the short end falling the most, as bond prices typically move in the opposite direction of yields. The Fund's benchmark, the Bloomberg 1-5 year U.S. Government Bond Index (the "Index"), had significant and direct exposure to the very short end of the yield curve. The Index outperformed the Fund's strong Government National Mortgage Association ("GNMA") performance.

Top contributors to performance:

* Throughout the year, the Fund added its GNMA single family pools. The Fund maintained its allocation to GNMA structure at 3% allocation. This small allocation to GNMA collateralized mortgage obligations provided a strong total return. 

* The Fund's primary exposure, approximately 80% to older high coupon GNMA, contributed the most to its total return. 

* The Fund's 17.2% allocation to U.S. Treasury bonds contributed almost as much to performance as its GNMA single family pools. 

Top detractors from performance:

* Among its three sector allocations, GNMA collateralized mortgage obligations contributed the least to absolute performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price ("MOP") figures reflect a maximum sales charge of 2.25% for Class A. The Net Asset Value ("NAV") figures do not reflect sales charges.

# Growth of $10,000 Investment
![Growth of 10K Chart](ied1d42b46d881cd37d47e5da.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Fund for Income Class A @ NAV - $11,233** | **Victory Fund for Income Class A @ MOP - $10,983** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $11,904** | **Bloomberg 1-5 Year U.S. Government Bond Index - $11,709** |
| **6/15** | $10000 | $9778 | $10000 | $10000 |
| **6/16** | $10233 | $10006 | $10600 | $10239 |
| **6/17** | $10107 | $9882 | $10567 | $10186 |
| **6/18** | $10044 | $9820 | $10525 | $10147 |
| **6/19** | $10508 | $10274 | $11353 | $10649 |
| **6/20** | $10904 | $10661 | $12345 | $11217 |
| **6/21** | $10800 | $10560 | $12304 | $11181 |
| **6/22** | $10258 | $10030 | $11038 | $10637 |
| **6/23** | $10212 | $9985 | $10934 | $10597 |
| **6/24** | $10645 | $10409 | $11222 | $11035 |
| **6/25** | $11233 | $10983 | $11904 | $11709 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class A @ NAV | 5.52% | 0.60% | 1.17% |
| Class A @ MOP | 3.11% | 0.13% | 0.94% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 1.76% |
| Bloomberg 1-5 Year U.S. Government Bond Index | 6.11% | 0.86% | 1.59% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $336568 |
| Number of Holdings | 491 |
| Investment Advisory Fees | $1654 |
| Portfolio Turnover | 22% |

---

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

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

# (as of June 30, 2025)
![Group By Asset Type Chart](ie1e11e2f7ef0ccc2335d602d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Government Agency Mortgages | 70.0% |
| U.S. Treasury Obligations | 26.7% |
| Collateralized Mortgage Obligations | 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. |
| ^ | 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](i1a844658bf676ac20b441018.jpg)

IPFIX — AR (6/25)

#### Victory Fund for Income
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class C

Ticker: VFFCX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Fund for Income (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class C | $175 | 1.71% |

---

# What affected the Fund's performance during the last year?
The Federal Reserve cut rates three times from September to December 2024, leaving the Federal Funds rate 1% less than where it was at the end of June 2024. We believe that the U.S. economy remained strong as the market appreciated strong balance sheets and solid employment. In response, the U.S. yield curve steepened, with yields at the short end falling the most, as bond prices typically move in the opposite direction of yields. The Fund's benchmark, the Bloomberg 1-5 year U.S. Government Bond Index (the "Index"), had significant and direct exposure to the very short end of the yield curve. The Index outperformed the Fund's strong Government National Mortgage Association ("GNMA") performance.

Top contributors to performance:

* Throughout the year, the Fund added its GNMA single family pools. The Fund maintained its allocation to GNMA structure at 3% allocation. This small allocation to GNMA collateralized mortgage obligations provided a strong total return. 

* The Fund's primary exposure, approximately 80% to older high coupon GNMA, contributed the most to its total return. 

* The Fund's 17.2% allocation to U.S. Treasury bonds contributed almost as much to performance as its GNMA single family pools. 

Top detractors from performance:

* Among its three sector allocations, GNMA collateralized mortgage obligations contributed the least to absolute performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i07b83035bc44b2424a77e6ba.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Fund for Income Class C @ NAV - $10,542** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $11,904** | **Bloomberg 1-5 Year U.S. Government Bond Index - $11,709** |
| **6/15** | $10000 | $10000 | $10000 |
| **6/16** | $10148 | $10600 | $10239 |
| **6/17** | $9953 | $10567 | $10186 |
| **6/18** | $9803 | $10525 | $10147 |
| **6/19** | $10180 | $11353 | $10649 |
| **6/20** | $10473 | $12345 | $11217 |
| **6/21** | $10290 | $12304 | $11181 |
| **6/22** | $9691 | $11038 | $10637 |
| **6/23** | $9583 | $10934 | $10597 |
| **6/24** | $9990 | $11222 | $11035 |
| **6/25** | $10542 | $11904 | $11709 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class C @ NAV | 4.65% | -0.18% | 0.53% |
| Class C @ CDSC | 3.65% | -0.18% | 0.53% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 1.76% |
| Bloomberg 1-5 Year U.S. Government Bond Index | 6.11% | 0.86% | 1.59% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $336568 |
| Number of Holdings | 491 |
| Investment Advisory Fees | $1654 |
| Portfolio Turnover | 22% |

---

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

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

# (as of June 30, 2025)
![Group By Asset Type Chart](i4ba41b299e85dd550842776a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Government Agency Mortgages | 70.0% |
| U.S. Treasury Obligations | 26.7% |
| Collateralized Mortgage Obligations | 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. |
| ^ | 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](i1a844658bf676ac20b441018.jpg)

VFFCX — AR (6/25)

#### Victory Fund for Income
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class I

Ticker: VFFIX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Fund for Income (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class I | $66 | 0.64% |

---

# What affected the Fund's performance during the last year?
The Federal Reserve cut rates three times from September to December 2024, leaving the Federal Funds rate 1% less than where it was at the end of June 2024. We believe that the U.S. economy remained strong as the market appreciated strong balance sheets and solid employment. In response, the U.S. yield curve steepened, with yields at the short end falling the most, as bond prices typically move in the opposite direction of yields. The Fund's benchmark, the Bloomberg 1-5 year U.S. Government Bond Index (the "Index"), had significant and direct exposure to the very short end of the yield curve. The Index outperformed the Fund's strong Government National Mortgage Association ("GNMA") performance.

Top contributors to performance:

* Throughout the year, the Fund added its GNMA single family pools. The Fund maintained its allocation to GNMA structure at 3% allocation. This small allocation to GNMA collateralized mortgage obligations provided a strong total return. 

* The Fund's primary exposure, approximately 80% to older high coupon GNMA, contributed the most to its total return. 

* The Fund's 17.2% allocation to U.S. Treasury bonds contributed almost as much to performance as its GNMA single family pools. 

Top detractors from performance:

* Among its three sector allocations, GNMA collateralized mortgage obligations contributed the least to absolute performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

# The graph reflects investment growth of a hypothetical investment of $2,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $2,000,000 Investment
![Growth of 10K Chart](i99f835b8c4a4e835d9fdfb2a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Fund for Income Class I - $2,309,661** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $2,380,754** | **Bloomberg 1-5 Year U.S. Government Bond Index - $2,341,862** |
| **6/15** | $2000000 | $2000000 | $2000000 |
| **6/16** | $2051919 | $2120028 | $2047747 |
| **6/17** | $2034553 | $2113357 | $2037158 |
| **6/18** | $2025039 | $2104962 | $2029463 |
| **6/19** | $2124646 | $2270606 | $2129789 |
| **6/20** | $2210424 | $2469049 | $2243475 |
| **6/21** | $2197528 | $2460821 | $2236249 |
| **6/22** | $2089829 | $2207550 | $2127365 |
| **6/23** | $2088864 | $2186848 | $2119321 |
| **6/24** | $2183287 | $2244384 | $2207089 |
| **6/25** | $2309661 | $2380754 | $2341862 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class I | 5.79% | 0.88% | 1.45% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 1.76% |
| Bloomberg 1-5 Year U.S. Government Bond Index | 6.11% | 0.86% | 1.59% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $336568 |
| Number of Holdings | 491 |
| Investment Advisory Fees | $1654 |
| Portfolio Turnover | 22% |

---

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

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

# (as of June 30, 2025)
![Group By Asset Type Chart](i183f39d59360ebeb025222ec.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Government Agency Mortgages | 70.0% |
| U.S. Treasury Obligations | 26.7% |
| Collateralized Mortgage Obligations | 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. |
| ^ | 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](i1a844658bf676ac20b441018.jpg)

VFFIX — AR (6/25)

#### Victory Fund for Income
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class R

Ticker: GGIFX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Fund for Income (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class R | $94 | 0.91% |

---

# What affected the Fund's performance during the last year?
The Federal Reserve cut rates three times from September to December 2024, leaving the Federal Funds rate 1% less than where it was at the end of June 2024. We believe that the U.S. economy remained strong as the market appreciated strong balance sheets and solid employment. In response, the U.S. yield curve steepened, with yields at the short end falling the most, as bond prices typically move in the opposite direction of yields. The Fund's benchmark, the Bloomberg 1-5 year U.S. Government Bond Index (the "Index"), had significant and direct exposure to the very short end of the yield curve. The Index outperformed the Fund's strong Government National Mortgage Association ("GNMA") performance.

Top contributors to performance:

* Throughout the year, the Fund added its GNMA single family pools. The Fund maintained its allocation to GNMA structure at 3% allocation. This small allocation to GNMA collateralized mortgage obligations provided a strong total return. 

* The Fund's primary exposure, approximately 80% to older high coupon GNMA, contributed the most to its total return. 

* The Fund's 17.2% allocation to U.S. Treasury bonds contributed almost as much to performance as its GNMA single family pools. 

Top detractors from performance:

* Among its three sector allocations, GNMA collateralized mortgage obligations contributed the least to absolute performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](ieff81975457836ee81df9e39.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Fund for Income Class R - $11,231** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $11,904** | **Bloomberg 1-5 Year U.S. Government Bond Index - $11,709** |
| **6/15** | $10000 | $10000 | $10000 |
| **6/16** | $10221 | $10600 | $10239 |
| **6/17** | $10106 | $10567 | $10186 |
| **6/18** | $10044 | $10525 | $10147 |
| **6/19** | $10508 | $11353 | $10649 |
| **6/20** | $10891 | $12345 | $11217 |
| **6/21** | $10799 | $12304 | $11181 |
| **6/22** | $10257 | $11038 | $10637 |
| **6/23** | $10212 | $10934 | $10597 |
| **6/24** | $10644 | $11222 | $11035 |
| **6/25** | $11231 | $11904 | $11709 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class R | 5.51% | 0.62% | 1.17% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 1.76% |
| Bloomberg 1-5 Year U.S. Government Bond Index | 6.11% | 0.86% | 1.59% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $336568 |
| Number of Holdings | 491 |
| Investment Advisory Fees | $1654 |
| Portfolio Turnover | 22% |

---

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

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

# (as of June 30, 2025)
![Group By Asset Type Chart](i37f715a5966d04d35382ece5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Government Agency Mortgages | 70.0% |
| U.S. Treasury Obligations | 26.7% |
| Collateralized Mortgage Obligations | 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. |
| ^ | 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](i1a844658bf676ac20b441018.jpg)

GGIFX — AR (6/25)

#### Victory Fund for Income
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class R6

Ticker: VFFRX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Fund for Income (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class R6 | $65 | 0.63% |

---

# What affected the Fund's performance during the last year?
The Federal Reserve cut rates three times from September to December 2024, leaving the Federal Funds rate 1% less than where it was at the end of June 2024. We believe that the U.S. economy remained strong as the market appreciated strong balance sheets and solid employment. In response, the U.S. yield curve steepened, with yields at the short end falling the most, as bond prices typically move in the opposite direction of yields. The Fund's benchmark, the Bloomberg 1-5 year U.S. Government Bond Index (the "Index"), had significant and direct exposure to the very short end of the yield curve. The Index outperformed the Fund's strong Government National Mortgage Association ("GNMA") performance.

Top contributors to performance:

* Throughout the year, the Fund added its GNMA single family pools. The Fund maintained its allocation to GNMA structure at 3% allocation. This small allocation to GNMA collateralized mortgage obligations provided a strong total return. 

* The Fund's primary exposure, approximately 80% to older high coupon GNMA, contributed the most to its total return. 

* The Fund's 17.2% allocation to U.S. Treasury bonds contributed almost as much to performance as its GNMA single family pools. 

Top detractors from performance:

* Among its three sector allocations, GNMA collateralized mortgage obligations contributed the least to absolute performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](ie0879490fdd6b03f05ea0526.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Fund for Income Class R6 - $11,548** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $11,904** | **Bloomberg 1-5 Year U.S. Government Bond Index - $11,709** |
| **6/15** | $10000 | $10000 | $10000 |
| **6/16** | $10251 | $10600 | $10239 |
| **6/17** | $10162 | $10567 | $10186 |
| **6/18** | $10127 | $10525 | $10147 |
| **6/19** | $10626 | $11353 | $10649 |
| **6/20** | $11045 | $12345 | $11217 |
| **6/21** | $10983 | $12304 | $11181 |
| **6/22** | $10444 | $11038 | $10637 |
| **6/23** | $10426 | $10934 | $10597 |
| **6/24** | $10930 | $11222 | $11035 |
| **6/25** | $11548 | $11904 | $11709 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class R6 | 5.65% | 0.89% | 1.45% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 1.76% |
| Bloomberg 1-5 Year U.S. Government Bond Index | 6.11% | 0.86% | 1.59% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $336568 |
| Number of Holdings | 491 |
| Investment Advisory Fees | $1654 |
| Portfolio Turnover | 22% |

---

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

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

# (as of June 30, 2025)
![Group By Asset Type Chart](ie9d15e4cdafd26b5e6e8ebdb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Government Agency Mortgages | 70.0% |
| U.S. Treasury Obligations | 26.7% |
| Collateralized Mortgage Obligations | 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. |
| ^ | 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](i1a844658bf676ac20b441018.jpg)

VFFRX — AR (6/25)

#### Victory Fund for Income
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class Y

Ticker: VFFYX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Fund for Income (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class Y | $73 | 0.71% |

---

# What affected the Fund's performance during the last year?
The Federal Reserve cut rates three times from September to December 2024, leaving the Federal Funds rate 1% less than where it was at the end of June 2024. We believe that the U.S. economy remained strong as the market appreciated strong balance sheets and solid employment. In response, the U.S. yield curve steepened, with yields at the short end falling the most, as bond prices typically move in the opposite direction of yields. The Fund's benchmark, the Bloomberg 1-5 year U.S. Government Bond Index (the "Index"), had significant and direct exposure to the very short end of the yield curve. The Index outperformed the Fund's strong Government National Mortgage Association ("GNMA") performance.

Top contributors to performance:

* Throughout the year, the Fund added its GNMA single family pools. The Fund maintained its allocation to GNMA structure at 3% allocation. This small allocation to GNMA collateralized mortgage obligations provided a strong total return. 

* The Fund's primary exposure, approximately 80% to older high coupon GNMA, contributed the most to its total return. 

* The Fund's 17.2% allocation to U.S. Treasury bonds contributed almost as much to performance as its GNMA single family pools. 

Top detractors from performance:

* Among its three sector allocations, GNMA collateralized mortgage obligations contributed the least to absolute performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $1,000,000 Investment
![Growth of 10K Chart](i6e5d33554048372b82202d17.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Fund for Income Class Y - $1,146,138** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $1,190,377** | **Bloomberg 1-5 Year U.S. Government Bond Index - $1,170,931** |
| **6/15** | $1000000 | $1000000 | $1000000 |
| **6/16** | $1025313 | $1060014 | $1023873 |
| **6/17** | $1014626 | $1056679 | $1018579 |
| **6/18** | $1010315 | $1052481 | $1014732 |
| **6/19** | $1059247 | $1135303 | $1064894 |
| **6/20** | $1101313 | $1234525 | $1121737 |
| **6/21** | $1092958 | $1230411 | $1118125 |
| **6/22** | $1039115 | $1103775 | $1063682 |
| **6/23** | $1036414 | $1093424 | $1059661 |
| **6/24** | $1084119 | $1122192 | $1103545 |
| **6/25** | $1146138 | $1190377 | $1170931 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class Y | 5.72% | 0.80% | 1.37% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 1.76% |
| Bloomberg 1-5 Year U.S. Government Bond Index | 6.11% | 0.86% | 1.59% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $336568 |
| Number of Holdings | 491 |
| Investment Advisory Fees | $1654 |
| Portfolio Turnover | 22% |

---

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

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

# (as of June 30, 2025)
![Group By Asset Type Chart](i2f2ee5fc3aa7144aea0d1131.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Government Agency Mortgages | 70.0% |
| U.S. Treasury Obligations | 26.7% |
| Collateralized Mortgage Obligations | 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. |
| ^ | 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](i1a844658bf676ac20b441018.jpg)

VFFYX — AR (6/25)

#### Victory Fund for Income
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Member Class

Ticker: VFFMX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Fund for Income (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Member Class | $77 | 0.75% |

---

# What affected the Fund's performance during the last year?
The Federal Reserve cut rates three times from September to December 2024, leaving the Federal Funds rate 1% less than where it was at the end of June 2024. We believe that the U.S. economy remained strong as the market appreciated strong balance sheets and solid employment. In response, the U.S. yield curve steepened, with yields at the short end falling the most, as bond prices typically move in the opposite direction of yields. The Fund's benchmark, the Bloomberg 1-5 year U.S. Government Bond Index (the "Index"), had significant and direct exposure to the very short end of the yield curve. The Index outperformed the Fund's strong Government National Mortgage Association ("GNMA") performance.

Top contributors to performance:

* Throughout the year, the Fund added its GNMA single family pools. The Fund maintained its allocation to GNMA structure at 3% allocation. This small allocation to GNMA collateralized mortgage obligations provided a strong total return. 

* The Fund's primary exposure, approximately 80% to older high coupon GNMA, contributed the most to its total return. 

* The Fund's 17.2% allocation to U.S. Treasury bonds contributed almost as much to performance as its GNMA single family pools. 

Top detractors from performance:

* Among its three sector allocations, GNMA collateralized mortgage obligations contributed the least to absolute performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i6c84ade69ef54cf1c335b3b1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Fund for Income Member Class - $10,406** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $9,619** | **Bloomberg 1-5 Year U.S. Government Bond Index - $10,437** |
| **11/20<sup>Footnote Reference\*</sup>** | $10000 | $10000 | $10000 |
| **6/21** | $9942 | $9942 | $9967 |
| **6/22** | $9447 | $8919 | $9481 |
| **6/23** | $9420 | $8835 | $9446 |
| **6/24** | $9848 | $9068 | $9837 |
| **6/25** | $10406 | $9619 | $10437 |

---

---

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

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| | 1 Year | Since Inception |
| Member Class | 5.66% | 0.86% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.83% |
| Bloomberg 1-5 Year U.S. Government Bond Index | 6.11% | 0.92% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $336568 |
| Number of Holdings | 491 |
| Investment Advisory Fees | $1654 |
| Portfolio Turnover | 22% |

---

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

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

# (as of June 30, 2025)
![Group By Asset Type Chart](i85ad765618971526676341f7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Government Agency Mortgages | 70.0% |
| U.S. Treasury Obligations | 26.7% |
| Collateralized Mortgage Obligations | 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. |
| ^ | 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 800-235-8396 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](i1a844658bf676ac20b441018.jpg)

VFFMX — AR (6/25)

#### Victory Investment Grade Convertible Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class A

Ticker: SBFCX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Investment Grade Convertible Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class A | $132 | 1.27% |

---

# What affected the Fund's performance during the last year?
The Fund invests in convertible bonds and convertible preferred stocks that are influenced by both the stock market and bond market. Stock market returns were positive over the last year, and this led to positive convertible returns as well. Furthermore, the fixed coupons and/or preferred dividends of the convertible holdings provided income to the Fund.

As of June 30, 2025, the Fund is overweight compared to its benchmark in the health care, industrials, and information technology sectors. It is underweight compared to its benchmark in the real estate and utilities sectors. Otherwise, it is approximately equal weighted to other sectors. The Fund is broadly diversified across individual issues, economic sectors, credits, and convertible types.

Top contributors to performance:

* Absolute performance of the Fund during the fiscal year ending June 30, 2025, was led by the financial sector, followed by the utilities and real estate sectors. 

* Relative performance was helped by overweight positions in the health care and industrials sectors.

Top detractors from performance:

* Performance in the information technology and materials sectors detracted from returns.

* Relative performance was hurt by underweight positions in the real estate and utilities sectors.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

# The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price ("MOP") figures reflect a maximum sales charge of 2.25% for Class A. The Net Asset Value ("NAV") figures do not reflect sales charges.

# Growth of $10,000 Investment
![Growth of 10K Chart](if655ea398db61c4cc594e737.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Victory Investment Grade Convertible Fund Class A @ NAV - $19,050** | **Victory Investment Grade Convertible Fund Class A @ MOP - $18,615** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $11,904** | **ICE BofAML Investment Grade U.S. Conv 5% Constrained Index - $22,295** | **ICE BofAML Investment Grade U.S. Convertible Index - $22,718** |
| **6/15** | $10000 | $9772 | $10000 | $10000 | $10000 |
| **6/16** | $9925 | $9699 | $10600 | $10183 | $10334 |
| **6/17** | $11257 | $11000 | $10567 | $11871 | $12442 |
| **6/18** | $12480 | $12195 | $10525 | $13182 | $14289 |
| **6/19** | $13433 | $13126 | $11353 | $14697 | $15790 |
| **6/20** | $13925 | $13607 | $12345 | $14972 | $15973 |
| **6/21** | $17504 | $17104 | $12304 | $18320 | $19284 |
| **6/22** | $15943 | $15579 | $11038 | $17740 | $18369 |
| **6/23** | $16502 | $16125 | $10934 | $18402 | $18984 |
| **6/24** | $17740 | $17334 | $11222 | $19938 | $20503 |
| **6/25** | $19050 | $18615 | $11904 | $22295 | $22718 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class A @ NAV | 7.39% | 6.47% | 6.66% |
| Class A @ MOP | 5.00% | 5.98% | 6.41% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 1.76% |
| ICE BofAML Investment Grade U.S. Conv 5% Constrained Index | 11.83% | 8.29% | 8.35% |
| ICE BofAML Investment Grade U.S. Convertible Index | 10.80% | 7.30% | 8.55% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $252577 |
| Number of Holdings | 55 |
| Investment Advisory Fees | $2034 |
| Portfolio Turnover | 24% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](i8e051bd0fa754b0894090604.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 0.6% |
| Information Technology | 3.7% |
| Health Care | 4.0% |
| Industrials | 8.8% |
| Consumer Discretionary | 9.8% |
| Real Estate | 13.3% |
| Utilities | 21.4% |
| Financials | 36.5% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Bank of America Corp., Series L, 7.25% | 5.5% |
| Wells Fargo & Co., Series L, 7.50% | 5.3% |
| Uber Technologies, Inc., 0.88%, 12/1/28 | 5.1% |
| Apollo Global Management, Inc., 6.75%, 7/31/26 | 4.7% |
| Ford Motor Credit Co. LLC, 0.00%, 3/15/26 | 4.0% |
| Barclays Bank PLC, 1.00%, 2/16/29 | 3.9% |
| Ares Management Corp., Series B, 6.75%, 10/1/27 | 3.5% |
| Envista Holdings Corp., 1.75%, 8/15/28 | 3.3% |
| American Water Capital Corp., 3.63%, 6/15/26 | 3.2% |
| Welltower OP LLC, 2.75%, 5/15/28 | 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. |
|  | 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](i1a844658bf676ac20b441018.jpg)

SBFCX — AR (6/25)

#### Victory Investment Grade Convertible Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class I

Ticker: VICIX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Investment Grade Convertible Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class I | $99 | 0.95% |

---

# What affected the Fund's performance during the last year?
The Fund invests in convertible bonds and convertible preferred stocks that are influenced by both the stock market and bond market. Stock market returns were positive over the last year, and this led to positive convertible returns as well. Furthermore, the fixed coupons and/or preferred dividends of the convertible holdings provided income to the Fund.

As of June 30, 2025, the Fund is overweight compared to its benchmark in the health care, industrials, and information technology sectors. It is underweight compared to its benchmark in the real estate and utilities sectors. Otherwise, it is approximately equal weighted to other sectors. The Fund is broadly diversified across individual issues, economic sectors, credits, and convertible types.

Top contributors to performance:

* Absolute performance of the Fund during the fiscal year ending June 30, 2025, was led by the financial sector, followed by the utilities and real estate sectors. 

* Relative performance was helped by overweight positions in the health care and industrials sectors.

Top detractors from performance:

* Performance in the information technology and materials sectors detracted from returns.

* Relative performance was hurt by underweight positions in the real estate and utilities sectors.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

# The graph reflects investment growth of a hypothetical investment of $2,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $2,000,000 Investment
![Growth of 10K Chart](i1ccedf0f32bb909ed565cdf4.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Investment Grade Convertible Fund Class I - $3,959,054** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $2,380,754** | **ICE BofAML Investment Grade U.S. Conv 5% Constrained Index - $4,459,070** | **ICE BofAML Investment Grade U.S. Convertible Index - $4,543,579** |
| **6/15** | $2000000 | $2000000 | $2000000 | $2000000 |
| **6/16** | $1991237 | $2120028 | $2036642 | $2066767 |
| **6/17** | $2269646 | $2113357 | $2374220 | $2488442 |
| **6/18** | $2525374 | $2104962 | $2636305 | $2857706 |
| **6/19** | $2730404 | $2270606 | $2939319 | $3158013 |
| **6/20** | $2844359 | $2469049 | $2994413 | $3194511 |
| **6/21** | $3592005 | $2460821 | $3663981 | $3856830 |
| **6/22** | $3283832 | $2207550 | $3548077 | $3673853 |
| **6/23** | $3405990 | $2186848 | $3680353 | $3796876 |
| **6/24** | $3675758 | $2244384 | $3987526 | $4100540 |
| **6/25** | $3959054 | $2380754 | $4459070 | $4543579 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class I | 7.71% | 6.84% | 7.07% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 1.76% |
| ICE BofAML Investment Grade U.S. Conv 5% Constrained Index | 11.83% | 8.29% | 8.35% |
| ICE BofAML Investment Grade U.S. Convertible Index | 10.80% | 7.30% | 8.55% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $252577 |
| Number of Holdings | 55 |
| Investment Advisory Fees | $2034 |
| Portfolio Turnover | 24% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](ie2257c510ff79a0af8686ba7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 0.6% |
| Information Technology | 3.7% |
| Health Care | 4.0% |
| Industrials | 8.8% |
| Consumer Discretionary | 9.8% |
| Real Estate | 13.3% |
| Utilities | 21.4% |
| Financials | 36.5% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Bank of America Corp., Series L, 7.25% | 5.5% |
| Wells Fargo & Co., Series L, 7.50% | 5.3% |
| Uber Technologies, Inc., 0.88%, 12/1/28 | 5.1% |
| Apollo Global Management, Inc., 6.75%, 7/31/26 | 4.7% |
| Ford Motor Credit Co. LLC, 0.00%, 3/15/26 | 4.0% |
| Barclays Bank PLC, 1.00%, 2/16/29 | 3.9% |
| Ares Management Corp., Series B, 6.75%, 10/1/27 | 3.5% |
| Envista Holdings Corp., 1.75%, 8/15/28 | 3.3% |
| American Water Capital Corp., 3.63%, 6/15/26 | 3.2% |
| Welltower OP LLC, 2.75%, 5/15/28 | 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. |
|  | 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](i1a844658bf676ac20b441018.jpg)

VICIX — AR (6/25)

#### Victory Investment Grade Convertible Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Member Class

Ticker: SBFMX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Investment Grade Convertible Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Member Class | $114 | 1.10% |

---

# What affected the Fund's performance during the last year?
The Fund invests in convertible bonds and convertible preferred stocks that are influenced by both the stock market and bond market. Stock market returns were positive over the last year, and this led to positive convertible returns as well. Furthermore, the fixed coupons and/or preferred dividends of the convertible holdings provided income to the Fund.

As of June 30, 2025, the Fund is overweight compared to its benchmark in the health care, industrials, and information technology sectors. It is underweight compared to its benchmark in the real estate and utilities sectors. Otherwise, it is approximately equal weighted to other sectors. The Fund is broadly diversified across individual issues, economic sectors, credits, and convertible types.

Top contributors to performance:

* Absolute performance of the Fund during the fiscal year ending June 30, 2025, was led by the financial sector, followed by the utilities and real estate sectors. 

* Relative performance was helped by overweight positions in the health care and industrials sectors.

Top detractors from performance:

* Performance in the information technology and materials sectors detracted from returns.

* Relative performance was hurt by underweight positions in the real estate and utilities sectors.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i02c56ddd3dbfe9da693000e9.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Investment Grade Convertible Fund Member Class - $12,991** | **Bloomberg U.S. Aggregate Bond Index (regulatory broad based index) - $9,619** | **ICE BofAML Investment Grade U.S. Conv 5% Constrained Index - $14,086** | **ICE BofAML Investment Grade U.S. Convertible Index - $13,300** |
| **11/20<sup>Footnote Reference\*</sup>** | $10000 | $10000 | $10000 | $10000 |
| **6/21** | $11869 | $9942 | $11574 | $11290 |
| **6/22** | $10829 | $8919 | $11208 | $10754 |
| **6/23** | $11215 | $8835 | $11626 | $11114 |
| **6/24** | $12082 | $9068 | $12596 | $12003 |
| **6/25** | $12991 | $9619 | $14086 | $13300 |

---

---

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

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | |
|:---|:---|:---|
| | 1 Year | Since Inception |
| Member Class | 7.53% | 5.78% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.83% |
| ICE BofAML Investment Grade U.S. Conv 5% Constrained Index | 11.83% | 7.63% |
| ICE BofAML Investment Grade U.S. Convertible Index | 10.80% | 6.31% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $252577 |
| Number of Holdings | 55 |
| Investment Advisory Fees | $2034 |
| Portfolio Turnover | 24% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](i8c5cdf8a3f86d883e8ade8f2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 0.6% |
| Information Technology | 3.7% |
| Health Care | 4.0% |
| Industrials | 8.8% |
| Consumer Discretionary | 9.8% |
| Real Estate | 13.3% |
| Utilities | 21.4% |
| Financials | 36.5% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Bank of America Corp., Series L, 7.25% | 5.5% |
| Wells Fargo & Co., Series L, 7.50% | 5.3% |
| Uber Technologies, Inc., 0.88%, 12/1/28 | 5.1% |
| Apollo Global Management, Inc., 6.75%, 7/31/26 | 4.7% |
| Ford Motor Credit Co. LLC, 0.00%, 3/15/26 | 4.0% |
| Barclays Bank PLC, 1.00%, 2/16/29 | 3.9% |
| Ares Management Corp., Series B, 6.75%, 10/1/27 | 3.5% |
| Envista Holdings Corp., 1.75%, 8/15/28 | 3.3% |
| American Water Capital Corp., 3.63%, 6/15/26 | 3.2% |
| Welltower OP LLC, 2.75%, 5/15/28 | 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. |
|  | 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](i1a844658bf676ac20b441018.jpg)

SBFMX — AR (6/25)

#### Victory Sycamore Established Value Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class A

Ticker: VETAX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Sycamore Established Value Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class A | $91 | 0.89% |

---

# What affected the Fund's performance during the last year?
The Fund underperformed the Russell Midcap<sup><sup>®</sup></sup> Value Index (the "Index") for the trailing 12-month period ended June 30, 2025. The Fund's returns were positive across nine of the 11 major economic sectors, with only four sectors outpacing the Index. Financials was the top-performing sector, posting a return of 28.37%. By contrast, health care was the worst-performing sector, returning -7.17%.

Top contributors to performance:

• Stock selection in the consumer staples and materials sectors contributed positively to relative performance. However, the Fund's overweight allocation to the materials sector almost entirely offset the positive relative performance of stock selection in the sector.

Top detractors from performance:

• For the trailing 12-month period ended June 30, 2025, stock selection and sector allocation both detracted from relative performance, with stock selection having a larger impact on relative underperformance for the period.

• Stock selection in the industrials, information technology, energy, financials, and real estate sectors detracted for the relative performance for the period.

• The Fund did not have exposure to the communication services sector, which we believe detracted from relative performance.

• The Fund's underweight allocation to the financials sector (the top-performing sector) also detracted from the Fund's relative performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i20b8bae10ea90ba6f3e46f06.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Sycamore Established Value Fund Class A @ NAV - $25,860** | **Victory Sycamore Established Value Fund Class A @ MOP - $24,376** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $35,936** | **Russell Midcap<sup>®</sup> Value Index - $22,387** |
| **6/15** | $10000 | $9426 | $10000 | $10000 |
| **6/16** | $10676 | $10063 | $10399 | $10325 |
| **6/17** | $12378 | $11667 | $12260 | $11969 |
| **6/18** | $13761 | $12971 | $14023 | $12878 |
| **6/19** | $14511 | $13678 | $15483 | $13352 |
| **6/20** | $13313 | $12549 | $16645 | $11775 |
| **6/21** | $20703 | $19515 | $23436 | $18023 |
| **6/22** | $19770 | $18636 | $20948 | $16221 |
| **6/23** | $22394 | $21109 | $25053 | $17925 |
| **6/24** | $24793 | $23370 | $31204 | $20072 |
| **6/25** | $25860 | $24376 | $35936 | $22387 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class A @ NAV | 4.31% | 14.20% | 9.97% |
| Class A @ MOP | -1.69% | 12.86% | 9.32% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |
| Russell Midcap<sup>®</sup> Value Index | 11.53% | 13.71% | 8.39% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $17290915 |
| Number of Holdings | 78 |
| Investment Advisory Fees | $82496 |
| Portfolio Turnover | 45% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](i15b99ff9f7d9928efc09a95d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 5.0% |
| Utilities | 5.2% |
| Health Care | 5.9% |
| Real Estate | 7.8% |
| Consumer Discretionary | 7.9% |
| Consumer Staples | 8.1% |
| Information Technology | 10.0% |
| Materials | 13.9% |
| Financials | 14.8% |
| Industrials | 18.3% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| U.S. Foods Holding Corp. | 2.5% |
| Alliant Energy Corp. | 2.4% |
| Quest Diagnostics, Inc. | 2.0% |
| Crown Holdings, Inc. | 2.0% |
| Fidelity National Financial, Inc. | 1.9% |
| Performance Food Group Co. | 1.9% |
| Willis Towers Watson PLC | 1.9% |
| Genpact Ltd. | 1.8% |
| Expedia Group, Inc. | 1.8% |
| American Water Works Co., Inc. | 1.8% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

VETAX — AR (6/25)

#### Victory Sycamore Established Value Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class C

Ticker: VEVCX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Sycamore Established Value Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class C | $173 | 1.70% |

---

# What affected the Fund's performance during the last year?
The Fund underperformed the Russell Midcap<sup><sup>®</sup></sup> Value Index (the "Index") for the trailing 12-month period ended June 30, 2025. The Fund's returns were positive across nine of the 11 major economic sectors, with only four sectors outpacing the Index. Financials was the top-performing sector, posting a return of 28.37%. By contrast, health care was the worst-performing sector, returning -7.17%.

Top contributors to performance:

• Stock selection in the consumer staples and materials sectors contributed positively to relative performance. However, the Fund's overweight allocation to the materials sector almost entirely offset the positive relative performance of stock selection in the sector.

Top detractors from performance:

• For the trailing 12-month period ended June 30, 2025, stock selection and sector allocation both detracted from relative performance, with stock selection having a larger impact on relative underperformance for the period.

• Stock selection in the industrials, information technology, energy, financials, and real estate sectors detracted for the relative performance for the period.

• The Fund did not have exposure to the communication services sector, which we believe detracted from relative performance.

• The Fund's underweight allocation to the financials sector (the top-performing sector) also detracted from the Fund's relative performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i6f01a65495e91c44e4579164.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Sycamore Established Value Fund Class C @ NAV - $25,806** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $37,807** | **Russell Midcap<sup>®</sup> Value Index - $24,814** |
| **2/16<sup>Footnote Reference\*</sup>** | $10000 | $10000 | $10000 |
| **6/16** | $11303 | $10941 | $11444 |
| **6/17** | $13002 | $12898 | $13266 |
| **6/18** | $14341 | $14753 | $14274 |
| **6/19** | $15009 | $16289 | $14799 |
| **6/20** | $13666 | $17512 | $13051 |
| **6/21** | $21088 | $24656 | $19977 |
| **6/22** | $19987 | $22038 | $17980 |
| **6/23** | $22465 | $26357 | $19868 |
| **6/24** | $24741 | $32829 | $22248 |
| **6/25** | $25806 | $37807 | $24814 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Inception date for the Victory Sycamore Established Value Fund, Class C is 3/1/2016. |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | Since Inception |
| Class C @ NAV | 3.40% | 13.31% | 10.69% |
| Class C @ CDSC | 2.46% | 13.31% | 10.69% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 15.31% |
| Russell Midcap<sup>®</sup> Value Index | 11.53% | 13.71% | 10.23% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $17290915 |
| Number of Holdings | 78 |
| Investment Advisory Fees | $82496 |
| Portfolio Turnover | 45% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](i6ef08cf27eb3f864eae15377.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 5.0% |
| Utilities | 5.2% |
| Health Care | 5.9% |
| Real Estate | 7.8% |
| Consumer Discretionary | 7.9% |
| Consumer Staples | 8.1% |
| Information Technology | 10.0% |
| Materials | 13.9% |
| Financials | 14.8% |
| Industrials | 18.3% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| U.S. Foods Holding Corp. | 2.5% |
| Alliant Energy Corp. | 2.4% |
| Quest Diagnostics, Inc. | 2.0% |
| Crown Holdings, Inc. | 2.0% |
| Fidelity National Financial, Inc. | 1.9% |
| Performance Food Group Co. | 1.9% |
| Willis Towers Watson PLC | 1.9% |
| Genpact Ltd. | 1.8% |
| Expedia Group, Inc. | 1.8% |
| American Water Works Co., Inc. | 1.8% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

VEVCX — AR (6/25)

#### Victory Sycamore Established Value Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class I

Ticker: VEVIX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Sycamore Established Value Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class I | $59 | 0.58% |

---

# What affected the Fund's performance during the last year?
The Fund underperformed the Russell Midcap<sup><sup>®</sup></sup> Value Index (the "Index") for the trailing 12-month period ended June 30, 2025. The Fund's returns were positive across nine of the 11 major economic sectors, with only four sectors outpacing the Index. Financials was the top-performing sector, posting a return of 28.37%. By contrast, health care was the worst-performing sector, returning -7.17%.

Top contributors to performance:

• Stock selection in the consumer staples and materials sectors contributed positively to relative performance. However, the Fund's overweight allocation to the materials sector almost entirely offset the positive relative performance of stock selection in the sector.

Top detractors from performance:

• For the trailing 12-month period ended June 30, 2025, stock selection and sector allocation both detracted from relative performance, with stock selection having a larger impact on relative underperformance for the period.

• Stock selection in the industrials, information technology, energy, financials, and real estate sectors detracted for the relative performance for the period.

• The Fund did not have exposure to the communication services sector, which we believe detracted from relative performance.

• The Fund's underweight allocation to the financials sector (the top-performing sector) also detracted from the Fund's relative performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

# The graph reflects investment growth of a hypothetical investment of $2,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $2,000,000 Investment
![Growth of 10K Chart](ia100968afa04715d442a09e1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Sycamore Established Value Fund Class I - $5,334,727** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $7,187,237** | **Russell Midcap<sup>®</sup> Value Index - $4,477,408** |
| **6/15** | $2000000 | $2000000 | $2000000 |
| **6/16** | $2142987 | $2079856 | $2064917 |
| **6/17** | $2490618 | $2452067 | $2393765 |
| **6/18** | $2777083 | $2804528 | $2575578 |
| **6/19** | $2938050 | $3096689 | $2670393 |
| **6/20** | $2703938 | $3329098 | $2354969 |
| **6/21** | $4218241 | $4687176 | $3604610 |
| **6/22** | $4040859 | $4189593 | $3244260 |
| **6/23** | $4592034 | $5010506 | $3584995 |
| **6/24** | $5099867 | $6240890 | $4014387 |
| **6/25** | $5334727 | $7187237 | $4477408 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class I | 4.61% | 14.56% | 10.31% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |
| Russell Midcap<sup>®</sup> Value Index | 11.53% | 13.71% | 8.39% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $17290915 |
| Number of Holdings | 78 |
| Investment Advisory Fees | $82496 |
| Portfolio Turnover | 45% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](ib2d79325026ab7b6844a60f9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 5.0% |
| Utilities | 5.2% |
| Health Care | 5.9% |
| Real Estate | 7.8% |
| Consumer Discretionary | 7.9% |
| Consumer Staples | 8.1% |
| Information Technology | 10.0% |
| Materials | 13.9% |
| Financials | 14.8% |
| Industrials | 18.3% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| U.S. Foods Holding Corp. | 2.5% |
| Alliant Energy Corp. | 2.4% |
| Quest Diagnostics, Inc. | 2.0% |
| Crown Holdings, Inc. | 2.0% |
| Fidelity National Financial, Inc. | 1.9% |
| Performance Food Group Co. | 1.9% |
| Willis Towers Watson PLC | 1.9% |
| Genpact Ltd. | 1.8% |
| Expedia Group, Inc. | 1.8% |
| American Water Works Co., Inc. | 1.8% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

VEVIX — AR (6/25)

#### Victory Sycamore Established Value Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class R

Ticker: GETGX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Sycamore Established Value Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class R | $111 | 1.09% |

---

# What affected the Fund's performance during the last year?
The Fund underperformed the Russell Midcap<sup><sup>®</sup></sup> Value Index (the "Index") for the trailing 12-month period ended June 30, 2025. The Fund's returns were positive across nine of the 11 major economic sectors, with only four sectors outpacing the Index. Financials was the top-performing sector, posting a return of 28.37%. By contrast, health care was the worst-performing sector, returning -7.17%.

Top contributors to performance:

• Stock selection in the consumer staples and materials sectors contributed positively to relative performance. However, the Fund's overweight allocation to the materials sector almost entirely offset the positive relative performance of stock selection in the sector.

Top detractors from performance:

• For the trailing 12-month period ended June 30, 2025, stock selection and sector allocation both detracted from relative performance, with stock selection having a larger impact on relative underperformance for the period.

• Stock selection in the industrials, information technology, energy, financials, and real estate sectors detracted for the relative performance for the period.

• The Fund did not have exposure to the communication services sector, which we believe detracted from relative performance.

• The Fund's underweight allocation to the financials sector (the top-performing sector) also detracted from the Fund's relative performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i3f0bbc4b6c2a71624a82c2cb.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Sycamore Established Value Fund Class R - $25,336** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $35,936** | **Russell Midcap<sup>®</sup> Value Index - $22,387** |
| **6/15** | $10000 | $10000 | $10000 |
| **6/16** | $10656 | $10399 | $10325 |
| **6/17** | $12327 | $12260 | $11969 |
| **6/18** | $13682 | $14023 | $12878 |
| **6/19** | $14397 | $15483 | $13352 |
| **6/20** | $13183 | $16645 | $11775 |
| **6/21** | $20458 | $23436 | $18023 |
| **6/22** | $19495 | $20948 | $16221 |
| **6/23** | $22034 | $25053 | $17925 |
| **6/24** | $24347 | $31204 | $20072 |
| **6/25** | $25336 | $35936 | $22387 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class R | 4.06% | 13.96% | 9.74% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |
| Russell Midcap<sup>®</sup> Value Index | 11.53% | 13.71% | 8.39% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $17290915 |
| Number of Holdings | 78 |
| Investment Advisory Fees | $82496 |
| Portfolio Turnover | 45% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](i3a3b2a7784a3f76f6b9683fe.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 5.0% |
| Utilities | 5.2% |
| Health Care | 5.9% |
| Real Estate | 7.8% |
| Consumer Discretionary | 7.9% |
| Consumer Staples | 8.1% |
| Information Technology | 10.0% |
| Materials | 13.9% |
| Financials | 14.8% |
| Industrials | 18.3% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| U.S. Foods Holding Corp. | 2.5% |
| Alliant Energy Corp. | 2.4% |
| Quest Diagnostics, Inc. | 2.0% |
| Crown Holdings, Inc. | 2.0% |
| Fidelity National Financial, Inc. | 1.9% |
| Performance Food Group Co. | 1.9% |
| Willis Towers Watson PLC | 1.9% |
| Genpact Ltd. | 1.8% |
| Expedia Group, Inc. | 1.8% |
| American Water Works Co., Inc. | 1.8% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

GETGX — AR (6/25)

#### Victory Sycamore Established Value Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class R6

Ticker: VEVRX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Sycamore Established Value Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class R6 | $55 | 0.54% |

---

# What affected the Fund's performance during the last year?
The Fund underperformed the Russell Midcap<sup><sup>®</sup></sup> Value Index (the "Index") for the trailing 12-month period ended June 30, 2025. The Fund's returns were positive across nine of the 11 major economic sectors, with only four sectors outpacing the Index. Financials was the top-performing sector, posting a return of 28.37%. By contrast, health care was the worst-performing sector, returning -7.17%.

Top contributors to performance:

• Stock selection in the consumer staples and materials sectors contributed positively to relative performance. However, the Fund's overweight allocation to the materials sector almost entirely offset the positive relative performance of stock selection in the sector.

Top detractors from performance:

• For the trailing 12-month period ended June 30, 2025, stock selection and sector allocation both detracted from relative performance, with stock selection having a larger impact on relative underperformance for the period.

• Stock selection in the industrials, information technology, energy, financials, and real estate sectors detracted for the relative performance for the period.

• The Fund did not have exposure to the communication services sector, which we believe detracted from relative performance.

• The Fund's underweight allocation to the financials sector (the top-performing sector) also detracted from the Fund's relative performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i58e210656ba8c43ee681e777.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Sycamore Established Value Fund Class R6 - $26,784** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $35,936** | **Russell Midcap<sup>®</sup> Value Index - $22,387** |
| **6/15** | $10000 | $10000 | $10000 |
| **6/16** | $10714 | $10399 | $10325 |
| **6/17** | $12465 | $12260 | $11969 |
| **6/18** | $13911 | $14023 | $12878 |
| **6/19** | $14717 | $15483 | $13352 |
| **6/20** | $13547 | $16645 | $11775 |
| **6/21** | $21144 | $23436 | $18023 |
| **6/22** | $20264 | $20948 | $16221 |
| **6/23** | $23035 | $25053 | $17925 |
| **6/24** | $25597 | $31204 | $20072 |
| **6/25** | $26784 | $35936 | $22387 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class R6 | 4.64% | 14.61% | 10.35% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |
| Russell Midcap<sup>®</sup> Value Index | 11.53% | 13.71% | 8.39% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $17290915 |
| Number of Holdings | 78 |
| Investment Advisory Fees | $82496 |
| Portfolio Turnover | 45% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](i6d6e6b338be2807eeb698ce2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 5.0% |
| Utilities | 5.2% |
| Health Care | 5.9% |
| Real Estate | 7.8% |
| Consumer Discretionary | 7.9% |
| Consumer Staples | 8.1% |
| Information Technology | 10.0% |
| Materials | 13.9% |
| Financials | 14.8% |
| Industrials | 18.3% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| U.S. Foods Holding Corp. | 2.5% |
| Alliant Energy Corp. | 2.4% |
| Quest Diagnostics, Inc. | 2.0% |
| Crown Holdings, Inc. | 2.0% |
| Fidelity National Financial, Inc. | 1.9% |
| Performance Food Group Co. | 1.9% |
| Willis Towers Watson PLC | 1.9% |
| Genpact Ltd. | 1.8% |
| Expedia Group, Inc. | 1.8% |
| American Water Works Co., Inc. | 1.8% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

VEVRX — AR (6/25)

#### Victory Sycamore Established Value Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class Y

Ticker: VEVYX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Sycamore Established Value Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class Y | $67 | 0.66% |

---

# What affected the Fund's performance during the last year?
The Fund underperformed the Russell Midcap<sup><sup>®</sup></sup> Value Index (the "Index") for the trailing 12-month period ended June 30, 2025. The Fund's returns were positive across nine of the 11 major economic sectors, with only four sectors outpacing the Index. Financials was the top-performing sector, posting a return of 28.37%. By contrast, health care was the worst-performing sector, returning -7.17%.

Top contributors to performance:

• Stock selection in the consumer staples and materials sectors contributed positively to relative performance. However, the Fund's overweight allocation to the materials sector almost entirely offset the positive relative performance of stock selection in the sector.

Top detractors from performance:

• For the trailing 12-month period ended June 30, 2025, stock selection and sector allocation both detracted from relative performance, with stock selection having a larger impact on relative underperformance for the period.

• Stock selection in the industrials, information technology, energy, financials, and real estate sectors detracted for the relative performance for the period.

• The Fund did not have exposure to the communication services sector, which we believe detracted from relative performance.

• The Fund's underweight allocation to the financials sector (the top-performing sector) also detracted from the Fund's relative performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $1,000,000 Investment
![Growth of 10K Chart](i88ab4cbfaede14d6d2325ac6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Sycamore Established Value Fund Class Y - $2,654,263** | **S&P 500<sup>®</sup> Index (regulatory broad based index) - $3,593,619** | **Russell Midcap<sup>®</sup> Value Index - $2,238,704** |
| **6/15** | $1000000 | $1000000 | $1000000 |
| **6/16** | $1069656 | $1039928 | $1032458 |
| **6/17** | $1243340 | $1226034 | $1196883 |
| **6/18** | $1386503 | $1402264 | $1287789 |
| **6/19** | $1466550 | $1548344 | $1335196 |
| **6/20** | $1349192 | $1664549 | $1177484 |
| **6/21** | $2104541 | $2343588 | $1802305 |
| **6/22** | $2015229 | $2094797 | $1622130 |
| **6/23** | $2288174 | $2505253 | $1792497 |
| **6/24** | $2539244 | $3120445 | $2007194 |
| **6/25** | $2654263 | $3593619 | $2238704 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class Y | 4.53% | 14.49% | 10.25% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |
| Russell Midcap<sup>®</sup> Value Index | 11.53% | 13.71% | 8.39% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $17290915 |
| Number of Holdings | 78 |
| Investment Advisory Fees | $82496 |
| Portfolio Turnover | 45% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](ie5ea40688c284d94602642b4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 5.0% |
| Utilities | 5.2% |
| Health Care | 5.9% |
| Real Estate | 7.8% |
| Consumer Discretionary | 7.9% |
| Consumer Staples | 8.1% |
| Information Technology | 10.0% |
| Materials | 13.9% |
| Financials | 14.8% |
| Industrials | 18.3% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| U.S. Foods Holding Corp. | 2.5% |
| Alliant Energy Corp. | 2.4% |
| Quest Diagnostics, Inc. | 2.0% |
| Crown Holdings, Inc. | 2.0% |
| Fidelity National Financial, Inc. | 1.9% |
| Performance Food Group Co. | 1.9% |
| Willis Towers Watson PLC | 1.9% |
| Genpact Ltd. | 1.8% |
| Expedia Group, Inc. | 1.8% |
| American Water Works Co., Inc. | 1.8% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

VEVYX — AR (6/25)

#### Victory Sycamore Small Company Opportunity Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class A

Ticker: SSGSX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Sycamore Small Company Opportunity Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class A | $124 | 1.23% |

---

# What affected the Fund's performance during the last year?
The Fund underperformed the Russell 2000<sup><sup>®</sup></sup> Value Index (the "Index") for the trailing 12-month period ended June 30, 2025. The Fund's returns were positive across eight of the 11 major economic sectors, with only seven sectors outpacing the Index. Communication services was the top-performing sector, posting a return of 21.38%. By contrast, energy was the worst-performing sector for the period, returning -24.98%.

Top contributors to performance:

• The Fund's underweight position in the health care sector was a positive contributor to performance relative to the Index; and

• Stock selection in the consumer discretionary, health care and utilities sectors contributed positively to performance.

Top detractors from performance:

• For the trailing 12-month period ended June 30, 2025, stock selection was the primary driver of relative underperformance, while sector allocation partially offset the negative relative performance from stock selection for the period.

• Stock selection in the information technology sector detracted most from the Fund relative performance. However, the Fund's overweight position in the information technology sector partially offset the unfavorable impact of stock selection.

• Stock selection in the materials and energy sectors also detracted from relative performance. However, the Fund's underweight position in the energy sector (the worst-performing sector) partially offset the negative relative performance of stock selection in the sector.

• The Fund's underweight positions in the financials and communication services (the top-performing sector) sectors detracted from relative performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](id511f393291fdd60799bbd10.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Victory Sycamore Small Company Opportunity Fund Class A @ NAV - $21,624** | **Victory Sycamore Small Company Opportunity Fund Class A @ MOP - $20,379** | **Russell 3000<sup>®</sup> Index (regulatory broad based index) - $33,822** | **Russell 2000<sup>®</sup> Value Index - $19,158** |
| **6/15** | $10000 | $9424 | $10000 | $10000 |
| **6/16** | $10185 | $9599 | $10214 | $9742 |
| **6/17** | $12670 | $11940 | $12104 | $12163 |
| **6/18** | $14472 | $13639 | $13893 | $13757 |
| **6/19** | $14904 | $14046 | $15141 | $12899 |
| **6/20** | $12927 | $12183 | $16130 | $10645 |
| **6/21** | $19968 | $18819 | $23253 | $18445 |
| **6/22** | $18150 | $17106 | $20029 | $15442 |
| **6/23** | $20343 | $19172 | $23825 | $16370 |
| **6/24** | $21343 | $20114 | $29335 | $18153 |
| **6/25** | $21624 | $20379 | $33822 | $19158 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class A @ NAV | 1.32% | 10.84% | 8.02% |
| Class A @ MOP | -4.50% | 9.53% | 7.38% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| Russell 2000<sup>®</sup> Value Index | 5.54% | 12.47% | 6.72% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $5605590 |
| Number of Holdings | 113 |
| Investment Advisory Fees | $48162 |
| Portfolio Turnover | 50% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](ie1c71f83ddaca404ac8337bd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 2.6% |
| Health Care | 4.0% |
| Consumer Staples | 4.7% |
| Energy | 4.7% |
| Real Estate | 5.2% |
| Materials | 7.6% |
| Information Technology | 8.9% |
| Consumer Discretionary | 9.2% |
| Industrials | 21.6% |
| Financials<sup>Footnote Reference\*\*</sup> | 28.5% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Renasant Corp. | 1.6% |
| Old National Bancorp | 1.6% |
| United Bankshares, Inc. | 1.6% |
| National Bank Holdings Corp., Class A | 1.4% |
| Stock Yards Bancorp, Inc. | 1.4% |
| Commercial Metals Co. | 1.3% |
| The Hanover Insurance Group, Inc. | 1.3% |
| UMB Financial Corp. | 1.3% |
| SouthState Corp. | 1.3% |
| Tower Semiconductor Ltd. | 1.3% |

---

---

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

---

# 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](i1a844658bf676ac20b441018.jpg)

SSGSX — AR (6/25)

#### Victory Sycamore Small Company Opportunity Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class I

Ticker: VSOIX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Sycamore Small Company Opportunity Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class I | $91 | 0.90% |

---

# What affected the Fund's performance during the last year?
The Fund underperformed the Russell 2000<sup><sup>®</sup></sup> Value Index (the "Index") for the trailing 12-month period ended June 30, 2025. The Fund's returns were positive across eight of the 11 major economic sectors, with only seven sectors outpacing the Index. Communication services was the top-performing sector, posting a return of 21.38%. By contrast, energy was the worst-performing sector for the period, returning -24.98%.

Top contributors to performance:

• The Fund's underweight position in the health care sector was a positive contributor to performance relative to the Index; and

• Stock selection in the consumer discretionary, health care and utilities sectors contributed positively to performance.

Top detractors from performance:

• For the trailing 12-month period ended June 30, 2025, stock selection was the primary driver of relative underperformance, while sector allocation partially offset the negative relative performance from stock selection for the period.

• Stock selection in the information technology sector detracted most from the Fund relative performance. However, the Fund's overweight position in the information technology sector partially offset the unfavorable impact of stock selection.

• Stock selection in the materials and energy sectors also detracted from relative performance. However, the Fund's underweight position in the energy sector (the worst-performing sector) partially offset the negative relative performance of stock selection in the sector.

• The Fund's underweight positions in the financials and communication services (the top-performing sector) sectors detracted from relative performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

# The graph reflects investment growth of a hypothetical investment of $2,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.

# Growth of $2,000,000 Investment
![Growth of 10K Chart](ia06b50152fd3809657d076ad.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Sycamore Small Company Opportunity Fund Class I - $4,472,639** | **Russell 3000<sup>®</sup> Index (regulatory broad based index) - $6,764,414** | **Russell 2000<sup>®</sup> Value Index - $3,831,600** |
| **6/15** | $2000000 | $2000000 | $2000000 |
| **6/16** | $2043133 | $2042767 | $1948364 |
| **6/17** | $2549633 | $2420872 | $2432668 |
| **6/18** | $2921619 | $2778631 | $2751328 |
| **6/19** | $3019218 | $3028221 | $2579771 |
| **6/20** | $2627735 | $3225951 | $2128905 |
| **6/21** | $4072584 | $4650674 | $3688958 |
| **6/22** | $3715051 | $4005829 | $3088379 |
| **6/23** | $4179340 | $4765080 | $3273914 |
| **6/24** | $4400400 | $5867009 | $3630631 |
| **6/25** | $4472639 | $6764414 | $3831600 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class I | 1.64% | 11.22% | 8.38% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| Russell 2000<sup>®</sup> Value Index | 5.54% | 12.47% | 6.72% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $5605590 |
| Number of Holdings | 113 |
| Investment Advisory Fees | $48162 |
| Portfolio Turnover | 50% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](i0d4e4e5d1de09d0b3d523ea5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 2.6% |
| Health Care | 4.0% |
| Consumer Staples | 4.7% |
| Energy | 4.7% |
| Real Estate | 5.2% |
| Materials | 7.6% |
| Information Technology | 8.9% |
| Consumer Discretionary | 9.2% |
| Industrials | 21.6% |
| Financials<sup>Footnote Reference\*\*</sup> | 28.5% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Renasant Corp. | 1.6% |
| Old National Bancorp | 1.6% |
| United Bankshares, Inc. | 1.6% |
| National Bank Holdings Corp., Class A | 1.4% |
| Stock Yards Bancorp, Inc. | 1.4% |
| Commercial Metals Co. | 1.3% |
| The Hanover Insurance Group, Inc. | 1.3% |
| UMB Financial Corp. | 1.3% |
| SouthState Corp. | 1.3% |
| Tower Semiconductor Ltd. | 1.3% |

---

---

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

---

# 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](i1a844658bf676ac20b441018.jpg)

VSOIX — AR (6/25)

#### Victory Sycamore Small Company Opportunity Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class R

Ticker: GOGFX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Sycamore Small Company Opportunity Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class R | $145 | 1.44% |

---

# What affected the Fund's performance during the last year?
The Fund underperformed the Russell 2000<sup><sup>®</sup></sup> Value Index (the "Index") for the trailing 12-month period ended June 30, 2025. The Fund's returns were positive across eight of the 11 major economic sectors, with only seven sectors outpacing the Index. Communication services was the top-performing sector, posting a return of 21.38%. By contrast, energy was the worst-performing sector for the period, returning -24.98%.

Top contributors to performance:

• The Fund's underweight position in the health care sector was a positive contributor to performance relative to the Index; and

• Stock selection in the consumer discretionary, health care and utilities sectors contributed positively to performance.

Top detractors from performance:

• For the trailing 12-month period ended June 30, 2025, stock selection was the primary driver of relative underperformance, while sector allocation partially offset the negative relative performance from stock selection for the period.

• Stock selection in the information technology sector detracted most from the Fund relative performance. However, the Fund's overweight position in the information technology sector partially offset the unfavorable impact of stock selection.

• Stock selection in the materials and energy sectors also detracted from relative performance. However, the Fund's underweight position in the energy sector (the worst-performing sector) partially offset the negative relative performance of stock selection in the sector.

• The Fund's underweight positions in the financials and communication services (the top-performing sector) sectors detracted from relative performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i3acb6c540f1abbe890e2dea4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Sycamore Small Company Opportunity Fund Class R - $21,198** | **Russell 3000<sup>®</sup> Index (regulatory broad based index) - $33,822** | **Russell 2000<sup>®</sup> Value Index - $19,158** |
| **6/15** | $10000 | $10000 | $10000 |
| **6/16** | $10165 | $10214 | $9742 |
| **6/17** | $12618 | $12104 | $12163 |
| **6/18** | $14378 | $13893 | $13757 |
| **6/19** | $14774 | $15141 | $12899 |
| **6/20** | $12793 | $16130 | $10645 |
| **6/21** | $19728 | $23253 | $18445 |
| **6/22** | $17903 | $20029 | $15442 |
| **6/23** | $20031 | $23825 | $16370 |
| **6/24** | $20974 | $29335 | $18153 |
| **6/25** | $21198 | $33822 | $19158 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class R | 1.06% | 10.63% | 7.80% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| Russell 2000<sup>®</sup> Value Index | 5.54% | 12.47% | 6.72% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $5605590 |
| Number of Holdings | 113 |
| Investment Advisory Fees | $48162 |
| Portfolio Turnover | 50% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](i60b5918ab3689f9b36d25c96.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 2.6% |
| Health Care | 4.0% |
| Consumer Staples | 4.7% |
| Energy | 4.7% |
| Real Estate | 5.2% |
| Materials | 7.6% |
| Information Technology | 8.9% |
| Consumer Discretionary | 9.2% |
| Industrials | 21.6% |
| Financials<sup>Footnote Reference\*\*</sup> | 28.5% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Renasant Corp. | 1.6% |
| Old National Bancorp | 1.6% |
| United Bankshares, Inc. | 1.6% |
| National Bank Holdings Corp., Class A | 1.4% |
| Stock Yards Bancorp, Inc. | 1.4% |
| Commercial Metals Co. | 1.3% |
| The Hanover Insurance Group, Inc. | 1.3% |
| UMB Financial Corp. | 1.3% |
| SouthState Corp. | 1.3% |
| Tower Semiconductor Ltd. | 1.3% |

---

---

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

---

# 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](i1a844658bf676ac20b441018.jpg)

GOGFX — AR (6/25)

#### Victory Sycamore Small Company Opportunity Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class R6

Ticker: VSORX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Sycamore Small Company Opportunity Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class R6 | $86 | 0.85% |

---

# What affected the Fund's performance during the last year?
The Fund underperformed the Russell 2000<sup><sup>®</sup></sup> Value Index (the "Index") for the trailing 12-month period ended June 30, 2025. The Fund's returns were positive across eight of the 11 major economic sectors, with only seven sectors outpacing the Index. Communication services was the top-performing sector, posting a return of 21.38%. By contrast, energy was the worst-performing sector for the period, returning -24.98%.

Top contributors to performance:

• The Fund's underweight position in the health care sector was a positive contributor to performance relative to the Index; and

• Stock selection in the consumer discretionary, health care and utilities sectors contributed positively to performance.

Top detractors from performance:

• For the trailing 12-month period ended June 30, 2025, stock selection was the primary driver of relative underperformance, while sector allocation partially offset the negative relative performance from stock selection for the period.

• Stock selection in the information technology sector detracted most from the Fund relative performance. However, the Fund's overweight position in the information technology sector partially offset the unfavorable impact of stock selection.

• Stock selection in the materials and energy sectors also detracted from relative performance. However, the Fund's underweight position in the energy sector (the worst-performing sector) partially offset the negative relative performance of stock selection in the sector.

