# EDGAR Filing Document

**Accession Number:** 0000802716
**File Stem:** 0000802716-26-000009
**Filing Date:** 2026-3
**Character Count:** 941193
**Document Hash:** 5f6b7ac6ff336f82069b99d85e1ba822
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000802716-26-000009.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0000802716-26-000009

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 35

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04852
- **FILM NUMBER:** 26734412

**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 Mid-Cap Core Growth Fund, formerly 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 Multi-Cap Fund, formerly 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;&nbsp;&nbsp;&nbsp;&nbsp;811-04852

Victory Portfolios

(Exact name of registrant as specified in charter)

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

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

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

(Name and address of agent for service)

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

Date of fiscal year end: <u>June 30</u>

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

**Item 1. Reports to Stockholders.**

(a) #### Victory Integrity Discovery Fund
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class A

Ticker: MMEAX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$84 | &nbsp;&nbsp;&nbsp;1.57% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $63559 |
| Number of Holdings | 122 |
| Portfolio Turnover | 14% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](id1e8af3028df039e0795856b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 0.7% |
| Communication Services | 3.3% |
| Real Estate | 3.8% |
| Materials | 4.4% |
| Energy | 4.5% |
| Health Care | 5.5% |
| Consumer Discretionary | 10.1% |
| Information Technology | 17.0% |
| Industrials | 18.5% |
| Financials<sup>Footnote Reference\*\*</sup> | 29.6% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| nLight, Inc. | 1.6% |
| Bel Fuse, Inc., Class B | 1.5% |
| Digi International, Inc. | 1.3% |
| Artivion, Inc. | 1.3% |
| Enviri Corp. | 1.3% |
| Thermon Group Holdings, Inc. | 1.3% |
| QCR Holdings, Inc. | 1.2% |
| Kimball Electronics, Inc. | 1.2% |
| Diamond Hill Investment Group, Inc. | 1.2% |
| Horizon 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](i77aa885dd4e9b5e81bcec0cd.jpg)

MMEAX — SAR (12/25)

#### Victory Integrity Discovery Fund
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class C

Ticker: MMECX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;$132 | &nbsp;&nbsp;&nbsp;2.45% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $63559 |
| Number of Holdings | 122 |
| Portfolio Turnover | 14% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](id1e8af3028df039e0795856b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 0.7% |
| Communication Services | 3.3% |
| Real Estate | 3.8% |
| Materials | 4.4% |
| Energy | 4.5% |
| Health Care | 5.5% |
| Consumer Discretionary | 10.1% |
| Information Technology | 17.0% |
| Industrials | 18.5% |
| Financials<sup>Footnote Reference\*\*</sup> | 29.6% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| nLight, Inc. | 1.6% |
| Bel Fuse, Inc., Class B | 1.5% |
| Digi International, Inc. | 1.3% |
| Artivion, Inc. | 1.3% |
| Enviri Corp. | 1.3% |
| Thermon Group Holdings, Inc. | 1.3% |
| QCR Holdings, Inc. | 1.2% |
| Kimball Electronics, Inc. | 1.2% |
| Diamond Hill Investment Group, Inc. | 1.2% |
| Horizon 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](i77aa885dd4e9b5e81bcec0cd.jpg)

MMECX — SAR (12/25)

#### Victory Integrity Discovery Fund
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class Y

Ticker: MMEYX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;$74 | &nbsp;&nbsp;&nbsp;1.38% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $63559 |
| Number of Holdings | 122 |
| Portfolio Turnover | 14% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](id1e8af3028df039e0795856b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 0.7% |
| Communication Services | 3.3% |
| Real Estate | 3.8% |
| Materials | 4.4% |
| Energy | 4.5% |
| Health Care | 5.5% |
| Consumer Discretionary | 10.1% |
| Information Technology | 17.0% |
| Industrials | 18.5% |
| Financials<sup>Footnote Reference\*\*</sup> | 29.6% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| nLight, Inc. | 1.6% |
| Bel Fuse, Inc., Class B | 1.5% |
| Digi International, Inc. | 1.3% |
| Artivion, Inc. | 1.3% |
| Enviri Corp. | 1.3% |
| Thermon Group Holdings, Inc. | 1.3% |
| QCR Holdings, Inc. | 1.2% |
| Kimball Electronics, Inc. | 1.2% |
| Diamond Hill Investment Group, Inc. | 1.2% |
| Horizon 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](i77aa885dd4e9b5e81bcec0cd.jpg)

MMEYX — SAR (12/25)

#### Victory Integrity Discovery Fund
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Member Class

Ticker: MMMMX

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about Victory Integrity Discovery Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Member Class | &nbsp;&nbsp;&nbsp;$81 | &nbsp;&nbsp;&nbsp;1.50% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $63559 |
| Number of Holdings | 122 |
| Portfolio Turnover | 14% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](id1e8af3028df039e0795856b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 0.7% |
| Communication Services | 3.3% |
| Real Estate | 3.8% |
| Materials | 4.4% |
| Energy | 4.5% |
| Health Care | 5.5% |
| Consumer Discretionary | 10.1% |
| Information Technology | 17.0% |
| Industrials | 18.5% |
| Financials<sup>Footnote Reference\*\*</sup> | 29.6% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| nLight, Inc. | 1.6% |
| Bel Fuse, Inc., Class B | 1.5% |
| Digi International, Inc. | 1.3% |
| Artivion, Inc. | 1.3% |
| Enviri Corp. | 1.3% |
| Thermon Group Holdings, Inc. | 1.3% |
| QCR Holdings, Inc. | 1.2% |
| Kimball Electronics, Inc. | 1.2% |
| Diamond Hill Investment Group, Inc. | 1.2% |
| Horizon 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](i77aa885dd4e9b5e81bcec0cd.jpg)

MMMMX — SAR (12/25)

#### Victory Integrity Mid-Cap Value Fund
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class A

Ticker: MAIMX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$52 | &nbsp;&nbsp;&nbsp;1.00% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $328356 |
| Number of Holdings | 116 |
| Portfolio Turnover | 23% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](i1c2134f7ad7d59f0a49d203c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 5.0% |
| Energy | 6.6% |
| Materials | 6.8% |
| Utilities | 7.4% |
| Real Estate | 8.3% |
| Consumer Discretionary | 9.6% |
| Health Care | 10.1% |
| Information Technology | 10.4% |
| Financials | 16.1% |
| Industrials | 17.7% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Realty Income Corp. | 1.4% |
| State Street Corp. | 1.4% |
| Ross Stores, Inc. | 1.4% |
| Raymond James Financial, Inc. | 1.3% |
| M&T Bank Corp. | 1.3% |
| Xcel Energy, Inc. | 1.3% |
| AMETEK, Inc. | 1.3% |
| Fifth Third Bancorp | 1.2% |
| Nasdaq, Inc. | 1.2% |
| MKS, 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](i77aa885dd4e9b5e81bcec0cd.jpg)

MAIMX — SAR (12/25)

#### Victory Integrity Mid-Cap Value Fund
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class C

Ticker: MCIMX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;$91 | &nbsp;&nbsp;&nbsp;1.75% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $328356 |
| Number of Holdings | 116 |
| Portfolio Turnover | 23% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](i1c2134f7ad7d59f0a49d203c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 5.0% |
| Energy | 6.6% |
| Materials | 6.8% |
| Utilities | 7.4% |
| Real Estate | 8.3% |
| Consumer Discretionary | 9.6% |
| Health Care | 10.1% |
| Information Technology | 10.4% |
| Financials | 16.1% |
| Industrials | 17.7% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Realty Income Corp. | 1.4% |
| State Street Corp. | 1.4% |
| Ross Stores, Inc. | 1.4% |
| Raymond James Financial, Inc. | 1.3% |
| M&T Bank Corp. | 1.3% |
| Xcel Energy, Inc. | 1.3% |
| AMETEK, Inc. | 1.3% |
| Fifth Third Bancorp | 1.2% |
| Nasdaq, Inc. | 1.2% |
| MKS, 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](i77aa885dd4e9b5e81bcec0cd.jpg)

MCIMX — SAR (12/25)

#### Victory Integrity Mid-Cap Value Fund
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class R6

Ticker: MRIMX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;$31 | &nbsp;&nbsp;&nbsp;0.60% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $328356 |
| Number of Holdings | 116 |
| Portfolio Turnover | 23% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](i1c2134f7ad7d59f0a49d203c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 5.0% |
| Energy | 6.6% |
| Materials | 6.8% |
| Utilities | 7.4% |
| Real Estate | 8.3% |
| Consumer Discretionary | 9.6% |
| Health Care | 10.1% |
| Information Technology | 10.4% |
| Financials | 16.1% |
| Industrials | 17.7% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Realty Income Corp. | 1.4% |
| State Street Corp. | 1.4% |
| Ross Stores, Inc. | 1.4% |
| Raymond James Financial, Inc. | 1.3% |
| M&T Bank Corp. | 1.3% |
| Xcel Energy, Inc. | 1.3% |
| AMETEK, Inc. | 1.3% |
| Fifth Third Bancorp | 1.2% |
| Nasdaq, Inc. | 1.2% |
| MKS, 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](i77aa885dd4e9b5e81bcec0cd.jpg)

MRIMX — SAR (12/25)

#### Victory Integrity Mid-Cap Value Fund
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class Y

Ticker: MYIMX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;$39 | &nbsp;&nbsp;&nbsp;0.75% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $328356 |
| Number of Holdings | 116 |
| Portfolio Turnover | 23% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](i1c2134f7ad7d59f0a49d203c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 5.0% |
| Energy | 6.6% |
| Materials | 6.8% |
| Utilities | 7.4% |
| Real Estate | 8.3% |
| Consumer Discretionary | 9.6% |
| Health Care | 10.1% |
| Information Technology | 10.4% |
| Financials | 16.1% |
| Industrials | 17.7% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Realty Income Corp. | 1.4% |
| State Street Corp. | 1.4% |
| Ross Stores, Inc. | 1.4% |
| Raymond James Financial, Inc. | 1.3% |
| M&T Bank Corp. | 1.3% |
| Xcel Energy, Inc. | 1.3% |
| AMETEK, Inc. | 1.3% |
| Fifth Third Bancorp | 1.2% |
| Nasdaq, Inc. | 1.2% |
| MKS, 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](i77aa885dd4e9b5e81bcec0cd.jpg)

MYIMX — SAR (12/25)

#### Victory Integrity Mid-Cap Value Fund
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Member Class

Ticker: MMIJX

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about Victory Integrity Mid-Cap Value Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/ mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Member Class | &nbsp;&nbsp;&nbsp;$44 | &nbsp;&nbsp;&nbsp;0.85% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $328356 |
| Number of Holdings | 116 |
| Portfolio Turnover | 23% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](i1c2134f7ad7d59f0a49d203c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 5.0% |
| Energy | 6.6% |
| Materials | 6.8% |
| Utilities | 7.4% |
| Real Estate | 8.3% |
| Consumer Discretionary | 9.6% |
| Health Care | 10.1% |
| Information Technology | 10.4% |
| Financials | 16.1% |
| Industrials | 17.7% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Realty Income Corp. | 1.4% |
| State Street Corp. | 1.4% |
| Ross Stores, Inc. | 1.4% |
| Raymond James Financial, Inc. | 1.3% |
| M&T Bank Corp. | 1.3% |
| Xcel Energy, Inc. | 1.3% |
| AMETEK, Inc. | 1.3% |
| Fifth Third Bancorp | 1.2% |
| Nasdaq, Inc. | 1.2% |
| MKS, 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](i77aa885dd4e9b5e81bcec0cd.jpg)

MMIJX — SAR (12/25)

#### Victory Integrity Small-Cap Value Fund
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class A

Ticker: VSCVX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$77 | &nbsp;&nbsp;&nbsp;1.43% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $1007772 |
| Number of Holdings | 125 |
| Portfolio Turnover | 19% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](i989ce2c007897b397896cad5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 1.7% |
| Utilities | 4.3% |
| Materials | 5.3% |
| Energy | 6.7% |
| Health Care | 7.2% |
| Information Technology | 8.3% |
| Consumer Discretionary | 10.0% |
| Real Estate | 11.4% |
| Industrials | 14.8% |
| Financials<sup>Footnote Reference\*\*</sup> | 27.7% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Flagstar Bank NA | 1.4% |
| Essent Group Ltd. | 1.3% |
| Victoria's Secret & Co. | 1.3% |
| Cushman & Wakefield Ltd. | 1.3% |
| Glacier Bancorp, Inc. | 1.3% |
| Hancock Whitney Corp. | 1.2% |
| Commercial Metals Co. | 1.2% |
| First Interstate BancSystem, Inc., Class A | 1.2% |
| Resideo Technologies, Inc. | 1.2% |
| Ameris Bancorp | 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](i77aa885dd4e9b5e81bcec0cd.jpg)

VSCVX — SAR (12/25)

#### Victory Integrity Small-Cap Value Fund
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class C

Ticker: MCVSX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;$126 | &nbsp;&nbsp;&nbsp;2.35% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $1007772 |
| Number of Holdings | 125 |
| Portfolio Turnover | 19% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](i989ce2c007897b397896cad5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 1.7% |
| Utilities | 4.3% |
| Materials | 5.3% |
| Energy | 6.7% |
| Health Care | 7.2% |
| Information Technology | 8.3% |
| Consumer Discretionary | 10.0% |
| Real Estate | 11.4% |
| Industrials | 14.8% |
| Financials<sup>Footnote Reference\*\*</sup> | 27.7% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Flagstar Bank NA | 1.4% |
| Essent Group Ltd. | 1.3% |
| Victoria's Secret & Co. | 1.3% |
| Cushman & Wakefield Ltd. | 1.3% |
| Glacier Bancorp, Inc. | 1.3% |
| Hancock Whitney Corp. | 1.2% |
| Commercial Metals Co. | 1.2% |
| First Interstate BancSystem, Inc., Class A | 1.2% |
| Resideo Technologies, Inc. | 1.2% |
| Ameris Bancorp | 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](i77aa885dd4e9b5e81bcec0cd.jpg)

MCVSX — SAR (12/25)

#### Victory Integrity Small-Cap Value Fund
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class R

Ticker: MRVSX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;$94 | &nbsp;&nbsp;&nbsp;1.75% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $1007772 |
| Number of Holdings | 125 |
| Portfolio Turnover | 19% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](i989ce2c007897b397896cad5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 1.7% |
| Utilities | 4.3% |
| Materials | 5.3% |
| Energy | 6.7% |
| Health Care | 7.2% |
| Information Technology | 8.3% |
| Consumer Discretionary | 10.0% |
| Real Estate | 11.4% |
| Industrials | 14.8% |
| Financials<sup>Footnote Reference\*\*</sup> | 27.7% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Flagstar Bank NA | 1.4% |
| Essent Group Ltd. | 1.3% |
| Victoria's Secret & Co. | 1.3% |
| Cushman & Wakefield Ltd. | 1.3% |
| Glacier Bancorp, Inc. | 1.3% |
| Hancock Whitney Corp. | 1.2% |
| Commercial Metals Co. | 1.2% |
| First Interstate BancSystem, Inc., Class A | 1.2% |
| Resideo Technologies, Inc. | 1.2% |
| Ameris Bancorp | 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](i77aa885dd4e9b5e81bcec0cd.jpg)

MRVSX — SAR (12/25)

#### Victory Integrity Small-Cap Value Fund
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class R6

Ticker: MVSSX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;$51 | &nbsp;&nbsp;&nbsp;0.95% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $1007772 |
| Number of Holdings | 125 |
| Portfolio Turnover | 19% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](i989ce2c007897b397896cad5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 1.7% |
| Utilities | 4.3% |
| Materials | 5.3% |
| Energy | 6.7% |
| Health Care | 7.2% |
| Information Technology | 8.3% |
| Consumer Discretionary | 10.0% |
| Real Estate | 11.4% |
| Industrials | 14.8% |
| Financials<sup>Footnote Reference\*\*</sup> | 27.7% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Flagstar Bank NA | 1.4% |
| Essent Group Ltd. | 1.3% |
| Victoria's Secret & Co. | 1.3% |
| Cushman & Wakefield Ltd. | 1.3% |
| Glacier Bancorp, Inc. | 1.3% |
| Hancock Whitney Corp. | 1.2% |
| Commercial Metals Co. | 1.2% |
| First Interstate BancSystem, Inc., Class A | 1.2% |
| Resideo Technologies, Inc. | 1.2% |
| Ameris Bancorp | 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](i77aa885dd4e9b5e81bcec0cd.jpg)

MVSSX — SAR (12/25)

#### Victory Integrity Small-Cap Value Fund
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class Y

Ticker: VSVIX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;$56 | &nbsp;&nbsp;&nbsp;1.05% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $1007772 |
| Number of Holdings | 125 |
| Portfolio Turnover | 19% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](i989ce2c007897b397896cad5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 1.7% |
| Utilities | 4.3% |
| Materials | 5.3% |
| Energy | 6.7% |
| Health Care | 7.2% |
| Information Technology | 8.3% |
| Consumer Discretionary | 10.0% |
| Real Estate | 11.4% |
| Industrials | 14.8% |
| Financials<sup>Footnote Reference\*\*</sup> | 27.7% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Flagstar Bank NA | 1.4% |
| Essent Group Ltd. | 1.3% |
| Victoria's Secret & Co. | 1.3% |
| Cushman & Wakefield Ltd. | 1.3% |
| Glacier Bancorp, Inc. | 1.3% |
| Hancock Whitney Corp. | 1.2% |
| Commercial Metals Co. | 1.2% |
| First Interstate BancSystem, Inc., Class A | 1.2% |
| Resideo Technologies, Inc. | 1.2% |
| Ameris Bancorp | 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](i77aa885dd4e9b5e81bcec0cd.jpg)

VSVIX — SAR (12/25)

#### Victory Integrity Small/Mid-Cap Value Fund
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class A

Ticker: MAISX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$60 | &nbsp;&nbsp;&nbsp;1.13% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $321523 |
| Number of Holdings | 117 |
| Portfolio Turnover | 20% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](i00b3e028ebf4a4dbf021236b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 3.8% |
| Utilities | 4.0% |
| Energy | 4.6% |
| Materials | 7.6% |
| Health Care | 8.3% |
| Real Estate | 8.9% |
| Information Technology | 9.0% |
| Consumer Discretionary | 10.9% |
| Industrials | 18.4% |
| Financials | 21.3% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Textron, Inc. | 1.4% |
| Cushman & Wakefield Ltd. | 1.3% |
| Valmont Industries, Inc. | 1.3% |
| C.H. Robinson Worldwide, Inc. | 1.3% |
| First Industrial Realty Trust, Inc. | 1.3% |
| Globus Medical, Inc., Class A | 1.3% |
| MKS, Inc. | 1.3% |
| Victoria's Secret & Co. | 1.2% |
| Flagstar Bank NA | 1.2% |
| Commercial Metals Co. | 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](i77aa885dd4e9b5e81bcec0cd.jpg)

MAISX — SAR (12/25)

#### Victory Integrity Small/Mid-Cap Value Fund
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class R6

Ticker: MIRSX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;$44 | &nbsp;&nbsp;&nbsp;0.83% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $321523 |
| Number of Holdings | 117 |
| Portfolio Turnover | 20% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](i00b3e028ebf4a4dbf021236b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 3.8% |
| Utilities | 4.0% |
| Energy | 4.6% |
| Materials | 7.6% |
| Health Care | 8.3% |
| Real Estate | 8.9% |
| Information Technology | 9.0% |
| Consumer Discretionary | 10.9% |
| Industrials | 18.4% |
| Financials | 21.3% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Textron, Inc. | 1.4% |
| Cushman & Wakefield Ltd. | 1.3% |
| Valmont Industries, Inc. | 1.3% |
| C.H. Robinson Worldwide, Inc. | 1.3% |
| First Industrial Realty Trust, Inc. | 1.3% |
| Globus Medical, Inc., Class A | 1.3% |
| MKS, Inc. | 1.3% |
| Victoria's Secret & Co. | 1.2% |
| Flagstar Bank NA | 1.2% |
| Commercial Metals Co. | 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](i77aa885dd4e9b5e81bcec0cd.jpg)

MIRSX — SAR (12/25)

#### Victory Integrity Small/Mid-Cap Value Fund
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class Y

Ticker: MYISX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;$47 | &nbsp;&nbsp;&nbsp;0.88% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $321523 |
| Number of Holdings | 117 |
| Portfolio Turnover | 20% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](i00b3e028ebf4a4dbf021236b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 3.8% |
| Utilities | 4.0% |
| Energy | 4.6% |
| Materials | 7.6% |
| Health Care | 8.3% |
| Real Estate | 8.9% |
| Information Technology | 9.0% |
| Consumer Discretionary | 10.9% |
| Industrials | 18.4% |
| Financials | 21.3% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Textron, Inc. | 1.4% |
| Cushman & Wakefield Ltd. | 1.3% |
| Valmont Industries, Inc. | 1.3% |
| C.H. Robinson Worldwide, Inc. | 1.3% |
| First Industrial Realty Trust, Inc. | 1.3% |
| Globus Medical, Inc., Class A | 1.3% |
| MKS, Inc. | 1.3% |
| Victoria's Secret & Co. | 1.2% |
| Flagstar Bank NA | 1.2% |
| Commercial Metals Co. | 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](i77aa885dd4e9b5e81bcec0cd.jpg)

MYISX — SAR (12/25)

#### Victory Integrity Small/Mid-Cap Value Fund
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Member Class

Ticker: MMMSX

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about Victory Integrity Small/Mid-Cap Value Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/ mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Member Class | &nbsp;&nbsp;&nbsp;$51 | &nbsp;&nbsp;&nbsp;0.95% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $321523 |
| Number of Holdings | 117 |
| Portfolio Turnover | 20% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](i00b3e028ebf4a4dbf021236b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 3.8% |
| Utilities | 4.0% |
| Energy | 4.6% |
| Materials | 7.6% |
| Health Care | 8.3% |
| Real Estate | 8.9% |
| Information Technology | 9.0% |
| Consumer Discretionary | 10.9% |
| Industrials | 18.4% |
| Financials | 21.3% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Textron, Inc. | 1.4% |
| Cushman & Wakefield Ltd. | 1.3% |
| Valmont Industries, Inc. | 1.3% |
| C.H. Robinson Worldwide, Inc. | 1.3% |
| First Industrial Realty Trust, Inc. | 1.3% |
| Globus Medical, Inc., Class A | 1.3% |
| MKS, Inc. | 1.3% |
| Victoria's Secret & Co. | 1.2% |
| Flagstar Bank NA | 1.2% |
| Commercial Metals Co. | 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](i77aa885dd4e9b5e81bcec0cd.jpg)

MMMSX — SAR (12/25)

#### Victory Multi-Cap Fund (formerly Victory Munder Multi-Cap Fund)
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class A

Ticker: MNNAX

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about Victory Multi-Cap Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us. **This report describes changes to the Fund that occurred during the period.**

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$65 | &nbsp;&nbsp;&nbsp;1.21% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $522555 |
| Number of Holdings | 101 |
| Portfolio Turnover | 37% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](i734beb6b356102cf12fbb38b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.2% |
| Materials | 2.4% |
| Consumer Staples | 3.1% |
| Energy | 4.2% |
| Industrials | 6.1% |
| Consumer Discretionary | 9.4% |
| Communication Services | 9.9% |
| Health Care | 12.5% |
| Financials | 13.3% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 34.9% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Apple, Inc. | 8.0% |
| NVIDIA Corp. | 7.9% |
| Microsoft Corp. | 5.9% |
| Alphabet, Inc., Class A | 5.6% |
| Amazon.com, Inc. | 3.5% |
| Broadcom, Inc. | 2.9% |
| Eli Lilly & Co. | 2.5% |
| Meta Platforms, Inc., Class A | 2.4% |
| Expedia Group, Inc. | 2.1% |
| KLA Corp. | 1.9% |

---

---

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

---

#### Material Fund Changes
Effective November 1, 2025, Victory Munder Multi-Cap Fund was renamed to Victory Multi-Cap Fund. The Fund's investment objective, principal investment strategies, principal risks and management did not change.

# 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](i77aa885dd4e9b5e81bcec0cd.jpg)

MNNAX — SAR (12/25)

#### Victory Multi-Cap Fund (formerly Victory Munder Multi-Cap Fund)
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class C

Ticker: MNNCX

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about Victory Multi-Cap Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us. **This report describes changes to the Fund that occurred during the period.**

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;$116 | &nbsp;&nbsp;&nbsp;2.16% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $522555 |
| Number of Holdings | 101 |
| Portfolio Turnover | 37% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](i734beb6b356102cf12fbb38b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.2% |
| Materials | 2.4% |
| Consumer Staples | 3.1% |
| Energy | 4.2% |
| Industrials | 6.1% |
| Consumer Discretionary | 9.4% |
| Communication Services | 9.9% |
| Health Care | 12.5% |
| Financials | 13.3% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 34.9% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Apple, Inc. | 8.0% |
| NVIDIA Corp. | 7.9% |
| Microsoft Corp. | 5.9% |
| Alphabet, Inc., Class A | 5.6% |
| Amazon.com, Inc. | 3.5% |
| Broadcom, Inc. | 2.9% |
| Eli Lilly & Co. | 2.5% |
| Meta Platforms, Inc., Class A | 2.4% |
| Expedia Group, Inc. | 2.1% |
| KLA Corp. | 1.9% |

---

---

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

---

#### Material Fund Changes
Effective November 1, 2025, Victory Munder Multi-Cap Fund was renamed to Victory Multi-Cap Fund. The Fund's investment objective, principal investment strategies, principal risks and management did not change.

# 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](i77aa885dd4e9b5e81bcec0cd.jpg)

MNNCX — SAR (12/25)

#### Victory Multi-Cap Fund (formerly Victory Munder Multi-Cap Fund)
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class Y

Ticker: MNNYX

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about Victory Multi-Cap Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us. **This report describes changes to the Fund that occurred during the period.**

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;$50 | &nbsp;&nbsp;&nbsp;0.93% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $522555 |
| Number of Holdings | 101 |
| Portfolio Turnover | 37% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](i734beb6b356102cf12fbb38b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.2% |
| Materials | 2.4% |
| Consumer Staples | 3.1% |
| Energy | 4.2% |
| Industrials | 6.1% |
| Consumer Discretionary | 9.4% |
| Communication Services | 9.9% |
| Health Care | 12.5% |
| Financials | 13.3% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 34.9% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Apple, Inc. | 8.0% |
| NVIDIA Corp. | 7.9% |
| Microsoft Corp. | 5.9% |
| Alphabet, Inc., Class A | 5.6% |
| Amazon.com, Inc. | 3.5% |
| Broadcom, Inc. | 2.9% |
| Eli Lilly & Co. | 2.5% |
| Meta Platforms, Inc., Class A | 2.4% |
| Expedia Group, Inc. | 2.1% |
| KLA Corp. | 1.9% |

---

---

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

---

#### Material Fund Changes
Effective November 1, 2025, Victory Munder Multi-Cap Fund was renamed to Victory Multi-Cap Fund. The Fund's investment objective, principal investment strategies, principal risks and management did not change.

# 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](i77aa885dd4e9b5e81bcec0cd.jpg)

MNNYX — SAR (12/25)

#### Victory S&P 500 Index Fund
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class A

Ticker: MUXAX

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about Victory S&P 500 Index Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$27 | &nbsp;&nbsp;&nbsp;0.51% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $277892 |
| Number of Holdings | 508 |
| Portfolio Turnover | 2% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](i70886d70bf05e78b092160e1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 1.8% |
| Utilities | 2.2% |
| Energy | 2.8% |
| Consumer Staples | 4.7% |
| Industrials | 8.1% |
| Health Care | 9.5% |
| Consumer Discretionary | 10.3% |
| Communication Services | 10.5% |
| Financials | 13.3% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 34.0% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.7% |
| Apple, Inc. | 6.8% |
| Microsoft Corp. | 6.1% |
| Amazon.com, Inc. | 3.8% |
| Alphabet, Inc., Class A | 3.1% |
| Broadcom, Inc. | 2.8% |
| Alphabet, Inc., Class C | 2.5% |
| Meta Platforms, Inc., Class A | 2.4% |
| Tesla, Inc. | 2.1% |
| Berkshire Hathaway, Inc., Class B | 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](i77aa885dd4e9b5e81bcec0cd.jpg)

MUXAX — SAR (12/25)

#### Victory S&P 500 Index Fund
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class R

Ticker: MUXRX

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about Victory S&P 500 Index Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;$45 | &nbsp;&nbsp;&nbsp;0.84% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $277892 |
| Number of Holdings | 508 |
| Portfolio Turnover | 2% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](i70886d70bf05e78b092160e1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 1.8% |
| Utilities | 2.2% |
| Energy | 2.8% |
| Consumer Staples | 4.7% |
| Industrials | 8.1% |
| Health Care | 9.5% |
| Consumer Discretionary | 10.3% |
| Communication Services | 10.5% |
| Financials | 13.3% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 34.0% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.7% |
| Apple, Inc. | 6.8% |
| Microsoft Corp. | 6.1% |
| Amazon.com, Inc. | 3.8% |
| Alphabet, Inc., Class A | 3.1% |
| Broadcom, Inc. | 2.8% |
| Alphabet, Inc., Class C | 2.5% |
| Meta Platforms, Inc., Class A | 2.4% |
| Tesla, Inc. | 2.1% |
| Berkshire Hathaway, Inc., Class B | 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](i77aa885dd4e9b5e81bcec0cd.jpg)

MUXRX — SAR (12/25)

#### Victory S&P 500 Index Fund
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class Y

Ticker: MUXYX

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about Victory S&P 500 Index Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-539-3863 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;$19 | &nbsp;&nbsp;&nbsp;0.36% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $277892 |
| Number of Holdings | 508 |
| Portfolio Turnover | 2% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](i70886d70bf05e78b092160e1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 1.8% |
| Utilities | 2.2% |
| Energy | 2.8% |
| Consumer Staples | 4.7% |
| Industrials | 8.1% |
| Health Care | 9.5% |
| Consumer Discretionary | 10.3% |
| Communication Services | 10.5% |
| Financials | 13.3% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 34.0% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.7% |
| Apple, Inc. | 6.8% |
| Microsoft Corp. | 6.1% |
| Amazon.com, Inc. | 3.8% |
| Alphabet, Inc., Class A | 3.1% |
| Broadcom, Inc. | 2.8% |
| Alphabet, Inc., Class C | 2.5% |
| Meta Platforms, Inc., Class A | 2.4% |
| Tesla, Inc. | 2.1% |
| Berkshire Hathaway, Inc., Class B | 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](i77aa885dd4e9b5e81bcec0cd.jpg)

MUXYX — SAR (12/25)

#### Victory Mid-Cap Core Growth Fund (formerly Victory Munder Mid-Cap Core Growth Fund)
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class A

Ticker: MGOAX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$65 | &nbsp;&nbsp;&nbsp;1.27% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $271548 |
| Number of Holdings | 122 |
| Portfolio Turnover | 50% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](i862fb5723cb89e0f004dbfa4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 4.0% |
| Materials | 4.1% |
| Consumer Staples | 4.2% |
| Energy | 7.5% |
| Real Estate | 7.8% |
| Information Technology | 10.4% |
| Health Care | 12.7% |
| Consumer Discretionary | 13.5% |
| Financials | 16.6% |
| Industrials | 16.8% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Expedia Group, Inc. | 2.6% |
| Comfort Systems USA, Inc. | 2.3% |
| The Bank of New York Mellon Corp. | 2.3% |
| Howmet Aerospace, Inc. | 2.1% |
| Halozyme Therapeutics, Inc. | 2.1% |
| HCA Healthcare, Inc. | 2.1% |
| Ralph Lauren Corp., Class A | 2.0% |
| Affiliated Managers Group, Inc. | 1.9% |
| Vertiv Holdings Co., Class A | 1.8% |
| Universal Health Services, Inc., Class B | 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. |

---

#### Material Fund Changes
Effective November 1, 2025, Victory Munder Mid-Cap Core Growth was renamed to Victory Mid-Cap Core Growth . The Fund's investment objective, principal investment strategies, principal risks and management did not change.

# 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](i77aa885dd4e9b5e81bcec0cd.jpg)

MGOAX — SAR (12/25)

#### Victory Mid-Cap Core Growth Fund (formerly Victory Munder Mid-Cap Core Growth Fund)
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class C

Ticker: MGOTX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;$109 | &nbsp;&nbsp;&nbsp;2.12% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $271548 |
| Number of Holdings | 122 |
| Portfolio Turnover | 50% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](i862fb5723cb89e0f004dbfa4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 4.0% |
| Materials | 4.1% |
| Consumer Staples | 4.2% |
| Energy | 7.5% |
| Real Estate | 7.8% |
| Information Technology | 10.4% |
| Health Care | 12.7% |
| Consumer Discretionary | 13.5% |
| Financials | 16.6% |
| Industrials | 16.8% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Expedia Group, Inc. | 2.6% |
| Comfort Systems USA, Inc. | 2.3% |
| The Bank of New York Mellon Corp. | 2.3% |
| Howmet Aerospace, Inc. | 2.1% |
| Halozyme Therapeutics, Inc. | 2.1% |
| HCA Healthcare, Inc. | 2.1% |
| Ralph Lauren Corp., Class A | 2.0% |
| Affiliated Managers Group, Inc. | 1.9% |
| Vertiv Holdings Co., Class A | 1.8% |
| Universal Health Services, Inc., Class B | 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. |

---

#### Material Fund Changes
Effective November 1, 2025, Victory Munder Mid-Cap Core Growth was renamed to Victory Mid-Cap Core Growth . The Fund's investment objective, principal investment strategies, principal risks and management did not change.

# 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](i77aa885dd4e9b5e81bcec0cd.jpg)

MGOTX — SAR (12/25)

#### Victory Mid-Cap Core Growth Fund (formerly Victory Munder Mid-Cap Core Growth Fund)
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class R6

Ticker: MGOSX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;$45 | &nbsp;&nbsp;&nbsp;0.87% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $271548 |
| Number of Holdings | 122 |
| Portfolio Turnover | 50% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](i862fb5723cb89e0f004dbfa4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 4.0% |
| Materials | 4.1% |
| Consumer Staples | 4.2% |
| Energy | 7.5% |
| Real Estate | 7.8% |
| Information Technology | 10.4% |
| Health Care | 12.7% |
| Consumer Discretionary | 13.5% |
| Financials | 16.6% |
| Industrials | 16.8% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Expedia Group, Inc. | 2.6% |
| Comfort Systems USA, Inc. | 2.3% |
| The Bank of New York Mellon Corp. | 2.3% |
| Howmet Aerospace, Inc. | 2.1% |
| Halozyme Therapeutics, Inc. | 2.1% |
| HCA Healthcare, Inc. | 2.1% |
| Ralph Lauren Corp., Class A | 2.0% |
| Affiliated Managers Group, Inc. | 1.9% |
| Vertiv Holdings Co., Class A | 1.8% |
| Universal Health Services, Inc., Class B | 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. |

---

#### Material Fund Changes
Effective November 1, 2025, Victory Munder Mid-Cap Core Growth was renamed to Victory Mid-Cap Core Growth . The Fund's investment objective, principal investment strategies, principal risks and management did not change.

# 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](i77aa885dd4e9b5e81bcec0cd.jpg)

MGOSX — SAR (12/25)

#### Victory Mid-Cap Core Growth Fund (formerly Victory Munder Mid-Cap Core Growth Fund)
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class Y

Ticker: MGOYX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;$51 | &nbsp;&nbsp;&nbsp;0.99% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $271548 |
| Number of Holdings | 122 |
| Portfolio Turnover | 50% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](i862fb5723cb89e0f004dbfa4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 4.0% |
| Materials | 4.1% |
| Consumer Staples | 4.2% |
| Energy | 7.5% |
| Real Estate | 7.8% |
| Information Technology | 10.4% |
| Health Care | 12.7% |
| Consumer Discretionary | 13.5% |
| Financials | 16.6% |
| Industrials | 16.8% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Expedia Group, Inc. | 2.6% |
| Comfort Systems USA, Inc. | 2.3% |
| The Bank of New York Mellon Corp. | 2.3% |
| Howmet Aerospace, Inc. | 2.1% |
| Halozyme Therapeutics, Inc. | 2.1% |
| HCA Healthcare, Inc. | 2.1% |
| Ralph Lauren Corp., Class A | 2.0% |
| Affiliated Managers Group, Inc. | 1.9% |
| Vertiv Holdings Co., Class A | 1.8% |
| Universal Health Services, Inc., Class B | 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. |

---

#### Material Fund Changes
Effective November 1, 2025, Victory Munder Mid-Cap Core Growth was renamed to Victory Mid-Cap Core Growth . The Fund's investment objective, principal investment strategies, principal risks and management did not change.

# 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](i77aa885dd4e9b5e81bcec0cd.jpg)

MGOYX — SAR (12/25)

#### Victory Trivalent International Fund - Core Equity
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class A

Ticker: MAICX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$51 | &nbsp;&nbsp;&nbsp;0.95% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $257977 |
| Number of Holdings | 200 |
| Portfolio Turnover | 19% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

#### (as of December 31, 2025)

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

#### (as of December 31, 2025)
![Group By Sector Chart](i2f05ec7891d07a75b67f0c1a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 3.3% |
| Energy | 4.4% |
| Communication Services | 5.2% |
| Consumer Staples | 5.9% |
| Materials | 7.7% |
| Health Care | 7.8% |
| Consumer Discretionary | 9.1% |
| Industrials | 13.8% |
| Information Technology | 14.8% |
| Financials | 23.8% |

---

![Group By Industry Chart](id412deaad4e43fa84b75a58f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 14.6% |
| United Kingdom | 9.2% |
| Canada | 8.1% |
| Switzerland | 6.6% |
| France | 6.4% |
| Taiwan | 6.0% |
| China | 6.0% |
| Germany | 5.5% |
| Other<sup>Footnote Reference\*\*</sup> | 36.6% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | Includes countries comprising less than 5.0% of portfolio. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

MAICX — SAR (12/25)

#### Victory Trivalent International Fund - Core Equity
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class I

Ticker: MICIX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;$32 | &nbsp;&nbsp;&nbsp;0.60% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $257977 |
| Number of Holdings | 200 |
| Portfolio Turnover | 19% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

#### (as of December 31, 2025)

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

#### (as of December 31, 2025)
![Group By Sector Chart](i2f05ec7891d07a75b67f0c1a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 3.3% |
| Energy | 4.4% |
| Communication Services | 5.2% |
| Consumer Staples | 5.9% |
| Materials | 7.7% |
| Health Care | 7.8% |
| Consumer Discretionary | 9.1% |
| Industrials | 13.8% |
| Information Technology | 14.8% |
| Financials | 23.8% |

---

![Group By Industry Chart](id412deaad4e43fa84b75a58f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 14.6% |
| United Kingdom | 9.2% |
| Canada | 8.1% |
| Switzerland | 6.6% |
| France | 6.4% |
| Taiwan | 6.0% |
| China | 6.0% |
| Germany | 5.5% |
| Other<sup>Footnote Reference\*\*</sup> | 36.6% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | Includes countries comprising less than 5.0% of portfolio. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

MICIX — SAR (12/25)

#### Victory Trivalent International Fund - Core Equity
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class R6

Ticker: MAIRX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;$30 | &nbsp;&nbsp;&nbsp;0.55% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $257977 |
| Number of Holdings | 200 |
| Portfolio Turnover | 19% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

#### (as of December 31, 2025)

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

#### (as of December 31, 2025)
![Group By Sector Chart](i2f05ec7891d07a75b67f0c1a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 3.3% |
| Energy | 4.4% |
| Communication Services | 5.2% |
| Consumer Staples | 5.9% |
| Materials | 7.7% |
| Health Care | 7.8% |
| Consumer Discretionary | 9.1% |
| Industrials | 13.8% |
| Information Technology | 14.8% |
| Financials | 23.8% |

---

![Group By Industry Chart](id412deaad4e43fa84b75a58f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 14.6% |
| United Kingdom | 9.2% |
| Canada | 8.1% |
| Switzerland | 6.6% |
| France | 6.4% |
| Taiwan | 6.0% |
| China | 6.0% |
| Germany | 5.5% |
| Other<sup>Footnote Reference\*\*</sup> | 36.6% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | Includes countries comprising less than 5.0% of portfolio. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

MAIRX — SAR (12/25)

#### Victory Trivalent International Fund - Core Equity
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class Y

Ticker: MICYX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;$38 | &nbsp;&nbsp;&nbsp;0.70% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $257977 |
| Number of Holdings | 200 |
| Portfolio Turnover | 19% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

#### (as of December 31, 2025)

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

#### (as of December 31, 2025)
![Group By Sector Chart](i2f05ec7891d07a75b67f0c1a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 3.3% |
| Energy | 4.4% |
| Communication Services | 5.2% |
| Consumer Staples | 5.9% |
| Materials | 7.7% |
| Health Care | 7.8% |
| Consumer Discretionary | 9.1% |
| Industrials | 13.8% |
| Information Technology | 14.8% |
| Financials | 23.8% |

---

![Group By Industry Chart](id412deaad4e43fa84b75a58f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 14.6% |
| United Kingdom | 9.2% |
| Canada | 8.1% |
| Switzerland | 6.6% |
| France | 6.4% |
| Taiwan | 6.0% |
| China | 6.0% |
| Germany | 5.5% |
| Other<sup>Footnote Reference\*\*</sup> | 36.6% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | Includes countries comprising less than 5.0% of portfolio. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

MICYX — SAR (12/25)

#### Victory Trivalent International Small-Cap Fund
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class A

Ticker: MISAX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$72 | &nbsp;&nbsp;&nbsp;1.35% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $4195038 |
| Number of Holdings | 223 |
| Portfolio Turnover | 30% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

#### (as of December 31, 2025)

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

#### (as of December 31, 2025)
![Group By Sector Chart](if55390407c5e01f3c4781dee.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 3.5% |
| Energy | 3.8% |
| Communication Services | 3.8% |
| Health Care | 6.3% |
| Real Estate | 7.9% |
| Information Technology | 10.2% |
| Consumer Discretionary | 11.6% |
| Materials | 12.5% |
| Financials | 13.3% |
| Industrials | 23.3% |

---

![Group By Industry Chart](i8dd5990722844b740fb594f2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 22.7% |
| United Kingdom | 13.0% |
| Canada | 12.6% |
| Switzerland | 7.0% |
| South Korea | 5.9% |
| France | 5.6% |
| Australia | 5.4% |
| Germany | 5.3% |
| Other<sup>Footnote Reference\*\*</sup> | 21.1% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | Includes countries comprising less than 5.0% of portfolio. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

MISAX — SAR (12/25)

#### Victory Trivalent International Small-Cap Fund
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class C

Ticker: MCISX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;$112 | &nbsp;&nbsp;&nbsp;2.10% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $4195038 |
| Number of Holdings | 223 |
| Portfolio Turnover | 30% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

#### (as of December 31, 2025)

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

#### (as of December 31, 2025)
![Group By Sector Chart](if55390407c5e01f3c4781dee.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 3.5% |
| Energy | 3.8% |
| Communication Services | 3.8% |
| Health Care | 6.3% |
| Real Estate | 7.9% |
| Information Technology | 10.2% |
| Consumer Discretionary | 11.6% |
| Materials | 12.5% |
| Financials | 13.3% |
| Industrials | 23.3% |

---

![Group By Industry Chart](i8dd5990722844b740fb594f2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 22.7% |
| United Kingdom | 13.0% |
| Canada | 12.6% |
| Switzerland | 7.0% |
| South Korea | 5.9% |
| France | 5.6% |
| Australia | 5.4% |
| Germany | 5.3% |
| Other<sup>Footnote Reference\*\*</sup> | 21.1% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | Includes countries comprising less than 5.0% of portfolio. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

MCISX — SAR (12/25)

#### Victory Trivalent International Small-Cap Fund
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class I

Ticker: MISIX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;$52 | &nbsp;&nbsp;&nbsp;0.97% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $4195038 |
| Number of Holdings | 223 |
| Portfolio Turnover | 30% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

#### (as of December 31, 2025)

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

#### (as of December 31, 2025)
![Group By Sector Chart](if55390407c5e01f3c4781dee.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 3.5% |
| Energy | 3.8% |
| Communication Services | 3.8% |
| Health Care | 6.3% |
| Real Estate | 7.9% |
| Information Technology | 10.2% |
| Consumer Discretionary | 11.6% |
| Materials | 12.5% |
| Financials | 13.3% |
| Industrials | 23.3% |

---

![Group By Industry Chart](i8dd5990722844b740fb594f2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 22.7% |
| United Kingdom | 13.0% |
| Canada | 12.6% |
| Switzerland | 7.0% |
| South Korea | 5.9% |
| France | 5.6% |
| Australia | 5.4% |
| Germany | 5.3% |
| Other<sup>Footnote Reference\*\*</sup> | 21.1% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | Includes countries comprising less than 5.0% of portfolio. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

MISIX — SAR (12/25)

#### Victory Trivalent International Small-Cap Fund
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class R6

Ticker: MSSIX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;$54 | &nbsp;&nbsp;&nbsp;1.01% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $4195038 |
| Number of Holdings | 223 |
| Portfolio Turnover | 30% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