• The Fund's underweight positions in the financials and communication services (the top-performing sector) sectors detracted from relative performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $10,000 Investment
![Growth of 10K Chart](i7ab681718dd06bf75c4709be.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Sycamore Small Company Opportunity Fund Class R6 - $23,366** | **Russell 3000<sup>®</sup> Index (regulatory broad based index) - $34,768** | **Russell 2000<sup>®</sup> Value Index - $21,294** |
| **12/15<sup>Footnote Reference\*</sup>** | $10000 | $10000 | $10000 |
| **6/16** | $10641 | $10499 | $10828 |
| **6/17** | $13278 | $12443 | $13519 |
| **6/18** | $15219 | $14282 | $15290 |
| **6/19** | $15731 | $15564 | $14337 |
| **6/20** | $13700 | $16581 | $11831 |
| **6/21** | $21242 | $23903 | $20501 |
| **6/22** | $19387 | $20589 | $17163 |
| **6/23** | $21814 | $24491 | $18194 |
| **6/24** | $22979 | $30155 | $20177 |
| **6/25** | $23366 | $34768 | $21294 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Inception date for the Victory Sycamore Small Company Opportunity Fund, Class R6 is 12/14/2015. |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | Since Inception |
| Class R6 | 1.69% | 11.27% | 9.30% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 13.95% |
| Russell 2000<sup>®</sup> Value Index | 5.54% | 12.47% | 8.24% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $5605590 |
| Number of Holdings | 113 |
| Investment Advisory Fees | $48162 |
| Portfolio Turnover | 50% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](i53213e1fd9f1ee3860826000.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 2.6% |
| Health Care | 4.0% |
| Consumer Staples | 4.7% |
| Energy | 4.7% |
| Real Estate | 5.2% |
| Materials | 7.6% |
| Information Technology | 8.9% |
| Consumer Discretionary | 9.2% |
| Industrials | 21.6% |
| Financials<sup>Footnote Reference\*\*</sup> | 28.5% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Renasant Corp. | 1.6% |
| Old National Bancorp | 1.6% |
| United Bankshares, Inc. | 1.6% |
| National Bank Holdings Corp., Class A | 1.4% |
| Stock Yards Bancorp, Inc. | 1.4% |
| Commercial Metals Co. | 1.3% |
| The Hanover Insurance Group, Inc. | 1.3% |
| UMB Financial Corp. | 1.3% |
| SouthState Corp. | 1.3% |
| Tower Semiconductor Ltd. | 1.3% |

---

---

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

---

# 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](i1a844658bf676ac20b441018.jpg)

VSORX — AR (6/25)

#### Victory Sycamore Small Company Opportunity Fund
![Image](i1ac7f4a4e6a601b9d1918f3d.jpg)

Class Y

Ticker: VSOYX

Annual Shareholder Report — June 30, 2025

The annual shareholder report contains important information about Victory Sycamore Small Company Opportunity Fund (the "Fund") for the period of July 1, 2024 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 year?
(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** |
| Class Y | $96 | 0.95% |

---

# What affected the Fund's performance during the last year?
The Fund underperformed the Russell 2000<sup><sup>®</sup></sup> Value Index (the "Index") for the trailing 12-month period ended June 30, 2025. The Fund's returns were positive across eight of the 11 major economic sectors, with only seven sectors outpacing the Index. Communication services was the top-performing sector, posting a return of 21.38%. By contrast, energy was the worst-performing sector for the period, returning -24.98%.

Top contributors to performance:

• The Fund's underweight position in the health care sector was a positive contributor to performance relative to the Index; and

• Stock selection in the consumer discretionary, health care and utilities sectors contributed positively to performance.

Top detractors from performance:

• For the trailing 12-month period ended June 30, 2025, stock selection was the primary driver of relative underperformance, while sector allocation partially offset the negative relative performance from stock selection for the period.

• Stock selection in the information technology sector detracted most from the Fund relative performance. However, the Fund's overweight position in the information technology sector partially offset the unfavorable impact of stock selection.

• Stock selection in the materials and energy sectors also detracted from relative performance. However, the Fund's underweight position in the energy sector (the worst-performing sector) partially offset the negative relative performance of stock selection in the sector.

• The Fund's underweight positions in the financials and communication services (the top-performing sector) sectors detracted from relative performance.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i1a844658bf676ac20b441018.jpg)

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

# Growth of $1,000,000 Investment
![Growth of 10K Chart](i581dc99cb6a3e2114fabd304.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Victory Sycamore Small Company Opportunity Fund Class Y - $2,207,719** | **Russell 3000<sup>®</sup> Index (regulatory broad based index) - $3,382,207** | **Russell 2000<sup>®</sup> Value Index - $1,915,800** |
| **6/15** | $1000000 | $1000000 | $1000000 |
| **6/16** | $1019867 | $1021383 | $974182 |
| **6/17** | $1269604 | $1210436 | $1216334 |
| **6/18** | $1451641 | $1389315 | $1375664 |
| **6/19** | $1497960 | $1514111 | $1289885 |
| **6/20** | $1302014 | $1612975 | $1064452 |
| **6/21** | $2015150 | $2325337 | $1844479 |
| **6/22** | $1837650 | $2002914 | $1544189 |
| **6/23** | $2065589 | $2382540 | $1636957 |
| **6/24** | $2173373 | $2933505 | $1815316 |
| **6/25** | $2207719 | $3382207 | $1915800 |

---

# AVERAGE ANNUAL TOTAL RETURNS

# (as of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Year | 10 Year |
| Class Y | 1.58% | 11.14% | 8.24% |
| Russell 3000<sup>®</sup> Index | 15.30% | 15.96% | 12.96% |
| Russell 2000<sup>®</sup> Value Index | 5.54% | 12.47% | 6.72% |

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Net Assets | $5605590 |
| Number of Holdings | 113 |
| Investment Advisory Fees | $48162 |
| Portfolio Turnover | 50% |

---

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

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

# (as of June 30, 2025)
![Group By Sector Chart](i197063389671c31da602ae5b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 2.6% |
| Health Care | 4.0% |
| Consumer Staples | 4.7% |
| Energy | 4.7% |
| Real Estate | 5.2% |
| Materials | 7.6% |
| Information Technology | 8.9% |
| Consumer Discretionary | 9.2% |
| Industrials | 21.6% |
| Financials<sup>Footnote Reference\*\*</sup> | 28.5% |

---

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

# (as of June 30, 2025)

---

| | |
|:---|:---|
| Renasant Corp. | 1.6% |
| Old National Bancorp | 1.6% |
| United Bankshares, Inc. | 1.6% |
| National Bank Holdings Corp., Class A | 1.4% |
| Stock Yards Bancorp, Inc. | 1.4% |
| Commercial Metals Co. | 1.3% |
| The Hanover Insurance Group, Inc. | 1.3% |
| UMB Financial Corp. | 1.3% |
| SouthState Corp. | 1.3% |
| Tower Semiconductor Ltd. | 1.3% |

---

---

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

---

# 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](i1a844658bf676ac20b441018.jpg)

VSOYX — AR (6/25)

(b) Not applicable.

**Item 2. Code of Ethics.**

As of the end of the period covered by this report, the Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party (the "Code of Ethics"). During the period covered by this report, there were no amendments, nor did the Registrant grant any waivers, including any implicit waivers, from any provision of the Code of Ethics. The Code of Ethics is attached hereto as Exhibit 19(a)(1) of this Form.

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

The Registrant's Board of Trustees has determined that the Registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR) serving on its audit committee. David L. Meyer and E. Lee Beard are "audit committee financial expert" and are "independent" (as each term is defined in Item 3 of Form N-CSR).

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

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

(a)&nbsp;&nbsp;&nbsp;&nbsp; Audit Fees. Fees for audit services provided to the Registrant were $207,750 and $226,900 for the fiscal years ended June 30, 2025 and 2024, respectively.

(b) Audit-Related Fees. The aggregate fees billed in each of the last two fiscal years for audit-related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph of this item were $0 and $0 for the fiscal years ended June 30, 2025 and 2024, respectively. The fees, paid by the Registrant, were payment for the principal accountant performing work relating to assurance and related services.

(c)&nbsp;&nbsp;&nbsp;&nbsp; Tax Fees. Fees for tax services, which consisted of income and excise tax compliance services, were $70,250 and $67,350 for the fiscal years ended June 30, 2025 and 2024, respectively.

(d) All Other Fees. Fees for other services totaled $0 and $0 for the fiscal years ended June 30, 2025 and 2024, respectively.

(e) (1) The Registrant's Audit Committee has adopted Pre-Approval Policies and Procedures. The Audit Committee must pre-approve all audit services and non-audit services that the principal accountant provides to the Registrant. The Audit Committee must also pre-approve any engagement of the principal accountant to provide non-audit services to the Registrant's investment adviser, or any affiliate of the adviser that provides ongoing services to the Registrant, if such non-audit services directly impact the Registrant's operations and financial reporting.

(2) No services described in items (b) were pre-approved by the Audit Committee pursuant to Rule 2 01(c)(7)(i)(c) of Regulation S-X.

(f) All of the work in connection with the audit of the Registrant during the years ended June 30, 2025 and 2024 was performed by full-time employees of the Registrant's principal accountant.

(g) The aggregate fees billed by the principal accountant for non-audit services to the Registrant, the Registrant's investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant were $70,250 and $67,350 for the years ended June 30, 2025 and 2024, respectively.

(h) The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant's investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal auditor's independence.

(i) Not applicable.

(j) Not applicable.

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

Not applicable.

**Item 6. Investments.**

(a) Not applicable.

(b) Not applicable.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

June

30,

2025

Annual:

Full

Financials

Victory

Integrity

Discovery

Fund

Victory

Integrity

Mid-Cap

Value

Fund

Victory

Integrity

Small-Cap

Value

Fund

Victory

Integrity

Small/Mid-Cap

Value

Fund

Victory

Munder

Multi-Cap

Fund

Victory

S&P

500

Index

Fund

Victory

Munder

Mid-Cap

Core

Growth

Fund

Victory

Trivalent

International

Fund

—

Core

Equity

Victory

Trivalent

International

Small-Cap

Fund

Victory

Core

Bond

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

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fund

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get

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The

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Detailed

performance

records

Daily

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The

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Investment

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*TABLE* 

*OF* 

*CONTENTS*

*Victory* 

*Portfolios*

#### Schedules

#### of

#### Portfolio

#### Investments

#### (Form

#### N-CSR

#### Item

#### 6)
Victory

Integrity

Discovery

Fund

#### 3
Victory

Integrity

Mid-Cap

Value

Fund

#### 6
Victory

Integrity

Small-Cap

Value

Fund

#### 9
Victory

Integrity

Small/Mid-Cap

Value

Fund

#### 12
Victory

Munder

Multi-Cap

Fund

#### 15
Victory

S&P

500

Index

Fund

#### 17
Victory

Munder

Mid-Cap

Core

Growth

Fund

#### 26
Victory

Trivalent

International

Fund

—

Core

Equity

#### 29
Victory

Trivalent

International

Small-Cap

Fund

#### 38
Victory

Core

Bond

Fund

#### 46

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)
Statements

of

Assets

and

Liabilities

#### 54
Statements

of

Operations

#### 58
Statements

of

Changes

in

Net

Assets

#### 62
Financial

Highlights

#### 75

#### Notes

#### to

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)

#### 116

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm

#### (Form

#### N-CSR

#### Item

#### 7)

#### 131

#### Supplemental

#### Information
(Unaudited)

Additional

Federal

Income

Tax

Information

#### 132

*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* 

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*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* 

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*distribution* 

*unless* 

*and* 

*until* 

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*change* 

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*a* 

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*election,* 

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*prior* 

*withholding* 

*election,* 

*call* 

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*form* 

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*(OMB* 

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*withholding* 

*certificate* 

*for* 

*pension* 

*or* 

*annuity* 

*payments)* 

*will* 

*be* 

*electronically* 

*sent.*

*If* 

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*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* 

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*Fund,* 

*including* 

*fees,* 

*expenses,* 

*and* 

*risks,* 

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*our* 

*prospectus* 

*online* 

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*call* 

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*(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

#### Integrity

#### Discovery

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(99.0%)

Banks

(24.2%):

Bridgewater

Bancshares,

Inc.

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

34,400

$

547

Business

First

Bancshares,

Inc.

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

24,650

608

Central

Pacific

Financial

Corp.

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

11,050

Civista

Bancshares,

Inc.

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

19,800

Community

West

Bancshares

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

29,200

570

ConnectOne

Bancorp,

Inc.

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

28,286

655

Dime

Community

Bancshares,

Inc.

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

23,046

621

Financial

Institutions,

Inc.

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

20,375

523

First

Internet

Bancorp

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

17,250

First

Mid

Bancshares,

Inc.

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

18,200

682

German

American

Bancorp,

Inc.

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

13,800

531

HarborOne

Bancorp,

Inc.

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

33,550

Heritage

Commerce

Corp.

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

64,765

643

Horizon

Bancorp,

Inc.

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

40,900

629

Independent

Bank

Corp.

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

15,750

510

Mercantile

Bank

Corp.

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

9,806

Orange

County

Bancorp,

Inc.

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

13,500

Origin

Bancorp,

Inc.

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

18,200

651

Peapack-Gladstone

Financial

Corp.

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

20,500

579

Peoples

Bancorp,

Inc.

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

22,125

676

Primis

Financial

Corp.

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

47,870

519

QCR

Holdings,

Inc.

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

9,450

642

SmartFinancial,

Inc.

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

16,625

562

Southern

Missouri

Bancorp,

Inc.

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

11,200

614

Univest

Financial

Corp.

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

11,200

Washington

Trust

Bancorp,

Inc.

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

19,100

540

14,067

Capital

Markets

(1.1%):

Diamond

Hill

Investment

Group,

Inc.

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

4,185

608

Communication

Services

(3.4%):

Clear

Channel

Outdoor

Holdings,

Inc.

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

337,000

IMAX

Corp.

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

18,800

526

PubMatic,

Inc.

,

Class

A

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

31,200

The

Marcus

Corp.

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

37,850

638

1,946

Consumer

Discretionary

(12.4%):

BJ's

Restaurants,

Inc.

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

11,400

508

European

Wax

Center,

Inc.

,

Class

A

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

54,000

First

Watch

Restaurant

Group,

Inc.

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

21,800

G-III

Apparel

Group

Ltd.

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

12,705

Golden

Entertainment,

Inc.

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

16,575

Latham

Group,

Inc.

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

52,519

Lindblad

Expeditions

Holdings,

Inc.

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

46,800

546

MarineMax,

Inc.

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

16,200

MasterCraft

Boat

Holdings,

Inc.

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

20,995

Motorcar

Parts

of

America,

Inc.

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

51,400

576

National

Vision

Holdings,

Inc.

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

22,250

512

Portillo's,

Inc.

,

Class

A

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

35,300

Potbelly

Corp.

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

38,650

Sally

Beauty

Holdings,

Inc.

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

40,077

Savers

Value

Village,

Inc.

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

40,150

Universal

Electronics,

Inc.

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

29,500

Wolverine

World

Wide,

Inc.

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

23,500

Zumiez,

Inc.

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

18,600

7,234

Consumer

Finance

(0.8%):

EZCORP,

Inc.

,

Class

A

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

31,810

Victory

Portfolios

#### Victory

#### Integrity

#### Discovery

#### Fund

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Consumer

Staples

(0.7%):

The

Honest

Co.,

Inc.

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

81,400

$

Energy

(5.0%):

Ardmore

Shipping

Corp.

(b) ...............................................

54,000

518

Berry

Corp.

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

117,743

Granite

Ridge

Resources,

Inc.

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

77,000

Infinity

Natural

Resources,

Inc.

,

Class

A

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

21,350

ProPetro

Holding

Corp.

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

55,506

Riley

Exploration

Permian,

Inc.

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

20,950

550

Vital

Energy,

Inc.

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

18,161

2,899

Financial

Services

(1.1%):

I3

Verticals,

Inc.

,

Class

A

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

23,665

650

Health

Care

(5.0%):

Artivion,

Inc.

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

21,980

684

Brookdale

Senior

Living,

Inc.

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

75,445

525

Collegium

Pharmaceutical,

Inc.

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

14,450

HealthStream,

Inc.

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

18,932

524

MiMedx

Group,

Inc.

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

61,700

Orthofix

Medical,

Inc.

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

34,473

2,921

Industrials

(18.5%):

BlueLinx

Holdings,

Inc.

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

7,500

558

Covenant

Logistics

Group,

Inc.

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

16,855

CRA

International,

Inc.

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

1,850

Douglas

Dynamics,

Inc.

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

16,693

Ducommun,

Inc.

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

8,400

694

DXP

Enterprises,

Inc.

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

5,450

Enviri

Corp.

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

73,200

635

Great

Lakes

Dredge

&

Dock

Corp.

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

54,150

660

IBEX

Holdings

Ltd.

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

19,725

574

Insteel

Industries,

Inc.

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

15,500

577

Interface,

Inc.

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

34,000

712

Kelly

Services,

Inc.

,

Class

A

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

22,675

Liquidity

Services,

Inc.

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

15,800

Matrix

Service

Co.

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

37,000

500

Pangaea

Logistics

Solutions

Ltd.

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

85,500

Park

Aerospace

Corp.

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

28,728

Park-Ohio

Holdings

Corp.

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

16,700

Quanex

Building

Products

Corp.

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

29,550

558

Thermon

Group

Holdings,

Inc.

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

21,640

608

Titan

Machinery,

Inc.

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

28,700

569

Willdan

Group,

Inc.

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

9,475

592

10,722

Information

Technology

(12.6%):

ADTRAN

Holdings,

Inc.

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

54,264

Bel

Fuse,

Inc.

,

Class

B

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

6,400

625

Benchmark

Electronics,

Inc.

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

8,200

Cohu,

Inc.

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

16,600

Digi

International,

Inc.

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

20,550

716

Ichor

Holdings

Ltd.

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

23,500

Kimball

Electronics,

Inc.

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

30,700

590

MaxLinear,

Inc.

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

22,100

nLight,

Inc.

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

38,500

758

OneSpan,

Inc.

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

28,420

PDF

Solutions,

Inc.

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

15,500

Ribbon

Communications,

Inc.

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

171,900

689

SkyWater

Technology,

Inc.

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

37,900

Veeco

Instruments,

Inc.

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

15,100

Victory

Portfolios

#### Victory

#### Integrity

#### Discovery

#### Fund

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Vishay

Precision

Group,

Inc.

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

18,925

$

532

7,297

Insurance

(2.2%):

American

Integrity

Insurance

Group,

Inc.

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

32,650

601

HCI

Group,

Inc.

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

1,560

Heritage

Insurance

Holdings,

Inc.

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

17,600

1,277

Materials

(5.3%):

AdvanSix,

Inc.

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

24,150

573

Clearwater

Paper

Corp.

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

21,912

597

Koppers

Holdings,

Inc.

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

19,000

611

Metallus,

Inc.

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

37,900

584

Ramaco

Resources,

Inc.

,

Class

A

(b) ..........................................

32,900

SunCoke

Energy,

Inc.

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

34,300

3,092

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(1.5%):

Ares

Commercial

Real

Estate

Corp.

(b) ........................................

74,500

Dynex

Capital,

Inc.

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

42,750

523

878

Real

Estate

(4.5%):

City

Office

REIT,

Inc.

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

98,700

527

Global

Medical

REIT,

Inc.

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

75,000

520

NETSTREIT

Corp.

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

29,900

506

NexPoint

Residential

Trust,

Inc.

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

12,500

Plymouth

Industrial

REIT,

Inc.

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

40,775

655

2,625

Utilities

(0.7%):

Unitil

Corp.

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

8,250

Total

Common

Stocks

(Cost

$49,975)

a

a

a

57,502

Collateral

for

Securities

Loaned

(2.8%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.23

%

(c) ........

410,606

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.27

%

(c) ............

410,606

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.29

%

(c) ...............

410,606

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.24

%

(c) .

410,606

Total

Collateral

for

Securities

Loaned

(Cost

$1,642)

a

a

a

1,642

Total

Investments

(Cost

$51,617)

—

101.8%

59,144

Liabilities

in

excess

of

other

assets

— (1.8)%

(1,022)

NET

ASSETS

-

100.00%

$

58,122

^

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. REIT

—

Real

Estate

Investment

Trust

Schedule

of

Portfolio

Investments

June

30,

2025

Victory

Portfolios

#### Victory

#### Integrity

#### Mid-Cap

#### Value

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(98.4%)

Communication

Services

(1.9%):

Liberty

Media

Corp.-Liberty

Formula

One

,

Series

C

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

25,462

$

2,661

Lionsgate

Studios

Corp.

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

182,807

1,062

Nexstar

Media

Group,

Inc.

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

11,834

2,047

5,770

Consumer

Discretionary

(8.3%):

Bath

&

Body

Works,

Inc.

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

88,527

2,652

Brunswick

Corp.

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

35,275

1,948

Caesars

Entertainment,

Inc.

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

72,946

2,071

Marriott

Vacations

Worldwide

Corp.

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

28,000

2,025

Mohawk

Industries,

Inc.

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

20,250

2,123

Norwegian

Cruise

Line

Holdings

Ltd.

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

123,363

2,502

Ross

Stores,

Inc.

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

16,473

2,102

The

Goodyear

Tire

&

Rubber

Co.

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

211,625

2,194

TopBuild

Corp.

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

9,442

3,057

Visteon

Corp.

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

24,768

2,311

Yum!

Brands,

Inc.

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

21,000

3,112

26,097

Consumer

Staples

(6.6%):

BJ's

Wholesale

Club

Holdings,

Inc.

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

27,400

2,955

Casey's

General

Stores,

Inc.

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

5,981

3,052

Dollar

Tree,

Inc.

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

29,850

2,956

Kenvue,

Inc.

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

150,641

3,153

Performance

Food

Group

Co.

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

37,984

3,322

Pilgrim's

Pride

Corp.

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

66,691

3,000

Post

Holdings,

Inc.

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

21,703

2,366

20,804

Energy

(6.7%):

Antero

Resources

Corp.

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

71,760

2,890

Baker

Hughes

Co.

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

75,751

2,904

Devon

Energy

Corp.

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

91,167

2,900

Diamondback

Energy,

Inc.

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

21,243

2,919

Expand

Energy

Corp.

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

22,386

2,618

Kinder

Morgan,

Inc.

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

123,843

3,641

Valero

Energy

Corp.

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

22,817

3,067

20,939

Financials

(15.1%):

Annaly

Capital

Management,

Inc.

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

122,028

2,297

Arch

Capital

Group

Ltd.

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

28,796

2,622

Axis

Capital

Holdings

Ltd.

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

28,620

2,971

Brighthouse

Financial,

Inc.

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

30,957

1,664

Fifth

Third

Bancorp

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

88,296

3,632

First

American

Financial

Corp.

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

51,244

3,146

First

Horizon

Corp.

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

141,450

2,999

Flagstar

Financial,

Inc.

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

248,000

2,629

Huntington

Bancshares,

Inc.

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

253,000

4,240

Lincoln

National

Corp.

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

74,600

2,581

M&T

Bank

Corp.

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

21,971

4,262

Nasdaq,

Inc.

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

41,050

3,671

Raymond

James

Financial,

Inc.

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

27,730

4,253

State

Street

Corp.

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

35,350

3,759

The

Hartford

Insurance

Group,

Inc.

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

22,000

2,791

47,517

Health

Care

(8.2%):

Agilent

Technologies,

Inc.

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

22,600

2,667

Encompass

Health

Corp.

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

22,965

2,816

GE

HealthCare

Technologies,

Inc.

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

36,200

2,682

Globus

Medical,

Inc.

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

35,197

2,077

Jazz

Pharmaceuticals

PLC

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

23,500

2,494

Labcorp

Holdings,

Inc.

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

11,600

3,045

Victory

Portfolios

#### Victory

#### Integrity

#### Mid-Cap

#### Value

#### Fund

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Perrigo

Co.

PLC

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

85,089

$

2,274

STERIS

PLC

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

15,441

3,709

Tenet

Healthcare

Corp.

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

9,944

1,750

United

Therapeutics

Corp.

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

7,800

2,241

25,755

Industrials

(18.3%):

AMETEK,

Inc.

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

16,499

2,986

Builders

FirstSource,

Inc.

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

20,255

2,364

CACI

International,

Inc.

,

Class

A

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

5,607

2,673

Delta

Air

Lines,

Inc.

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

51,603

2,538

Dover

Corp.

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

14,000

2,565

EMCOR

Group,

Inc.

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

5,485

2,934

ITT,

Inc.

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

15,013

2,354

Jacobs

Solutions,

Inc.

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

21,640

2,845

Knight-Swift

Transportation

Holdings,

Inc.

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

58,400

2,583

L3Harris

Technologies,

Inc.

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

12,502

3,136

Oshkosh

Corp.

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

28,653

3,253

Owens

Corning

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

17,565

2,416

Pentair

PLC

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

23,451

2,407

Regal

Rexnord

Corp.

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

17,825

2,584

Sensata

Technologies

Holding

PLC

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

100,800

3,035

Textron,

Inc.

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

37,000

2,971

The

Brink's

Co.

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

31,258

2,791

The

Timken

Co.

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

30,744

2,230

United

Rentals,

Inc.

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

3,049

2,297

WESCO

International,

Inc.

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

16,502

3,056

Westinghouse

Air

Brake

Technologies

Corp.

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

16,674

3,491

57,509

Information

Technology

(10.2%):

Amdocs

Ltd.

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

36,000

3,285

CDW

Corp.

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

14,280

2,550

Corning,

Inc.

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

60,776

3,196

Flex

Ltd.

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

60,000

2,995

Jabil,

Inc.

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

12,637

2,756

Keysight

Technologies,

Inc.

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

20,340

3,333

MKS,

Inc.

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

32,456

3,225

ON

Semiconductor

Corp.

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

54,881

2,876

Qorvo,

Inc.

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

35,883

3,047

TD

SYNNEX

Corp.

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

19,146

2,598

Zebra

Technologies

Corp.

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

7,340

2,264

32,125

Materials

(6.7%):

Corteva,

Inc.

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

45,264

3,373

Crown

Holdings,

Inc.

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

27,995

2,883

International

Paper

Co.

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

62,455

2,925

Martin

Marietta

Materials,

Inc.

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

5,590

3,069

Nucor

Corp.

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

27,945

3,620

Reliance,

Inc.

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

7,155

2,246

The

Mosaic

Co.

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

81,376

2,968

21,084

Real

Estate

(9.2%):

Camden

Property

Trust

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

26,870

3,028

Essex

Property

Trust,

Inc.

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

9,420

2,670

Federal

Realty

Investment

Trust

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

31,000

2,945

Host

Hotels

&

Resorts,

Inc.

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

115,694

1,777

Kilroy

Realty

Corp.

(b) ...................................................

83,400

2,861

Realty

Income

Corp.

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

84,728

4,881

VICI

Properties,

Inc.

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

122,600

3,997

Weyerhaeuser

Co.

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

112,200

2,882

WP

Carey,

Inc.

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

60,686

3,786

28,827

Victory

Portfolios

#### Victory

#### Integrity

#### Mid-Cap

#### Value

#### Fund

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Utilities

(7.2%):

CenterPoint

Energy,

Inc.

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

97,400

$

3,579

Evergy,

Inc.

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

47,181

3,252

FirstEnergy

Corp.

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

79,365

3,195

National

Fuel

Gas

Co.

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

27,054

2,292

Pinnacle

West

Capital

Corp.

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

32,850

2,939

UGI

Corp.

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

91,490

3,332

Xcel

Energy,

Inc.

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

59,844

4,075

22,664

Total

Common

Stocks

(Cost

$268,314)

a

a

a

309,091

Collateral

for

Securities

Loaned

(0.1%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.23

%

(c) ........

49,500

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.27

%

(c) ............

49,500

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.29

%

(c) ...............

49,500

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.24

%

(c) .

49,500

Total

Collateral

for

Securities

Loaned

(Cost

$198)

a

a

a

Total

Investments

(Cost

$268,512)

—

98.5%

309,289

Other

assets

in

excess

of

liabilities

— 1.5%

4,690

NET

ASSETS

-

100.00%

$

313,979

^

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. PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

June

30,

2025

Victory

Portfolios

#### Victory

#### Integrity

#### Small-Cap

#### Value

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(97.7%)

Banks

(19.9%):

Ameris

Bancorp

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

202,500

$

13,102

Bank

of

Hawaii

Corp.

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

184,150

12,436

Banner

Corp.

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

174,000

11,162

BOK

Financial

Corp.

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

77,300

7,547

CVB

Financial

Corp.

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

541,600

10,718

First

Bancorp

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

217,500

9,590

First

Interstate

BancSystem,

Inc.

,

Class

A

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

367,900

10,603

First

Merchants

Corp.

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

295,900

11,333

Flagstar

Financial,

Inc.

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

1,144,200

12,129

Glacier

Bancorp,

Inc.

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

313,000

13,484

Hancock

Whitney

Corp.

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

224,900

12,909

Independent

Bank

Corp.

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

160,800

10,112

NBT

Bancorp,

Inc.

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

248,000

10,304

Northwest

Bancshares,

Inc.

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

877,000

11,208

Prosperity

Bancshares,

Inc.

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

125,800

8,836

SouthState

Corp.

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

132,600

12,203

Valley

National

Bancorp

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

1,409,000

12,582

Veritex

Holdings,

Inc.

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

413,000

10,779

201,037

Capital

Markets

(1.7%):

Artisan

Partners

Asset

Management,

Inc.

,

Class

A

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

201,200

8,919

Virtus

Investment

Partners,

Inc.

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

43,000

7,800

16,719

Communication

Services

(1.2%):

Lionsgate

Studios

Corp.

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

750,000

4,357

Nexstar

Media

Group,

Inc.

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

43,727

7,563

11,920

Consumer

Discretionary

(10.8%):

Advance

Auto

Parts,

Inc.

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

131,600

6,118

Brunswick

Corp.

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

105,100

5,806

G-III

Apparel

Group

Ltd.

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

250,700

5,616

Marriott

Vacations

Worldwide

Corp.

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

124,306

8,988

Newell

Brands,

Inc.

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

1,135,278

6,130

Penn

Entertainment,

Inc.

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

309,200

5,525

Sally

Beauty

Holdings,

Inc.

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

861,500

7,977

Signet

Jewelers

Ltd.

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

73,900

5,879

Steven

Madden

Ltd.

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

265,000

6,355

Taylor

Morrison

Home

Corp.

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

202,000

12,407

The

Buckle,

Inc.

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

147,300

6,680

The

Goodyear

Tire

&

Rubber

Co.

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

950,686

9,859

Tri

Pointe

Homes,

Inc.

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

191,200

6,109

Victoria's

Secret

&

Co.

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

380,900

7,054

Visteon

Corp.

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

89,000

8,304

108,807

Consumer

Finance

(0.8%):

Bread

Financial

Holdings,

Inc.

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

138,000

7,883

Consumer

Staples

(2.1%):

Edgewell

Personal

Care

Co.

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

204,762

4,794

The

Andersons,

Inc.

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

148,000

5,439

The

Chefs'

Warehouse,

Inc.

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

179,898

11,479

21,712

Energy

(6.3%):

Atlas

Energy

Solutions,

Inc.

(b) .............................................

434,566

5,810

California

Resources

Corp.

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

204,100

9,321

Core

Natural

Resources,

Inc.

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

107,100

7,469

Gulfport

Energy

Corp.

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

40,500

8,147

Murphy

Oil

Corp.

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

364,300

8,197

Patterson-UTI

Energy,

Inc.

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

862,700

5,116

Victory

Portfolios

#### Victory

#### Integrity

#### Small-Cap

#### Value

#### Fund

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Scorpio

Tankers,

Inc.

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

186,100

$

7,282

Talos

Energy,

Inc.

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

656,000

5,563

Uranium

Energy

Corp.

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

1,061,700

7,220

64,125

Financial

Services

(1.3%):

Essent

Group

Ltd.

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

216,300

13,136

Health

Care

(6.1%):

Brookdale

Senior

Living,

Inc.

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

788,600

5,489

Collegium

Pharmaceutical,

Inc.

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

158,000

4,672

Envista

Holdings

Corp.

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

385,845

7,539

ICU

Medical,

Inc.

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

53,200

7,030

LivaNova

PLC

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

189,000

8,509

Perrigo

Co.

PLC

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

209,937

5,609

Prestige

Consumer

Healthcare,

Inc.

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

108,600

8,672

Supernus

Pharmaceuticals,

Inc.

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

234,000

7,376

Surgery

Partners,

Inc.

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

320,299

7,120

62,016

Industrials

(14.4%):

ArcBest

Corp.

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

83,300

6,415

BlueLinx

Holdings,

Inc.

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

71,773

5,338

Fluor

Corp.

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

118,600

6,081

Hub

Group,

Inc.

,

Class

A

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

209,600

7,007

Korn

Ferry

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

139,500

10,230

Resideo

Technologies,

Inc.

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

225,800

4,981

Ryder

System,

Inc.

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

58,300

9,270

Science

Applications

International

Corp.

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

68,800

7,748

Sensata

Technologies

Holding

PLC

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

268,000

8,069

SkyWest,

Inc.

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

100,900

10,390

Steelcase,

Inc.

,

Class

A

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

579,330

6,042

Terex

Corp.

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

198,500

9,268

The

Brink's

Co.

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

114,592

10,232

The

Greenbrier

Cos.,

Inc.

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

155,500

7,161

The

Manitowoc

Co.,

Inc.

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

247,000

2,969

The

Timken

Co.

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

87,200

6,326

Titan

International,

Inc.

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

588,979

6,049

UFP

Industries,

Inc.

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

90,300

8,972

V2X,

Inc.

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

129,500

6,287

Valmont

Industries,

Inc.

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

20,100

6,564

145,399

Information

Technology

(7.7%):

Belden,

Inc.

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

75,900

8,789

Extreme

Networks,

Inc.

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

503,500

9,038

Knowles

Corp.

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

463,000

8,158

Kulicke

&

Soffa

Industries,

Inc.

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

169,500

5,865

MaxLinear,

Inc.

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

397,000

5,641

Plexus

Corp.

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

56,200

7,605

Sanmina

Corp.

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

81,640

7,987

Synaptics,

Inc.

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

154,032

9,984

TTM

Technologies,

Inc.

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

232,900

9,507

Veeco

Instruments,

Inc.

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

256,980

5,222

77,796

Insurance

(3.3%):

Brighthouse

Financial,

Inc.

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

175,000

9,410

CNO

Financial

Group,

Inc.

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

240,438

9,276

Kemper

Corp.

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

99,381

6,414

Stewart

Information

Services

Corp.

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

133,500

8,691

33,791

Materials

(4.1%):

Avient

Corp.

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

193,600

6,255

Commercial

Metals

Co.

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

190,000

9,293

Victory

Portfolios

#### Victory

#### Integrity

#### Small-Cap

#### Value

#### Fund

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Ingevity

Corp.

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

166,525

$

7,176

Minerals

Technologies,

Inc.

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

109,397

6,024

Ryerson

Holding

Corp.

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

243,600

5,254

Sealed

Air

Corp.

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

248,300

7,705

41,707

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(2.2%):

AGNC

Investment

Corp.

(b) ...............................................

807,000

7,417

Dynex

Capital,

Inc.

(b) ...................................................

600,000

7,332

Ladder

Capital

Corp.

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

729,700

7,844

22,593

Real

Estate

(11.4%):

Broadstone

Net

Lease,

Inc.

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

632,000

10,144

CareTrust

REIT,

Inc.

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

322,122

9,857

Curbline

Properties

Corp.

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

428,500

9,783

Cushman

&

Wakefield

PLC

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

928,000

10,273

DiamondRock

Hospitality

Co.

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

834,000

6,388

Douglas

Emmett,

Inc.

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

644,000

9,686

Easterly

Government

Properties,

Inc.

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

288,000

6,394

Essential

Properties

Realty

Trust,

Inc.

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

302,500

9,653

LXP

Industrial

Trust

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

1,061,000

8,764

Sabra

Health

Care

REIT,

Inc.

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

460,300

8,488

Sila

Realty

Trust,

Inc.

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

283,500

6,710

STAG

Industrial,

Inc.

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

190,000

6,893

Summit

Hotel

Properties,

Inc.

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

984,000

5,008

Veris

Residential,

Inc.

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

496,000

7,385

115,426

Utilities

(4.4%):

National

Fuel

Gas

Co.

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

75,200

6,370

Northwestern

Energy

Group,

Inc.

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

180,400

9,254

ONE

Gas,

Inc.

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

131,700

9,464

Portland

General

Electric

Co.

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

220,000

8,939

Spire,

Inc.

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

136,300

9,949

43,976

Total

Common

Stocks

(Cost

$954,849)

a

a

a

988,043

Exchange-Traded

Funds

(1.1%)

iShares

Russell

2000

Value

ETF

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

69,000

10,885

Total

Exchange-Traded

Funds

(Cost

$11,598)

a

a

a

10,885

Collateral

for

Securities

Loaned

(1.2%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.23

%

(c) ........

3,047,863

3,047

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.27

%

(c) ............

3,047,863

3,048

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.29

%

(c) ...............

3,047,863

3,048

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.24

%

(c) .

3,047,863

3,048

Total

Collateral

for

Securities

Loaned

(Cost

$12,191)

a

a

a

12,191

Total

Investments

(Cost

$978,638)

—

100.0%

1,011,119

Liabilities

in

excess

of

other

assets

— (0.0)%(d)

(243) NET

ASSETS

-

100.00%

$

1,010,876

^

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. (d) Amount

represents

less

than

0.05%

of

net

assets.

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Schedule

of

Portfolio

Investments

June

30,

2025

Victory

Portfolios

#### Victory

#### Integrity

#### Small/Mid-Cap

#### Value

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(98.6%)

Communication

Services

(2.2%):

Liberty

Media

Corp.-Liberty

Formula

One

,

Series

C

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

28,389

$

2,967

Lionsgate

Studios

Corp.

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

222,814

1,294

Nexstar

Media

Group,

Inc.

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

14,956

2,587

6,848

Consumer

Discretionary

(11.2%):

ADT,

Inc.

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

354,750

3,005

Bath

&

Body

Works,

Inc.

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

94,354

2,827

Brunswick

Corp.

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

34,057

1,881

Caesars

Entertainment,

Inc.

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

84,416

2,397

Marriott

Vacations

Worldwide

Corp.

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

38,202

2,762

Mohawk

Industries,

Inc.

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

22,892

2,400

Newell

Brands,

Inc.

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

367,749

1,986

Norwegian

Cruise

Line

Holdings

Ltd.

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

129,136

2,619

Sally

Beauty

Holdings,

Inc.

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

286,277

2,651

Steven

Madden

Ltd.

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

82,100

1,969

The

Goodyear

Tire

&

Rubber

Co.

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

280,865

2,912

TopBuild

Corp.

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

10,137

3,282

Victoria's

Secret

&

Co.

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

111,447

2,064

Visteon

Corp.

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

25,181

2,349

35,104

Consumer

Staples

(4.9%):

BJ's

Wholesale

Club

Holdings,

Inc.

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

27,720

2,989

Casey's

General

Stores,

Inc.

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

6,761

3,450

Dollar

Tree,

Inc.

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

30,400

3,011

Performance

Food

Group

Co.

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

40,600

3,551

Post

Holdings,

Inc.

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

21,636

2,359

15,360

Energy

(4.6%):

Antero

Resources

Corp.

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

74,550

3,003

Cactus,

Inc.

,

Class

A

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

35,680

1,560

Core

Natural

Resources,

Inc.

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

24,893

1,736

Murphy

Oil

Corp.

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

98,080

2,207

Permian

Resources

Corp.

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

154,943

2,110

Scorpio

Tankers,

Inc.

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

58,144

2,275

Uranium

Energy

Corp.

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

236,700

1,610

14,501

Financials

(19.8%):

AGNC

Investment

Corp.

(b) ...............................................

332,239

3,053

American

Financial

Group,

Inc.

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

17,642

2,227

Annaly

Capital

Management,

Inc.

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

170,668

3,212

Artisan

Partners

Asset

Management,

Inc.

,

Class

A

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

63,275

2,805

Assurant,

Inc.

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

12,459

2,461

Bread

Financial

Holdings,

Inc.

(b) ...........................................

44,000

2,513

Brighthouse

Financial,

Inc.

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

52,347

2,815

Essent

Group

Ltd.

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

50,200

3,049

First

American

Financial

Corp.

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

47,740

2,931

First

Horizon

Corp.

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

165,000

3,498

First

Interstate

BancSystem,

Inc.

,

Class

A

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

95,000

2,738

Flagstar

Financial,

Inc.

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

307,000

3,254

Glacier

Bancorp,

Inc.

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

72,500

3,123

Independent

Bank

Corp.

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

42,368

2,664

Lincoln

National

Corp.

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

68,674

2,376

Prosperity

Bancshares,

Inc.

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

47,328

3,324

SouthState

Corp.

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

34,813

3,204

Unum

Group

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

42,100

3,400

Valley

National

Bancorp

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

349,644

3,122

Veritex

Holdings,

Inc.

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

108,200

2,824

Western

Alliance

Bancorp

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

40,600

3,166

61,759

Victory

Portfolios

#### Victory

#### Integrity

#### Small/Mid-Cap

#### Value

#### Fund

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Health

Care

(7.1%):

Encompass

Health

Corp.

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

22,715

$

2,785

Envista

Holdings

Corp.

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

115,617

2,259

Globus

Medical,

Inc.

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

36,412

2,149

Jazz

Pharmaceuticals

PLC

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

23,471

2,491

LivaNova

PLC

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

55,055

2,479

Perrigo

Co.

PLC

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

81,600

2,180

Prestige

Consumer

Healthcare,

Inc.

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

31,497

2,515

Tenet

Healthcare

Corp.

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

15,521

2,732

United

Therapeutics

Corp.

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

9,088

2,611

22,201

Industrials

(19.7%):

Builders

FirstSource,

Inc.

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

22,132

2,583

C.H.

Robinson

Worldwide,

Inc.

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

28,935

2,776

CACI

International,

Inc.

,

Class

A

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

5,585

2,662

EMCOR

Group,

Inc.

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

4,656

2,491

ITT,

Inc.

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

20,540

3,221

Jacobs

Solutions,

Inc.

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

18,664

2,453

Kirby

Corp.

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

25,627

2,906

Knight-Swift

Transportation

Holdings,

Inc.

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

52,150

2,307

Korn

Ferry

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

40,285

2,954

Oshkosh

Corp.

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

28,967

3,289

Owens

Corning

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

22,375

3,077

Pentair

PLC

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

34,868

3,580

Ryder

System,

Inc.

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

16,080

2,557

Sensata

Technologies

Holding

PLC

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

108,000

3,252

SkyWest,

Inc.

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

28,449

2,929

Terex

Corp.

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

59,701

2,787

Textron,

Inc.

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

50,300

4,039

The

Brink's

Co.

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

34,078

3,043

The

Timken

Co.

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

34,868

2,530

Valmont

Industries,

Inc.

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

8,816

2,879

WESCO

International,

Inc.

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

17,324

3,208

61,523

Information

Technology

(8.5%):

Amdocs

Ltd.

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

42,595

3,886

Belden,

Inc.

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

23,059

2,670

Flex

Ltd.

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

73,833

3,686

Jabil,

Inc.

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

15,914

3,471

MKS,

Inc.

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

32,500

3,229

Qorvo,

Inc.

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

41,060

3,487

Synaptics,

Inc.

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

44,492

2,884

TD

SYNNEX

Corp.

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

22,903

3,108

26,421

Materials

(7.0%):

Avient

Corp.

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

54,183

1,751

Axalta

Coating

Systems

Ltd.

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

85,769

2,546

Commercial

Metals

Co.

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

61,429

3,005

Crown

Holdings,

Inc.

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

32,664

3,364

Ingevity

Corp.

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

52,390

2,257

Reliance,

Inc.

..........................................................

8,445

2,651

Sealed

Air

Corp.

.......................................................

89,887

2,789

The

Mosaic

Co.

........................................................

94,467

3,446

21,809

Real

Estate

(9.9%):

Camden

Property

Trust

...................................................

35,544

4,006

Cushman

&

Wakefield

PLC

(a) .............................................

287,000

3,177

Federal

Realty

Investment

Trust

............................................

37,485

3,561

First

Industrial

Realty

Trust,

Inc.

............................................

75,508

3,634

Gaming

and

Leisure

Properties,

Inc.

.........................................

87,990

4,107

Highwoods

Properties,

Inc.

................................................

98,500

3,062

Victory

Portfolios

#### Victory

#### Integrity

#### Small/Mid-Cap

#### Value

#### Fund

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Host

Hotels

&

Resorts,

Inc.

................................................

142,243

$

2,185

Kilroy

Realty

Corp.

(b) ...................................................

90,934

3,120

WP

Carey,

Inc.

.........................................................

64,000

3,992

30,844

Utilities

(3.7%):

Evergy,

Inc.

...........................................................

41,400

2,854

National

Fuel

Gas

Co.

...................................................

31,522

2,670

Pinnacle

West

Capital

Corp.

...............................................

28,900

2,586

UGI

Corp.

............................................................

98,470

3,586

11,696

Total

Common

Stocks

(Cost

$279,979)

a

a

a

308,066

Collateral

for

Securities

Loaned

(1.2%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.23

%

(c) ........

932,735

932

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.27

%

(c) ............

932,735

933

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.29

%

(c) ...............

932,735

933

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.24

%

(c) .

932,735

933

Total

Collateral

for

Securities

Loaned

(Cost

$3,731)

a

a

a

3,731

Total

Investments

(Cost

$283,710)

—

99.8%

311,797

Other

assets

in

excess

of

liabilities

— 0.2%

560

NET

ASSETS

-

100.00%

$

312,357

^

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. PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

June

30,

2025

Victory

Portfolios

#### Victory

#### Munder

#### Multi-Cap

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(98.4%)

Communication

Services

(11.0%):

Alphabet,

Inc.

,

Class

A

...................................................

108,160

$

19,061

Charter

Communications,

Inc.

,

Class

A

(a) .....................................

11,700

4,783

Meta

Platforms,

Inc.

,

Class

A

..............................................

22,500

16,607

Netflix,

Inc.

(a) .........................................................

2,900

3,884

Tencent

Music

Entertainment

Group

,

ADR

.....................................

156,200

3,044

The

Walt

Disney

Co.

....................................................

57,400

7,118

54,497

Consumer

Discretionary

(12.3%):

Amazon.com,

Inc.

(a) ....................................................

82,100

18,012

eBay,

Inc.

............................................................

90,500

6,739

Expedia

Group,

Inc.

.....................................................

26,500

4,470

JD.com,

Inc.

,

ADR

......................................................

96,200

3,140

Norwegian

Cruise

Line

Holdings

Ltd.

(a) ......................................

147,200

2,985

Ralph

Lauren

Corp.

.....................................................

18,400

5,047

Royal

Caribbean

Cruises

Ltd.

..............................................

26,000

8,142

Tesla,

Inc.

(a) ..........................................................

13,000

4,130

Texas

Roadhouse,

Inc.

...................................................

23,800

4,460

Urban

Outfitters,

Inc.

(a) ..................................................

51,800

3,757

60,882

Consumer

Staples

(2.8%):

Casey's

General

Stores,

Inc.

...............................................

9,900

5,051

Ingredion,

Inc.

.........................................................

45,500

6,171

Performance

Food

Group

Co.

(a) ............................................

33,700

2,948

14,170

Electronic

Equipment,

Instruments

&

Components

(4.6%):

Amphenol

Corp.

,

Class

A

.................................................

73,000

7,209

Fabrinet

(a) ............................................................

23,300

6,866

Jabil,

Inc.

............................................................

41,100

8,964

23,039

Energy

(2.6%):

Archrock,

Inc.

.........................................................

104,600

2,597

Baker

Hughes

Co.

......................................................

76,800

2,944

Diamondback

Energy,

Inc.

................................................

18,200

2,501

EOG

Resources,

Inc.

....................................................

21,400

2,560

ONEOK,

Inc.

..........................................................

27,400

2,237

12,839

Financials

(14.2%):

Affiliated

Managers

Group,

Inc.

............................................

24,300

4,782

Ameriprise

Financial,

Inc.

.................................................

8,600

4,590

BGC

Group,

Inc.

,

Class

A

.................................................

649,500

6,644

Corebridge

Financial,

Inc.

.................................................

157,100

5,577

FirstCash

Holdings,

Inc.

..................................................

22,100

2,987

Interactive

Brokers

Group,

Inc.

.............................................

155,200

8,600

JPMorgan

Chase

&

Co.

..................................................

29,700

8,610

Raymond

James

Financial,

Inc.

.............................................

30,900

4,739

The

Bancorp,

Inc.

(a) .....................................................

38,800

2,210

The

Goldman

Sachs

Group,

Inc.

............................................

4,700

3,326

Visa,

Inc.

,

Class

A

......................................................

31,700

11,255

W.R.

Berkley

Corp.

.....................................................

95,000

6,980

70,300

Health

Care

(12.9%):

AstraZeneca

PLC

,

ADR

..................................................

67,000

4,682

Cencora,

Inc.

..........................................................

21,800

6,537

Eli

Lilly

&

Co.

.........................................................

12,500

9,744

Halozyme

Therapeutics,

Inc.

(a) .............................................

100,900

5,249

HCA

Healthcare,

Inc.

....................................................

16,700

6,398

McKesson

Corp.

.......................................................

9,300

6,815

Novartis

AG

,

ADR

......................................................

42,500

5,143

Victory

Portfolios

#### Victory

#### Munder

#### Multi-Cap

#### Fund

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) ResMed,

Inc.

..........................................................

11,800

$

3,044

The

Ensign

Group,

Inc.

...................................................

32,200

4,967

Universal

Health

Services,

Inc.

,

Class

B

.......................................

33,400

6,051

Vertex

Pharmaceuticals,

Inc.

(a) .............................................

12,000

5,342

63,972

Industrials

(8.0%):

Comfort

Systems

USA,

Inc.

...............................................

10,000

5,362

EMCOR

Group,

Inc.

....................................................

10,100

5,403

ExlService

Holdings,

Inc.

(a) ...............................................

61,000

2,671

Federal

Signal

Corp.

.....................................................

66,600

7,088

Kirby

Corp.

(a) .........................................................

50,200

5,693

Quanta

Services,

Inc.

....................................................

18,200

6,881

Trane

Technologies

PLC

..................................................

15,300

6,692

39,790

Materials

(2.3%):

Avery

Dennison

Corp.

...................................................

15,000

2,632

Linde

PLC

............................................................

8,500

3,988

Royal

Gold,

Inc.

........................................................

26,100

4,642

11,262

Real

Estate

(1.4%):

CBRE

Group,

Inc.

,

Class

A

(a) ..............................................

20,000

2,802

Simon

Property

Group,

Inc.

...............................................

13,400

2,154

VICI

Properties,

Inc.

....................................................

66,800

2,178

7,134

Semiconductors

&

Semiconductor

Equipment

(11.2%):

Broadcom,

Inc.

........................................................

56,900

15,684

KLA

Corp.

...........................................................

8,500

7,614

NVIDIA

Corp.

.........................................................

172,500

27,253

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

,

ADR

.............................

23,400

5,300

55,851

Software

(10.0%):

Adobe,

Inc.

(a) .........................................................

5,600

2,166

Autodesk,

Inc.

(a) .......................................................

16,200

5,015

Corpay,

Inc.

(a) .........................................................

10,900

3,617

Gen

Digital,

Inc.

.......................................................

99,700

2,931

Microsoft

Corp.

........................................................

66,060

32,859

Oracle

Corp.

..........................................................

14,100

3,083

49,671

Technology

Hardware,

Storage

&

Peripherals

(5.1%):

Apple,

Inc.

...........................................................

124,180

25,478

Total

Common

Stocks

(Cost

$319,408)

a

a

a

488,885

Exchange-Traded

Funds

(1.2%)

iShares

Russell

3000

ETF

.................................................

16,900

5,932

Total

Exchange-Traded

Funds

(Cost

$5,283)

a

a

a

5,932

Total

Investments

(Cost

$324,691)

—

99.6%

494,817

Other

assets

in

excess

of

liabilities

— 0.4%

1,909

NET

ASSETS

-

100.00%

$

496,726

At

June

30,

2025,

the

Fund's

investments

in

foreign

securities

were

7.0%

of

net

assets.

(a) Non-income

producing

security.

ADR

—

American

Depositary

Receipt

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

June

30,

2025

Victory

Portfolios

#### Victory

#### S&P

#### 500

#### Index

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(99.5%)

Communication

Services

(9.8%):

Alphabet,

Inc.,

Class

A

...................................................

29,357

$

5,174

Alphabet,

Inc.,

Class

C

...................................................

23,681

4,201

AT&T,

Inc.

...........................................................

36,296

1,050

Charter

Communications,

Inc.,

Class

A(a)

.....................................

Comcast

Corp.,

Class

A

..................................................

18,786

670

Electronic

Arts,

Inc.

.....................................................

1,151

Fox

Corp.,

Class

A

......................................................

1,079

Fox

Corp.,

Class

B

......................................................

665

Live

Nation

Entertainment,

Inc.(a)

...........................................

795

Match

Group,

Inc.

......................................................

1,236

Meta

Platforms,

Inc.,

Class

A

..............................................

10,951

8,083

Netflix,

Inc.(a)

.........................................................

2,146

2,874

News

Corp.,

Class

A

.....................................................

1,902

News

Corp.,

Class

B

....................................................

562

Omnicom

Group,

Inc.

....................................................

984

Paramount

Global,

Class

B

................................................

3,035

Ralliant

Corp.(a)

.......................................................

571

Take-Two

Interactive

Software,

Inc.(a)

........................................

854

The

Interpublic

Group

of

Cos.,

Inc.

..........................................

1,865

The

Walt

Disney

Co.

....................................................

9,068

1,125

TKO

Group

Holdings,

Inc.

................................................

T-Mobile

US,

Inc.

......................................................

2,405

573

Verizon

Communications,

Inc.

..............................................

21,266

920

Warner

Bros

Discovery,

Inc.(a)

.............................................

11,356

25,961

Communications

Equipment

(0.9%):

Arista

Networks,

Inc.(a)

..................................................

5,194

531

Cisco

Systems,

Inc.

.....................................................

20,067

1,392

F5,

Inc.(a)

............................................................

Juniper

Networks,

Inc.

...................................................

1,670

Motorola

Solutions,

Inc.

..................................................

841

2,429

Consumer

Discretionary

(10.3%):

Airbnb,

Inc.,

Class

A(a)

..................................................

2,177

Amazon.com,

Inc.(a)

....................................................

47,661

10,456

Aptiv

PLC(a)

..........................................................

1,098

AutoZone,

Inc.(a)

.......................................................

Best

Buy

Co.,

Inc.

......................................................

971

Booking

Holdings,

Inc.

...................................................

949

Caesars

Entertainment,

Inc.(a)

..............................................

1,049

CarMax,

Inc.(a)

........................................................

768

Carnival

Corp.(a)

.......................................................

5,296

Chipotle

Mexican

Grill,

Inc.(a)

.............................................

6,796

D.R.

Horton,

Inc.

.......................................................

1,394

Darden

Restaurants,

Inc.

..................................................

590

Deckers

Outdoor

Corp.(a)

.................................................

765

Domino's

Pizza,

Inc.

.....................................................

DoorDash,

Inc.,

Class

A(a)

................................................

1,729

eBay,

Inc.

............................................................

2,325

Expedia

Group,

Inc.

.....................................................

613

Ford

Motor

Co.

........................................................

19,701

Garmin

Ltd.

...........................................................

776

General

Motors

Co.

.....................................................

4,849

Genuine

Parts

Co.

......................................................

700

Hasbro,

Inc.

...........................................................

664

Hilton

Worldwide

Holdings,

Inc.

............................................

1,199

Las

Vegas

Sands

Corp.

...................................................

1,710

Lennar

Corp.,

Class

A

....................................................

1,171

LKQ

Corp.

...........................................................

1,302

Lowe's

Cos.,

Inc.

.......................................................

2,823

626

Victory

Portfolios

#### Victory

#### S&P

#### 500

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Lululemon

Athletica,

Inc.(a)

...............................................

557

$

Marriott

International,

Inc.,

Class

A

..........................................

1,146

McDonald's

Corp.

......................................................

3,606

1,054

MGM

Resorts

International(a)

..............................................

1,043

Mohawk

Industries,

Inc.(a)

................................................

NIKE,

Inc.,

Class

B

.....................................................

5,942

Norwegian

Cruise

Line

Holdings

Ltd.(a)

......................................

2,253

NVR,

Inc.(a)

..........................................................

O'Reilly

Automotive,

Inc.(a)

...............................................

4,312

Pool

Corp.

............................................................

PulteGroup,

Inc.

........................................................

1,011

Ralph

Lauren

Corp.

.....................................................

Ross

Stores,

Inc.

.......................................................

1,658

Royal

Caribbean

Cruises

Ltd.

..............................................

1,260

Starbucks

Corp.

........................................................

5,732

525

Tapestry,

Inc.

..........................................................

1,047

Tesla,

Inc.(a)

..........................................................

14,135

4,490

The

Home

Depot,

Inc.

...................................................

5,013

1,838

The

TJX

Cos.,

Inc.

......................................................

5,631

695

Tractor

Supply

Co.

......................................................

2,674

Ulta

Beauty,

Inc.(a)

.....................................................

Williams-Sonoma,

Inc.

...................................................

620

Wynn

Resorts

Ltd.

......................................................

Yum!

Brands,

Inc.

......................................................

1,402

27,455

Consumer

Staples

(5.5%):

Altria

Group,

Inc.

.......................................................

8,496

Archer-Daniels-Midland

Co.

...............................................

2,423

Brown-Forman

Corp.,

Class

B

.............................................

918

Bunge

Global

SA

.......................................................

677

Church

&

Dwight

Co.,

Inc.

................................................

1,242

Colgate-Palmolive

Co.

...................................................

4,088

Conagra

Brands,

Inc.

....................................................

2,407

Constellation

Brands,

Inc.,

Class

A

..........................................

772

Costco

Wholesale

Corp.

..................................................

2,238

2,215

Dollar

General

Corp.

....................................................

1,109

Dollar

Tree,

Inc.(a)

......................................................

996

General

Mills,

Inc.

......................................................

2,762

Hormel

Foods

Corp.

.....................................................

1,470

Kellanova

............................................................

1,356

Kenvue,

Inc.

..........................................................

9,684

Keurig

Dr.

Pepper,

Inc.

...................................................

6,851

Kimberly-Clark

Corp.

....................................................

1,673

Lamb

Weston

Holdings,

Inc.

...............................................

711

McCormick

&

Co.,

Inc.

..................................................

1,274

Molson

Coors

Beverage

Co.,

Class

B

.........................................

864

Mondelez

International,

Inc.,

Class

A

.........................................

6,531

Monster

Beverage

Corp.(a)

................................................

3,541

PepsiCo,

Inc.

..........................................................

6,916

913

Philip

Morris

International,

Inc.

.............................................

7,851

1,430

Sysco

Corp.

...........................................................

2,445

Target

Corp.

..........................................................

2,291

The

Campbell's

Company

.................................................

992

The

Clorox

Co.

........................................................

621

The

Coca-Cola

Co.

......................................................

19,539

1,382

The

Estee

Lauder

Cos.,

Inc.

...............................................

1,181

The

Hershey

Co.

.......................................................

746

The

J.M.

Smucker

Co.

...................................................

536

The

Kraft

Heinz

Co.

.....................................................

4,358

The

Kroger

Co.

........................................................

3,090

The

Procter

&

Gamble

Co.

................................................

11,826

1,884

Tyson

Foods,

Inc.,

Class

A

................................................

1,443

Walgreens

Boots

Alliance,

Inc.

.............................................

3,620

Victory

Portfolios

#### Victory

#### S&P

#### 500

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Walmart,

Inc.

..........................................................

21,793

$

2,131

14,574

Electronic

Equipment,

Instruments

&

Components

(0.6%):

Amphenol

Corp.,

Class

A

.................................................

6,101

603

CDW

Corp.

...........................................................

664

Corning,

Inc.

..........................................................

3,888

Jabil,

Inc.

............................................................

541

Keysight

Technologies,

Inc.(a)

.............................................

871

TE

Connectivity

PLC

....................................................

1,495

Teledyne

Technologies,

Inc.(a)

.............................................

Trimble,

Inc.(a)

........................................................

1,203

Zebra

Technologies

Corp.(a)

...............................................

1,730

Energy

(3.0%):

APA

Corp.

............................................................

1,820

Baker

Hughes

Co.

......................................................

4,997

Chevron

Corp.

.........................................................

8,192

1,173

ConocoPhillips

Co.

.....................................................

6,367

571

Coterra

Energy,

Inc.

.....................................................

3,850

Devon

Energy

Corp.

.....................................................

3,238

Diamondback

Energy,

Inc.

................................................

943

EOG

Resources,

Inc.

....................................................

2,753

EQT

Corp.

............................................................

3,019

Expand

Energy

Corp.

....................................................

1,092

Exxon

Mobil

Corp.

.....................................................

21,740

2,344

Halliburton

Co.

........................................................

4,336

Hess

Corp.

............................................................

1,398

Kinder

Morgan,

Inc.

.....................................................

9,751

Marathon

Petroleum

Corp.

................................................

1,549

Occidental

Petroleum

Corp.

...............................................

3,574

ONEOK,

Inc.

..........................................................

3,150

Phillips

Co.

.........................................................

2,055

Schlumberger

NV

......................................................

6,861

Targa

Resources

Corp.

...................................................

1,094

Texas

Pacific

Land

Corp.

.................................................

The

Williams

Cos.,

Inc.

..................................................

6,159

Valero

Energy

Corp.

.....................................................

1,579

7,876

Financials

(13.9%):

Aflac,

Inc.

............................................................

2,454

American

Express

Co.

...................................................

2,791

890

American

International

Group,

Inc.

..........................................

2,907

Ameriprise

Financial,

Inc.

.................................................

Aon

PLC,

Class

A

......................................................

1,089

Apollo

Global

Management,

Inc.

............................................

2,277

Arch

Capital

Group

Ltd.

..................................................

1,882

Arthur

J. Gallagher

&

Co.

.................................................

1,291

Assurant,

Inc.

.........................................................

Bank

of

America

Corp.

...................................................

33,053

1,564

Berkshire

Hathaway,

Inc.,

Class

B(a)

.........................................

9,249

4,493

Blackrock,

Inc.

........................................................

734

770

Blackstone,

Inc.

........................................................

3,680

550

Brown

&

Brown,

Inc.

....................................................

1,199

Capital

One

Financial

Corp.

...............................................

3,226

686

Cboe

Global

Markets,

Inc.

................................................

528

Chubb

Ltd.

...........................................................

1,879

544

Cincinnati

Financial

Corp.

................................................

788

Citigroup,

Inc.

.........................................................

9,421

802

Citizens

Financial

Group,

Inc.

..............................................

2,187

CME

Group,

Inc.

.......................................................

1,817

501

Coinbase

Global,

Inc.,

Class

A(a)

...........................................

1,066

Erie

Indemnity

Co.,

Class

A

...............................................

Victory

Portfolios

#### Victory

#### S&P

#### 500

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Everest

Group

Ltd.

......................................................

$

FactSet

Research

Systems,

Inc.

.............................................

Fidelity

National

Information

Services,

Inc.

....................................

2,650

Fifth

Third

Bancorp

.....................................................

3,367

Fiserv,

Inc.(a)

..........................................................

2,796

Franklin

Resources,

Inc.

..................................................

1,564

Global

Payments,

Inc.

....................................................

1,230

Globe

Life,

Inc.

........................................................

Huntington

Bancshares,

Inc.

...............................................

7,348

Intercontinental

Exchange,

Inc.

.............................................

2,893

531

Invesco

Ltd.

...........................................................

2,257

Jack

Henry

&

Associates,

Inc.

..............................................

JPMorgan

Chase

&

Co.

..................................................

14,018

4,064

KeyCorp

.............................................................

4,975

KKR

&

Co.,

Inc.

.......................................................

3,414

Loews

Corp.

..........................................................

877

M&T

Bank

Corp.

.......................................................

809

MarketAxess

Holdings,

Inc.

...............................................

Marsh

&

McLennan

Cos.,

Inc.

.............................................

2,485

543

Mastercard,

Inc.,

Class

A

.................................................

4,091

2,299

MetLife,

Inc.

..........................................................

2,844

Moody's

Corp.

.........................................................

780

Morgan

Stanley

........................................................

6,231

878

MSCI,

Inc.

...........................................................

Nasdaq,

Inc.

..........................................................

2,085

Northern

Trust

Corp.

....................................................

981

PayPal

Holdings,

Inc.(a)

..................................................

4,905

Principal

Financial

Group,

Inc.

.............................................

1,040

Prudential

Financial,

Inc.

.................................................

1,785

Raymond

James

Financial,

Inc.

.............................................

915

Regions

Financial

Corp.

..................................................

4,534

S&P

Global,

Inc.

.......................................................

1,583

835

State

Street

Corp.

.......................................................

1,438

Synchrony

Financial

.....................................................

1,920

T. Rowe

Price

Group,

Inc.

.................................................

1,111

The

Allstate

Corp.

......................................................

1,335

The

Bank

of

New

York

Mellon

Corp.

.........................................

3,608

The

Charles

Schwab

Corp.

................................................

8,615

786

The

Goldman

Sachs

Group,

Inc.

............................................

1,547

1,095

The

Hartford

Insurance

Group,

Inc.

..........................................

1,433

The

PNC

Financial

Services

Group,

Inc.

......................................

1,995

The

Progressive

Corp.

...................................................

2,957

789

The

Travelers

Cos.,

Inc.

..................................................

1,142

Truist

Financial

Corp.

....................................................