#### (as of December 31, 2025)

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

#### (as of December 31, 2025)
![Group By Sector Chart](if55390407c5e01f3c4781dee.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 3.5% |
| Energy | 3.8% |
| Communication Services | 3.8% |
| Health Care | 6.3% |
| Real Estate | 7.9% |
| Information Technology | 10.2% |
| Consumer Discretionary | 11.6% |
| Materials | 12.5% |
| Financials | 13.3% |
| Industrials | 23.3% |

---

![Group By Industry Chart](i8dd5990722844b740fb594f2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 22.7% |
| United Kingdom | 13.0% |
| Canada | 12.6% |
| Switzerland | 7.0% |
| South Korea | 5.9% |
| France | 5.6% |
| Australia | 5.4% |
| Germany | 5.3% |
| Other<sup>Footnote Reference\*\*</sup> | 21.1% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | Includes countries comprising less than 5.0% of portfolio. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

MSSIX — SAR (12/25)

#### Victory Trivalent International Small-Cap Fund
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class Y

Ticker: MYSIX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;$59 | &nbsp;&nbsp;&nbsp;1.10% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $4195038 |
| Number of Holdings | 223 |
| Portfolio Turnover | 30% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

#### (as of December 31, 2025)

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

#### (as of December 31, 2025)
![Group By Sector Chart](if55390407c5e01f3c4781dee.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 3.5% |
| Energy | 3.8% |
| Communication Services | 3.8% |
| Health Care | 6.3% |
| Real Estate | 7.9% |
| Information Technology | 10.2% |
| Consumer Discretionary | 11.6% |
| Materials | 12.5% |
| Financials | 13.3% |
| Industrials | 23.3% |

---

![Group By Industry Chart](i8dd5990722844b740fb594f2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 22.7% |
| United Kingdom | 13.0% |
| Canada | 12.6% |
| Switzerland | 7.0% |
| South Korea | 5.9% |
| France | 5.6% |
| Australia | 5.4% |
| Germany | 5.3% |
| Other<sup>Footnote Reference\*\*</sup> | 21.1% |

---

---

| | |
|:---|:---|
| \* | 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. |
| \*\* | Includes countries comprising less than 5.0% of portfolio. |
| ^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|  | Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

MYSIX — SAR (12/25)

#### Victory Diversified Stock Fund
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class A

Ticker: SRVEX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$56 | &nbsp;&nbsp;&nbsp;1.04% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $373826 |
| Number of Holdings | 101 |
| Portfolio Turnover | 46% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](i70ff8f193ae2c9153fc72ed2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 0.9% |
| Energy | 2.4% |
| Materials | 3.1% |
| Consumer Staples | 4.6% |
| Industrials | 6.6% |
| Consumer Discretionary | 8.6% |
| Communication Services | 9.1% |
| Health Care | 12.3% |
| Financials | 15.7% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 33.9% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Apple, Inc. | 8.0% |
| NVIDIA Corp. | 7.2% |
| Alphabet, Inc., Class C | 5.8% |
| Microsoft Corp. | 5.6% |
| Broadcom, Inc. | 3.0% |
| Eli Lilly & Co. | 2.8% |
| Amazon.com, Inc. | 2.8% |
| Expedia Group, Inc. | 2.0% |
| State Street Real Estate Select Sector SPDR ETF | 1.8% |
| KLA Corp. | 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](i77aa885dd4e9b5e81bcec0cd.jpg)

SRVEX — SAR (12/25)

#### Victory Diversified Stock Fund
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class C

Ticker: VDSCX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;$109 | &nbsp;&nbsp;&nbsp;2.02% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $373826 |
| Number of Holdings | 101 |
| Portfolio Turnover | 46% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](i70ff8f193ae2c9153fc72ed2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 0.9% |
| Energy | 2.4% |
| Materials | 3.1% |
| Consumer Staples | 4.6% |
| Industrials | 6.6% |
| Consumer Discretionary | 8.6% |
| Communication Services | 9.1% |
| Health Care | 12.3% |
| Financials | 15.7% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 33.9% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Apple, Inc. | 8.0% |
| NVIDIA Corp. | 7.2% |
| Alphabet, Inc., Class C | 5.8% |
| Microsoft Corp. | 5.6% |
| Broadcom, Inc. | 3.0% |
| Eli Lilly & Co. | 2.8% |
| Amazon.com, Inc. | 2.8% |
| Expedia Group, Inc. | 2.0% |
| State Street Real Estate Select Sector SPDR ETF | 1.8% |
| KLA Corp. | 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](i77aa885dd4e9b5e81bcec0cd.jpg)

VDSCX — SAR (12/25)

#### Victory Diversified Stock Fund
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class I

Ticker: VDSIX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

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

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $373826 |
| Number of Holdings | 101 |
| Portfolio Turnover | 46% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](i70ff8f193ae2c9153fc72ed2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 0.9% |
| Energy | 2.4% |
| Materials | 3.1% |
| Consumer Staples | 4.6% |
| Industrials | 6.6% |
| Consumer Discretionary | 8.6% |
| Communication Services | 9.1% |
| Health Care | 12.3% |
| Financials | 15.7% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 33.9% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Apple, Inc. | 8.0% |
| NVIDIA Corp. | 7.2% |
| Alphabet, Inc., Class C | 5.8% |
| Microsoft Corp. | 5.6% |
| Broadcom, Inc. | 3.0% |
| Eli Lilly & Co. | 2.8% |
| Amazon.com, Inc. | 2.8% |
| Expedia Group, Inc. | 2.0% |
| State Street Real Estate Select Sector SPDR ETF | 1.8% |
| KLA Corp. | 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](i77aa885dd4e9b5e81bcec0cd.jpg)

VDSIX — SAR (12/25)

#### Victory Diversified Stock Fund
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class R

Ticker: GRINX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;$72 | &nbsp;&nbsp;&nbsp;1.33% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $373826 |
| Number of Holdings | 101 |
| Portfolio Turnover | 46% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](i70ff8f193ae2c9153fc72ed2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 0.9% |
| Energy | 2.4% |
| Materials | 3.1% |
| Consumer Staples | 4.6% |
| Industrials | 6.6% |
| Consumer Discretionary | 8.6% |
| Communication Services | 9.1% |
| Health Care | 12.3% |
| Financials | 15.7% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 33.9% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Apple, Inc. | 8.0% |
| NVIDIA Corp. | 7.2% |
| Alphabet, Inc., Class C | 5.8% |
| Microsoft Corp. | 5.6% |
| Broadcom, Inc. | 3.0% |
| Eli Lilly & Co. | 2.8% |
| Amazon.com, Inc. | 2.8% |
| Expedia Group, Inc. | 2.0% |
| State Street Real Estate Select Sector SPDR ETF | 1.8% |
| KLA Corp. | 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](i77aa885dd4e9b5e81bcec0cd.jpg)

GRINX — SAR (12/25)

#### Victory Diversified Stock Fund
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class R6

Ticker: VDSRX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;$42 | &nbsp;&nbsp;&nbsp;0.78% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $373826 |
| Number of Holdings | 101 |
| Portfolio Turnover | 46% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](i70ff8f193ae2c9153fc72ed2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 0.9% |
| Energy | 2.4% |
| Materials | 3.1% |
| Consumer Staples | 4.6% |
| Industrials | 6.6% |
| Consumer Discretionary | 8.6% |
| Communication Services | 9.1% |
| Health Care | 12.3% |
| Financials | 15.7% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 33.9% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Apple, Inc. | 8.0% |
| NVIDIA Corp. | 7.2% |
| Alphabet, Inc., Class C | 5.8% |
| Microsoft Corp. | 5.6% |
| Broadcom, Inc. | 3.0% |
| Eli Lilly & Co. | 2.8% |
| Amazon.com, Inc. | 2.8% |
| Expedia Group, Inc. | 2.0% |
| State Street Real Estate Select Sector SPDR ETF | 1.8% |
| KLA Corp. | 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](i77aa885dd4e9b5e81bcec0cd.jpg)

VDSRX — SAR (12/25)

#### Victory Diversified Stock Fund
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class Y

Ticker: VDSYX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;$47 | &nbsp;&nbsp;&nbsp;0.86% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $373826 |
| Number of Holdings | 101 |
| Portfolio Turnover | 46% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](i70ff8f193ae2c9153fc72ed2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 0.9% |
| Energy | 2.4% |
| Materials | 3.1% |
| Consumer Staples | 4.6% |
| Industrials | 6.6% |
| Consumer Discretionary | 8.6% |
| Communication Services | 9.1% |
| Health Care | 12.3% |
| Financials | 15.7% |
| Information Technology<sup>Footnote Reference\*\*</sup> | 33.9% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Apple, Inc. | 8.0% |
| NVIDIA Corp. | 7.2% |
| Alphabet, Inc., Class C | 5.8% |
| Microsoft Corp. | 5.6% |
| Broadcom, Inc. | 3.0% |
| Eli Lilly & Co. | 2.8% |
| Amazon.com, Inc. | 2.8% |
| Expedia Group, Inc. | 2.0% |
| State Street Real Estate Select Sector SPDR ETF | 1.8% |
| KLA Corp. | 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](i77aa885dd4e9b5e81bcec0cd.jpg)

VDSYX — SAR (12/25)

#### Victory Fund for Income
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class A

Ticker: IPFIX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$46 | &nbsp;&nbsp;&nbsp;0.91% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $327115 |
| Number of Holdings | 495 |
| Portfolio Turnover | 23% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Asset Type Chart](ie3c1768de573a53d68594921.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Government Agency Mortgages | 70.4% |
| U.S. Treasury Obligations | 27.2% |
| Collateralized Mortgage Obligations | 2.0% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
| ^ | 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](i77aa885dd4e9b5e81bcec0cd.jpg)

IPFIX — SAR (12/25)

#### Victory Fund for Income
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class C

Ticker: VFFCX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;$87 | &nbsp;&nbsp;&nbsp;1.71% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $327115 |
| Number of Holdings | 495 |
| Portfolio Turnover | 23% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Asset Type Chart](ie3c1768de573a53d68594921.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Government Agency Mortgages | 70.4% |
| U.S. Treasury Obligations | 27.2% |
| Collateralized Mortgage Obligations | 2.0% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
| ^ | 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](i77aa885dd4e9b5e81bcec0cd.jpg)

VFFCX — SAR (12/25)

#### Victory Fund for Income
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class I

Ticker: VFFIX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;$33 | &nbsp;&nbsp;&nbsp;0.64% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $327115 |
| Number of Holdings | 495 |
| Portfolio Turnover | 23% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Asset Type Chart](ie3c1768de573a53d68594921.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Government Agency Mortgages | 70.4% |
| U.S. Treasury Obligations | 27.2% |
| Collateralized Mortgage Obligations | 2.0% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
| ^ | 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](i77aa885dd4e9b5e81bcec0cd.jpg)

VFFIX — SAR (12/25)

#### Victory Fund for Income
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class R

Ticker: GGIFX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;$46 | &nbsp;&nbsp;&nbsp;0.91% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $327115 |
| Number of Holdings | 495 |
| Portfolio Turnover | 23% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Asset Type Chart](ie3c1768de573a53d68594921.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Government Agency Mortgages | 70.4% |
| U.S. Treasury Obligations | 27.2% |
| Collateralized Mortgage Obligations | 2.0% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
| ^ | 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](i77aa885dd4e9b5e81bcec0cd.jpg)

GGIFX — SAR (12/25)

#### Victory Fund for Income
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class R6

Ticker: VFFRX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;$32 | &nbsp;&nbsp;&nbsp;0.63% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $327115 |
| Number of Holdings | 495 |
| Portfolio Turnover | 23% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Asset Type Chart](ie3c1768de573a53d68594921.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Government Agency Mortgages | 70.4% |
| U.S. Treasury Obligations | 27.2% |
| Collateralized Mortgage Obligations | 2.0% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
| ^ | 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](i77aa885dd4e9b5e81bcec0cd.jpg)

VFFRX — SAR (12/25)

#### Victory Fund for Income
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class Y

Ticker: VFFYX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;$36 | &nbsp;&nbsp;&nbsp;0.71% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $327115 |
| Number of Holdings | 495 |
| Portfolio Turnover | 23% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Asset Type Chart](ie3c1768de573a53d68594921.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Government Agency Mortgages | 70.4% |
| U.S. Treasury Obligations | 27.2% |
| Collateralized Mortgage Obligations | 2.0% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
| ^ | 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](i77aa885dd4e9b5e81bcec0cd.jpg)

VFFYX — SAR (12/25)

#### Victory Fund for Income
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Member Class

Ticker: VFFMX

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about Victory Fund for Income (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Member Class | &nbsp;&nbsp;&nbsp;$38 | &nbsp;&nbsp;&nbsp;0.75% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $327115 |
| Number of Holdings | 495 |
| Portfolio Turnover | 23% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Asset Type Chart](ie3c1768de573a53d68594921.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| U.S. Government Agency Mortgages | 70.4% |
| U.S. Treasury Obligations | 27.2% |
| Collateralized Mortgage Obligations | 2.0% |

---

---

| | |
|:---|:---|
| \* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
| ^ | 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](i77aa885dd4e9b5e81bcec0cd.jpg)

VFFMX — SAR (12/25)

#### Victory Investment Grade Convertible Fund
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class A

Ticker: SBFCX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$66 | &nbsp;&nbsp;&nbsp;1.29% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $245372 |
| Number of Holdings | 56 |
| Portfolio Turnover | 14% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](ifd2df113b029f382adf02b2c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 1.1% |
| Information Technology | 3.5% |
| Health Care | 4.4% |
| Consumer Discretionary | 7.4% |
| Industrials | 8.1% |
| Real Estate | 14.5% |
| Utilities | 22.7% |
| Financials<sup>Footnote Reference\*\*</sup> | 36.0% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Bank of America Corp., Series L, 7.25% | 5.0% |
| Apollo Global Management, Inc., 6.75%, 7/31/26 | 4.9% |
| Wells Fargo & Co., Series L, 7.50% | 4.9% |
| Uber Technologies, Inc., 0.88%, 12/1/28 | 4.8% |
| Barclays Bank PLC, 1.00%, 2/16/29 | 4.0% |
| Welltower OP LLC, 2.75%, 5/15/28 | 3.9% |
| KKR & Co., Inc., Series D, 6.25%, 3/1/28 | 3.8% |
| NextEra Energy, Inc., 7.30%, 6/1/27 | 3.6% |
| Envista Holdings Corp., 1.75%, 8/15/28 | 3.5% |
| Ares Management Corp., Series B, 6.75%, 10/1/27 | 3.4% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

SBFCX — SAR (12/25)

#### Victory Investment Grade Convertible Fund
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class I

Ticker: VICIX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

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

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $245372 |
| Number of Holdings | 56 |
| Portfolio Turnover | 14% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](ifd2df113b029f382adf02b2c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 1.1% |
| Information Technology | 3.5% |
| Health Care | 4.4% |
| Consumer Discretionary | 7.4% |
| Industrials | 8.1% |
| Real Estate | 14.5% |
| Utilities | 22.7% |
| Financials<sup>Footnote Reference\*\*</sup> | 36.0% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Bank of America Corp., Series L, 7.25% | 5.0% |
| Apollo Global Management, Inc., 6.75%, 7/31/26 | 4.9% |
| Wells Fargo & Co., Series L, 7.50% | 4.9% |
| Uber Technologies, Inc., 0.88%, 12/1/28 | 4.8% |
| Barclays Bank PLC, 1.00%, 2/16/29 | 4.0% |
| Welltower OP LLC, 2.75%, 5/15/28 | 3.9% |
| KKR & Co., Inc., Series D, 6.25%, 3/1/28 | 3.8% |
| NextEra Energy, Inc., 7.30%, 6/1/27 | 3.6% |
| Envista Holdings Corp., 1.75%, 8/15/28 | 3.5% |
| Ares Management Corp., Series B, 6.75%, 10/1/27 | 3.4% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

VICIX — SAR (12/25)

#### Victory Investment Grade Convertible Fund
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Member Class

Ticker: SBFMX

Semi-Annual Shareholder Report — December 31, 2025

The semi-annual shareholder report contains important information about Victory Investment Grade Convertible Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at advisor.vcm.com/literature/ mutual-fund-prospectuses. You may also request more information by calling 800-235-8396 or visiting vcm.com/contact-us.

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

---

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

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $245372 |
| Number of Holdings | 56 |
| Portfolio Turnover | 14% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](ifd2df113b029f382adf02b2c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 1.1% |
| Information Technology | 3.5% |
| Health Care | 4.4% |
| Consumer Discretionary | 7.4% |
| Industrials | 8.1% |
| Real Estate | 14.5% |
| Utilities | 22.7% |
| Financials<sup>Footnote Reference\*\*</sup> | 36.0% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Bank of America Corp., Series L, 7.25% | 5.0% |
| Apollo Global Management, Inc., 6.75%, 7/31/26 | 4.9% |
| Wells Fargo & Co., Series L, 7.50% | 4.9% |
| Uber Technologies, Inc., 0.88%, 12/1/28 | 4.8% |
| Barclays Bank PLC, 1.00%, 2/16/29 | 4.0% |
| Welltower OP LLC, 2.75%, 5/15/28 | 3.9% |
| KKR & Co., Inc., Series D, 6.25%, 3/1/28 | 3.8% |
| NextEra Energy, Inc., 7.30%, 6/1/27 | 3.6% |
| Envista Holdings Corp., 1.75%, 8/15/28 | 3.5% |
| Ares Management Corp., Series B, 6.75%, 10/1/27 | 3.4% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

Contact us at 800-235-8396 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](i77aa885dd4e9b5e81bcec0cd.jpg)

SBFMX — SAR (12/25)

#### Victory Sycamore Established Value Fund
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class A

Ticker: VETAX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$46 | &nbsp;&nbsp;&nbsp;0.89% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $15552824 |
| Number of Holdings | 76 |
| Portfolio Turnover | 28% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](ia93943174401da86f38c3736.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 5.7% |
| Energy | 6.0% |
| Real Estate | 6.6% |
| Consumer Staples | 7.1% |
| Health Care | 8.3% |
| Information Technology | 10.0% |
| Materials | 10.3% |
| Consumer Discretionary | 11.9% |
| Financials | 13.2% |
| Industrials | 18.9% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Alliant Energy Corp. | 2.4% |
| Packaging Corp. of America | 2.1% |
| Hologic, Inc. | 1.9% |
| Labcorp Holdings, Inc. | 1.9% |
| Willis Towers Watson PLC | 1.9% |
| Lincoln Electric Holdings, Inc. | 1.9% |
| Expedia Group, Inc. | 1.8% |
| Lamar Advertising Co., Class A | 1.8% |
| The Hartford Insurance Group, Inc. | 1.8% |
| Keysight Technologies, 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](i77aa885dd4e9b5e81bcec0cd.jpg)

VETAX — SAR (12/25)

#### Victory Sycamore Established Value Fund
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class C

Ticker: VEVCX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;$94 | &nbsp;&nbsp;&nbsp;1.84% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $15552824 |
| Number of Holdings | 76 |
| Portfolio Turnover | 28% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](ia93943174401da86f38c3736.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 5.7% |
| Energy | 6.0% |
| Real Estate | 6.6% |
| Consumer Staples | 7.1% |
| Health Care | 8.3% |
| Information Technology | 10.0% |
| Materials | 10.3% |
| Consumer Discretionary | 11.9% |
| Financials | 13.2% |
| Industrials | 18.9% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Alliant Energy Corp. | 2.4% |
| Packaging Corp. of America | 2.1% |
| Hologic, Inc. | 1.9% |
| Labcorp Holdings, Inc. | 1.9% |
| Willis Towers Watson PLC | 1.9% |
| Lincoln Electric Holdings, Inc. | 1.9% |
| Expedia Group, Inc. | 1.8% |
| Lamar Advertising Co., Class A | 1.8% |
| The Hartford Insurance Group, Inc. | 1.8% |
| Keysight Technologies, 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](i77aa885dd4e9b5e81bcec0cd.jpg)

VEVCX — SAR (12/25)

#### Victory Sycamore Established Value Fund
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class I

Ticker: VEVIX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;$30 | &nbsp;&nbsp;&nbsp;0.58% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $15552824 |
| Number of Holdings | 76 |
| Portfolio Turnover | 28% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](ia93943174401da86f38c3736.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 5.7% |
| Energy | 6.0% |
| Real Estate | 6.6% |
| Consumer Staples | 7.1% |
| Health Care | 8.3% |
| Information Technology | 10.0% |
| Materials | 10.3% |
| Consumer Discretionary | 11.9% |
| Financials | 13.2% |
| Industrials | 18.9% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Alliant Energy Corp. | 2.4% |
| Packaging Corp. of America | 2.1% |
| Hologic, Inc. | 1.9% |
| Labcorp Holdings, Inc. | 1.9% |
| Willis Towers Watson PLC | 1.9% |
| Lincoln Electric Holdings, Inc. | 1.9% |
| Expedia Group, Inc. | 1.8% |
| Lamar Advertising Co., Class A | 1.8% |
| The Hartford Insurance Group, Inc. | 1.8% |
| Keysight Technologies, 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](i77aa885dd4e9b5e81bcec0cd.jpg)

VEVIX — SAR (12/25)

#### Victory Sycamore Established Value Fund
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class R

Ticker: GETGX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;$56 | &nbsp;&nbsp;&nbsp;1.09% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $15552824 |
| Number of Holdings | 76 |
| Portfolio Turnover | 28% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](ia93943174401da86f38c3736.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 5.7% |
| Energy | 6.0% |
| Real Estate | 6.6% |
| Consumer Staples | 7.1% |
| Health Care | 8.3% |
| Information Technology | 10.0% |
| Materials | 10.3% |
| Consumer Discretionary | 11.9% |
| Financials | 13.2% |
| Industrials | 18.9% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Alliant Energy Corp. | 2.4% |
| Packaging Corp. of America | 2.1% |
| Hologic, Inc. | 1.9% |
| Labcorp Holdings, Inc. | 1.9% |
| Willis Towers Watson PLC | 1.9% |
| Lincoln Electric Holdings, Inc. | 1.9% |
| Expedia Group, Inc. | 1.8% |
| Lamar Advertising Co., Class A | 1.8% |
| The Hartford Insurance Group, Inc. | 1.8% |
| Keysight Technologies, 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](i77aa885dd4e9b5e81bcec0cd.jpg)

GETGX — SAR (12/25)

#### Victory Sycamore Established Value Fund
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class R6

Ticker: VEVRX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;$27 | &nbsp;&nbsp;&nbsp;0.53% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $15552824 |
| Number of Holdings | 76 |
| Portfolio Turnover | 28% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](ia93943174401da86f38c3736.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 5.7% |
| Energy | 6.0% |
| Real Estate | 6.6% |
| Consumer Staples | 7.1% |
| Health Care | 8.3% |
| Information Technology | 10.0% |
| Materials | 10.3% |
| Consumer Discretionary | 11.9% |
| Financials | 13.2% |
| Industrials | 18.9% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Alliant Energy Corp. | 2.4% |
| Packaging Corp. of America | 2.1% |
| Hologic, Inc. | 1.9% |
| Labcorp Holdings, Inc. | 1.9% |
| Willis Towers Watson PLC | 1.9% |
| Lincoln Electric Holdings, Inc. | 1.9% |
| Expedia Group, Inc. | 1.8% |
| Lamar Advertising Co., Class A | 1.8% |
| The Hartford Insurance Group, Inc. | 1.8% |
| Keysight Technologies, 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](i77aa885dd4e9b5e81bcec0cd.jpg)

VEVRX — SAR (12/25)

#### Victory Sycamore Established Value Fund
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class Y

Ticker: VEVYX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;$33 | &nbsp;&nbsp;&nbsp;0.65% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $15552824 |
| Number of Holdings | 76 |
| Portfolio Turnover | 28% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](ia93943174401da86f38c3736.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 5.7% |
| Energy | 6.0% |
| Real Estate | 6.6% |
| Consumer Staples | 7.1% |
| Health Care | 8.3% |
| Information Technology | 10.0% |
| Materials | 10.3% |
| Consumer Discretionary | 11.9% |
| Financials | 13.2% |
| Industrials | 18.9% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Alliant Energy Corp. | 2.4% |
| Packaging Corp. of America | 2.1% |
| Hologic, Inc. | 1.9% |
| Labcorp Holdings, Inc. | 1.9% |
| Willis Towers Watson PLC | 1.9% |
| Lincoln Electric Holdings, Inc. | 1.9% |
| Expedia Group, Inc. | 1.8% |
| Lamar Advertising Co., Class A | 1.8% |
| The Hartford Insurance Group, Inc. | 1.8% |
| Keysight Technologies, 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](i77aa885dd4e9b5e81bcec0cd.jpg)

VEVYX — SAR (12/25)

#### Victory Sycamore Small Company Opportunity Fund
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class A

Ticker: SSGSX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;$65 | &nbsp;&nbsp;&nbsp;1.24% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $4935424 |
| Number of Holdings | 108 |
| Portfolio Turnover | 29% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](i4b0c6ca74da1a693dbb2221f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 2.1% |
| Real Estate | 4.7% |
| Consumer Staples | 4.8% |
| Energy | 6.4% |
| Health Care | 7.1% |
| Consumer Discretionary | 7.4% |
| Materials | 9.1% |
| Information Technology | 10.3% |
| Industrials | 20.0% |
| Financials | 24.4% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Hub Group, Inc., Class A | 1.6% |
| United Bankshares, Inc. | 1.6% |
| Old National Bancorp | 1.6% |
| Renasant Corp. | 1.5% |
| McGrath RentCorp | 1.4% |
| NCR Atleos Corp. | 1.4% |
| UMB Financial Corp. | 1.4% |
| IDACORP, Inc. | 1.4% |
| Hayward Holdings, Inc. | 1.4% |
| Lazard, Inc., Class A | 1.4% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

SSGSX — SAR (12/25)

#### Victory Sycamore Small Company Opportunity Fund
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class I

Ticker: VSOIX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;$47 | &nbsp;&nbsp;&nbsp;0.89% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $4935424 |
| Number of Holdings | 108 |
| Portfolio Turnover | 29% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](i4b0c6ca74da1a693dbb2221f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 2.1% |
| Real Estate | 4.7% |
| Consumer Staples | 4.8% |
| Energy | 6.4% |
| Health Care | 7.1% |
| Consumer Discretionary | 7.4% |
| Materials | 9.1% |
| Information Technology | 10.3% |
| Industrials | 20.0% |
| Financials | 24.4% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Hub Group, Inc., Class A | 1.6% |
| United Bankshares, Inc. | 1.6% |
| Old National Bancorp | 1.6% |
| Renasant Corp. | 1.5% |
| McGrath RentCorp | 1.4% |
| NCR Atleos Corp. | 1.4% |
| UMB Financial Corp. | 1.4% |
| IDACORP, Inc. | 1.4% |
| Hayward Holdings, Inc. | 1.4% |
| Lazard, Inc., Class A | 1.4% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

VSOIX — SAR (12/25)

#### Victory Sycamore Small Company Opportunity Fund
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class R

Ticker: GOGFX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;$75 | &nbsp;&nbsp;&nbsp;1.44% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $4935424 |
| Number of Holdings | 108 |
| Portfolio Turnover | 29% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](i4b0c6ca74da1a693dbb2221f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 2.1% |
| Real Estate | 4.7% |
| Consumer Staples | 4.8% |
| Energy | 6.4% |
| Health Care | 7.1% |
| Consumer Discretionary | 7.4% |
| Materials | 9.1% |
| Information Technology | 10.3% |
| Industrials | 20.0% |
| Financials | 24.4% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Hub Group, Inc., Class A | 1.6% |
| United Bankshares, Inc. | 1.6% |
| Old National Bancorp | 1.6% |
| Renasant Corp. | 1.5% |
| McGrath RentCorp | 1.4% |
| NCR Atleos Corp. | 1.4% |
| UMB Financial Corp. | 1.4% |
| IDACORP, Inc. | 1.4% |
| Hayward Holdings, Inc. | 1.4% |
| Lazard, Inc., Class A | 1.4% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

GOGFX — SAR (12/25)

#### Victory Sycamore Small Company Opportunity Fund
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class R6

Ticker: VSORX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class R6 | &nbsp;&nbsp;&nbsp;$44 | &nbsp;&nbsp;&nbsp;0.84% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $4935424 |
| Number of Holdings | 108 |
| Portfolio Turnover | 29% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](i4b0c6ca74da1a693dbb2221f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 2.1% |
| Real Estate | 4.7% |
| Consumer Staples | 4.8% |
| Energy | 6.4% |
| Health Care | 7.1% |
| Consumer Discretionary | 7.4% |
| Materials | 9.1% |
| Information Technology | 10.3% |
| Industrials | 20.0% |
| Financials | 24.4% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Hub Group, Inc., Class A | 1.6% |
| United Bankshares, Inc. | 1.6% |
| Old National Bancorp | 1.6% |
| Renasant Corp. | 1.5% |
| McGrath RentCorp | 1.4% |
| NCR Atleos Corp. | 1.4% |
| UMB Financial Corp. | 1.4% |
| IDACORP, Inc. | 1.4% |
| Hayward Holdings, Inc. | 1.4% |
| Lazard, Inc., Class A | 1.4% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

VSORX — SAR (12/25)

#### Victory Sycamore Small Company Opportunity Fund
![Image](ic7fa07b63ecb3acbe507ba1e.jpg)

Class Y

Ticker: VSOYX

Semi-Annual Shareholder Report — December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Costs of a $10,000 Investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 Investment<sup>Footnote Reference\*</sup>** |
| &nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;$50 | &nbsp;&nbsp;&nbsp;0.95% |

---

---

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

---

# FUND STATISTICS

# ($ amounts in 000s)

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Net Assets | $4935424 |
| Number of Holdings | 108 |
| Portfolio Turnover | 29% |

---

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

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

# (as of December 31, 2025)
![Group By Sector Chart](i4b0c6ca74da1a693dbb2221f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 2.1% |
| Real Estate | 4.7% |
| Consumer Staples | 4.8% |
| Energy | 6.4% |
| Health Care | 7.1% |
| Consumer Discretionary | 7.4% |
| Materials | 9.1% |
| Information Technology | 10.3% |
| Industrials | 20.0% |
| Financials | 24.4% |

---

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

# (as of December 31, 2025)

---

| | |
|:---|:---|
| Hub Group, Inc., Class A | 1.6% |
| United Bankshares, Inc. | 1.6% |
| Old National Bancorp | 1.6% |
| Renasant Corp. | 1.5% |
| McGrath RentCorp | 1.4% |
| NCR Atleos Corp. | 1.4% |
| UMB Financial Corp. | 1.4% |
| IDACORP, Inc. | 1.4% |
| Hayward Holdings, Inc. | 1.4% |
| Lazard, Inc., Class A | 1.4% |

---

---

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

---

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

Full Financials

Prospectus

Fund Holdings

Proxy Voting

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://advisor.vcm.com/literature/mutual-fund-prospectuses](i77aa885dd4e9b5e81bcec0cd.jpg)

VSOYX — SAR (12/25)

(b) Not applicable.

**Item 2. Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable – only for annual reports.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable – only for annual reports.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable – only for annual reports.

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

Not applicable.

**Item 6. Investments.**

(a) Not applicable.

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) December

31,

2025

Semi-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

Multi-Cap

Fund

(formerly

Victory

Munder

Multi-Cap

Fund)

Victory

S&P

500

Index

Fund

Victory

Mid-Cap

Core

Growth

Fund

(formerly

Victory

Munder

Mid-Cap

Core

Growth

Fund)

Victory

Trivalent

International

Fund

—

Core

Equity

Victory

Trivalent

International

Small-Cap

Fund

vcm.com

News,

Information

And

Education

Hours

A

Day,

Days

A

Week

The

Victory

Capital

website

gives

fund

shareholders,

prospective

shareholders,

and

investment

professionals

a

convenient

way

to

access

fund

information,

get

guidance,

and

track

fund

performance

anywhere

they

can

access

the

Internet.

The

site

includes:

Detailed

performance

records

Daily

share

prices

The

latest

fund

news

Investment

resources

to

help

you

become

a

better

investor

A

section

dedicated

to

investment

professionals

Whether

you're

a

potential

investor

searching

for

the

fund

that

matches

your

investment

philosophy,

a

seasoned

investor

interest-

ed

in

planning

tools,

or

an

investment

professional,

vcm.com

has

what

you

seek.

Visit

us

anytime.

We're

always

open.

*TABLE* 

*OF* 

*CONTENTS*

*Victory* 

*Portfolios*

#### Schedules

#### of

#### Portfolio

#### Investments

#### (Form

#### N-CSR

#### Item

#### 6)
Victory

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

Multi-Cap

Fund

#### 15
Victory

S&P

500

Index

Fund

#### 18
Victory

Mid-Cap

Core

Growth

Fund

#### 28
Victory

Trivalent

International

Fund

—

Core

Equity

#### 31
Victory

Trivalent

International

Small-Cap

Fund

#### 40

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)
Statements

of

Assets

and

Liabilities

#### 48
Statements

of

Operations

#### 51
Statements

of

Changes

in

Net

Assets

#### 54
Financial

Highlights

#### 65

#### Notes

#### to

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)

#### 102

#### Supplemental

#### Information
Advisory

Contract

Approval

(Form

N-CSR

Item

11)

#### 115

*Call* 

*Victory* 

*at:*

*800-539-FUND* 

*(800-539-3863)*

*800-235-8396* 

*for* 

*Member* 

*Class*

*Visit* 

*our* 

*website* 

*at:*

*vcm.com*

#### IRA

#### DISTRIBUTION

#### WITHHOLDING

#### DISCLOSURE
*We* 

*generally* 

*must* 

*withhold* 

*federal* 

*income* 

*tax* 

*at* 

*a* 

*rate* 

*of* 

*10%* 

*of* 

*the* 

*taxable* 

*portion* 

*of* 

*your* 

*distribution* 

*and,* 

*if* 

*you* 

*live* 

*in* 

*a* 

*state* 

*that* 

*requires* 

*state* 

*income* 

*tax* 

*withholding,* 

*at* 

*your* 

*state's* 

*tax* 

*rate.* 

*However,* 

*you* 

*may* 

*elect* 

*not* 

*to* 

*have* 

*withholding* 

*apply* 

*or* 

*to* 

*have* 

*income* 

*tax* 

*withheld* 

*at* 

*a* 

*higher* 

*rate.* 

*Any* 

*withholding* 

*election* 

*that* 

*you* 

*make* 

*will* 

*apply* 

*to* 

*any* 

*subsequent* 

*distribution* 

*unless* 

*and* 

*until* 

*you* 

*change* 

*or* 

*revoke* 

*the* 

*election.* 

*If* 

*you* 

*wish* 

*to* 

*make* 

*a* 

*withholding* 

*election,* 

*or* 

*change* 

*or* 

*revoke* 

*a* 

*prior* 

*withholding* 

*election,* 

*call* 

*800-539-3863* 

*(800-235-8396* 

*for* 

*Member* 

*Class)* 

*and* 

*form* 

*W-4P* 

*(OMB* 

*No.* 

*1545-0074* 

*withholding* 

*certificate* 

*for* 

*pension* 

*or* 

*annuity* 

*payments)* 

*will* 

*be* 

*electronically* 

*sent.*

*If* 

*you* 

*do* 

*not* 

*have* 

*a* 

*withholding* 

*election* 

*in* 

*place* 

*by* 

*the* 

*date* 

*of* 

*a* 

*distribution,* 

*federal* 

*income* 

*tax* 

*will* 

*be* 

*withheld* 

*from* 

*the* 

*taxable* 

*portion* 

*of* 

*your* 

*distribution* 

*at* 

*a* 

*rate* 

*of* 

*10%.* 

*If* 

*you* 

*must* 

*pay* 

*estimated* 

*taxes,* 

*you* 

*may* 

*be* 

*subject* 

*to* 

*estimated* 

*tax* 

*penalties* 

*if* 

*your* 

*estimated* 

*tax* 

*payments* 

*are* 

*not* 

*sufficient* 

*and* 

*sufficient* 

*tax* 

*is* 

*not* 

*withheld* 

*from* 

*your* 

*distribution.*

*For* 

*more* 

*specific* 

*information,* 

*please* 

*consult* 

*your* 

*tax* 

*adviser.*

*The* 

*Funds* 

*are* 

*distributed* 

*by* 

*Victory* 

*Capital* 

*Services,* 

*Inc.* 

*Victory* 

*Capital* 

*Management* 

*Inc.* 

*is* 

*the* 

*investment* 

*adviser* 

*to* 

*the* 

*Funds* 

*and* 

*receives* 

*fees* 

*from* 

*the* 

*Funds* 

*for* 

*performing* 

*services* 

*for* 

*the* 

*Funds.*

*This* 

*report* 

*is* 

*not* 

*authorized* 

*for* 

*distribution* 

*to* 

*prospective* 

*investors* 

*unless* 

*preceded* 

*or* 

*accompanied* 

*by* 

*a* 

*current* 

*prospectus* 

*of* 

*the* 

*Victory* 

*Funds.*

*For* 

*additional* 

*information* 

*about* 

*any* 

*Victory* 

*Fund,* 

*including* 

*fees,* 

*expenses,* 

*and* 

*risks,* 

*view* 

*our* 

*prospectus* 

*online* 

*at* 

*vcm.com* 

*or* 

*call* 

*800-539-3863* 

*(800-235-8396* 

*for* 

*Member* 

*Class).* 

*Read* 

*it* 

*carefully* 

*before* 

*you* 

*invest* 

*or* 

*send* 

*money.*

*The* 

*information* 

*in* 

*this* 

*report* 

*is* 

*based* 

*on* 

*data* 

*obtained* 

*from* 

*recognized* 

*services* 

*and* 

*sources* 

*and* 

*is* 

*believed* 

*to* 

*be* 

*reliable.* 

*Any* 

*opinions,* 

*projections,* 

*or* 

*recommendations* 

*in* 

*this* 

*report* 

*are* 

*subject* 

*to* 

*change* 

*without* 

*notice* 

*and* 

*are* 

*not* 

*intended* 

*as* 

*individual* 

*investment* 

*advice.* 

*Past* 

*investment* 

*performance* 

*of* 

*the* 

*Funds,* 

*markets* 

*or* 

*securities* 

*mentioned* 

*herein* 

*should* 

*not* 

*be* 

*considered* 

*to* 

*be* 

*indicative* 

*of* 

*future* 

*results.*

#### NOT

#### FDIC

#### INSURED

#### NO

#### BANK

#### GUARANTEE

#### MAY

#### LOSE

#### VALUE
Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

#### Victory

#### Integrity

#### Discovery

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(98.0%)

Banks

(24.0%):

Blue

Ridge

Bankshares,

Inc.

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

124,216

$

530

Bridgewater

Bancshares,

Inc.

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

30,600

537

Business

First

Bancshares,

Inc.

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

23,800

622

Central

Pacific

Financial

Corp.

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

10,150

Civista

Bancshares,

Inc.

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

25,900

576

Commercial

Bancgroup,

Inc.

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

20,200

Community

West

Bancshares

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

24,500

551

ConnectOne

Bancorp,

Inc.

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

24,000

629

Dime

Community

Bancshares,

Inc.

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

18,350

552

Financial

Institutions,

Inc.

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

20,500

639

First

Internet

Bancorp

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

19,800

First

Mid

Bancshares,

Inc.

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

17,000

663

German

American

Bancorp,

Inc.

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

10,800

Heritage

Commerce

Corp.

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

57,650

692

Horizon

Bancorp,

Inc.

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

42,150

715

Independent

Bank

Corp.

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

19,525

635

Mercantile

Bank

Corp.

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

10,280

Orange

County

Bancorp,

Inc.

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

20,700

591

Origin

Bancorp,

Inc.

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

9,700

Peapack-Gladstone

Financial

Corp.

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

22,000

613

Peoples

Bancorp,

Inc.

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

23,000

691

Primis

Financial

Corp.

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

43,700

608

QCR

Holdings,

Inc.

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

9,485

790

SmartFinancial,

Inc.

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

14,550

538

Southern

Missouri

Bancorp,

Inc.

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

10,675

631

Univest

Financial

Corp.

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

11,200

Washington

Trust

Bancorp,

Inc.

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

20,676

611

15,289

Capital

Markets

(1.2%):

Diamond

Hill

Investment

Group,

Inc.

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

4,335

735

Communication

Services

(3.3%):

Clear

Channel

Outdoor

Holdings,

Inc.

,

Class

A

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

284,000

628

IMAX

Corp.

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

14,750

545

PubMatic,

Inc.

,

Class

A

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

37,600

The

Marcus

Corp.

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

39,786

617

2,123

Consumer

Discretionary

(10.1%):

BJ's

Restaurants,

Inc.

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

12,386

European

Wax

Center,

Inc.

,

Class

A

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

87,000

First

Watch

Restaurant

Group,

Inc.

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

31,200

Golden

Entertainment,

Inc.

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

7,700

Latham

Group,

Inc.

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

60,500

Lindblad

Expeditions

Holdings,

Inc.

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

48,900

705

MarineMax,

Inc.

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

19,600

MasterCraft

Boat

Holdings,

Inc.

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

22,250

Monro,

Inc.

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

17,883

Motorcar

Parts

of

America,

Inc.

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

35,000

National

Vision

Holdings,

Inc.

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

19,050

Sally

Beauty

Holdings,

Inc.

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

29,982

Savers

Value

Village,

Inc.

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

45,100

Wolverine

World

Wide,

Inc.

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

16,200

Zumiez,

Inc.

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

20,500

534

6,425

Consumer

Finance

(0.9%):

EZCORP,

Inc.

,

Class

A

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

28,350

550

Consumer

Staples

(0.6%):

The

Honest

Co.,

Inc.

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

146,000

Victory

Portfolios

#### Victory

#### Integrity

#### Discovery

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Energy

(4.5%):

Ardmore

Shipping

Corp.

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

57,000

$

604

Crescent

Energy

Co.

,

Class

A

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

37,742

Granite

Ridge

Resources,

Inc.

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

86,584

Infinity

Natural

Resources,

Inc.

,

Class

A

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

23,100

ProPetro

Holding

Corp.

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

59,000

561

Riley

Exploration

Permian,

Inc.

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

23,000

607

2,836

Health

Care

(5.5%):

Artivion,

Inc.

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

18,400

839

Brookdale

Senior

Living,

Inc.

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

57,700

622

Collegium

Pharmaceutical,

Inc.

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

13,500

625

HealthStream,

Inc.

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

19,725

MiMedx

Group,

Inc.

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

67,300

Orthofix

Medical,

Inc.

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

34,473

523

3,520

Industrials

(18.5%):

BlueLinx

Holdings,

Inc.

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

9,100

559

Covenant

Logistics

Group,

Inc.

,

Class

A

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

17,750

CRA

International,

Inc.

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

1,400

Douglas

Dynamics,

Inc.

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

14,425

Ducommun,

Inc.

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

7,300

694

DXP

Enterprises,

Inc.

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

3,650

Enviri

Corp.

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

46,600

835

Great

Lakes

Dredge

&

Dock

Corp.

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

48,600

638

IBEX

Holdings

Ltd.

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

13,000

Insteel

Industries,

Inc.

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

16,210

513

Interface,

Inc.

,

Class

A

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

23,500

656

Kelly

Services,

Inc.

,

Class

A

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

39,000

Liquidity

Services,

Inc.

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

19,000

576

Matrix

Service

Co.

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

38,250

Miller

Industries,

Inc.

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

13,100

Pangaea

Logistics

Solutions

Ltd.

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

87,000

599

Park

Aerospace

Corp.

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

24,350

520

Park-Ohio

Holdings

Corp.

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

22,550

Quanex

Building

Products

Corp.

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

37,600

578

Thermon

Group

Holdings,

Inc.

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

21,850

812

Titan

Machinery,

Inc.

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

37,600

566

Willdan

Group,

Inc.

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

4,317

11,786

Information

Technology

(17.0%):

ADTRAN

Holdings,

Inc.

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

67,500

587

Bel

Fuse,

Inc.

,

Class

B

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

5,800

984

Benchmark

Electronics,

Inc.

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

11,600

Cohu,

Inc.

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

22,150

515

Digi

International,

Inc.

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

19,500

844

Grid

Dynamics

Holdings,

Inc.

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

50,700

Harmonic,

Inc.

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

33,471

I3

Verticals,

Inc.

,

Class

A

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

24,600

620

Ichor

Holdings

Ltd.

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

33,100

610

Kimball

Electronics,

Inc.

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

27,100

754

nLight,

Inc.

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

27,250

1,022

OneSpan,

Inc.

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

31,400

PDF

Solutions,

Inc.

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

19,600

559

Ribbon

Communications,

Inc.

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

182,500

526

SkyWater

Technology,

Inc.

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

23,847

Ultra

Clean

Holdings,

Inc.

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

19,000

Veeco

Instruments,

Inc.

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

16,600

Vishay

Precision

Group,

Inc.

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

18,200

701

10,798

Victory

Portfolios

#### Victory

#### Integrity

#### Discovery

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Insurance

(2.0%):

American

Integrity

Insurance

Group,

Inc.

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

27,278

$

568

HCI

Group,

Inc.

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

1,060

Heritage

Insurance

Holdings,

Inc.

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

17,600

515

1,286

Materials

(4.4%):

AdvanSix,

Inc.

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

32,250

558

Clearwater

Paper

Corp.

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

29,000

504

Koppers

Holdings,

Inc.

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

20,900

566

Metallus,

Inc.

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

38,500

661

Ramaco

Resources,

Inc.

,

Class

A

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

9,275

SunCoke

Energy,

Inc.