6,605

U.S.

Bancorp

..........................................................

7,859

Visa,

Inc.,

Class

A

......................................................

8,630

3,064

W.R.

Berkley

Corp.

.....................................................

1,511

Wells

Fargo

&

Co.

......................................................

16,415

1,315

Willis

Towers

Watson

PLC

................................................

500

37,016

Health

Care

(9.3%):

Abbott

Laboratories

.....................................................

8,776

1,194

AbbVie,

Inc.

..........................................................

8,910

1,654

Agilent

Technologies,

Inc.

.................................................

1,438

Align

Technology,

Inc.(a)

.................................................

Amgen,

Inc.

...........................................................

2,712

757

Baxter

International,

Inc.

.................................................

2,588

Becton

Dickinson

&

Co.

..................................................

1,445

Biogen,

Inc.(a)

.........................................................

739

Bio-Techne

Corp.

.......................................................

790

Boston

Scientific

Corp.(a)

.................................................

7,462

801

Bristol-Myers

Squibb

Co.

.................................................

10,265

Cardinal

Health,

Inc.

....................................................

1,203

Victory

Portfolios

#### Victory

#### S&P

#### 500

#### Index

#### Fund

Schedule

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Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Cencora,

Inc.

..........................................................

870

$

Centene

Corp.(a)

.......................................................

2,510

Charles

River

Laboratories

International,

Inc.(a)

.................................

CVS

Health

Corp.

......................................................

6,381

Danaher

Corp.

.........................................................

3,212

635

DaVita,

Inc.(a)

.........................................................

Dexcom,

Inc.(a)

........................................................

1,977

Edwards

Lifesciences

Corp.(a)

.............................................

2,958

Elevance

Health,

Inc.

....................................................

1,139

Eli

Lilly

&

Co.

.........................................................

3,967

3,092

GE

HealthCare

Technologies,

Inc.

...........................................

2,309

Gilead

Sciences,

Inc.

....................................................

6,274

696

HCA

Healthcare,

Inc.

....................................................

873

Henry

Schein,

Inc.(a)

....................................................

613

Hologic,

Inc.(a)

........................................................

1,124

Humana,

Inc.

..........................................................

608

IDEXX

Laboratories,

Inc.(a)

...............................................

Incyte

Corp.(a)

.........................................................

810

Insulet

Corp.(a)

........................................................

Intuitive

Surgical,

Inc.(a)

.................................................

1,807

982

IQVIA

Holdings,

Inc.(a)

..................................................

829

Johnson

&

Johnson

.....................................................

12,136

1,854

Labcorp

Holdings,

Inc.

...................................................

McKesson

Corp.

.......................................................

631

Medtronic

PLC

........................................................

6,469

564

Merck

&

Co.,

Inc.

......................................................

12,666

1,003

Mettler-Toledo

International,

Inc.(a)

.........................................

Moderna,

Inc.(a)

.......................................................

1,716

Molina

Healthcare,

Inc.(a)

................................................

Pfizer,

Inc.

............................................................

28,678

695

Quest

Diagnostics,

Inc.

...................................................

563

Regeneron

Pharmaceuticals,

Inc.

............................................

523

ResMed,

Inc.

..........................................................

739

Revvity,

Inc.

..........................................................

594

Solventum

Corp.(a)

.....................................................

698

STERIS

PLC

..........................................................

Stryker

Corp.

..........................................................

1,734

686

The

Cigna

Group

.......................................................

1,347

The

Cooper

Cos.,

Inc.(a)

..................................................

1,008

Thermo

Fisher

Scientific,

Inc.

..............................................

1,904

772

UnitedHealth

Group,

Inc.

.................................................

4,575

1,427

Universal

Health

Services,

Inc.,

Class

B

.......................................

Vertex

Pharmaceuticals,

Inc.(a)

.............................................

1,295

577

Viatris,

Inc.

...........................................................

5,920

Waters

Corp.(a)

........................................................

West

Pharmaceutical

Services,

Inc.

..........................................

Zimmer

Biomet

Holdings,

Inc.

.............................................

998

Zoetis,

Inc.

...........................................................

2,245

24,665

Industrials

(8.5%):

3M

Co.

..............................................................

2,714

A.O.

Smith

Corp.

.......................................................

586

Allegion

PLC

.........................................................

AMETEK,

Inc.

........................................................

1,164

Automatic

Data

Processing,

Inc.

............................................

2,047

631

Axon

Enterprise,

Inc.(a)

..................................................

Broadridge

Financial

Solutions,

Inc.

.........................................

592

Builders

FirstSource,

Inc.(a)

...............................................

557

C.H.

Robinson

Worldwide,

Inc.

.............................................

598

Carrier

Global

Corp.

.....................................................

4,021

Caterpillar,

Inc.

........................................................

2,372

921

Cintas

Corp.

..........................................................

1,731

Copart,

Inc.(a)

.........................................................

4,434

Victory

Portfolios

#### Victory

#### S&P

#### 500

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) CSX

Corp.

............................................................

9,475

$

Cummins,

Inc.

.........................................................

694

Dayforce,

Inc.(a)

.......................................................

806

Deere

&

Co.

..........................................................

1,273

647

Delta

Air

Lines,

Inc.

.....................................................

3,293

Dover

Corp.

...........................................................

691

Eaton

Corp.

PLC

.......................................................

1,973

704

Emerson

Electric

Co.

....................................................

2,837

Equifax,

Inc.

..........................................................

626

Expeditors

International

of

Washington,

Inc.

....................................

690

Fastenal

Co.

...........................................................

5,787

FedEx

Corp.

..........................................................

1,111

Fortive

Corp.

..........................................................

1,714

GE

Vernova,

Inc.

.......................................................

1,376

728

Generac

Holdings,

Inc.(a)

.................................................

General

Dynamics

Corp.

..................................................

1,270

General

Electric

Co.

.....................................................

5,379

1,384

Honeywell

International,

Inc.

..............................................

3,241

755

Howmet

Aerospace,

Inc.

..................................................

2,036

Hubbell,

Inc.

..........................................................

Huntington

Ingalls

Industries,

Inc.

...........................................

IDEX

Corp.

...........................................................

Illinois

Tool

Works,

Inc.

..................................................

1,344

Ingersoll

Rand,

Inc.

.....................................................

2,035

J.B.

Hunt

Transport

Services,

Inc.

...........................................

Jacobs

Solutions,

Inc.

....................................................

606

Johnson

Controls

International

PLC

..........................................

3,319

L3Harris

Technologies,

Inc.

...............................................

943

Leidos

Holdings,

Inc.

....................................................

649

Lennox

International,

Inc.

.................................................

Lockheed

Martin

Corp.

...................................................

1,051

Masco

Corp.

..........................................................

1,064

Nordson

Corp.

.........................................................

Norfolk

Southern

Corp.

..................................................

1,137

Northrop

Grumman

Corp.

.................................................

682

Old

Dominion

Freight

Line,

Inc.

............................................

938

Otis

Worldwide

Corp.

....................................................

1,990

PACCAR,

Inc.

.........................................................

2,648

Parker-Hannifin

Corp.

...................................................

644

Paychex,

Inc.

..........................................................

1,617

Paycom

Software,

Inc.

...................................................

Pentair

PLC

...........................................................

829

Quanta

Services,

Inc.

....................................................

747

Republic

Services,

Inc.

...................................................

1,024

Rockwell

Automation,

Inc.

................................................

568

Rollins,

Inc.

...........................................................

1,417

RTX

Corp.

............................................................

6,738

984

Snap-on,

Inc.

..........................................................

Southwest

Airlines

Co.

...................................................

2,874

Stanley

Black

&

Decker,

Inc.

..............................................

780

Textron,

Inc.

..........................................................

910

The

Boeing

Co.(a)

......................................................

3,803

797

Trane

Technologies

PLC

..................................................

1,124

TransDigm

Group,

Inc.

...................................................

Uber

Technologies,

Inc.(a)

................................................

10,548

984

Union

Pacific

Corp.

.....................................................

3,013

693

United

Airlines

Holdings,

Inc.(a)

............................................

1,647

United

Parcel

Service,

Inc.,

Class

B

..........................................

3,701

United

Rentals,

Inc.

.....................................................

Veralto

Corp.

..........................................................

1,250

Verisk

Analytics,

Inc.

....................................................

705

W.W.

Grainger,

Inc.

.....................................................

Waste

Management,

Inc.

..................................................

1,847

Victory

Portfolios

#### Victory

#### S&P

#### 500

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Westinghouse

Air

Brake

Technologies

Corp.

....................................

863

$

Xylem,

Inc.

...........................................................

1,227

22,725

IT

Services

(1.1%):

Accenture

PLC,

Class

A

..................................................

3,157

944

Akamai

Technologies,

Inc.(a)

..............................................

737

Cognizant

Technology

Solutions

Corp.,

Class

A

.................................

2,486

EPAM

Systems,

Inc.(a)

...................................................

Gartner,

Inc.(a)

........................................................

GoDaddy,

Inc.,

Class

A(a)

.................................................

718

International

Business

Machines

Corp.

........................................

4,688

1,382

VeriSign,

Inc.

..........................................................

3,032

Materials

(1.9%):

Air

Products

and

Chemicals,

Inc.

............................................

1,122

Albemarle

Corp.

.......................................................

593

Amcor

PLC

...........................................................

11,558

Avery

Dennison

Corp.

...................................................

Ball

Corp.

............................................................

1,399

CF

Industries

Holdings,

Inc.

...............................................

817

Corteva,

Inc.

..........................................................

3,441

Dow,

Inc.

............................................................

3,565

DuPont

de

Nemours,

Inc.

.................................................

2,111

Eastman

Chemical

Co.

...................................................

582

Ecolab,

Inc.

...........................................................

1,272

Freeport-McMoRan,

Inc.

.................................................

7,244

International

Flavors

&

Fragrances,

Inc.

.......................................

1,290

International

Paper

Co.

...................................................

2,662

Linde

PLC

............................................................

2,374

1,114

LyondellBasell

Industries

NV,

Class

A

........................................

1,296

Martin

Marietta

Materials,

Inc.

.............................................

Newmont

Corp.

........................................................

5,614

Nucor

Corp.

...........................................................

1,163

Packaging

Corp.

of

America

...............................................

PPG

Industries,

Inc.

.....................................................

1,145

Smurfit

WestRock

PLC

...................................................

2,501

Steel

Dynamics,

Inc.

.....................................................

696

The

Mosaic

Co.

........................................................

1,600

The

Sherwin-Williams

Co.

................................................

1,162

Vulcan

Materials

Co.

....................................................

666

4,975

Real

Estate

(2.0%):

Alexandria

Real

Estate

Equities,

Inc.

.........................................

776

American

Tower

Corp.

...................................................

2,361

522

AvalonBay

Communities,

Inc.

..............................................

717

BXP,

Inc.

.............................................................

734

Camden

Property

Trust

...................................................

538

CBRE

Group,

Inc.,

Class

A(a)

..............................................

1,481

CoStar

Group,

Inc.(a)

....................................................

2,128

Crown

Castle,

Inc.

......................................................

2,196

Digital

Realty

Trust,

Inc.

..................................................

1,596

Equinix,

Inc.

..........................................................

Equity

Residential

......................................................

1,724

Essex

Property

Trust,

Inc.

.................................................

Extra

Space

Storage,

Inc.

.................................................

1,070

Federal

Realty

Investment

Trust

............................................

Healthpeak

Properties,

Inc.

................................................

3,504

Host

Hotels

&

Resorts,

Inc.

................................................

3,499

Invitation

Homes,

Inc.

...................................................

2,875

Iron

Mountain,

Inc.

.....................................................

1,488

Kimco

Realty

Corp.

.....................................................

3,412

Mid-America

Apartment

Communities,

Inc.

....................................

590

Victory

Portfolios

#### Victory

#### S&P

#### 500

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Prologis,

Inc.

..........................................................

4,680

$

Public

Storage

.........................................................

796

Realty

Income

Corp.

....................................................

4,555

Regency

Centers

Corp.

...................................................

824

SBA

Communications

Corp.

...............................................

542

Simon

Property

Group,

Inc.

...............................................

1,547

UDR,

Inc.

............................................................

1,520

Ventas,

Inc.

...........................................................

2,276

VICI

Properties,

Inc.

....................................................

5,330

Welltower,

Inc.

.........................................................

3,133

Weyerhaeuser

Co.

......................................................

3,658

5,411

Semiconductors

&

Semiconductor

Equipment

(12.7%):

Advanced

Micro

Devices,

Inc.(a)

............................................

8,178

1,161

Analog

Devices,

Inc.

....................................................

2,501

595

Applied

Materials,

Inc.

...................................................

4,098

750

Broadcom,

Inc.

........................................................

23,957

6,604

Enphase

Energy,

Inc.(a)

..................................................

661

First

Solar,

Inc.(a)

......................................................

540

Intel

Corp.

............................................................

22,003

KLA

Corp.

...........................................................

667

598

Lam

Research

Corp.

.....................................................

6,452

628

Microchip

Technology,

Inc.

................................................

2,712

Micron

Technology,

Inc.

..................................................

5,637

695

Monolithic

Power

Systems,

Inc.

............................................

NVIDIA

Corp.

.........................................................

123,018

19,436

NXP

Semiconductors

NV

.................................................

1,274

ON

Semiconductor

Corp.(a)

...............................................

2,107

QUALCOMM,

Inc.

.....................................................

5,534

881

Skyworks

Solutions,

Inc.

.................................................

757

Teradyne,

Inc.

.........................................................

809

Texas

Instruments,

Inc.

...................................................

4,582

951

33,792

Software

(11.4%):

Adobe,

Inc.(a)

.........................................................

2,149

831

ANSYS,

Inc.(a)

........................................................

Autodesk,

Inc.(a)

.......................................................

1,079

Cadence

Design

Systems,

Inc.(a)

............................................

1,377

Corpay,

Inc.(a)

.........................................................

Crowdstrike

Holdings,

Inc.,

Class

A(a)

.......................................

1,256

640

Fair

Isaac

Corp.(a)

......................................................

Fortinet,

Inc.(a)

........................................................

3,204

Gen

Digital,

Inc.

.......................................................

2,753

Intuit,

Inc.

............................................................

1,410

1,111

Microsoft

Corp.

........................................................

37,491

18,648

Oracle

Corp.

..........................................................

8,204

1,794

Palantir

Technologies,

Inc.,

Class

A(a)

........................................

10,729

1,463

Palo

Alto

Networks,

Inc.(a)

................................................

3,339

683

PTC,

Inc.(a)

...........................................................

605

Roper

Technologies,

Inc.

..................................................

542

Salesforce,

Inc.

........................................................

4,839

1,319

ServiceNow,

Inc.(a)

.....................................................

1,044

1,073

Synopsys,

Inc.(a)

.......................................................

779

Tyler

Technologies,

Inc.(a)

................................................

Workday,

Inc.,

Class

A(a)

.................................................

1,092

30,438

Technology

Hardware,

Storage

&

Peripherals

(6.2%):

Apple,

Inc.

...........................................................

75,340

15,458

Dell

Technologies,

Inc.,

Class

C

............................................

1,511

Hewlett

Packard

Enterprise

Co.

.............................................

6,626

HP,

Inc.

..............................................................

4,755

NetApp,

Inc.

..........................................................

1,026

Victory

Portfolios

#### Victory

#### S&P

#### 500

#### Index

#### Fund

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Seagate

Technology

Holdings

PLC

..........................................

1,070

$

Super

Micro

Computer,

Inc.(a)

.............................................

2,589

Western

Digital

Corp.

....................................................

1,759

16,398

Utilities

(2.4%):

Alliant

Energy

Corp.

....................................................

1,295

Ameren

Corp.

.........................................................

1,363

American

Electric

Power

Co.,

Inc.

...........................................

2,694

American

Water

Works

Co.,

Inc.

............................................

983

Atmos

Energy

Corp.

.....................................................

801

CenterPoint

Energy,

Inc.

..................................................

3,292

CMS

Energy

Corp.

......................................................

1,508

Consolidated

Edison,

Inc.

.................................................

1,817

Constellation

Energy

Corp.

................................................

1,580

510

Dominion

Energy,

Inc.

...................................................

4,301

DTE

Energy

Co.

.......................................................

1,046

Duke

Energy

Corp.

......................................................

3,920

Edison

International

.....................................................

1,940

Entergy

Corp.

.........................................................

2,251

Evergy,

Inc.

...........................................................

1,160

Eversource

Energy

......................................................

1,853

Exelon

Corp.

..........................................................

5,092

FirstEnergy

Corp.

.......................................................

2,591

NextEra

Energy,

Inc.

....................................................

10,384

721

NiSource,

Inc.

.........................................................

2,374

NRG

Energy,

Inc.

.......................................................

986

PG&E

Corp.

..........................................................

11,085

Pinnacle

West

Capital

Corp.

...............................................

602

PPL

Corp.

............................................................

3,729

Public

Service

Enterprise

Group,

Inc.

.........................................

2,517

Sempra

..............................................................

3,289

The

AES

Corp.

........................................................

3,591

The

Southern

Co.

.......................................................

5,543

509

Vistra

Corp.

...........................................................

1,711

WEC

Energy

Group,

Inc.

.................................................

1,609

Xcel

Energy,

Inc.

.......................................................

2,909

6,336

Total

Common

Stocks

(Cost

$38,677)

a

a

a

264,813

Total

Investments

(Cost

$38,677)

—

99.5%

264,813

Other

assets

in

excess

of

liabilities

— 0.5%

1,327

NET

ASSETS

-

100.00%

$

266,140

(a) Non-income

producing

security.

PLC

—

Public

Limited

Company

Futures

Contracts

Purchased

(Amounts

not

in

thousands)

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

E-Mini

S&P

500

Futures

..............

9/19/25

$

1,206,547

$

1,250,750

$

44,203

Total

unrealized

appreciation

$

44,203

Total

unrealized

depreciation

—

Total

net

unrealized

appreciation

(depreciation)

$

44,203

Schedule

of

Portfolio

Investments

June

30,

2025

Victory

Portfolios

#### Victory

#### Munder

#### Mid-Cap

#### Core

#### Growth

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(98.5%)

Communication

Services

(3.5%):

Charter

Communications,

Inc.

,

Class

A

(a) .....................................

9,100

$

3,720

Live

Nation

Entertainment,

Inc.

(a) ...........................................

29,344

4,439

Tencent

Music

Entertainment

Group

,

ADR

.....................................

90,600

1,766

9,925

Consumer

Discretionary

(12.2%):

Abercrombie

&

Fitch

Co.

(a) ...............................................

22,200

1,839

Chipotle

Mexican

Grill,

Inc.

(a) .............................................

51,400

2,886

eBay,

Inc.

............................................................

63,800

4,751

Expedia

Group,

Inc.

.....................................................

19,300

3,256

JD.com,

Inc.

,

ADR

......................................................

55,900

1,825

Life

Time

Group

Holdings,

Inc.

(a) ...........................................

56,900

1,726

Ralph

Lauren

Corp.

.....................................................

10,600

2,907

Ross

Stores,

Inc.

.......................................................

20,800

2,654

Royal

Caribbean

Cruises

Ltd.

..............................................

20,400

6,388

Shake

Shack,

Inc.

,

Class

A

(a) ..............................................

12,200

1,715

Texas

Roadhouse,

Inc.

...................................................

14,200

2,661

Urban

Outfitters,

Inc.

(a) ..................................................

30,900

2,241

34,849

Consumer

Staples

(5.1%):

Casey's

General

Stores,

Inc.

...............................................

5,800

2,960

Church

&

Dwight

Co.,

Inc.

................................................

33,900

3,258

Ingredion,

Inc.

.........................................................

27,600

3,743

Performance

Food

Group

Co.

(a) ............................................

33,500

2,930

Sprouts

Farmers

Market,

Inc.

(a) ............................................

10,300

1,696

14,587

Energy

(5.1%):

Archrock,

Inc.

.........................................................

62,600

1,554

Baker

Hughes

Co.

......................................................

87,000

3,336

Cheniere

Energy,

Inc.

....................................................

19,600

4,773

Diamondback

Energy,

Inc.

................................................

16,700

2,294

ONEOK,

Inc.

..........................................................

32,500

2,653

14,610

Financials

(19.3%):

Affiliated

Managers

Group,

Inc.

............................................

17,300

3,404

Ameriprise

Financial,

Inc.

.................................................

7,800

4,163

Arch

Capital

Group

Ltd.

..................................................

28,200

2,568

BGC

Group,

Inc.

,

Class

A

.................................................

393,600

4,027

Brown

&

Brown,

Inc.

....................................................

29,700

3,293

Corebridge

Financial,

Inc.

.................................................

99,600

3,536

Evercore,

Inc.

.........................................................

7,600

2,052

FactSet

Research

Systems,

Inc.

.............................................

3,600

1,610

FirstCash

Holdings,

Inc.

..................................................

13,000

1,757

Interactive

Brokers

Group,

Inc.

.............................................

92,000

5,098

MSCI,

Inc.

...........................................................

6,800

3,922

Raymond

James

Financial,

Inc.

.............................................

29,700

4,555

Shift4

Payments,

Inc.

,

Class

A

(a) (b) .........................................

16,500

1,635

The

Bancorp,

Inc.

(a) .....................................................

31,900

1,817

The

Bank

of

New

York

Mellon

Corp.

.........................................

35,600

3,243

Unum

Group

..........................................................

45,500

3,675

W.R.

Berkley

Corp.

.....................................................

63,200

4,643

54,998

Health

Care

(10.0%):

Addus

HomeCare

Corp.

(a) ................................................

11,700

1,348

Cencora,

Inc.

..........................................................

16,400

4,917

Halozyme

Therapeutics,

Inc.

(a) .............................................

70,900

3,688

HCA

Healthcare,

Inc.

....................................................

12,800

4,904

McKesson

Corp.

.......................................................

5,700

4,177

ResMed,

Inc.

..........................................................

12,100

3,122

The

Ensign

Group,

Inc.

...................................................

18,600

2,869

Victory

Portfolios

#### Victory

#### Munder

#### Mid-Cap

#### Core

#### Growth

#### Fund

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Universal

Health

Services,

Inc.

,

Class

B

.......................................

19,000

$

3,442

28,467

Industrials

(14.8%):

CACI

International,

Inc.

,

Class

A

(a) .........................................

3,700

1,764

Comfort

Systems

USA,

Inc.

...............................................

5,800

3,110

EMCOR

Group,

Inc.

....................................................

5,900

3,156

ExlService

Holdings,

Inc.

(a) ...............................................

35,000

1,533

Federal

Signal

Corp.

.....................................................

46,300

4,927

Griffon

Corp.

..........................................................

39,300

2,844

Howmet

Aerospace,

Inc.

..................................................

9,500

1,768

Kirby

Corp.

(a) .........................................................

34,500

3,913

Quanta

Services,

Inc.

....................................................

16,600

6,276

Trane

Technologies

PLC

..................................................

9,000

3,937

Verisk

Analytics,

Inc.

....................................................

15,900

4,953

Vertiv

Holdings

Co.

,

Class

A

...............................................

33,000

4,237

42,418

Information

Technology

(15.9%):

Alkami

Technology,

Inc.

(a) ................................................

36,200

1,091

Amphenol

Corp.

,

Class

A

.................................................

42,440

4,191

Autodesk,

Inc.

(a) .......................................................

9,300

2,879

Clear

Secure,

Inc.

,

Class

A

................................................

68,300

1,896

Corpay,

Inc.

(a) .........................................................

8,100

2,688

CyberArk

Software

Ltd.

(a) ................................................

7,700

3,133

Fabrinet

(a) ............................................................

13,900

4,096

Fortinet,

Inc.

(a) ........................................................

20,200

2,135

Gen

Digital,

Inc.

.......................................................

97,000

2,852

Intapp,

Inc.

(a) .........................................................

31,700

1,636

Jabil,

Inc.

............................................................

24,300

5,300

Keysight

Technologies,

Inc.

(a) .............................................

10,100

1,655

Monolithic

Power

Systems,

Inc.

............................................

4,500

3,291

Synopsys,

Inc.

(a) .......................................................

4,400

2,256

Tyler

Technologies,

Inc.

(a) ................................................

7,600

4,506

Zscaler,

Inc.

(a) .........................................................

5,700

1,789

45,394

Materials

(2.8%):

Avery

Dennison

Corp.

...................................................

16,000

2,808

Freeport-McMoRan,

Inc.

.................................................

58,000

2,514

Royal

Gold,

Inc.

........................................................

15,400

2,739

8,061

Real

Estate

(6.6%):

CBRE

Group,

Inc.

,

Class

A

(a) ..............................................

37,000

5,185

Digital

Realty

Trust,

Inc.

..................................................

18,700

3,260

SBA

Communications

Corp.

...............................................

15,003

3,523

Sun

Communities,

Inc.

...................................................

26,216

3,316

VICI

Properties,

Inc.

....................................................

107,700

3,511

18,795

Utilities

(3.2%):

Atmos

Energy

Corp.

.....................................................

21,500

3,313

NiSource,

Inc.

.........................................................

71,200

2,872

PPL

Corp.

............................................................

91,400

3,098

9,283

Total

Common

Stocks

(Cost

$217,641)

a

a

a

281,387

Exchange-Traded

Funds

(1.3%)

SPDR

S&P

MidCap

ETF

Trust

..........................................

6,500

3,682

Total

Exchange-Traded

Funds

(Cost

$3,598)

a

a

a

3,682

Victory

Portfolios

#### Victory

#### Munder

#### Mid-Cap

#### Core

#### Growth

#### Fund

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Collateral

for

Securities

Loaned

(0.6%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.23

%

(c) ........

412,459

$

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.27

%

(c) ............

412,459

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.29

%

(c) ...............

412,459

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.24

%

(c) .

412,459

Total

Collateral

for

Securities

Loaned

(Cost

$1,650)

a

a

a

1,650

Total

Investments

(Cost

$222,889)

—

100.4%

286,719

Liabilities

in

excess

of

other

assets

— (0.4)%

(1,058)

NET

ASSETS

-

100.00%

$

285,661

At

June

30,

2025,

the

Fund's

investments

in

foreign

securities

were

6.1%

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

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

June

30,

2025

Victory

Portfolios

#### Victory

#### Trivalent

#### International

#### Fund

#### —

#### Core

#### Equity

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Common

Stocks

(97.6%)

Australia

(4.0%):

Consumer

Discretionary

(0.4%):

Aristocrat

Leisure

Ltd.

...................................................

22,523

$

965

Financials

(1.1%):

ANZ

Group

Holdings

Ltd.

................................................

83,927

1,609

QBE

Insurance

Group

Ltd.

................................................

61,681

950

2,559

Industrials

(0.9%):

Brambles

Ltd.

.........................................................

63,970

988

Qantas

Airways

Ltd.

.....................................................

165,562

1,169

2,157

Materials

(0.9%):

Northern

Star

Resources

Ltd.

..............................................

95,039

1,174

Rio

Tinto

Ltd.

.........................................................

14,643

1,036

2,210

Real

Estate

(0.7%):

Charter

Hall

Group

......................................................

64,619

818

Goodman

Group

.......................................................

35,176

793

1,611

9,502

Belgium

(1.2%):

Consumer

Staples

(0.7%):

Anheuser-Busch

InBev

SA

................................................

25,443

1,750

Materials

(0.5%):

Titan

SA

.............................................................

24,774

1,121

2,871

Brazil

(0.9%):

Energy

(0.3%):

PRIO

SA

(a) ...........................................................

89,300

697

Financials

(0.4%):

Banco

Bradesco

SA

,

Preference

Shares

.......................................

277,000

858

Utilities

(0.2%):

Equatorial

Energia

SA

...................................................

88,300

585

2,140

Canada

(6.9%):

Consumer

Discretionary

(0.3%):

Gildan

Activewear,

Inc.

..................................................

12,333

608

Energy

(0.9%):

Headwater

Exploration,

Inc.

...............................................

132,597

655

Suncor

Energy,

Inc.

.....................................................

20,515

769

Whitecap

Resources,

Inc.

.................................................

108,765

731

2,155

Financials

(2.8%):

Bank

of

Montreal

.......................................................

8,562

949

Brookfield

Corp.

.......................................................

11,937

739

Canadian

Imperial

Bank

of

Commerce

........................................

19,831

1,408

Fairfax

Financial

Holdings

Ltd.

.............................................

1,164

2,101

Royal

Bank

of

Canada

...................................................

10,629

1,401

6,598

Industrials

(0.8%):

Element

Fleet

Management

Corp.

...........................................

41,942

1,051

Finning

International,

Inc.

.................................................

22,343

955

2,006

Information

Technology

(0.7%):

Celestica,

Inc.

(a) .......................................................

6,412

1,002

Victory

Portfolios

#### Victory

#### Trivalent

#### International

#### Fund

#### —

#### Core

#### Equity

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Shopify,

Inc.

,

Class

A

(a) ..................................................

5,589

$

644

1,646

Materials

(1.4%):

Dundee

Precious

Metals,

Inc.

..............................................

102,727

1,651

Lundin

Mining

Corp.

....................................................

95,949

1,009

Teck

Resources

Ltd.

,

Class

B

..............................................

17,835

721

3,381

16,394

Chile

(0.4%):

Consumer

Staples

(0.4%):

Cencosud

SA

..........................................................

272,167

926

China

(7.4%):

Communication

Services

(1.7%):

Kuaishou

Technology

,

Class

W

(a) (b) .........................................

85,700

696

Tencent

Holdings

Ltd.

...................................................

50,700

3,267

3,963

Consumer

Discretionary

(2.3%):

Alibaba

Group

Holding

Ltd.

,

Class

W

........................................

190,800

2,701

BYD

Co.

Ltd.

.........................................................

73,000

1,137

Fuyao

Glass

Industry

Group

Co.

Ltd.

,

Class

H

(b) ................................

94,400

674

JD.com,

Inc.

,

Class

SW

..................................................

67,200

1,098

5,610

Consumer

Staples

(0.5%):

Giant

Biogene

Holding

Co.

Ltd.

(b) ..........................................

80,000

590

Tingyi

Cayman

Islands

Holding

Corp.

........................................

352,000

517

1,107

Financials

(1.9%):

Agricultural

Bank

of

China

Ltd.

,

Class

H

......................................

1,355,000

969

Bank

of

China

Ltd.

,

Class

H

...............................................

1,891,275

1,101

China

Construction

Bank

Corp.

,

Class

H

......................................

1,104,000

1,117

PICC

Property

&

Casualty

Co.

Ltd.

,

Class

H

...................................

734,000

1,426

4,613

Industrials

(0.3%):

Weichai

Power

Co.

Ltd.

,

Class

H

............................................

353,000

719

Information

Technology

(0.3%):

Xiaomi

Corp.

,

Class

W

(a) (b) ...............................................

101,000

777

Materials

(0.4%):

Zijin

Mining

Group

Co.

Ltd.

,

Class

H

........................................

372,000

957

17,746

Denmark

(0.6%):

Consumer

Discretionary

(0.6%):

Pandora

A/S

..........................................................

7,861

1,385

France

(7.1%):

Communication

Services

(0.6%):

Publicis

Groupe

SA

.....................................................

11,807

1,333

Consumer

Discretionary

(0.6%):

FDJ

UNITED

(b) .......................................................

19,558

767

Renault

SA

...........................................................

16,980

784

1,551

Energy

(0.5%):

Technip

Energies

NV

....................................................

28,457

1,197

Financials

(1.0%):

AXA

SA

.............................................................

20,217

993

BNP

Paribas

SA

........................................................

15,456

1,386

2,379

Victory

Portfolios

#### Victory

#### Trivalent

#### International

#### Fund

#### —

#### Core

#### Equity

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Health

Care

(0.7%):

BioMerieux

...........................................................

7,590

$

1,050

Ipsen

SA

.............................................................

6,111

728

1,778

Industrials

(2.6%):

Cie

de

Saint-Gobain

SA

..................................................

15,853

1,862

Eiffage

SA

............................................................

6,076

854

Schneider

Electric

SE

....................................................

9,256

2,485

SPIE

SA

.............................................................

16,901

950

6,151

Materials

(0.3%):

Arkema

SA

...........................................................

9,319

688

Real

Estate

(0.4%):

Klepierre

SA

..........................................................

22,187

877

Utilities

(0.4%):

Engie

SA

.............................................................

44,672

1,050

17,004

Germany

(7.0%):

Communication

Services

(1.1%):

Deutsche

Telekom

AG

...................................................

70,928

2,596

Consumer

Staples

(0.4%):

Henkel

AG

&

Co.

KGaA

,

Preference

Shares

....................................

13,467

1,058

Financials

(1.2%):

Allianz

SE

,

Registered

Shares

..............................................

2,644

1,073

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

,

Class

R

...............

2,601

1,689

2,762

Health

Care

(0.3%):

Fresenius

Medical

Care

AG

...............................................

13,426

771

Industrials

(2.0%):

Siemens

AG

,

Registered

Shares

.............................................

13,594

3,491

Siemens

Energy

AG

(a) ...................................................

10,821

1,265

4,756

Information

Technology

(1.0%):

SAP

SE

..............................................................

7,971

2,437

Materials

(0.5%):

Evonik

Industries

AG

....................................................

55,154

1,139

Utilities

(0.5%):

E.ON

SE

.............................................................

59,223

1,091

16,610

Greece

(0.4%):

Financials

(0.4%):

National

Bank

of

Greece

SA

...............................................

77,449

987

Hong

Kong

(1.1%):

Financials

(0.9%):

BOC

Hong

Kong

Holdings

Ltd.

............................................

262,500

1,143

Hong

Kong

Exchanges

&

Clearing

Ltd.

.......................................

17,100

920

2,063

Utilities

(0.2%):

Kunlun

Energy

Co.

Ltd.

..................................................

636,000

618

2,681

India

(4.5%):

Consumer

Discretionary

(0.3%):

Mahindra

&

Mahindra

Ltd.

................................................

19,481

723

Victory

Portfolios

#### Victory

#### Trivalent

#### International

#### Fund

#### —

#### Core

#### Equity

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Consumer

Staples

(0.2%):

Varun

Beverages

Ltd.

....................................................

84,406

$

Energy

(0.7%):

Reliance

Industries

Ltd.

..................................................

97,529

1,707

Financials

(1.4%):

ICICI

Bank

Ltd.

........................................................

101,724

1,719

Nippon

Life

India

Asset

Management

Ltd.

(b) ...................................

91,823

857

Power

Finance

Corp.

Ltd.

.................................................

161,437

806

3,382

Health

Care

(0.2%):

Zydus

Lifesciences

Ltd.

..................................................

46,523

537

Information

Technology

(0.6%):

HCL

Technologies

Ltd.

...................................................

27,908

563

Persistent

Systems

Ltd.

...................................................

10,161

716

1,279

Materials

(0.4%):

Hindalco

Industries

Ltd.

..................................................

124,598

1,008

Real

Estate

(0.3%):

Oberoi

Realty

Ltd.

......................................................

25,986

578

Utilities

(0.4%):

Power

Grid

Corp.

of

India

Ltd.

.............................................

293,150

1,025

10,689

Ireland

(0.8%):

Financials

(0.4%):

Bank

of

Ireland

Group

PLC

...............................................

65,502

934

Industrials

(0.4%):

AerCap

Holdings

NV

....................................................

8,326

974

1,908

Israel

(0.3%):

Information

Technology

(0.3%):

Nice

Ltd.

(a) ...........................................................

4,668

792

Italy

(1.7%):

Consumer

Discretionary

(1.0%):

Ferrari

NV

............................................................

2,101

1,029

PRADA

SpA

..........................................................

204,400

1,270

2,299

Health

Care

(0.4%):

Recordati

Industria

Chimica

e

Farmaceutica

SpA

................................

15,398

968

Information

Technology

(0.3%):

Reply

SpA

............................................................

4,937

853

4,120

Japan

(14.6%):

Communication

Services

(0.8%):

Konami

Group

Corp.

....................................................

11,500

1,818

Consumer

Discretionary

(2.6%):

Asics

Corp.

...........................................................

44,900

1,145

Sony

Group

Corp.

......................................................

85,900

2,234

Sumitomo

Electric

Industries

Ltd.

...........................................

51,400

1,102

Suzuki

Motor

Corp.

.....................................................

86,100

1,038

Toyota

Motor

Corp.

.....................................................

41,600

717

6,236

Consumer

Staples

(1.1%):

Asahi

Group

Holdings

Ltd.

................................................

62,700

838

MatsukiyoCocokara

&

Co.

................................................

37,800

778

Victory

Portfolios

#### Victory

#### Trivalent

#### International

#### Fund

#### —

#### Core

#### Equity

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Toyo

Suisan

Kaisha

Ltd.

..................................................

13,500

$

897

2,513

Financials

(2.5%):

Mizuho

Financial

Group,

Inc.

..............................................

58,510

1,624

ORIX

Corp.

...........................................................

36,100

815

Sumitomo

Mitsui

Financial

Group,

Inc.

.......................................

93,175

2,346

Tokio

Marine

Holdings,

Inc.

...............................................

29,700

1,259

6,044

Health

Care

(1.0%):

Otsuka

Holdings

Co.

Ltd.

.................................................

22,900

1,136

Shionogi

&

Co.

Ltd.

.....................................................

66,000

1,188

2,324

Industrials

(3.0%):

Central

Japan

Railway

Co.

................................................

28,000

626

Fujikura

Ltd.

..........................................................

20,000

1,052

Hitachi

Ltd.

...........................................................

43,300

1,259

ITOCHU

Corp.

........................................................

35,900

1,880

Komatsu

Ltd.

..........................................................

45,600

1,505

Obayashi

Corp.

........................................................

56,000

848

7,170

Information

Technology

(2.7%):

Disco

Corp.

...........................................................

3,000

889

Ibiden

Co.

Ltd.

.........................................................

18,300

804

NEC

Corp.

...........................................................

88,400

2,579

SCREEN

Holdings

Co.

Ltd.

...............................................

13,300

1,082

Yokogawa

Electric

Corp.

.................................................

41,600

1,111

6,465

Materials

(0.6%):

Nippon

Steel

Corp.

......................................................

37,400

708

Tosoh

Corp.

...........................................................

53,100

777

1,485

Real

Estate

(0.3%):

Daiwa

House

Industry

Co.

Ltd.

.............................................

24,000

825

34,880

Luxembourg

(0.3%):

Materials

(0.3%):

ArcelorMittal

SA

.......................................................

24,567

780

Malaysia

(0.3%):

Health

Care

(0.3%):

KPJ

Healthcare

Bhd

.....................................................

1,036,000

655

Mexico

(1.2%):

Consumer

Staples

(0.3%):

Arca

Continental

SAB

de

CV

..............................................

70,190

742

Energy

(0.5%):

Vista

Energy

SAB

de

CV

,

ADR

(a) ...........................................

21,115

1,010

Financials

(0.4%):

Gentera

SAB

de

CV

.....................................................

471,260

1,007

2,759

Netherlands

(3.8%):

Communication

Services

(0.4%):

Koninklijke

KPN

NV

....................................................

204,992

1,000

Consumer

Discretionary

(0.7%):

Prosus

NV

,

Class

N

(a) ...................................................

29,382

1,648

Consumer

Staples

(0.5%):

Koninklijke

Ahold

Delhaize

NV

............................................

29,091

1,215

Victory

Portfolios

#### Victory

#### Trivalent

#### International

#### Fund

#### —

#### Core

#### Equity

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Financials

(1.1%):

Euronext

NV

(b) ........................................................

9,277

$

1,589

NN

Group

NV

.........................................................

14,460

962

2,551

Health

Care

(0.3%):

Argenx

SE

(a) ..........................................................

1,515

839

Information

Technology

(0.8%):

ASML

Holding

NV

.....................................................

2,296

1,840

9,093

Norway

(0.2%):

Energy

(0.2%):

Equinor

ASA

..........................................................

21,296

538

Portugal

(0.4%):

Energy

(0.4%):

Galp

Energia

SGPS

SA

,

Class

B

............................................

55,068

1,008

Russian

Federation

(0.0%):

Energy

(0.0%):

LUKOIL

PJSC

,

ADR

(a) (c) (d) ..............................................

8,489

—

Financials

(0.0%):

Sberbank

of

Russia

PJSC

(a) (c) (d) ...........................................

220,230

—

—

Saudi

Arabia

(0.6%):

Communication

Services

(0.3%):

Etihad

Etisalat

Co.

......................................................

39,725

628

Financials

(0.3%):

Saudi

Awwal

Bank

......................................................

81,646

734

1,362

Singapore

(2.1%):

Communication

Services

(0.6%):

Sea

Ltd.

,

ADR

(a) .......................................................

8,778

1,404

Financials

(0.5%):

DBS

Group

Holdings

Ltd.

.................................................

35,780

1,263

Industrials

(0.4%):

Singapore

Technologies

Engineering

Ltd.

......................................

173,200

1,062

Utilities

(0.6%):

Sembcorp

Industries

Ltd.

.................................................

244,500

1,318

5,047

South

Africa

(0.5%):

Financials

(0.5%):

Investec

PLC

..........................................................

88,338

661

Sanlam

Ltd.

...........................................................

122,054

612

1,273

South

Korea

(3.5%):

Consumer

Discretionary

(0.3%):

Kia

Corp.

............................................................

9,149

655

Financials

(1.2%):

DB

Insurance

Co.

Ltd.

...................................................

11,609

1,060

Hana

Financial

Group,

Inc.

................................................

27,015

1,721

2,781

Industrials

(0.9%):

Hanwha

Aerospace

Co.

Ltd.

...............................................

2,816

1,768

Samsung

E&A

Co.

Ltd.

..................................................

32,051

523

2,291

Information

Technology

(1.1%):

Samsung

Electronics

Co.

Ltd.

..............................................

19,536

864

Victory

Portfolios

#### Victory

#### Trivalent

#### International

#### Fund

#### —

#### Core

#### Equity

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) SK

Hynix,

Inc.

.........................................................

8,150

$

1,756

2,620

8,347

Spain

(2.5%):

Energy

(0.4%):

Repsol

SA

............................................................

63,061

922

Financials

(1.6%):

Banco

Santander

SA

.....................................................

322,057

2,667

Bankinter

SA

..........................................................

83,320

1,087

3,754

Utilities

(0.5%):

Iberdrola

SA

..........................................................

67,713

1,303

5,979

Sweden

(1.3%):

Consumer

Staples

(0.5%):

Essity

AB

,

Class

B

......................................................

37,733

1,045

Financials

(0.4%):

Swedbank

AB

,

A

Shares

..................................................

35,627

944

Industrials

(0.4%):

Volvo

AB

,

Class

B

......................................................

36,348

1,023

3,012

Switzerland

(5.7%):

Consumer

Staples

(0.6%):

Coca-Cola

HBC

AG

,

Class

DI

..............................................

28,883

1,509

Financials

(0.8%):

Zurich

Insurance

Group

AG

...............................................

2,729

1,910

Health

Care

(2.5%):

Novartis

AG

,

Registered

Shares

.............................................

30,922

3,755

Roche

Holding

AG

......................................................

3,674

1,200

Sandoz

Group

AG

......................................................

16,749

918

5,873

Industrials

(0.8%):

ABB

Ltd.

,

Registered

Shares

...............................................

20,462

1,227

Sulzer

AG

,

Registered

Shares

..............................................

3,797

686

1,913

Materials

(0.6%):

Holcim

AG

...........................................................

20,267

1,506

Real

Estate

(0.4%):

PSP

Swiss

Property

AG

,

Registered

Shares

.....................................

4,578

846

13,557

Taiwan

(5.7%):

Financials

(0.4%):

CTBC

Financial

Holding

Co.

Ltd.

...........................................

574,000

859

Health

Care

(0.3%):

Bora

Pharmaceuticals

Co.

Ltd.

.............................................

26,000

741

Industrials

(0.3%):

Airtac

International

Group

................................................

26,000

774

Information

Technology

(4.7%):

Elite

Material

Co.

Ltd.

...................................................

45,000

1,361

MediaTek,

Inc.

.........................................................

19,000

814

Quanta

Computer,

Inc.

...................................................

90,000

847

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

.................................

198,000

7,242

Wiwynn

Corp.

.........................................................

11,000

955

11,219

13,593

Victory

Portfolios

#### Victory

#### Trivalent

#### International

#### Fund

#### —

#### Core

#### Equity

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Thailand

(0.3%):

Communication

Services

(0.3%):

Advanced

Info

Service

PCL,

NVDR

.........................................

74,000

$

634

United

Arab

Emirates

(0.5%):

Real

Estate

(0.5%):

Emaar

Development

PJSC

................................................

331,994

1,222

United

Kingdom

(9.4%):

Consumer

Discretionary

(0.3%):

Birkenstock

Holding

PLC

(a) ...............................................

16,339

803

Consumer

Staples

(1.4%):

Coca-Cola

Europacific

Partners

PLC

.........................................

9,916

919

Marks

&

Spencer

Group

PLC

..............................................

160,828

783

Unilever

PLC

.........................................................

24,469

1,493

3,195

Energy

(0.8%):

Harbour

Energy

PLC

....................................................

275,794

739

Shell

PLC

............................................................

33,763

1,178

1,917

Financials

(2.5%):

3i

Group

PLC

.........................................................

38,913

2,202

Barclays

PLC

.........................................................

285,712

1,320

Standard

Chartered

PLC

..................................................

148,527

2,457

5,979

Health

Care

(1.4%):

AstraZeneca

PLC

.......................................................

17,554

2,442

Hikma

Pharmaceuticals

PLC

...............................................

34,109

931

3,373

Industrials

(1.6%):

easyJet

PLC

...........................................................

104,166

762

RELX

PLC

...........................................................

15,133

820

Rolls-Royce

Holdings

PLC

................................................

173,636

2,301

3,883

Information

Technology

(0.3%):

Softcat

PLC

...........................................................

31,528

743

Real

Estate

(0.3%):

The

British

Land

Co.

PLC

................................................

132,535

688

Utilities

(0.8%):

Drax

Group

PLC

.......................................................

115,402

1,100

National

Grid

PLC

......................................................

56,902

835

1,935

22,516

United

States

(0.4%):

Health

Care

(0.4%):

Amrize

Ltd.

(a) .........................................................

20,267

1,011

Total

Common

Stocks

(Cost

$172,120)

233,021

Exchange-Traded

Funds

(1.4%)

United

States

(1.4%):

iShares

Core

MSCI

EAFE

ETF

.............................................

27,882

2,328

iShares

Core

MSCI

Emerging

Markets

ETF

....................................

15,779

947

3,275

Total

Exchange-Traded

Funds

(Cost

$3,231)

3,275

Total

Investments

(Cost

$175,351)

—

99.0%

236,296

Other

assets

in

excess

of

liabilities

—

1.0%

2,393

NET

ASSETS

-

100.00%

$

238,689

(a) Non-income

producing

security.

Victory

Portfolios

#### Victory

#### Trivalent

#### International

#### Fund

#### —

#### Core

#### Equity

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Name

Acquisition

Date

Cost

LUKOIL

PJSC

,

ADR

.........................................

8/21/2019

$

729

Sberbank

of

Russia

PJSC

......................................

12/9/2016

752

(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

$5,950

(thousands)

and

amounted

to

2.5%

of

net

assets.

(c) Security

was

fair

valued

based

upon

procedures

approved

by

the

Board

of

Trustees

and

represents

0.0%

of

net

assets

as

of

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) The

following

table

details

the

earliest

acquisition

date

and

cost

of

the

Fund's

restricted

securities

due

to

trading

restrictions

at

June

30,

2025

(amounts

in

thousands):

ADR

—

American

Depositary

Receipt

ETF

—

Exchange-Traded

Fund

NVDR

—

Non-Voting

Depository

Receipt

PCL

—

Public

Company

Limited

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

June

30,

2025

Victory

Portfolios

#### Victory

#### Trivalent

#### International

#### Small-Cap

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Common

Stocks

(98.6%)

Australia

(5.1%):

Consumer

Discretionary

(0.7%):

JB

Hi-Fi

Ltd.

..........................................................

352,489

$

25,608

Energy

(0.3%):

Paladin

Energy

Ltd.

(a) ...................................................

2,026,776

10,803

Financials

(1.0%):

AMP

Ltd.

............................................................

14,858,152

12,323

Bendigo

&

Adelaide

Bank

Ltd.

.............................................

1,840,636

15,308

Magellan

Financial

Group

Ltd.

.............................................

2,236,688

12,611

40,242

Industrials

(0.5%):

Ventia

Services

Group

Pty

Ltd.

.............................................

5,319,863

18,140

Information

Technology

(0.4%):

Technology

One

Ltd.

....................................................

617,032

16,629

Materials

(1.5%):

Orica

Ltd.

............................................................

1,099,633

14,116

Ramelius

Resources

Ltd.

.................................................

15,826,476

26,644

Sandfire

Resources

Ltd.

(a) ................................................

2,126,827

15,797

56,557

Real

Estate

(0.4%):

Charter

Hall

Group

......................................................

1,300,087

16,471

Utilities

(0.3%):

AGL

Energy

Ltd.

.......................................................

1,628,191

10,438

194,888

Belgium

(0.3%):

Consumer

Staples

(0.3%):

Colruyt

Group

NV

......................................................

298,007

12,895

Canada

(10.7%):

Communication

Services

(0.5%):

IMAX

Corp.

(a) ........................................................

682,259

19,076

Consumer

Discretionary

(0.3%):

Gildan

Activewear,

Inc.

..................................................

250,469

12,343

Energy

(2.0%):

Headwater

Exploration,

Inc.

(b) .............................................

2,991,050

14,784

NuVista

Energy

Ltd.

(a) ...................................................

1,379,180

15,173

Secure

Waste

Infrastructure

Corp.

...........................................

1,205,993

13,791

Vermilion

Energy,

Inc.

(b) .................................................

1,700,410

12,413

Whitecap

Resources,

Inc.

.................................................

3,141,592

21,112

77,273

Financials

(0.4%):

EQB,

Inc.

............................................................

180,705

13,744

Health

Care

(0.0%):(c)

Tilray

Brands,

Inc.

(a) (b) ..................................................

—

(d) Industrials

(2.0%):

AtkinsRealis

Group,

Inc.

..................................................

260,465

18,270

Bombardier,

Inc.

,

Class

B

(a) ...............................................

203,033

17,691

Finning

International,

Inc.

.................................................

633,021

27,067

MDA

Space

Ltd.

(a) .....................................................

506,431

13,059

76,087

Information

Technology

(2.2%):

Celestica,

Inc.

(a) .......................................................

422,537

66,024

Kinaxis,

Inc.

(a) ........................................................

102,361

15,225

81,249

Victory

Portfolios

#### Victory

#### Trivalent

#### International

#### Small-Cap

#### Fund

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Materials

(2.5%):

Agnico

Eagle

Mines

Ltd.

.................................................

$

—

(d) Dundee

Precious

Metals,

Inc.

..............................................

2,335,409

37,528

Lundin

Gold,

Inc.

.......................................................

329,711

17,411

Methanex

Corp.

........................................................

324,209

10,736

OceanaGold

Corp.

......................................................

2,176,472

30,723

96,398

Real

Estate

(0.5%):

Boardwalk

Real

Estate

Investment

Trust

......................................

366,028

18,815

Utilities

(0.3%):

Boralex,

Inc.

,

Class

A

....................................................

534,233

12,414

407,399

Denmark

(3.2%):

Consumer

Discretionary

(0.5%):

Pandora

A/S

..........................................................

106,579

18,782

Financials

(0.5%):

Jyske

Bank

A/S

,

Registered

Shares

..........................................

192,864

19,519

Health

Care

(0.7%):

Ascendis

Pharma

A/S

,

ADR

(a) .............................................

79,819

13,777

Bavarian

Nordic

A/S

(a) ..................................................

525,071

14,001

27,778

Industrials

(1.2%):

FLSmidth

&

Co.

A/S

....................................................

185,898

11,395

ISS

A/S

..............................................................

483,954

13,510

ROCKWOOL

A/S

,

Class

B

................................................

390,863

18,323

43,228

Information

Technology

(0.3%):

Netcompany

Group

A/S

(a) (e) ..............................................

251,819

10,783

120,090

Finland

(1.3%):

Health

Care

(0.6%):

Orion

Oyj

,

Class

B

......................................................

292,721

22,019

Industrials

(0.7%):

Konecranes

Oyj

........................................................

351,532

27,930

49,949

France

(6.8%):

Consumer

Discretionary

(1.2%):

Accor

SA

............................................................

351,976

18,444

FDJ

UNITED

(e) .......................................................

396,558

15,559

Renault

SA

...........................................................

287,050

13,245

47,248

Energy

(0.7%):

Technip

Energies

NV

....................................................

583,696

24,554

Health

Care

(0.6%):

Ipsen

SA

.............................................................

101,288

12,064

Virbac

SACA

..........................................................

26,417

9,942

22,006

Industrials

(2.5%):

Eiffage

SA

............................................................

193,850

27,235

Elis

SA

..............................................................

863,253

24,765

SPIE

SA

.............................................................

570,617

32,082

Teleperformance

SE

.....................................................

106,242

10,318

94,400

Information

Technology

(0.6%):

Sopra

Steria

Group

......................................................

95,590

23,303

Victory

Portfolios

#### Victory

#### Trivalent

#### International

#### Small-Cap

#### Fund

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Materials

(0.4%):

Arkema

SA

...........................................................

227,167

$

16,773

Real

Estate

(0.8%):

Klepierre

SA

..........................................................

752,661

29,756

258,040

Germany

(5.8%):

Communication

Services

(1.9%):

CTS

Eventim

AG

&

Co.

KGaA

.............................................

189,773

23,595

Freenet

AG

...........................................................

603,727

19,679

Scout24

SE

(e) .........................................................

205,824

28,410

71,684

Consumer

Discretionary

(0.8%):

TUI

AG

(a) ............................................................

1,983,271

17,378

Zalando

SE

(a) (e) .......................................................

416,503

13,742

31,120

Industrials

(1.2%):

Bilfinger

SE

...........................................................

165,746

15,952

Jungheinrich

AG

.......................................................

363,260

17,141

Nordex

SE

(a) (b) .......................................................

621,205

12,325

45,418

Information

Technology

(1.0%):

Bechtle

AG

(b) .........................................................

288,011

13,519

SUSS

MicroTec

SE

.....................................................

257,493

14,151

TeamViewer

SE

(a) (e) ....................................................

980,349

11,062

38,732

Materials

(0.2%):

Evonik

Industries

AG

....................................................

429,822

8,878

Real

Estate

(0.7%):

TAG

Immobilien

AG

....................................................

1,417,140

25,269

221,101

Hong

Kong

(0.9%):

Health

Care

(0.6%):

The

United

Laboratories

International

Holdings

Ltd.

..............................

11,724,000

22,478

Real

Estate

(0.3%):

Kerry

Properties

Ltd.

....................................................

3,703,500

9,587

32,065

Ireland

(0.3%):

Consumer

Discretionary

(0.3%):

Cairn

Homes

PLC

......................................................

4,501,486

11,384

Italy

(5.3%):

Consumer

Discretionary

(1.1%):

Brunello

Cucinelli

SpA

...................................................

87,146

10,579

De'

Longhi

SpA

........................................................

357,492

12,000

Lottomatica

Group

SpA

..................................................

666,043

18,486

41,065

Financials

(1.5%):

Azimut

Holding

SpA

....................................................

496,793

15,936

Banca

Monte

dei

Paschi

di

Siena

SpA

(b) ......................................

2,264,421

19,203

BPER

Banca

SPA

.......................................................

2,262,930

20,536

55,675

Health

Care

(0.3%):

DiaSorin

SpA

.........................................................

98,132

10,502

Industrials

(0.7%):

Iveco

Group

NV

.......................................................

733,575

14,445

Maire

SpA

............................................................

1,004,394

13,233

27,678

Victory

Portfolios

#### Victory

#### Trivalent

#### International

#### Small-Cap

#### Fund

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Information

Technology

(0.5%):

Reply

SpA

............................................................

109,853

$

18,982

Materials

(0.8%):

Buzzi

SpA

............................................................

574,248

31,844

Utilities

(0.4%):

Iren

SpA

.............................................................

4,789,063

14,793

200,539

Japan

(23.1%):

Communication

Services

(0.5%):

Anycolor,

Inc.

.........................................................

544,000

19,651

Consumer

Discretionary

(4.7%):

ABC-Mart,

Inc.

........................................................

631,800

12,981

Food

&

Life

Cos

Ltd.

....................................................

384,600

18,704

Kyoritsu

Maintenance

Co.

Ltd.

.............................................

478,800

11,690

NHK

Spring

Co.

Ltd.

....................................................

1,356,700

14,774

PAL

GROUP

Holdings

Co.

Ltd.

............................................

443,400

11,093

Resorttrust,

Inc.

........................................................

1,231,100

15,036

Round

One

Corp.

.......................................................

2,557,800

26,109

Sankyo

Co.

Ltd.

........................................................

1,473,500

27,276

Sumitomo

Forestry

Co.

Ltd.

(b) .............................................

909,000

9,180

Toyo

Tire

Corp.

........................................................

853,400

18,078

Toyoda

Gosei

Co.

Ltd.

...................................................

752,300

14,802

179,723

Consumer

Staples

(1.4%):

Lion

Corp.

(b) ..........................................................

815,200

8,430

Morinaga

Milk

Industry

Co.

Ltd.

............................................

537,000

12,066

Nissui

Corp.

..........................................................

2,623,500

15,943

Toyo

Suisan

Kaisha

Ltd.

..................................................

267,900

17,808

54,247

Financials

(2.1%):

Credit

Saison

Co.

Ltd.

...................................................

990,700

26,732

Fuyo

General

Lease

Co.

Ltd.

...............................................

382,100

10,334

Mebuki

Financial

Group,

Inc.

..............................................

4,924,300

25,699

Yamaguchi

Financial

Group,

Inc.

............................................

1,697,900

18,269

81,034

Health

Care

(1.1%):

Santen

Pharmaceutical

Co.

Ltd.

.............................................

1,515,100

17,388

Sawai

Group

Holdings

Co.

Ltd.

.............................................

1,020,700

12,985

Tsumura

&

Co.

........................................................

431,700

10,420

40,793

Industrials

(6.3%):

Ebara

Corp.

...........................................................

890,100

17,072

Fuji

Corp.

............................................................

700,100

13,033

GS

Yuasa

Corp.

........................................................

895,800

16,717

INFRONEER

Holdings,

Inc.

...............................................

1,406,500

11,802

Kanadevia

Corp.

.......................................................

1,357,200

9,171

Kandenko

Co.

Ltd.

......................................................

835,800

19,293

Kinden

Corp.

..........................................................

478,900

14,071

Meidensha

Corp.

.......................................................

317,400

11,944

NIPPON

EXPRESS

HOLDINGS,

Inc.

........................................

702,200

14,088

Nitto

Boseki

Co.

Ltd.

....................................................

420,300

17,700

Park24

Co.

Ltd.

........................................................

1,048,000

13,435

Sankyu,

Inc.

..........................................................

225,300

12,086

Sanwa

Holdings

Corp.

...................................................

1,090,100

36,158

SWCC

Corp.

..........................................................

285,700

14,898

TechnoPro

Holdings,

Inc.

.................................................

613,400

17,877

239,345

Information

Technology

(2.9%):

Anritsu

Corp.

..........................................................

1,075,700

13,908

Victory

Portfolios

#### Victory

#### Trivalent

#### International

#### Small-Cap

#### Fund

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Azbil

Corp.

...........................................................

1,490,200

$

14,133

BIPROGY,

Inc.

........................................................

345,900

14,464

Dentsu

Soken,

Inc.

......................................................

248,800

11,594

Horiba

Ltd.

...........................................................

148,900

11,585

Ibiden

Co.

Ltd.

.........................................................

278,700

12,236

Nippon

Electric

Glass

Co.

Ltd.

(b) ...........................................

520,700

12,356

Tokyo

Seimitsu

Co.

Ltd.

..................................................

285,300

18,959

109,235

Materials

(2.2%):

Daicel

Corp.

..........................................................

1,700,900

14,260

Daido

Steel

Co.

Ltd.

.....................................................

1,192,900

8,238

Kaneka

Corp.

..........................................................

323,800

8,935

Mitsui

Mining

&

Smelting

Co.

Ltd.

..........................................

379,000

13,216

Sumitomo

Bakelite

Co.

Ltd.

...............................................

416,600

12,019

Taiheiyo

Cement

Corp.

...................................................

465,900

11,561

Tokyo

Ohka

Kogyo

Co.

Ltd.

(b) .............................................

585,000

17,002

85,231

Real

Estate

(1.6%):

Invincible

Investment

Corp.

(b) .............................................

29,947

12,897

KDX

Realty

Investment

Corp.

..............................................

6,200

6,728

Nippon

Accommodations

Fund,

Inc.

.........................................

9,586

7,841

Tokyo

Tatemono

Co.

Ltd.

(b) ...............................................

839,200

14,937

Tokyu

Fudosan

Holdings

Corp.

.............................................

2,349,500

16,792

59,195

Utilities

(0.3%):

Tohoku

Electric

Power

Co.,

Inc.

............................................

1,261,200

9,210

877,664

Luxembourg

(0.5%):

Communication

Services

(0.5%):

Millicom

International

Cellular

SA

..........................................

487,198

18,255

Macau

(0.4%):

Consumer

Discretionary

(0.4%):

MGM

China

Holdings

Ltd.

................................................

8,968,800

14,747

Netherlands

(1.9%):

Financials

(1.4%):

ASR

Nederland

NV

.....................................................

337,290

22,409

Euronext

NV

(e) ........................................................

180,377

30,902

53,311

Information

Technology

(0.5%):

BE

Semiconductor

Industries

NV

...........................................

126,556

18,924

72,235

Singapore

(1.1%):

Real

Estate

(0.5%):

Keppel

DC

REIT

.......................................................

9,264,100

16,986

Utilities

(0.6%):

Sembcorp

Industries

Ltd.

.................................................

4,524,300

24,378

41,364

South

Africa

(0.4%):

Financials

(0.4%):

Investec

PLC

..........................................................

2,105,006

15,757

South

Korea

(6.2%):

Communication

Services

(0.3%):

SOOP

Co.

Ltd.

.........................................................

150,377

10,140

Consumer

Discretionary

(0.4%):

Silicon2

Co.

Ltd.

(a) .....................................................

351,171

15,968

Consumer

Staples

(0.7%):

E-MART,

Inc.

.........................................................

173,274

10,957

Victory

Portfolios

#### Victory

#### Trivalent

#### International

#### Small-Cap

#### Fund

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Kolmar

Korea

Co.

Ltd.

...................................................

192,817

$

14,221

25,178

Health

Care

(1.6%):

Classys,

Inc.

..........................................................

466,490

21,628

Hugel,

Inc.

(a) .........................................................

51,108

14,645

PharmaResearch

Co.

Ltd.

.................................................

72,432

26,405

62,678

Industrials

(1.7%):

Hyosung

Heavy

Industries

Corp.

............................................

43,174

28,441

Hyundai

Rotem

Co.

Ltd.

..................................................

197,132

28,613

Samsung

E&A

Co.

Ltd.

..................................................

565,015

9,227

66,281

Information

Technology

(0.7%):

Isu

Petasys

Co.

Ltd.

.....................................................

332,521

12,877

LEENO

Industrial,

Inc.

...................................................

318,877

11,993

24,870

Materials

(0.8%):

Poongsan

Corp.

........................................................

301,335

28,720

233,835

Spain

(3.5%):

Financials

(1.7%):

Bankinter

SA

(b) ........................................................

2,980,518

38,904

Mapfre

SA

............................................................

6,198,567

25,388

64,292

Industrials

(0.4%):

Logista

Integral

SA

.....................................................

441,908

14,477

Information

Technology

(0.8%):

Indra

Sistemas

SA

(b) ....................................................

742,200

32,197

Real

Estate

(0.6%):

Merlin

Properties

Socimi

SA

...............................................

1,767,405

23,298

134,264

Sweden

(2.5%):

Financials

(0.6%):

Avanza

Bank

Holding

AB

(b) ...............................................

686,770

23,313

Industrials

(1.0%):

Loomis

AB

...........................................................

344,274

14,480

NCC

AB

,

Class

B

.......................................................

694,525

13,002

Storskogen

Group

AB

,

Class

B

.............................................

9,184,452

11,021

38,503

Materials

(0.4%):

Billerud

Aktiebolag

.....................................................

1,604,799

16,634

Real

Estate

(0.5%):

Wihlborgs

Fastigheter

AB

.................................................

1,593,358

17,266

95,716

Switzerland

(7.7%):

Consumer

Discretionary

(0.4%):

Avolta

AG

............................................................

264,603

14,420

Consumer

Staples

(0.9%):

Coca-Cola

HBC

AG

,

Class

DI

..............................................

632,213

33,022

Financials

(1.2%):

Swissquote

Group

Holding

SA

,

Registered

Shares

...............................