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

47,500

2,798

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(1.5%):

Ares

Commercial

Real

Estate

Corp.

(b) ........................................

98,000

Dynex

Capital,

Inc.

(b) ...................................................

34,350

950

Real

Estate

(3.8%):

City

Office

REIT,

Inc.

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

53,400

Global

Medical

REIT,

Inc.

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

19,025

642

NETSTREIT

Corp.

(b) ...................................................

27,000

NexPoint

Residential

Trust,

Inc.

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

15,100

Plymouth

Industrial

REIT,

Inc.

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

20,150

2,387

Utilities

(0.7%):

Unitil

Corp.

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

8,771

Total

Common

Stocks

(Cost

$49,470)

a

a

a

62,285

Collateral

for

Securities

Loaned

(5.3%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.69

%

(c) ........

835,918

836

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.69

%

(c) ............

835,918

836

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.67

%

(c) ...............

835,918

836

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.69

%

(c) .

835,918

836

Total

Collateral

for

Securities

Loaned

(Cost

$3,344)

a

a

a

3,344

Total

Investments

(Cost

$52,814)

—

103.3%

65,629

Liabilities

in

excess

of

other

assets

— (3.3)%

(2,070)

NET

ASSETS

-

100.00%

$

63,559

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Non-income

producing

security.

(b) All

or

a

portion

of

this

security

is

on

loan.

(c) Rate

disclosed

is

the

daily

yield

on

December

31,

2025. REIT

—

Real

Estate

Investment

Trust

Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

#### Victory

#### Integrity

#### Mid-Cap

#### Value

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(100.3%)

Communication

Services

(2.3%):

Cinemark

Holdings,

Inc.

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

112,685

$

2,619

Nexstar

Media

Group,

Inc.

,

Class

A

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

11,400

2,315

Roku,

Inc.

,

Class

A

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

23,748

2,576

7,510

Consumer

Discretionary

(9.6%):

Brunswick

Corp.

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

33,615

2,495

Caesars

Entertainment,

Inc.

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

69,000

1,614

Carnival

Corp.

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

85,571

2,613

Genuine

Parts

Co.

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

21,459

2,639

Mohawk

Industries,

Inc.

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

22,400

2,448

PulteGroup,

Inc.

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

19,896

2,333

Ross

Stores,

Inc.

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

24,640

4,439

Signet

Jewelers

Ltd.

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

29,623

2,455

The

Goodyear

Tire

&

Rubber

Co.

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

257,200

2,253

TopBuild

Corp.

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

6,704

2,797

Visteon

Corp.

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

23,740

2,258

Yum!

Brands,

Inc.

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

20,510

3,103

31,447

Consumer

Staples

(5.0%):

BJ's

Wholesale

Club

Holdings,

Inc.

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

27,400

2,467

Casey's

General

Stores,

Inc.

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

5,774

3,191

Dollar

Tree,

Inc.

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

23,125

2,845

Performance

Food

Group

Co.

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

33,120

2,978

Pilgrim's

Pride

Corp.

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

81,272

3,169

Primo

Brands

Corp.

,

Class

A

(b) .............................................

110,969

1,814

16,464

Energy

(6.6%):

Antero

Resources

Corp.

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

71,760

2,473

Baker

Hughes

Co.

,

Class

A

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

81,929

3,731

Devon

Energy

Corp.

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

87,775

3,215

Diamondback

Energy,

Inc.

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

20,460

3,076

Expand

Energy

Corp.

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

22,386

2,470

Kinder

Morgan,

Inc.

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

119,566

3,287

Valero

Energy

Corp.

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

22,180

3,611

21,863

Financials

(16.1%):

Annaly

Capital

Management,

Inc.

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

85,900

1,921

Arch

Capital

Group

Ltd.

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

33,285

3,193

Axis

Capital

Holdings

Ltd.

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

27,875

2,985

Everest

Group

Ltd.

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

8,334

2,828

Fidelity

National

Information

Services,

Inc.

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

37,050

2,462

Fifth

Third

Bancorp

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

85,096

3,983

First

American

Financial

Corp.

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

51,244

3,148

First

Horizon

Corp.

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

133,450

3,189

Flagstar

Bank

NA

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

240,500

3,028

Jefferies

Financial

Group,

Inc.

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

52,079

3,227

Lincoln

National

Corp.

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

62,450

2,781

M&T

Bank

Corp.

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

21,450

4,322

Nasdaq,

Inc.

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

40,200

3,905

Raymond

James

Financial,

Inc.

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

27,100

4,352

State

Street

Corp.

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

34,700

4,477

The

Hartford

Insurance

Group,

Inc.

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

21,400

2,949

52,750

Health

Care

(10.1%):

Agilent

Technologies,

Inc.

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

25,750

3,504

Charles

River

Laboratories

International,

Inc.

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

15,907

3,173

Encompass

Health

Corp.

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

22,965

2,437

GE

HealthCare

Technologies,

Inc.

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

40,425

3,316

Globus

Medical,

Inc.

,

Class

A

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

42,120

3,677

Victory

Portfolios

#### Victory

#### Integrity

#### Mid-Cap

#### Value

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Jazz

Pharmaceuticals

PLC

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

19,250

$

3,272

Labcorp

Holdings,

Inc.

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

11,243

2,821

Revvity,

Inc.

(b) ........................................................

27,470

2,658

STERIS

PLC

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

14,936

3,787

Tenet

Healthcare

Corp.

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

9,944

1,976

United

Therapeutics

Corp.

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

5,171

2,520

33,141

Industrials

(17.7%):

AMETEK,

Inc.

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

20,742

4,258

Builders

FirstSource,

Inc.

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

21,000

2,161

CACI

International,

Inc.

,

Class

A

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

4,735

2,523

Dover

Corp.

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

19,333

3,775

EMCOR

Group,

Inc.

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

2,617

1,601

Ferguson

Enterprises,

Inc.

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

13,268

2,954

ITT,

Inc.

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

14,545

2,524

Knight-Swift

Transportation

Holdings,

Inc.

,

Class

A

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

66,372

3,470

L3Harris

Technologies,

Inc.

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

9,400

2,760

Old

Dominion

Freight

Line,

Inc.

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

12,791

2,006

Oshkosh

Corp.

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

22,800

2,864

Owens

Corning

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

20,300

2,272

Sensata

Technologies

Holding

PLC

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

97,880

3,258

Textron,

Inc.

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

36,135

3,150

The

Brink's

Co.

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

24,949

2,912

The

Timken

Co.

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

29,125

2,450

United

Airlines

Holdings,

Inc.

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

30,560

3,417

United

Rentals,

Inc.

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

4,083

3,304

WESCO

International,

Inc.

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

12,030

2,943

Westinghouse

Air

Brake

Technologies

Corp.

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

16,128

3,442

58,044

Information

Technology

(10.4%):

Amdocs

Ltd.

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

39,098

3,148

Corning,

Inc.

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

30,250

2,649

F5,

Inc.

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

10,850

2,770

Flex

Ltd.

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

36,971

2,234

Hewlett

Packard

Enterprise

Co.

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

102,193

2,455

Jabil,

Inc.

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

7,800

1,779

Keysight

Technologies,

Inc.

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

12,183

2,475

Microchip

Technology,

Inc.

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

51,625

3,289

MKS,

Inc.

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

23,875

3,815

ON

Semiconductor

Corp.

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

51,453

2,786

Qorvo,

Inc.

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

35,883

3,032

TD

SYNNEX

Corp.

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

13,464

2,023

Zebra

Technologies

Corp.

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

7,340

1,782

34,237

Materials

(6.8%):

Avery

Dennison

Corp.

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

13,981

2,543

Crown

Holdings,

Inc.

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

27,300

2,811

Freeport-McMoRan,

Inc.

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

52,500

2,667

Martin

Marietta

Materials,

Inc.

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

5,590

3,481

Nucor

Corp.

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

22,330

3,642

Reliance,

Inc.

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

9,234

2,667

Solstice

Advanced

Materials,

Inc.

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

52,155

2,534

The

Mosaic

Co.

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

81,376

1,960

22,305

Real

Estate

(8.3%):

Camden

Property

Trust

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

26,870

2,958

Essex

Property

Trust,

Inc.

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

10,830

2,834

Federal

Realty

Investment

Trust

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

33,150

3,341

Kilroy

Realty

Corp.

(b) ...................................................

80,350

3,003

Realty

Income

Corp.

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

83,000

4,679

VICI

Properties,

Inc.

,

Class

A

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

122,600

3,447

Victory

Portfolios

#### Victory

#### Integrity

#### Mid-Cap

#### Value

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Weyerhaeuser

Co.

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

134,000

$

3,174

WP

Carey,

Inc.

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

58,700

3,778

27,214

Utilities

(7.4%):

CenterPoint

Energy,

Inc.

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

95,100

3,646

Evergy,

Inc.

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

46,100

3,342

FirstEnergy

Corp.

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

77,405

3,466

National

Fuel

Gas

Co.

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

22,000

1,761

Pinnacle

West

Capital

Corp.

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

32,850

2,914

Talen

Energy

Corp.

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

5,152

1,931

UGI

Corp.

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

83,500

3,125

Xcel

Energy,

Inc.

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

58,200

4,299

24,484

Total

Common

Stocks

(Cost

$274,064)

a

a

a

329,459

Collateral

for

Securities

Loaned

(1.3%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.69

%

(c) ........

1,047,132

1,047

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.69

%

(c) ............

1,047,132

1,047

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.67

%

(c) ...............

1,047,132

1,047

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.69

%

(c) .

1,047,132

1,048

Total

Collateral

for

Securities

Loaned

(Cost

$4,189)

a

a

a

4,189

Total

Investments

(Cost

$278,253)

—

101.6%

333,648

Liabilities

in

excess

of

other

assets

— (1.6)%

(5,292)

NET

ASSETS

-

100.00%

$

328,356

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Non-income

producing

security.

(b) All

or

a

portion

of

this

security

is

on

loan.

(c) Rate

disclosed

is

the

daily

yield

on

December

31,

2025. PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

#### Victory

#### Integrity

#### Small-Cap

#### Value

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(99.0%)

Banks

(19.3%):

Ameris

Bancorp

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

153,500

$

11,401

Bank

of

Hawaii

Corp.

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

163,000

11,144

BOK

Financial

Corp.

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

85,200

10,093

Commerce

Bancshares,

Inc.

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

185,000

9,683

CVB

Financial

Corp.

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

567,300

10,552

First

Bancorp

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

102,800

5,221

First

Financial

Bancorp

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

322,000

8,057

First

Interstate

BancSystem,

Inc.

,

Class

A

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

342,700

11,858

First

Merchants

Corp.

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

292,246

10,953

Flagstar

Bank

NA

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

1,089,300

13,714

Glacier

Bancorp,

Inc.

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

294,000

12,951

Hancock

Whitney

Corp.

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

197,265

12,562

Independent

Bank

Corp.

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

125,112

9,143

NBT

Bancorp,

Inc.

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

245,000

10,172

Northwest

Bancshares,

Inc.

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

863,000

10,356

Prosperity

Bancshares,

Inc.

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

137,000

9,468

QCR

Holdings,

Inc.

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

101,000

8,413

SouthState

Bank

Corp.

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

117,600

11,067

Western

Alliance

Bancorp

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

85,000

7,146

193,954

Capital

Markets

(1.5%):

Artisan

Partners

Asset

Management,

Inc.

,

Class

A

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

188,000

7,659

Virtus

Investment

Partners,

Inc.

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

48,500

7,913

15,572

Communication

Services

(1.6%):

Cinemark

Holdings,

Inc.

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

346,000

8,041

Nexstar

Media

Group,

Inc.

,

Class

A

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

37,700

7,655

15,696

Consumer

Discretionary

(10.0%):

Brunswick

Corp.

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

102,000

7,572

Marriott

Vacations

Worldwide

Corp.

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

79,000

4,558

Penn

Entertainment,

Inc.

(b) ................................................

308,000

4,543

Phoenix

Education

Partners,

Inc.

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

96,298

2,918

Sally

Beauty

Holdings,

Inc.

(b) .............................................

560,000

7,986

Signet

Jewelers

Ltd.

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

101,799

8,437

Steven

Madden

Ltd.

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

254,300

10,589

Taylor

Morrison

Home

Corp.

,

Class

A

(b) ......................................

187,200

11,020

The

Buckle,

Inc.

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

114,000

6,090

The

Goodyear

Tire

&

Rubber

Co.

(b) .........................................

1,028,000

9,005

Tri

Pointe

Homes,

Inc.

(b) .................................................

236,000

7,427

Victoria's

Secret

&

Co.

(b) .................................................

246,300

13,342

Visteon

Corp.

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

80,820

7,686

101,173

Consumer

Finance

(0.8%):

Bread

Financial

Holdings,

Inc.

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

104,000

7,699

Consumer

Staples

(1.7%):

The

Chefs'

Warehouse,

Inc.

(b) ..............................................

162,000

10,097

United

Natural

Foods,

Inc.

(b) ..............................................

201,000

6,768

16,865

Energy

(6.7%):

California

Resources

Corp.

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

201,491

9,009

Core

Natural

Resources,

Inc.

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

107,100

9,479

DHT

Holdings,

Inc.

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

462,000

5,641

Gulfport

Energy

Corp.

(b) .................................................

36,500

7,592

Innovex

International,

Inc.

(b) ..............................................

240,548

5,261

Murphy

Oil

Corp.

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

323,500

10,109

Patterson-UTI

Energy,

Inc.

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

921,000

5,627

Scorpio

Tankers,

Inc.

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

167,000

8,489

Victory

Portfolios

#### Victory

#### Integrity

#### Small-Cap

#### Value

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Talos

Energy,

Inc.

(b) ....................................................

608,000

$

6,700

67,907

Financial

Services

(1.3%):

Essent

Group

Ltd.

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

207,200

13,470

Health

Care

(7.2%):

Azenta,

Inc.

(b) .........................................................

147,000

4,889

Brookdale

Senior

Living,

Inc.

(b) ............................................

620,000

6,690

Catalyst

Pharmaceuticals,

Inc.

(b) ............................................

271,000

6,325

Charles

River

Laboratories

International,

Inc.

(b) .................................

35,000

6,982

Collegium

Pharmaceutical,

Inc.

(b) ...........................................

135,500

6,274

Envista

Holdings

Corp.

(b) ................................................

408,000

8,858

ICU

Medical,

Inc.

(b) ....................................................

69,000

9,844

LivaNova

PLC

(b) ......................................................

165,000

10,152

Supernus

Pharmaceuticals,

Inc.

(b) ...........................................

158,000

7,852

Surgery

Partners,

Inc.

(b) ..................................................

300,000

4,635

72,501

Industrials

(14.8%):

ArcBest

Corp.

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

88,864

6,593

Atkore,

Inc.

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

148,884

9,417

BlueLinx

Holdings,

Inc.

(b) ................................................

94,677

5,816

Fluor

Corp.

(b) .........................................................

117,500

4,656

Hub

Group,

Inc.

,

Class

A

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

233,500

9,949

Korn

Ferry

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

127,000

8,385

Resideo

Technologies,

Inc.

(b) ..............................................

334,000

11,730

Ryder

System,

Inc.

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

56,800

10,871

Sensata

Technologies

Holding

PLC

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

271,000

9,022

SkyWest,

Inc.

(b) .......................................................

99,389

9,980

Terex

Corp.

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

135,000

7,206

The

Brink's

Co.

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

84,732

9,891

The

Greenbrier

Cos.,

Inc.

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

151,192

7,067

The

Timken

Co.

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

94,500

7,950

Titan

International,

Inc.

(b) ................................................

654,079

5,121

UFP

Industries,

Inc.

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

95,800

8,723

V2X,

Inc.

(b) ..........................................................

144,500

7,882

Valmont

Industries,

Inc.

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

21,900

8,811

149,070

Information

Technology

(8.3%):

Belden,

Inc.

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

73,000

8,508

Diodes,

Inc.

(b) .........................................................

148,198

7,312

Extreme

Networks,

Inc.

(b) ................................................

470,100

7,827

Knowles

Corp.

(b) .......................................................

411,500

8,819

Kulicke

&

Soffa

Industries,

Inc.

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

172,200

7,845

Littelfuse,

Inc.

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

20,126

5,090

Plexus

Corp.

(b) ........................................................

54,000

7,938

Sanmina

Corp.

(b) .......................................................

45,000

6,753

Synaptics,

Inc.

(b) .......................................................

149,800

11,088

TTM

Technologies,

Inc.

(b) ................................................

78,253

5,400

Veeco

Instruments,

Inc.

(b) ................................................

263,000

7,517

84,097

Insurance

(2.6%):

CNO

Financial

Group,

Inc.

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

219,500

9,322

RLI

Corp.

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

122,000

7,806

Stewart

Information

Services

Corp.

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

128,000

8,993

26,121

Materials

(5.3%):

Avient

Corp.

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

215,800

6,742

Commercial

Metals

Co.

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

172,800

11,961

Element

Solutions,

Inc.

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

222,000

5,548

Ingevity

Corp.

(b) .......................................................

163,300

9,664

Olin

Corp.

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

266,020

5,541

Victory

Portfolios

#### Victory

#### Integrity

#### Small-Cap

#### Value

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Ryerson

Holding

Corp.

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

254,147

$

6,394

Solstice

Advanced

Materials,

Inc.

(b) .........................................

160,000

7,773

53,623

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(2.2%):

AGNC

Investment

Corp.

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

508,000

5,446

Dynex

Capital,

Inc.

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

615,000

8,616

Ladder

Capital

Corp.

,

Class

A

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

742,000

8,154

22,216

Real

Estate

(11.4%):

Broadstone

Net

Lease,

Inc.

,

Class

A

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

584,000

10,144

CareTrust

REIT,

Inc.

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

274,500

9,926

Curbline

Properties

Corp.

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

440,000

10,212

Cushman

&

Wakefield

Ltd.

(b) ..............................................

805,000

13,033

DiamondRock

Hospitality

Co.

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

560,000

5,018

Douglas

Emmett,

Inc.

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

660,000

7,253

Easterly

Government

Properties,

Inc.

,

Class

A

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

292,500

6,198

Essential

Properties

Realty

Trust,

Inc.

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

359,800

10,672

LXP

Industrial

Trust

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

201,000

9,966

Sabra

Health

Care

REIT,

Inc.

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

414,000

7,841

Sila

Realty

Trust,

Inc.

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

322,900

7,527

STAG

Industrial,

Inc.

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

126,300

4,643

Summit

Hotel

Properties,

Inc.

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

965,500

4,702

Veris

Residential,

Inc.

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

504,000

7,499

114,634

Utilities

(4.3%):

National

Fuel

Gas

Co.

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

65,700

5,260

Northwestern

Energy

Group,

Inc.

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

158,250

10,214

ONE

Gas,

Inc.

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

117,000

9,038

Portland

General

Electric

Co.

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

193,700

9,296

Southwest

Gas

Holdings,

Inc.

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

120,200

9,618

43,426

Total

Common

Stocks

(Cost

$875,863)

a

a

a

998,024

Exchange-Traded

Funds

(0.9%)

iShares

Russell

2000

Value

ETF

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

47,850

8,671

Total

Exchange-Traded

Funds

(Cost

$8,024)

a

a

a

8,671

Collateral

for

Securities

Loaned

(1.7%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.69

%

(c) ........

4,260,946

4,261

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.69

%

(c) ............

4,260,946

4,261

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.67

%

(c) ...............

4,260,946

4,261

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.69

%

(c) .

4,260,946

4,261

Total

Collateral

for

Securities

Loaned

(Cost

$17,044)

a

a

a

17,044

Total

Investments

(Cost

$900,931)

—

101.6%

1,023,739

Liabilities

in

excess

of

other

assets

— (1.6)%

(15,967)

NET

ASSETS

-

100.00%

$

1,007,772

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) All

or

a

portion

of

this

security

is

on

loan.

(b) Non-income

producing

security.

(c) Rate

disclosed

is

the

daily

yield

on

December

31,

2025. ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

#### Victory

#### Integrity

#### Small/Mid-Cap

#### Value

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(99.3%)

Communication

Services

(2.5%):

Cinemark

Holdings,

Inc.

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

109,804

$

2,552

Nexstar

Media

Group,

Inc.

,

Class

A

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

13,615

2,765

Roku,

Inc.

,

Class

A

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

24,778

2,688

8,005

Consumer

Discretionary

(10.9%):

ADT,

Inc.

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

319,608

2,579

Brunswick

Corp.

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

30,310

2,250

Caesars

Entertainment,

Inc.

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

77,259

1,807

Marriott

Vacations

Worldwide

Corp.

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

25,803

1,489

Mohawk

Industries,

Inc.

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

22,080

2,413

Norwegian

Cruise

Line

Holdings

Ltd.

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

114,300

2,551

Sally

Beauty

Holdings,

Inc.

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

160,000

2,282

Signet

Jewelers

Ltd.

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

28,939

2,398

Steven

Madden

Ltd.

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

75,000

3,123

Taylor

Morrison

Home

Corp.

,

Class

A

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

45,962

2,706

The

Goodyear

Tire

&

Rubber

Co.

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

303,516

2,659

TopBuild

Corp.

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

6,242

2,604

Victoria's

Secret

&

Co.

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

71,495

3,873

Visteon

Corp.

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

23,596

2,244

34,978

Consumer

Staples

(3.8%):

BJ's

Wholesale

Club

Holdings,

Inc.

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

25,311

2,279

Casey's

General

Stores,

Inc.

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

6,085

3,363

Dollar

Tree,

Inc.

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

15,685

1,929

Performance

Food

Group

Co.

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

31,576

2,839

Post

Holdings,

Inc.

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

19,783

1,960

12,370

Energy

(4.6%):

Antero

Resources

Corp.

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

67,400

2,323

Cactus,

Inc.

,

Class

A

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

32,000

1,462

Core

Natural

Resources,

Inc.

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

21,900

1,938

DHT

Holdings,

Inc.

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

135,500

1,654

Murphy

Oil

Corp.

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

88,360

2,761

Permian

Resources

Corp.

,

Class

A

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

137,158

1,924

Scorpio

Tankers,

Inc.

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

52,734

2,681

14,743

Financials

(21.3%):

AGNC

Investment

Corp.

(b) ...............................................

268,350

2,877

Annaly

Capital

Management,

Inc.

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

137,787

3,081

Artisan

Partners

Asset

Management,

Inc.

,

Class

A

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

59,006

2,404

Assurant,

Inc.

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

11,079

2,668

Bread

Financial

Holdings,

Inc.

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

29,000

2,147

Commerce

Bancshares,

Inc.

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

67,600

3,538

Essent

Group

Ltd.

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

49,000

3,186

Everest

Group

Ltd.

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

10,125

3,436

First

American

Financial

Corp.

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

42,751

2,627

First

Horizon

Corp.

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

138,000

3,298

First

Interstate

BancSystem,

Inc.