80,707

45,889

Health

Care

(1.0%):

Galenica

AG

(e) ........................................................

215,518

23,595

Siegfried

Holding

AG

,

Registered

Shares

......................................

117,154

13,206

36,801

Victory

Portfolios

#### Victory

#### Trivalent

#### International

#### Small-Cap

#### Fund

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Industrials

(2.6%):

Accelleron

Industries

AG

.................................................

319,105

$

22,497

Belimo

Holding

AG

,

Class

R

..............................................

13,032

13,289

Bucher

Industries

AG

,

Registered

Shares

......................................

22,874

11,374

DKSH

Holding

AG

.....................................................

168,273

13,095

Flughafen

Zurich

AG

,

Registered

Shares

......................................

41,024

11,702

Sulzer

AG

,

Registered

Shares

..............................................

158,753

28,702

100,659

Information

Technology

(0.5%):

Logitech

International

SA

,

Class

R

..........................................

99,946

9,068

Temenos

AG

,

Registered

Shares

............................................

157,212

11,298

20,366

Real

Estate

(0.8%):

PSP

Swiss

Property

AG

,

Registered

Shares

.....................................

167,137

30,869

Utilities

(0.3%):

BKW

AG

............................................................

54,759

12,011

294,037

United

Kingdom

(11.6%):

Communication

Services

(0.3%):

Rightmove

PLC

........................................................

1,164,846

12,605

Consumer

Discretionary

(1.5%):

Barratt

Redrow

PLC

.....................................................

3,147,251

19,704

Currys

PLC

(a) .........................................................

9,590,314

16,028

Inchcape

PLC

.........................................................

1,213,186

12,086

Trainline

PLC

(a) (e) .....................................................

2,483,272

9,537

57,355

Consumer

Staples

(0.7%):

Cranswick

PLC

........................................................

205,223

15,071

Nomad

Foods

Ltd.

......................................................

658,791

11,193

26,264

Energy

(0.4%):

Harbour

Energy

PLC

....................................................

6,229,459

16,696

Financials

(2.2%):

Beazley

PLC

..........................................................

2,311,014

29,668

Intermediate

Capital

Group

PLC

............................................

590,109

15,650

OSB

Group

PLC

.......................................................

2,007,327

14,419

St

James's

Place

PLC

....................................................

1,398,134

22,779

82,516

Health

Care

(1.0%):

ConvaTec

Group

PLC

(e) .................................................

4,790,757

18,973

Hikma

Pharmaceuticals

PLC

...............................................

683,575

18,651

37,624

Industrials

(2.7%):

Babcock

International

Group

PLC

...........................................

1,817,835

28,626

Balfour

Beatty

PLC

.....................................................

2,892,603

20,750

easyJet

PLC

...........................................................

1,509,380

11,044

IMI

PLC

.............................................................

506,857

14,582

JET2

PLC

............................................................

632,352

16,034

The

Weir

Group

PLC

....................................................

356,906

12,204

103,240

Information

Technology

(0.6%):

Computacenter

PLC

.....................................................

294,305

9,698

Softcat

PLC

...........................................................

604,504

14,244

23,942

Materials

(0.6%):

Endeavour

Mining

PLC

..................................................

701,678

21,639

Victory

Portfolios

#### Victory

#### Trivalent

#### International

#### Small-Cap

#### Fund

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Real

Estate

(1.2%):

LondonMetric

Property

PLC

...............................................

5,369,364

$

14,991

The

British

Land

Co.

PLC

................................................

3,166,399

16,431

Tritax

Big

Box

REIT

PLC

.................................................

7,546,374

15,363

46,785

Utilities

(0.4%):

Drax

Group

PLC

.......................................................

1,468,934

13,998

442,664

Total

Common

Stocks

(Cost

$2,599,877)

3,748,888

Exchange-Traded

Funds

(0.1%)

United

States

(0.1%):

Vanguard

FTSE

Developed

Markets

ETF

......................................

66,538

3,793

Total

Exchange-Traded

Funds

(Cost

$3,644)

3,793

Collateral

for

Securities

Loaned

(3.1%)^

United

States

(3.1%):

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.23

%

(f) ........

29,368,641

29,368

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.27

%

(f) ............

29,368,641

29,369

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.29

%

(f) ................

29,368,641

29,369

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.24

%

(f) .

29,368,641

29,369

Total

Collateral

for

Securities

Loaned

(Cost

$117,475)

117,475

Total

Investments

(Cost

$2,720,996)

—

101.8%

3,870,156

Liabilities

in

excess

of

other

assets

—

(1.8)%

(66,600)

NET

ASSETS

-

100.00%

$

3,803,556

^

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) Rounds

to

less

than

$1

thousand.

(e) 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

$162,563

(thousands)

and

amounted

to

4.3%

of

net

assets.

(f) Rate

disclosed

is

the

daily

yield

on

June

30,

2025. ADR

—

American

Depositary

Receipt

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Schedule

of

Portfolio

Investments

June

30,

2025

Victory

Portfolios

#### Victory

#### Core

#### Bond

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Asset-Backed

Securities

(8.8%)

ABS

Auto

(5.0%):

ARI

Fleet

Lease

Trust

,

Series

2025-A

,

Class

A3

,

.46

%

,

1/17/34

,

Callable

10/15/28

@

(a) $

$

CarMax

Auto

Owner

Trust

,

Series

2024-2

,

Class

B

,

.69

%

,

11/15/29

,

Callable

11/15/27

@

Chase

Auto

Owner

Trust

..................................................

Series

2024-1A

,

Class

A4

,

.05

%

,

10/25/29

,

Callable

9/25/27

@

(a) ............

Series

2024-2A

,

Class

B

,

.55

%

,

1/25/30

,

Callable

10/25/27

@

(a) .............

Series

2024-3A

,

Class

A4

,

.08

%

,

12/25/29

,

Callable

10/25/27

@

(a) ...........

Series

2024-4A

,

Class

B

,

.23

%

,

4/25/30

,

Callable

12/25/27

@

(a) .............

Chesapeake

Funding

II

LLC

,

Series

2024-1A

,

Class

A1

,

.52

%

,

5/15/36

,

Callable

7/15/27

@

(a) ...........................................................

Ent

Auto

Receivables

Trust

,

Series

2023-1A

,

Class

A4

,

.26

%

,

11/15/29

,

Callable

1/15/28

@

(a) ...........................................................

Enterprise

Fleet

Financing

LLC

,

Series

2024-2

,

Class

A4

,

.69

%

,

12/20/30

,

Callable

2/20/28

@

(a) ...........................................................

Foursight

Capital

Automobile

Receivables

Trust

,

Series

2023-1

,

Class

A3

,

.39

%

,

12/15/27

,

Callable

9/15/26

@

(a) ............................................

GLS

Auto

Select

Receivables

Trust

,

Series

2025-1A

,

Class

A2

,

.71

%

,

4/15/30

,

Callable

9/15/29

@

(a) ...................................................

GM

Financial

Consumer

Automobile

Receivables

Trust

,

Series

2025-1

,

Class

B

,

.00

%

,

8/16/30

,

Callable

1/16/28

@

........................................

LAD

Auto

Receivables

Trust

,

Series

2023-4A

,

Class

B

,

.39

%

,

10/16/28

,

Callable

11/15/27

@

(a) ...........................................................

M&T

Bank

Auto

Receivables

Trust

,

Series

2025-1A

,

Class

A4

,

.89

%

,

7/15/32

,

Callable

11/15/28

@

(a) ..................................................

Mercedes-Benz

Auto

Receivables

Trust

,

Series

2025-1

,

Class

A4

,

.92

%

,

4/15/31

,

Callable

8/15/28

@

.....................................................

PenFed

Auto

Receivables

Owner

Trust

,

Series

2024-A

,

Class

A4

,

.75

%

,

3/15/30

,

Callable

1/15/29

@

(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

@

.................

SBNA

Auto

Receivables

Trust

..............................................

Series

2024-A

,

Class

A4

,

.21

%

,

4/16/29

,

Callable

3/15/28

@

(a) ..............

Series

2024-A

,

Class

B

,

.29

%

,

9/17/29

,

Callable

3/15/28

@

(a) ...............

SCCU

Auto

Receivables

Trust

,

Series

2024-1A

,

Class

B

,

.33

%

,

7/15/30

,

Callable

4/15/28

@

(a) ...........................................................

Securitized

Term

Auto

Receivables

Trust

,

Series

2025-A

,

Class

B

,

.04

%

,

7/25/31

,

Callable

1/25/28

@

(a) ...................................................

SFS

Auto

Receivables

Securitization

Trust

,

Series

2024-1A

,

Class

B

,

.38

%

,

1/21/31

,

Callable

1/20/28

@

(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) .............

Toyota

Auto

Receivables

Owner

Trust

,

Series

2024-D

,

Class

A4

,

.43

%

,

4/15/30

,

Callable

3/15/28

@

.....................................................

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) ..............

Series

2023-2A

,

Class

B

,

.14

%

,

3/15/28

,

Callable

12/15/26

@

(a) .............

Wheels

Fleet

Lease

Funding

LLC

,

Series

2024-2A

,

Class

B

,

.84

%

,

6/21/39

(a) .........

1,807

ABS

Card

(1.2%):

BA

Credit

Card

Trust

,

Series

2024-A1

,

Class

A

,

.93

%

,

5/15/29

......................

Capital

One

Multi-Asset

Execution

Trust

,

Series

2021-A2

,

Class

A2

,

.39

%

,

7/15/30

.......

CARDS

II

Trust

,

Series

2024-1A

,

Class

C

,

.84

%

,

7/15/29

(a) .......................

Chase

Issuance

Trust

,

Series

2024-A2

,

Class

A

,

.63

%

,

1/15/31

......................

Citibank

Credit

Card

Issuance

Trust

,

Series

2018-A7

,

Class

A7

,

.96

%

,

10/13/30

.........

Master

Credit

Card

Trust

II

,

Series

2023-4A

,

Class

C

,

.53

%

,

10/21/32

(a) ..............

Victory

Portfolios

#### Victory

#### Core

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) ABS

Home

(0.1%):

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

,

Series

2002-HE16

,

Class

M1

,

.75

%

(TSFR1M

+

bps)

,

10/25/32

,

Callable

7/25/25

@

(b) ......................

$

$

ABS

Other

(2.5%):

Barings

Equipment

Finance

LLC

,

Series

2025-A

,

Class

A4

,

.02

%

,

6/13/50

,

Callable

11/13/29

@

(a) .........................................................

CCG

Receivables

Trust

,

Series

2023-2

,

Class

B

,

.21

%

,

4/14/32

,

Callable

9/14/27

@

(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) ...................................................

Dell

Equipment

Finance

Trust

,

Series

2024-1

,

Class

B

,

.53

%

,

3/22/30

,

Callable

11/22/26

@

(a) ...........................................................

DLLAD

LLC

,

Series

2024-1A

,

Class

A4

,

.38

%

,

9/22/31

,

Callable

1/20/29

@

(a) ......

DLLMT

LLC

,

Series

2024-1A

,

Class

A4

,

.98

%

,

4/20/32

,

Callable

5/20/28

@

(a) ......

GreatAmerica

Leasing

Receivables

Funding

LLC

,

Series

2025-1

,

Class

A4

,

.58

%

,

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) ...........................................................

John

Deere

Owner

Trust

,

Series

2024-C

,

Class

A4

,

.15

%

,

8/15/31

,

Callable

5/15/28

@

.

M&T

Equipment

LEAF1

Notes

,

Series

2024-1A

,

Class

A4

,

.94

%

,

8/18/31

,

Callable

7/16/28

@

(a) .........................................................

PEAC

Solutions

Receivables

LLC

...........................................

Series

2024-1A

,

Class

A3

,

.64

%

,

11/20/30

,

Callable

3/20/28

@

(a) ............

Series

2025-1A

,

Class

A3

,

.04

%

,

7/20/32

,

Callable

9/20/28

@

(a) .............

SCF

Equipment

Leasing

LLC

,

Series

2023-1A

,

Class

B

,

.37

%

,

5/20/32

,

Callable

4/20/30

@

(a) ...........................................................

VB-S1

Issuer

LLC

-

VBTEL

,

Series

2024-1A

,

Class

C2

,

.59

%

,

5/15/54

,

Callable

5/15/27

@

(a) ...........................................................

Volvo

Financial

Equipment

LLC

,

Series

2024-1A

,

Class

A4

,

.29

%

,

7/15/31

,

Callable

5/15/28

@

(a) .........................................................

891

Total

Asset-Backed

Securities

(Cost

$3,144)

a

a

a

3,193

Collateralized

Mortgage

Obligations

(6.1%)

Agency

CMO

Other

(1.0%):

Federal

Home

Loan

Mortgage

Corporation

,

Series

4395

,

Class

PA

,

.50

%

,

4/15/37

........

Federal

National

Mortgage

Association

.......................................

Series

2005-19

,

Class

PB

,

.50

%

,

3/25/35

.................................

Series

2011-21

,

Class

PA

,

.50

%

,

5/25/40

.................................

Series

2013-81

,

Class

KA

,

.75

%

,

9/25/42

.................................

Agency

Commercial

MBS

(0.3%):

Federal

Home

Loan

Mortgage

Corporation

,

Series

K146

,

Class

A2

,

.92

%

,

6/25/32

,

Callable

6/25/32

@

.....................................................

Federal

National

Mortgage

Association

,

Series

2022-M12

,

Class

A

,

.18

%

,

12/25/28

(c) .....

Commercial

MBS

(4.8%):

BANK

,

Series

2020-BN26

,

Class

AS

,

.69

%

,

3/15/63

,

Callable

3/15/30

@

...........

CFCRE

Commercial

Mortgage

Trust

,

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

@

.............

Series

2016-P4

,

Class

A4

,

.90

%

,

7/10/49

,

Callable

7/10/26

@

...............

COMM

Mortgage

Trust

,

Series

2024-277P

,

Class

A

,

.34

%

,

8/10/44

(a) (d) ..............

CSAIL

Commercial

Mortgage

Trust

,

Series

2015-C3

,

Class

A4

,

.72

%

,

8/15/48

,

Callable

8/15/25

@

.....................................................

GS

Mortgage

Securities

Trust

,

Series

2016-GS2

,

Class

A4

,

.05

%

,

5/10/49

,

Callable

5/10/26

@

.............................................................

Houston

Galleria

Mall

Trust

,

Series

2025-HGLR

,

Class

A

,

.64

%

,

2/5/45

(a) (c) (d) .........

IRV

Trust

,

Series

2025-200P

,

Class

A

,

.47

%

,

3/14/47

,

Callable

2/14/35

@

(a) (c) (d) ....

Victory

Portfolios

#### Victory

#### Core

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

Series

2016-JP2

,

Class

A4

,

.82

%

,

8/15/49

,

Callable

7/15/26

@

........................................

$

$

JPMBB

Commercial

Mortgage

Securities

Trust

.................................

Series

2015-C31

,

Class

A3

,

.80

%

,

8/15/48

,

Callable

8/15/25

@

..............

Series

2016-C1

,

Class

A5

,

.58

%

,

3/17/49

,

Callable

2/15/26

@

...............

One

Bryant

Park

Trust

,

Series

2019-OBP

,

Class

A

,

.52

%

,

9/15/54

(a) (d) ................

Wells

Fargo

Commercial

Mortgage

Trust

,

Series

2016-NXS6

,

Class

A4

,

.92

%

,

11/15/49

,

Callable

10/15/26

@

.............................................

1,755

Total

Collateralized

Mortgage

Obligations

(Cost

$2,269)

a

a

a

2,204

Corporate

Bonds

(25.9%)

Communication

Services

(1.7%):

AT&T,

Inc.

,

.15

%

,

11/15/46

,

Callable

5/15/46

@

............................

Comcast

Corp.

,

.45

%

,

2/1/50

,

Callable

8/1/49

@

............................

Discovery

Communications

LLC

,

.63

%

,

5/15/30

,

Callable

2/15/30

@

..............

T-Mobile

US,

Inc.

,

.88

%

,

4/15/30

,

Callable

1/15/30

@

........................

Verizon

Communications,

Inc.

,

.55

%

,

3/22/51

,

Callable

9/22/50

@

................

620

Consumer

Discretionary

(1.4%):

D.R.

Horton,

Inc.

,

.00

%

,

10/15/34

,

Callable

7/15/34

@

........................

Daimler

Truck

Finance

North

America

LLC

,

.38

%

,

1/13/32

,

Callable

11/13/31

@

(a) ...

Genuine

Parts

Co.

.95

%

,

8/15/29

,

Callable

7/15/29

@

..................................

.75

%

,

2/1/32

,

Callable

11/1/31

@

...................................

Marriott

International,

Inc.

,

.50

%

,

4/15/37

,

Callable

1/15/37

@

..................

Mattel,

Inc.

,

.75

%

,

4/1/29

,

Callable

7/13/25

@

100.94 (a) ..........................

NVR,

Inc.

,

.00

%

,

5/15/30

,

Callable

11/15/29

@

.............................

O'Reilly

Automotive,

Inc.

,

.70

%

,

6/15/32

,

Callable

3/15/32

@

...................

Tapestry,

Inc.

,

.50

%

,

3/11/35

,

Callable

12/11/34

@

...........................

Volkswagen

Group

of

America

Finance

LLC

,

.45

%

,

11/16/30

,

Callable

9/16/30

@

(a) ..

508

Consumer

Staples

(2.4%):

Altria

Group,

Inc.

,

.40

%

,

2/14/26

,

Callable

12/14/25

@

........................

BAT

Capital

Corp.

,

.28

%

,

4/2/50

,

Callable

10/2/49

@

.........................

Bimbo

Bakeries

USA,

Inc.

,

.38

%

,

1/9/36

,

Callable

10/9/35

@

(a) .................

Coca-Cola

Consolidated,

Inc.

,

.45

%

,

6/1/34

,

Callable

3/1/34

@

..................

Keurig

Dr.

Pepper,

Inc.

,

.50

%

,

4/15/52

,

Callable

10/15/51

@

....................

Mars,

Inc.

,

.65

%

,

5/1/45

,

Callable

11/1/44

@

(a) .............................

Sodexo,

Inc.

,

.72

%

,

4/16/31

,

Callable

1/16/31

@

(a) ..........................

Sysco

Corp.

,

.40

%

,

3/23/35

,

Callable

12/23/34

@

............................

The

Campbell's

Company

,

.20

%

,

3/21/29

,

Callable

2/21/29

@

...................

The

Estee

Lauder

Cos.,

Inc.

,

.15

%

,

3/15/47

,

Callable

9/15/46

@

.................

The

Hershey

Co.

,

.10

%

,

2/24/35

,

Callable

11/24/34

@

........................

The

J.M.

Smucker

Co.

,

.20

%

,

11/15/33

,

Callable

8/15/33

@

....................

The

Kroger

Co.

,

.00

%

,

9/15/34

,

Callable

6/15/34

@

..........................

872

Energy

(2.8%):

Eastern

Energy

Gas

Holdings

LLC

.65

%

,

10/15/54

,

Callable

4/15/54

@

.................................

.20

%

,

1/15/55

,

Callable

7/15/54

@

..................................

Energy

Transfer

LP

,

.75

%

,

5/15/30

,

Callable

2/15/30

@

........................

Enterprise

Products

Operating

LLC

,

.95

%

,

2/15/35

,

Callable

11/15/34

@

...........

EOG

Resources,

Inc.

,

.35

%

,

1/15/36

,

Callable

10/15/35

@

.....................

Evergy

Missouri

West,

Inc.

,

.65

%

,

6/1/34

,

Callable

3/1/34

@

(a) ..................

Florida

Gas

Transmission

Co.

LLC

,

.75

%

,

7/15/35

,

Callable

4/15/35

@

(a) ..........

MPLX

LP

,

.00

%

,

3/15/28

,

Callable

12/15/27

@

.............................

Murphy

Oil

USA,

Inc.

,

.75

%

,

2/15/31

,

Callable

2/15/26

@

101.88 (a) .................

Occidental

Petroleum

Corp.

,

.45

%

,

9/15/36

...................................

ONEOK,

Inc.

,

.05

%

,

11/1/34

,

Callable

8/1/34

@

.............................

Victory

Portfolios

#### Victory

#### Core

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Pioneer

Natural

Resources

Co.

,

.90

%

,

8/15/30

,

Callable

5/15/30

@

...............

$

$

Plains

All

American

Pipeline

LP

,

.95

%

,

6/15/35

,

Callable

3/15/35

@

..............

Tampa

Electric

Co.

,

.15

%

,

3/1/35

,

Callable

12/1/34

@

........................

Targa

Resources

Corp.

,

.55

%

,

8/15/35

,

Callable

5/15/35

@

.....................

Valero

Energy

Corp.

,

.15

%

,

2/15/30

,

Callable

1/15/30

@

.......................

Western

Midstream

Operating

LP

,

.05

%

,

2/1/30

,

Callable

11/1/29

@

..............

1,016

Financials

(5.4%):

Park

Funding

Trust

,

.74

%

,

2/15/55

,

Callable

8/15/54

@

(a) ..................

American

Express

Co.

,

.28

%

(SOFR

+

bps)

,

7/26/35

,

Callable

7/26/34

@

(b) .......

American

Honda

Finance

Corp.

,

.20

%

,

3/5/35

..................................

American

National

Global

Funding

,

.55

%

,

1/28/30

(a) ............................

American

National

Group,

Inc.

,

.00

%

,

7/15/35

,

Callable

4/15/35

@

...............

Amrize

Finance

US

LLC

,

.40

%

,

4/7/35

,

Callable

1/7/35

@

(a) ...................

Bank

of

America

Corp.

,

.57

%

(SOFR

+

bps)

,

10/20/32

,

Callable

10/20/31

@

(b) ....

Brown

&

Brown,

Inc.

,

.25

%

,

6/23/32

,

Callable

4/23/32

@

......................

Capital

One

Financial

Corp.

,

.36

%

(SOFR

+

bps)

,

7/29/32

,

Callable

7/29/31

@

(b) ...

Citizens

Financial

Group,

Inc.

.50

%

,

2/6/30

,

Callable

11/6/29

@

...................................

.25

%

(SOFR

+

bps)

,

3/5/31

,

Callable

3/5/30

@

(b) ......................

CNO

Global

Funding

,

.95

%

,

9/9/29

(a) .......................................

Diageo

Investment

Corp.

,

.63

%

,

4/15/35

,

Callable

1/15/35

@

...................

Fiserv,

Inc.

,

.60

%

,

3/2/33

,

Callable

12/2/32

@

..............................

JPMorgan

Chase

&

Co.

,

.72

%

(SOFR

+

bps)

,

9/14/33

,

Callable

9/14/32

@

(b) ......

KeyCorp

,

.79

%

(SOFRINDX

+

bps)

,

6/1/33

,

Callable

6/1/32

@

,

MTN

(b) .........

LPL

Holdings,

Inc.

,

.75

%

,

6/15/35

,

Callable

3/15/35

@

........................

MassMutual

Global

Funding

II

,

.35

%

,

9/17/31

(a) ...............................

Morgan

Stanley

,

.51

%

(SOFR

+

bps)

,

10/20/32

,

Callable

10/20/31

@

,

MTN

(b) .....

New

York

Life

Global

Funding

,

.00

%

,

1/9/34

(a) ................................

NLG

Global

Funding

,

.40

%

,

1/23/30

(a) ......................................

Old

Republic

International

Corp.

,

.85

%

,

6/11/51

,

Callable

12/11/50

@

.............

Protective

Life

Global

Funding

,

.43

%

,

1/14/32

(a) ...............................

Regions

Financial

Corp.

,

.80

%

,

8/12/28

,

Callable

6/12/28

@

....................

RGA

Global

Funding

,

.50

%

,

1/11/31

(a) ......................................

Santander

Holdings

USA,

Inc.

,

.35

%

(SOFR

+

bps)

,

9/6/30

,

Callable

9/6/29

@

(b) ...

Simon

Property

Group

LP

,

.85

%

,

3/8/53

,

Callable

9/8/52

@

.....................

Swepco

Storm

Recovery

Funding

LLC

,

.88

%

,

9/1/39

............................

The

Bank

of

New

York

Mellon

Corp.

,

.70

%

(H15T5Y

+

bps)

,

Callable

9/20/25

@

(b) (e) 50

The

NorthWestern

Mutual

Life

Insurance

Co.

,

.17

%

,

5/29/55

,

Callable

11/29/54

@

(a) ..

The

PNC

Financial

Services

Group,

Inc.

.63

%

(SOFRINDX

+

bps)

,

6/6/33

,

Callable

6/6/32

@

(b) .................

.68

%

(SOFR

+

bps)

,

1/22/35

,

Callable

1/22/34

@

(b) ....................

Toyota

Motor

Credit

Corp.

,

.35

%

,

1/9/35

.....................................

Truist

Financial

Corp.

.95

%

(H15T5Y

+

bps)

,

Callable

9/1/25

@

(b) (e) .......................

.87

%

(SOFR

+

bps)

,

6/8/34

,

Callable

6/8/33

@

,

MTN

(b) .................

U.S.

Bancorp

,

.78

%

(SOFR

+

bps)

,

6/12/29

,

Callable

6/12/28

@

(b) .............

UL

Solutions,

Inc.

,

.50

%

,

10/20/28

,

Callable

9/20/28

@

(a) .....................

1,972

Health

Care

(2.7%):

AbbVie,

Inc.

,

.45

%

,

5/14/46

,

Callable

11/14/45

@

...........................

Amgen,

Inc.

,

.15

%

,

3/2/28

,

Callable

2/2/28

@

..............................

Baxter

International,

Inc.

,

.50

%

,

8/15/46

,

Callable

2/15/46

@

...................

Biogen,

Inc.

,

.75

%

,

5/15/35

,

Callable

2/15/35

@

.............................

Bristol-Myers

Squibb

Co.

,

.90

%

,

11/15/33

,

Callable

8/15/33

@

..................

Centene

Corp.

,

.25

%

,

12/15/27

,

Callable

7/18/25

@

100.71 ........................

DENTSPLY

SIRONA,

Inc.

,

.25

%

,

6/1/30

,

Callable

3/1/30

@

....................

HCA,

Inc.

,

.13

%

,

6/15/29

,

Callable

3/15/29

@

..............................

Health

Care

Service

Corp.

A

Mutual

Legal

Reserve

Co.

,

.45

%

,

6/15/34

,

Callable

3/15/34

@

(a) ...........................................................

Humana,

Inc.

,

.55

%

,

5/1/35

,

Callable

2/1/35

@

..............................

Laboratory

Corp.

of

America

Holdings

,

.55

%

,

4/1/32

,

Callable

2/1/32

@

...........

Victory

Portfolios

#### Victory

#### Core

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Universal

Health

Services,

Inc.

,

.65

%

,

10/15/30

,

Callable

7/15/30

@

(a) ............

$

$

Zimmer

Biomet

Holdings,

Inc.

,

.20

%

,

9/15/34

,

Callable

6/15/34

@

...............

984

Industrials

(3.4%):

Acuity

Brands

Lighting,

Inc.

,

.15

%

,

12/15/30

,

Callable

9/15/30

@

................

Ashtead

Capital,

Inc.

,

.25

%

,

11/1/29

,

Callable

7/13/25

@

102.13 (a) ..................

Columbia

Pipelines

Operating

Co.

LLC

,

.44

%

,

2/15/35

,

Callable

11/15/34

@

(a) ......

CSX

Corp.

,

.35

%

,

9/15/49

,

Callable

3/15/49

@

.............................

Cummins,

Inc.

,

.90

%

,

2/20/29

,

Callable

1/20/29

@

...........................

GXO

Logistics,

Inc.

,

.50

%

,

5/6/34

,

Callable

2/6/34

@

.........................

Honeywell

International,

Inc.

,

.80

%

,

6/1/50

,

Callable

12/1/49

@

.................

Leidos,

Inc.

,

.50

%

,

3/15/35

,

Callable

12/15/34

@

............................

Norfolk

Southern

Corp.

.30

%

,

5/15/31

,

Callable

2/15/31

@

..................................

.90

%

,

8/25/51

,

Callable

2/25/51

@

..................................

Northrop

Grumman

Corp.

,

.25

%

,

5/1/50

,

Callable

11/1/49

@

....................

Northwestern

Mutual

Global

Funding

.71

%

,

1/10/29

(a) ..................................................

.96

%

,

1/13/30

(a) ..................................................

Otis

Worldwide

Corp.

,

.11

%

,

2/15/40

,

Callable

8/15/39

@

......................

Regal

Rexnord

Corp.

,

.40

%

,

4/15/33

,

Callable

1/15/33

@

......................

Snap-on,

Inc.

,

.10

%

,

3/1/48

,

Callable

9/1/47

@

..............................

The

Boeing

Co.

,

.81

%

,

5/1/50

,

Callable

11/1/49

@

...........................

United

Airlines

Pass

Through

Trust

,

.45

%

,

2/15/37

..............................

United

Airlines,

Inc.

,

.63

%

,

4/15/29

,

Callable

10/15/28

@

(a) ....................

Verisk

Analytics,

Inc.

,

.25

%

,

6/5/34

,

Callable

3/5/34

@

........................

Waste

Management,

Inc.

,

.35

%

,

10/15/54

,

Callable

4/15/54

@

...................

1,222

Information

Technology

(1.2%):

Broadcom,

Inc.

,

.00

%

,

4/15/30

,

Callable

1/15/30

@

..........................

Hewlett

Packard

Enterprise

Co.

,

.00

%

,

10/15/34

,

Callable

7/15/34

@

..............

Keysight

Technologies,

Inc.

,

.95

%

,

10/15/34

,

Callable

7/15/34

@

................

Oracle

Corp.

.95

%

,

4/1/30

,

Callable

1/1/30

@

....................................

.60

%

,

4/1/50

,

Callable

10/1/49

@

...................................

Synopsys,

Inc.

,

.15

%

,

4/1/35

,

Callable

1/1/35

@

.............................

TSMC

Arizona

Corp.

,

.50

%

,

10/25/31

,

Callable

7/25/31

@

.....................

Materials

(1.0%):

Avery

Dennison

Corp.

,

.25

%

,

2/15/32

,

Callable

11/15/31

@

....................

Chevron

Phillips

Chemical

Co.

LLC/Chevron

Phillips

Chemical

Co.

LP

,

.75

%

,

5/15/30

,

Callable

4/15/30

@

(a) ............................................

Huntsman

International

LLC

,

.70

%

,

10/15/34

,

Callable

7/15/34

@

................

Martin

Marietta

Materials,

Inc.

.40

%

,

7/15/31

,

Callable

4/15/31

@

..................................

.50

%

,

12/1/54

,

Callable

6/1/54

@

...................................

Newmont

Corp.

,

.60

%

,

7/15/32

,

Callable

4/15/32

@

..........................

Packaging

Corp.

of

America

,

.05

%

,

10/1/51

,

Callable

4/1/51

@

..................

Sonoco

Products

Co.

,

.00

%

,

9/1/34

,

Callable

6/1/34

@

........................

Syensqo

Finance

America

LLC

,

.85

%

,

6/4/34

,

Callable

3/4/34

@

(a) ...............

Vulcan

Materials

Co.

,

.35

%

,

12/1/34

,

Callable

9/1/34

@

.......................

Real

Estate

(0.9%):

Alexandria

Real

Estate

Equities,

Inc.

,

.50

%

,

10/1/35

,

Callable

7/1/35

@

............

AvalonBay

Communities,

Inc.

,

.35

%

,

6/1/34

,

Callable

3/1/34

@

.................

CBRE

Services,

Inc.

,

.50

%

,

6/15/35

,

Callable

3/15/35

@

.......................

DOC

DR

LLC

,

.63

%

,

11/1/31

,

Callable

8/1/31

@

............................

GLP

Capital

LP/GLP

Financing

II,

Inc.

,

.63

%

,

9/15/34

,

Callable

6/15/34

@

.........

Sabra

Health

Care

LP

,

.13

%

,

8/15/26

,

Callable

7/31/25

@

100.57 ....................

SBA

Tower

Trust

,

.83

%

,

10/15/29

,

Callable

10/15/27

@

(a) .....................

Victory

Portfolios

#### Victory

#### Core

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Utilities

(3.0%):

AEP

Texas,

Inc.

,

.70

%

,

5/15/34

,

Callable

2/15/34

@

..........................

$

$

Ameren

Illinois

Co.

,

.55

%

,

11/15/30

,

Callable

8/15/30

@

......................

Arizona

Public

Service

Co.

,

.70

%

,

8/15/34

,

Callable

5/15/34

@

..................

Black

Hills

Corp.

,

.00

%

,

1/15/35

,

Callable

10/15/34

@

........................

Commonwealth

Edison

Co.

,

.30

%

,

6/1/34

,

Callable

3/1/34

@

...................

Consolidated

Edison

Co.

of

New

York,

Inc.

,

.30

%

,

8/15/37

........................

Duke

Energy

Corp.

,

.50

%

,

8/15/32

,

Callable

5/15/32

@

.......................

Entergy

Arkansas

LLC

,

.45

%

,

6/1/34

,

Callable

3/1/34

@

.......................

Entergy

Louisiana

LLC

.15

%

,

9/15/34

,

Callable

6/15/34

@

..................................

.80

%

,

3/15/55

,

Callable

9/15/54

@

..................................

Evergy

Kansas

Central,

Inc.

,

.25

%

,

3/15/35

,

Callable

12/15/34

@

................

Niagara

Mohawk

Power

Corp.

,

.29

%

,

1/17/34

,

Callable

10/17/33

@

(a) .............

Northern

States

Power

Co.

,

.65

%

,

6/15/54

,

Callable

12/15/53

@

.................

Oglethorpe

Power

Corp.

.20

%

,

12/1/42

....................................................

.80

%

,

6/1/54

,

Callable

12/1/53

@

(a) .................................

Oncor

Electric

Delivery

Co.

LLC

,

.35

%

,

4/1/35

,

Callable

1/1/35

@

(a) .............

Pinnacle

West

Capital

Corp.

,

.15

%

,

5/15/30

,

Callable

4/15/30

@

.................

Public

Service

Electric

&

Gas

Co.

,

.95

%

,

5/1/42

,

Callable

11/1/41

@

,

MTN

.........

The

Southern

Co.

,

.70

%

,

3/15/34

,

Callable

9/15/33

@

.........................

Wisconsin

Public

Service

Corp.

,

.85

%

,

12/1/51

,

Callable

6/1/51

@

...............

1,079

Total

Corporate

Bonds

(Cost

$9,830)

a

a

a

9,385

Yankee

Dollars

(4.2%)

Consumer

Staples

(0.2%):

Bacardi-Martini

BV

,

.00

%

,

2/1/35

,

Callable

11/1/34

@

(a) ......................

JBS

USA

Holding

LUX

SARL/JBS

USA

Food

Co./JBS

LUX

Co.

SARL

,

.75

%

,

3/15/34

,

Callable

12/15/33

@

.............................................

Energy

(0.3%):

Canadian

Natural

Resources

Ltd.

,

.40

%

,

12/15/34

,

Callable

9/15/34

@

(a) ...........

Enbridge,

Inc.

,

.63

%

,

4/5/34

,

Callable

1/5/34

@

.............................

Smurfit

Westrock

Financing

DAC

,

.42

%

,

1/15/35

,

Callable

10/15/34

@

............

Financials

(2.1%):

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust

,

.50

%

,

7/15/25

............

Amcor

Group

Finance

PLC

,

.45

%

,

5/23/29

,

Callable

4/23/29

@

..................

Banco

Santander

Mexico

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

Santand

,

.62

%

,

12/10/29

,

Callable

11/10/29

@

(a) ....................................

Barclays

PLC

,

.28

%

(H15T1Y

+

bps)

,

11/24/27

,

Callable

11/24/26

@

(b) .........

BPCE

SA

,

.51

%

(SOFR

+

bps)

,

1/18/35

,

Callable

1/18/34

@

(a) (b) ..............

Canadian

Imperial

Bank

of

Commerce

,

.09

%

,

10/3/33

,

Callable

7/3/33

@

...........

Credit

Agricole

SA

,

.25

%

(SOFR

+

bps)

,

1/10/35

,

Callable

1/10/34

@

(a) (b) .......

Deutsche

Bank

AG

,

.74

%

(SOFR

+

bps)

,

1/7/33

,

Callable

10/7/31

@

(b) ..........

HSBC

Holdings

PLC

,

.87

%

(SOFR

+

bps)

,

11/22/32

,

Callable

11/22/31

@

(b) ......

Mitsubishi

UFJ

Financial

Group,

Inc.

,

.62

%

(H15T1Y

+

bps)

,

4/24/36

,

Callable

4/24/35

@

(b) ...........................................................

RenaissanceRe

Holdings

Ltd.

,

.80

%

,

4/1/35

,

Callable

1/1/35

@

..................

739

Health

Care

(0.2%):

Smith

&

Nephew

PLC

,

.40

%

,

3/20/34

,

Callable

12/20/33

@

....................

Takeda

Pharmaceutical

Co.

Ltd.

,

.65

%

,

7/5/54

,

Callable

1/5/54

@

................

Industrials

(1.0%):

Canadian

National

Railway

Co.

,

.20

%

,

8/2/46

,

Callable

2/2/46

@

................

Canadian

Pacific

Railway

Co.

,

.10

%

,

12/2/51

,

Callable

6/2/51

@

.................

Ferguson

Finance

PLC

,

.65

%

,

4/20/32

,

Callable

1/20/32

@

(a) ...................

Victory

Portfolios

#### Victory

#### Core

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) LG

Energy

Solution

Ltd.

,

.50

%

,

7/2/34

(a) .....................................

$

$

Trane

Technologies

Financing

Ltd.

,

.25

%

,

3/3/33

,

Callable

12/3/32

@

.............

Materials

(0.3%):

Minera

Mexico

SA

de

CV

,

.63

%

,

2/12/32

,

Callable

12/12/31

@

(a) ................

Rio

Tinto

Finance

USA

Ltd.

,

.20

%

,

11/2/40

...................................

Rio

Tinto

Finance

USA

PLC

,

.25

%

,

3/14/35

,

Callable

12/14/34

@

................

Utilities

(0.1%):

Iberdrola

International

BV

,

.75

%

,

9/15/33

.....................................

Total

Yankee

Dollars

(Cost

$1,561)

a

a

a

1,529

Municipal

Bonds

(0.3%)

Louisiana

(0.3%):

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Series

A

,

.28

%

,

2/1/36

..............................................

Series

A

,

.48

%

,

8/1/39

..............................................

Total

Municipal

Bonds

(Cost

$121)

a

a

a

U.S.

Government

Agency

Mortgages

(14.4%)

Farm

Credit

Bank

of

Texas

Series

,

.70

%

(H15T5Y

+

542

bps)

(a) (b) (e) ................................

Federal

Farm

Credit

Banks

Funding

Corporation

.58

%

,

4/2/29

.....................................................

.20

%

,

9/2/36

.....................................................

.60

%

,

8/5/39

.....................................................

.19

%

,

6/17/44

....................................................

Federal

Home

Loan

Mortgage

Corporation

.50

%

,

10/1/38

-

11/1/54

..............................................

.00

%

,

2/1/40

.....................................................

.00

%

,

3/1/51

.....................................................

.00

%

,

3/1/51

.....................................................

.50

%

,

3/1/52

.....................................................

886

798

.50

%

,

6/1/52

.....................................................

717

688

.00

%

,

1/1/55

-

3/1/55

...............................................

2,291

Federal

National

Mortgage

Association

.00

%

,

2/1/37

-

3/1/54

...............................................

.00

%

,

3/1/47

-

10/1/48

..............................................

.50

%

,

7/1/51

.....................................................

1,673

1,388

.50

%

,

3/1/53

.....................................................

.50

%

,

2/1/55

-

3/1/55

...............................................

1,794

Government

National

Mortgage

Association

.50

%

,

3/20/53

....................................................

.50

%

,

4/20/53

....................................................

.50

%

,

7/20/53

....................................................

.00

%

,

7/20/53

-

4/20/54

.............................................

.00

%

,

9/20/53

....................................................

889

Total

U.S.

Government

Agency

Mortgages

(Cost

$5,607)

a

a

a

5,212

U.S.

Treasury

Obligations

(39.3%)

U.S.

Treasury

Bonds

.00

%

,

11/15/41

....................................................

Victory

Portfolios

#### Victory

#### Core

#### Bond

#### Fund

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) 4

.13

%

,

8/15/44

....................................................

$

775

$

710

.63

%

,

11/15/44

....................................................

.00

%

,

5/15/45

....................................................

.75

%

,

11/15/47

....................................................

.75

%

,

11/15/53

....................................................

1,000

991

.25

%

,

2/15/54

....................................................

.25

%

,

8/15/54

....................................................

U.S.

Treasury

Notes

.00

%

,

2/15/26

....................................................

600

599

.50

%

,

6/30/27

....................................................

.13

%

,

11/15/27

....................................................

650

656

.00

%

,

2/29/28

....................................................

1,361

1,371

.75

%

,

4/15/28

....................................................

565

566

.00

%

,

1/31/29

....................................................

.25

%

,

2/28/29

....................................................

700

712

.50

%

,

4/30/30

....................................................

.13

%

,

8/31/30

....................................................

.38

%

,

11/30/30

....................................................

.25

%

,

2/28/31

....................................................

1,025

1,045

.63

%

,

9/30/31

....................................................

.50

%

,

12/31/31

....................................................

725

748

.88

%

,

2/15/32

....................................................

.88

%

,

5/15/32

....................................................

.75

%

,

8/15/32

....................................................

.50

%

,

11/15/33

....................................................

1,250

1,284

.00

%

,

2/15/34

....................................................

1,550

1,534

.25

%

,

11/15/34

....................................................

1,200

1,204

Total

U.S.

Treasury

Obligations

(Cost

$14,171)

a

a

a

14,218

Total

Investments

(Cost

$36,703)

—

99.0%

35,861

Other

assets

in

excess

of

liabilities

— 1.0%

NET

ASSETS

-

100.00%

$

36,237

(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

$5,055

(thousands)

and

amounted

to

13.9%

of

net

assets.

(b) Variable

or

Floating-Rate

Security.

Rate

disclosed

is

as

of

June

30,

2025. (c) The

rate

for

certain

asset-backed

and

mortgage-backed

securities

may

vary

based

on

factors

relating

to

the

pool

of

assets

underlying

the

security.

The

rate

disclosed

is

the

rate

in

effect

at

June

30,

2025. (d) Security

is

interest

only.

(e) Security

is

perpetual

and

has

no

final

maturity

date

but

may

be

subject

to

calls

at

various

dates

in

the

future.

ABS

—

Asset-Backed

Securities

bps

—

Basis

points

CMO

—

Collateralized

Mortgage

Obligations

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

SOFR

—

Secured

Overnight

Financing

Rate

SOFRINDX

—

United

States

SOFR

Compounded

Index,

rate

disclosed

as

of

June

30,

2025. TSFR1M

—

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)

.

Victory

Integrity

Discovery

Fund

Victory

Integrity

Mid-Cap

Value

Fund

Victory

Integrity

Small-Cap

Value

Fund

Assets:

Investments,

at

value

(Cost

$51,617,

$268,512

and

$978,638)

$

59,144

(a) $

309,289

(b) $

1,011,119

(c) Cash

3,633

10,534

Receivables:

Dividends,

interest,

and

securities

lending

income

590

2,151

Capital

shares

issued

531

Investments

sold

520

1,004

From

Adviser

Prepaid

expenses

Total

Assets

59,999

314,515

1,025,367

Liabilities:

Payables:

Collateral

received

on

loaned

securities

1,642

12,191

Investments

purchased

—

Capital

shares

redeemed

1,186

Accrued

expenses

and

other

payables:

Investment

advisory

fees

703

Administration

fees

Custodian

fees

Transfer

agent

fees

Sub-Transfer

agent

fees

Compliance

fees

—

(d) —

(d) 1

Trustees'

fees

—

(d) —

(d) 1

12b-1

fees

Other

accrued

expenses

Total

Liabilities

1,877

536

14,491

Commitments

and

contingencies

(Note

5)

Net

Assets:

Capital

45,297

266,543

994,559

Total

accumulated

earnings

(loss)

12,825

47,436

16,317

Net

Assets

$

58,122

$

313,979

$

1,010,876

Net

Assets:

Class

A

$

30,992

$

25,436

$

57,886

Class

C

2,082

Class

R

—

—

5,604

Class

R6

—

218,063

533,941

Class

Y

23,616

65,424

411,363

Member

Class

3,140

4,933

—

Total

$

58,122

$

313,979

$

1,010,876

Shares

(unlimited

number

of

shares

authorized

with

a

par

value

of

$0.001

per

share):

Class

A

757

1,117

2,132

Class

C

Class

R

—

—

Class

R6

—

9,399

18,186

Class

Y

503

2,828

14,170

Member

Class

—

Total

1,353

13,561

34,818

Net

asset

value,

offering

and

redemption

price

per

share:(e)

Class

A

$

.90

$

.77

$

.15

Class

C(f)

.13

.49

.33

Class

R

—

—

.19

Class

R6

—

.20

.36

Class

Y

.98

.14

.03

Member

Class

.01

.28

—

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

$

.40

$

.16

$

.81

(a) Includes

$1,584

thousand

of

securities

on

loan.

(b) Includes

$189

thousand

of

securities

on

loan.

(c) Includes

$11,546

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

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)

Victory

Integrity

Small/Mid-Cap

Value

Fund

Victory

Munder

Multi-Cap

Fund

Victory

S&P

500

Index

Fund

Assets:

Investments,

at

value

(Cost

$283,710,

$324,691

and

$38,677)

$

311,797

(a) $

494,817

$

264,813

Cash

8,482

8,836

625

Deposit

with

broker

for

futures

contracts

—

—

517

Receivables:

Dividends,

interest,

and

securities

lending

income

636

Capital

shares

issued

Investments

sold

4,030

—

From

Adviser

—

Variation

margin

on

open

futures

contracts

—

—

Reclaims

—

—

—

(b) Prepaid

expenses

Total

Assets

321,556

507,882

266,331

Liabilities:

Payables:

Collateral

received

on

loaned

securities

3,731

—

—

Investments

purchased

9,742

—

Capital

shares

redeemed

5,153

914

Accrued

expenses

and

other

payables:

Investment

advisory

fees

Administration

fees

Custodian

fees

Transfer

agent

fees

Sub-Transfer

agent

fees

Compliance

fees

—

(b) —

(b) —

(b) Trustees'

fees

—

(b) —

(b) —

(b) 12b-1

fees

Other

accrued

expenses

Total

Liabilities

9,199

11,156

Commitments

and

contingencies

(Note

5)

Net

Assets:

Capital

280,840

260,380

27,356

Total

accumulated

earnings

(loss)

31,517

236,346

238,784

Net

Assets

$

312,357

$

496,726

$

266,140

Net

Assets:

Class

A

$

9,115

$

446,858

$

204,305

Class

C

—

3,909

—

Class

R

—

—

33,861

Class

R6

264,947

—

—

Class

Y

31,254

45,959

27,974

Member

Class

7,041

—

—

Total

$

312,357

$

496,726

$

266,140

Shares

(unlimited

number

of

shares

authorized

with

a

par

value

of

$0.001

per

share):

Class

A

7,588

7,583

Class

C

—

—

Class

R

—

—

1,266

Class

R6

12,554

—

—

Class

Y

1,488

676

1,025

Member

Class

—

—

Total

14,819

8,370

9,874

Net

asset

value,

offering

and

redemption

price

per

share:(c)

Class

A

$

.68

$

.89

$

.94

Class

C(d)

—

.73

—

Class

R

—

—

.75

Class

R6

.11

—

—

Class

Y

.00

.97

.29

Member

Class

.93

—

—

Maximum

Sales

Charge

—

Class

A

.75

%

.75

%

.25

%

Maximum

offering

price

(100%/(100%-maximum

sales

charge)

of

net

asset

value

adjusted

to

the

nearest

cent)

per

share

—

Class

A

$

.94

$

.48

$

.56

(a) Includes

$3,590

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

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)

Victory

Munder

Mid-Cap

Core

Growth

Fund

Victory

Trivalent

International

Fund

—

Core

Equity

Victory

Trivalent

International

Small-Cap

Fund

Assets:

Investments,

at

value

(Cost

$222,889,

$175,351

and

$2,720,996)

$

286,719

(a) $

236,296

$

3,870,156

(b) Foreign

currency,

at

value

(Cost

$—,

$212

and

$2,247)

—

2,262

Cash

4,234

2,211

30,308

Receivables:

Dividends,

interest,

and

securities

lending

income

565

5,713

Capital

shares

issued

—

2,025

Investments

sold

—

—

(c) 9,156

From

Adviser

880

Reclaims

—

617

10,878

Prepaid

expenses

Total

Assets

291,187

240,089

3,931,424

Liabilities:

Payables:

Collateral

received

on

loaned

securities

1,650

—

117,475

Investments

purchased

3,301

629

Capital

shares

redeemed

6,212

Accrued

foreign

capital

gains

taxes

—

—

Accrued

expenses

and

other

payables:

Investment

advisory

fees

2,814

Administration

fees

Custodian

fees

Transfer

agent

fees

—

Sub-Transfer

agent

fees

Compliance

fees

—

(c) —

(c) 3

Trustees'

fees

—

(c) —

(c) 3

12b-1

fees

—

(c) 7

Other

accrued

expenses

Total

Liabilities

5,526

1,400

127,868

Commitments

and

contingencies

(Note

5)

Net

Assets:

Capital

197,953

170,125

2,649,983

Total

accumulated

earnings

(loss)

87,708

68,564

1,153,573

Net

Assets

$

285,661

$

238,689

$

3,803,556

Net

Assets:

Class

A

$

135,654

$

3,988

$

62,452

Class

C

1,014

—

821

Class

I

—

3,952

3,000,554

Class

R6

65,182

222,077

151,988

Class

Y

83,811

8,672

587,741

Total

$

285,661

$

238,689

$

3,803,556

Shares

(unlimited

number

of

shares

authorized

with

a

par

value

of

$0.001

per

share):

Class

A

15,336

3,342

Class

C

—

Class

I

—

159,188

Class

R6

4,510

22,957

8,025

Class

Y

6,337

911

31,357

Total

26,301

24,697

201,957

Net

asset

value,

offering

and

redemption

price

per

share:(d)

Class

A

$

.85

$

.53

$

.69

Class

C(e)

.57

—

.11

Class

I

—

.61

.85

Class

R6

.45

.67

.94

Class

Y

.23

.52

.74

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

$

.39

$

.11

$

.83

(a) Includes

$1,619

thousand

of

securities

on

loan.

(b) Includes

$117,298

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

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)

Victory

Core

Bond

Fund

Assets:

Investments,

at

value

(Cost

$36,703)

$

35,861

Cash

Deposit

with

broker

for

futures

contracts

Receivables:

Dividends,

interest,

and

securities

lending

income

Capital

shares

issued

—

(a) From

Adviser

Prepaid

expenses

Total

Assets

36,318

Liabilities:

Payables:

Investments

purchased

Capital

shares

redeemed

Accrued

expenses

and

other

payables:

Investment

advisory

fees

Administration

fees

Custodian

fees

Transfer

agent

fees

Sub-Transfer

agent

fees

Compliance

fees

—

(a) Trustees'

fees

—

(a) 12b-1

fees

Other

accrued

expenses

Total

Liabilities

Commitments

and

contingencies

(Note

5)

Net

Assets:

Capital

48,350

Total

accumulated

earnings

(loss)

(12,113)

Net

Assets

$

36,237

Net

Assets:

Class

A

$

5,622

Class

C

Class

R6

12,911

Class

Y

17,598

Total

$

36,237

Shares

(unlimited

number

of

shares

authorized

with

a

par

value

of

$0.001

per

share):

Class

A

679

Class

C

Class

R6

1,554

Class

Y

2,117

Total

4,363

Net

asset

value,

offering

and

redemption

price

per

share:(b)

Class

A

$

.28

Class

C(c)

.35

Class

R6

.31

Class

Y

.31

Maximum

Sales

Charge

—

Class

A

.25

%

Maximum

offering

price

(100%/(100%-maximum

sales

charge)

of

net

asset

value

adjusted

to

the

nearest

cent)

per

share

—

Class

A

$

.47

(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

length

of

time

shares

are

held.

Statements

of

Operations

For

the

Year

Ended

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

(Amounts

in

Thousands)

Victory

Integrity

Discovery

Fund

Victory

Integrity

Mid-Cap

Value

Fund

Victory

Integrity

Small-Cap

Value

Fund

Investment

Income:

Dividends

$

1,030

$

6,240

$

27,318

Interest

Securities

lending

(net

of

fees)

—

(a) 20

Foreign

tax

withholding

—

—

(a) (4)

Total

Income

1,072

6,388

27,711

Expenses:

Investment

advisory

fees

641

2,350

9,956

Administration

fees

626

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

R6

—

Transfer

agent

fees

—

Class

Y

Transfer

agent

fees

—

Member

Class

—

Sub-Transfer

agent

fees

—

Class

A

Sub-Transfer

agent

fees

—

Class

C

—

(a) 3

Sub-Transfer

agent

fees

—

Class

R

—

—

Sub-Transfer

agent

fees

—

Class

Y

510

Trustees'

fees

Compliance

fees

Printing

fees

Legal

and

audit

fees

State

registration

and

filing

fees

Other

expenses

Total

Expenses

1,000

2,956

11,941

Expenses

waived/reimbursed

by

Adviser

(28)

(861)

(21)

Net

Expenses

972

2,095

11,920

Net

Investment

Income

(Loss)

4,293

15,791

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

6,857

14,623

14,215

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

5,425

(57,951)

Net

realized/unrealized

gains

(losses)

on

investments

6,873

20,048

(43,736)

Change

in

net

assets

resulting

from

operations

$

6,973

$

24,341

$

(27,945)

(a) Rounds

to

less

than

$1

thousand.

Statements

of

Operations

For

the

Year

Ended

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

(Amounts

in

Thousands)

Victory

Integrity

Small/Mid-Cap

Value

Fund

Victory

Munder

Multi-Cap

Fund

Victory

S&P

500

Index

Fund

Investment

Income:

Dividends

$

6,733

$

3,831

$

3,408

Interest

Securities

lending

(net

of

fees)

—

(a) Foreign

tax

withholding

—

(55)

(1)

Total

Income

6,979

4,173

3,489

Expenses:

Investment

advisory

fees

2,546

3,580

511

Administration

fees

Sub-Administration

fees

12b-1

fees

—

Class

A

1,076

12b-1

fees

—

Class

C

—

—

12b-1

fees

—

Class

R

—

—

Custodian

fees

Transfer

agent

fees

—

Class

A

Transfer

agent

fees

—

Class

C

—

—

Transfer

agent

fees

—

Class

R

—

—

Transfer

agent

fees

—

Class

R6

—

—

Transfer

agent

fees

—

Class

Y

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

Printing

fees

Legal

and

audit

fees

State

registration

and

filing

fees

Interfund

lending

fees

—

—

Other

expenses

Total

Expenses

3,012

5,822

1,467

Expenses

waived/reimbursed

by

Adviser

(308)

(10)

—

Net

Expenses

2,704

5,812

1,467

Net

Investment

Income

(Loss)

4,275

(1,639)

2,022

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

11,999

71,613

44,392

Net

realized

gains

(losses)

from

futures

contracts

—

—

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

(5,959)

4,025

(10,046)

Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts

—

—

Net

realized/unrealized

gains

(losses)

on

investments

6,040

75,638

34,426

Change

in

net

assets

resulting

from

operations

$

10,315

$

73,999

$

36,448

(a) Rounds

to

less

than

$1

thousand.

Statements

of

Operations

For

the

Year

Ended

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

(Amounts

in

Thousands)

Victory

Munder

Mid-Cap

Core

Growth

Fund

Victory

Trivalent

International

Fund

—

Core

Equity

Victory

Trivalent

International

Small-Cap

Fund

Investment

Income:

Dividends

$

3,128

$

7,234

$

122,847

Interest

1,313

Securities

lending

(net

of

fees)

Foreign

tax

withholding

—

(899)

(13,265)

Total

Income

3,216

6,427

111,213

Expenses:

Investment

advisory

fees

2,240

1,802

32,102

Administration

fees

1,906

Sub-Administration

fees

12b-1

fees

—

Class

A

12b-1

fees

—

Class

C

—

Custodian

fees

538

Transfer

agent

fees

—

Class

A

Transfer

agent

fees

—

Class

C

—

(a) —

—

(a) Transfer

agent

fees

—

Class

I

—

—

(a) 1,668

Transfer

agent

fees

—

Class

R

—

(a) —

—

Transfer

agent

fees

—

Class

R6

—

(a) 6

Transfer

agent

fees

—

Class

Y

—

(a) 13

Sub-Transfer

agent

fees

—

Class

A

Sub-Transfer

agent

fees

—

Class

C

—

Sub-Transfer

agent

fees

—

Class

I

—

2,449

Sub-Transfer

agent

fees

—

Class

Y

513

Trustees'

fees

Compliance

fees

Printing

fees

556

Legal

and

audit

fees

State

registration

and

filing

fees

Interfund

lending

fees

—

Line

of

credit

fees

—

—

Other

expenses

Total

Expenses

3,325

2,231

40,961

Expenses

waived/reimbursed

by

Adviser

(12)

(961)

(6,085)

Net

Expenses

3,313

1,270

34,876

Net

Investment

Income

(Loss)

(97)

5,157

76,337

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

and

foreign

currency

transactions

56,658

16,164

280,019

Foreign

taxes

on

realized

gains

—

(246)

—

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

and

foreign

currency

translations

(18,984)

21,332

495,946

Net

change

in

accrued

foreign

taxes

on

unrealized

gains

—

—

Net

realized/unrealized

gains

(losses)

on

investments

37,674

37,733

775,965

Change

in

net

assets

resulting

from

operations

$

37,577

$

42,890

$

852,302

(a) Rounds

to

less

than

$1

thousand.

Statements

of

Operations

For

the

Year

Ended

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

(Amounts

in

Thousands)

Victory

Core

Bond

Fund

Investment

Income:

Interest

$

2,004

Securities

lending

(net

of

fees)

Total

Income

2,005

Expenses:

Investment

advisory

fees

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) Transfer

agent

fees

—

Class

R6

—

(a) Transfer

agent

fees

—

Class

Y

Sub-Transfer

agent

fees

—

Class

A

Sub-Transfer

agent

fees

—

Class

C

—

(a) Sub-Transfer

agent

fees

—

Class

Y

Trustees'

fees

Compliance

fees

—

(a) Printing

fees

Legal

and

audit

fees

State

registration

and

filing

fees

Other

expenses

Total

Expenses

Expenses

waived/reimbursed

by

Adviser

(113)

Net

Expenses

Net

Investment

Income

(Loss)

1,726

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

(370)

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

1,320

Net

realized/unrealized

gains

(losses)

on

investments

950

Change

in

net

assets

resulting

from

operations

$

2,676

(a) Rounds

to

less

than

$1

thousand.

(Amounts

in

Thousands)

Victory

Portfolios

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Integrity

Discovery

Fund

Victory

Integrity

Mid-Cap

Value

Fund

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

$

$

4,293

$

3,564

Net

realized

gains

(losses)

6,857

6,041

14,623

36,289

Net

change

in

unrealized

appreciation/depreciation

1,775

5,425

(3,491)

Change

in

net

assets

resulting

from

operations

6,973

7,893

24,341

36,362

Distributions

to

Shareholders:

Class

A

(2,982)

(496)

(3,929)

(708)

Class

C

(72)

(10)

(18)

(2)

Class

R

—

(7)

(a) —

—

Class

R6

—

—

(31,791)

(7,650)

Class

Y

(2,369)

(313)

(10,769)

(1,818)

Member

Class

(295)

(56)

(593)

(94)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(5,718)

(882)

(47,100)

(10,272)

Change

in

net

assets

resulting

from

capital

transactions

(4,320)

(5,414)

31,686

(41,624)

Change

in

net

assets

(3,065)

1,597

8,927

(15,534)

Net

Assets:

Beginning

of

period

61,187

59,590

305,052

320,586

End

of

period

$

58,122

$

61,187

$

313,979

$

305,052

(a) Class

R

activity

is

for

the

period

July

1,

2023,

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

Integrity

Discovery

Fund

Victory

Integrity

Mid-Cap

Value

Fund

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Capital

Transactions:

Class

A

Proceeds

from

shares

issued

$

965

$

898

$

3,189

$

3,901

Distributions

reinvested

2,527

3,880

697

Cost

of

shares

redeemed

(6,010)

(6,155)

(5,539)

(5,933)

Converted

from

Class

R

—

—

—

Total

Class

A

$

(2,518)

$

(4,411)

$

1,530

$

(1,335)

Class

C

Proceeds

from

shares

issued

$

$

$

$

—

(a) Distributions

reinvested

Cost

of

shares

redeemed

(458)

(311)

(1)

(10)

Total

Class

C

$

(215)

$

(271)

$

$

(8)

Class

R

Proceeds

from

shares

issued

$

—

$

(b) $

—

$

—

Distributions

reinvested

—

(b) —

—

Cost

of

shares

redeemed

—

(162)

(b) —

—

Converted

into

Class

A

—

(438)

—

—

Total

Class

R

$

—

$

(570)

$

—

$

—

Class

R6

Proceeds

from

shares

issued

$

—

$

—

$

37,531

$

34,498

Distributions

reinvested

—

—

31,784

7,642

Cost

of

shares

redeemed

—

—

(49,934)

(80,661)

Total

Class

R6

$

—

$

—

$

19,381

$

(38,521)

Class

Y

Proceeds

from

shares

issued

$

6,264

$

7,498

$

17,384

$

15,604

Distributions

reinvested

1,837

10,623

1,794

Cost

of

shares

redeemed

(9,366)

(7,547)

(18,575)

(19,148)

Total

Class

Y

$

(1,265)

$

$

9,432

$

(1,750)

Member

Class

Proceeds

from

shares

issued

$

854

$

704

$

2,968

$

1,058

Distributions

reinvested

593

Cost

of

shares

redeemed

(1,471)

(1,134)

(2,254)

(1,162)

Total

Member

Class

$

(322)

$

(374)

$

1,307

$

(10)

Change

in

net

assets

resulting

from

capital

transactions

$

(4,320)

$

(5,414)

$

31,686

$

(41,624)

(Amounts

in

Thousands)

Victory

Portfolios

Statements

of

Changes

in

Net

Assets

(continued)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Integrity

Discovery

Fund

Victory

Integrity

Mid-Cap

Value

Fund

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Share

Transactions:

Class

A

Issued

Reinvested

Redeemed

(148)

(162)

(234)

(256)

Converted

from

Class

R

—

—

—

Total

Class

A

(65)

(117)

(59)

Class

C

Issued

—

(c) —

(c) Reinvested

—

(c) 1

—

(c) Redeemed

(19)

(13)

—

(c) —

(c) Total

Class

C

(10)

(12)

—

(c) Class

R

Issued

—

(b) —

—

Reinvested

—

—

(b) (c) —

—

Redeemed

—

(5)

(b) —

—

Converted

into

Class

A

—

(11)

—

—

Total

Class

R

—

(15)

—

—

Class

R6

Issued

—

—

1,594

1,466

Reinvested

—

—

1,339

Redeemed

—

—

(2,021)

(3,382)

Total

Class

R6

—

—

912

(1,586)

Class

Y

Issued

674

663

Reinvested

Redeemed

(205)

(181)

(792)

(814)

Total

Class

Y

(37)

(73)

Member

Class

Issued

Reinvested

Redeemed

(36)

(30)

(94)

(51)

Total

Member

Class

(8)

(10)

(3)

Change

in

Shares

(120)

(146)

1,366

(1,721)

(a) Rounds

to

less

than

$1

thousand.

(b) Class

R

activity

is

for

the

period

July

1,

2023,

to

March

28,

2024

(date

of

conversion

to

Class

A).

(c) Rounds

to

less

than

thousand

shares.