,

Class

A

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

84,875

2,937

Flagstar

Bank

NA

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

303,750

3,824

Glacier

Bancorp,

Inc.

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

73,400

3,233

Globe

Life,

Inc.

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

17,721

2,478

Independent

Bank

Corp.

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

31,027

2,267

Jefferies

Financial

Group,

Inc.

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

60,250

3,734

Lincoln

National

Corp.

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

61,400

2,734

Prosperity

Bancshares,

Inc.

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

47,830

3,306

RLI

Corp.

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

40,900

2,617

SouthState

Bank

Corp.

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

38,000

3,576

Unum

Group

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

37,500

2,906

Virtus

Investment

Partners,

Inc.

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

14,025

2,288

Victory

Portfolios

#### Victory

#### Integrity

#### Small/Mid-Cap

#### Value

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Western

Alliance

Bancorp

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

40,826

$

3,432

68,594

Health

Care

(8.3%):

Charles

River

Laboratories

International,

Inc.

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

15,340

3,060

Encompass

Health

Corp.

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

20,724

2,200

Envista

Holdings

Corp.

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

121,000

2,627

Globus

Medical,

Inc.

,

Class

A

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

47,924

4,184

Jazz

Pharmaceuticals

PLC

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

17,600

2,992

LivaNova

PLC

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

48,848

3,006

Revvity,

Inc.

(b) ........................................................

26,200

2,535

Tenet

Healthcare

Corp.

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

13,694

2,721

United

Therapeutics

Corp.

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

6,857

3,341

26,666

Industrials

(18.4%):

Builders

FirstSource,

Inc.

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

20,350

2,094

C.H.

Robinson

Worldwide,

Inc.

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

26,327

4,232

CACI

International,

Inc.

,

Class

A

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

5,097

2,716

EMCOR

Group,

Inc.

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

2,053

1,256

ITT,

Inc.

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

18,533

3,216

Kirby

Corp.

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

26,830

2,956

Knight-Swift

Transportation

Holdings,

Inc.

,

Class

A

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

57,370

2,999

Korn

Ferry

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

35,319

2,332

Oshkosh

Corp.

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

24,465

3,074

Owens

Corning

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

23,400

2,619

Pentair

PLC

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

22,100

2,301

Ryder

System,

Inc.

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

16,156

3,092

Sensata

Technologies

Holding

PLC

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

97,500

3,246

SkyWest,

Inc.

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

24,896

2,500

Terex

Corp.

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

46,546

2,485

Textron,

Inc.

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

50,250

4,380

The

Brink's

Co.

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

24,565

2,867

The

Timken

Co.

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

39,326

3,308

Valmont

Industries,

Inc.

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

10,575

4,255

WESCO

International,

Inc.

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

13,775

3,370

59,298

Information

Technology

(9.0%):

Amdocs

Ltd.

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

42,286

3,404

Belden,

Inc.

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

23,200

2,704

F5,

Inc.

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

12,500

3,191

Flex

Ltd.

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

52,126

3,149

Jabil,

Inc.

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

8,250

1,881

Littelfuse,

Inc.

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

6,393

1,617

MKS,

Inc.

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

25,650

4,099

Qorvo,

Inc.

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

37,500

3,169

Synaptics,

Inc.

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

44,118

3,266

TD

SYNNEX

Corp.

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

15,735

2,364

28,844

Materials

(7.6%):

Avery

Dennison

Corp.

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

18,232

3,316

Avient

Corp.

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

62,650

1,957

Commercial

Metals

Co.

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

54,950

3,804

Crown

Holdings,

Inc.

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

29,100

2,996

Element

Solutions,

Inc.

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

105,300

2,632

Ingevity

Corp.

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

51,653

3,057

Reliance,

Inc.

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

7,755

2,240

Solstice

Advanced

Materials,

Inc.

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

50,991

2,477

The

Mosaic

Co.

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

87,648

2,111

24,590

Real

Estate

(8.9%):

Camden

Property

Trust

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

34,000

3,743

Cushman

&

Wakefield

Ltd.

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

263,000

4,258

Victory

Portfolios

#### Victory

#### Integrity

#### Small/Mid-Cap

#### Value

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Federal

Realty

Investment

Trust

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

35,300

$

3,558

First

Industrial

Realty

Trust,

Inc.

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

73,700

4,221

Gaming

and

Leisure

Properties,

Inc.

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

78,710

3,517

Highwoods

Properties,

Inc.

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

95,000

2,453

Kilroy

Realty

Corp.

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

81,822

3,058

WP

Carey,

Inc.

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

56,940

3,665

28,473

Utilities

(4.0%):

Evergy,

Inc.

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

37,992

2,754

National

Fuel

Gas

Co.

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

28,509

2,283

Pinnacle

West

Capital

Corp.

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

26,239

2,327

Talen

Energy

Corp.

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

5,350

2,005

UGI

Corp.

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

89,940

3,367

12,736

Total

Common

Stocks

(Cost

$264,471)

a

a

a

319,297

Collateral

for

Securities

Loaned

(1.3%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.69

%

(c) ........

1,026,874

1,026

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.69

%

(c) ............

1,026,874

1,027

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.67

%

(c) ...............

1,026,874

1,027

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.69

%

(c) .

1,026,874

1,027

Total

Collateral

for

Securities

Loaned

(Cost

$4,107)

a

a

a

4,107

Total

Investments

(Cost

$268,578)

—

100.6%

323,404

Liabilities

in

excess

of

other

assets

— (0.6)%

(1,881)

NET

ASSETS

-

100.00%

$

321,523

At

December

31,

2025,

the

Fund's

investments

in

foreign

securities

were

6.0%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Non-income

producing

security.

(b) All

or

a

portion

of

this

security

is

on

loan.

(c) Rate

disclosed

is

the

daily

yield

on

December

31,

2025. PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

#### Victory

#### Multi-Cap

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(97.9%)

Communication

Services

(9.9%):

Alphabet,

Inc.

,

Class

A

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

93,560

$

29,284

Meta

Platforms,

Inc.

,

Class

A

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

18,800

12,410

Millicom

International

Cellular

SA

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

35,700

1,979

Netflix,

Inc.

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

33,000

3,094

The

Walt

Disney

Co.

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

46,200

5,256

52,023

Communications

Equipment

(1.2%):

Arista

Networks,

Inc.

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

20,700

2,713

F5,

Inc.

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

8,000

2,042

Motorola

Solutions,

Inc.

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

4,600

1,763

6,518

Consumer

Discretionary

(9.4%):

Amazon.com,

Inc.

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

79,600

18,373

Aptiv

PLC

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

10,200

776

eBay,

Inc.

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

31,300

2,726

Expedia

Group,

Inc.

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

38,700

10,964

General

Motors

Co.

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

35,900

2,919

Ralph

Lauren

Corp.

,

Class

A

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

19,300

6,825

Royal

Caribbean

Cruises

Ltd.

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

15,000

4,184

Tapestry,

Inc.

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

4,600

588

Ulta

Beauty,

Inc.

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

2,800

1,694

49,049

Consumer

Staples

(3.1%):

Casey's

General

Stores,

Inc.

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

9,600

5,306

Dollar

General

Corp.

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

28,400

3,771

Monster

Beverage

Corp.

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

1,400

PepsiCo,

Inc.

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

25,200

3,617

Philip

Morris

International,

Inc.

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

13,600

2,181

The

Kroger

Co.

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

15,800

987

15,969

Electronic

Equipment,

Instruments

&

Components

(2.8%):

Amphenol

Corp.

,

Class

A

.................................................

50,300

6,797

Fabrinet

(a) ............................................................

9,200

4,189

Jabil,

Inc.

............................................................

16,000

3,648

14,634

Energy

(4.2%):

Archrock,

Inc.

.........................................................

11,500

Baker

Hughes

Co.

,

Class

A

................................................

74,500

3,393

EOG

Resources,

Inc.

....................................................

20,000

2,100

Exxon

Mobil

Corp.

.....................................................

41,800

5,030

HF

Sinclair

Corp.

.......................................................

63,000

2,903

Marathon

Petroleum

Corp.

................................................

12,400

2,017

Phillips

Co.

.........................................................

18,200

2,348

TechnipFMC

PLC

......................................................

82,400

3,672

21,762

Financials

(13.3%):

Affiliated

Managers

Group,

Inc.

............................................

32,400

9,340

Ameriprise

Financial,

Inc.

.................................................

8,300

4,070

Assurant,

Inc.

.........................................................

18,100

4,359

FirstCash

Holdings,

Inc.

..................................................

36,400

5,801

Globe

Life,

Inc.

........................................................

5,400

755

Interactive

Brokers

Group,

Inc.

,

Class

A

.......................................

81,900

5,267

JPMorgan

Chase

&

Co.

..................................................

28,800

9,280

Raymond

James

Financial,

Inc.

.............................................

29,900

4,802

The

Bank

of

New

York

Mellon

Corp.

.........................................

68,900

7,999

The

Goldman

Sachs

Group,

Inc.

............................................

4,500

3,956

The

Progressive

Corp.

...................................................

5,800

1,321

Visa,

Inc.

,

Class

A

......................................................

15,900

5,576

Victory

Portfolios

#### Victory

#### Multi-Cap

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Wells

Fargo

&

Co.

......................................................

76,000

$

7,083

69,609

Health

Care

(12.5%):

AstraZeneca

PLC

,

ADR

..................................................

62,100

5,709

BrightSpring

Health

Services,

Inc.

(a) .........................................

217,800

8,157

Cencora,

Inc.

..........................................................

15,900

5,370

Eli

Lilly

&

Co.

.........................................................

12,100

13,004

Halozyme

Therapeutics,

Inc.

(a) .............................................

96,300

6,481

HCA

Healthcare,

Inc.

....................................................

15,900

7,423

McKesson

Corp.

.......................................................

6,900

5,660

Novartis

AG

,

ADR

......................................................

40,900

5,639

ResMed,

Inc.

..........................................................

1,300

The

Ensign

Group,

Inc.

...................................................

20,800

3,623

Universal

Health

Services,

Inc.

,

Class

B

.......................................

17,900

3,902

65,281

Industrials

(6.1%):

Allegion

PLC

.........................................................

6,600

1,051

Caterpillar,

Inc.

........................................................

5,300

3,036

Comfort

Systems

USA,

Inc.

...............................................

4,000

3,733

EMCOR

Group,

Inc.

....................................................

4,800

2,937

ExlService

Holdings,

Inc.

(a) ...............................................

50,200

2,131

Federal

Signal

Corp.

.....................................................

44,200

4,800

Mueller

Industries,

Inc.

...................................................

15,900

1,825

Nextpower,

Inc.

,

Class

A

(a) ................................................

28,700

2,500

Quanta

Services,

Inc.

....................................................

1,400

591

Trane

Technologies

PLC

..................................................

14,800

5,760

Uber

Technologies,

Inc.

(a) ................................................

27,600

2,255

United

Rentals,

Inc.

.....................................................

1,700

1,376

31,995

Materials

(2.4%):

Coeur

Mining,

Inc.

(a) ....................................................

177,500

3,165

CRH

PLC

............................................................

5,700

711

NewMarket

Corp.

......................................................

2,200

1,512

Newmont

Corp.

........................................................

36,000

3,595

Royal

Gold,

Inc.

........................................................

15,000

3,334

12,317

Real

Estate

(1.2%):

CBRE

Group,

Inc.

,

Class

A

(a) ..............................................

19,400

3,119

Simon

Property

Group,

Inc.

...............................................

13,000

2,407

VICI

Properties,

Inc.

,

Class

A

..............................................

32,900

925

6,451

Semiconductors

&

Semiconductor

Equipment

(14.5%):

Applied

Materials,

Inc.

...................................................

1,300

Broadcom,

Inc.

........................................................

44,200

15,298

Cirrus

Logic,

Inc.

(a) .....................................................

500

Credo

Technology

Group

Holding

Ltd.

(a) .....................................

12,000

1,727

KLA

Corp.

...........................................................

8,200

9,964

NVIDIA

Corp.

.........................................................

220,200

41,067

Rambus,

Inc.

(a) ........................................................

9,100

836

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

,

ADR

.............................

21,800

6,625

75,910

Software

(7.8%):

Autodesk,

Inc.

(a) .......................................................

14,500

4,292

Gen

Digital,

Inc.

.......................................................

23,800

647

Microsoft

Corp.

........................................................

64,160

31,029

Palantir

Technologies,

Inc.

,

Class

A

(a) ........................................

26,900

4,782

40,750

Technology

Hardware,

Storage

&

Peripherals

(8.6%):

Apple,

Inc.

...........................................................

154,080

41,888

Pure

Storage,

Inc.

,

Class

A

(a) ..............................................

1,900

Victory

Portfolios

#### Victory

#### Multi-Cap

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Seagate

Technology

Holdings

PLC

..........................................

9,900

$

2,727

44,742

Utilities

(0.9%):

National

Fuel

Gas

Co.

...................................................

21,600

1,729

NRG

Energy,

Inc.

.......................................................

13,400

2,134

Vistra

Corp.

...........................................................

6,300

1,017

4,880

Total

Common

Stocks

(Cost

$295,659)

a

a

a

511,890

Exchange-Traded

Funds

(1.9%)

State

Street

Real

Estate

Select

Sector

SPDR

ETF

(b) ..............................

246,200

9,935

Total

Exchange-Traded

Funds

(Cost

$10,094)

a

a

a

9,935

Collateral

for

Securities

Loaned

(0.4%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.69

%

(c) ........

463,840

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.69

%

(c) ............

463,840

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.67

%

(c) ...............

463,840

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.69

%

(c) .

463,840

Total

Collateral

for

Securities

Loaned

(Cost

$1,855)

a

a

a

1,855

Total

Investments

(Cost

$307,608)

—

100.2%

523,680

Liabilities

in

excess

of

other

assets

— (0.2)%

(1,125)

NET

ASSETS

-

100.00%

$

522,555

At

December

31,

2025,

the

Fund's

investments

in

foreign

securities

were

6.9%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Non-income

producing

security.

(b) All

or

a

portion

of

this

security

is

on

loan.

(c) Rate

disclosed

is

the

daily

yield

on

December

31,

2025. ADR

—

American

Depositary

Receipt

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

#### Victory

#### S&P

#### 500

#### Index

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(99.0%)

Communication

Services

(10.5%):

Alphabet,

Inc.

,

Class

A

...................................................

27,398

$

8,576

Alphabet,

Inc.

,

Class

C

...................................................

21,898

6,872

AT&T,

Inc.

...........................................................

33,386

829

Charter

Communications,

Inc.

,

Class

A

(a) (b) ...................................

Comcast

Corp.

,

Class

A

..................................................

17,115

512

Electronic

Arts,

Inc.

.....................................................

1,057

Fox

Corp.

,

Class

A

......................................................

981

Fox

Corp.

,

Class

B

......................................................

698

Live

Nation

Entertainment,

Inc.

(a) ...........................................

743

Match

Group,

Inc.

......................................................

1,111

Meta

Platforms,

Inc.

,

Class

A

..............................................

10,256

6,770

Netflix,

Inc.

(a) .........................................................

19,954

1,871

News

Corp.

,

Class

A

.....................................................

1,762

News

Corp.

,

Class

B

(b) ..................................................

580

Omnicom

Group,

Inc.

....................................................

1,502

Paramount

Skydance

Corp.

,

Class

B

(b) .......................................

1,461

Take-Two

Interactive

Software,

Inc.

(a) ........................................

818

The

Trade

Desk,

Inc.

,

Class

A

(a) ............................................

2,073

The

Walt

Disney

Co.

....................................................

8,407

956

TKO

Group

Holdings,

Inc.

,

Class

A

..........................................

T-Mobile

US,

Inc.

......................................................

2,265

Verizon

Communications,

Inc.

..............................................

19,856

809

Warner

Bros

Discovery,

Inc.

(a) .............................................

11,669

29,109

Communications

Equipment

(0.9%):

Arista

Networks,

Inc.

(a) ..................................................

4,863

637

Cisco

Systems,

Inc.

.....................................................

18,558

1,430

F5,

Inc.

(a) ............................................................

Motorola

Solutions,

Inc.

..................................................

784

2,437

Consumer

Discretionary

(10.3%):

Airbnb,

Inc.

,

Class

A

(a) ..................................................

2,003

Amazon.com,

Inc.

(a) ....................................................

45,811

10,574

Aptiv

PLC

(a) ..........................................................

1,017

AutoZone,

Inc.

(a) .......................................................

Best

Buy

Co.,

Inc.

......................................................

920

Booking

Holdings,

Inc.

...................................................

814

Carnival

Corp.

(a) .......................................................

5,113

Carvana

Co.

,

Class

A

(a) ..................................................

661

Chipotle

Mexican

Grill,

Inc.

,

Class

A

(a) .......................................

6,227

D.R.

Horton,

Inc.

.......................................................

1,290

Darden

Restaurants,

Inc.

..................................................

548

Deckers

Outdoor

Corp.

(a) .................................................

686

Domino's

Pizza,

Inc.

.....................................................

DoorDash,

Inc.

,

Class

A

(a) ................................................

1,760

eBay,

Inc.

............................................................

2,129

Expedia

Group,

Inc.

.....................................................

551

Ford

Motor

Co.

........................................................

18,430

Garmin

Ltd.

...........................................................

770

General

Motors

Co.

.....................................................

4,393

Genuine

Parts

Co.

......................................................

655

Hasbro,

Inc.

...........................................................

627

Hilton

Worldwide

Holdings,

Inc.

............................................

1,095

Las

Vegas

Sands

Corp.

...................................................

1,433

Lennar

Corp.

,

Class

A

....................................................

1,016

Lowe's

Cos.,

Inc.

.......................................................

2,641

637

Lululemon

Athletica,

Inc.

(a) ...............................................

508

Marriott

International,

Inc.

,

Class

A

..........................................

1,049

McDonald's

Corp.

......................................................

3,354

1,025

MGM

Resorts

International

(a) ..............................................

965

Victory

Portfolios

#### Victory

#### S&P

#### 500

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) NIKE,

Inc.

,

Class

B

.....................................................

5,601

$

Norwegian

Cruise

Line

Holdings

Ltd.

(a) ......................................

2,142

NVR,

Inc.

(a) ..........................................................

O'Reilly

Automotive,

Inc.

(a) ...............................................

3,975

Pool

Corp.

............................................................

PulteGroup,

Inc.

........................................................

918

Ralph

Lauren

Corp.

,

Class

A

...............................................

Ross

Stores,

Inc.

.......................................................

1,532

Royal

Caribbean

Cruises

Ltd.

..............................................

1,194

Starbucks

Corp.

........................................................

5,354

Tapestry,

Inc.

..........................................................

964

Tesla,

Inc.

(a) ..........................................................

13,233

5,951

The

Home

Depot,

Inc.

...................................................

4,687

1,613

The

TJX

Cos.,

Inc.

......................................................

5,241

805

Tractor

Supply

Co.

......................................................

2,488

Ulta

Beauty,

Inc.

(a) .....................................................

Williams-Sonoma,

Inc.

...................................................

573

Wynn

Resorts

Ltd.

......................................................

Yum!

Brands,

Inc.

......................................................

1,307

28,637

Consumer

Staples

(4.7%):

Altria

Group,

Inc.

.......................................................

7,905

Archer-Daniels-Midland

Co.

...............................................

2,263

Brown-Forman

Corp.

,

Class

B

.............................................

828

Bunge

Global

SA

.......................................................

637

Church

&

Dwight

Co.,

Inc.

................................................

1,131

Colgate-Palmolive

Co.

...................................................

3,796

Conagra

Brands,

Inc.

....................................................

2,251

Constellation

Brands,

Inc.

,

Class

A

..........................................

664

Costco

Wholesale

Corp.

..................................................

2,087

1,800

Dollar

General

Corp.

....................................................

1,036

Dollar

Tree,

Inc.

(a) ......................................................

893

General

Mills,

Inc.

......................................................

2,512

Hormel

Foods

Corp.

.....................................................

1,371

Kenvue,

Inc.

..........................................................

9,021

Keurig

Dr.

Pepper,

Inc.

...................................................

6,397

Kimberly-Clark

Corp.

....................................................

1,563

Lamb

Weston

Holdings,

Inc.

...............................................

656

McCormick

&

Co.,

Inc.

..................................................

1,192

Molson

Coors

Beverage

Co.

,

Class

B

.........................................

797

Mondelez

International,

Inc.

,

Class

A

.........................................

6,077

Monster

Beverage

Corp.

(a) ................................................

3,359

PepsiCo,

Inc.

..........................................................

6,439

924

Philip

Morris

International,

Inc.

.............................................

7,331

1,176

Sysco

Corp.

...........................................................

2,255

Target

Corp.

..........................................................

2,140

The

Campbell's

Company

(b) ...............................................

924

The

Clorox

Co.

........................................................

574

The

Coca-Cola

Co.

......................................................

18,231

1,274

The

Estee

Lauder

Cos.,

Inc.

,

Class

A

.........................................

1,157

The

Hershey

Co.

.......................................................

698

The

J.M.

Smucker

Co.

...................................................

502

The

Kraft

Heinz

Co.

.....................................................

4,012

The

Kroger

Co.

........................................................

2,871

The

Procter

&

Gamble

Co.

................................................

11,004

1,577

Tyson

Foods,

Inc.

,

Class

A

................................................

1,333

Walmart,

Inc.

..........................................................

20,650

2,301

12,972

Electronic

Equipment,

Instruments

&

Components

(0.7%):

Amphenol

Corp.

,

Class

A

.................................................

5,764

779

CDW

Corp.

...........................................................

613

Corning,

Inc.

..........................................................

3,674

Victory

Portfolios

#### Victory

#### S&P

#### 500

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Jabil,

Inc.

............................................................

503

$

Keysight

Technologies,

Inc.

(a) .............................................

809

TE

Connectivity

PLC

....................................................

1,385

Teledyne

Technologies,

Inc.

(a) .............................................

Zebra

Technologies

Corp.

(a) ...............................................

1,949

Energy

(2.8%):

APA

Corp.

............................................................

1,669

Baker

Hughes

Co.

,

Class

A

................................................

4,647

Chevron

Corp.

.........................................................

8,913

1,358

ConocoPhillips

Co.

.....................................................

5,819

545

Coterra

Energy,

Inc.

.....................................................

3,585

Devon

Energy

Corp.

.....................................................

2,954

Diamondback

Energy,

Inc.

................................................

877

EOG

Resources,

Inc.

....................................................

2,555

EQT

Corp.

............................................................

2,939

Expand

Energy

Corp.

....................................................

1,121

Exxon

Mobil

Corp.

.....................................................

19,859

2,390

Halliburton

Co.

........................................................

3,963

Kinder

Morgan,

Inc.

.....................................................

9,220

Marathon

Petroleum

Corp.

................................................

1,416

Occidental

Petroleum

Corp.

...............................................