(Amounts

in

Thousands)

Victory

Portfolios

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Integrity

Small-Cap

Value

Fund

Victory

Integrity

Small/Mid-Cap

Value

Fund

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

15,791

$

18,164

$

4,275

$

3,473

Net

realized

gains

(losses)

14,215

219,421

11,999

21,187

Net

change

in

unrealized

appreciation/depreciation

(57,951)

(86,275)

(5,959)

3,621

Change

in

net

assets

resulting

from

operations

(27,945)

151,310

10,315

28,281

Distributions

to

Shareholders:

Class

A

(11,452)

(7,310)

(884)

(182)

Class

C

(531)

(453)

—

—

Class

R

(1,039)

(534)

—

—

Class

R6

(100,276)

(72,046)

(27,089)

(5,824)

Class

Y

(76,286)

(65,250)

(3,394)

(1,000)

Member

Class

—

—

(650)

(130)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(189,584)

(145,593)

(32,017)

(7,136)

Change

in

net

assets

resulting

from

capital

transactions

19,780

(374,079)

28,139

31,801

Change

in

net

assets

(197,749)

(368,362)

6,437

52,946

Net

Assets:

Beginning

of

period

1,208,625

1,576,987

305,920

252,974

End

of

period

$

1,010,876

$

1,208,625

$

312,357

$

305,920

(Amounts

in

Thousands)

Victory

Portfolios

Statements

of

Changes

in

Net

Assets

(continued)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Integrity

Small-Cap

Value

Fund

Victory

Integrity

Small/Mid-Cap

Value

Fund

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Capital

Transactions:

Class

A

Proceeds

from

shares

issued

$

12,447

$

7,698

$

1,261

$

1,518

Distributions

reinvested

10,584

6,568

884

Cost

of

shares

redeemed

(18,659)

(18,612)

(1,249)

(1,559)

Total

Class

A

$

4,372

$

(4,346)

$

896

$

Class

C

Proceeds

from

shares

issued

$

525

$

$

—

$

—

Distributions

reinvested

530

—

—

Cost

of

shares

redeemed

(1,239)

(2,645)

—

—

Total

Class

C

$

(184)

$

(1,725)

$

—

$

—

Class

R

Proceeds

from

shares

issued

$

1,506

$

1,772

$

—

$

—

Distributions

reinvested

1,026

527

—

—

Cost

of

shares

redeemed

(1,354)

(1,112)

—

—

Total

Class

R

$

1,178

$

1,187

$

—

$

—

Class

R6

Proceeds

from

shares

issued

$

77,084

$

135,308

$

67,437

$

103,372

Distributions

reinvested

98,129

70,422

25,087

5,525

Cost

of

shares

redeemed

(196,573)

(309,572)

(66,188)

(60,563)

Total

Class

R6

$

(21,360)

$

(103,842)

$

26,336

$

48,334

Class

Y

Proceeds

from

shares

issued

$

98,561

$

85,056

$

5,739

$

15,571

Distributions

reinvested

71,285

62,140

3,141

884

Cost

of

shares

redeemed

(134,072)

(412,549)

(9,654)

(32,543)

Total

Class

Y

$

35,774

$

(265,353)

$

(774)

$

(16,088)

Member

Class

Proceeds

from

shares

issued

$

—

$

—

$

2,828

$

1,262

Distributions

reinvested

—

—

650

Cost

of

shares

redeemed

—

—

(1,797)

(1,978)

Total

Member

Class

$

—

$

—

$

1,681

$

(586)

Change

in

net

assets

resulting

from

capital

transactions

$

19,780

$

(374,079)

$

28,139

$

31,801

(Amounts

in

Thousands)

Victory

Portfolios

Statements

of

Changes

in

Net

Assets

(continued)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Integrity

Small-Cap

Value

Fund

Victory

Integrity

Small/Mid-Cap

Value

Fund

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Share

Transactions:

Class

A

Issued

Reinvested

Redeemed

(626)

(564)

(57)

(75)

Total

Class

A

(127)

Class

C

Issued

—

—

Reinvested

—

—

Redeemed

(58)

(105)

—

—

Total

Class

C

(8)

(67)

—

—

Class

R

Issued

—

—

Reinvested

—

—

Redeemed

(49)

(36)

—

—

Total

Class

R

—

—

Class

R6

Issued

2,352

3,824

3,091

4,854

Reinvested

2,901

2,040

1,100

Redeemed

(5,992)

(8,839)

(3,024)

(2,821)

Total

Class

R6

(739)

(2,975)

1,167

2,291

Class

Y

Issued

3,006

2,443

735

Reinvested

2,131

1,818

Redeemed

(4,224)

(11,769)

(444)

(1,524)

Total

Class

Y

913

(7,508)

(47)

(748)

Member

Class

Issued

—

—

Reinvested

—

—

Redeemed

—

—

(82)

(93)

Total

Member

Class

—

—

(27)

Change

in

Shares

(10,638)

1,239

1,522

(Amounts

in

Thousands)

Victory

Portfolios

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Munder

Multi-Cap

Fund

Victory

S&P

500

Index

Fund

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

(1,639)

$

(1,088)

$

2,022

$

2,484

Net

realized

gains

(losses)

71,613

42,372

44,426

10,646

Net

change

in

unrealized

appreciation/depreciation

4,025

48,878

(10,000)

42,718

Change

in

net

assets

resulting

from

operations

73,999

90,162

36,448

55,848

Distributions

to

Shareholders:

Class

A

(35,580)

(17,098)

(29,779)

(9,878)

Class

C

(459)

(87)

—

—

Class

R

—

—

(5,296)

(1,525)

Class

Y

(3,211)

(1,545)

(4,417)

(2,875)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(39,250)

(18,730)

(39,492)

(14,278)

Change

in

net

assets

resulting

from

capital

transactions

(8,109)

(14,558)

(15,679)

4,061

Change

in

net

assets

26,640

56,874

(18,723)

45,631

Net

Assets:

Beginning

of

period

470,086

413,212

284,863

239,232

End

of

period

$

496,726

$

470,086

$

266,140

$

284,863

(Amounts

in

Thousands)

Victory

Portfolios

Statements

of

Changes

in

Net

Assets

(continued)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Munder

Multi-Cap

Fund

Victory

S&P

500

Index

Fund

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Capital

Transactions:

Class

A

Proceeds

from

shares

issued

$

7,106

$

6,256

$

12,127

$

7,340

Distributions

reinvested

31,085

14,840

25,665

8,433

Cost

of

shares

redeemed

(47,805)

(34,194)

(25,560)

(17,733)

Total

Class

A

$

(9,614)

$

(13,098)

$

12,232

$

(1,960)

Class

C

Proceeds

from

shares

issued

$

608

$

1,834

$

—

$

—

Distributions

reinvested

—

—

Cost

of

shares

redeemed

(484)

(1,521)

—

—

Total

Class

C

$

581

$

$

—

$

—

Class

R

Proceeds

from

shares

issued

$

—

$

—

$

11,658

$

13,322

Distributions

reinvested

—

—

5,296

1,525

Cost

of

shares

redeemed

—

—

(14,798)

(8,641)

Total

Class

R

$

—

$

—

$

2,156

$

6,206

Class

Y

Proceeds

from

shares

issued

$

4,371

$

3,535

$

4,723

$

6,922

Distributions

reinvested

2,899

1,361

4,404

2,869

Cost

of

shares

redeemed

(6,346)

(6,754)

(39,194)

(9,976)

Total

Class

Y

$

924

$

(1,858)

$

(30,067)

$

(185)

Change

in

net

assets

resulting

from

capital

transactions

$

(8,109)

$

(14,558)

$

(15,679)

$

4,061

Share

Transactions:

Class

A

Issued

Reinvested

550

976

Redeemed

(858)

(698)

(959)

(726)

Total

Class

A

(181)

(248)

(71)

Class

C

Issued

—

—

Reinvested

—

—

Redeemed

(14)

(48)

—

—

Total

Class

C

—

—

Class

R

Issued

—

—

553

Reinvested

—

—

Redeemed

—

—

(574)

(353)

Total

Class

R

—

—

Class

Y

Issued

Reinvested

Redeemed

(101)

(124)

(1,403)

(403)

Total

Class

Y

(35)

(1,072)

(5)

Change

in

Shares

(154)

(276)

(533)

(Amounts

in

Thousands)

Victory

Portfolios

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Munder

Mid-Cap

Core

Growth

Fund

Victory

Trivalent

International

Fund

—

Core

Equity

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

(97)

$

(844)

$

5,157

$

4,982

Net

realized

gains

(losses)

56,658

32,286

15,918

2,474

Net

change

in

unrealized

appreciation/depreciation

(18,984)

4,850

21,815

23,667

Change

in

net

assets

resulting

from

operations

37,577

36,292

42,890

31,123

Distributions

to

Shareholders:

Class

A

(27,402)

(8,665)

(120)

(134)

Class

C

(279)

(152)

—

—

Class

I

—

—

(121)

(129)

Class

R

—

(644)

(a) —

—

Class

R6

(8,053)

(2,796)

(7,208)

(7,030)

Class

Y

(12,927)

(5,138)

(249)

(279)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(48,661)

(17,395)

(7,698)

(7,572)

Change

in

net

assets

resulting

from

capital

transactions

(22,156)

(47,500)

(16,445)

1,409

Change

in

net

assets

(33,240)

(28,603)

18,747

24,960

Net

Assets:

Beginning

of

period

318,901

347,504

219,942

194,982

End

of

period

$

285,661

$

318,901

$

238,689

$

219,942

(a) Class

R

activity

is

for

the

period

July

1,

2023,

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

Munder

Mid-Cap

Core

Growth

Fund

Victory

Trivalent

International

Fund

—

Core

Equity

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Capital

Transactions:

Class

A

Proceeds

from

shares

issued

$

7,041

$

7,832

$

$

Distributions

reinvested

25,423

8,024

Cost

of

shares

redeemed

(33,921)

(31,282)

(979)

(408)

Converted

from

Class

R

—

8,294

—

—

Total

Class

A

$

(1,457)

$

(7,132)

$

(599)

$

(198)

Class

C

Proceeds

from

shares

issued

$

$

$

—

$

—

Distributions

reinvested

—

—

Cost

of

shares

redeemed

(1,182)

(2,058)

—

—

Total

Class

C

$

(855)

$

(1,837)

$

—

$

—

Class

I

Proceeds

from

shares

issued

$

—

$

—

$

$

Distributions

reinvested

—

—

Cost

of

shares

redeemed

—

—

(397)

(349)

Total

Class

I

$

—

$

—

$

(268)

$

(130)

Class

R

Proceeds

from

shares

issued

$

—

$

559

(a) $

—

$

—

Distributions

reinvested

—

643

(a) —

—

Cost

of

shares

redeemed

—

(1,211)

(a) —

—

Converted

into

Class

A

—

(8,294)

—

—

Total

Class

R

$

—

$

(8,303)

$

—

$

—

Class

R6

Proceeds

from

shares

issued

$

6,430

$

6,005

$

939

$

515

Distributions

reinvested

8,049

2,793

7,208

7,030

Cost

of

shares

redeemed

(14,389)

(17,673)

(23,920)

(4,655)

Total

Class

R6

$

$

(8,875)

$

(15,773)

$

2,890

Class

Y

Proceeds

from

shares

issued

$

5,008

$

4,010

$

$

Distributions

reinvested

12,579

5,018

Cost

of

shares

redeemed

(37,521)

(30,381)

(196)

(1,457)

Total

Class

Y

$

(19,934)

$

(21,353)

$

$

(1,153)

Change

in

net

assets

resulting

from

capital

transactions

$

(22,156)

$

(47,500)

$

(16,445)

$

1,409

(Amounts

in

Thousands)

Victory

Portfolios

Statements

of

Changes

in

Net

Assets

(continued)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Munder

Mid-Cap

Core

Growth

Fund

Victory

Trivalent

International

Fund

—

Core

Equity

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Share

Transactions:

Class

A

Issued

797

851

Reinvested

2,953

901

Redeemed

(3,791)

(3,385)

(116)

(53)

Converted

from

Class

R

—

830

—

—

Total

Class

A

(41)

(803)

(71)

(25)

Class

C

Issued

—

—

Reinvested

—

—

Redeemed

(133)

(228)

—

—

Total

Class

C

(96)

(203)

—

—

Class

I

Issued

—

—

Reinvested

—

—

Redeemed

—

—

(47)

(46)

Total

Class

I

—

—

(31)

(17)

Class

R

Issued

—

(a) —

—

Reinvested

—

(a) —

—

Redeemed

—

(186)

(a) —

—

Converted

into

Class

A

—

(1,177)

—

—

Total

Class

R

—

(1,176)

—

—

Class

R6

Issued

Reinvested

574

900

934

Redeemed

(1,005)

(1,278)

(2,743)

(600)

Total

Class

R6

(631)

(1,736)

Class

Y

Issued

Reinvested

979

Redeemed

(2,840)

(2,398)

(22)

(198)

Total

Class

Y

(1,482)

(1,683)

(157)

Change

in

Shares

(1,589)

(4,496)

(1,812)

(a) Class

R

activity

is

for

the

period

July

1,

2023,

to

March

28,

2024

(date

of

conversion

to

Class

A).

(Amounts

in

Thousands)

Victory

Portfolios

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Trivalent

International

Small-Cap

Fund

Victory

Core

Bond

Fund

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

76,337

$

53,241

$

1,726

$

2,233

Net

realized

gains

(losses)

280,019

21,117

(370)

(2,464)

Net

change

in

unrealized

appreciation/depreciation

495,946

275,650

1,320

2,656

Change

in

net

assets

resulting

from

operations

852,302

350,008

2,676

2,425

Distributions

to

Shareholders:

Class

A

(925)

(1,036)

(221)

(239)

Class

C

(8)

(9)

(3)

(3)

Class

I

(60,851)

(46,869)

—

—

Class

R6

(2,703)

(2,308)

(824)

(987)

Class

Y

(10,488)

(12,595)

(721)

(1,210)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(74,975)

(62,817)

(1,769)

(2,439)

Change

in

net

assets

resulting

from

capital

transactions

(435,298)

275,924

(15,115)

(12,869)

Change

in

net

assets

342,029

563,115

(14,208)

(12,883)

Net

Assets:

Beginning

of

period

3,461,527

2,898,412

50,445

63,328

End

of

period

$

3,803,556

$

3,461,527

$

36,237

$

50,445

(Amounts

in

Thousands)

Victory

Portfolios

Statements

of

Changes

in

Net

Assets

(continued)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Trivalent

International

Small-Cap

Fund

Victory

Core

Bond

Fund

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Capital

Transactions:

Class

A

Proceeds

from

shares

issued

$

16,735

$

10,416

$

$

Distributions

reinvested

686

840

Cost

of

shares

redeemed

(28,945)

(25,029)

(1,391)

(983)

Total

Class

A

$

(11,524)

$

(13,773)

$

(751)

$

(590)

Class

C

Proceeds

from

shares

issued

$

$

$

$

Distributions

reinvested

Cost

of

shares

redeemed

(814)

(917)

(35)

(81)

Total

Class

C

$

(794)

$

(888)

$

$

(59)

Class

I

Proceeds

from

shares

issued

$

657,030

$

1,084,233

$

—

$

—

Distributions

reinvested

47,463

37,173

—

—

Cost

of

shares

redeemed

(1,069,011)

(507,098)

—

—

Total

Class

I

$

(364,518)

$

614,308

$

—

$

—

Class

R6

Proceeds

from

shares

issued

$

24,909

$

21,606

$

1,849

$

Distributions

reinvested

2,332

2,048

824

987

Cost

of

shares

redeemed

(32,749)

(27,844)

(15,438)

(2,073)

Total

Class

R6

$

(5,508)

$

(4,190)

$

(12,765)

$

(763)

Class

Y

Proceeds

from

shares

issued

$

80,674

$

93,021

$

$

42,569

Distributions

reinvested

10,208

12,166

713

1,054

Cost

of

shares

redeemed

(143,836)

(424,720)

(2,594)

(55,080)

Total

Class

Y

$

(52,954)

$

(319,533)

$

(1,622)

$

(11,457)

Change

in

net

assets

resulting

from

capital

transactions

$

(435,298)

$

275,924

$

(15,115)

$

(12,869)

Share

Transactions:

Class

A

Issued

1,016

738

Reinvested

Redeemed

(1,857)

(1,771)

(168)

(122)

Total

Class

A

(794)

(974)

(90)

(73)

Class

C

Issued

Reinvested

—

(a) —

(a) Redeemed

(55)

(69)

(5)

(10)

Total

Class

C

(53)

(66)

(7)

Class

I

Issued

41,632

78,496

—

—

Reinvested

3,222

2,592

—

—

Redeemed

(66,795)

(35,512)

—

—

Total

Class

I

(21,941)

45,576

—

—

Class

R6

Issued

1,541

1,490

Reinvested

Redeemed

(1,974)

(1,892)

(1,856)

(256)

Total

Class

R6

(276)

(260)

(1,529)

(94)

Class

Y

Issued

5,156

6,561

5,273

Reinvested

696

853

Redeemed

(9,090)

(29,523)

(314)

(6,703)

Total

Class

Y

(3,238)

(22,109)

(197)

(1,301)

Change

in

Shares

(26,302)

22,167

(1,813)

(1,475)

(a) Rounds

to

less

than

thousand

shares.

Victory

Portfolios

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Integrity

Discovery

Fund

Class

A

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$39.81

$35.60

$36.72

$45.53

$24.03

Investment

Activities:

Net

investment

income

(loss)(a)

0.03 0.03 0.14 (0.10)

(0.07)

Net

realized

and

unrealized

gains

(losses)

4.90 4.73 2.15 (6.57)

21.57 Total

from

Investment

Activities

4.93 4.76 2.29 (6.67)

21.50 Distributions

to

Shareholders

from:

Net

investment

income

(0.02)

(0.16)

—

—

—

Net

realized

gains

(3.82)

(0.39)

(3.41)

(2.14)

—

Total

Distributions

(3.84)

(0.55)

(3.41)

(2.14)

—

Net

Asset

Value,

End

of

Period

$40.90

$39.81

$35.60

$36.72

$45.53

Total

Return(b)

11.99%

13.43%

6.11%

(15.25)%

89.47%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

1.59%

1.60%

1.59%

1.57%

1.62%

Net

Investment

Income

(Loss)

0.08%

0.07%

0.37%

(0.23)%

(0.20)%

Gross

Expenses(c)

1.59%

1.60%

1.59%

1.57%

1.62%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$30,992

$32,732

$33,409

$35,308

$45,073

Portfolio

Turnover(d)

33%

37%

35%

36%

41%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Integrity

Discovery

Fund

Class

C

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$24.12

$21.80

$23.91

$30.67

$16.32

Investment

Activities:

Net

investment

income

(loss)(a)

(0.19)(b)

(0.18)

(0.12)

(0.32)

(0.21)

Net

realized

and

unrealized

gains

(losses)

3.02 2.89 1.42 (4.30)

14.56 Total

from

Investment

Activities

2.83 2.71 1.30 (4.62)

14.35 Distributions

to

Shareholders

from:

Net

realized

gains

(3.82)

(0.39)

(3.41)

(2.14)

—

Total

Distributions

(3.82)

(0.39)

(3.41)

(2.14)

—

Net

Asset

Value,

End

of

Period

$23.13

$24.12

$21.80

$23.91

$30.67

Total

Return(c)

11.01%

12.50%

5.17%

(15.98)%

87.93%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)

2.45%

2.45%

2.45%

2.45%

2.45%

Net

Investment

Income

(Loss)

(0.79)%

(0.80)%

(0.51)%

(1.11)%

(0.95)%

Gross

Expenses(d)

5.42%

4.27%

3.41%

3.02%

2.87%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$374

$619

$831

$1,227

$2,079

Portfolio

Turnover(e)

33%

37%

35%

36%

41%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statements

of

Operations

for

the

period

due

to

the

class

level

expenses

recognized.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(d) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(e) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Integrity

Discovery

Fund

Class

Y

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$45.22

$40.34

$41.12

$50.63

$26.64

Investment

Activities:

Net

investment

income

(loss)(a)

0.12 0.10 0.24 (0.03)

0.03 Net

realized

and

unrealized

gains

(losses)

5.55 5.38 2.39 (7.34)

23.96 Total

from

Investment

Activities

5.67 5.48 2.63 (7.37)

23.99 Distributions

to

Shareholders

from:

Net

investment

income

(0.09)

(0.21)

—

—

—

Net

realized

gains

(3.82)

(0.39)

(3.41)

(2.14)

—

Total

Distributions

(3.91)

(0.60)

(3.41)

(2.14)

—

Net

Asset

Value,

End

of

Period

$46.98

$45.22

$40.34

$41.12

$50.63

Total

Return(b)

12.17%

13.67%

6.29%

(15.09)%

90.05%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

1.41%

1.44%

1.40%

1.38%

1.31%

Net

Investment

Income

(Loss)

0.26%

0.24%

0.57%

(0.05)%

0.07%

Gross

Expenses(c)

1.41%

1.45%

1.40%

1.38%

1.31%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$23,616

$24,439

$21,471

$24,479

$40,600

Portfolio

Turnover(d)

33%

37%

35%

36%

41%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Integrity

Discovery

Fund

Member

Class

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

November

3,

2020(a)

through

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$39.93

$35.70

$36.80

$45.58

$26.37

Investment

Activities:

Net

investment

income

(loss)(b)

0.07 0.07 0.17 (0.04)

(0.30)

Net

realized

and

unrealized

gains

(losses)

4.88 4.76 2.14 (6.60)

19.51 Total

from

Investment

Activities

4.95 4.83 2.31 (6.64)

19.21 Distributions

to

Shareholders

from:

Net

investment

income

(0.05)

(0.21)

—

—

—

Net

realized

gains

(3.82)

(0.39)

(3.41)

(2.14)

—

Total

Distributions

(3.87)

(0.60)

(3.41)

(2.14)

—

Net

Asset

Value,

End

of

Period

$41.01

$39.93

$35.70

$36.80

$45.58

Total

Return(c)(d)

12.00%

13.58%

6.15%

(15.17)%

72.85%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

1.50%

1.50%

1.50%

1.50%

1.50%

Net

Investment

Income

(Loss)(e)

0.17%

0.17%

0.46%

(0.10)%

(1.04)%

Gross

Expenses(e)(f)

1.93%

1.88%

1.82%

1.99%

5.05%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$3,140

$3,397

$3,377

$3,232

$2,172

Portfolio

Turnover(c)(g)

33%

37%

35%

36%

41%

(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

Integrity

Mid-Cap

Value

Fund

Class

A

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$24.66

$22.73

$21.11

$23.72

$15.30

Investment

Activities:

Net

investment

income

(loss)(a)

0.25 0.19 0.19 0.21 0.13 Net

realized

and

unrealized

gains

(losses)

1.71 2.41 2.67 (1.66)

8.74 Total

from

Investment

Activities

1.96 2.60 2.86 (1.45)

8.87 Distributions

to

Shareholders

from:

Net

investment

income

(0.30)

(0.09)

(0.28)

—

(0.37)

Net

realized

gains

(3.55)

(0.58)

(0.96)

(1.16)

—

Return

of

capital

—

—

—

—

(0.08)

Total

Distributions

(3.85)

(0.67)

(1.24)

(1.16)

(0.45)

Net

Asset

Value,

End

of

Period

$22.77

$24.66

$22.73

$21.11

$23.72

Total

Return(b)

7.78%

11.72%

13.83%

(6.56)%

58.66%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

1.00%

1.00%

1.00%

1.00%

1.00%

Net

Investment

Income

(Loss)

1.03%

0.81%

0.86%

0.90%

0.64%

Gross

Expenses(c)

1.33%

1.37%

1.35%

1.42%

1.37%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$25,436

$25,867

$25,184

$19,898

$12,542

Portfolio

Turnover(d)

49%

75%

57%

70%

67%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Integrity

Mid-Cap

Value

Fund

Class

C

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$24.46

$22.63

$21.03

$23.81

$15.37

Investment

Activities:

Net

investment

income

(loss)(a)

0.07 0.01 0.02 0.03 (0.05)

Net

realized

and

unrealized

gains

(losses)

1.69 2.40 2.66 (1.65)

8.82 Total

from

Investment

Activities

1.76 2.41 2.68 (1.62)

8.77 Distributions

to

Shareholders

from:

Net

investment

income

(0.18)

—

(0.12)

—

(0.27)

Net

realized

gains

(3.55)

(0.58)

(0.96)

(1.16)

—

Return

of

capital

—

—

—

—

(0.06)

Total

Distributions

(3.73)

(0.58)

(1.08)

(1.16)

(0.33)

Net

Asset

Value,

End

of

Period

$22.49

$24.46

$22.63

$21.03

$23.81

Total

Return(b)

6.94%

10.90%

12.98%

(7.26)%

57.43%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

1.75%

1.75%

1.75%

1.75%

1.75%

Net

Investment

Income

(Loss)

0.32%

0.06%

0.11%

0.14%

(0.25)%

Gross

Expenses(c)

15.55%

15.97%

13.08%

2.82%

16.27%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$123

$98

$99

$83

$78

Portfolio

Turnover(d)

49%

75%

57%

70%

67%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Integrity

Mid-Cap

Value

Fund

Class

R6

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$25.06

$23.07

$21.40

$23.99

$15.47

Investment

Activities:

Net

investment

income

(loss)(a)

0.35 0.28 0.28 0.31 0.19 Net

realized

and

unrealized

gains

(losses)

1.73 2.47 2.71 (1.69)

8.85 Total

from

Investment

Activities

2.08 2.75 2.99 (1.38)

9.04 Distributions

to

Shareholders

from:

Net

investment

income

(0.39)

(0.18)

(0.36)

(0.05)

(0.43)

Net

realized

gains

(3.55)

(0.58)

(0.96)

(1.16)

—

Return

of

capital

—

—

—

—

(0.09)

Total

Distributions

(3.94)

(0.76)

(1.32)

(1.21)

(0.52)

Net

Asset

Value,

End

of

Period

$23.20

$25.06

$23.07

$21.40

$23.99

Total

Return(b)

8.18%

12.20%

14.29%

(6.21)%

59.24%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.60%

0.60%

0.60%

0.60%

0.60%

Net

Investment

Income

(Loss)

1.44%

1.20%

1.26%

1.28%

0.94%

Gross

Expenses(c)

0.86%

0.87%

0.87%

0.87%

0.88%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$218,063

$212,708

$232,401

$207,959

$226,652

Portfolio

Turnover(d)

49%

75%

57%

70%

67%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Integrity

Mid-Cap

Value

Fund

Class

Y

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$25.00

$23.03

$21.36

$23.95

$15.44

Investment

Activities:

Net

investment

income

(loss)(a)

0.31 0.25 0.25 0.28 0.06 Net

realized

and

unrealized

gains

(losses)

1.74 2.44 2.70 (1.70)

8.94 Total

from

Investment

Activities

2.05 2.69 2.95 (1.42)

9.00 Distributions

to

Shareholders

from:

Net

investment

income

(0.36)

(0.14)

(0.32)

(0.01)

(0.41)

Net

realized

gains

(3.55)

(0.58)

(0.96)

(1.16)

—

Return

of

capital

—

—

—

—

(0.08)

Total

Distributions

(3.91)

(0.72)

(1.28)

(1.17)

(0.49)

Net

Asset

Value,

End

of

Period

$23.14

$25.00

$23.03

$21.36

$23.95

Total

Return(b)

8.03%

11.98%

14.14%

(6.35)%

59.03%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.75%

0.75%

0.75%

0.75%

0.75%

Net

Investment

Income

(Loss)

1.29%

1.06%

1.12%

1.18%

0.29%

Gross

Expenses(c)

1.00%

1.01%

1.04%

1.03%

1.08%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$65,424

$62,417

$59,183

$45,535

$25,003

Portfolio

Turnover(d)

49%

75%

57%

70%

67%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Integrity

Mid-Cap

Value

Fund

Member

Class

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

November

3,

2020(a)

through

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$25.14

$23.15

$21.47

$24.08

$16.94

Investment

Activities:

Net

investment

income

(loss)(b)

0.30 0.22 0.23 0.27 (0.26)

Net

realized

and

unrealized

gains

(losses)

1.73 2.47 2.72 (1.72)

7.58 Total

from

Investment

Activities

2.03 2.69 2.95 (1.45)

7.32 Distributions

to

Shareholders

from:

Net

investment

income

(0.34)

(0.12)

(0.31)

—

(0.17)

Net

realized

gains

(3.55)

(0.58)

(0.96)

(1.16)

—

Return

of

capital

—

—

—

—

(0.01)

Total

Distributions

(3.89)

(0.70)

(1.27)

(1.16)

(0.18)

Net

Asset

Value,

End

of

Period

$23.28

$25.14

$23.15

$21.47

$24.08

Total

Return(c)(d)

7.89%

11.91%

14.02%

(6.46)%

43.46%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.85%

0.85%

0.85%

0.85%

0.85%

Net

Investment

Income

(Loss)(e)

1.23%

0.95%

1.04%

1.11%

(1.69)%

Gross

Expenses(e)(f)

1.43%

1.42%

1.53%

1.97%

8.67%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$4,933

$3,962

$3,719

$2,385

$845

Portfolio

Turnover(c)(g)

49%

75%

57%

70%

67%

(a) Commencement

of

operations.

(b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Integrity

Small-Cap

Value

Fund

Class

A

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$33.07

$33.19

$32.51

$43.97

$24.40

Investment

Activities:

Net

investment

income

(loss)(a)

0.30 0.29 0.24 0.03 (0.01)

Net

realized

and

unrealized

gains

(losses)

(0.72)

3.04 4.82 (4.51)

19.61 Total

from

Investment

Activities

(0.42)

3.33 5.06 (4.48)

19.60 Distributions

to

Shareholders

from:

Net

investment

income

(0.48)

(0.31)

(0.05)

(0.04)

(0.03)

Net

realized

gains

(5.02)

(3.14)

(4.33)

(6.94)

—

Total

Distributions

(5.50)

(3.45)

(4.38)

(6.98)

(0.03)

Net

Asset

Value,

End

of

Period

$27.15

$33.07

$33.19

$32.51

$43.97

Total

Return(b)

(3.31)%

10.42%

16.23%

(12.11)%

80.37%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

1.43%

1.44%

1.43%

1.50%

1.50%

Net

Investment

Income

(Loss)

0.96%

0.88%

0.71%

0.08%

(0.02)%

Gross

Expenses(c)

1.43%

1.44%

1.43%

1.50%

1.50%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$57,886

$67,444

$71,905

$69,687

$91,203

Portfolio

Turnover(d)

44%

62%(e)

61%

58%

56%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(e) Excludes

impact

of

in-kind

transactions.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Integrity

Small-Cap

Value

Fund

Class

C

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$25.01

$25.89

$26.39

$37.22

$20.81

Investment

Activities:

Net

investment

income

(loss)(a)

0.02 (0.02)

(0.05)

(0.22)

(0.26)

Net

realized

and

unrealized

gains

(losses)

(0.40)

2.36 3.88 (3.67)

16.67 Total

from

Investment

Activities

(0.38)

2.34 3.83 (3.89)

16.41 Distributions

to

Shareholders

from:

Net

investment

income

(0.28)

(0.08)

—

—

—

Net

realized

gains

(5.02)

(3.14)

(4.33)

(6.94)

—

Total

Distributions

(5.30)

(3.22)

(4.33)

(6.94)

—

Net

Asset

Value,

End

of

Period

$19.33

$25.01

$25.89

$26.39

$37.22

Total

Return(b)

(4.24)%

9.41%

15.23%

(12.77)%

78.86%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

2.35%

2.35%

2.29%

2.25%

2.34%

Net

Investment

Income

(Loss)

0.07%

(0.08)%

(0.17)%

(0.67)%

(0.89)%

Gross

Expenses(c)

2.67%

2.38%

2.29%

2.25%

2.34%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$2,082

$2,889

$4,746

$5,667

$7,578

Portfolio

Turnover(d)

44%

62%(e)

61%

58%

56%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(e) Excludes

impact

of

in-kind

transactions.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Integrity

Small-Cap

Value

Fund

Class

R

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$31.09

$31.43

$31.04

$42.35

$23.53

Investment

Activities:

Net

investment

income

(loss)(a)

0.18 0.19 0.12 (0.07)

(0.10)

Net

realized

and

unrealized

gains

(losses)

(0.64)

2.86 4.60 (4.30)

18.92 Total

from

Investment

Activities

(0.46)

3.05 4.72 (4.37)

18.82 Distributions

to

Shareholders

from:

Net

investment

income

(0.42)

(0.25)

—

—

—

Net

realized

gains

(5.02)

(3.14)

(4.33)

(6.94)

—

Total

Distributions

(5.44)

(3.39)

(4.33)

(6.94)

—

Net

Asset

Value,

End

of

Period

$25.19

$31.09

$31.43

$31.04

$42.35

Total

Return(b)

(3.63)%

10.06%

15.86%

(12.32)%

79.91%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

1.75%

1.75%

1.75%

1.75%

1.75%

Net

Investment

Income

(Loss)

0.63%

0.60%

0.39%

(0.18)%

(0.29)%

Gross

Expenses(c)

1.97%

1.98%

1.99%

1.99%

1.95%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$5,604

$5,689

$4,538

$4,605

$7,099

Portfolio

Turnover(d)

44%

62%(e)

61%

58%

56%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(e) Excludes

impact

of

in-kind

transactions.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Integrity

Small-Cap

Value

Fund

Class

R6

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$35.34

$35.21

$34.24

$45.91

$25.43

Investment

Activities:

Net

investment

income

(loss)(a)

0.48 0.47 0.42 0.26 0.18 Net

realized

and

unrealized

gains

(losses)

(0.82)

3.26 5.09 (4.75)

20.47 Total

from

Investment

Activities

(0.34)

3.73 5.51 (4.49)

20.65 Distributions

to

Shareholders

from:

Net

investment

income

(0.62)

(0.46)

(0.21)

(0.24)

(0.17)

Net

realized

gains

(5.02)

(3.14)

(4.33)

(6.94)

—

Total

Distributions

(5.64)

(3.60)

(4.54)

(7.18)

(0.17)

Net

Asset

Value,

End

of

Period

$29.36

$35.34

$35.21

$34.24

$45.91

Total

Return(b)

(2.86)%

10.94%

16.78%

(11.63)%

81.42%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.96%

0.96%

0.96%

0.95%

0.96%

Net

Investment

Income

(Loss)

1.45%

1.34%

1.19%

0.61%

0.52%

Gross

Expenses(c)

0.96%

0.96%

0.96%

0.95%

0.96%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$533,941

$668,753

$771,075

$716,271

$1,145,953

Portfolio

Turnover(d)

44%

62%(e)

61%

58%

56%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(e) Excludes

impact

of

in-kind

transactions.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Integrity

Small-Cap

Value

Fund

Class

Y

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$34.99

$34.90

$33.98

$45.62

$25.27

Investment

Activities:

Net

investment

income

(loss)(a)

0.44 0.42 0.38 0.21 0.13 Net

realized

and

unrealized

gains

(losses)

(0.80)

3.23 5.05 (4.71)

20.34 Total

from

Investment

Activities

(0.36)

3.65 5.43 (4.50)

20.47 Distributions

to

Shareholders

from:

Net

investment

income

(0.58)

(0.42)

(0.18)

(0.20)

(0.12)

Net

realized

gains

(5.02)

(3.14)

(4.33)

(6.94)

—

Total

Distributions

(5.60)

(3.56)

(4.51)

(7.14)

(0.12)

Net

Asset

Value,

End

of

Period

$29.03

$34.99

$34.90

$33.98

$45.62

Total

Return(b)

(2.96)%

10.84%

16.65%

(11.72)%

81.13%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

1.06%

1.07%

1.06%

1.07%

1.08%

Net

Investment

Income

(Loss)

1.33%

1.21%

1.10%

0.51%

0.36%

Gross

Expenses(c)

1.06%

1.07%

1.06%

1.07%

1.08%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$411,363

$463,850

$724,723

$606,277

$765,951

Portfolio

Turnover(d)

44%

62%(e)

61%

58%

56%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(e) Excludes

impact

of

in-kind

transactions.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Integrity

Small/Mid-Cap

Value

Fund

Class

A

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$22.15

$20.65

$19.70

$22.98

$13.46

Investment

Activities:

Net

investment

income

(loss)(a)

0.23 0.19 0.18 0.15 0.05 Net

realized

and

unrealized

gains

(losses)

0.58 1.77 2.68 (1.99)

9.73 Total

from

Investment

Activities

0.81 1.96 2.86 (1.84)

9.78 Distributions

to

Shareholders

from:

Net

investment

income

(0.19)

(0.19)

(0.16)

(0.05)

(0.26)

Net

realized

gains

(2.09)

(0.27)

(1.75)

(1.39)

—

Total

Distributions

(2.28)

(0.46)

(1.91)

(1.44)

(0.26)

Net

Asset

Value,

End

of

Period

$20.68

$22.15

$20.65

$19.70

$22.98

Total

Return(b)

2.95%

9.62%

15.08%

(8.64)%

73.21%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

1.13%

1.13%

1.13%

1.13%

1.13%

Net

Investment

Income

(Loss)

1.05%

0.90%

0.90%

0.67%

0.27%

Gross

Expenses(c)

1.47%

1.51%

1.51%

1.50%

1.68%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$9,115

$8,764

$8,049

$7,149

$6,589

Portfolio

Turnover(d)

47%

75%

55%

63%

61%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Integrity

Small/Mid-Cap

Value

Fund

Class

R6

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$22.55

$21.01

$20.00

$23.30

$13.64

Investment

Activities:

Net

investment

income

(loss)(a)

0.30 0.26 0.25 0.22 0.14 Net

realized

and

unrealized

gains

(losses)

0.60 1.79 2.73 (2.02)

9.82 Total

from

Investment

Activities

0.90 2.05 2.98 (1.80)

9.96 Distributions

to

Shareholders

from:

Net

investment

income

(0.25)

(0.24)

(0.22)

(0.11)

(0.30)

Net

realized

gains

(2.09)

(0.27)

(1.75)

(1.39)

—

Total

Distributions

(2.34)

(0.51)

(1.97)

(1.50)

(0.30)

Net

Asset

Value,

End

of

Period

$21.11

$22.55

$21.01

$20.00

$23.30

Total

Return(b)

3.26%

9.98%

15.47%

(8.38)%

73.68%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.83%

0.83%

0.83%

0.83%

0.83%

Net

Investment

Income

(Loss)

1.36%

1.21%

1.21%

0.97%

0.72%

Gross

Expenses(c)

0.90%

0.94%

0.93%

0.93%

0.94%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$264,947

$256,829

$191,098

$151,752

$143,273

Portfolio

Turnover(d)

47%

75%

55%

63%

61%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Integrity

Small/Mid-Cap

Value

Fund

Class

Y

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$22.46

$20.93

$19.93

$23.23

$13.60

Investment

Activities:

Net

investment

income

(loss)(a)

0.28 0.24 0.23 0.21 0.12 Net

realized

and

unrealized

gains

(losses)

0.59 1.80 2.73 (2.02)

9.81 Total

from

Investment

Activities

0.87 2.04 2.96 (1.81)

9.93 Distributions

to

Shareholders

from:

Net

investment

income

(0.24)

(0.24)

(0.21)

(0.10)

(0.30)

Net

realized

gains

(2.09)

(0.27)

(1.75)

(1.39)

—

Total

Distributions

(2.33)

(0.51)

(1.96)

(1.49)

(0.30)

Net

Asset

Value,

End

of

Period

$21.00

$22.46

$20.93

$19.93

$23.23

Total

Return(b)

3.18%

9.88%

15.42%

(8.45)%

73.61%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.88%

0.88%

0.88%

0.88%

0.88%

Net

Investment

Income

(Loss)

1.29%

1.14%

1.14%

0.91%

0.66%

Gross

Expenses(c)

1.02%

0.99%

0.98%

0.97%

0.98%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$31,254

$34,469

$47,787

$46,579

$56,537

Portfolio

Turnover(d)

47%

75%

55%

63%

61%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Integrity

Small/Mid-Cap

Value

Fund

Member

Class

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

November

3,

2020(a)

through

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$22.39

$20.86

$19.87

$23.18

$14.86

Investment

Activities:

Net

investment

income

(loss)(b)

0.27 0.23 0.22 0.21 (0.27)

Net

realized

and

unrealized

gains

(losses)

0.59 1.79 2.72 (2.04)

8.73 Total

from

Investment

Activities

0.86 2.02 2.94 (1.83)

8.46 Distributions

to

Shareholders

from:

Net

investment

income

(0.23)

(0.22)

(0.20)

(0.09)

(0.14)

Net

realized

gains

(2.09)

(0.27)

(1.75)

(1.39)

—

Total

Distributions

(2.32)

(0.49)

(1.95)

(1.48)

(0.14)

Net

Asset

Value,

End

of

Period

$20.93

$22.39

$20.86

$19.87

$23.18

Total

Return(c)(d)

3.13%

9.84%

15.28%

(8.50)%

57.17%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.95%

0.95%

0.95%

0.95%

0.95%

Net

Investment

Income

(Loss)(e)

1.26%

1.07%

1.08%

0.90%

(1.84)%

Gross

Expenses(e)(f)

1.38%

1.38%

1.40%

1.59%

4.39%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$7,041

$5,858

$6,040

$5,054

$2,388

Portfolio

Turnover(c)(g)

47%

75%

55%

63%

61%

(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

Munder

Multi-Cap

Fund

Class

A

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$54.75

$46.61

$43.96

$53.57

$38.28

Investment

Activities:

Net

investment

income

(loss)(a)

(0.20)

(0.14)

0.01 —(b)

(0.09)

Net

realized

and

unrealized

gains

(losses)

9.11 10.48 8.74 (3.48)

15.41 Total

from

Investment

Activities

8.91 10.34 8.75 (3.48)

15.32 Distributions

to

Shareholders

from:

Net

investment

income

—

(0.01)

—(b)

—

(0.03)

Net

realized

gains

(4.77)

(2.19)

(6.10)

(6.13)

—

Total

Distributions

(4.77)

(2.20)

(6.10)

(6.13)

(0.03)

Net

Asset

Value,

End

of

Period

$58.89

$54.75

$46.61

$43.96

$53.57

Total

Return(c)

16.61%

23.03%

21.82%

(8.71)%

40.04%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)

1.24%

1.26%

1.29%

1.28%

1.35%

Net

Investment

Income

(Loss)

(0.36)%

(0.28)%

0.01%

0.00%(e)

(0.20)%

Gross

Expenses(d)

1.24%

1.26%

1.29%

1.28%

1.35%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$446,858

$425,370

$373,676

$332,533

$393,769

Portfolio

Turnover(f)

88%

75%

83%

64%

70%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Amount

is

less

than

$0.005

per

share.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(d) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(e) Amount

is

less

than

0.005%.

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Munder

Multi-Cap

Fund

Class

C

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$36.07

$31.69

$31.96

$40.76

$29.35

Investment

Activities:

Net

investment

income

(loss)(a)

(0.46)

(0.39)

(0.27)

(0.35)

(0.35)

Net

realized

and

unrealized

gains

(losses)

5.89 6.96 6.10 (2.32)

11.76 Total

from

Investment

Activities

5.43 6.57 5.83 (2.67)

11.41 Distributions

to

Shareholders

from:

Net

investment

income

—

—

—(b)

—

—

Net

realized

gains

(4.77)

(2.19)

(6.10)

(6.13)

—

Total

Distributions

(4.77)

(2.19)

(6.10)

(6.13)

—

Net

Asset

Value,

End

of

Period

$36.73

$36.07

$31.69

$31.96

$40.76

Total

Return(c)

15.53%

21.92%

20.78%

(9.53)%

38.88%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)

2.16%

2.16%

2.16%

2.16%

2.16%

Net

Investment

Income

(Loss)

(1.28)%

(1.19)%

(0.85)%

(0.88)%

(1.00)%

Gross

Expenses(d)

2.43%

2.76%

2.38%

2.37%

2.32%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$3,909

$3,244

$2,625

$3,287

$4,339

Portfolio

Turnover(e)

88%

75%

83%

64%

70%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Amount

is

less

than

$0.005

per

share.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(d) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(e) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Munder

Multi-Cap

Fund

Class

Y

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$62.37

$52.76

$48.98

$58.88

$42.05

Investment

Activities:

Net

investment

income

(loss)(a)

(0.04)

0.01 0.17 0.19 0.08 Net

realized

and

unrealized

gains

(losses)

10.41 11.92 9.83 (3.96)

16.93 Total

from

Investment

Activities

10.37 11.93 10.00 (3.77)

17.01 Distributions

to

Shareholders

from:

Net

investment

income

—

(0.13)

(0.12)

—

(0.18)

Net

realized

gains

(4.77)

(2.19)

(6.10)

(6.13)

—

Total

Distributions

(4.77)

(2.32)

(6.22)

(6.13)

(0.18)

Net

Asset

Value,

End

of

Period

$67.97

$62.37

$52.76

$48.98

$58.88

Total

Return(b)

16.94%

23.42%

22.20%

(8.41)%

40.51%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.95%

0.97%

0.96%

0.96%

0.99%

Net

Investment

Income

(Loss)

(0.07)%

0.02%

0.34%

0.32%

0.16%

Gross

Expenses(c)

0.95%

0.97%

0.96%

0.96%

0.99%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$45,959

$41,472

$36,911

$35,063

$40,374

Portfolio

Turnover(d)

88%

75%

83%

64%

70%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

S&P

500

Index

Fund

Class

A

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$27.33

$23.37

$21.24

$25.84

$19.80

Investment

Activities:

Net

investment

income

(loss)(a)

0.22 0.24 0.25 0.23 0.22 Net

realized

and

unrealized

gains

(losses)

3.69 5.12 3.56 (2.72)

7.43 Total

from

Investment

Activities

3.91 5.36 3.81 (2.49)

7.65 Distributions

to

Shareholders

from:

Net

investment

income

(0.21)

(0.25)

(0.25)

(0.21)

(0.24)

Net

realized

gains

(4.09)

(1.15)

(1.43)

(1.90)

(1.37)

Total

Distributions

(4.30)

(1.40)

(1.68)

(2.11)

(1.61)

Net

Asset

Value,

End

of

Period

$26.94

$27.33

$23.37

$21.24

$25.84

Total

Return(b)

14.80%

23.87%

18.88%

(11.11)%

40.00%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.53%

0.53%

0.54%

0.53%

0.55%

Net

Investment

Income

(Loss)

0.81%

1.00%

1.14%

0.89%

0.97%

Gross

Expenses(c)

0.53%

0.53%

0.54%

0.53%

0.55%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$204,305

$194,342

$167,870

$156,112

$194,818

Portfolio

Turnover(d)

4%

4%

2%

5%

3%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

S&P

500

Index

Fund

Class

R

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$27.17

$23.25

$21.15

$25.74

$19.74

Investment

Activities:

Net

investment

income

(loss)(a)

0.12 0.16 0.17 0.13 0.13 Net

realized

and

unrealized

gains

(losses)

3.68 5.08 3.54 (2.70)

7.39 Total

from

Investment

Activities

3.80 5.24 3.71 (2.57)

7.52 Distributions

to

Shareholders

from:

Net

investment

income

(0.13)

(0.17)

(0.18)

(0.12)

(0.15)

Net

realized

gains

(4.09)

(1.15)

(1.43)

(1.90)

(1.37)

Total

Distributions

(4.22)

(1.32)

(1.61)

(2.02)

(1.52)

Net

Asset

Value,

End

of

Period

$26.75

$27.17

$23.25

$21.15

$25.74

Total

Return(b)

14.39%

23.48%

18.39%

(11.43)%

39.38%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.87%

0.87%

0.92%

0.92%

0.95%

Net

Investment

Income

(Loss)

0.47%

0.66%

0.77%

0.50%

0.57%

Gross

Expenses(c)

0.87%

0.87%

0.92%

0.92%

0.95%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$33,861

$32,594

$21,717

$17,735

$17,907

Portfolio

Turnover(d)

4%

4%

2%

5%

3%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

S&P

500

Index

Fund

Class

Y

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$27.63

$23.61

$21.44

$26.07

$19.96

Investment

Activities:

Net

investment

income

(loss)(a)

0.25 0.26 0.27 0.25 0.25 Net

realized

and

unrealized

gains

(losses)

3.72 5.18 3.60 (2.75)

7.49 Total

from

Investment

Activities

3.97 5.44 3.87 (2.50)

7.74 Distributions

to

Shareholders

from:

Net

investment

income

(0.22)

(0.27)

(0.27)

(0.23)

(0.26)

Net

realized

gains

(4.09)

(1.15)

(1.43)

(1.90)

(1.37)

Total

Distributions

(4.31)

(1.42)

(1.70)

(2.13)

(1.63)

Net

Asset

Value,

End

of

Period

$27.29

$27.63

$23.61

$21.44

$26.07

Total

Return(b)

14.89%

23.97%

18.98%

(11.06)%

40.16%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.43%

0.46%

0.46%

0.44%

0.45%

Net

Investment

Income

(Loss)

0.91%

1.06%

1.22%

0.98%

1.07%

Gross

Expenses(c)

0.43%

0.46%

0.46%

0.44%

0.45%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$27,974

$57,927

$49,645

$49,382

$56,607

Portfolio

Turnover(d)

4%

4%

2%

5%

3%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Munder

Mid-Cap

Core

Growth

Fund

Class

A

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$9.57

$9.14

$9.53

$15.41

$11.76

Investment

Activities:

Net

investment

income

(loss)(a)

(0.02)

(0.04)

(0.03)

(0.05)

(0.09)

Net

realized

and

unrealized

gains

(losses)

1.24 1.05 1.07 (1.67)

5.40 Total

from

Investment

Activities

1.22 1.01 1.04 (1.72)

5.31 Distributions

to

Shareholders

from:

Net

investment

income

—

—

—

—(b)

—

Net

realized

gains

(1.94)

(0.58)

(1.43)

(4.16)

(1.66)

Total

Distributions

(1.94)

(0.58)

(1.43)

(4.16)

(1.66)

Net

Asset

Value,

End

of

Period

$8.85

$9.57

$9.14

$9.53

$15.41

Total

Return(c)

13.31%

11.53%

11.33%

(16.84)%

47.52%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)

1.28%

1.27%

1.28%

1.26%

1.27%

Net

Investment

Income

(Loss)

(0.20)%

(0.41)%

(0.27)%

(0.35)%

(0.62)%

Gross

Expenses(d)

1.28%

1.27%

1.28%

1.26%

1.27%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$135,654

$147,194

$147,859

$157,570

$216,453

Portfolio

Turnover(e)

89%

53%

60%

80%

103%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Amount

is

less

than

$0.005

per

share.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(d) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(e) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Munder

Mid-Cap

Core

Growth

Fund

Class

C

Year

Ended

June

30,

2025(a)

Year

Ended

June

30,

2024(a)

Year

Ended

June

30,

2023(a)

Year

Ended

June

30,

2022(a)

Year

Ended

June

30,

2021(a)

Net

Asset

Value,

Beginning

of

Period

$9.41

$9.06

$9.54

$47.25

$44.12

Investment

Activities:

Net

investment

income

(loss)(b)

(0.10)

(0.12)

(0.10)

(0.27)

(0.63)

Net

realized

and

unrealized

gains

(losses)

1.20 1.05 1.05 —(c)

18.70 Total

from

Investment

Activities

1.10 0.93 0.95 (0.27)

18.07 Distributions

to

Shareholders

from:

Net

investment

income

—

—

—

—(c)

—

Net

realized

gains

(1.94)

(0.58)

(1.43)

(37.44)

(14.94)

Total

Distributions

(1.94)

(0.58)

(1.43)

(37.44)

(14.94)

Net

Asset

Value,

End

of

Period

$8.57

$9.41

$9.06

$9.54

$47.25

Total

Return(d)

12.15%

10.71%

10.29%

(17.53)%

46.51%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)

2.12%

2.12%

2.12%

2.12%

2.06%

Net

Investment

Income

(Loss)

(1.10)%

(1.28)%

(1.11)%

(1.23)%

(1.40)%

Gross

Expenses(e)

2.95%

2.51%

2.28%

2.15%

2.06%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,014

$2,009

$3,775

$4,714

$9,806

Portfolio

Turnover(f)

89%

53%

60%

80%

103%

(a) Per

share

amounts

adjusted

for

a

1:9

reverse

stock

split.

(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) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(e) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Munder

Mid-Cap

Core

Growth

Fund

Class

R6

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$14.47

$13.48

$13.38

$19.99

$14.80

Investment

Activities:

Net

investment

income

(loss)(a)

0.03(b)

(—)(c)

0.02 0.01 (0.04)

Net

realized

and

unrealized

gains

(losses)

1.89 1.57 1.51 (2.44)

6.89 Total

from

Investment

Activities

1.92 1.57 1.53 (2.43)

6.85 Distributions

to

Shareholders

from:

Net

investment

income

—

—

—

(0.02)

—

Net

realized

gains

(1.94)

(0.58)

(1.43)

(4.16)

(1.66)

Total

Distributions

(1.94)

(0.58)

(1.43)

(4.18)

(1.66)

Net

Asset

Value,

End

of

Period

$14.45

$14.47

$13.48

$13.38

$19.99

Total

Return(d)

13.66%

11.98%

11.75%

(16.53)%

48.19%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)

0.88%

0.89%

0.88%

0.87%

0.87%

Net

Investment

Income

(Loss)

0.20%

(0.03)%

0.13%

0.04%

(0.21)%

Gross

Expenses(e)

0.88%

0.89%

0.88%

0.87%

0.87%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$65,182

$64,842

$68,898

$70,577

$98,852

Portfolio

Turnover(f)

89%

53%

60%

80%

103%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statements

of

Operations

for

the

period

due

to

the

class

level

expenses

recognized.

(c) Amount

is

less

than

$0.005

per

share.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(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

Munder

Mid-Cap

Core

Growth

Fund

Class

Y

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$13.41

$12.54

$12.55

$19.00

$14.15

Investment

Activities:

Net

investment

income

(loss)(a)

0.01(b)

(0.02)

—(c)

(0.02)

(0.05)

Net

realized

and

unrealized

gains

(losses)

1.75 1.47 1.42 2.27 6.56 Total

from

Investment

Activities

1.76 1.45 1.42 (2.29)

6.51 Distributions

to

Shareholders

from:

Net

realized

gains

(1.94)

(0.58)

(1.43)

(4.16)

(1.66)

Total

Distributions

(1.94)

(0.58)

(1.43)

(4.16)

(1.66)

Net

Asset

Value,

End

of

Period

$13.23

$13.41

$12.54

$12.55

$19.00

Total

Return(d)

13.55%

11.92%

11.64%

(16.64)%

48.00%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)

1.00%

1.00%

0.97%

0.98%

0.98%

Net

Investment

Income

(Loss)

0.07%

(0.14)%

0.04%

(0.10)%

(0.33)%

Gross

Expenses(e)

1.00%

1.00%

0.97%

0.98%

0.98%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$83,811

$104,856

$119,188

$122,169

$242,860

Portfolio

Turnover(f)

89%

53%

60%

80%

103%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statements

of

Operations

for

the

period

due

to

the

class

level

expenses

recognized.

(c) Amount

is

less

than

$0.005

per

share.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(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

Trivalent

International

Fund

—

Core

Equity

Class

A

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$8.19

$7.32

$6.51

$8.35

$6.49

Investment

Activities:

Net

investment

income

(loss)(a)

0.16 0.16 0.15 0.17 0.18 Net

realized

and

unrealized

gains

(losses)

1.44 0.97 0.81 (1.73)

1.77 Total

from

Investment

Activities

1.60 1.13 0.96 (1.56)

1.95 Distributions

to

Shareholders

from:

Net

investment

income

(0.26)

(0.26)

(0.15)

(0.28)

(0.09)

Total

Distributions

(0.26)

(0.26)

(0.15)

(0.28)

(0.09)

Net

Asset

Value,

End

of

Period

$9.53

$8.19

$7.32

$6.51

$8.35

Total

Return(b)

20.22%

15.87%

15.09%

(19.33)%

30.28%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.95%

0.95%

0.95%

0.95%

0.95%

Net

Investment

Income

(Loss)

1.86%

2.04%

2.28%

2.18%

2.32%

Gross

Expenses(c)

1.83%

1.79%

1.79%

1.77%

1.76%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$3,988

$4,003

$3,765

$4,147

$5,379

Portfolio

Turnover(d)

44%

38%

49%

55%

47%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Trivalent

International

Fund

—

Core

Equity

Class

I

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$8.25

$7.37

$6.55

$8.40

$6.53

Investment

Activities:

Net

investment

income

(loss)(a)

0.19 0.18 0.17 0.20 0.21 Net

realized

and

unrealized

gains

(losses)

1.46 0.99 0.82 (1.74)

1.78 Total

from

Investment

Activities

1.65 1.17 0.99 (1.54)

1.99 Distributions

to

Shareholders

from:

Net

investment

income

(0.29)

(0.29)

(0.17)

(0.31)

(0.12)

Total

Distributions

(0.29)

(0.29)

(0.17)

(0.31)

(0.12)

Net

Asset

Value,

End

of

Period

$9.61

$8.25

$7.37

$6.55

$8.40

Total

Return(b)

20.75%

16.27%

15.40%

(19.03)%

30.65%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.60%

0.60%

0.60%

0.60%

0.60%

Net

Investment

Income

(Loss)

2.25%

2.40%

2.57%

2.57%

2.69%

Gross

Expenses(c)

1.43%

1.42%

1.37%

1.62%

1.42%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$3,952

$3,651

$3,381

$2,834

$3,303

Portfolio

Turnover(d)

44%

38%

49%

55%

47%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Trivalent

International

Fund

—

Core

Equity

Class

R6

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$8.30

$7.42

$6.60

$8.45

$6.57

Investment

Activities:

Net

investment

income

(loss)(a)

0.20 0.19 0.18 0.21 0.21 Net

realized

and

unrealized

gains

(losses)

1.46 0.98 0.82 (1.75)

1.78 Total

from

Investment

Activities

1.66 1.17 1.00 (1.54)

1.99 Distributions

to

Shareholders

from:

Net

investment

income

(0.29)

(0.29)

(0.18)

(0.31)

(0.11)

Total

Distributions

(0.29)

(0.29)

(0.18)

(0.31)

(0.11)

Net

Asset

Value,

End

of

Period

$9.67

$8.30

$7.42

$6.60

$8.45

Total

Return(b)

20.77%

16.21%

15.50%

(18.93)%

30.57%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.55%

0.55%

0.55%

0.55%

0.55%

Net

Investment

Income

(Loss)

2.30%

2.46%

2.68%

2.60%

2.75%

Gross

Expenses(c)

0.96%

0.98%

0.98%

0.96%

1.00%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$222,077

$205,050

$180,222

$172,965

$204,691

Portfolio

Turnover(d)

44%

38%

49%

55%

47%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Trivalent

International

Fund

—

Core

Equity

Class

Y

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$8.18

$7.31

$6.50

$8.34

$6.48

Investment

Activities:

Net

investment

income

(loss)(a)

0.18 0.17 0.17 0.19 0.20 Net

realized

and

unrealized

gains

(losses)

1.44 0.98 0.81 (1.73)

1.77 Total

from

Investment

Activities

1.62 1.15 0.98 (1.54)

1.97 Distributions

to

Shareholders

from:

Net

investment

income

(0.28)

(0.28)

(0.17)

(0.30)

(0.11)

Total

Distributions

(0.28)

(0.28)

(0.17)

(0.30)

(0.11)

Net

Asset

Value,

End

of

Period

$9.52

$8.18

$7.31

$6.50

$8.34

Total

Return(b)

20.53%

16.16%

15.22%

(19.16)%

30.62%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.70%

0.70%

0.70%

0.70%

0.70%

Net

Investment

Income

(Loss)

2.18%

2.25%

2.58%

2.42%

2.59%

Gross

Expenses(c)

1.16%

1.17%

1.16%

1.21%

1.19%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$8,672

$7,238

$7,614

$6,614

$8,574

Portfolio

Turnover(d)

44%

38%

49%

55%

47%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Trivalent

International

Small-Cap

Fund

Class

A

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$15.04

$13.96

$12.43

$18.04

$12.83

Investment

Activities:

Net

investment

income

(loss)(a)

0.27 0.17 0.20 0.18 0.14 Net

realized

and

unrealized

gains

(losses)

3.65 1.13 1.42 (4.40)

5.07 Total

from

Investment

Activities

3.92 1.30 1.62 (4.22)

5.21 Distributions

to

Shareholders

from:

Net

investment

income

(0.27)

(0.22)

(0.09)

(0.23)

—

Net

realized

gains

—

—

—

(1.16)

—

Total

Distributions

(0.27)

(0.22)

(0.09)

(1.39)

—

Net

Asset

Value,

End

of

Period

$18.69

$15.04

$13.96

$12.43

$18.04

Total

Return(b)

26.56%

9.42%

13.11%

(25.22)%

40.61%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

1.35%

1.35%

1.35%

1.35%

1.35%

Net

Investment

Income

(Loss)

1.73%

1.21%

1.55%

1.09%

0.91%

Gross

Expenses(c)

1.70%

1.69%

1.65%

1.63%

1.63%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$62,452

$62,195

$71,343

$64,968

$93,832

Portfolio

Turnover(d)

49%

45%

54%

68%

64%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Trivalent

International

Small-Cap

Fund

Class

C

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$14.53

$13.46

$11.98

$17.46

$12.51

Investment

Activities:

Net

investment

income

(loss)(a)

0.12 0.05 0.08 0.05 0.04 Net

realized

and

unrealized

gains

(losses)

3.57 1.09 1.40 (4.26)

4.91 Total

from

Investment

Activities

3.69 1.14 1.48 (4.21)

4.95 Distributions

to

Shareholders

from:

Net

investment

income

(0.11)

(0.07)

—

(0.11)

—

Net

realized

gains

—

—

—

(1.16)

—

Total

Distributions

(0.11)

(0.07)

—

(1.27)

—

Net

Asset

Value,

End

of

Period

$18.11

$14.53

$13.46

$11.98

$17.46

Total

Return(b)

25.63%

8.52%

12.35%

(25.84)%

39.57%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

2.10%

2.10%

2.10%

2.10%

2.10%

Net

Investment

Income

(Loss)

0.79%

0.39%

0.64%

0.30%

0.26%

Gross

Expenses(c)

3.49%

2.91%

2.57%

2.49%

2.41%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$821

$1,427

$2,204

$3,283

$4,945

Portfolio

Turnover(d)

49%

45%

54%

68%

64%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Trivalent

International

Small-Cap

Fund

Class

I

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$15.18

$14.09

$12.54

$18.19

$12.94

Investment

Activities:

Net

investment

income

(loss)(a)

0.35 0.26 0.25 0.26 0.25 Net

realized

and

unrealized

gains

(losses)

3.66 1.11 1.44 (4.46)

5.07 Total

from

Investment

Activities

4.01 1.37 1.69 (4.20)

5.32 Distributions

to

Shareholders

from:

Net

investment

income

(0.34)

(0.28)

(0.14)

(0.29)

(0.07)

Net

realized

gains

—

—

—

(1.16)

—

Total

Distributions

(0.34)

(0.28)

(0.14)

(1.45)

(0.07)

Net

Asset

Value,

End

of

Period

$18.85

$15.18

$14.09

$12.54

$18.19

Total

Return(b)

27.02%

9.80%

13.62%

(24.96)%

41.16%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.96%

0.95%

0.95%

0.95%

0.95%

Net

Investment

Income

(Loss)

2.20%

1.77%

1.95%

1.56%

1.52%

Gross

Expenses(c)

1.17%

1.19%

1.21%

1.16%

1.17%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$3,000,554

$2,749,212

$1,909,343

$1,655,788

$2,003,337

Portfolio

Turnover(d)

49%

45%

54%

68%

64%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Trivalent

International

Small-Cap

Fund

Class

R6

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$15.25

$14.15

$12.59

$18.26

$13.00

Investment

Activities:

Net

investment

income

(loss)(a)

0.35 0.23 0.24 0.25 0.23 Net

realized

and

unrealized

gains

(losses)

3.67 1.14 1.45 (4.48)

5.09 Total

from

Investment

Activities

4.02 1.37 1.69 (4.23)

5.32 Distributions

to

Shareholders

from:

Net

investment

income

(0.33)

(0.27)

(0.13)

(0.28)

(0.06)

Net

realized

gains

—

—

—

(1.16)

—

Total

Distributions

(0.33)

(0.27)

(0.13)

(1.44)

(0.06)

Net

Asset

Value,

End

of

Period

$18.94

$15.25

$14.15

$12.59

$18.26

Total

Return(b)

26.94%

9.76%

13.55%

(25.02)%

41.06%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

1.02%

1.03%

1.03%

1.03%

1.03%

Net

Investment

Income

(Loss)

2.20%

1.60%

1.84%

1.52%

1.43%

Gross

Expenses(c)

1.02%

1.03%

1.03%

1.03%

1.03%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$151,988

$126,582

$121,147

$123,487

$133,486

Portfolio

Turnover(d)

49%

45%

54%

68%

64%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Trivalent

International

Small-Cap

Fund

Class

Y

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$15.09

$14.01

$12.47

$18.10

$12.88

Investment

Activities:

Net

investment

income

(loss)(a)

0.33 0.19 0.23 0.22 0.22 Net

realized

and

unrealized

gains

(losses)

3.63 1.15 1.43 (4.42)

5.05 Total

from

Investment

Activities

3.96 1.34 1.66 (4.20)

5.27 Distributions

to

Shareholders

from:

Net

investment

income

(0.31)

(0.26)

(0.12)

(0.27)

(0.05)

Net

realized

gains

—

—

—

(1.16)

—

Total

Distributions

(0.31)

(0.26)

(0.12)

(1.43)

(0.05)

Net

Asset

Value,

End

of

Period

$18.74

$15.09

$14.01

$12.47

$18.10

Total

Return(b)

26.85%

9.64%

13.43%

(25.07)%

40.96%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

1.10%

1.10%

1.10%

1.10%

1.10%

Net

Investment

Income

(Loss)

2.08%

1.31%

1.78%

1.33%

1.35%

Gross

Expenses(c)

1.11%

1.15%

1.14%

1.12%

1.13%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$587,741

$522,111

$794,375

$703,026

$1,099,890

Portfolio

Turnover(d)

49%

45%

54%

68%

64%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Core

Bond

Fund

Class

A

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$8.15

$8.26

$8.62

$9.84

$9.91

Investment

Activities:

Net

investment

income

(loss)(a)

0.30 0.27 0.20 0.13 0.15 Net

realized

and

unrealized

gains

(losses)

0.14 (0.08)

(0.31)

(1.15)

0.01 Total

from

Investment

Activities

0.44 0.19 (0.11)

(1.02)

0.16 Distributions

to

Shareholders

from:

Net

investment

income

(0.31)

(0.30)

(0.25)

(0.20)

(0.23)

Total

Distributions

(0.31)

(0.30)

(0.25)

(0.20)

(0.23)

Net

Asset

Value,

End

of

Period

$8.28

$8.15

$8.26

$8.62

$9.84

Total

Return(b)

5.62%

2.25%

(1.33)%

(10.48)%

1.67%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.85%

0.85%

0.85%

0.85%

0.85%

Net

Investment

Income

(Loss)

3.63%

3.35%

2.32%

1.34%

1.51%

Gross

Expenses(c)

1.40%

1.34%

1.27%

1.20%

1.16%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$5,622

$6,267

$6,955

$7,507

$9,380

Portfolio

Turnover(d)

36%

142%(e)

59%

55%

79%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(e) Reflects

increase

trading

activity

due

to

a

change

in

portfolio

management

and

asset

allocation

shift.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Core

Bond

Fund

Class

C

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$8.22

$8.33

$8.69

$9.92

$9.99

Investment

Activities:

Net

investment

income

(loss)(a)

0.24 0.21 0.13 0.05 0.08 Net

realized

and

unrealized

gains

(losses)

0.14 (0.08)

(0.31)

(1.15)

0.01 Total

from

Investment

Activities

0.38 0.13 (0.18)

(1.10)

0.09 Distributions

to

Shareholders

from:

Net

investment

income

(0.25)

(0.24)

(0.18)

(0.13)

(0.16)

Total

Distributions

(0.25)

(0.24)

(0.18)

(0.13)

(0.16)

Net

Asset

Value,

End

of

Period

$8.35

$8.22

$8.33

$8.69

$9.92

Total

Return(b)

4.71%

1.58%

(2.03)%

(11.23)%

0.91%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

1.60%

1.60%

1.60%

1.60%

1.60%

Net

Investment

Income

(Loss)

2.89%

2.56%

1.54%

0.56%

0.80%

Gross

Expenses(c)

15.05%

13.91%

9.74%

5.81%

3.68%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$106

$82

$142

$163

$451

Portfolio

Turnover(d)

36%

142%(e)

59%

55%

79%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(e) Reflects

increase

trading

activity

due

to

a

change

in

portfolio

management

and

asset

allocation

shift.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Core

Bond

Fund

Class

R6

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$8.17

$8.28

$8.64

$9.87

$9.94

Investment

Activities:

Net

investment

income

(loss)(a)

0.32 0.30 0.22 0.15 0.17 Net

realized

and

unrealized

gains

(losses)

0.15 (0.09)

(0.31)

(1.15)

0.02 Total

from

Investment

Activities

0.47 0.21 (0.09)

(1.00)

0.19 Distributions

to

Shareholders

from:

Net

investment

income

(0.33)

(0.32)

(0.27)

(0.23)

(0.26)

Total

Distributions

(0.33)

(0.32)

(0.27)

(0.23)

(0.26)

Net

Asset

Value,

End

of

Period

$8.31

$8.17

$8.28

$8.64

$9.87

Total

Return(b)

5.87%

2.64%

(1.06)%

(10.30)%

1.93%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.58%

0.58%

0.58%

0.58%

0.58%

Net

Investment

Income

(Loss)

3.90%

3.63%

2.59%

1.62%

1.73%

Gross

Expenses(c)

0.71%

0.66%

0.64%

0.63%

0.61%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$12,911

$25,190

$26,311

$23,854

$26,970

Portfolio

Turnover(d)

36%

142%(e)

59%

55%

79%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(e) Reflects

increase

trading

activity

due

to

a

change

in

portfolio

management

and

asset

allocation

shift.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Core

Bond

Fund

Class

Y

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Year

Ended

June

30,

2022

Year

Ended

June

30,

2021

Net

Asset

Value,

Beginning

of

Period

$8.17

$8.28

$8.64

$9.87

$9.94

Investment

Activities:

Net

investment

income

(loss)(a)

0.32 0.29 0.22 0.15 0.17 Net

realized

and

unrealized

gains

(losses)

0.15 (0.08)

(0.31)

(1.15)

0.02 Total

from

Investment

Activities

0.47 0.21 (0.09)

(1.00)

0.19 Distributions

to

Shareholders

from:

Net

investment

income

(0.33)

(0.32)

(0.27)

(0.23)

(0.26)

Total

Distributions

(0.33)

(0.32)

(0.27)

(0.23)

(0.26)

Net

Asset

Value,

End

of

Period

$8.31

$8.17

$8.28

$8.64

$9.87

Total

Return(b)

5.84%

2.62%

(1.08)%

(10.32)%

1.91%

Ratios

to

Average

Net

Assets:

Net

Expenses(c)

0.60%

0.60%

0.60%

0.60%

0.60%

Net

Investment

Income

(Loss)

3.88%

3.59%

2.56%

1.60%

1.74%

Gross

Expenses(c)

0.81%

0.72%

0.67%

0.65%

0.64%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$17,598

$18,906

$29,920

$28,539

$31,032

Portfolio

Turnover(d)

36%

142%(e)

59%

55%

79%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(c) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(d) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(e) Reflects

increase

trading

activity

due

to

a

change

in

portfolio

management

and

asset

allocation

shift.