3,386

ONEOK,

Inc.

..........................................................

2,963

Phillips

Co.

.........................................................

1,897

SLB

Ltd.

.............................................................

7,035

Targa

Resources

Corp.

...................................................

1,011

Texas

Pacific

Land

Corp.

.................................................

The

Williams

Cos.,

Inc.

..................................................

5,751

Valero

Energy

Corp.

.....................................................

1,436

7,741

Financials

(13.3%):

Aflac,

Inc.

............................................................

2,221

American

Express

Co.

...................................................

2,530

936

American

International

Group,

Inc.

..........................................

2,541

Ameriprise

Financial,

Inc.

.................................................

Aon

PLC

,

Class

A

......................................................

1,012

Apollo

Global

Management,

Inc.

............................................

2,187

Arch

Capital

Group

Ltd.

(a) ................................................

1,700

Ares

Management

Corp.

,

Class

A

...........................................

970

Arthur

J. Gallagher

&

Co.

.................................................

1,209

Assurant,

Inc.

.........................................................

Bank

of

America

Corp.

...................................................

31,638

1,740

Berkshire

Hathaway,

Inc.

,

Class

B

(a) .........................................

8,635

4,340

BlackRock,

Inc.

........................................................

679

727

Blackstone,

Inc.

........................................................

3,478

536

Block,

Inc.

,

Class

A

(a) ...................................................

2,579

Brown

&

Brown,

Inc.

....................................................

1,382

Capital

One

Financial

Corp.

...............................................

2,994

726

Cboe

Global

Markets,

Inc.

................................................

Chubb

Ltd.

...........................................................

1,724

538

Cincinnati

Financial

Corp.

................................................

735

Citigroup,

Inc.

.........................................................

8,426

983

Citizens

Financial

Group,

Inc.

..............................................

2,022

CME

Group,

Inc.

,

Class

A

.................................................

1,698

Coinbase

Global,

Inc.

,

Class

A

(a) ...........................................

1,074

Corpay,

Inc.

(a) .........................................................

Erie

Indemnity

Co.

,

Class

A

...............................................

Everest

Group

Ltd.

......................................................

FactSet

Research

Systems,

Inc.

.............................................

Fidelity

National

Information

Services,

Inc.

....................................

2,439

Fifth

Third

Bancorp

.....................................................

3,112

Fiserv,

Inc.

(a) ..........................................................

2,533

Victory

Portfolios

#### Victory

#### S&P

#### 500

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Franklin

Resources,

Inc.

..................................................

1,446

$

Global

Payments,

Inc.

....................................................

1,115

Globe

Life,

Inc.

........................................................

Huntington

Bancshares,

Inc.

...............................................

7,401

Interactive

Brokers

Group,

Inc.

,

Class

A

.......................................

2,097

Intercontinental

Exchange,

Inc.

.............................................

2,685

Invesco

Ltd.

...........................................................

2,095

Jack

Henry

&

Associates,

Inc.

..............................................

JPMorgan

Chase

&

Co.

..................................................

12,820

4,131

KeyCorp

.............................................................

4,373

KKR

&

Co.,

Inc.

.......................................................

3,232

Loews

Corp.

..........................................................

798

M&T

Bank

Corp.

.......................................................

724

Marsh

&

McLennan

Cos.,

Inc.

.............................................

2,307

Mastercard,

Inc.

,

Class

A

.................................................

3,861

2,204

MetLife,

Inc.

..........................................................

2,606

Moody's

Corp.

.........................................................

723

Morgan

Stanley

........................................................

5,688

1,010

MSCI,

Inc.

,

Class

A

.....................................................

Nasdaq,

Inc.

..........................................................

2,124

Northern

Trust

Corp.

....................................................

891

PayPal

Holdings,

Inc.

....................................................

4,406

Principal

Financial

Group,

Inc.

.............................................

941

Prudential

Financial,

Inc.

.................................................

1,648

Raymond

James

Financial,

Inc.

.............................................

830

Regions

Financial

Corp.

..................................................

4,129

Robinhood

Markets,

Inc.

,

Class

A

(a) .........................................

3,703

S&P

Global,

Inc.

.......................................................

1,460

763

State

Street

Corp.

.......................................................

1,315

Synchrony

Financial

.....................................................

1,696

T. Rowe

Price

Group,

Inc.

.................................................

1,028

The

Allstate

Corp.

......................................................

1,232

The

Bank

of

New

York

Mellon

Corp.

.........................................

3,284

The

Charles

Schwab

Corp.

................................................

7,866

786

The

Goldman

Sachs

Group,

Inc.

............................................

1,412

1,241

The

Hartford

Insurance

Group,

Inc.

..........................................

1,312

The

PNC

Financial

Services

Group,

Inc.

......................................

1,847

The

Progressive

Corp.

...................................................

2,761

629

The

Travelers

Cos.,

Inc.

..................................................

1,050

Truist

Financial

Corp.

....................................................

6,024

U.S.

Bancorp

..........................................................

7,320

Visa,

Inc.

,

Class

A

......................................................

7,947

2,787

W.R.

Berkley

Corp.

.....................................................

1,413

Wells

Fargo

&

Co.

......................................................

14,783

1,378

Willis

Towers

Watson

PLC

................................................

36,876

Health

Care

(9.5%):

Abbott

Laboratories

.....................................................

8,189

1,026

AbbVie,

Inc.

..........................................................

8,323

1,902

Agilent

Technologies,

Inc.

.................................................

1,335

Align

Technology,

Inc.

(a) .................................................

Amgen,

Inc.

...........................................................

2,536

830

Baxter

International,

Inc.

.................................................

2,419

Becton

Dickinson

&

Co.

..................................................

1,350

Biogen,

Inc.

(a) .........................................................

691

Bio-Techne

Corp.

.......................................................

733

Boston

Scientific

Corp.

(a) .................................................

6,981

666

Bristol-Myers

Squibb

Co.

.................................................

9,587

517

Cardinal

Health,

Inc.

....................................................

1,119

Cencora,

Inc.

..........................................................

913

Centene

Corp.

(a) .......................................................

2,198

Charles

River

Laboratories

International,

Inc.

(a) .................................

CVS

Health

Corp.

......................................................

5,978

Victory

Portfolios

#### Victory

#### S&P

#### 500

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Danaher

Corp.

.........................................................

2,960

$

678

DaVita,

Inc.

(a) .........................................................

Dexcom,

Inc.

(a) ........................................................

1,836

Edwards

Lifesciences

Corp.

(a) .............................................

2,733

Elevance

Health,

Inc.

....................................................

1,047

Eli

Lilly

&

Co.

.........................................................

3,740

4,019

GE

HealthCare

Technologies,

Inc.

...........................................

2,145

Gilead

Sciences,

Inc.

....................................................

5,843

717

HCA

Healthcare,

Inc.

....................................................

752

Henry

Schein,

Inc.

(a) ....................................................

Hologic,

Inc.

(a) ........................................................

1,048

Humana,

Inc.

..........................................................

566

IDEXX

Laboratories,

Inc.

(a) ...............................................

Incyte

Corp.

(a) .........................................................

776

Insulet

Corp.

(a) ........................................................

Intuitive

Surgical,

Inc.

(a) .................................................

1,669

945

IQVIA

Holdings,

Inc.

(a) ..................................................

802

Johnson

&

Johnson

.....................................................

11,346

2,348

Labcorp

Holdings,

Inc.

...................................................

McKesson

Corp.

.......................................................

581

Medtronic

PLC

........................................................

6,040

580

Merck

&

Co.,

Inc.

......................................................

11,688

1,230

Mettler-Toledo

International,

Inc.

(a) .........................................

Moderna,

Inc.

(a) .......................................................

1,636

Molina

Healthcare,

Inc.

(a) ................................................

Pfizer,

Inc.

............................................................

26,775

667

Quest

Diagnostics,

Inc.

...................................................

524

Regeneron

Pharmaceuticals,

Inc.

............................................

ResMed,

Inc.

..........................................................

687

Revvity,

Inc.

..........................................................

534

Solventum

Corp.

(a) .....................................................

694

STERIS

PLC

..........................................................

Stryker

Corp.

..........................................................

1,621

570

The

Cigna

Group

.......................................................

1,258

The

Cooper

Cos.,

Inc.

(a) ..................................................

936

Thermo

Fisher

Scientific,

Inc.

..............................................

1,769

1,025

UnitedHealth

Group,

Inc.

.................................................

4,266

1,408

Universal

Health

Services,

Inc.

,

Class

B

.......................................

Vertex

Pharmaceuticals,

Inc.

(a) .............................................

1,195

542

Viatris,

Inc.

...........................................................

5,422

Waters

Corp.

(a) ........................................................

West

Pharmaceutical

Services,

Inc.

..........................................

Zimmer

Biomet

Holdings,

Inc.

.............................................

933

Zoetis,

Inc.

,

Class

A

.....................................................

2,075

26,392

Industrials

(8.1%):

3M

Co.

..............................................................

2,502

A.O.

Smith

Corp.

.......................................................

533

Allegion

PLC

.........................................................

AMETEK,

Inc.

........................................................

1,084

Automatic

Data

Processing,

Inc.

............................................

1,905

Axon

Enterprise,

Inc.

(a) ..................................................

Broadridge

Financial

Solutions,

Inc.

.........................................

550

Builders

FirstSource,

Inc.

(a) ...............................................

520

C.H.

Robinson

Worldwide,

Inc.

.............................................

556

Carrier

Global

Corp.

.....................................................

3,728

Caterpillar,

Inc.

........................................................

2,204

1,263

Cintas

Corp.

..........................................................

1,609

Comfort

Systems

USA,

Inc.

...............................................

Copart,

Inc.

(a) .........................................................

4,193

CSX

Corp.

............................................................

8,769

Cummins,

Inc.

.........................................................

650

Dayforce,

Inc.

(a) .......................................................

753

Victory

Portfolios

#### Victory

#### S&P

#### 500

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Deere

&

Co.

..........................................................

1,184

$

551

Delta

Air

Lines,

Inc.

.....................................................

3,054

Dover

Corp.

...........................................................

646

Eaton

Corp.

PLC

.......................................................

1,829

583

EMCOR

Group,

Inc.

....................................................

Emerson

Electric

Co.

....................................................

2,646

Equifax,

Inc.

..........................................................

576

Expeditors

International

of

Washington,

Inc.

....................................

631

Fastenal

Co.

...........................................................

5,406

FedEx

Corp.

..........................................................

1,022

Fortive

Corp.

..........................................................

1,496

GE

Vernova,

Inc.

.......................................................

1,278

835

Generac

Holdings,

Inc.

(a) .................................................

General

Dynamics

Corp.

..................................................

1,194

General

Electric

Co.

.....................................................

4,967

1,530

Honeywell

International,

Inc.

..............................................

2,990

583

Howmet

Aerospace,

Inc.

..................................................

1,893

Hubbell,

Inc.

,

Class

B

....................................................

Huntington

Ingalls

Industries,

Inc.

...........................................

IDEX

Corp.

...........................................................

Illinois

Tool

Works,

Inc.

..................................................

1,243

Ingersoll

Rand,

Inc.

.....................................................

1,693

J.B.

Hunt

Transport

Services,

Inc.

...........................................

Jacobs

Solutions,

Inc.

....................................................

563

Johnson

Controls

International

PLC

..........................................

2,878

L3Harris

Technologies,

Inc.

...............................................

881

Leidos

Holdings,

Inc.

....................................................

602

Lennox

International,

Inc.

.................................................

Lockheed

Martin

Corp.

...................................................

959

Masco

Corp.

..........................................................

978

Nordson

Corp.

.........................................................

Norfolk

Southern

Corp.

..................................................

1,057

Northrop

Grumman

Corp.

.................................................

632

Old

Dominion

Freight

Line,

Inc.

............................................

866

Otis

Worldwide

Corp.

....................................................

1,835

PACCAR,

Inc.

.........................................................

2,473

Parker-Hannifin

Corp.

...................................................

594

522

Paychex,

Inc.

..........................................................

1,525

Paycom

Software,

Inc.

...................................................

Pentair

PLC

...........................................................

770

Quanta

Services,

Inc.

....................................................

702

Republic

Services,

Inc.

,

Class

A

............................................

948

Rockwell

Automation,

Inc.

................................................

529

Rollins,

Inc.

...........................................................

1,382

RTX

Corp.

............................................................

6,314

1,158

Snap-on,

Inc.

..........................................................

Southwest

Airlines

Co.

...................................................

2,435

Stanley

Black

&

Decker,

Inc.

..............................................

729

Textron,

Inc.

..........................................................

830

The

Boeing

Co.

(a) ......................................................

3,687

800

Trane

Technologies

PLC

..................................................

1,044

TransDigm

Group,

Inc.

...................................................

Uber

Technologies,

Inc.

(a) ................................................

9,785

799

Union

Pacific

Corp.

.....................................................

2,793

646

United

Airlines

Holdings,

Inc.

(a) ............................................

1,524

United

Parcel

Service,

Inc.

,

Class

B

..........................................

3,480

United

Rentals,

Inc.

.....................................................

Veralto

Corp.

..........................................................

1,169

Verisk

Analytics,

Inc.

,

Class

A

..............................................

656

W.W.

Grainger,

Inc.

.....................................................

Waste

Management,

Inc.

..................................................

1,745

Westinghouse

Air

Brake

Technologies

Corp.

....................................

805

Victory

Portfolios

#### Victory

#### S&P

#### 500

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Xylem,

Inc.

...........................................................

1,146

$

22,449

IT

Services

(0.9%):

Accenture

PLC

,

Class

A

..................................................

2,920

783

Akamai

Technologies,

Inc.

(a) ..............................................

677

Cognizant

Technology

Solutions

Corp.

,

Class

A

.................................

2,273

EPAM

Systems,

Inc.

(a) ...................................................

Gartner,

Inc.

(a) ........................................................

GoDaddy,

Inc.

,

Class

A

(a) .................................................

636

International

Business

Machines

Corp.

........................................

4,402

1,304

VeriSign,

Inc.

..........................................................

2,648

Materials

(1.8%):

Air

Products

and

Chemicals,

Inc.

............................................

1,048

Albemarle

Corp.

.......................................................

554

Amcor

PLC

...........................................................

10,867

Avery

Dennison

Corp.

...................................................

Ball

Corp.

............................................................

1,262

CF

Industries

Holdings,

Inc.

...............................................

734

Corteva,

Inc.

..........................................................

3,182

CRH

PLC

............................................................

3,130

Dow,

Inc.

............................................................

3,346

DuPont

de

Nemours,

Inc.

.................................................

1,972

Ecolab,

Inc.

...........................................................

1,200

Freeport-McMoRan,

Inc.

.................................................

6,762

International

Flavors

&

Fragrances,

Inc.

.......................................

1,206

International

Paper

Co.

...................................................

2,486

Linde

PLC

............................................................

2,199

938

LyondellBasell

Industries

NV

,

Class

A

........................................

1,212

Martin

Marietta

Materials,

Inc.

.............................................

Newmont

Corp.

........................................................

5,139

513

Nucor

Corp.

...........................................................

1,078

Packaging

Corp.

of

America

...............................................

PPG

Industries,

Inc.

.....................................................

1,057

Smurfit

WestRock

PLC

...................................................

2,458

Steel

Dynamics,

Inc.

.....................................................

646

The

Mosaic

Co.

........................................................

1,493

The

Sherwin-Williams

Co.

................................................

1,086

Vulcan

Materials

Co.

....................................................

622

5,038

Real

Estate

(1.8%):

Alexandria

Real

Estate

Equities,

Inc.

.........................................

732

American

Tower

Corp.

...................................................

2,205

AvalonBay

Communities,

Inc.

..............................................

666

BXP,

Inc.

.............................................................

694

Camden

Property

Trust

...................................................

501

CBRE

Group,

Inc.

,

Class

A

(a) ..............................................

1,380

CoStar

Group,

Inc.

(a) ....................................................

1,996

Crown

Castle,

Inc.

......................................................

2,051

Digital

Realty

Trust,

Inc.

..................................................

1,520

Equinix,

Inc.

..........................................................

Equity

Residential

......................................................

1,630

Essex

Property

Trust,

Inc.

.................................................

Extra

Space

Storage,

Inc.

.................................................

999

Federal

Realty

Investment

Trust

............................................

Healthpeak

Properties,

Inc.

................................................

3,271

Host

Hotels

&

Resorts,

Inc.

................................................

3,010

Invitation

Homes,

Inc.

...................................................

2,655

Iron

Mountain,

Inc.

.....................................................

1,392

Kimco

Realty

Corp.

.....................................................

3,188

Mid-America

Apartment

Communities,

Inc.

....................................

551

Prologis,

Inc.

..........................................................

4,374

558

Victory

Portfolios

#### Victory

#### S&P

#### 500

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Public

Storage

.........................................................

744

$

Realty

Income

Corp.

....................................................

4,332

Regency

Centers

Corp.

...................................................

775

SBA

Communications

Corp.

,

Class

A

.........................................

502

Simon

Property

Group,

Inc.

...............................................

1,537

UDR,

Inc.

............................................................

1,415

Ventas,

Inc.

...........................................................

2,211

VICI

Properties,

Inc.

,

Class

A

..............................................

5,033

Welltower,

Inc.

.........................................................

3,232

600

Weyerhaeuser

Co.

......................................................

3,393

5,034

Semiconductors

&

Semiconductor

Equipment

(14.0%):

Advanced

Micro

Devices,

Inc.

(a) ............................................

7,667

1,642

Analog

Devices,

Inc.

....................................................

2,317

628

Applied

Materials,

Inc.

...................................................

3,752

964

Broadcom,

Inc.

........................................................

22,239

7,697

First

Solar,

Inc.

(a) ......................................................

505

Intel

Corp.

(a) ..........................................................

21,114

779

KLA

Corp.

...........................................................

619

752

Lam

Research

Corp.

.....................................................

5,915

1,013

Microchip

Technology,

Inc.

................................................

2,545

Micron

Technology,

Inc.

..................................................

5,286

1,509

Monolithic

Power

Systems,

Inc.

............................................

NVIDIA

Corp.

.........................................................

114,433

21,342

NXP

Semiconductors

NV

.................................................

1,185

ON

Semiconductor

Corp.

(a) ...............................................

1,895

Qnity

Electronics,

Inc.

...................................................

986

QUALCOMM,

Inc.

.....................................................

5,044

863

Skyworks

Solutions,

Inc.

.................................................

700

Teradyne,

Inc.

.........................................................

737

Texas

Instruments,

Inc.

...................................................

4,279

742

39,057

Software

(10.2%):

Adobe,

Inc.

(a) .........................................................

1,971

690

AppLovin

Corp.

,

Class

A

(a) ...............................................

1,275

859

Autodesk,

Inc.

(a) .......................................................

1,003

Cadence

Design

Systems,

Inc.

(a) ............................................

1,282

Crowdstrike

Holdings,

Inc.

,

Class

A

(a) .......................................

1,182

554

Datadog,

Inc.

,

Class

A

(a) .................................................

1,532

Fair

Isaac

Corp.

(a) ......................................................

Fortinet,

Inc.

(a) ........................................................

2,977

Gen

Digital,

Inc.

.......................................................

2,642

Intuit,

Inc.

............................................................

1,313

870

Microsoft

Corp.

........................................................

35,001

16,927

Oracle

Corp.

..........................................................

7,921

1,544

Palantir

Technologies,

Inc.

,

Class

A

(a) ........................................

10,757

1,912

Palo

Alto

Networks,

Inc.

(a) ................................................

3,221

593

PTC,

Inc.

(a) ...........................................................

564

Roper

Technologies,

Inc.

..................................................

507

Salesforce,

Inc.

........................................................

4,483

1,188

ServiceNow,

Inc.

(a) .....................................................

4,975

762

Synopsys,

Inc.

(a) .......................................................

875

Trimble,

Inc.

(a) ........................................................

1,120

Tyler

Technologies,

Inc.

(a) ................................................

Workday,

Inc.

,

Class

A

(a) .................................................

1,022

28,437

Technology

Hardware,

Storage

&

Peripherals

(7.3%):

Apple,

Inc.

...........................................................

69,585

18,917

Dell

Technologies,

Inc.

,

Class

C

............................................

1,419

Hewlett

Packard

Enterprise

Co.

.............................................

6,213

HP,

Inc.

..............................................................

4,401

NetApp,

Inc.

..........................................................

940

Victory

Portfolios

#### Victory

#### S&P

#### 500

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Sandisk

Corp.

(a) .......................................................

656

$

Seagate

Technology

Holdings

PLC

..........................................

1,026

Super

Micro

Computer,

Inc.

(a) .............................................

2,361

Western

Digital

Corp.

....................................................

1,610

20,229

Utilities

(2.2%):

Alliant

Energy

Corp.

....................................................

1,210

Ameren

Corp.

.........................................................

1,274

American

Electric

Power

Co.,

Inc.

...........................................

2,521

American

Water

Works

Co.,

Inc.

............................................

919

Atmos

Energy

Corp.

.....................................................

756

CenterPoint

Energy,

Inc.

..................................................

3,074

CMS

Energy

Corp.

......................................................

1,433

Consolidated

Edison,

Inc.

.................................................

1,700

Constellation

Energy

Corp.

................................................

1,471

520

Dominion

Energy,

Inc.

...................................................

4,021

DTE

Energy

Co.

.......................................................

978

Duke

Energy

Corp.

......................................................

3,662

Edison

International

.....................................................

1,812

Entergy

Corp.

.........................................................

2,103

Evergy,

Inc.

...........................................................

1,084

Eversource

Energy

......................................................

1,766

Exelon

Corp.

..........................................................

4,758

FirstEnergy

Corp.

.......................................................

2,448

NextEra

Energy,

Inc.

....................................................

9,807

787

NiSource,

Inc.

.........................................................

2,246

NRG

Energy,

Inc.

.......................................................

902

PG&E

Corp.

..........................................................

10,350

Pinnacle

West

Capital

Corp.

...............................................

563

PPL

Corp.

............................................................

3,483

Public

Service

Enterprise

Group,

Inc.

.........................................

2,350

Sempra

..............................................................

3,074

The

AES

Corp.

........................................................

3,351

The

Southern

Co.

.......................................................

5,185

Vistra

Corp.

...........................................................

1,500

WEC

Energy

Group,

Inc.

.................................................

1,532

Xcel

Energy,

Inc.

.......................................................

2,786

6,191

Total

Common

Stocks

(Cost

$38,486)

a

a

a

275,196

Collateral

for

Securities

Loaned

(0.1%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.69

%

(c) ........

35,451

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.69

%

(c) ............

35,451

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.67

%

(c) ...............

35,451

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.69

%

(c) .

35,451

Total

Collateral

for

Securities

Loaned

(Cost

$142)

a

a

a

Total

Investments

(Cost

$38,628)

—

99.1%

275,338

Other

assets

in

excess

of

liabilities

— 0.9%

2,554

NET

ASSETS

-

100.00%

$

277,892

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Non-income

producing

security.