Notes

to

Financial

Statements

June

30,

2025

Victory

Portfolios

1. #### Organization:
Victory

Portfolios

(the

"Trust")

is

organized

as

a

Delaware

statutory

trust and

the Trust

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

investment

company.

The

Trust

is

comprised

of 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 10

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

Integrity

Discovery

Fund\*

Integrity

Discovery

Fund

A,

C,

Y,

and

Member

Class

Victory

Integrity

Mid-Cap

Value

Fund

Integrity

Mid-Cap

Value

Fund

A,

C,

R6,

Y,

and

Member

Class

Victory

Integrity

Small-Cap

Value

Fund

Integrity

Small-Cap

Value

Fund

A,

C,

R,

R6,

and

Y

Victory

Integrity

Small/Mid-Cap

Value

Fund

Integrity

Small/Mid-Cap

Value

Fund

A,

R6,

Y,

and

Member

Class

Victory

Munder

Multi-Cap

Fund

Munder

Multi-Cap

Fund

A,

C,

and

Y

Victory

S&P

500

Index

Fund

S&P

500

Index

Fund

A,

R,

and

Y

Victory

Munder

Mid-Cap

Core

Growth

Fund\*

Munder

Mid-Cap

Core

Growth

Fund

A,

C,

R6,

and

Y

Victory

Trivalent

International

Fund

—

Core

Equity

Trivalent

International

Fund

—

Core

Equity

A,

I,

R6

and

Y

Victory

Trivalent

International

Small-Cap

Fund

Trivalent

International

Small-Cap

Fund

A,

C,

I,

R6,

and

Y

Victory

Core

Bond

Fund

Core

Bond

Fund

A,

C,

R6,

and

Y

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

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.

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.

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.

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

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):

Level

Level

Level

Total

Integrity

Discovery

Fund

Common

Stocks

...............................................

$

57,502

$

—

$

—

$

57,502

Collateral

for

Securities

Loaned

...................................

1,642

—

—

1,642

Total

.......................................................

$

59,144

$

—

$

—

$

59,144

Integrity

Mid-Cap

Value

Fund

Common

Stocks

...............................................

309,091

—

—

309,091

Collateral

for

Securities

Loaned

...................................

—

—

Total

.......................................................

$

309,289

$

—

$

—

$

309,289

Integrity

Small-Cap

Value

Fund

Common

Stocks

...............................................

988,043

—

—

988,043

Exchange-Traded

Funds

.........................................

10,885

—

—

10,885

Collateral

for

Securities

Loaned

...................................

12,191

—

—

12,191

Total

.......................................................

$

1,011,119

$

—

$

—

$

1,011,119

Integrity

Small/Mid-Cap

Value

Fund

Common

Stocks

...............................................

308,066

—

—

308,066

Collateral

for

Securities

Loaned

...................................

3,731

—

—

3,731

Total

.......................................................

$

311,797

$

—

$

—

$

311,797

Munder

Multi-Cap

Fund

Common

Stocks

...............................................

488,885

—

—

488,885

Exchange-Traded

Funds

.........................................

5,932

—

—

5,932

Total

.......................................................

$

494,817

$

—

$

—

$

494,817

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

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

Level

Level

Level

Total

S&P

500

Index

Fund

Common

Stocks

...............................................

$

264,813

$

—

$

—

$

264,813

Total

.......................................................

$

264,813

$

—

$

—

$

264,813

Other

Financial

Investments:\*

Assets:

Futures

Contracts

..............................................

—

—

Total

.......................................................

$

$

—

$

—

$

Munder

Mid-Cap

Core

Growth

Fund

Common

Stocks

...............................................

281,387

—

—

281,387

Exchange-Traded

Funds

.........................................

3,682

—

—

3,682

Collateral

for

Securities

Loaned

...................................

1,650

—

—

1,650

Total

.......................................................

$

286,719

$

—

$

—

$

286,719

Trivalent

International

Fund

—

Core

Equity

Common

Stocks

...............................................

27,332

205,689

—(a)

233,021

Exchange-Traded

Funds

.........................................

3,275

—

—

3,275

Total

.......................................................

$

30,607

$

205,689

$

—(a)

$

236,296

Trivalent

International

Small-Cap

Fund

Common

Stocks

...............................................

472,263

3,276,625

—

3,748,888

Exchange-Traded

Funds

.........................................

3,793

—

—

3,793

Collateral

for

Securities

Loaned

...................................

117,475

—

—

117,475

Total

.......................................................

$

593,531

$

3,276,625

$

—

$

3,870,156

Core

Bond

Fund

Asset-Backed

Securities

.........................................

—

3,193

—

3,193

Collateralized

Mortgage

Obligations

................................

—

2,204

—

2,204

Corporate

Bonds

..............................................

—

9,385

—

9,385

Yankee

Dollars

...............................................

—

1,529

—

1,529

Municipal

Bonds

..............................................

—

—

U.S.

Government

Agency

Mortgages

................................

—

5,212

—

5,212

U.S.

Treasury

Obligations

........................................

—

14,218

—

14,218

Total

.......................................................

$

—

$

35,861

$

—

$

35,861

\*

Futures

Contracts

are

presented

at

the

unrealized

appreciation

(depreciation)

on

the

investment.

(a) Zero

market

value

securities.

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

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

Level

Level

Level

Total

S&P

500

Index

Fund

Common

Stocks

...............................................

$

264,813

$

—

$

—

$

264,813

Total

.......................................................

$

264,813

$

—

$

—

$

264,813

Other

Financial

Investments:\*

Assets:

Futures

Contracts

..............................................

—

—

Total

.......................................................

$

$

—

$

—

$

Munder

Mid-Cap

Core

Growth

Fund

Common

Stocks

...............................................

281,387

—

—

281,387

Exchange-Traded

Funds

.........................................

3,682

—

—

3,682

Collateral

for

Securities

Loaned

...................................

1,650

—

—

1,650

Total

.......................................................

$

286,719

$

—

$

—

$

286,719

Trivalent

International

Fund

—

Core

Equity

Common

Stocks

...............................................

27,332

205,689

—(a)

233,021

Exchange-Traded

Funds

.........................................

3,275

—

—

3,275

Total

.......................................................

$

30,607

$

205,689

$

—(a)

$

236,296

Trivalent

International

Small-Cap

Fund

Common

Stocks

...............................................

472,263

3,276,625

—

3,748,888

Exchange-Traded

Funds

.........................................

3,793

—

—

3,793

Collateral

for

Securities

Loaned

...................................

117,475

—

—

117,475

Total

.......................................................

$

593,531

$

3,276,625

$

—

$

3,870,156

Core

Bond

Fund

Asset-Backed

Securities

.........................................

—

3,193

—

3,193

Collateralized

Mortgage

Obligations

................................

—

2,204

—

2,204

Corporate

Bonds

..............................................

—

9,385

—

9,385

Yankee

Dollars

...............................................

—

1,529

—

1,529

Municipal

Bonds

..............................................

—

—

U.S.

Government

Agency

Mortgages

................................

—

5,212

—

5,212

U.S.

Treasury

Obligations

........................................

—

14,218

—

14,218

Total

.......................................................

$

—

$

35,861

$

—

$

35,861

\*

Futures

Contracts

are

presented

at

the

unrealized

appreciation

(depreciation)

on

the

investment.

(a) Zero

market

value

securities.

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.

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.

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.

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.

Management

has

determined

that

no

offsetting

requirements

exist

as

a

result

of

their

conclusion

that

the

Funds

are

not

subject

to

master

netting

agreements

for

futures

contracts. During

the

year

ended June

30,

2025,

the S&P

500

Index

Fund entered

into

futures

contracts

primarily

for

the

strategy

of

hedging

or

other

purposes,

including

but

not

limited

to,

providing

liquidity

and

equitizing

cash.

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

Summary

of

Derivative

Instruments:

The

following

table

summarizes

the

fair

values

of

derivative

instruments

on

the

Statements

of

Assets

and

Liabilities,

categorized

by

risk

exposure,

as

of

June

30,

2025

(amounts

in

thousands):

\*

Includes

cumulative

unrealized appreciation

(depreciation)

of

futures

contracts as

reported

on

the

Schedule

of

Portfolio

Investments.

Only

current

day's

variation

margin

for

futures

contracts

is

reported

within

the

Statement

of

Assets

and

Liabilities.

The

following

table

presents the

effect

of

derivative

instruments

on

the

Statements

of

Operations,

categorized

by

risk

exposure,

for

the year

ended

June

30,

2025 (amounts

in

thousands):

All

open

derivative

positions

at

period

end

are

reflected

on

each

respective

Fund's

Schedule

of

Portfolio

Investments.

The

underlying

face

value

of

open

derivative

positions

relative

to

each

Fund's

net

assets

at

year end

is

generally

representative

of

the

notional

amount

of

open

positions

to

net

assets

throughout

the

year.

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.

Withholding

taxes

on

interest,

dividends,

and

gains

as

a

result

of

certain

investments

by

the

Funds

have

been

provided

for

in

accordance

with

each

investment's

applicable

country's

tax

rules

and

rates.

Securities

Lending:

The

Funds, through

a Securities

Lending

Agreement with

Citibank,

N.A.

("Citibank"), may

lend

their

securities

to

qualified

financial

institutions,

such

as

certain

broker-dealers

and

banks,

to

earn

additional

income,

net

of

income

retained

by

Citibank.

Borrowers

are

required

to

initially

secure

their

loans for

collateral

in

the

amount

of

at

least

102%

of

the

value

of

U.S.

securities

loaned

or

at

least

105%

of

the

value

of

non-U.S.

securities

loaned,

marked-to-market

daily.

Any

collateral

shortfalls

associated

with

increases

in

the

valuation

of

the

securities

loaned

are

generally

cured the

next

business

day.

The

collateral

can

be

received

in

the

form

of

cash

collateral

and/or

non-cash

collateral.

Non-

cash

collateral

can

include

U.S.

Government

Securities and

other

securities

as

permitted

by

Securities

and

Exchange

Commission

("SEC")

guidelines.

The

cash

collateral

is

invested

in

short-term

instruments

or

cash

equivalents,

primarily

open-end

investment

companies,

as

noted

on

the

Funds'

Schedules

of

Portfolio

Investments.

The

Funds

effectively

do not

have

control

of

the

non-cash

collateral

and

therefore

it

is

not

disclosed

on

the

Funds'

Schedules

of

Portfolio

Investments.

Collateral

requirements

are

determined

daily

based

on

the

value

of

the

Funds'

securities

on

loan

as

of

the

end

of

the prior

business

day.

During

the

time

portfolio

securities

are

on

loan,

the

borrower

will

pay

the

Funds

any

dividends

or

interest

paid

on

such

securities

plus

any

fee

negotiated

between

the

parties

to

the

lending

agreement.

The

Funds

also

earn

a

return

from

the

collateral.

The

Funds

pay

Citibank

various

fees

in

connection

with

the

investment

of

cash

collateral

and

fees

based

on

the

investment

income

received

from

securities

lending

activities.

Securities

lending

income

(net

of

these

fees)

is

disclosed

on

the

Statements

of

Operations.

Loans

are

terminable

upon

demand

and

the

borrower

must

return

the

loaned

securities

within

the

lesser

of

one

standard

settlement

period

or

five

business

days. Although

risk

is

mitigated

by

the

collateral, a

Fund could

experience

a

delay

in

recovering

its

securities

and

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

them.

In

addition,

there

is

a

risk that

the

value

of

the

short-term

investments

will

be

less

than

the

amount

of

cash

collateral

required

to

be

returned

to

the

borrower.

The

Funds'

agreement

with

Citibank

does

not

include

master

netting

provisions.

Non-cash

collateral

received

by

the

Funds

may

not

be

sold

or

repledged,

except

to

satisfy

borrower

default.

The

following

table

is

a

summary

of

the

Funds'

securities

lending

transactions

as

of

June

30,

2025

(amounts

in

thousands):

Assets

Variation

Margin

Receivable

on

Open

Futures

Contracts\*

Equity

Risk

Exposure:

44,000

S&P

500

Index

Fund

.................................................................................

$

Net

Realized

Gains

(Losses)

from

Futures

Contracts

Net

Change

in

Unrealized

Appreciation/

Depreciation

on

Futures

Contracts

Equity

Risk

Exposure:

34,000

46,000

S&P

500

Index

Fund

...............................................................

$

$

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

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.

Mortgage

Dollar

Rolls:

The

Victory

Core Bond

Fund

may

enter

into

mortgage

dollar

roll

transactions

in

which

the

Fund

sells

a

mortgage-backed

security

to

a

counterparty

to

buy

back

similar,

but

not

identical,

securities

on

a

specific

future

date

at

a

predetermined

price.

Mortgage

dollar

rolls

may

be

renewed

by

a

new

sale

and

repurchased

with

a

cash

settlement

at

each

renewal

without

physical

delivery

of

the

securities.

Certain

risks

may

arise

upon

entering

into

mortgage

dollar

rolls

from

the

potential

inability

of

counterparties

to

meet

the

terms

of

their

commitments.

Additionally,

the

value

of

such

securities

may

change

adversely

before

the

Fund

is

able

to

repurchase

them.

Mortgage

dollar

rolls

are

treated

as

financing

transactions

unless

the

sale

and

repurchase

are

determined

to

involve

securities

that

are

not

substantially

the

same.

Therefore,

any

gain

or

loss

is

considered

unrealized

until

the

roll

reaches

ultimate

disposition

or

the

sale

and

repurchase

are

determined

to

involve

securities

that

are

not

substantially

the

same.

Income

is

generated

as

consideration

for

entering

into

these

transactions

and

is

included

in

mortgage

dollar

roll

income

on

the

Fund's

Statement

of

Operations.

For

the year

ended

June

30,

2025,

there

were

no

mortgage

dollar

roll

transactions.

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.

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.

The

Trivalent

International

Small-Cap

Fund

filed

for

additional

European

Union

("EU")

reclaims

related

to

prior

years.

These

EU

reclaims

are

recorded

when

the

amount

is

known

and

there

are

no

significant

uncertainties

on

collectability.

For

the year ended

June

30,

2025,

the

Fund

recognized

$795

thousand

related

to

EU

reclaims

and

$34

thousand

in

interest

and

entitlements.

$295

thousand

of

these

EU

reclaims

and

related

interest

and

entitlements

are

reflected

on

the

Statements

of

Operations

as

a

reduction

to

Foreign

tax

withholding

expense,

and $534

thousand

of

these

EU

reclaims

are

reflected

on

the

Statement

of

Operations

as

Dividend

Income.

In

the

event

tax

refunds

received

by

the

Fund

during

the

fiscal

year

exceed

the

foreign

withholding

taxes

paid

by

the

Fund

for

the

year,

and

the

Fund

previously

passed

foreign

tax

credits

on

to

its

shareholders,

the

Fund

may

enter

in

a

closing

agreement

with

the

Internal

Revenue

Service

in

order

to

pay

the

associated

liability

on

behalf

of

the

Fund's

shareholders.

For

the

year

ended

June

30,

2025,

the

Fund

did

not

enter

in

any

closing

agreements.

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

June

30. For

the

year

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.

Value

of

Securities

on

Loan

Non-Cash

Collateral

Cash

Collateral

Integrity

Discovery

Fund

...........................................

$

1,584

$

—

$

1,642

Integrity

Mid-Cap

Value

Fund

........................................

—

Integrity

Small-Cap

Value

Fund

.......................................

11,546

—

12,191

Integrity

Small/Mid-Cap

Value

Fund

...................................

3,590

—

3,731

Munder

Mid-Cap

Core

Growth

Fund

...................................

1,619

—

1,650

Trivalent

International

Small-Cap

Fund

.................................

117,298

8,512

117,475

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

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

year

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:

Excluding

U.S.

Government

Securities

U.S.

Government

Securities

Purchases

Sales

Purchases

Sales

Integrity

Discovery

Fund

..........................................

$

20,826

$

30,077

$

—

$

—

Integrity

Mid-Cap

Value

Fund

.......................................

151,447

162,639

—

—

Integrity

Small-Cap

Value

Fund

......................................

506,751

656,867

—

—

Integrity

Small/Mid-Cap

Value

Fund

..................................

151,834

147,767

—

—

Munder

Multi-Cap

Fund

...........................................

414,951

461,076

—

—

S&P

500

Index

Fund

.............................................

11,423

62,777

—

—

Munder

Mid-Cap

Core

Growth

Fund

..................................

264,377

335,430

—

—

Trivalent

International

Fund

—

Core

Equity

.............................

97,377

116,324

—

—

Trivalent

International

Small-Cap

Fund

................................

1,708,039

2,141,767

—

—

Core

Bond

Fund

.................................................

4,802

13,450

10,816

16,727

Integrity

Mid-Cap

Value

Fund

Ownership

%

Victory

Target

Retirement

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.5 Victory

Target

Retirement

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

5.0 Victory

Target

Retirement

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

8.7 Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

6.6 Victory

Target

Retirement

2060

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.0 Trivalent

International

Fund

—

Core

Equity

Ownership

%

Victory

Target

Retirement

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

7.4 Victory

Target

Retirement

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

18.9 Victory

Target

Retirement

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

35.3 Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

23.8 Victory

Target

Retirement

2060

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

3.6 Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

5. #### Fees

#### and

#### Transactions

#### with

#### Affiliates

#### and

#### Related

#### Parties:
Investment

Advisory

Fees:

Investment

advisory

services

are

provided

to

the

Funds

by

the

Adviser,

which

is

a

New

York

corporation

registered

as

an

investment

adviser

with

the

SEC.

Under

the

terms

of

the

Investment

Advisory

Agreement,

the

Adviser

is

entitled

to

receive

fees

accrued

daily

and

paid

monthly

at

an

annualized

rate

based

on

a

percentage

of

the

average

daily

net

assets

of

each

Fund. The

rates

at

which

the

Adviser

is

paid

by

each

Fund

are

included

in

the

table

below.

Amounts

incurred

and

paid

to

VCM

for

the

year ended

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

year

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 year

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 year

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

year ended

June

30,

2025,

are

reflected

on

the

Statements

of

Operations

as

Transfer

agent

fees.

Adviser

Fee

Tier

Rates

Flat

Rate

Integrity

Discovery

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.00%

Up

to

$500

million

Over

$500

million

Integrity

Mid-Cap

Value

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.75%

0.70%

Up

to

$300

million

Over

$300

million

Integrity

Small-Cap

Value

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.90%

0.85%

Integrity

Small/Mid-Cap

Value

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.80%

0.75%

Up

to

$1

billion

$1

billion

-$2

billion

Over

$2

billion

Munder

Multi-Cap

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.75%

0.72%

0.70%

Up

to

$250

million

$250

million

-$500

million

Over

$500

million

S&P

500

Index

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.20%

0.12%

0.07%

Up

to

$6

billion

$6

billion

-$8

billion

Over

$8

billion

Munder

Mid-Cap

Core

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.75%

0.70%

0.65%

Up

to

$1

billion

Over

$1

billion

Trivalent

International

Fund

—

Core

Equity

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.80%

0.75%

Trivalent

International

Small-Cap

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.95%

0.90%

Flat

Rate

Core

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.40%

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

Victory

Capital

Transfer

Agency,

Inc.,

an

affiliate

of

the

Adviser,

serves

as

sub-transfer

agent

for

the

Member

Class.

Amounts

incurred

for

the

year ended

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

year 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

year

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

the

Class

A. For

the

year

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 year

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

Integrity

Discovery

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

1.00%

N/A

Integrity

Mid-Cap

Value

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

1.00%

N/A

Integrity

Small-Cap

Value

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

1.00%

0.50%

Integrity

Small/Mid-Cap

Value

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

N/A

N/A

Munder

Multi-Cap

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

1.00%

N/A

S&P

500

Index

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

N/A

0.50%

Munder

Mid-Cap

Core

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

1.00%

N/A

Trivalent

International

Fund

—

Core

Equity

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

N/A

N/A

Trivalent

International

Small-Cap

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

1.00%

N/A

Core

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

1.00%

N/A

Amount

Integrity

Discovery

Fund

...............................................................................

$

—(a)

Integrity

Mid-Cap

Value

Fund

............................................................................

Integrity

Small-Cap

Value

Fund

...........................................................................

Integrity

Small/Mid-Cap

Value

Fund

.......................................................................

Munder

Multi-Cap

Fund

................................................................................

S&P

500

Index

Fund

..................................................................................

Munder

Mid-Cap

Core

Growth

Fund

.......................................................................

Trivalent

International

Fund

—

Core

Equity

..................................................................

—(a)

Trivalent

International

Small-Cap

Fund

.....................................................................

Core

Bond

Fund

......................................................................................

—(a)

(a) Rounds

to

less

than

$1

thousand.

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

(a) Effective

November

1,

2024

rate

was

changed

from

0.95%

to

0.97%.

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.

There

were

no

voluntary

waivers

or

reimbursements

for

the year

ended

June

30,

2025. The

Funds

had

adopted

a

Deferred

Compensation

Plan

(the

"Plan")

for

their

Trustees

who

received

compensation

from

the

Funds.

Under

the

terms

of

the

Plan,

a

Trustee

may

have

elected

to

defer

all

or

a

portion

of

their

compensation.

Amounts

deferred

were

allocated

to

investment

options

that

were

specified

in

the

Plan

as

selected

by

the

Trustee,

among

certain

Victory

Munder

Funds,

in

which

their

deferred

accounts

were

deemed

invested.

Deferred

compensation

liability

under

the

Plan

constituted

a

general

unsecured

obligation

for

the

applicable

Victory

Fund

to

be

paid

to

the

final

Trustee

participant.

For

the

year

ended

June

30,

2025,

the

final

deferred

compensation

was

paid

to

the

final

Trustee

effective

December,

31,

2024,

and

included

in

the

Funds'

Statements

of

Operations.

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.

In

effect

until

October

31,

2025

Class

A

Class

C

Class

I

Class

R

Class

R6

Class

Y

Member

Class

Integrity

Discovery

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.66%

2.45%

N/A

N/A

N/A

1.44%

1.50%

Integrity

Mid-Cap

Value

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.00%

1.75%

N/A

N/A

0.60%

0.75%

0.85%

Integrity

Small-Cap

Value

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.50%

2.35%

N/A

1.75%

N/A

N/A

N/A

Integrity

Small/Mid-Cap

Value

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.13%

N/A

N/A

N/A

0.83%

0.88%

0.95%

Munder

Multi-Cap

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

N/A

2.16%

N/A

N/A

N/A

N/A

N/A

S&P

500

Index

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Munder

Mid-Cap

Core

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.32%

2.12%

N/A

N/A

N/A

N/A

N/A

Trivalent

International

Fund

—

Core

Equity

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.95%

N/A

0.60%

N/A

0.55%

0.70%

N/A

Trivalent

International

Small-Cap

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.35%

2.10%

0.97%(a)

N/A

1.10%

1.10%

N/A

Core

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.85%

1.60%

N/A

N/A

0.58%

0.60%

N/A

Expires

2026

Expires

2027

Expires

2028

Total

Integrity

Discovery

Fund

...............................................

$

$

$

$

Integrity

Mid-Cap

Value

Fund

............................................

865

887

861

2,613

Integrity

Small-Cap

Value

Fund

...........................................

Integrity

Small/Mid-Cap

Value

Fund

.......................................

948

Munder

Multi-Cap

Fund

................................................

Munder

Mid-Cap

Core

Growth

Fund

.......................................

Trivalent

International

Fund

—

Core

Equity

..................................

846

910

961

2,717

Trivalent

International

Small-Cap

Fund

.....................................

5,201

6,101

6,085

17,387

Core

Bond

Fund

......................................................

---

| | |
|:---|:---|
| **Victory Portfolios**<br>| **Notes to Financial Statements** *— continued*<br> June 30, 2025 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Integrity Discovery Fund | Integrity Mid-Cap Value Fund | Integrity Small-Cap Value Fund | Integrity Small/Mid-Cap Value Fund | Munder Multi-Cap Fund | S&P 500 Index Fund | Munder Mid-Cap Core Growth Fund | Trivalent International Fund — Core Equity | Trivalent International Small-Cap Fund | Core Bond Fund |
| General Market Risk | X | X | X | X | X | X | X | X | X | X |
| Equity Securities Risk | X | X | X | X | X | X | X | X | X |  |
| Foreign Securities Risk | X | X | X | X | X |  | X | X | X | X |
| Smaller-Capitalization Stock Risk |  |  | X | X | X |  |  | X | X |  |
| Mid-Capitalization Stock Risk |  | X |  |  |  |  | X |  |  |  |
| Micro-Capitalization Stock Risk | X |  |  |  |  |  |  |  |  |  |
| Passive Investment/Index Risk |  |  |  |  |  | X |  |  |  |  |
| Tracking Error Risk |  |  |  |  |  | X |  |  |  |  |
| Debt Securities Risk |  |  |  |  |  |  |  |  |  | X |
| High-Yield/ Junk Bond Risk |  |  |  |  |  |  |  |  |  | X |
| Sector Focus Risk | X | X | X | X | X | X | 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>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>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 Fund(s). Fluctuations in the exchange rates between the U.S. dollar and foreign currencies, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may negatively affect an investment.

**<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>Mid-Capitalization Stock Risk</u>** — 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.

**<u>Micro-Capitalization Stock Risk</u>** — The earnings and prospects of micro-sized companies are more volatile than larger companies and may experience higher failure rates than larger companies. Micro-sized companies normally have a lower trading volume than larger companies, which may tend to make their market prices fall more disproportionately than larger companies in response to selling pressures and may have limited markets, product lines, or financial resources and lack management experience. Short-term trading based on social media generally increases volatility of micro-cap or thinly traded securities without regard to fundamental value or financial results of the issuer of those securities. The Fund's (or Funds') net asset value may be subject to volatility or losses to the extent that investors engage in frequent on-line trading of stocks to the detriment of the Fund's (or Funds') portfolio holdings.

**<u>Passive Investment Risk/Index Risk</u>** — Certain Funds are designed to track an index and are not actively managed. A Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry or sector, unless that security is added to or removed, respectively, from its index. A Fund does not, therefore, seek returns in excess of its index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by its index.

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

Tracking

Error Risk

—

The

Fund(s)

may

be

subject

to

tracking

error,

which

is

the

divergence

of

the

Fund's

(or

Funds')

performance

from

its

index.

Tracking

error

may

occur

because

of,

among

other

reasons,

differences

between

the

securities

and

other

instruments

held

in

the

Fund's

(or

Funds')

portfolio

and

those

included

in

the

Index.

This

risk

may

be

heightened

during

times

of

increased

market

volatility

or

other

unusual

market

conditions.

Tracking

error

also

may

result

because

the

Fund(s)

incur(s)

fees

and

expenses,

while

the

Index

does

not.

Debt

Securities

Risk

—

The

value

of

a

debt

security

or

other

income-producing

security

changes

in

response

to

various

factors,

including,

for

example,

market-related

factors

(such

as

changes

in

interest

rates

or

changes

in

the

risk

appetite

of

investors

generally)

and

changes

in

the

actual

or

perceived

ability

of

the

issuer

(or

of

issuers

generally)

to

meet

its

(or

their)

obligations.

Other

factors

that

may

affect

the

value

of

debt

securities

include,

among

others,

economic

conditions,

market

events

and public

health

crises

and

responses

by

governments

and

companies

to

such

developments.

These

and

other

events

may

affect

the

creditworthiness

of

the

issuer

of

a

debt

security

and

may

impair

an

issuer's

ability

to

timely

meet

its

debt

obligations

as

they

come

due.

High-Yield/Junk

Bond

Risk

—

Lower-quality

debt

securities

can

involve

a

substantially

greater

risk

of

default

than

higher

quality

debt

securities,

and

their

values

can

decline

significantly

over

short

and

longer

periods

of

time.

Lower-quality

debt

securities

tend

to

be

more

sensitive

to

adverse

news

about

the

issuer,

or

the

market

or

economy

in

general.

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.

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 year

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

average

borrowing

for

the

days

outstanding

and

average

interest

rate

for

each

Fund

during

the

year

ended

June

30,

2025,

were

as

follows

(amounts

in

thousands):

\*

Based

on

the

number

of

days

borrowings

were

outstanding

for

the

year

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

Amount

Outstanding

at

June

30,

2025

Average

Borrowing\*

Average

Interest

Rate\*

Maximum

Borrowing

During

the

Period

Trivalent

International

Fund

—

Core

Equity

......................

$

—

$

1,700

5.40%

$

1,700

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

redemption

requests

that

otherwise

might

require

the

untimely

disposition

of

securities,

and

are

subject

to

each

Fund's

borrowing

restrictions.

The

interfund

loan

rate

is

determined,

as

specified

in

the

Order,

by

averaging

the

current

repurchase

agreement

rate

and

the

current

bank

loan

rate.

As

a

Borrower

(as

defined

in

the

Order),

interest

charged

to

each

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statements

of

Operations

under

Interfund

lending

fees.

As

a

Lender

(as

defined

in

the

Order),

interest

earned

by

each

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statements

of

Operations

under

Interfund

lending.

The

average

borrowing

or

lending

for

the

days

outstanding

and

average

interest

rate

for

the

Funds

that

utilized

this

Facility

during

the

year

ended

June

30,

2025,

were

as

follows

(amounts

in

thousands):

\*

Based

on

the

number

of

days

borrowings

were

outstanding

for

the

year

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.

As

of

June

30,

2025,

on

the

Statements

of

Assets

and

Liabilities,

as

a

result

of

permanent

book-to-tax

differences,

reclassification

adjustments

were

as

follows

(amounts

in

thousands):

The

tax

character

of

distributions

paid

during

the

tax

years

ended,

as

noted

below,

were

as

follows

(total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because,

for

tax

purposes,

dividends

are

recognized

when

actually

paid)

(amounts

in

thousands):

Borrower

or

Lender

Amount

Outstanding

at

June

30,

2025

Average

Borrowing\*

Average

Interest

Rate\*

Maximum

Borrowing

During

the

Period

S&P

500

Index

Fund

.............................

Borrower

$

—

$

28,259

5.87%

$

28,259

Trivalent

International

Fund

—

Core

Equity

.............

Borrower

—

2,758

4.86%

3,908

Trivalent

International

Small-Cap

Fund

................

Borrower

—

16,773

4.84%

29,667

Declared

Paid

Integrity

Discovery

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

Integrity

Mid-Cap

Value

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

Integrity

Small-Cap

Value

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

Integrity

Small/Mid-Cap

Value

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

Munder

Multi-Cap

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

S&P

500

Index

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Quarterly

Quarterly

Munder

Mid-Cap

Core

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

Trivalent

International

Fund

—

Core

Equity

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

Trivalent

International

Small-Cap

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

Core

Bond

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Monthly

Monthly

Total

Accumulated

Earnings

(Loss)

Capital

Integrity

Discovery

Fund

.....................................................................

$

(869)

$

869

Integrity

Mid-Cap

Value

Fund

..................................................................

(818)

818

Integrity

Small-Cap

Value

Fund

.................................................................

(2,981)

2,981

Integrity

Small/Mid-Cap

Value

Fund

.............................................................

(1,105)

1,105

Munder

Multi-Cap

Fund

......................................................................

(3,596)

3,596

S&P

500

Index

Fund

........................................................................

(2,204)

2,204

Munder

Mid-Cap

Core

Growth

Fund

.............................................................

(3,111)

3,111

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

As

of

June

30,

2025,

the

components

of

accumulated

earnings

(loss)

on

a

tax

basis

were

as

follows

(amounts

in

thousands):

\*

Qualified

late-year

losses

are

comprised

of

post-October

capital

losses

incurred

after

October

and

certain

late-year

ordinary

losses.

Late-

year

ordinary

losses

represent

ordinary

losses

incurred

after

December

and

specified

losses

incurred

after

October

31. These

losses

are

deemed

to

arise

on

the

first

day

of

the

Fund's

next

taxable

year.

\*\*

The

difference

between

the

book-basis

and

tax-basis

unrealized

appreciation

(depreciation)

is

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales,

derivatives,

REIT

adjustments,

amortization

and

passive

foreign

investment

company

adjustments.

During

the

tax

year

ended

June

30,

2025,

the

following

Funds

utilized

capital

loss

carryforwards

(amounts

in

thousands):

Year

Ended

June

30,

2025

Distributions

Paid

From:

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions

Paid

Integrity

Discovery

Fund

....................................................

$

1,261

$

4,457

$

5,718

Integrity

Mid-Cap

Value

Fund

.................................................

10,303

36,797

47,100

Integrity

Small-Cap

Value

Fund

................................................

57,953

131,631

189,584

Integrity

Small/Mid-Cap

Value

Fund

............................................

7,558

24,459

32,017

Munder

Multi-Cap

Fund

.....................................................

10,078

29,172

39,250

S&P

500

Index

Fund

.......................................................

2,221

37,271

39,492

Munder

Mid-Cap

Core

Growth

Fund

............................................

1,129

47,532

48,661

Trivalent

International

Fund

—

Core

Equity

.......................................

7,698

—

7,698

Trivalent

International

Small-Cap

Fund

..........................................

74,975

—

74,975

Core

Bond

Fund

...........................................................

1,769

—

1,769

Year

Ended

June

30,

2024

Distributions

Paid

From:

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions

Paid

Integrity

Discovery

Fund

....................................................

$

$

604

$

882

Integrity

Mid-Cap

Value

Fund

.................................................

2,236

8,036

10,272

Integrity

Small-Cap

Value

Fund

................................................

29,116

116,477

145,593

Integrity

Small/Mid-Cap

Value

Fund

............................................

3,411

3,725

7,136

Munder

Multi-Cap

Fund

.....................................................

18,596

18,730

S&P

500

Index

Fund

.......................................................

2,544

11,734

14,278

Munder

Mid-Cap

Core

Growth

Fund

............................................

—

17,395

17,395

Trivalent

International

Fund

—

Core

Equity

.......................................

7,572

—

7,572

Trivalent

International

Small-Cap

Fund

..........................................

62,817

—

62,817

Core

Bond

Fund

...........................................................

2,439

—

2,439

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Earnings

(Loss)

Other

Earnings

(Loss)

Accumulated

Capital

and

Other

Losses

Qualified

Late-Year

Losses\*

Unrealized

Appreciation

(Depreciation)\*\*

Total

Accumulated

Earnings

(Loss)

Integrity

Discovery

Fund

$

800

$

5,180

$

5,980

$

—

$

—

$

—

$

6,845

$

12,825

Integrity

Mid-Cap

Value

Fund

............

931

7,355

8,286

—

—

—

39,150

47,436

Integrity

Small-Cap

Value

Fund

............

8,623

8,825

—

—

(19,799)

27,291

16,317

Integrity

Small/Mid-Cap

Value

Fund

.......

1,242

3,459

4,701

—

—

—

26,816

31,517

Munder

Multi-Cap

Fund

15,203

51,527

66,730

—

—

—

169,616

236,346

S&P

500

Index

Fund

..

13,305

13,662

—

—

—

225,122

238,784

Munder

Mid-Cap

Core

Growth

Fund

......

23,747

23,960

—

—

—

63,748

87,708

Trivalent

International

Fund

—

Core

Equity

1,467

9,455

10,922

(426) —

—

58,068

68,564

Trivalent

International

Small-Cap

Fund

....

81,981

—

81,981

951

(28,023)

—

1,098,664

1,153,573

Core

Bond

Fund

......

—

—

(11,186)

—

(1,015)

(12,113)

Amount

Trivalent

International

Fund

—

Core

Equity

..................................................................

$

(4,583)

Trivalent

International

Small-Cap

Fund

.....................................................................

(280,426)

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

As

of June

30,

2025,

the

Funds

had

net

capital

loss

carryforwards

as

shown

in

the

table

below

(amounts

in

thousands).

It

is

unlikely

that

the

Board

will

authorize

a

distribution

of

capital

gains

realized

in

the

future

until

the

capital

loss

carryforwards

have

been

used.

As

of June

30,

2025,

the

cost

basis

for

federal

income

tax

purposes,

gross

unrealized

appreciation,

gross

unrealized

depreciation,

and

net

unrealized

appreciation

(depreciation)

for

investments were

as

follows

(amounts

in

thousands):

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

Trivalent

International

Small-Cap

Fund

......................................

$

(28,023)

$

—

$

(28,023)

Core

Bond

Fund

.......................................................

(1,522)

(9,664)

(11,186)

Cost

of

Investments

for

Federal

Tax

Purposes

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Integrity

Discovery

Fund

..............................

$

52,299

$

12,384

$

(5,539)

$

6,845

Integrity

Mid-Cap

Value

Fund

...........................

270,139

53,011

(13,861)

39,150

Integrity

Small-Cap

Value

Fund

..........................

983,828

109,512

(82,221)

27,291

Integrity

Small/Mid-Cap

Value

Fund

......................

284,981

46,124

(19,308)

26,816

Munder

Multi-Cap

Fund

...............................

325,201

173,671

(4,055)

169,616

S&P

500

Index

Fund

.................................

39,691

227,329

(2,207)

225,122

Munder

Mid-Cap

Core

Growth

Fund

......................

222,971

66,762

(3,014)

63,748

Trivalent

International

Fund

—

Core

Equity

.................

178,228

66,732

(8,664)

58,068

Trivalent

International

Small-Cap

Fund

....................

2,771,492

1,207,141

(108,477)

1,098,664

Core

Bond

Fund

.....................................

36,876

510

(1,525)

(1,015)

Report

of

Independent

Registered

Public

Accounting

Firm

![](epub554604831965184.jpg)

To

the

Shareholders

and

Board

of

Trustees

of

Victory

Portfolios

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

portfolio

investments,

of

Victory

Integrity

Discovery

Fund,

Victory

Integrity

Mid-Cap

Value

Fund,

Victory

Integrity

Small-Cap

Value

Fund,

Victory

Integrity

Small/Mid-Cap

Value

Fund,

Victory

Munder

Multi-Cap

Fund,

Victory

S&P

500

Index

Fund,

Victory

Munder

Mid-Cap

Core

Growth

Fund,

Victory

Trivalent

International

Fund-Core

Equity,

Victory

Trivalent

International

Small-Cap

Fund,

and

Victory

Core

Bond

Fund

(the

"Funds"),

each

a

series

of

Victory

Portfolios,

as

of

June

30,

2025,

the

related

statements

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

the

financial

highlights

for

each

of

the

five

periods

in

the

period

then

ended,

and

the

related

notes

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

June

30,

2025,

the

results

of

their

operations

for

the

year

then

ended,

the

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

the

financial

highlights

for

each

of

the

five

periods

in

the

period

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

("PCAOB")

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

June

30,

2025,

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

one

or

more

investment

companies

advised

by

Victory

Capital

Management

Inc.

since

2015. COHEN

&

COMPANY,

LTD.

Cleveland,

Ohio

August

22,

2025

Supplemental

Information

June

30,

2025

Victory

Portfolios

(Unaudited)

Additional

Federal

Income

Tax

Information

For

the

fiscal

year

ended

June

30,

2025,

the

Funds

hereby

designate

the

maximum

amount

allowable

of

their

net

taxable

income

as

qualified

dividends

taxed

at

individual

net

capital

gain

rates.

Shareholders

will

be

notified

via

IRS

Form

1099

of

the

amounts

for

use

in

preparing

their

income

tax

return.

Dividends

qualified

for

corporate

dividends

received

deductions

of:

For

the

year

ended

June

30,

2025,

the

following

Funds

designated

short-term

capital

gain

distributions

in

the

amount

of

(in

thousands):

For

the

year

ended

June

30,

2025,

the

following

Funds

designated

long-term

capital

gain

distributions

in

the

amount

of

(in

thousands):

The

following

Funds

intends

to

elect

to

pass

through

to

shareholders

the

income

tax

credit

for

taxes

paid

to

foreign

countries.

Foreign

source

income

and

foreign

tax

expense

per

shares

outstanding

on

June

30,

2025,

were

as

follows:

Percent

Integrity

Discovery

Fund

.............................................................................

53%

Integrity

Mid-Cap

Value

Fund

..........................................................................

70%

Integrity

Small-Cap

Value

Fund

.........................................................................

48%

Integrity

Small/Mid-Cap

Value

Fund

.....................................................................

75%

Munder

Multi-Cap

Fund

..............................................................................

33%

S&P

500

Index

Fund

................................................................................

100%

Munder

Mid-Cap

Core

Growth

Fund

.....................................................................

100%

Amount

Integrity

Discovery

Fund

.............................................................................

$

1,288

Integrity

Mid-Cap

Value

Fund

..........................................................................

3,991

Integrity

Small-Cap

Value

Fund

.........................................................................

35,636

Integrity

Small/Mid-Cap

Value

Fund

.....................................................................

3,054

Munder

Multi-Cap

Fund

..............................................................................

10,858

S&P

500

Index

Fund

................................................................................

Munder

Mid-Cap

Core

Growth

Fund

.....................................................................

1,208

Amount

Integrity

Discovery

Fund

.............................................................................

$

5,223

Integrity

Mid-Cap

Value

Fund

..........................................................................

37,615

Integrity

Small-Cap

Value

Fund

.........................................................................

134,500

Integrity

Small/Mid-Cap

Value

Fund

.....................................................................

25,563

Munder

Multi-Cap

Fund

..............................................................................

31,987

S&P

500

Index

Fund

................................................................................

39,455

Munder

Mid-Cap

Core

Growth

Fund

.....................................................................

50,565

Foreign

Source

Income

Foreign

Tax

Expense

Trivalent

International

Fund

—

Core

Equity

........................................

$

0.28 $

0.04 Trivalent

International

Small-Cap

Fund

...........................................

0.52 0.05 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

VP-MUNDER-AR

(6/25)

June

30,

2025

Annual:

Full

Financials

Victory

Diversified

Stock

Fund

Victory

Fund

for

Income

Victory

Investment

Grade

Convertible

Fund

vcm.com

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Day,

Days

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*TABLE* 

*OF* 

*CONTENTS*

*Victory* 

*Portfolios*

#### Schedules

#### of

#### Portfolio

#### Investments

#### (Form

#### N-CSR

#### Item

#### 6)
Victory

Diversified

Stock

Fund

#### 3
Victory

Fund

for

Income

#### 5
Victory

Investment

Grade

Convertible

Fund

#### 7

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)
Statements

of

Assets

and

Liabilities

#### 9
Statements

of

Operations

#### 10
Statements

of

Changes

in

Net

Assets

#### 11
Financial

Highlights

#### 14

#### Notes

#### to

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)

#### 30

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm

#### (Form

#### N-CSR

#### Item

#### 7)

#### 39

#### Supplemental

#### Information
(Unaudited)

Additional

Federal

Income

Tax

Information

#### 40

*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

#### Diversified

#### Stock

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(98.2%)

Communication

Services

(10.8%):

Alphabet,

Inc.

,

Class

C

...................................................

72,253

$

12,817

Charter

Communications,

Inc.

,

Class

A

(a) .....................................

7,963

3,255

Meta

Platforms,

Inc.

,

Class

A

..............................................

15,268

11,269

Netflix,

Inc.

(a) .........................................................

1,917

2,567

Tencent

Music

Entertainment

Group

,

ADR

.....................................

106,051

2,067

The

Walt

Disney

Co.

....................................................

38,033

4,717

36,692

Consumer

Discretionary

(12.1%):

Amazon.com,

Inc.

(a) ....................................................

56,028

12,292

eBay,

Inc.

............................................................

61,355

4,569

Expedia

Group,

Inc.

.....................................................

17,596

2,968

JD.com,

Inc.

,

ADR

......................................................

65,257

2,130

Norwegian

Cruise

Line

Holdings

Ltd.

(a) ......................................

100,511

2,038

Ralph

Lauren

Corp.

.....................................................

12,521

3,434

Royal

Caribbean

Cruises

Ltd.

..............................................

17,674

5,534

Tesla,

Inc.

(a) ..........................................................

8,436

2,680

Texas

Roadhouse,

Inc.

...................................................

16,165

3,030

Urban

Outfitters,

Inc.

(a) ..................................................

35,058

2,543

41,218

Consumer

Staples

(2.8%):

Casey's

General

Stores,

Inc.

...............................................

6,720

3,429

Ingredion,

Inc.

.........................................................

30,271

4,105

Performance

Food

Group

Co.

(a) ............................................

22,321

1,953

9,487

Electronic

Equipment,

Instruments

&

Components

(4.6%):

Amphenol

Corp.

,

Class

A

.................................................

49,528

4,891

Fabrinet

(a) ............................................................

15,357

4,526

Jabil,

Inc.

............................................................

27,846

6,073

15,490

Energy

(2.5%):

Archrock,

Inc.

.........................................................

69,706

1,731

Baker

Hughes

Co.

......................................................

50,762

1,946

Diamondback

Energy,

Inc.

................................................

11,803

1,622

EOG

Resources,

Inc.

....................................................

14,192

1,697

ONEOK,

Inc.

..........................................................

18,133

1,480

8,476

Financials

(13.7%):

Affiliated

Managers

Group,

Inc.

............................................

15,550

3,060

Ameriprise

Financial,

Inc.

.................................................

5,744

3,066

BGC

Group,

Inc.

,

Class

A

.................................................

430,423

4,403

Corebridge

Financial,

Inc.

.................................................

104,152

3,697

FirstCash

Holdings,

Inc.

..................................................

14,970

2,023

Interactive

Brokers

Group,

Inc.

.............................................

105,160

5,827

JPMorgan

Chase

&

Co.

..................................................

18,768

5,441

Raymond

James

Financial,

Inc.

.............................................

20,620

3,163

The

Bancorp,

Inc.

(a) .....................................................

25,826

1,471

The

Goldman

Sachs

Group,

Inc.

............................................

3,117

2,206

Visa,

Inc.

,

Class

A

......................................................

21,121

7,499

W.R.

Berkley

Corp.

.....................................................

63,267

4,648

46,504

Health

Care

(12.6%):

AstraZeneca

PLC

,

ADR

..................................................

45,465

3,177

Cencora,

Inc.

..........................................................

14,532

4,357

Eli

Lilly

&

Co.

.........................................................

8,492

6,620

Halozyme

Therapeutics,

Inc.

(a) .............................................

66,831

3,477

HCA

Healthcare,

Inc.

....................................................

10,747

4,117

McKesson

Corp.

.......................................................

6,280

4,602

Novartis

AG

,

ADR

......................................................

28,773

3,482

Victory

Portfolios

#### Victory

#### Diversified

#### Stock

#### Fund

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) ResMed,

Inc.

..........................................................

7,873

$

2,031

The

Ensign

Group,

Inc.

...................................................

21,841

3,369

Universal

Health

Services,

Inc.

,

Class

B

.......................................

22,660

4,105

Vertex

Pharmaceuticals,

Inc.

(a) .............................................

8,043

3,581

42,918

Industrials

(7.9%):

Comfort

Systems

USA,

Inc.

...............................................

6,776

3,633

EMCOR

Group,

Inc.

....................................................

6,885

3,683

ExlService

Holdings,

Inc.

(a) ...............................................

41,373

1,812

Federal

Signal

Corp.

.....................................................

44,052

4,688

Kirby

Corp.

(a) .........................................................

33,301

3,777

Quanta

Services,

Inc.

....................................................

12,413

4,693

Trane

Technologies

PLC

..................................................

10,319

4,513

26,799

Materials

(1.9%):

Avery

Dennison

Corp.

...................................................

9,911

1,739

Linde

PLC

............................................................

3,544

1,663

Royal

Gold,

Inc.

........................................................

17,682

3,144

6,546

Real

Estate

(1.0%):

CBRE

Group,

Inc.

,

Class

A

(a) ..............................................

13,216

1,852

VICI

Properties,

Inc.

....................................................

44,463

1,449

3,301

Semiconductors

&

Semiconductor

Equipment

(12.4%):

Broadcom,

Inc.

........................................................

38,608

10,642

KLA

Corp.

...........................................................

5,771

5,170

NVIDIA

Corp.

.........................................................

144,998

22,908

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

,

ADR

.............................

15,481

3,506

42,226

Software

(10.0%):

Adobe,

Inc.

(a) .........................................................

3,756

1,453

Autodesk,

Inc.

(a) .......................................................

11,033

3,415

Corpay,

Inc.

(a) .........................................................

7,402

2,456

Gen

Digital,

Inc.

.......................................................

65,935

1,939

Microsoft

Corp.

........................................................

45,497

22,631

Oracle

Corp.

..........................................................

9,650

2,110

34,004

Technology

Hardware,

Storage

&

Peripherals

(5.9%):

Apple,

Inc.

...........................................................

96,854

19,872

Total

Common

Stocks

(Cost

$216,896)

a

a

a

333,533

Exchange-Traded

Funds

(1.2%)

SPDR

S&P

500

ETF

Trust

................................................

6,546

4,044

Total

Exchange-Traded

Funds

(Cost

$3,746)

a

a

a

4,044

Total

Investments

(Cost

$220,642)

—

99.4%

337,577

Other

assets

in

excess

of

liabilities

— 0.6%

2,076

NET

ASSETS

-

100.00%

$

339,653

At

June

30,

2025,

the

Fund's

investments

in

foreign

securities

were

6.9%

of

net

assets.

(a) Non-income

producing

security.

ADR

—

American

Depositary

Receipt

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

June

30,

2025

Victory

Portfolios

#### Victory

#### Fund

#### for

#### Income

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Collateralized

Mortgage

Obligations

(2.4%)

Agency

CMO

Other

(2.4%):

Government

National

Mortgage

Association

....................................

Series

2001-10,

Class

PE,

6.50%,

3/16/31,

Callable

7/16/25

@

...............

$

$

Series

2005-74,

Class

HB,

7.50%,

9/16/35

.................................

Series

2005-74,

Class

HC,

7.50%,

9/16/35

.................................

Series

2011-166,

Class

NT,

7.74%,

11/20/31(a)

..............................

Series

2012-106,

Class

JM,

7.33%,

10/20/34(a)

.............................

Series

2012-30,

Class

WB,

6.91%,

11/20/39(a)

..............................

506

Series

2013-190,

Class

KT,

8.19%,

9/20/30(a)

..............................

Series

2013-51,

Class

BL,

6.03%,

4/20/34(a)

...............................

646

666

Series

2013-64,

Class

KY,

6.55%,

12/20/38(a)

..............................

Series

2013-70,

Class

KP,

6.86%,

2/20/39(a)

...............................

Series

2014-69,

Class

W,

7.22%,

11/20/34(a)

...............................

Series

2014-74,

Class

PT,

7.71%,

5/16/44(a)

...............................

Series

2015-103,

Class

B,

6.92%,

1/20/40(a)

...............................

1,622

1,719

Series

2015-77,

Class

PT,

7.13%,

6/20/39(a)

...............................

Series

2019-22,

Class

PT,

7.91%,

2/20/49(a)

...............................

1,244

1,295

Series

2021-1,

Class

WT,

7.88%,

1/20/51(a)

................................

1,339

1,404

Series

2023-186,

Class

BT,

8.00%,

9/20/31

................................

1,059

1,114

8,129

Total

Collateralized

Mortgage

Obligations

(Cost

$8,572)

a

a

a

8,129

U.S.

Government

Agency

Mortgages

(70.0%)

Single

Family

Pass-throughs

(69.7%):

Government

National

Mortgage

Association

7.50%,

8/15/25

-

12/20/38

.............................................

13,980

14,529

6.50%,

12/15/25

-

2/20/41

.............................................

59,935

62,754

7.00%,

1/20/26

-

5/20/39

.............................................

34,974

36,677

8.00%,

7/15/27

-

4/15/38

.............................................

9,250

9,698

6.13%,

6/20/28

-

11/20/28

.............................................

6.00%,

8/15/28

-

2/20/49

.............................................

54,961

57,516

6.28%,

10/20/28

-

9/20/29

.............................................

6.10%,

5/20/29

-

7/20/31

.............................................

7.30%,

4/20/30

-

2/20/31

.............................................

9.00%,

5/15/30

-

9/15/30

.............................................

8.50%,

6/15/31

-

7/15/32

.............................................

521

6.49%,

8/20/31

-

3/20/32

.............................................

5.50%,

3/20/32

-

11/15/45

.............................................

32,052

33,186

4.50%,

12/15/33

-

5/15/41

.............................................

5,611

5,529

5.00%,

1/20/34

-

2/20/42

.............................................

12,150

12,333

6.50%,

10/20/37

....................................................

4.00%,

8/15/41

....................................................

234,424

Multi-Family

Pass-throughs

(0.3%):

Government

National

Mortgage

Association

8.00%,

1/15/31

-

11/15/33

.............................................

741

741

7.75%,

9/15/33

....................................................

6.00%,

4/20/38

....................................................

1,087

Total

U.S.

Government

Agency

Mortgages

(Cost

$248,993)

a

a

a

235,511

U.S.

Treasury

Obligations

(26.7%)

U.S.

Treasury

Bills,

3.77%,

7/10/2

5(b)

........................................

20,485

20,463

U.S.

Treasury

Bonds,

6.38%,

8/15/27

.........................................

66,014

69,601

Total

U.S.

Treasury

Obligations

(Cost

$89,360)

a

a

a

90,064

Victory

Portfolios

#### Victory

#### Fund

#### for

#### Income

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Investment

Companies

(0.1%)

BlackRock

Liquidity

Funds

FedFund

Portfolio,

Institutional

Shares,

4.57%(b)

...........

$

Total

Investment

Companies

(Cost

$187)

a

a

a

Total

Investments

(Cost

$347,112)

—

99.2%

333,891

Other

assets

in

excess

of

liabilities

— 0.8%

2,677

NET

ASSETS

-

100.00%

$

336,568

(a) The

rate

for

certain

asset-backed

and

mortgage-backed

securities

may

vary

based

on

factors

relating

to

the

pool

of

assets

underlying

the

security.

The

rate

disclosed

is

the

rate

in

effect

at

June

30,

2025. (b) Rate

represents

the

effective

yield

at

June

30,

2025. CMO

—

Collateralized

Mortgage

Obligations

Schedule

of

Portfolio

Investments

June

30,

2025

Victory

Portfolios

#### Victory

#### Investment

#### Grade

#### Convertible

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Convertible

Corporate

Bonds

(70.4%)

Consumer

Discretionary

(9.8%):

Expedia

Group,

Inc.,

0.00%,

2/15/26(a)

.......................................

$

7,728

$

7,535

Ford

Motor

Credit

Co.

LLC,

0.00%,

3/15/26(a)

.................................

10,295

10,157

Meritage

Homes

Corp.,

1.75%,

5/15/28

.......................................

7,310

7,068

24,760

Financials

(14.3%):

Barclays

Bank

PLC,

1.00%,

2/16/29

.........................................

8,990

9,726

Blackstone

Mortgage

Trust,

Inc.,

5.50%,

3/15/27

................................

965

945

Capital

Southwest

Corp.,

5.13%,

11/15/29

.....................................

2,620

2,581

Global

Payments,

Inc.,

1.50%,

3/1/31

........................................

7,512

6,724

HAT

Holdings

I

LLC/HAT

Holdings

II

LLC,

3.75%,

8/15/28(b)(c)

....................

520

601

JPMorgan

Chase

Financial

Co.

LLC,

0.50%,

6/15/27

.............................

1,760

2,027

New

Mountain

Finance

Corp.,

7.50%,

10/15/25

.................................

6,565

6,552

PPL

Capital

Funding,

Inc.,

2.88%,

3/15/28

.....................................

6,530

7,049

36,205

Health

Care

(4.0%):

BioMarin

Pharmaceutical,

Inc.,

1.25%,

5/15/27

.................................

Dexcom,

Inc.,

0.38%,

5/15/28

..............................................

1,500

1,410

Envista

Holdings

Corp.,

1.75%,

8/15/28

.......................................

9,050

8,403

10,049

Industrials

(8.6%):

Parsons

Corp.

0.25%,

8/15/25

....................................................

3,555

5,661

2.63%,

3/1/29(c)

...................................................

2,380

2,533

The

Middleby

Corp.,

1.00%,

9/1/25

..........................................

535

600

Uber

Technologies,

Inc.,

0.88%,

12/1/28

......................................

9,070

12,946

21,740

Information

Technology

(3.7%):

Akamai

Technologies,

Inc.,

1.13%,

2/15/29

....................................

1,715

1,627

ON

Semiconductor

Corp.,

0.00%,

5/1/27(a)

....................................

735

872

Vishay

Intertechnology,

Inc.,

2.25%,

9/15/30

...................................

7,740

6,972

9,471

Real

Estate

(13.3%):

COPT

Defense

Properties

LP,

5.25%,

9/15/28(b)

................................

2,250

2,539

Digital

Realty

Trust

LP,

1.88%,

11/15/29(b)

....................................

3,225

3,390

Federal

Realty

OP

LP,

3.25%,

1/15/29(b)

......................................

4,380

4,372

Kite

Realty

Group

LP,

0.75%,

4/1/27(b)

.......................................

5,415

5,611

Rexford

Industrial

Realty

LP

4.38%,

3/15/27(b)

..................................................

640

636

4.13%,

3/15/29(b)

..................................................

1,669

1,631

Ventas

Realty

LP,

3.75%,

6/1/26

............................................

5,250

6,225

Welltower

OP

LLC

2.75%,

5/15/28(b)

..................................................

4,920

7,989

3.13%,

7/15/29(b)

..................................................

860

1,141

33,534

Utilities

(16.7%):

Alliant

Energy

Corp.

3.88%,

3/15/26

....................................................

3,185

3,279

3.25%,

5/30/28(b)

..................................................

3,290

3,284

American

Water

Capital

Corp.,

3.63%,

6/15/26

..................................

8,060

8,095

CenterPoint

Energy,

Inc.,

4.25%,

8/15/26

......................................

4,245

4,600

CMS

Energy

Corp.,

3.38%,

5/1/28

...........................................

2,455

2,612

Duke

Energy

Corp.,

4.13%,

4/15/26

..........................................

5,140

5,446

Evergy,

Inc.,

4.50%,

12/15/27

..............................................

2,520

2,942

The

Southern

Co.

3.88%,

12/15/25

....................................................

6,410

7,082

4.50%,

6/15/27

....................................................

1,590

1,746

Victory

Portfolios

#### Victory

#### Investment

#### Grade

#### Convertible

#### Fund

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) WEC

Energy

Group,

Inc.

4.38%,

6/1/27

.....................................................

$

1,310

$

1,473

4.38%,

6/1/29

.....................................................

1,310

1,508

42,067

Total

Convertible

Corporate

Bonds

(Cost

$170,023)

a

a

a

177,826

Shares

Convertible

Preferred

Stocks

(27.7%)

Financials

(22.2%):

Apollo

Global

Management,

Inc.,

6.75%,

7/31/26

................................

160,025

11,978

Ares

Management

Corp.,

Series

B,

6.75%,

10/1/27

...............................

167,610

8,883

Bank

of

America

Corp.,

Series

L,

7.25%(d)

....................................

11,450

13,889

KKR

&

Co.,

Inc.,

Series

D,

6.25%,

3/1/28

.....................................

147,955

7,930

Wells

Fargo

&

Co.,

Series

L,

7.50%(d)

........................................

11,369

13,349

56,029

Industrials

(0.2%):

The

Boeing

Co.,

6.00%

...................................................

10,000

680

Materials

(0.6%):

Albemarle

Corp.,

7.25%,

3/1/27

............................................

47,050

1,510

Utilities

(4.7%):

NextEra

Energy,

Inc.,

6.93%,

9/1/25

.........................................

124,038

4,929

NextEra

Energy,

Inc.,

7.30%,

6/1/27

.........................................

82,324

3,877

NextEra

Energy,

Inc.,

7.23%,

11/1/27

.........................................

68,521

3,032

11,838

Total

Convertible

Preferred

Stocks

(Cost

$68,849)

a

a

a

70,057

Collateral

for

Securities

Loaned

(0.3%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares,

4.23%(e)

........

189,918

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares,

4.27%(e)

............

189,918

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares,

4.29%(e)

...............

189,918

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares,

4.24%(e)

.

189,918

Total

Collateral

for

Securities

Loaned

(Cost

$760)

a

a

a

760

Total

Investments

(Cost

$239,632)

—

98.4%

248,643

Other

assets

in

excess

of

liabilities

— 1.6%

3,934

NET

ASSETS

-

100.00%

$

252,577

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Zero-coupon

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

$31,194

(thousands)

and

amounted

to

12.4%

of

net

assets.

(c) All

or

a

portion

of

this

security

is

on

loan.

(d) Security

is

perpetual

and

has

no

final

maturity

date

but

may

be

subject

to

calls

at

various

dates

in

the

future.

(e) Rate

disclosed

is

the

daily

yield

on

June

30,

2025. LLC

—

Limited

Liability

Company

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)

Victory

Diversified

Stock

Fund

Victory

Fund

for

Income

Victory

Investment

Grade

Convertible

Fund

Assets:

Investments,

at

value

(Cost

$220,642,

$347,112

and

$239,632)

$

337,577

$

333,891

$

248,643

(a) Cash

6,634

—

4,273

Receivables:

Dividends,

interest,

and

securities

lending

income

2,819

1,004

Capital

shares

issued

Investments

sold

2,565

—

—

From

Adviser

Prepaid

expenses

Total

Assets

346,975

336,978

254,242

Liabilities:

Payables:

Collateral

received

on

loaned

securities

—

—

760

Investments

purchased

6,714

—

—

Capital

shares

redeemed

658

Accrued

expenses

and

other

payables:

Investment

advisory

fees

Administration

fees

Custodian

fees

Transfer

agent

fees

Sub-Transfer

agent

fees

Compliance

fees

—

(b) —

(b) —

(b) Trustees'

fees

—

(b) —

(b) —

(b) 12b-1

fees

Other

accrued

expenses

Total

Liabilities

7,322

1,665

Commitments

and

contingencies

(Note

4)

Net

Assets:

Capital

194,178

786,715

240,951

Total

accumulated

earnings

(loss)

145,475

(450,147)

11,626

Net

Assets

$

339,653

$

336,568

$

252,577

Net

Assets:

Class

A

$

262,084

$

65,228

$

14,501

Class

C

505

1,908

—

Class

I

28,688

181,363

235,925

Class

R

38,264

14,262

—

Class

R6

4,654

24,862

—

Class

Y

5,458

45,212

—

Member

Class

—

3,733

2,151

Total

$

339,653

$

336,568

$

252,577

Shares

(unlimited

number

of

shares

authorized

with

a

par

value

of

$0.001

per

share):

Class

A

11,179

9,519

807

Class

C

—

Class

I

1,219

26,465

13,096

Class

R

1,714

2,078

—

Class

R6

3,632

—

Class

Y

6,599

—

Member

Class

—

543

Total

14,566

49,118

14,017

Net

asset

value,

offering

and

redemption

price

per

share:(c)

Class

A

$

.45

$

.85

$

.99

Class

C(d)

.51

.76

—

Class

I

.53

.85

.02

Class

R

.33

.86

—

Class

R6

.59

.84

—

Class

Y

.58

.85

—

Member

Class

—

.88

.80

Maximum

Sales

Charge

—

Class

A

.75

%

.25

%

.25

%

Maximum

offering

price

(100%/(100%-maximum

sales

charge)

of

net

asset

value

adjusted

to

the

nearest

cent)

per

share

—

Class

A

$

.88

$

.01

$

.40

(a) Includes

$726

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

length

of

time

shares

are

held.

Statements

of

Operations

For

the

Year

Ended

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

(Amounts

in

Thousands)

Victory

Diversified

Stock

Fund

Victory

Fund

for

Income

Victory

Investment

Grade

Convertible

Fund

Investment

Income:

Dividends

$

2,468

$

$

4,036

Interest

9,913

4,534

Securities

lending

(net

of

fees)

Foreign

tax

withholding

(37)

—

—

Total

Income

2,683

9,985

8,592

Expenses:

Investment

advisory

fees

2,101

1,654

2,034

Administration

fees

Sub-Administration

fees

12b-1

fees

—

Class

A

619

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

I

Transfer

agent

fees

—

Class

R

—

Transfer

agent

fees

—

Class

R6

—

Transfer

agent

fees

—

Class

Y

—

(a) —

—

Transfer

agent

fees

—

Member

Class

—

Sub-Transfer

agent

fees

—

Class

A

Sub-Transfer

agent

fees

—

Class

C

—

Sub-Transfer

agent

fees

—

Class

I

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

—

—

(a) —

Total

Expenses

3,488

2,634

2,642

Expenses

waived/reimbursed

by

Adviser

(47)

(235)

(16)

Net

Expenses

3,441

2,399

2,626

Net

Investment

Income

(Loss)

(758)

7,586

5,966

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

48,103

3,816

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

3,097

10,604

9,772

Net

realized/unrealized

gains

(losses)

on

investments

51,200

10,628

13,588

Change

in

net

assets

resulting

from

operations

$

50,442

$

18,214

$

19,554

(a) Rounds

to

less

than

$1

thousand.

(Amounts

in

Thousands)

Victory

Portfolios

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Diversified

Stock

Fund

Victory

Fund

for

Income

Victory

Investment

Grade

Convertible

Fund

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

(758)

$

(316)

$

7,586

$

5,986

$

5,966

$

4,910

Net

realized

gains

(losses)

48,103

29,263

(669)

3,816

21,703

Net

change

in

unrealized

appreciation/depreciation

3,097

33,627

10,604

10,233

9,772

(5,475)

Change

in

net

assets

resulting

from

operations

50,442

62,574

18,214

15,550

19,554

21,138

Distributions

to

Shareholders:

Class

A

(24,646)

(20,806)

(3,428)

(4,117)

(347)

(470)

Class

C

(61)

(77)

(101)

(155)

—

—

Class

I

(2,721)

(2,365)

(9,239)

(10,414)

(6,319)

(7,349)

Class

R

(4,042)

(3,496)

(752)

(771)

—

—

Class

R6

(416)

(183)

(1,122)

(1,294)

—

—

Class

Y

(540)

(479)

(2,562)

(2,474)

—

—

Member

Class

—

—

(136)

(75)

(50)

(47)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(32,426)

(27,406)

(17,340)

(19,300)

(6,716)

(7,866)

Change

in

net

assets

resulting

from

capital

transactions

3,436

5,088

8,710

(47,908)

(24,966)

(64,099)

Change

in

net

assets

21,452

40,256

9,584

(51,658)

(12,128)

(50,827)

Net

Assets:

Beginning

of

period

318,201

277,945

326,984

378,642

264,705

315,532

End

of

period

$

339,653

$

318,201

$

336,568

$

326,984

$

252,577

$

264,705

(Amounts

in

Thousands)

Victory

Portfolios

Statements

of

Changes

in

Net

Assets

(continued)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Diversified

Stock

Fund

Victory

Fund

for

Income

Victory

Investment

Grade

Convertible

Fund

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Capital

Transactions:

Class

A

Proceeds

from

shares

issued

$

7,431

$

10,606

$

7,764

$

7,697

$

1,221

$

4,627

Distributions

reinvested

23,297

19,618

3,027

3,641

Cost

of

shares

redeemed

(25,271)

(25,525)

(16,216)

(25,485)

(3,970)

(7,644)

Total

Class

A

$

5,457

$

4,699

$

(5,425)

$

(14,147)

$

(2,421)

$

(2,592)

Class

C

Proceeds

from

shares

issued

$

$

$

$

$

—

$

—

Distributions

reinvested

—

—

Cost

of

shares

redeemed

(216)

(590)

(1,004)

(1,503)

—

—

Total

Class

C

$

(70)

$

(423)

$

(693)

$

(1,332)

$

—

$

—

Class

I

Proceeds

from

shares

issued

$

2,916

$

2,032

$

47,939

$

52,435

$

45,440

$

57,576

Distributions

reinvested

2,494

2,172

7,775

8,577

5,905

6,947

Cost

of

shares

redeemed

(5,298)

(4,155)

(45,734)

(93,280)

(73,956)

(126,204)

Total

Class

I

$

$

$

9,980

$

(32,268)

$

(22,611)

$

(61,681)

Class

R

Proceeds

from

shares

issued

$

695

$

619

$

2,284

$

5,113

$

—

$

—

Distributions

reinvested

3,977

3,407

745

763

—

—

Cost

of

shares

redeemed

(7,081)

(5,106)

(4,460)

(3,857)

—

—

Total

Class

R

$

(2,409)

$

(1,080)

$

(1,431)

$

2,019

$

—

$

—

Class

R6

Proceeds

from

shares

issued

$

608

$

2,232

$

14,404

$

8,693

$

—

$

—

Distributions

reinvested

1,113

1,280

—

—

Cost

of

shares

redeemed

(274)

(995)

(5,321)

(18,946)

—

—

Total

Class

R6

$

741

$

1,420

$

10,196

$

(8,973)

$

—

$

—

Class

Y

Proceeds

from

shares

issued

$

$

856

$

14,815

$

26,528

$

—

$

—

Distributions

reinvested

2,561

2,469

—

—

Cost

of

shares

redeemed

(1,336)

(853)

(23,233)

(22,647)

—

—

Total

Class

Y

$

(395)

$

$

(5,857)

$

6,350

$

—

$

—

Member

Class

Proceeds

from

shares

issued

$

—

$

—

$

4,209

$

1,226

$

$

Distributions

reinvested

—

—

Cost

of

shares

redeemed

—

—

(2,405)

(858)

(422)

(324)

Total

Member

Class

$

—

$

—

$

1,940

$

$

$

Change

in

net

assets

resulting

from

capital

transactions

$

3,436

$

5,088

$

8,710

$

(47,908)

$

(24,966)

$

(64,099)

(Amounts

in

Thousands)

Victory

Portfolios

Statements

of

Changes

in

Net

Assets

(continued)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Diversified

Stock

Fund

Victory

Fund

for

Income

Victory

Investment

Grade

Convertible

Fund

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Share

Transactions:

Class

A

Issued

528

1,132

1,122

Reinvested

1,035

1,046

532

Redeemed

(1,130)

(1,269)

(2,364)

(3,718)

(222)

(455)

Total

Class

A

(789)

(2,064)

(134)

(150)

Class

C

Issued

—

—

Reinvested

—

—

Redeemed

(11)

(34)

(148)

(222)

—

—

Total

Class

C

(3)

(24)

(103)

(196)

—

—

Class

I

Issued

6,997

7,647

2,536

3,469

Reinvested

1,138

1,255

Redeemed

(238)

(206)

(6,673)

(13,604)

(4,144)

(7,611)

Total

Class

I

(2)

1,462

(4,702)

(1,277)

(3,725)

Class

R

Issued

743

—

—

Reinvested

—

—

Redeemed

(336)

(263)

(649)

(562)

—

—

Total

Class

R

(116)

(42)

(207)

—

—

Class

R6

Issued

2,101

1,269

—

—

Reinvested

—

—

Redeemed

(12)

(52)

(779)

(2,770)

—

—

Total

Class

R6

1,485

(1,314)

—

—

Class

Y

Issued

2,159

3,869

—

—

Reinvested

—

—

Redeemed

(60)

(42)

(3,389)

(3,306)

—

—

Total

Class

Y

(19)

(855)

924

—

—

Member

Class

Issued

—

—

610

Reinvested

—

—

Redeemed

—

—

(349)

(124)

(23)

(19)

Total

Member

Class

—

—

Change

in

Shares

1,274

(6,995)

(1,408)

(3,865)

Victory

Portfolios

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Diversified

Stock

Fund

Class

A

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Eight

Months

Ended

June

30,

2022(a)

Year

Ended

October

31,

2021

Year

Ended

October

31,

2020

Net

Asset

Value,

Beginning

of

Period

$22.16

$19.82

$17.86

$24.89

$17.41

$17.65

Investment

Activities:

Net

investment

income

(loss)(b)

(0.05)

(0.02)

0.04 0.05 —(c)

0.05 Net

realized

and

unrealized

gains

(losses)

3.67 4.33 3.65 (3.68)

7.95 0.90 Total

from

Investment

Activities

3.62 4.31 3.69 (3.63)

7.95 0.95 Distributions

to

Shareholders

from:

Net

investment

income

—

—(c)

(0.04)

(0.04)

(0.01)

(0.04)

Net

realized

gains

(2.33)

(1.97)

(1.69)

(3.36)

(0.46)

(1.15)

Total

Distributions

(2.33)

(1.97)

(1.73)

(3.40)

(0.47)

(1.19)

Net

Asset

Value,

End

of

Period

$23.45

$22.16

$19.82

$17.86

$24.89

$17.41

Total

Return(d)(e)

16.73%

23.66%

21.98%

(17.22)%

46.50%

5.47%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

1.05%

1.07%

1.07%

1.08%

1.07%

1.09%

Net

Investment

Income

(Loss)(f)

(0.22)%

(0.10)%

0.22%

0.33%

0.00%(h)

0.29%

Gross

Expenses(f)(g)

1.05%

1.07%

1.07%

1.08%

1.07%

1.09%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$262,084

$242,430

$210,774

$191,392

$246,063

$184,217

Portfolio

Turnover(d)(i)

92%

81%

88%

49%

61%

95%

(a) The

Fund's

fiscal

year-end

changed

from

October

to

June

30. (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.

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) Amount

is

less

than

0.005%.

(i) 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

Diversified

Stock

Fund

Class

C

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Eight

Months

Ended

June

30,

2022(a)

Year

Ended

October

31,

2021

Year

Ended

October

31,

2020

Net

Asset

Value,

Beginning

of

Period

$18.96

$17.39

$15.97

$22.70

$16.05

$16.46

Investment

Activities:

Net

investment

income

(loss)(b)

(0.23)

(0.18)

(0.12)

(0.08)

(0.18)

(0.10)

Net

realized

and

unrealized

gains

(losses)

3.11 3.72 3.23 (3.29)

7.29 0.84 Total

from

Investment

Activities

2.88 3.54 3.11 (3.37)

7.11 0.74 Distributions

to

Shareholders

from:

Net

investment

income

—

—

—(c)

—

—

—

Net

realized

gains

(2.33)

(1.97)

(1.69)

(3.36)

(0.46)

(1.15)

Total

Distributions

(2.33)

(1.97)

(1.69)

(3.36)

(0.46)

(1.15)

Net

Asset

Value,

End

of

Period

$19.51

$18.96

$17.39

$15.97

$22.70

$16.05

Total

Return(d)(e)

15.59%

22.45%

20.86%

(17.72)%

45.01%

4.53%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

2.02%

2.02%

2.02%

2.02%

2.02%

2.05%

Net

Investment

Income

(Loss)(f)

(1.22)%

(1.04)%

(0.73)%

(0.62)%

(0.93)%

(0.64)%

Gross

Expenses(f)(g)

4.93%

4.02%

2.85%

2.46%

2.32%

2.14%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$505

$550

$919

$1,545

$2,371

$3,046

Portfolio

Turnover(d)(h)

92%

81%

88%

49%

61%

95%

(a) The

Fund's

fiscal

year-end

changed

from

October

to

June

30. (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.

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

Diversified

Stock

Fund

Class

I

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Eight

Months

Ended

June

30,

2022(a)

Year

Ended

October

31,

2021

Year

Ended

October

31,

2020

Net

Asset

Value,

Beginning

of

Period

$22.19

$19.81

$17.85

$24.88

$17.37

$17.61

Investment

Activities:

Net

investment

income

(loss)(b)

(—)(c)

0.03 0.09 0.08 0.05 0.09 Net

realized

and

unrealized

gains

(losses)

3.67 4.33 3.64 (3.67)

7.94 0.90 Total

from

Investment

Activities

3.67 4.36 3.73 (3.59)

7.99 0.99 Distributions

to

Shareholders

from:

Net

investment

income

—

(0.01)

(0.08)

(0.08)

(0.02)

(0.08)

Net

realized

gains

(2.33)

(1.97)

(1.69)

(3.36)

(0.46)

(1.15)

Total

Distributions

(2.33)

(1.98)

(1.77)

(3.44)

(0.48)

(1.23)

Net

Asset

Value,

End

of

Period

$23.53

$22.19

$19.81

$17.85

$24.88

$17.37

Total

Return(d)(e)

17.00%

23.90%

22.29%

(17.09)%

46.79%

5.81%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

0.83%

0.83%

0.83%

0.83%

0.83%

0.84%

Net

Investment

Income

(Loss)(f)

0.00%(h)

0.14%

0.47%

0.57%

0.24%

0.56%

Gross

Expenses(f)(g)

0.85%

0.86%

0.86%

0.85%

0.85%

0.86%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$28,688

$27,087

$23,984

$21,933

$27,856

$21,071

Portfolio

Turnover(d)(i)

92%

81%

88%

49%

61%

95%

(a) The

Fund's

fiscal

year-end

changed

from

October

to

June

30. (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) Amount

is

less

than

0.005%.

(i) 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

Diversified

Stock

Fund

Class

R

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Eight

Months

Ended

June

30,

2022(a)

Year

Ended

October

31,

2021

Year

Ended

October

31,

2020

Net

Asset

Value,

Beginning

of

Period

$21.27

$19.15

$17.32

$24.25

$17.01

$17.29

Investment

Activities:

Net

investment

income

(loss)(b)

(0.11)

(0.08)

(0.01)

0.01 (0.06)

—(c)

Net

realized

and

unrealized

gains

(losses)

3.50 4.17 3.53 (3.57)

7.76 0.88 Total

from

Investment

Activities

3.39 4.09 3.52 (3.56)

7.70 0.88 Distributions

to

Shareholders

from:

Net

investment

income

—

—

—(c)

(0.01)

—

(0.01)

Net

realized

gains

(2.33)

(1.97)

(1.69)

(3.36)

(0.46)

(1.15)

Total

Distributions

(2.33)

(1.97)

(1.69)

(3.37)

(0.46)

(1.16)

Net

Asset

Value,

End

of

Period

$22.33

$21.27

$19.15

$17.32

$24.25

$17.01

Total

Return(d)(e)

16.38%

23.25%

21.67%

(17.38)%

46.02%

5.25%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

1.35%

1.36%

1.36%

1.36%

1.35%

1.37%

Net

Investment

Income

(Loss)(f)

(0.52)%

(0.39)%

(0.07)%

0.05%

(0.28)%

0.01%

Gross

Expenses(f)(g)

1.35%

1.36%

1.36%

1.36%

1.35%

1.37%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$38,264

$38,915

$35,836

$36,360

$48,980

$39,432

Portfolio

Turnover(d)(h)

92%

81%

88%

49%

61%

95%

(a) The

Fund's

fiscal

year-end

changed

from

October

to

June

30. (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

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Diversified

Stock

Fund

Class

R6

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Eight

Months

Ended

June

30,

2022(a)

Year

Ended

October

31,

2021

Year

Ended

October

31,

2020

Net

Asset

Value,

Beginning

of

Period

$22.23

$19.84

$17.87

$24.91

$17.38

$17.62

Investment

Activities:

Net

investment

income

(loss)(b)

0.01(c)

0.04 0.09 0.09 0.06 0.08 Net

realized

and

unrealized

gains

(losses)

3.68 4.34 3.66 (3.69)

7.95 0.92 Total

from

Investment

Activities

3.69 4.38 3.75 (3.60)

8.01 1.00 Distributions

to

Shareholders

from:

Net

investment

income

—

(0.02)

(0.09)

(0.08)

(0.02)

(0.09)

Net

realized

gains

(2.33)

(1.97)

(1.69)

(3.36)

(0.46)

(1.15)

Total

Distributions

(2.33)

(1.99)

(1.78)

(3.44)

(0.48)

(1.24)

Net

Asset

Value,

End

of

Period

$23.59

$22.23

$19.84

$17.87

$24.91

$17.38

Total

Return(d)(e)

17.06%

23.93%

22.38%

(17.08)%

46.89%

5.86%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

0.78%

0.78%

0.78%

0.78%

0.78%

0.78%

Net

Investment

Income

(Loss)(f)

0.06%

0.19%

0.50%

0.63%

0.29%

0.49%

Gross

Expenses(f)(g)

1.12%

1.37%

1.55%

1.36%

1.10%

1.34%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$4,654

$3,663

$1,927

$863

$4,040

$3,103

Portfolio

Turnover(d)(h)

92%

81%

88%

49%

61%

95%

(a) The

Fund's

fiscal

year-end

changed

from

October

to

June

30. (b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) 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.

(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

Diversified

Stock

Fund

Class

Y

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Eight

Months

Ended

June

30,

2022(a)

Year

Ended

October

31,

2021

Year

Ended

October

31,

2020

Net

Asset

Value,

Beginning

of

Period

$22.24

$19.86

$17.89

$24.93

$17.41

$17.65

Investment

Activities:

Net

investment

income

(loss)(b)

(0.01)

0.02 0.08 0.08 0.05 0.09 Net

realized

and

unrealized

gains

(losses)

3.68 4.34 3.66 (3.69)

7.95 0.90 Total

from

Investment

Activities

3.67 4.36 3.74 (3.61)

8.00 0.99 Distributions

to

Shareholders

from:

Net

investment

income

—

(0.01)

(0.08)

(0.07)

(0.02)

(0.08)

Net

realized

gains

(2.33)

(1.97)

(1.69)

(3.36)

(0.46)

(1.15)

Total

Distributions

(2.33)

(1.98)

(1.77)

(3.43)

(0.48)

(1.23)

Net

Asset

Value,

End

of

Period

$23.58

$22.24

$19.86

$17.89

$24.93

$17.41

Total

Return(c)(d)

16.96%

23.83%

22.26%

(17.07)%

46.75%

5.72%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.86%

0.86%

0.86%

0.86%

0.86%

0.86%

Net

Investment

Income

(Loss)(e)

(0.03)%

0.11%

0.43%

0.55%

0.21%

0.52%

Gross

Expenses(e)(f)

1.11%

1.14%

1.09%

0.96%

0.96%

1.31%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$5,458

$5,556

$4,505

$4,102

$5,029

$3,737

Portfolio

Turnover(c)(g)

92%

81%

88%

49%

61%

95%

(a) The

Fund's

fiscal

year-end

changed

from

October

to

June

30. (b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Fund

for

Income

Class

A

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Eight

Months

Ended

June

30,

2022(a)

Year

Ended

October

31,

2021

Year

Ended

October

31,

2020

Net

Asset

Value,

Beginning

of

Period

$6.84

$6.91

$7.32

$7.92

$8.40

$8.56

Investment

Activities:

Net

investment

income

(loss)(b)

0.14 0.10 0.09 0.03 0.02 0.06 Net

realized

and

unrealized

gains

(losses)

0.22 0.19 (0.13)

(0.38)

(0.11)

0.17 Total

from

Investment

Activities

0.36 0.29 (0.04)

(0.35)

(0.09)

0.23 Distributions

to

Shareholders

from:

Net

investment

income

(0.35)

(0.36)

(0.37)

(0.25)

(0.39)

(0.39)

Total

Distributions

(0.35)

(0.36)

(0.37)

(0.25)

(0.39)

(0.39)

Net

Asset

Value,

End

of

Period

$6.85

$6.84

$6.91

$7.32

$7.92

$8.40

Total

Return(c)(d)

5.52%

4.24%

(0.45)%

(4.48)%

(1.14)%

2.75%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.91%

0.91%

0.91%

0.91%

0.91%

0.91%

Net

Investment

Income

(Loss)(e)

2.11%

1.52%

1.29%

0.53%

0.25%

0.75%

Gross

Expenses(e)(f)

0.97%

0.97%

0.96%

0.95%

0.92%

0.92%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$65,228

$70,457

$85,445

$99,353

$128,802

$151,236

Portfolio

Turnover(c)(g)

22%

3%

10%

20%

27%

55%

(a) The

Fund's

fiscal

year-end

changed

from

October

to

June

30. (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.

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

Fund

for

Income

Class

C

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Eight

Months

Ended

June

30,

2022(a)

Year

Ended

October

31,

2021

Year

Ended

October

31,

2020

Net

Asset

Value,

Beginning

of

Period

$6.75

$6.83

$7.23

$7.84

$8.31

$8.48

Investment

Activities:

Net

investment

income

(loss)(b)

0.09 0.05 0.03 (0.01)

(0.05)

—(c)

Net

realized

and

unrealized

gains

(losses)

0.22 0.18 (0.11)

(0.39)

(0.10)

0.16 Total

from

Investment

Activities

0.31 0.23 (0.08)

(0.40)

(0.15)

0.16 Distributions

to

Shareholders

from:

Net

investment

income

(0.30)

(0.31)

(0.32)

(0.21)

(0.32)

(0.33)

Total

Distributions

(0.30)

(0.31)

(0.32)

(0.21)

(0.32)

(0.33)

Net

Asset

Value,

End

of

Period

$6.76

$6.75

$6.83

$7.23

$7.84

$8.31

Total

Return(d)(e)

4.65%

3.48%

(1.11)%

(5.15)%

(1.81)%

1.85%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

1.71%

1.71%

1.71%

1.71%

1.71%

1.71%

Net

Investment

Income

(Loss)(f)

1.32%

0.72%

0.48%

(0.27)%

(0.62)%

(0.01)%

Gross

Expenses(f)(g)

2.37%

2.16%

1.94%

1.84%

1.79%

1.74%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,908

$2,596

$3,967

$6,978

$10,066

$20,801

Portfolio

Turnover(d)(h)

22%

3%

10%

20%

27%

55%

(a) The

Fund's

fiscal

year-end

changed

from

October

to

June

30. (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.

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

Fund

for

Income

Class

I

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Eight

Months

Ended

June

30,

2022(a)

Year

Ended

October

31,

2021

Year

Ended

October

31,

2020

Net

Asset

Value,

Beginning

of

Period

$6.83

$6.91

$7.31

$7.92

$8.39

$8.55

Investment

Activities:

Net

investment

income

(loss)(b)

0.16 0.12 0.11 0.04 0.04 0.08 Net

realized

and

unrealized

gains

(losses)

0.23 0.18 (0.12)

(0.39)

(0.10)

0.17 Total

from

Investment

Activities

0.39 0.30 (0.01)

(0.35)

(0.06)

0.25 Distributions

to

Shareholders

from:

Net

investment

income

(0.37)

(0.38)

(0.39)

(0.26)

(0.41)

(0.41)

Total

Distributions

(0.37)

(0.38)

(0.39)

(0.26)

(0.41)

(0.41)

Net

Asset

Value,

End

of

Period

$6.85

$6.83

$6.91

$7.31

$7.92

$8.39

Total

Return(c)(d)

5.79%

4.52%

(0.05)%

(4.45)%

(0.77)%

3.01%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.64%

0.64%

0.64%

0.64%

0.64%

0.64%

Net

Investment

Income

(Loss)(e)

2.38%

1.79%

1.55%

0.80%

0.48%

0.95%

Gross

Expenses(e)(f)

0.71%

0.71%

0.70%

0.68%

0.67%

0.66%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$181,363

$170,896

$205,132

$284,230

$385,332

$590,749

Portfolio

Turnover(c)(g)

22%

3%

10%

20%

27%

55%

(a) The

Fund's

fiscal

year-end

changed

from

October

to

June

30. (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

Fund

for

Income

Class

R

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Eight

Months

Ended

June

30,

2022(a)

Year

Ended

October

31,

2021

Year

Ended

October

31,

2020

Net

Asset

Value,

Beginning

of

Period

$6.84

$6.92

$7.33

$7.93

$8.40

$8.56

Investment

Activities:

Net

investment

income

(loss)(b)

0.14 0.10 0.09 0.03 0.02 0.06 Net

realized

and

unrealized

gains

(losses)

0.23 0.18 (0.13)

(0.38)

(0.10)

0.17 Total

from

Investment

Activities

0.37 0.28 (0.04)

(0.35)

(0.08)

0.23 Distributions

to

Shareholders

from:

Net

investment

income

(0.35)

(0.36)

(0.37)

(0.25)

(0.39)

(0.39)

Total

Distributions

(0.35)

(0.36)

(0.37)

(0.25)

(0.39)

(0.39)

Net

Asset

Value,

End

of

Period

$6.86

$6.84

$6.92

$7.33

$7.93

$8.40

Total

Return(c)(d)

5.51%

4.24%

(0.45)%

(4.48)%

(1.03)%

2.74%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.91%

0.91%

0.91%

0.91%

0.91%

0.91%

Net

Investment

Income

(Loss)(e)

2.11%

1.52%

1.28%

0.54%

0.23%

0.76%

Gross

Expenses(e)(f)

1.02%

1.02%

1.00%

0.98%

0.93%

0.92%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$14,262

$15,641

$13,784

$17,973

$23,613

$43,684

Portfolio

Turnover(c)(g)

22%

3%

10%

20%

27%

55%

(a) The

Fund's

fiscal

year-end

changed

from

October

to

June

30. (b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Fund

for

Income

Class

R6

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Eight

Months

Ended

June

30,

2022(a)

Year

Ended

October

31,

2021

Year

Ended

October

31,

2020

Net

Asset

Value,

Beginning

of

Period

$6.83

$6.89

$7.30

$7.91

$8.38

$8.54

Investment

Activities:

Net

investment

income

(loss)(b)

0.16 0.12 0.11 0.04 0.04 0.08 Net

realized

and

unrealized

gains

(losses)

0.22 0.20 (0.13)

(0.39)

(0.10)

0.18 Total

from

Investment

Activities

0.38 0.32 (0.02)

(0.35)

(0.06)

0.26 Distributions

to

Shareholders

from:

Net

investment

income

(0.37)

(0.38)

(0.39)

(0.26)

(0.41)

(0.42)

Total

Distributions

(0.37)

(0.38)

(0.39)

(0.26)

(0.41)

(0.42)

Net

Asset

Value,

End

of

Period

$6.84

$6.83

$6.89

$7.30

$7.91

$8.38

Total

Return(c)(d)

5.65%

4.84%

(0.18)%

(4.44)%

(0.77)%

3.06%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.63%

0.63%

0.63%

0.63%

0.63%

0.63%

Net

Investment

Income

(Loss)(e)

2.38%

1.80%

1.56%

0.83%

0.46%

0.88%

Gross

Expenses(e)(f)

0.69%

0.67%

0.65%

0.63%

0.64%

0.64%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$24,862

$14,658

$23,861

$27,174

$29,691

$49,009

Portfolio

Turnover(c)(g)

22%

3%

10%

20%

27%

55%

(a) The

Fund's

fiscal

year-end

changed

from

October

to

June

30. (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

Fund

for

Income

Class

Y

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Eight

Months

Ended

June

30,

2022(a)

Year

Ended

October

31,

2021

Year

Ended

October

31,

2020

Net

Asset

Value,

Beginning

of

Period

$6.83

$6.90

$7.31

$7.92

$8.40

$8.56

Investment

Activities:

Net

investment

income

(loss)(b)

0.16 0.12 0.10 0.04 0.03 0.06 Net

realized

and

unrealized

gains

(losses)

0.22 0.19 (0.12)

(0.39)

(0.11)

0.19 Total

from

Investment

Activities

0.38 0.31 (0.02)

(0.35)

(0.08)

0.25 Distributions

to

Shareholders

from:

Net

investment

income

(0.36)

(0.38)

(0.39)

(0.26)

(0.40)

(0.41)

Total

Distributions

(0.36)

(0.38)

(0.39)

(0.26)

(0.40)

(0.41)

Net

Asset

Value,

End

of

Period

$6.85

$6.83

$6.90

$7.31

$7.92

$8.40

Total

Return(c)(d)

5.72%

4.60%

(0.26)%

(4.46)%

(0.94)%

2.95%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.71%

0.71%

0.71%

0.71%

0.71%

0.71%

Net

Investment

Income

(Loss)(e)

2.31%

1.72%

1.46%

0.72%

0.40%

0.67%

Gross

Expenses(e)(f)

0.72%

0.72%

0.74%

0.72%

0.71%

0.74%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$45,212

$50,937

$45,084

$82,168

$120,588

$186,421

Portfolio

Turnover(c)(g)

22%

3%

10%

20%

27%

55%

(a) The

Fund's

fiscal

year-end

changed

from

October

to

June

30. (b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Fund

for

Income

Member

Class

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Eight

Months

Ended

June

30,

2022(a)

November

3,

2020(b)

through

October

31,

2021

Net

Asset

Value,

Beginning

of

Period

$6.86

$6.93

$7.34

$7.95

$8.41

Investment

Activities:

Net

investment

income

(loss)(c)

0.15 0.12 0.10 0.04 0.04 Net

realized

and

unrealized

gains

(losses)

0.23 0.19 (0.12)

(0.39)

(0.13)

Total

from

Investment

Activities

0.38 0.31 (0.02)

(0.35)

(0.09)

Distributions

to

Shareholders

from:

Net

investment

income

(0.36)

(0.38)

(0.39)

(0.26)

(0.37)

Total

Distributions

(0.36)

(0.38)

(0.39)

(0.26)

(0.37)

Net

Asset

Value,

End

of

Period

$6.88

$6.86

$6.93

$7.34

$7.95

Total

Return(d)(e)

5.66%

4.54%

(0.29)%

(4.49)%

(1.08)%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

0.75%

0.75%

0.75%

0.75%

0.75%

Net

Investment

Income

(Loss)(f)

2.25%

1.68%

1.45%

0.73%

0.52%

Gross

Expenses(f)(g)

1.53%

2.00%

1.59%

2.85%

4.45%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$3,733

$1,799

$1,369

$1,238

$877

Portfolio

Turnover(d)(h)

22%

3%

10%

20%

27%

(a) The

Fund's

fiscal

year-end

changed

from

October

to

June

30. (b) Commencement

of

operations.

(c) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(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

Investment

Grade

Convertible

Fund

Class

A

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Eight

Months

Ended

June

30,

2022(a)

Year

Ended

October

31,

2021

Year

Ended

October

31,

2020

Net

Asset

Value,

Beginning

of

Period

$17.14

$16.35

$16.30

$19.97

$17.31

$17.51

Investment

Activities:

Net

investment

income

(loss)(b)

0.34 0.24 0.28 0.18 0.22 0.27 Net

realized

and

unrealized

gains

(losses)

0.92 0.97 0.27 (2.07)

3.27 0.47 Total

from

Investment

Activities

1.26 1.21 0.55 (1.89)

3.49 0.74 Distributions

to

Shareholders

from:

Net

investment

income

(0.41)

(0.42)

(0.36)

(1.45)

(0.83)

(0.35)

Net

realized

gains

—

—

(0.14)

(0.33)

—

(0.59)

Total

Distributions

(0.41)

(0.42)

(0.50)

(1.78)

(0.83)

(0.94)

Net

Asset

Value,

End

of

Period

$17.99

$17.14

$16.35

$16.30

$19.97

$17.31

Total

Return(c)(d)

7.39%

7.50%

3.50%

(10.32)%

20.62%

4.43%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

1.27%

1.25%

1.20%

1.22%

1.39%

1.38%

Net

Investment

Income

(Loss)(e)

1.90%

1.47%

1.75%

1.48%

1.12%

1.63%

Gross

Expenses(e)(f)

1.27%

1.25%

1.20%

1.22%

1.41%

1.38%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$14,501

$16,127

$17,827

$18,981

$21,644

$16,571

Portfolio

Turnover(c)(g)

24%

36%

22%

17%

28%

34%

(a) The

Fund's

fiscal

year-end

changed

from

October

to

June

30. (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.

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

Investment

Grade

Convertible

Fund

Class

I

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Eight

Months

Ended

June

30,

2022(a)

Year

Ended

October

31,

2021

Year

Ended

October

31,

2020

Net

Asset

Value,

Beginning

of

Period

$17.16

$16.35

$16.29

$19.98

$17.32

$17.50

Investment

Activities:

Net

investment

income

(loss)(b)

0.40 0.29 0.33 0.22 0.31 0.33 Net

realized

and

unrealized

gains

(losses)

0.91 0.99 0.27 (2.08)

3.27 0.49 Total

from

Investment

Activities

1.31 1.28 0.60 (1.86)

3.58 0.82 Distributions

to

Shareholders

from:

Net

investment

income

(0.45)

(0.47)

(0.40)

(1.50)

(0.92)

(0.41)

Net

realized

gains

—

—

(0.14)

(0.33)

—

(0.59)

Total

Distributions

(0.45)

(0.47)

(0.54)

(1.83)

(0.92)

(1.00)

Net

Asset

Value,

End

of

Period

$18.02

$17.16

$16.35

$16.29

$19.98

$17.32

Total

Return(c)(d)

7.71%

7.92%

3.78%

(10.20)%

21.19%

4.91%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.95%

0.94%

0.92%

0.91%

0.93%

0.96%

Net

Investment

Income

(Loss)(e)

2.22%

1.75%

2.01%

1.82%

1.59%

1.98%

Gross

Expenses(e)(f)

0.95%

0.94%

0.92%

0.91%

0.93%

0.96%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$235,925

$246,592

$295,985

$425,954

$403,122

$276,923

Portfolio

Turnover(c)(g)

24%

36%

22%

17%

28%

34%

(a) The

Fund's

fiscal

year-end

changed

from

October

to

June

30. (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

Investment

Grade

Convertible

Fund

Member

Class

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Eight

Months

Ended

June

30,

2022(a)

November

3,

2020(b)

through

October

31,

2021

Net

Asset

Value,

Beginning

of

Period

$17.89

$17.03

$16.95

$20.71

$17.36

Investment

Activities:

Net

investment

income

(loss)(c)

0.39 0.28 0.32 0.21 0.26 Net

realized

and

unrealized

gains

(losses)

0.95 1.02 0.28 (2.16)

3.31 Total

from

Investment

Activities

1.34 1.30 0.60 (1.95)

3.57 Distributions

to

Shareholders

from:

Net

investment

income

(0.43)

(0.44)

(0.38)

(1.48)

(0.22)

Net

realized

gains

—

—

(0.14)

(0.33)

—

Total

Distributions

(0.43)

(0.44)

(0.52)

(1.81)

(0.22)

Net

Asset

Value,

End

of

Period

$18.80

$17.89

$17.03

$16.95

$20.71

Total

Return(d)(e)

7.53%

7.73%

3.62%

(10.28)%

20.63%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

1.10%

1.10%

1.10%

1.10%

1.10%

Net

Investment

Income

(Loss)(f)

2.08%

1.61%

1.89%

1.67%

1.30%

Gross

Expenses(f)(g)

1.85%

1.98%

1.76%

3.79%

9.99%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$2,151

$1,986

$1,720

$1,058

$512

Portfolio

Turnover(d)(h)

24%

36%

22%

17%

28%

(a) The

Fund's

fiscal

year-end

changed

from

October

to

June

30. (b) Commencement

of

operations.

(c) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(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.

Notes

to

Financial

Statements

June

30,

2025

Victory

Portfolios

1. #### Organization:
Victory

Portfolios

(the

"Trust")

is

organized

as

a

Delaware

statutory

trust and

the Trust

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

investment

company.

The

Trust

is

comprised

of 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 three

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

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.

In

the

event

that

price

quotations

or

valuations

are

not

readily

available,

investments

are

valued

at

fair

value

in

accordance

with

procedures

established

by

and

under

the

general

supervision

and

responsibility

of

the

Board.

These

valuations

are

typically

categorized

as

Level

or

Level

in

the

fair

value

hierarchy,

based

on

the

observability

of

inputs

used

to

determine

the

fair

value.

The

effect

of

fair

value

pricing

is

that

securities

may

not

be

priced

on

the

basis

of

quotations

from

the

primary

market

in

which

they

are

traded

and

the

actual

price

realized

from

the

sale

of

a

Funds

(Legal

Name)

Funds

(Short

Name)

Investment

Share

Classes

Offered

Victory

Diversified

Stock

Fund

Diversified

Stock

Fund

A,

C,

I,

R,

R6,

and

Y

Victory

Fund

for

Income

Fund

for

Income

A,

C,

I,

R,

R6,

Y,

and

Member

Class

Victory

Investment

Grade

Convertible

Fund

Investment

Grade

Convertible

Fund

A,

I,

and

Member

Class

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

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:

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.

Paydown

gains

or

losses

on

applicable

securities,

if

any,

are

recorded

as

components

of

Interest

income

on

the

Statements

of

Operations.

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.

Level

Level

Level

Total

Diversified

Stock

Fund

Common

Stocks

...............................................

$

333,533

$

—

$

—

$

333,533

Exchange-Traded

Funds

.........................................

4,044

—

—

4,044

Total

.......................................................

$

337,577

$

—

$

—

$

337,577

Fund

for

Income

Collateralized

Mortgage

Obligations

................................

—

8,129

—

8,129

U.S.

Government

Agency

Mortgages

................................

—

235,511

—

235,511

U.S.

Treasury

Obligations

........................................

—

90,064

—

90,064

Investment

Companies

..........................................

—

—

Total

.......................................................

$

$

333,704

$

—

$

333,891

Investment

Grade

Convertible

Fund

Convertible

Corporate

Bonds

.....................................

—

177,826

—

177,826

Convertible

Preferred

Stocks

......................................

70,057

—

—

70,057

Collateral

for

Securities

Loaned

...................................

760

—

—

760

Total

.......................................................

$

70,817

$

177,826

$

—

$

248,643

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

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

June

30. For

the

year

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

year

ended

June

30,

2025,

were

as

follows (amounts

in

thousands):

Value

of

Securities

on

Loan

Non-Cash

Collateral

Cash

Collateral

Investment

Grade

Convertible

Fund

....................................

$

726

$

—

$

760

Excluding

U.S.

Government

Securities

U.S.

Government

Securities

Purchases

Sales

Purchases

Sales

Diversified

Stock

Fund

............................................

$

295,526

$

324,362

$

—

$

—

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

4. #### Fees

#### and

#### Transactions

#### with

#### Affiliates

#### and

#### Related

#### Parties:
Investment

Advisory

Fees:

Investment

advisory

services

are

provided

to

the

Funds

by

the

Adviser,

which

is

a

New

York

corporation

registered

as

an

investment

adviser

with

the

SEC.

Under

the

terms

of

the

Investment

Advisory

Agreement,

the

Adviser

is

entitled

to

receive

fees

accrued

daily

and

paid

monthly

at

an

annualized

rate

based

on

a

percentage

of

the

average

daily

net

assets

of

each

Fund. The

rates

at

which

the

Adviser

is

paid

by

each

Fund

are

included

in

the

table

below.

Amounts

incurred

and

paid

to

VCM

for

the

year ended

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

year

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 year

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 year

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

year 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

year 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

Excluding

U.S.

Government

Securities

U.S.

Government

Securities

Purchases

Sales

Purchases

Sales

Fund

for

Income

................................................

$

—

$

—

$

118,542

$

63,077

Investment

Grade

Convertible

Fund

...................................

63,468

89,319

—

—

Adviser

Fee

Tier

Rates

Up

to

$800

million

$800

million

-

$2.4

billion

Over

$2.4

billion

Diversified

Stock

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.65%

0.60%

0.55%

Up

to

$400

million

$400

million

-

$800

million

Over

$800

million

Fund

for

Income

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.50%

0.45%

0.40%

Investment

Grade

Convertible

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.75%

0.65%

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

providers

if

the

shareholders'

accounts

were

maintained

directly

at

the

Funds'

transfer

agent.

Amounts

incurred

for

the

year 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

year

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

year

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 year

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

the

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

year

ended

June

30,

2025,

the

following

recoupments

(amounts

in

thousands) were

paid to

the

Adviser:

As

of June

30,

2025,

the

following amounts

are

available

to

be

repaid

to

the

Adviser

(amounts

in

thousands):

Class

A

Class

C

Class

R

Diversified

Stock

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

1.00%

0.50%

Fund

for

Income

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

1.00%

0.25%

Investment

Grade

Convertible

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

N/A

N/A

Amount

Diversified

Stock

Fund

.................................................................................

$

Fund

for

Income

.....................................................................................

Investment

Grade

Convertible

Fund

........................................................................

—(a)

(a) Rounds

to

less

than

$1

thousand.

In

effect

until

October

31,

2025

Class

A

Class

C

Class

I

Class

R

Class

R6

Class

Y

Member

Class

Diversified

Stock

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

N/A

2.02%

0.83%

N/A

0.78%

0.86%

N/A

Fund

for

Income

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.91%

1.71%

0.64%

0.91%

0.63%

0.71%

0.75%

Investment

Grade

Convertible

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.39%

N/A

N/A

N/A

N/A

N/A

1.10%

Amount

Fund

for

Income

.....................................................................................

$

—\*

\*

Rounds

to

less

than

$1

thousand.

Expires

2026

Expires

2027

Expires

2028

Total

Diversified

Stock

Fund

.................................................

$

$

$

$

---

| | |
|:---|:---|
| **Victory Portfolios**<br>| **Notes to Financial Statements** *— continued*<br> June 30, 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expires<br> 2026** | **Expires<br> 2027** | **Expires<br> 2028** | **Total** |
| Fund for Income | 247 | 244 | 235 | 726 |
| Investment Grade Convertible Fund | 10 | 17 | 16 | 43 |

---

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 year 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.

---

| | | | |
|:---|:---|:---|:---|
|  | Diversified Stock Fund | Fund for Income | Investment Grade Convertible Fund |
| General Market Risk | x | x | x |
| Debt Securities Risk |  | x | x |
| Interest Rate Risk |  | x | x |
| Equity Securities Risk | x |  |  |
| Large-Capitalization Stock Risk | x |  |  |
| Prepayment Risk |  | x |  |
| Convertible Securities Risk |  |  | x |
| Sector Focus Risk | x |  | x |

---

**<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>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>Interest Rate Risk</u>** — The Fund(s) is (are) subject to credit and interest rate risk with respect to fixed income securities. Credit risk refers to the ability of an issuer to make timely payments of interest and principal. Interest rates may rise or the rate of inflation may increase, impacting the value of investments in fixed income securities. A debt issuer's credit quality may be downgraded or an issuer may default. Interest rates may fluctuate due to changes in governmental fiscal policy initiatives and resulting market reaction to those initiatives.

**<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>Large-Capitalization Stock Risk</u>** — 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.

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

Prepayment

Risk

— The

amounts

that

the

Fund(s)

receive(s)

as

interest,

sale

proceeds

or

amounts

received

as

a

result

of

prepayment

of

asset-

backed

or

mortgage-related

securities

may

be

reinvested

at

lower

interest

rates.

Convertible

Securities

Risk

—

Convertible

securities

rank

senior

to

the

issuer's

common

stock,

but

may

be

subordinate

to

senior

debt

obligations.

In

part,

the

total

return

for

a

convertible

security

may

depend

upon

the

performance

of

the

underlying

stock

into

which

it

can

be

converted.

Synthetic

convertibles

may

respond

differently

to

market

fluctuations

than

traditional

convertible

securities.

They

are

also

subject

to

counterparty

risk.

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.

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.

Financials Sector Risk

—

Companies

in

the

financials

sector

are

subject

to

extensive

government

regulation,

which

may

limit

both

the

amounts

and

types

of

loans

and

other

financial

commitments

that

companies

in

this

sector

can

make,

and

the

interest

rates

and

fees

that

these

companies

can

charge.

Profitability

can

be

largely

dependent

on

the

availability

and

cost

of

capital

and

the

rate

of

corporate

and

consumer

debt

defaults,

and

can

fluctuate

significantly

when

interest

rates

change.

Financial

difficulties

of

borrowers

can

negatively

affect

the

financials

sector.

Insurance

companies

can

be

subject

to

severe

price

competition.

The

financials

sector

can

be

subject

to

relatively

rapid

change

as

dis-

tinctions

between

financial

service

segments

become

increasingly

blurred.

6. #### Borrowing

#### and

#### Interfund

#### Lending:
Line

of

Credit:

The

Victory

Funds

Complex

participates

in

a

short-term

demand

note

"Line

of

Credit"

agreement

with

Citibank.

Under

the

agreement

with

Citibank,

the funds in

the

Trust,

Victory

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 year

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

year

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

year

ended

June

30,

2025. Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

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

June

30,

2025,

on

the

Statements

of

Assets

and

Liabilities,

as

a

result

of

permanent

book-to-tax

differences,

reclassification

adjustments

were

as

follows

(amounts

in

thousands):

The

tax

character

of

distributions

paid

during

the

tax

years

ended,

as

noted

below,

were

as

follows

(total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because,

for

tax

purposes,

dividends

are

recognized

when

actually

paid)

(amounts

in

thousands):

As

of

June

30,

2025,

the

components

of

accumulated

earnings

(loss)

on

a

tax

basis

were

as

follows

(amounts

in

thousands):

\*

The

difference

between

the

book-basis

and

tax-basis

unrealized

appreciation

(depreciation)

is

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales,

amortization

and

accretion,

contingent

payment

debt

instruments,

and

deemed

dividends

on

Convertible

Debt

under

Sec.

305(c).

Declared

Paid

Diversified

Stock

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Quarterly

Quarterly

Fund

for

Income

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Monthly

Monthly

Investment

Grade

Convertible

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Quarterly

Quarterly

Total

Accumulated

Earnings

(Loss)

Capital

Diversified

Stock

Fund

.......................................................................

$

(1,648)

$

1,648

Year

Ended

June

30,

2025

Distributions

Paid

From:

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions

Paid

Diversified

Stock

Fund

......................................................

$

12,880

$

19,546

$

32,426

Fund

for

Income

..........................................................

17,340

—

17,340

Investment

Grade

Convertible

Fund

.............................................

6,087

629

6,716

Year

Ended

June

30,

2024

Distributions

Paid

From:

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions

Paid

Diversified

Stock

Fund

......................................................

$

1,764

$

25,642

$

27,406

Fund

for

Income

..........................................................

19,300

—

19,300

Investment

Grade

Convertible

Fund

.............................................

7,866

—

7,866

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Earnings

(Loss)

Accumulated

Capital

and

Other

Losses

Unrealized

Appreciation

(Depreciation)\*

Total

Accumulated

Earnings

(Loss)

Diversified

Stock

Fund

.................

$

4,135

$

24,788

$

28,923

$

—

$

116,552

$

145,475

Fund

for

Income

.....................

2,075

—

2,075

(427,800)

(24,422)

(450,147)

Investment

Grade

Convertible

Fund

........

—

1,387

1,387

—

10,239

11,626

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

During

the

tax

year

ended

June

30,

2025,

the

following

Funds

utilized

capital

loss

carryforwards

(amounts

in

thousands):

As

of June

30,

2025,

the

Funds

had

net

capital

loss

carryforwards

as

shown

in

the

table

below

(amounts

in

thousands).

It

is

unlikely

that

the

Board

will

authorize

a

distribution

of

capital

gains

realized

in

the

future

until

the

capital

loss

carryforwards

have

been

used.

As

of June

30,

2025,

the

cost

basis

for

federal

income

tax

purposes,

gross

unrealized

appreciation,

gross

unrealized

depreciation,

and

net

unrealized

appreciation

(depreciation)

for

investments were

as

follows

(amounts

in

thousands):

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.

Amount

Investment

Grade

Convertible

Fund

........................................................................

$

(863) Short-Term

Amount

Long-Term

Amount

Total

Fund

for

Income

......................................................

$

(134,727)

$

(293,073)

$

(427,800)

Cost

of

Investments

for

Federal

Tax

Purposes

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Diversified

Stock

Fund

................................

$

221,025

$

119,312

$

(2,760)

$

116,552

Fund

for

Income

....................................

358,313

1,079

(25,501)

(24,422)

Investment

Grade

Convertible

Fund

.......................

238,404

16,766

(6,527)

10,239

Report

of

Independent

Registered

Public

Accounting

Firm

![](epub554334249025536.jpg)

To

the

Shareholders

and

Board

of

Trustees

of

Victory

Portfolios

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

portfolio

investments,

of

Victory

Portfolios,

comprising

the

funds

listed

below

(the

"Funds"),

as

of

June

30,

2025,

the

related

statements

of

operations,

statements

of

changes

in

net

assets,

and

the

financial

highlights

for

each

of

the

periods

indicated

below,

and

the

related

notes

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

June

30,

2025,

the

results

of

their

operations,

the

changes

in

net

assets,

and

the

financial

highlights

for

each

of

the

periods

indicated

below

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

("PCAOB")

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

June

30,

2025,

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

one

or

more

investment

companies

advised

by

Victory

Capital

Management

Inc.

since

2015. COHEN

&

COMPANY,

LTD.

Cleveland,

Ohio

August

22,

2025

Fund

Name

Statements

of

Operations

Statements

of

Changes

in

Net

Assets

Financial

Highlights

Victory

Diversified

Stock

Fund

Victory

Fund

for

Income

Victory

Investment

Grade

Convertible

Fund

For

the

year

ended

June

30,

2025

For

the

years

ended

June

30,

2025,

and

2024

For

the

years

ended

June

30,

2025,

2024,

2023,

the

eight

months

ended

June

30,

2022,

and

years

ended

October

31,

2021,

and

2020

Supplemental

Information

June

30,

2025

Victory

Portfolios

(Unaudited)

Additional

Federal

Income

Tax

Information

For

the

fiscal

year

ended

June

30,

2025,

the

Funds

hereby

designate

the

maximum

amount

allowable

of

their

net

taxable

income

as

qualified

dividends

taxed

at

individual

net

capital

gain

rates.

Shareholders

will

be

notified

via

IRS

Form

1099

of

the

amounts

for

use

in

preparing

their

income

tax

return.

Dividends

qualified

for

corporate

dividends

received

deductions

of:

For

the

year

ended

June

30,

2025,

the

following

Funds

designated

short-term

capital

gain

distributions

in

the

amount

of

(in

thousands):

For

the

year

ended

June

30,

2025,

the

following

Funds

designated

long-term

capital

gain

distributions

in

the

amount

of

(in

thousands):

Percent

Diversified

Stock

Fund

...............................................................................

22%

Investment

Grade

Convertible

Fund

......................................................................

52%

Amount

Diversified

Stock

Fund

...............................................................................

$

13,260

Amount

Diversified

Stock

Fund

...............................................................................

$

20,814

Investment

Grade

Convertible

Fund

......................................................................

629

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

VP-AR

(6/25)

June

30,

2025

Annual:

Full

Financials

Victory

Sycamore

Established

Value

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Victory

Sycamore

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*TABLE* 

*OF* 

*CONTENTS*

*Victory* 

*Portfolios*

#### Schedules

#### of

#### Portfolio

#### Investments

#### (Form

#### N-CSR

#### Item

#### 6)
Victory

Sycamore

Established

Value

Fund

#### 3
Victory

Sycamore

Small

Company

Opportunity

Fund

#### 6

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)
Statements

of

Assets

and

Liabilities

#### 9
Statements

of

Operations

#### 10
Statements

of

Changes

in

Net

Assets

#### 11
Financial

Highlights

#### 14

#### Notes

#### to

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)

#### 25

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm

#### (Form

#### N-CSR

#### Item

#### 7)

#### 34

#### Supplemental

#### Information
(Unaudited)

Additional

Federal

Income

Tax

Information

#### 35

*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

#### Sycamore

#### Established

#### Value

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(96.9%)

Consumer

Discretionary

(7.9%):

Aptiv

PLC

(a) ..........................................................

1,660,000

$

113,245

Bath

&

Body

Works,

Inc.

.................................................

8,600,000

257,656

BorgWarner,

Inc.

.......................................................

5,627,000

188,392

Expedia

Group,

Inc.

.....................................................

1,830,000

308,684

Hilton

Worldwide

Holdings,

Inc.

............................................

540,000

143,824

Penske

Automotive

Group,

Inc.

.............................................

678,610

116,592

Ralph

Lauren

Corp.

.....................................................

460,000

126,169

Ross

Stores,

Inc.

.......................................................

820,000

104,616

1,359,178

Consumer

Staples

(8.1%):

Casey's

General

Stores,

Inc.

...............................................

350,000

178,595

Maplebear,

Inc.

(a) ......................................................

6,318,000

285,826

Performance

Food

Group

Co.

(a) ............................................

3,700,000

323,639

Primo

Brands

Corp.

.....................................................

6,215,000

184,088

U.S.

Foods

Holding

Corp.

(a) ...............................................

5,560,000

428,176

1,400,324

Energy

(5.0%):

Baker

Hughes

Co.

......................................................

6,119,000

234,602

Chord

Energy

Corp.

.....................................................

2,110,000

204,354

Coterra

Energy,

Inc.

.....................................................

10,700,000

271,566

Devon

Energy

Corp.

.....................................................

5,150,000

163,821

874,343

Financials

(14.8%):

American

Financial

Group,

Inc.

.............................................

1,730,000

218,343

Fidelity

National

Financial,

Inc.

............................................

5,800,000

325,148

Huntington

Bancshares,

Inc.

...............................................

16,405,000

274,948

Old

Republic

International

Corp.

............................................

7,100,000

272,924

Principal

Financial

Group,

Inc.

.............................................

2,969,000

235,827

Prosperity

Bancshares,

Inc.

................................................

1,232,000

86,536

Raymond

James

Financial,

Inc.

.............................................

1,665,000

255,361

The

Hartford

Insurance

Group,

Inc.

..........................................

2,376,000

301,443

Truist

Financial

Corp.

....................................................

6,119,000

263,056

Willis

Towers

Watson

PLC

................................................

1,046,000

320,599

2,554,185

Health

Care

(5.9%):

Hologic,

Inc.

(a) ........................................................

3,961,000

258,099

Labcorp

Holdings,

Inc.

...................................................

975,000

255,947

Quest

Diagnostics,

Inc.

...................................................

1,900,000

341,297

The

Cooper

Cos.,

Inc.

(a) ..................................................

2,408,000

171,353

1,026,696

Industrials

(18.3%):

AGCO

Corp.

..........................................................

2,117,000

218,390

Carrier

Global

Corp.

.....................................................

2,399,000

175,583

FTI

Consulting,

Inc.

(a) ...................................................

1,080,000

174,420

Genpact

Ltd.

..........................................................

7,122,000

313,439

Hubbell,

Inc.

..........................................................

525,000

214,415

J.B.

Hunt

Transport

Services,

Inc.

...........................................

1,280,000

183,808

Knight-Swift

Transportation

Holdings,

Inc.

....................................

5,740,000

253,880

Landstar

System,

Inc.

....................................................

1,200,000

166,824

Lincoln

Electric

Holdings,

Inc.

.............................................

1,257,000

260,601

Regal

Rexnord

Corp.

....................................................

1,194,000

173,082

Republic

Services,

Inc.

...................................................

583,000

143,774

Textron,

Inc.

..........................................................

2,935,000

235,651

The

Middleby

Corp.

(a) ...................................................

1,320,999

190,224

TransUnion

...........................................................

2,255,000

198,440

Xylem,

Inc.

...........................................................

2,036,000

263,377

3,165,908

Victory

Portfolios

#### Victory

#### Sycamore

#### Established

#### Value

#### Fund

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Information

Technology

(10.0%):

Akamai

Technologies,

Inc.

(a) ..............................................

2,555,000

$

203,787

Check

Point

Software

Technologies

Ltd.

(a) ....................................

1,131,000

250,234

Globant

SA

(a) .........................................................

1,100,000

99,924

Keysight

Technologies,

Inc.

(a) .............................................

1,444,000

236,614

Microchip

Technology,

Inc.

................................................

2,830,000

199,147

MKS,

Inc.

............................................................

2,580,000

256,349

Trimble,

Inc.

(a) ........................................................

3,800,000

288,724

Zebra

Technologies

Corp.

(a) ...............................................

618,000

190,566

1,725,345

Materials

(13.9%):

AptarGroup,

Inc.

.......................................................

1,625,000

254,199

Avery

Dennison

Corp.

...................................................

890,000

156,168

Axalta

Coating

Systems

Ltd.

(a) .............................................

7,390,000

219,409

CF

Industries

Holdings,

Inc.

...............................................

2,823,000

259,716

Crown

Holdings,

Inc.

....................................................

3,302,000

340,040

Franco-Nevada

Corp.

....................................................

1,356,000

222,276

Graphic

Packaging

Holding

Co.

............................................

8,000,000

168,560

Packaging

Corp.

of

America

...............................................

952,000

179,404

RPM

International,

Inc.

..................................................

1,975,000

216,934

Steel

Dynamics,

Inc.

.....................................................

1,386,000

177,422

Westlake

Corp.

........................................................

2,685,000

203,872

2,398,000

Real

Estate

(7.8%):

Camden

Property

Trust

...................................................

2,623,000

295,586

Equity

LifeStyle

Properties,

Inc.

............................................

3,430,000

211,528

Lamar

Advertising

Co.

,

Class

A

.............................................

2,360,000

286,410

NNN

REIT,

Inc.

........................................................

6,790,000

293,192

SBA

Communications

Corp.

...............................................

1,157,000

271,710

1,358,426

Utilities

(5.2%):

Alliant

Energy

Corp.

....................................................

6,910,000

417,848

American

Water

Works

Co.,

Inc.

............................................

2,190,000

304,651

CMS

Energy

Corp.

......................................................

2,472,000

171,260

893,759

Total

Common

Stocks

(Cost

$14,396,245)

a

a

a

16,756,164

Exchange-Traded

Funds

(0.7%)

iShares

Russell

Mid-Cap

Value

ETF

(b) .......................................

910,000

120,247

Total

Exchange-Traded

Funds

(Cost

$52,895)

a

a

a

120,247

Collateral

for

Securities

Loaned

(0.6%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.23

%

(c) ........

25,190,531

25,191

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.27

%

(c) ............

25,190,531

25,191

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.29

%

(c) ...............

25,190,531

25,190

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.24

%

(c) .

25,190,531

25,190

Total

Collateral

for

Securities

Loaned

(Cost

$100,762)

a

a

a

100,762

Total

Investments

(Cost

$14,549,902)

—

98.2%

16,977,173

Other

assets

in

excess

of

liabilities

— 1.8%

313,742

NET

ASSETS

-

100.00%

$

17,290,915

At

June

30,

2025,

the

Fund's

investments

in

foreign

securities

were

5.8%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Non-income

producing

security.

(b) All

or

a

portion

of

this

security

is

on

loan.

(c) Rate

disclosed

is

the

daily

yield

on

June

30,

2025. Victory

Portfolios

#### Victory

#### Sycamore

#### Established

#### Value

#### Fund

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Schedule

of

Portfolio

Investments

June

30,

2025

Victory

Portfolios

#### Victory

#### Sycamore

#### Small

#### Company

#### Opportunity

#### Fund

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(98.1%)

Banks

(16.4%):

Banner

Corp.

..........................................................

1,120,000

$

71,848

Heritage

Financial

Corp.

(a) ................................................

1,760,000

41,958

Lakeland

Financial

Corp.

.................................................

674,000

41,417

National

Bank

Holdings

Corp.

,

Class

A

(a) .....................................

2,075,000

78,041

Old

National

Bancorp

....................................................

4,285,000

91,442

Renasant

Corp.

........................................................

2,550,000

91,621

ServisFirst

Bancshares,

Inc.

...............................................

780,000

60,458

SouthState

Corp.

.......................................................

795,000

73,164

Stock

Yards

Bancorp,

Inc.

.................................................

985,000

77,795

Towne

Bank

..........................................................

1,915,000

65,455

UMB

Financial

Corp.

....................................................

700,000

73,612

United

Bankshares,

Inc.

..................................................

2,440,000

88,889

Wintrust

Financial

Corp.

..................................................

520,000

64,470

920,170

Capital

Markets

(3.2%):

Cohen

&

Steers,

Inc.

....................................................

715,000

53,875

Lazard,

Inc.

...........................................................

1,360,000

65,253

Stifel

Financial

Corp.

....................................................

555,000

57,598

176,726

Communication

Services

(1.1%):

Madison

Square

Garden

Sports

Corp.

(b) ......................................

300,000

62,685

Consumer

Discretionary

(9.2%):

Boyd

Gaming

Corp.

.....................................................

775,000

60,628

Etsy,

Inc.

(b) ...........................................................

510,000

25,582

Group

Automotive,

Inc.

.................................................

104,000

45,418

LCI

Industries

.........................................................

405,000

36,932

Meritage

Homes

Corp.

...................................................

590,000

39,512

Murphy

USA,

Inc.

......................................................

135,000

54,918

OneSpaWorld

Holdings

Ltd.

...............................................

2,165,000

44,144

Papa

John's

International,

Inc.

..............................................

749,000

36,656

The

Cheesecake

Factory,

Inc.

(c) ............................................

1,071,000

67,109

Urban

Outfitters,

Inc.

(b) ..................................................

277,000

20,094

Valvoline,

Inc.

(b) .......................................................

1,294,000

49,004

Visteon

Corp.

(b) .......................................................

400,000

37,320

517,317

Consumer

Staples

(4.7%):

Central

Garden

&

Pet

Co.

,

Class

A

(b) ........................................

1,505,000

47,091

Dole

PLC

............................................................

2,689,000

37,619

Interparfums,

Inc.

.......................................................

500,000

65,655

Performance

Food

Group

Co.

(b) ............................................

480,000

41,986

PriceSmart,

Inc.

........................................................

301,000

31,617

The

Chefs'

Warehouse,

Inc.

(b) ..............................................

610,000

38,924

262,892

Energy

(4.7%):

Civitas

Resources,

Inc.

...................................................

1,465,000

40,317

Helmerich

&

Payne,

Inc.

..................................................

2,420,000

36,687

Magnolia

Oil

&

Gas

Corp.

,

Class

A

..........................................

2,780,000

62,494

Matador

Resources

Co.

...................................................

1,315,000

62,752

Select

Water

Solutions,

Inc.

................................................

2,775,000

23,976

Weatherford

International

PLC

.............................................

791,000

39,795

266,021

Financial

Services

(2.9%):

EVERTEC,

Inc.

........................................................

1,260,000

45,423

NCR

Atleos

Corp.

(b) ....................................................

1,890,000

53,922

Walker

&

Dunlop,

Inc.

...................................................

912,000

64,278

163,623

Health

Care

(4.0%):

Envista

Holdings

Corp.

(b) ................................................

2,721,000

53,168

Victory

Portfolios

#### Victory

#### Sycamore

#### Small

#### Company

#### Opportunity

#### Fund

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Haemonetics

Corp.

(b) ....................................................

560,000

$

41,782

Omnicell,

Inc.

(b) .......................................................

935,000

27,489

Pediatrix

Medical

Group,

Inc.

(b) ............................................

2,199,000

31,556

QIAGEN

NV

..........................................................

1,405,000

67,524

221,519

Industrials

(21.6%):

Alamo

Group,

Inc.

......................................................

329,000

71,847

Albany

International

Corp.

................................................

630,000

44,182

Apogee

Enterprises,

Inc.

..................................................

845,000

34,307

ASGN,

Inc.

(b) .........................................................

207,000

10,336

Astec

Industries,

Inc.

(a) ..................................................

1,150,000

47,944

Atkore,

Inc.

...........................................................

710,000

50,091

Everus

Construction

Group,

Inc.

(b) ..........................................

1,118,000

71,027

Gates

Industrial

Corp.

PLC

(b) ..............................................

1,596,000

36,756

Gibraltar

Industries,

Inc.

(b) ................................................

800,000

47,200

Hayward

Holdings,

Inc.

(b) ................................................

4,300,000

59,340

Hillenbrand,

Inc.

.......................................................

1,255,000

25,188

Hub

Group,

Inc.

,

Class

A

.................................................

2,060,000

68,866

JBT

Marel

Corp.

.......................................................

470,000

56,522

Kennametal,

Inc.

.......................................................

138,000

3,168

Marten

Transport

Ltd.

....................................................

2,340,000

30,397

McGrath

RentCorp

......................................................

618,000

71,662

Mercury

Systems,

Inc.

(b) .................................................

1,250,000

67,325

MSC

Industrial

Direct

Co.,

Inc.

.............................................

830,000

70,567

Mueller

Industries,

Inc.

...................................................

460,000

36,556

Pursuit

Attractions

and

Hospitality,

Inc.

(a) (b) ...................................

1,745,000

50,308

The

Timken

Co.

........................................................

785,000

56,952

UFP

Industries,

Inc.

.....................................................

215,000

21,362

UniFirst

Corp.

.........................................................

315,000

59,289

Watts

Water

Technologies,

Inc.

,

Class

A

.......................................

200,000

49,178

Werner

Enterprises,

Inc.

..................................................

2,520,000

68,947

1,209,317

Information

Technology

(8.9%):

Cohu,

Inc.

(a) (b) ........................................................

3,035,000

58,393

Crane

NXT

Co.

........................................................

830,000

44,737

Extreme

Networks,

Inc.

(b) ................................................

2,580,000

46,311

Ingram

Micro

Holding

Corp.

(c) .............................................

2,750,000

57,310

Kulicke

&

Soffa

Industries,

Inc.

.............................................

1,675,000

57,955

Littelfuse,

Inc.

.........................................................

198,000

44,893

Rogers

Corp.

(b) ........................................................

385,000

26,365

Sandisk

Corp.

(b) .......................................................

1,402,000

63,581

Tower

Semiconductor

Ltd.

(b) ..............................................

1,658,000

71,874

Viavi

Solutions,

Inc.

(b) ...................................................

2,650,000

26,685

498,104

Insurance

(6.0%):

Axis

Capital

Holdings

Ltd.

................................................

595,000

61,773

Bowhead

Specialty

Holdings,

Inc.

(b) .........................................

726,738

27,274

First

American

Financial

Corp.

.............................................

692,000

42,482

Safety

Insurance

Group,

Inc.

...............................................

595,000

47,237

SiriusPoint

Ltd.

(b) ......................................................

2,595,000

52,912

Stewart

Information

Services

Corp.

..........................................

475,000

30,923

The

Hanover

Insurance

Group,

Inc.

..........................................

435,000

73,893

336,494

Materials

(7.6%):

AdvanSix,

Inc.

(a) .......................................................

1,730,000

41,088

Commercial

Metals

Co.

..................................................

1,545,000

75,566

Eagle

Materials,

Inc.

.....................................................

180,000

36,380

H.B.

Fuller

Co.

........................................................

1,030,000

61,954

Innospec,

Inc.

.........................................................

690,000

58,022

Sensient

Technologies

Corp.

...............................................

454,000

44,728

Silgan

Holdings,

Inc.

....................................................

1,020,000

55,263

Victory

Portfolios

#### Victory

#### Sycamore

#### Small

#### Company

#### Opportunity

#### Fund

Schedule

of

Portfolio

Investments

—

continued

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Titan

America

SA

(c) .....................................................

2,227,000

$

27,793

Warrior

Met

Coal,

Inc.

...................................................

550,000

25,207

426,001

Real

Estate

(5.2%):

Apple

Hospitality

REIT,

Inc.

...............................................

5,000,000

58,350

Colliers

International

Group,

Inc.

...........................................

520,000

67,881

Four

Corners

Property

Trust,

Inc.

............................................

2,170,000

58,395

Rayonier,

Inc.

.........................................................

2,170,000

48,130

Ryman

Hospitality

Properties,

Inc.

...........................................

590,000

58,215

290,971

Utilities

(2.6%):

IDACORP,

Inc.

........................................................

615,000

71,002

MGE

Energy,

Inc.

......................................................

480,000

42,451

National

Fuel

Gas

Co.

...................................................

415,000

35,155

148,608

Total

Common

Stocks

(Cost

$5,084,980)

a

a

a

5,500,448

Exchange-Traded

Funds

(0.4%)

iShares

Russell

2000

Value

ETF

............................................

150,000

23,664

Total

Exchange-Traded

Funds

(Cost

$16,938)

a

a

a

23,664

Collateral

for

Securities

Loaned

(1.3%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.23

%

(d) ........

17,921,749

17,922

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.27

%

(d) ............

17,921,749

17,922

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.29

%

(d) ...............

17,921,749

17,922

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.24

%

(d) .

17,921,749

17,921

Total

Collateral

for

Securities

Loaned

(Cost

$71,687)

a

a

a

71,687

Total

Investments

(Cost

$5,173,605)

—

99.8%

5,595,799

Other

assets

in

excess

of

liabilities

— 0.2%

9,791

NET

ASSETS

-

100.00%

$

5,605,590

At

June

30,

2025,

the

Fund's

investments

in

foreign

securities

were

9.5%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Affiliated

security.

(See

Note

in

the

Notes

to

Financial

Statements)

(b) Non-income

producing

security.

(c) All

or

a

portion

of

this

security

is

on

loan.

(d) Rate

disclosed

is

the

daily

yield

on

June

30,

2025. ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Statements

of

Assets

and

Liabilities

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

Victory

Sycamore

Established

Value

Fund

Victory

Sycamore

Small

Company

Opportunity

Fund

Assets:

Affiliated

investments,

at

value

(Cost

$—

and

$363,168)

$

—

$

317,732

Unaffiliated

investments,

at

value

(Cost

$14,549,902

and

$4,810,437)

16,977,173

(a) 5,278,067

(b) Trustee

deferred

compensation

investments,

at

fair

value

(Cost

$1,467

and

$648)

1,940

863

Cash

382,442

67,476

Receivables:

Dividends,

interest,

and

securities

lending

income

16,338

5,993

Capital

shares

issued

12,135

3,433

Investments

sold

34,525

20,770

Prepaid

expenses

Total

Assets

17,424,772

5,694,407

Liabilities:

Payables:

Collateral

received

on

loaned

securities

100,762

71,687

Investments

purchased

—

4,996

Trustee

deferred

compensation

1,940

863

Capital

shares

redeemed

22,186

6,860

Accrued

expenses

and

other

payables:

Investment

advisory

fees

6,390

3,479

Administration

fees

771

Custodian

fees

Transfer

agent

fees

Sub-Transfer

agent

fees

573

Compliance

fees

Trustees'

fees

12b-1

fees

Other

accrued

expenses

562

Total

Liabilities

133,857

88,817

Commitments

and

contingencies

(Note

4)

Net

Assets:

Capital

14,326,436

5,024,974

Total

accumulated

earnings

(loss)

2,964,479

580,616

Net

Assets

$

17,290,915

$

5,605,590

Net

Assets:

Class

A

$

1,259,617

$

221,592

Class

C

6,679

—

Class

I

4,683,882

2,556,113

Class

R

703,005

156,878

Class

R6

9,848,562

2,606,467

Class

Y

789,170

64,540

Total

$

17,290,915

$

5,605,590

Shares

(unlimited

number

of

shares

authorized

with

a

par

value

of

$0.001

per

share):

Class

A

27,768

5,070

Class

C

—

Class

I

103,166

57,470

Class

R

15,848

4,003

Class

R6

216,792

58,714

Class

Y

17,388

1,466

Total

381,115

126,723

Net

asset

value,

offering

and

redemption

price

per

share:(c)

Class

A

$

.36

$

.70

Class

C(d)

.78

—

Class

I

.40

.48

Class

R

.36

.19

Class

R6

.43

.39

Class

Y

.39

.02

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

$

.13

$

.37

(a) Includes

$98,682

thousand

of

securities

on

loan.

(b) Includes

$70,098

thousand

of

securities

on

loan.

(c) Per

share

amount

may

not

recalculate

due

to

rounding

of

net

assets

and/or

shares

outstanding.

(d) Redemption

price

per

share

varies

by

length

of

time

shares

are

held.

Statements

of

Operations

For

the

Year

Ended

June

30,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

(Amounts

in

Thousands)

Victory

Sycamore

Established

Value

Fund

Victory

Sycamore

Small

Company

Opportunity

Fund

Investment

Income:

Dividends

from

affiliated

investments

$

—

$

4,498

Dividends

from

unaffiliated

investments

325,551

101,603

Interest

from

unaffiliated

investments

15,233

7,249

Interfund

lending

—

Securities

lending

(net

of

fees)

1,113

Foreign

tax

withholding

(490)

(27)

Total

Income

340,459

114,436

Expenses:

Investment

advisory

fees

82,496

48,162

Administration

fees

9,913

3,448

Sub-Administration

fees

12b-1

fees

—

Class

A

3,405

653

12b-1

fees

—

Class

C

—

12b-1

fees

—

Class

R

3,826

895

Custodian

fees

722

Transfer

agent

fees

—

Class

A

Transfer

agent

fees

—

Class

C

—

Transfer

agent

fees

—

Class

I

Transfer

agent

fees

—

Class

R

Transfer

agent

fees

—

Class

R6

Transfer

agent

fees

—

Class

Y

Sub-Transfer

agent

fees

—

Class

A

1,445

Sub-Transfer

agent

fees

—

Class

C

—

Sub-Transfer

agent

fees

—

Class

I

2,307

1,597

Sub-Transfer

agent

fees

—

Class

R

Sub-Transfer

agent

fees

—

Class

R6

—

(a) —

(a) Sub-Transfer

agent

fees

—

Class

Y

802

Trustees'

fees

1,138

Compliance

fees

Legal

and

audit

fees

686

State

registration

and

filing

fees

Other

expenses

1,653

805

Total

Expenses

110,584

57,454

Net

Investment

Income

(Loss)

229,875

56,982

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

affiliated

investment

securities

—

(9,291)

Net

realized

gains

(losses)

from

unaffiliated

investment

securities

1,005,897

376,159

Net

change

in

unrealized

appreciation/depreciation

on

affiliated

investment

securities

—

(15,250)

Net

change

in

unrealized

appreciation/depreciation

on

unaffiliated

investment

securities

(399,905)

(265,971)

Net

realized/unrealized

gains

(losses)

on

investments

605,992

85,647

Change

in

net

assets

resulting

from

operations

$

835,867

$

142,629

(a) Rounds

to

less

than

$1

thousand.

(Amounts

in

Thousands)

Victory

Portfolios

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Sycamore

Established

Value

Fund

Victory

Sycamore

Small

Company

Opportunity

Fund

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

229,875

$

240,790

$

56,982

$

58,093

Net

realized

gains

(losses)

1,005,897

1,959,025

366,868

458,443

Net

change

in

unrealized

appreciation/depreciation

(399,905)

(330,911)

(281,221)

(169,692)

Change

in

net

assets

resulting

from

operations

835,867

1,868,904

142,629

346,844

Distributions

to

Shareholders:

Class

A

(140,116)

(88,723)

(21,636)

(18,549)

Class

C

(2,212)

(2,226)

—

—

Class

I

(529,387)

(298,458)

(242,443)

(211,275)

Class

R

(80,471)

(45,248)

(15,914)

(13,769)

Class

R6

(1,094,986)

(596,215)

(251,804)

(195,019)

Class

Y

(90,161)

(50,820)

(6,252)

(5,029)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(1,937,333)

(1,081,690)

(538,049)

(443,641)

Change

in

net

assets

resulting

from

capital

transactions

387,623

(694,961)

(685,043)

(181,911)

Change

in

net

assets

(713,843)

92,253

(1,080,463)

(278,708)

Net

Assets:

Beginning

of

period

18,004,758

17,912,505

6,686,053

6,964,761

End

of

period

$

17,290,915

$

18,004,758

$

5,605,590

$

6,686,053

(Amounts

in

Thousands)

Victory

Portfolios

Statements

of

Changes

in

Net

Assets

(continued)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Sycamore

Established

Value

Fund

Victory

Sycamore

Small

Company

Opportunity

Fund

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Capital

Transactions:

Class

A

Proceeds

from

shares

issued

$

212,285

$

196,626

$

34,832

$

43,751

Distributions

reinvested

119,824

74,831

17,848

15,595

Cost

of

shares

redeemed

(447,692)

(517,991)

(93,783)

(101,231)

Total

Class

A

$

(115,583)

$

(246,534)

$

(41,103)

$

(41,885)

Class

C

Proceeds

from

shares

issued

$

$

$

—

$

—

Distributions

reinvested

2,166

2,203

—

—

Cost

of

shares

redeemed

(26,802)

(21,161)

—

—

Total

Class

C

$

(24,327)

$

(18,763)

$

—

$

—

Class

I

Proceeds

from

shares

issued

$

902,495

$

750,580

$

363,929

$

382,276

Distributions

reinvested

464,235

259,760

227,529

198,156

Cost

of

shares

redeemed

(1,290,939)

(1,542,942)

(984,936)

(785,714)

Total

Class

I

$

75,791

$

(532,602)

$

(393,478)

$

(205,282)

Class

R

Proceeds

from

shares

issued

$

105,630

$

97,357

$

19,692

$

22,502

Distributions

reinvested

79,888

44,896

15,822

13,708

Cost

of

shares

redeemed

(199,850)

(228,878)

(56,941)

(79,989)

Total

Class

R

$

(14,332)

$

(86,625)

$

(21,427)

$

(43,779)

Class

R6

Proceeds

from

shares

issued

$

1,912,205

$

2,015,998

$

400,043

$

603,284

Distributions

reinvested

1,058,390

577,890

242,861

188,666

Cost

of

shares

redeemed

(2,467,139)

(2,413,598)

(870,517)

(671,822)

Total

Class

R6

$

503,456

$

180,290

$

(227,613)

$

120,128

Class

Y

Proceeds

from

shares

issued

$

134,711

$

226,742

$

18,851

$

8,803

Distributions

reinvested

83,176

46,260

6,095

4,892

Cost

of

shares

redeemed

(255,269)

(263,729)

(26,368)

(24,788)

Total

Class

Y

$

(37,382)

$

9,273

$

(1,422)

$

(11,093)

Change

in

net

assets

resulting

from

capital

transactions

$

387,623

$

(694,961)

$

(685,043)

$

(181,911)

(Amounts

in

Thousands)

Victory

Portfolios

Statements

of

Changes

in

Net

Assets

(continued)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Sycamore

Established

Value

Fund

Victory

Sycamore

Small

Company

Opportunity

Fund

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Share

Transactions:

Class

A

Issued

4,423

4,217

744

936

Reinvested

2,517

1,628

Redeemed

(9,258)

(11,069)

(2,019)

(2,160)

Total

Class

A

(2,318)

(5,224)

(910)

(889)

Class

C

Issued

—

—

Reinvested

—

—

Redeemed

(587)

(465)

—

—

Total

Class

C

(533)

(411)

—

—

Class

I

Issued

19,018

16,059

7,707

8,034

Reinvested

9,740

5,634

4,574

4,175

Redeemed

(27,222)

(33,218)

(20,560)

(16,482)

Total

Class

I

1,536

(11,525)

(8,279)

(4,273)

Class

R

Issued

2,215

2,160

530

Reinvested

1,715

997

Redeemed

(4,283)

(5,000)

(1,350)

(1,860)

Total

Class

R

(353)

(1,843)

(517)

(1,005)

Class

R6

Issued

39,605

43,193

8,524

12,654

Reinvested

22,191

12,522

4,893

3,981

Redeemed

(51,591)

(51,412)

(18,714)

(14,111)

Total

Class

R6

10,205

4,303

(5,297)

2,524

Class

Y

Issued

2,762

4,827

Reinvested

1,745

1,004

Redeemed

(5,283)

(5,668)

(577)

(525)

Total

Class

Y

(776)

(57)

(235)

Change

in

Shares

7,761

(14,537)

(15,060)

(3,878)

Victory

Portfolios

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Sycamore

Established

Value

Fund

Class

A

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Eight

Months

Ended

June

30,

2022(a)

Year

Ended

October

31,

2021

Year

Ended

October

31,

2020

Net

Asset

Value,

Beginning

of

Period

$48.22

$46.18

$43.91

$51.62

$35.75

$40.09

Investment

Activities:

Net

investment

income

(loss)(b)

0.46 0.49 0.55 0.49 0.62 0.48 Net

realized

and

unrealized

gains

(losses)

1.82 4.29 5.21 (4.29)

17.44 (2.44)

Total

from

Investment

Activities

2.28 4.78 5.76 (3.80)

18.06 (1.96)

Distributions

to

Shareholders

from:

Net

investment

income

(0.44)

(0.54)

(0.55)

(0.60)

(0.52)

(0.48)

Net

realized

gains

(4.70)

(2.20)

(2.94)

(3.31)

(1.67)

(1.90)

Total

Distributions

(5.14)

(2.74)

(3.49)

(3.91)

(2.19)

(2.38)

Net

Asset

Value,

End

of

Period

$45.36

$48.22

$46.18

$43.91

$51.62

$35.75

Total

Return(c)(d)

4.31%

10.71%

13.27%

(7.99)%

52.05%

(5.22)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.89%

0.90%

0.90%

0.90%

0.90%

0.92%

Net

Investment

Income

(Loss)(e)

0.97%

1.06%

1.21%

1.52%

1.32%

1.34%

Gross

Expenses(e)(f)

0.89%

0.90%

0.90%

0.90%

0.90%

0.92%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,259,617

$1,450,734

$1,630,578

$1,538,933

$1,788,115

$1,380,509

Portfolio

Turnover(c)(g)

45%

34%

28%

24%

32%

44%

(a) The

Fund's

fiscal

year-end

changed

from

October

to

June

30. (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.

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

Sycamore

Established

Value

Fund

Class

C

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Eight

Months

Ended

June

30,

2022(a)

Year

Ended

October

31,

2021

Year

Ended

October

31,

2020

Net

Asset

Value,

Beginning

of

Period

$46.70

$44.80

$42.71

$50.28

$34.89

$39.16

Investment

Activities:

Net

investment

income

(loss)(b)

0.04 0.12 0.20 0.24 0.26 0.20 Net

realized

and

unrealized

gains

(losses)

1.78 4.15 5.05 (4.16)

17.00 (2.35)

Total

from

Investment

Activities

1.82 4.27 5.25 (3.92)

17.26 (2.15)

Distributions

to

Shareholders

from:

Net

investment

income

(0.04)

(0.17)

(0.22)

(0.34)

(0.20)

(0.22)

Net

realized

gains

(4.70)

(2.20)

(2.94)

(3.31)

(1.67)

(1.90)

Total

Distributions

(4.74)

(2.37)

(3.16)

(3.65)

(1.87)

(2.12)

Net

Asset

Value,

End

of

Period

$43.78

$46.70

$44.80

$42.71

$50.28

$34.89

Total

Return(c)(d)

3.40%

9.86%

12.40%

(8.44)%

50.91%

(5.93)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

1.70%

1.68%

1.66%

1.66%

1.66%

1.69%

Net

Investment

Income

(Loss)(e)

0.09%

0.26%

0.44%

0.75%

0.56%

0.58%

Gross

Expenses(e)(f)

1.70%

1.68%

1.66%

1.66%

1.66%

1.69%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$6,679

$32,040

$49,142

$55,720

$67,718

$54,271

Portfolio

Turnover(c)(g)

45%

34%

28%

24%

32%

44%

(a) The

Fund's

fiscal

year-end

changed

from

October

to

June

30. (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.

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

Sycamore

Established

Value

Fund

Class

I

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Eight

Months

Ended

June

30,

2022(a)

Year

Ended

October

31,

2021

Year

Ended

October

31,

2020

Net

Asset

Value,

Beginning

of

Period

$48.26

$46.22

$43.94

$51.66

$35.77

$40.12

Investment

Activities:

Net

investment

income

(loss)(b)

0.62 0.65 0.70 0.60 0.77 0.59 Net

realized

and

unrealized

gains

(losses)

1.80 4.29 5.21 (4.30)

17.44 (2.45)

Total

from

Investment

Activities

2.42 4.94 5.91 (3.70)

18.21 (1.86)

Distributions

to

Shareholders

from:

Net

investment

income

(0.58)

(0.70)

(0.69)

(0.71)

(0.65)

(0.59)

Net

realized

gains

(4.70)

(2.20)

(2.94)

(3.31)

(1.67)

(1.90)

Total

Distributions

(5.28)

(2.90)

(3.63)

(4.02)

(2.32)

(2.49)

Net

Asset

Value,

End

of

Period

$45.40

$48.26

$46.22

$43.94

$51.66

$35.77

Total

Return(c)(d)

4.61%

11.06%

13.64%

(7.80)%

52.54%

(4.92)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.58%

0.58%

0.58%

0.58%

0.58%

0.60%

Net

Investment

Income

(Loss)(e)

1.28%

1.38%

1.53%

1.84%

1.63%

1.64%

Gross

Expenses(e)(f)

0.58%

0.58%

0.58%

0.58%

0.58%

0.60%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$4,683,882

$4,904,566

$5,229,565

$4,801,212

$5,315,482

$3,306,226

Portfolio

Turnover(c)(g)

45%

34%

28%

24%

32%

44%

(a) The

Fund's

fiscal

year-end

changed

from

October

to

June

30. (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

Sycamore

Established

Value

Fund

Class

R

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Eight

Months

Ended

June

30,

2022(a)

Year

Ended

October

31,

2021

Year

Ended

October

31,

2020

Net

Asset

Value,

Beginning

of

Period

$47.29

$45.34

$43.18

$50.81

$35.23

$39.54

Investment

Activities:

Net

investment

income

(loss)(b)

0.36 0.39 0.45 0.42 0.52 0.40 Net

realized

and

unrealized

gains

(losses)

1.77 4.21 5.11 (4.21)

17.16 (2.40)

Total

from

Investment

Activities

2.13 4.60 5.56 (3.79)

17.68 (2.00)

Distributions

to

Shareholders

from:

Net

investment

income

(0.36)

(0.45)

(0.46)

(0.53)

(0.43)

(0.41)

Net

realized

gains

(4.70)

(2.20)

(2.94)

(3.31)

(1.67)

(1.90)

Total

Distributions

(5.06)

(2.65)

(3.40)

(3.84)

(2.10)

(2.31)

Net

Asset

Value,

End

of

Period

$44.36

$47.29

$45.34

$43.18

$50.81

$35.23

Total

Return(c)(d)

4.06%

10.50%

13.02%

(8.11)%

51.74%

(5.41)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

1.09%

1.11%

1.10%

1.11%

1.11%

1.12%

Net

Investment

Income

(Loss)(e)

0.77%

0.86%

1.01%

1.31%

1.11%

1.14%

Gross

Expenses(e)(f)

1.09%

1.11%

1.10%

1.11%

1.11%

1.12%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$703,005

$766,097

$818,127

$780,556

$936,593

$633,244

Portfolio

Turnover(c)(g)

45%

34%

28%

24%

32%

44%

(a) The

Fund's

fiscal

year-end

changed

from

October

to

June

30. (b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Sycamore

Established

Value

Fund

Class

R6

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Eight

Months

Ended

June

30,

2022(a)

Year

Ended

October

31,

2021

Year

Ended

October

31,

2020

Net

Asset

Value,

Beginning

of

Period

$48.28

$46.24

$43.96

$51.69

$35.78

$40.13

Investment

Activities:

Net

investment

income

(loss)(b)

0.64 0.67 0.72 0.61 0.80 0.60 Net

realized

and

unrealized

gains

(losses)

1.80 4.29 5.21 (4.31)

17.45 (2.45)

Total

from

Investment

Activities

2.44 4.96 5.93 (3.70)

18.25 (1.85)

Distributions

to

Shareholders

from:

Net

investment

income

(0.60)

(0.72)

(0.71)

(0.72)

(0.67)

(0.60)

Net

realized

gains

(4.69)

(2.20)

(2.94)

(3.31)

(1.67)

(1.90)

Total

Distributions

(5.29)

(2.92)

(3.65)

(4.03)

(2.34)

(2.50)

Net

Asset

Value,

End

of

Period

$45.43

$48.28

$46.24

$43.96

$51.69

$35.78

Total

Return(c)(d)

4.64%

11.12%

13.68%

(7.77)%

52.62%

(4.89)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.54%

0.54%

0.54%

0.54%

0.54%

0.57%

Net

Investment

Income

(Loss)(e)

1.33%

1.43%

1.58%

1.88%

1.68%

1.68%

Gross

Expenses(e)(f)

0.54%

0.54%

0.54%

0.54%

0.54%

0.57%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$9,848,562

$9,974,901

$9,353,327

$7,357,481

$7,548,781

$4,499,129

Portfolio

Turnover(c)(g)

45%

34%

28%

24%

32%

44%

(a) The

Fund's

fiscal

year-end

changed

from

October

to

June

30. (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

Sycamore

Established

Value

Fund

Class

Y

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Eight

Months

Ended

June

30,

2022(a)

Year

Ended

October

31,

2021

Year

Ended

October

31,

2020

Net

Asset

Value,

Beginning

of

Period

$48.25

$46.21

$43.94

$51.66

$35.76

$40.11

Investment

Activities:

Net

investment

income

(loss)(b)

0.58 0.61 0.68 0.58 0.77 0.58 Net

realized

and

unrealized

gains

(losses)

1.80 4.29 5.19 (4.30)

17.45 (2.45)

Total

from

Investment

Activities

2.38 4.90 5.87 (3.72)

18.22 (1.87)

Distributions

to

Shareholders

from:

Net

investment

income

(0.55)

(0.66)

(0.66)

(0.69)

(0.65)

(0.58)

Net

realized

gains

(4.69)

(2.20)

(2.94)

(3.31)

(1.67)

(1.90)

Total

Distributions

(5.24)

(2.86)

(3.60)

(4.00)

(2.32)

(2.48)

Net

Asset

Value,

End

of

Period

$45.39

$48.25

$46.21

$43.94

$51.66

$35.76

Total

Return(c)(d)

4.53%

10.97%

13.54%

(7.82)%

52.49%

(4.92)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.66%

0.66%

0.66%

0.61%

0.61%

0.63%

Net

Investment

Income

(Loss)(e)

1.20%

1.31%

1.48%

1.77%

1.62%

1.63%

Gross

Expenses(e)(f)

0.66%

0.66%

0.66%

0.61%

0.61%

0.63%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$789,170

$876,420

$831,766

$589,519

$873,753

$600,200

Portfolio

Turnover(c)(g)

45%

34%

28%

24%

32%

44%

(a) The

Fund's

fiscal

year-end

changed

from

October

to

June

30. (b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Sycamore

Small

Company

Opportunity

Fund

Class

A

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Eight

Months

Ended

June

30,

2022(a)

Year

Ended

October

31,

2021

Year

Ended

October

31,

2020

Net

Asset

Value,

Beginning

of

Period

$46.62

$47.34

$44.57

$56.52

$37.91

$45.16

Investment

Activities:

Net

investment

income

(loss)(b)

0.26 0.23 0.16 0.06 0.04 0.17 Net

realized

and

unrealized

gains

(losses)

0.76 2.08 5.20 (5.54)

18.89 (5.14)

Total

from

Investment

Activities

1.02 2.31 5.36 (5.48)

18.93 (4.97)

Distributions

to

Shareholders

from:

Net

investment

income

(0.24)

(0.18)

(0.13)

(0.05)

(0.17)

(0.20)

Net

realized

gains

(3.70)

(2.85)

(2.46)

(6.42)

(0.15)

(2.08)

Total

Distributions

(3.94)

(3.03)

(2.59)

(6.47)

(0.32)

(2.28)

Net

Asset

Value,

End

of

Period

$43.70

$46.62

$47.34

$44.57

$56.52

$37.91

Total

Return(c)(d)

1.32%

4.91%

12.08%

(10.95)%

50.11%

(11.80)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

1.23%

1.26%

1.25%

1.25%

1.24%

1.26%

Net

Investment

Income

(Loss)(e)

0.56%

0.49%

0.33%

0.18%

0.07%

0.43%

Gross

Expenses(e)(f)

1.23%

1.26%

1.25%

1.25%

1.24%

1.26%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$221,592

$278,751

$325,166

$329,556

$424,496

$336,083

Portfolio

Turnover(c)(g)

50%

37%

32%

22%

41%

37%

(a) The

Fund's

fiscal

year-end

changed

from

October

to

June

30. (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.

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

Sycamore

Small

Company

Opportunity

Fund

Class

I

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Eight

Months

Ended

June

30,

2022(a)

Year

Ended

October

31,

2021

Year

Ended

October

31,

2020

Net

Asset

Value,

Beginning

of

Period

$47.40

$48.08

$45.22

$57.31

$38.40

$45.71

Investment

Activities:

Net

investment

income

(loss)(b)

0.43 0.41 0.33 0.18 0.22 0.31 Net

realized

and

unrealized

gains

(losses)

0.76 2.12 5.29 (5.63)

19.13 (5.20)

Total

from

Investment

Activities

1.19 2.53 5.62 (5.45)

19.35 (4.89)

Distributions

to

Shareholders

from:

Net

investment

income

(0.41)

(0.36)

(0.30)

(0.23)

(0.29)

(0.34)

Net

realized

gains

(3.70)

(2.85)

(2.46)

(6.41)

(0.15)

(2.08)

Total

Distributions

(4.11)

(3.21)

(2.76)

(6.64)

(0.44)

(2.42)

Net

Asset

Value,

End

of

Period

$44.48

$47.40

$48.08

$45.22

$57.31

$38.40

Total

Return(c)(d)

1.64%

5.29%

12.50%

(10.75)%

50.66%

(11.51)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.90%

0.89%

0.89%

0.89%

0.89%

0.93%

Net

Investment

Income

(Loss)(e)

0.90%

0.87%

0.70%

0.53%

0.41%

0.78%

Gross

Expenses(e)(f)

0.90%

0.89%

0.89%

0.89%

0.89%

0.93%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$2,556,113

$3,116,541

$3,366,480

$3,211,022

$3,840,013

$2,666,852

Portfolio

Turnover(c)(g)

50%

37%

32%

22%

41%

37%

(a) The

Fund's

fiscal

year-end

changed

from

October

to

June

30. (b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Sycamore

Small

Company

Opportunity

Fund

Class

R

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Eight

Months

Ended

June

30,

2022(a)

Year

Ended

October

31,

2021

Year

Ended

October

31,

2020

Net

Asset

Value,

Beginning

of

Period

$42.20

$43.16

$40.87

$52.37

$35.16

$42.05

Investment

Activities:

Net

investment

income

(loss)(b)

0.15 0.12 0.07 —(c)

(0.05)

0.09 Net

realized

and

unrealized

gains

(losses)

0.71 1.89 4.77 (5.08)

17.52 (4.76)

Total

from

Investment

Activities

0.86 2.01 4.84 (5.08)

17.47 (4.67)

Distributions

to

Shareholders

from:

Net

investment

income

(0.17)

(0.12)

(0.09)

—

(0.11)

(0.14)

Net

realized

gains

(3.70)

(2.85)

(2.46)

(6.42)

(0.15)

(2.08)

Total

Distributions

(3.87)

(2.97)

(2.55)

(6.42)

(0.26)

(2.22)

Net

Asset

Value,

End

of

Period

$39.19

$42.20

$43.16

$40.87

$52.37

$35.16

Total

Return(d)(e)

1.06%

4.71%

11.89%

(11.05)%

49.85%

(11.94)%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

1.44%

1.46%

1.43%

1.42%

1.42%

1.44%

Net

Investment

Income

(Loss)(f)

0.36%

0.29%

0.16%

—%

(0.11)%

0.25%

Gross

Expenses(f)(g)

1.44%

1.46%

1.43%

1.42%

1.42%

1.44%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$156,878

$190,774

$238,440

$209,007

$256,938

$200,617

Portfolio

Turnover(d)(h)

50%

37%

32%

22%

41%

37%

(a) The

Fund's

fiscal

year-end

changed

from

October

to

June

30. (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

Sycamore

Small

Company

Opportunity

Fund

Class

R6

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Eight

Months

Ended

June

30,

2022(a)

Year

Ended

October

31,

2021

Year

Ended

October

31,

2020

Net

Asset

Value,

Beginning

of

Period

$47.31

$47.99

$45.15

$57.22

$38.37

$45.66

Investment

Activities:

Net

investment

income

(loss)(b)

0.45 0.44 0.36 0.19 0.24 0.19 Net

realized

and

unrealized

gains

(losses)

0.75 2.11 5.25 (5.60)

19.10 (5.03)

Total

from

Investment

Activities

1.20 2.55 5.61 (5.41)

19.34 (4.84)

Distributions

to

Shareholders

from:

Net

investment

income

(0.42)

(0.38)

(0.31)

(0.24)

(0.34)

(0.37)

Net

realized

gains

(3.70)

(2.85)

(2.46)

(6.42)

(0.15)

(2.08)

Total

Distributions

(4.12)

(3.23)

(2.77)

(6.66)

(0.49)

(2.45)

Net

Asset

Value,

End

of

Period

$44.39

$47.31

$47.99

$45.15

$57.22

$38.37

Total

Return(c)(d)

1.69%

5.34%

12.51%

(10.72)%

50.71%

(11.43)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.85%

0.85%

0.85%

0.86%

0.85%

0.86%

Net

Investment

Income

(Loss)(e)

0.96%

0.92%

0.75%

0.57%

0.44%

0.48%

Gross

Expenses(e)(f)

0.85%

0.85%

0.85%

0.86%

0.85%

0.86%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$2,606,467

$3,028,483

$2,950,933

$2,116,606

$2,518,726

$1,625,853

Portfolio

Turnover(c)(g)

50%

37%

32%

22%

41%

37%

(a) The

Fund's

fiscal

year-end

changed

from

October

to

June

30. (b) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Sycamore

Small

Company

Opportunity

Fund

Class

Y

Year

Ended

June

30,

2025

Year

Ended

June

30,

2024

Year

Ended

June

30,

2023

Eight

Months

Ended

June

30,

2022(a)

Year

Ended

October

31,

2021

Year

Ended

October

31,

2020

Net

Asset

Value,

Beginning

of

Period

$46.95

$47.65

$44.86

$56.88

$38.10

$45.39

Investment

Activities:

Net

investment

income

(loss)(b)

0.40 0.37 0.31 0.17 0.16 0.24 Net

realized

and

unrealized

gains

(losses)

0.75 2.10 5.22 (5.58)

19.00 (5.16)

Total

from

Investment

Activities

1.15 2.47 5.53 (5.41)

19.16 (4.92)

Distributions

to

Shareholders

from:

Net

investment

income

(0.38)

(0.32)

(0.28)

(0.19)

(0.23)

(0.29)

Net

realized

gains

(3.70)

(2.85)

(2.46)

(6.42)

(0.15)

(2.08)

Total

Distributions

(4.08)

(3.17)

(2.74)

(6.61)

(0.38)

(2.37)

Net

Asset

Value,

End

of

Period

$44.02

$46.95

$47.65

$44.86

$56.88

$38.10

Total

Return(c)(d)

1.58%

5.22%

12.40%

(10.78)%

50.55%

(11.65)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.95%

0.98%

0.98%

0.95%

0.95%

1.08%

Net

Investment

Income

(Loss)(e)

0.85%

0.78%

0.66%

0.50%

0.31%

0.62%

Gross

Expenses(e)(f)

0.95%

0.98%

0.98%

0.95%

0.95%

1.08%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$64,540

$71,504

$83,742

$23,757

$33,276

$16,054

Portfolio

Turnover(c)(g)

50%

37%

32%

22%

41%

37%

(a) The

Fund's

fiscal

year-end

changed

from

October

to

June

30. (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.

Notes

to

Financial

Statements

June

30,

2025

Victory

Portfolios

1. #### Organization:
Victory

Portfolios

(the

"Trust")

is

organized

as

a

Delaware

statutory

trust and

the Trust

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

investment

company.

The

Trust

is

comprised

of 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.

\*

The

Funds

are

generally

closed

to

new

investors.

The

Funds

will

continue

to

be

available

for

investment

(by

direct

purchase

or

exchange)

by

the

following:

existing

shareholders,

investors

that

purchase

shares

through

certain

intermediaries,

retirement

plans

that

purchase

shares

through

certain

record

keepers,

and

current

and

retired

Fund

trustees,

officers,

employees

of

Victory

Capital

Management

Inc.

("VCM"

or

the

"Adviser")

and

affiliated

providers,

and

their

family

members.

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.

VCM

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

Funds

(Legal

Name)\*

Funds

(Short

Name)

Investment

Share

Classes

Offered

Victory

Sycamore

Established

Value

Fund

Sycamore

Established

Value

Fund

A,

C,

I,

R,

R6,

and

Y

Victory

Sycamore

Small

Company

Opportunity

Fund

Sycamore

Small

Company

Opportunity

Fund

A,

I,

R,

R6,

and

Y

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

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:

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

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")

Level

Level

Level

Total

Sycamore

Established

Value

Fund

Common

Stocks

...............................................

$

16,756,164

$

—

$

—

$

16,756,164

Exchange-Traded

Funds

.........................................

120,247

—

—

120,247

Collateral

for

Securities

Loaned

...................................

100,762

—

—

100,762

Total

.......................................................

$

16,977,173

$

—

$

—

$

16,977,173

Sycamore

Small

Company

Opportunity

Fund

Common

Stocks

...............................................

5,500,448

—

—

5,500,448

Exchange-Traded

Funds

.........................................

23,664

—

—

23,664

Collateral

for

Securities

Loaned

...................................

71,687

—

—

71,687

Total

.......................................................

$

5,595,799

$

—

$

—

$

5,595,799

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

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

June

30. For

the

year

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

year

ended

June

30,

2025,

were

as

follows (amounts

in

thousands):

Value

of

Securities

on

Loan

Non-Cash

Collateral

Cash

Collateral

Sycamore

Established

Value

Fund

.....................................

$

98,682

$

—

$

100,762

Sycamore

Small

Company

Opportunity

Fund

.............................

70,098

—

71,687

Excluding

U.S.

Government

Securities

Purchases

Sales

Sycamore

Established

Value

Fund

..............................................................

$

8,049,375

$

9,363,934

Sycamore

Small

Company

Opportunity

Fund

......................................................

3,136,745

4,249,850

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

4. #### Fees

#### and

#### Transactions

#### with

#### Affiliates

#### and

#### Related

#### Parties:
Investment

Advisory

Fees:

Investment

advisory

services

are

provided

to

the

Funds

by

the

Adviser,

which

is

a

New

York

corporation

registered

as

an

investment

adviser

with

the

SEC.

Under

the

terms

of

the

Investment

Advisory

Agreement,

the

Adviser

is

entitled

to

receive

fees

accrued

daily

and

paid

monthly

at

an

annualized

rate

based

on

a

percentage

of

the

average

daily

net

assets

of

each

Fund. The

rates

at

which

the

Adviser

is

paid

by

each

Fund

are

included

in

the

table

below.

Amounts

incurred

and

paid

to

VCM

for

the

year ended

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

year

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 year

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 year

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

year 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

year 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:

Adviser

Fee

Tier

Rates

Up

to

$100

million

$100

million

-$200

million

Over

$200

million

Sycamore

Established

Value

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.65%

0.55%

0.45%

Up

to

$500

million

Over

$500

million

Sycamore

Small

Company

Opportunity

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.85%

0.75%

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

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

year

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

year

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 year

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

Funds

had

no amounts available

to

be

repaid

to

the

Adviser.

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 year

ended

June

30,

2025. The

Funds

have

adopted

a

Deferred

Compensation

Plan (the

"Plan")

for

their

Trustees

who

receive

compensation

from

the

Funds.

Under

the

terms

of

the

Plan,

a

Trustee

may

elect

to

defer

all

or

a

portion

of

their

compensation.

Amounts

deferred

may

be

allocated

to

investment

options

that

are

specified

in

the

Plan

as

selected

by

the

Trustee,

among

certain

Victory

Funds,

in

which

their

deferred

accounts

are

deemed

invested.

Investments

held

within

the

Plan

as

of June

30,

2025

are

among,

Victory

Fund

for

Income,

Victory

Low

Duration

Bond

Fund,

Victory

Sycamore

Established

Value

Fund,

Victory

Sycamore

Small

Company

Opportunity

Fund,

Victory

RS

Investors

Fund,

and

Victory

S&P

500

Index

Fund.

Deferred

compensation

liability

under

the

Agreement

constitutes

a

general

unsecured

obligation

for

the

applicable

Victory

Fund.

For

the

year

ended June

30,

2025,

the

amounts

of

deferred

compensation

have

been

included

Statements

of

Assets

and

Liabilities.

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.

Class

A

Class

C

Class

R

Sycamore

Established

Value

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

1.00%

0.50%

Sycamore

Small

Company

Opportunity

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

N/A

0.50%

Amount

Sycamore

Established

Value

Fund

.........................................................................

$

Sycamore

Small

Company

Opportunity

Fund

.................................................................

In

effect

until

October

31,

2025

Class

C

Class

Y

Sycamore

Established

Value

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.84%

N/A

Sycamore

Small

Company

Opportunity

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

N/A

1.15%

---

| | |
|:---|:---|
| **Victory Portfolios**<br>| **Notes to Financial Statements** *— continued*<br> June 30, 2025 |

---

---

| | | |
|:---|:---|:---|
|  | Sycamore Established Value Fund | Sycamore Small Company Opportunity Fund |
| Equity Securities Risk | x | x |
| General Market Risk | x | x |
| Sector Focus Risk | x | x |
| Small-Capitalization Stock Risk | | 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>Sector Focus Risk</u>** — 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.

&nbsp;&nbsp;&nbsp;&nbsp;·  **<u>Financials Sector Risk</u>** —
 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 distinctions
between financial service segments become increasingly blurred.

&nbsp;&nbsp;&nbsp;&nbsp;·  **<u>Industrials Sector Risk</u>** —
 Companies in the industrials sector are affected by supply and demand both for their specific product or service and for industrials sector
products in general. Government regulation, world events, and economic conditions also affect the performance of investments in such issuers.
Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies.
Transportation companies may experience occasional sharp price movements, which may result from changes in the economy, fuel prices, labor
agreements, and insurance costs.

**<u>Small-Capitalization Stock Risk</u>** — Small-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.

**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 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 year 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

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

Rate

Fund

have

been

removed,

making

the

entire

Line

of

Credit

(committed

and

uncommitted)

available

to

all

funds.

Interest

charged

to each

Fund during

the

period,

if

applicable,

is

reflected

on

the

Statements

of

Operations

under

Line

of

credit

fees.

The

Funds

had

no

borrowings

under the

Line

of

Credit

agreement

during

the

year

ended

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

year

ended

June

30,

2025,

were

as

follows

(amounts

in

thousands):

\*

Based

on

the

number

of

days

borrowings

were

outstanding

for

the

year

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

June

30,

2025,

on

the

Statements

of

Assets

and

Liabilities,

as

a

result

of

permanent

book-to-tax

differences,

reclassification

adjustments

were

as

follows

(amounts

in

thousands):

The

tax

character

of

distributions

paid

during

the

tax

years

ended,

as

noted

below,

were

as

follows

(total

distributions

paid

may

differ

from

the

Statements

of

Changes

in

Net

Assets

because,

for

tax

purposes,

dividends

are

recognized

when

actually

paid)

(amounts

in

thousands):

Borrower

or

Lender

Amount

Outstanding

at

June

30,

2025

Average

Borrowing\*

Average

Interest

Rate\*

Maximum

Borrowing

During

the

Period

Sycamore

Established

Value

Fund

....................

Lender

$

—

$

6,916

5.15%

$

30,353

Declared

Paid

Sycamore

Established

Value

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Quarterly

Quarterly

Sycamore

Small

Company

Opportunity

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

Total

Accumulated

Earnings

(Loss)

Capital

Sycamore

Established

Value

Fund

...............................................................

$

(82,721)

$

82,721

Sycamore

Small

Company

Opportunity

Fund

.......................................................

(45,816)

45,816

Year

Ended

June

30,

2025

Distributions

Paid

From:

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions

Paid

Sycamore

Established

Value

Fund

..............................................

$

402,461

$

1,534,872

$

1,937,333

Sycamore

Small

Company

Opportunity

Fund

......................................

72,497

465,552

538,049

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

As

of

June

30,

2025,

the

components

of

accumulated

earnings

(loss)

on

a

tax

basis

were

as

follows

(amounts

in

thousands):

\*

The

difference

between

the

book-basis

and

tax-basis

unrealized

appreciation

(depreciation)

is

attributable

primarily

to

tax

deferral

of

losses

on

wash

sales.

As

of June

30,

2025,

the

Funds

had

no

capital

loss

carryforward

for

federal

income

tax

purposes.

As

of June

30,

2025,

the

cost

basis

for

federal

income

tax

purposes,

gross

unrealized

appreciation,

gross

unrealized

depreciation,

and

net

unrealized

appreciation

(depreciation)

for

investments were

as

follows

(amounts

in

thousands):

8. #### Affiliated

#### Securities:
An

affiliated

security

is

a

security

in

which

a

Fund

has

ownership

of

at

least

5%

of

the issuer'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 the

Funds'

Schedule

of

Portfolio

Investments.

Transactions

in

affiliated

securities

during

the

year

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

Year

Ended

June

30,

2024

Distributions

Paid

From:

Ordinary

Income

Net

Long-Term

Capital

Gains

Total

Distributions

Paid

Sycamore

Established

Value

Fund

..............................................

$

298,631

$

783,059

$

1,081,690

Sycamore

Small

Company

Opportunity

Fund

......................................

53,472

390,169

443,641

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Accumulated

Earnings

(Loss)

Other

Earnings

(Loss)

Unrealized

Appreciation

(Depreciation)\*

Total

Accumulated

Earnings

(Loss)

Sycamore

Established

Value

Fund

...........

$

—

$

567,236

$

567,236

$

(1,467)

$

2,398,710

$

2,964,479

Sycamore

Small

Company

Opportunity

Fund

...

45,492

132,338

177,830

(648) 403,434

580,616

Cost

of

Investments

for

Federal

Tax

Purposes

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Sycamore

Established

Value

Fund

........................

$

14,578,463

$

2,986,896

$

(588,186)

$

2,398,710

Sycamore

Small

Company

Opportunity

Fund

................

5,192,365

839,658

(436,224)

403,434

Fair

Value

6/30/2024

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

Sycamore

Small

Company

Opportunity

Fund

AdvanSix,

Inc.

...........

$

42,860

$

1,270

$

(5,095)

$

(2,921)

$

4,974

$

41,088

1,730,000

$

1,132

$

—

Astec

Industries,

Inc.

......

39,151

2,693

(8,621)

(4,728)

19,449

47,944

1,150,000

602

—

Cohu,

Inc.

..............

77,454

16,103

(4,452)

(1,479)

(29,233)

58,393

3,035,000

—

—

Heritage

Financial

Corp.

....

—

41,669

—

—

41,958

1,760,000

—

National

Bank

Holdings

Corp.,

Class

A

..............

53,303

31,912

(2,239)

(481) (4,454)

78,041

2,075,000

2,400

—

Pursuit

Attractions

and

Hospitality,

Inc.

\*

........

45,390

21,380

(10,505)

(6,275)

50,308

1,745,000

—

—

$

258,158

$

115,027

$

(30,912)

$

(9,291)

$

(15,250)

$

317,732

11,495,000

$

4,498

$

—

\*

Formerly

Viad

Corp.

Notes

to

Financial

Statements

—

continued

June

30,

2025

Victory

Portfolios

is

pre-determined

in

accordance

with

the

Fund's

single

investment

objective.

The

financial

information

in

the

form

of

the

Funds'

portfolio

composition,

total

returns,

expense

ratios,

and

changes

in

net

assets,

which

are

used

by

the

CODM

to

assess

the

segment's

performance

versus

each

Fund's

comparative

benchmarks

and

to

make

resource

allocation

decisions

for

the

Fund's

single

segment,

is

consistent

with

that

presented

within

each

Fund's

financial

statements.

Segment

assets

are

reflected

on

the

accompanying

Statements

of

Assets

and

Liabilities

as

"total

assets"

and

significant

segment

expenses

are

listed

on

the

accompanying

Statements

of

Operations.

Report

of

Independent

Registered

Public

Accounting

Firm

![](epub554939839414272.jpg)

To

the

Shareholders

and

Board

of

Trustees

of

Victory

Portfolios

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

portfolio

investments,

of

Victory

Portfolios,

comprising

the

funds

listed

below

(the

"Funds"),

as

of

June

30,

2025,

the

related

statements

of

operations,

statements

of

changes

in

net

assets,

and

the

financial

highlights

for

each

of

the

periods

indicated

below,

and

the

related

notes

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

June

30,

2025,

the

results

of

their

operations,

the

changes

in

net

assets,

and

the

financial

highlights

for

each

of

the

periods

indicated

below

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

("PCAOB")

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

June

30,

2025,

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

one

or

more

investment

companies

advised

by

Victory

Capital

Management

Inc.

since

2015. COHEN

&

COMPANY,

LTD.

Cleveland,

Ohio

August

22,

2025

Fund

Name

Statements

of

Operations

Statements

of

Changes

in

Net

Assets

Financial

Highlights

Victory

Sycamore

Established

Value

Fund

Victory

Sycamore

Small

Company

Opportunity

Fund

For

the

year

ended

June

30,

2025

For

the

two

years

ended

June

30,

2025,

and

2024

For

the

years

ended

June

30,

2025,

2024,

2023,

and

the

eight

months

ended

June

30,

2022,

and

the

years

ended

October

31,

2021

and

2020

Victory

Portfolios

(Unaudited)

Supplemental

Information

—

continued

June

30,

2025

Additional

Federal

Income

Tax

Information

For

the

fiscal

year

ended

June

30,

2025,

the

Funds

hereby

designate

the

maximum

amount

allowable

of

their

net

taxable

income

as

qualified

dividends

taxed

at

individual

net

capital

gain

rates.

Shareholders

will

be

notified

via

IRS

Form

1099

of

the

amounts

for

use

in

preparing

their

income

tax

return.

Dividends

qualified

for

corporate

dividends

received

deductions

of:

For

the

year

ended

June

30,

2025,

the

following

Funds

designated

short-term

capital

gain

distributions

in

the

amount

of

(in

thousands):

For

the

year

ended

June

30,

2025,

the

following

Funds

designated

long-term

capital

gain

distributions

in

the

amount

of

(in

thousands):

Percent

Sycamore

Established

Value

Fund

.......................................................................

82%

Sycamore

Small

Company

Opportunity

Fund

...............................................................

94%

Amount

Sycamore

Established

Value

Fund

.......................................................................

$

170,710

Sycamore

Small

Company

Opportunity

Fund

...............................................................

21,117

Amount

Sycamore

Established

Value

Fund

.......................................................................

$

1,617,593

Sycamore

Small

Company

Opportunity

Fund

...............................................................

506,571

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)

VP-SMF-AR

(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) [The Code of Ethics is attached hereto.](codeofethics.htm)

(a)(2) Not applicable.

(a)(3) [The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940 are attached hereto](ex99.htm).

(b) [The certifications required by Rule 30a-2(b) of the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto](ex99906.htm).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Victory Portfolios&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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;</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; Carol D. Trevino, Treasurer and Principal Financial Officer

Date_<u>September 4, 2025</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;&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>September 4, 2025</u>_________________

(Signature and Title)<u>&nbsp;&nbsp;&nbsp;&nbsp;&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;&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>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.

<u>September 4, 2025</u><u>_____</u>&nbsp;&nbsp;&nbsp;&nbsp;&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:

d)

&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;

e)

&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;

f)

&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):

b)

&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

<u>_</u> <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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>_

Date

/s/ Thomas Dusenberry

Thomas Dusenberry

President and Principal Executive Officer

/s/ Carol D. Trevino

Carol D. Trevino

Treasurer and Principal Financial Officer

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

## Ex-99.Code

**VICTORY PORTFOLIOS VICTORY PORTFOLIOS II**

**VICTORY VARIABLE INSURANCE FUNDS**

**CODE OF CONDUCT**

**FOR PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER**

**I. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covered Officers/Purpose of the Code**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** This Code of Conduct (the "Code") applies to the Principal Executive Officer and Principal Financial Officer of Victory Portfolios, Victory Portfolios II, and Victory Variable Insurance Funds (each a "Trust" and, collectively, the "Trusts") (the "Covered Officers"), each of whom is set forth in Exhibit A, for the purpose of promoting:

1. &nbsp;&nbsp;&nbsp;&nbsp; Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

2. &nbsp;&nbsp;&nbsp;&nbsp; Full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trusts;

3. &nbsp;&nbsp;&nbsp;&nbsp; Compliance with applicable laws and governmental rules and regulations;

4. &nbsp;&nbsp;&nbsp;&nbsp; The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

5. &nbsp;&nbsp;&nbsp;&nbsp; Accountability for adherence to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covered Officers Should Handle Ethically Any Actual or Apparent Conflicts of Interest

**A. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Trusts. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his or her position with the Trusts.

Certain conflicts of interest that could arise out of the relationships between Covered Officers and the Trusts already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trusts because of their status as "affiliated persons" of the Trusts. The Trusts' and their investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise or result from the contractual relationship between the Trusts and the investment adviser and the administrator, whose officers or employees also serve as Covered Officers. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trusts or for the adviser or the administrator, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser, the administrator and the Trusts. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the adviser, the administrator and the Trusts and is consistent with the performance by the Covered Officers of their duties as officers of the Trusts. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by each Trust's Board of Trustees (the "Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act or the Investment Advisers Act.

Section C describes the types of conflicts of interest that are covered under this Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.

**B. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obligations of Covered Officers.** Each Covered Officer must:

1. &nbsp;&nbsp;&nbsp;&nbsp; Not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trusts whereby the Covered Officer would benefit personally to the detriment of the Trusts;

2. &nbsp;&nbsp;&nbsp;&nbsp; Not cause the Trusts to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Trusts;

3. &nbsp;&nbsp;&nbsp;&nbsp; Report at least annually outside business affiliations or other relationships (*e.g.,* officer, director, governor, trustee, part-time employment) other than his or her relationship to the Trusts, the investment adviser and the administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conflicts of interest.** When a Covered Person becomes aware of a situation that could involve a conflict of interest, or that could reasonably be considered an appearance of a conflict of interest, the Covered Person should disclose this matter to the Chief Compliance Officer. For purposes of this Code, the Chief Compliance Officer shall be the Chief Compliance Officer of Victory Capital Management Inc. ("VCM"). Examples of these include:

1. &nbsp;&nbsp;&nbsp;&nbsp; Service as a director on the board of any public or private company;

2. &nbsp;&nbsp;&nbsp;&nbsp; The receipt, as an officer of the Trusts, of any gift in excess of $100;

3. &nbsp;&nbsp;&nbsp;&nbsp; The receipt of any entertainment from any company with which the Trusts have current or prospective business dealings, unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

4. &nbsp;&nbsp;&nbsp;&nbsp; Any ownership interest in, or any consulting or employment relationship with, any of the Trusts' service providers, other than their investment adviser, principal underwriter, administrator or any affiliated person thereof;

5. &nbsp;&nbsp;&nbsp;&nbsp; A direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trusts for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conflicts of interest not specifically enumerated.** It is impractical to attempt to list in this Code all possible situations that could result in a conflict of interest. If a proposed transaction, interest, personal activity, or investment raises any concerns, questions or doubts, a Covered Officer should consult with the Chief Compliance Officer before engaging in such transaction or investment or pursuing such interest or activity. The Chief Compliance Officer shall review the facts and circumstances of the actual or potential conflict of interest in accordance with Section IV of these Procedures.

III. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosure and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Trusts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trusts to others, whether within or outside the Trusts, including to the Trusts' Trustees and auditors, and to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Trusts, the adviser and the administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trusts file with, or submit to, the SEC and in other public communications made by the Trusts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reporting and Accountability

**A. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Responsibilities and conduct.** Each Covered Officer must:

1. &nbsp;&nbsp;&nbsp;&nbsp; Upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the appropriate Board that he or she has received, read, and understands the Code;

2. &nbsp;&nbsp;&nbsp;&nbsp; Annually thereafter affirm to the appropriate Board that he or she has complied with the requirements of the Code;

3. &nbsp;&nbsp;&nbsp;&nbsp; Not retaliate against any other Covered Officer or any employee of the Trusts or their affiliated persons for reports of potential violations that are made in good faith; and

4. &nbsp;&nbsp;&nbsp;&nbsp; Notify the Chief Compliance Officer promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer.** The Chief Compliance Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. Based on its review, the Chief Compliance Officer shall advise the Covered Officer that the proposed transaction, investment, interest or activity: (i) would not violate this Code; (ii) would not violate this Code only if conducted in a particular manner and/or subject to certain conditions or safeguards; or (iii) would violate the Code and is, therefore, prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waivers.** A Covered Officer may request a waiver from a provision of this Code if there is a reasonable likelihood that a contemplated action would not involve an actual conflict of interest that this Code is designed to prevent. The Audit and Risk Oversight Committee of the Board (the "Committee") shall review and act upon any request for a waiver from any provision of the Code. The Committee shall disclose any waiver from a provision of the Code to the extent required by SEC rules or any other policy of the Trusts or VCM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enforcing the Code of Conduct.** The Trusts will adhere to the following procedures in investigating and enforcing this Code:

1. &nbsp;&nbsp;&nbsp;&nbsp; The Chief Compliance Officer will take all appropriate action to investigate any potential violations reported to him or her;

2. &nbsp;&nbsp;&nbsp;&nbsp; If, after such investigation, the Chief Compliance Officer believes that no violation has occurred, no further action is required;

3. &nbsp;&nbsp;&nbsp;&nbsp; Any matter that the Chief Compliance Officer believes is a violation shall be reported to the Committee; and

4. &nbsp;&nbsp;&nbsp;&nbsp; If the Committee concurs that a violation has occurred, it will inform the Board and make a recommendation of appropriate courses of action. The Board will consider and take appropriate action regarding the violation. The Board may among other things, notify VCM, the Trust's administrator, or their Boards of Directors; recommend the assessment of a monetary penalty against the Covered Person; issue a formal written reprimand to, or recommend the dismissal of, the Covered Officer; require additional training by the violator; or recommend modifications to the Trust's policies and procedures.

V. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Policies and Procedures

This Code shall be the sole code of conduct adopted by the Trusts for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies relating to that section. Insofar as other policies or procedures of the Trusts, the Trusts' investment adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Codes of Ethics under Rule 17j-1 under the Investment Company Act, and any insider trading policies are separate policies of the Trusts, VCM, any sub-adviser or the principal underwriter that apply to the Covered Officers and others, and are not part of this Code.

VI. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendments

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not "interested persons" (as defined in the Investment Company Act) (the "Independent Trustees"). Any changes to this Code will, to the extent required, will be disclosed as provided by SEC rules.

VII. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than officers and Trustees of the Trust, the Trusts' investment adviser, administrator or sub-administrator, counsel to the Trusts or counsel to the Independent Trustees.

VIII. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Internal Use

The Code is intended solely for the internal use by the Trusts and does not constitute an admission, by or on behalf of the Trusts, as to any fact, circumstance, or legal conclusion.

Adopted: August 5, 2003

Adopted: May 1, 2015 Victory Portfolios II

Amended:&nbsp;&nbsp;&nbsp;&nbsp; February 22, 2012

August 20, 2014

# Exhibit A
**<u>Persons Covered by this Code of Conduct</u>**

Victory Portfolios, Victory Portfolios II, and Victory Variable Insurance Funds Principal Executive Officer: Thomas Dusenberry, President

Principal Financial Officer: Carol D. Trevino, Treasurer

As of February 6, 2025

# Exhibit B <u>Acknowledgement</u> 
Pursuant to the requirements of the Code of Conduct adopted by Victory Portfolios, Victory Portfolios II and Victory Variable Insurance Funds (the "Code"), I hereby acknowledge and affirm that I have received, read and understand the Code and agree to adhere to and abide by the letter and spirit of its provisions.

Signature:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Thomas Dusenberry&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Print Name:&nbsp;&nbsp;&nbsp;&nbsp; Thomas Dusenberry

Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>February 6, 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

# Exhibit B <u>Acknowledgement</u> 
Pursuant to the requirements of the Code of Conduct adopted by Victory Portfolios, Victory Portfolios II and Victory Variable Insurance Funds (the "Code"), I hereby acknowledge and affirm that I have received, read and understand the Code and agree to adhere to and abide by the letter and spirit of its provisions.

Signature:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Carol D.Trevino&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Print Name:&nbsp;&nbsp;&nbsp;&nbsp; Carol D. Trevino

Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>February 6, 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

# Exhibit C <u>Annual Certification</u> 
Pursuant to the requirements of the Code of Conduct adopted by Victory Portfolios, Victory Portfolios II, and Victory Variable Insurance Funds (the "Code"), I hereby acknowledge and affirm that since the date of the last annual certification given pursuant to the Code, I have complied with all requirements of the Code.

Signature:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Carol D.Trevino&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Print Name:&nbsp;&nbsp;&nbsp;&nbsp; Carol D. Trevino

Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>February 6, 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

# Exhibit C <u>Annual Certification</u> 
Pursuant to the requirements of the Code of Conduct adopted by Victory Portfolios, Victory Portfolios II, and Victory Variable Insurance Funds (the "Code"), I hereby acknowledge and affirm that since the date of the last annual certification given pursuant to the Code, I have complied with all requirements of the Code.

Signature:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Thomas Dusenberry&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Print Name:&nbsp;&nbsp;&nbsp;&nbsp; Thomas Dusenberry

Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>February 6, 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>