(b) All

or

a

portion

of

this

security

is

on

loan.

(c) Rate

disclosed

is

the

daily

yield

on

December

31,

2025. PLC

—

Public

Limited

Company

Victory

Portfolios

#### Victory

#### S&P

#### 500

#### Index

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

(000) Value

(000) Unrealized

Appreciation

(Depreciation)

(000) E-Mini

S&P

500

Futures

..............

3/20/26

$

2,764

$

2,757

$

(7)

Total

unrealized

appreciation

$

—

Total

unrealized

depreciation

(7)

Total

net

unrealized

appreciation

(depreciation)

$

(7)

Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

#### Victory

#### Mid-Cap

#### Core

#### Growth

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(99.9%)

Communication

Services

(2.3%):

Live

Nation

Entertainment,

Inc.(a)

...........................................

21,844

$

3,113

Match

Group,

Inc.

......................................................

20,900

675

Millicom

International

Cellular

SA(a)

........................................

16,200

898

Tencent

Music

Entertainment

Group,

ADR

.....................................

84,100

1,474

6,160

Consumer

Discretionary

(13.5%):

Aptiv

PLC(a)

..........................................................

8,500

647

BorgWarner,

Inc.

.......................................................

16,300

734

Boyd

Gaming

Corp.

.....................................................

39,400

3,358

Deckers

Outdoor

Corp.(a)

.................................................

11,700

1,213

eBay,

Inc.

............................................................

31,000

2,700

Expedia

Group,

Inc.

.....................................................

25,300

7,168

Grand

Canyon

Education,

Inc.(a)

............................................

4,700

782

Las

Vegas

Sands

Corp.

...................................................

6,800

Ralph

Lauren

Corp.,

Class

A

...............................................

15,300

5,410

Ross

Stores,

Inc.

.......................................................

19,400

3,495

Royal

Caribbean

Cruises

Ltd.

..............................................

13,800

3,849

TopBuild

Corp.(a)

......................................................

9,400

3,922

Ulta

Beauty,

Inc.(a)

.....................................................

1,300

786

Urban

Outfitters,

Inc.(a)

..................................................

28,700

2,160

36,667

Consumer

Staples

(4.2%):

Casey's

General

Stores,

Inc.

...............................................

5,400

2,985

Coca-Cola

Consolidated,

Inc.

..............................................

6,800

1,042

Dollar

General

Corp.

....................................................

5,800

770

Performance

Food

Group

Co.(a)

............................................

31,300

2,815

Post

Holdings,

Inc.(a)

....................................................

14,700

1,456

Sysco

Corp.

...........................................................

7,900

582

The

Kroger

Co.

........................................................

10,900

681

U.S.

Foods

Holding

Corp.(a)

...............................................

14,900

1,122

11,453

Energy

(7.5%):

Archrock,

Inc.

.........................................................

58,200

1,514

Baker

Hughes

Co.,

Class

A

................................................

74,500

3,393

Cheniere

Energy,

Inc.

....................................................

16,000

3,110

Devon

Energy

Corp.

.....................................................

94,700

3,469

HF

Sinclair

Corp.

.......................................................

18,100

834

Marathon

Petroleum

Corp.

................................................

2,500

Phillips

Co.

.........................................................

3,100

TechnipFMC

PLC

......................................................

70,700

3,150

Valero

Energy

Corp.

.....................................................

25,100

4,086

20,363

Financials

(16.6%):

Affiliated

Managers

Group,

Inc.

............................................

17,500

5,045

Ameriprise

Financial,

Inc.

.................................................

7,200

3,530

Arch

Capital

Group

Ltd.(a)

................................................

26,200

2,513

Assurant,

Inc.

.........................................................

7,700

1,855

BGC

Group,

Inc.,

Class

A

.................................................

167,800

1,499

Evercore,

Inc.,

Class

A

...................................................

9,100

3,096

FirstCash

Holdings,

Inc.

..................................................

19,900

3,172

Hancock

Whitney

Corp.

..................................................

23,000

1,465

Interactive

Brokers

Group,

Inc.,

Class

A

.......................................

44,100

2,836

MSCI,

Inc.,

Class

A

.....................................................

4,600

2,639

Popular,

Inc.

..........................................................

8,400

1,046

Raymond

James

Financial,

Inc.

.............................................

27,600

4,432

The

Bank

of

New

York

Mellon

Corp.

.........................................

52,700

6,118

The

Hartford

Insurance

Group,

Inc.

..........................................

18,700

2,577

W.R.

Berkley

Corp.

.....................................................

45,300

3,176

44,999

Victory

Portfolios

#### Victory

#### Mid-Cap

#### Core

#### Growth

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Health

Care

(12.7%):

Addus

HomeCare

Corp.(a)

................................................

10,900

$

1,170

BioMarin

Pharmaceutical,

Inc.(a)

...........................................

28,500

1,694

BrightSpring

Health

Services,

Inc.(a)

.........................................

118,600

4,442

Cencora,

Inc.

..........................................................

14,600

4,931

Exelixis,

Inc.(a)

........................................................

23,600

1,034

Halozyme

Therapeutics,

Inc.(a)

.............................................

83,800

5,640

HCA

Healthcare,

Inc.

....................................................

12,000

5,602

Humana,

Inc.

..........................................................

1,600

Incyte

Corp.(a)

.........................................................

4,600

Medpace

Holdings,

Inc.(a)

................................................

1,300

730

ResMed,

Inc.

..........................................................

3,200

771

Royalty

Pharma

PLC,

Class

A

..............................................

17,100

661

The

Ensign

Group,

Inc.

...................................................

11,400

1,986

Universal

Health

Services,

Inc.,

Class

B

.......................................

22,700

4,949

34,474

Industrials

(16.8%):

Allegion

PLC

.........................................................

3,900

621

Comfort

Systems

USA,

Inc.

...............................................

6,800

6,346

Cummins,

Inc.

.........................................................

1,300

663

Delta

Air

Lines,

Inc.

.....................................................

57,300

3,977

EMCOR

Group,

Inc.

....................................................

6,500

3,977

Federal

Signal

Corp.

.....................................................

38,400

4,170

Griffon

Corp.

..........................................................

36,500

2,688

Howmet

Aerospace,

Inc.

..................................................

27,900

5,720

Leidos

Holdings,

Inc.

....................................................

4,000

722

Mueller

Industries,

Inc.

...................................................

10,200

1,171

Quanta

Services,

Inc.

....................................................

3,300

1,393

Rollins,

Inc.

...........................................................

10,500

630

Trane

Technologies

PLC

..................................................

8,400

3,269

United

Airlines

Holdings,

Inc.(a)

............................................

22,600

2,527

United

Rentals,

Inc.

.....................................................

900

728

Verisk

Analytics,

Inc.,

Class

A

..............................................

9,200

2,058

Vertiv

Holdings

Co.,

Class

A

...............................................

30,700

4,974

45,634

Information

Technology

(10.4%):

Autodesk,

Inc.(a)

.......................................................

8,700

2,575

Cirrus

Logic,

Inc.(a)

.....................................................

10,700

1,268

Clear

Secure,

Inc.,

Class

A

................................................

80,900

2,838

Credo

Technology

Group

Holding

Ltd.(a)

.....................................

3,300

Dropbox,

Inc.,

Class

A(a)

.................................................

44,400

1,234

F5,

Inc.(a)

............................................................

3,200

817

Fabrinet(a)

............................................................

7,700

3,506

Gen

Digital,

Inc.

.......................................................

60,200

1,637

Jabil,

Inc.

............................................................

19,000

4,333

Monolithic

Power

Systems,

Inc.

............................................

4,300

3,897

NetApp,

Inc.

..........................................................

8,200

878

Pegasystems,

Inc.

.......................................................

13,900

830

Sanmina

Corp.(a)

.......................................................

3,400

510

TD

SYNNEX

Corp.

.....................................................

8,700

1,307

VeriSign,

Inc.

..........................................................

2,800

680

Zscaler,

Inc.(a)

.........................................................

6,700

1,507

28,292

Materials

(4.1%):

Avery

Dennison

Corp.

...................................................

15,000

2,728

CF

Industries

Holdings,

Inc.

...............................................

15,100

1,168

Coeur

Mining,

Inc.(a)

....................................................

37,500

669

Commercial

Metals

Co.

..................................................

19,200

1,329

Crown

Holdings,

Inc.

....................................................

15,200

1,565

NewMarket

Corp.

......................................................

1,200

825

Royal

Gold,

Inc.

........................................................

8,300

1,845

Victory

Portfolios

#### Victory

#### Mid-Cap

#### Core

#### Growth

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Steel

Dynamics,

Inc.

.....................................................

5,600

$

949

11,078

Real

Estate

(7.8%):

CBRE

Group,

Inc.,

Class

A(a)

..............................................

29,100

4,679

Digital

Realty

Trust,

Inc.

..................................................

1,600

Jones

Lang

LaSalle,

Inc.(a)

................................................

3,800

1,279

Omega

Healthcare

Investors,

Inc.

...........................................

19,400

860

Sabra

Health

Care

REIT,

Inc.

..............................................

84,600

1,602

SBA

Communications

Corp.,

Class

A

.........................................

6,903

1,335

Simon

Property

Group,

Inc.

...............................................

2,600

Sun

Communities,

Inc.

...................................................

27,516

3,409

Ventas,

Inc.

...........................................................

39,100

3,026

VICI

Properties,

Inc.,

Class

A

..............................................

155,800

4,381

21,300

Utilities

(4.0%):

Atmos

Energy

Corp.

.....................................................

20,100

3,369

Eversource

Energy

......................................................

15,200

1,024

National

Fuel

Gas

Co.

...................................................

12,900

1,033

NiSource,

Inc.

.........................................................

66,300

2,769

NRG

Energy,

Inc.

.......................................................

5,000

796

PPL

Corp.

............................................................

16,600

581

Talen

Energy

Corp.(a)

...................................................

3,300

1,237

10,809

Total

Common

Stocks

(Cost

$214,268)

a

a

a

271,229

Total

Investments

(Cost

$214,268)

—

99.9%

271,229

Other

assets

in

excess

of

liabilities

— 0.1%

NET

ASSETS

-

100.00%

$

271,548

At

December

31,

2025,

the

Fund's

investments

in

foreign

securities

were

6.3%

of

net

assets.

(a) Non-income

producing

security.

ADR

—

American

Depositary

Receipt

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

#### Victory

#### Trivalent

#### International

#### Fund

#### —

#### Core

#### Equity

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Common

Stocks

(98.0%)

Australia

(4.0%):

Consumer

Discretionary

(0.3%):

Aristocrat

Leisure

Ltd.

...................................................

21,607

$

836

Financials

(1.1%):

ANZ

Group

Holdings

Ltd.

................................................

80,513

1,946

QBE

Insurance

Group

Ltd.

................................................

59,169

783

2,729

Industrials

(0.8%):

Brambles

Ltd.

.........................................................

61,365

937

Qantas

Airways

Ltd.

.....................................................

158,824

1,097

2,034

Materials

(1.1%):

Northern

Star

Resources

Ltd.

..............................................

85,955

1,513

Rio

Tinto

Ltd.

.........................................................

14,048

1,370

2,883

Real

Estate

(0.7%):

Charter

Hall

Group

......................................................

61,988

1,008

Goodman

Group

.......................................................

33,745

694

1,702

10,184

Belgium

(1.3%):

Consumer

Staples

(0.8%):

Anheuser-Busch

InBev

SA

................................................

33,012

2,118

Materials

(0.5%):

Titan

SA

.............................................................

19,052

1,174

3,292

Brazil

(1.5%):

Consumer

Staples

(0.4%):

Raia

Drogasil

SA

.......................................................

230,214

982

Energy

(0.3%):

PRIO

SA

(a) ...........................................................

85,100

640

Financials

(0.3%):

Banco

Bradesco

SA

,

Preference

Shares

.......................................

264,100

865

Health

Care

(0.3%):

Rede

D'Or

Sao

Luiz

SA

(b) ................................................

103,294

765

Utilities

(0.2%):

Equatorial

SA

.........................................................

84,000

589

3,841

Canada

(8.1%):

Consumer

Discretionary

(0.3%):

Gildan

Activewear,

Inc.

..................................................

11,663

729

Energy

(1.0%):

Headwater

Exploration,

Inc.

...............................................

125,408

856

Suncor

Energy,

Inc.

.....................................................

19,403

862

Whitecap

Resources,

Inc.

.................................................

102,868

862

2,580

Financials

(2.8%):

Bank

of

Montreal

.......................................................

8,098

1,052

Brookfield

Corp.

,

Class

A

.................................................

16,935

778

Canadian

Imperial

Bank

of

Commerce

........................................

18,757

1,700

Fairfax

Financial

Holdings

Ltd.

.............................................

1,100

2,097

Royal

Bank

of

Canada

...................................................

10,054

1,714

7,341

Industrials

(0.8%):

Element

Fleet

Management

Corp.

...........................................

39,667

1,042

Victory

Portfolios

#### Victory

#### Trivalent

#### International

#### Fund

#### —

#### Core

#### Equity

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Finning

International,

Inc.

.................................................

21,131

$

1,145

2,187

Information

Technology

(1.0%):

Celestica,

Inc.

(a) .......................................................

5,471

1,619

Shopify,

Inc.

,

Class

A

(a) ..................................................

5,288

851

2,470

Materials

(2.2%):

DPM

Metals,

Inc.

.......................................................

82,144

2,539

Lundin

Mining

Corp.

....................................................

90,748

1,950

Nutrien

Ltd.

...........................................................

18,788

1,160

5,649

20,956

Chile

(0.3%):

Consumer

Staples

(0.3%):

Cencosud

SA

..........................................................

259,779

835

China

(6.0%):

Communication

Services

(1.9%):

Kanzhun

Ltd.

,

ADR

.....................................................

29,978

611

Kuaishou

Technology

,

Class

B

(b) ...........................................

81,700

675

Tencent

Holdings

Ltd.

...................................................

48,300

3,707

4,993

Consumer

Discretionary

(0.9%):

BYD

Co.

Ltd.

.........................................................

69,700

852

Fuyao

Glass

Industry

Group

Co.

Ltd.

,

Class

H

(b) ................................

89,600

774

Pop

Mart

International

Group

Ltd.

(b) .........................................

25,400

613

2,239

Consumer

Staples

(0.4%):

JD

Health

International,

Inc.

(a) (b) ...........................................

84,950

609

Tingyi

Cayman

Islands

Holding

Corp.

........................................

330,000

500

1,109

Financials

(1.7%):

Agricultural

Bank

of

China

Ltd.

,

Class

H

......................................

1,290,000

960

Bank

of

China

Ltd.

,

Class

H

...............................................

1,802,275

1,033

China

Construction

Bank

Corp.

,

Class

H

......................................

1,051,000

1,040

PICC

Property

&

Casualty

Co.

Ltd.

,

Class

H

...................................

638,000

1,342

4,375

Health

Care

(0.3%):

WuXi

AppTec

Co.

Ltd.

,

Class

H

(b) ..........................................

51,600

654

Information

Technology

(0.2%):

Xiaomi

Corp.

,

Class

B

(a) (b) ...............................................

96,000

Materials

(0.6%):

Zijin

Mining

Group

Co.

Ltd.

,

Class

H

........................................

356,000

1,630

15,485

Denmark

(0.4%):

Health

Care

(0.4%):

Genmab

A/S

(a) ........................................................

3,476

1,078

Finland

(0.3%):

Industrials

(0.3%):

Konecranes

Oyj

........................................................

8,093

886

France

(6.4%):

Communication

Services

(0.9%):

Orange

SA

............................................................

74,612

1,245

Publicis

Groupe

SA

.....................................................

11,326

1,176

2,421

Energy

(0.7%):

Technip

Energies

NV

....................................................

24,993

952

Victory

Portfolios

#### Victory

#### Trivalent

#### International

#### Fund

#### —

#### Core

#### Equity

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Vallourec

SACA

.......................................................

42,618

$

783

1,735

Financials

(0.9%):

AXA

SA

.............................................................

19,395

930

BNP

Paribas

SA

........................................................

14,828

1,403

2,333

Health

Care

(0.7%):

BioMerieux

...........................................................

7,283

942

Ipsen

SA

.............................................................

6,329

883

1,825

Industrials

(1.6%):

Eiffage

SA

............................................................

5,829

835

Schneider

Electric

SE

....................................................

8,210

2,246

SPIE

SA

.............................................................

16,214

935

4,016

Information

Technology

(0.5%):

Capgemini

SE

.........................................................

7,543

1,252

Real

Estate

(0.3%):

Klepierre

SA

..........................................................

21,285

842

Utilities

(0.8%):

Engie

SA

.............................................................

42,855

1,126

Veolia

Environnement

SA

.................................................

29,629

1,031

2,157

16,581

Germany

(5.5%):

Consumer

Staples

(0.5%):

Henkel

AG

&

Co.

KGaA

,

Preference

Shares

(c) ..................................

14,981

1,222

Financials

(1.1%):

Allianz

SE

,

Registered

Shares

..............................................

2,538

1,173

Muenchener

Rueckversicherungs-Gesellschaft

AG

in

Muenchen

,

Registered

Shares

.......

2,496

1,643

2,816

Health

Care

(0.2%):

Fresenius

Medical

Care

AG

(c) .............................................

12,880

615

Industrials

(2.8%):

GEA

Group

AG

........................................................

10,440

705

MTU

Aero

Engines

AG

..................................................

1,954

810

Siemens

AG

,

Registered

Shares

.............................................

11,423

3,199

Siemens

Energy

AG

(a) ...................................................

17,499

2,455

7,169

Information

Technology

(0.5%):

SAP

SE

..............................................................

5,673

1,378

Utilities

(0.4%):

E.ON

SE

.............................................................

56,812

1,076

14,276

Greece

(0.4%):

Financials

(0.4%):

National

Bank

of

Greece

SA

...............................................

73,922

1,127

Hong

Kong

(2.8%):

Consumer

Discretionary

(1.7%):

Alibaba

Group

Holding

Ltd.

,

Class

W

........................................

199,600

3,665

Galaxy

Entertainment

Group

Ltd.

...........................................

160,000

789

4,454

Financials

(0.9%):

BOC

Hong

Kong

Holdings

Ltd.

............................................

251,000

1,274

Victory

Portfolios

#### Victory

#### Trivalent

#### International

#### Fund

#### —

#### Core

#### Equity

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Hong

Kong

Exchanges

&

Clearing

Ltd.

.......................................

16,500

$

863

2,137

Utilities

(0.2%):

Kunlun

Energy

Co.

Ltd.

..................................................

600,000

574

7,165

India

(4.0%):

Consumer

Discretionary

(0.3%):

Mahindra

&

Mahindra

Ltd.

................................................

18,592

768

Energy

(0.6%):

Reliance

Industries

Ltd.

..................................................

93,088

1,629

Financials

(1.3%):

ICICI

Bank

Ltd.

........................................................

97,092

1,453

Nippon

Life

India

Asset

Management

Ltd.

(b) ...................................

87,640

858

Power

Finance

Corp.

Ltd.

.................................................

235,805

934

3,245

Industrials

(0.3%):

Adani

Ports

&

Special

Economic

Zone

Ltd.

....................................

46,894

768

Information

Technology

(0.5%):

Infosys

Ltd.

...........................................................

38,970

702

Persistent

Systems

Ltd.

...................................................

9,698

677

1,379

Materials

(0.5%):

Hindalco

Industries

Ltd.

..................................................

118,924

1,174

Real

Estate

(0.2%):

Oberoi

Realty

Ltd.

......................................................

24,800

Utilities

(0.3%):

Power

Grid

Corp.

of

India

Ltd.

.............................................

279,806

825

10,249

Ireland

(1.1%):

Financials

(0.5%):

Bank

of

Ireland

Group

PLC

...............................................

62,837

1,202

Industrials

(0.6%):

AerCap

Holdings

NV

....................................................

11,838

1,702

2,904

Italy

(1.1%):

Consumer

Discretionary

(0.4%):

PRADA

SpA

..........................................................

195,800

1,135

Financials

(0.4%):

Banca

Mediolanum

SpA

..................................................

43,569

989

Information

Technology

(0.3%):

Reply

SpA

............................................................

5,796

776

2,900

Japan

(14.6%):

Communication

Services

(0.6%):

Konami

Group

Corp.

....................................................

11,000

1,494

Consumer

Discretionary

(3.1%):

Asics

Corp.

...........................................................

43,000

1,032

Sony

Group

Corp.

......................................................

82,400

2,114

Sumitomo

Electric

Industries

Ltd.

...........................................

49,400

1,990

Suzuki

Motor

Corp.

.....................................................

61,400

918

Toyota

Motor

Corp.

.....................................................

90,900

1,953

8,007

Consumer

Staples

(0.9%):

Asahi

Group

Holdings

Ltd.

................................................

60,000

629

MatsukiyoCocokara

&

Co.

................................................

54,200

938

Victory

Portfolios

#### Victory

#### Trivalent

#### International

#### Fund

#### —

#### Core

#### Equity

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Toyo

Suisan

Kaisha

Ltd.

..................................................

10,700

$

734

2,301

Financials

(2.7%):

Mizuho

Financial

Group,

Inc.

..............................................

56,010

2,044

ORIX

Corp.

...........................................................

34,700

1,015

Sumitomo

Mitsui

Financial

Group,

Inc.

.......................................

89,275

2,872

Tokio

Marine

Holdings,

Inc.

...............................................

28,500

1,054

6,985

Health

Care

(0.9%):

Otsuka

Holdings

Co.

Ltd.

.................................................

22,000

1,244

Shionogi

&

Co.

Ltd.

.....................................................

63,300

1,146

2,390

Industrials

(2.8%):

Central

Japan

Railway

Co.

................................................

44,400

1,230

Fujikura

Ltd.

..........................................................

17,900

1,986

ITOCHU

Corp.

........................................................

172,500

2,180

Obayashi

Corp.

........................................................

53,700

1,124

Recruit

Holdings

Co.

Ltd.

.................................................

13,100

736

7,256

Information

Technology

(2.9%):

Disco

Corp.

...........................................................

2,900

884

Ibiden

Co.

Ltd.

.........................................................

41,000

1,771

NEC

Corp.

...........................................................

73,500

2,487

SCREEN

Holdings

Co.

Ltd.

...............................................

10,700

1,042

Yokogawa

Electric

Corp.

.................................................

39,900

1,280

7,464

Materials

(0.4%):

Asahi

Kasei

Corp.

......................................................

96,700

860

Real

Estate

(0.3%):

Daiwa

House

Industry

Co.

Ltd.

.............................................

23,100

767

37,524

Luxembourg

(0.4%):

Materials

(0.4%):

ArcelorMittal

SA

.......................................................

23,568

1,082

Mexico

(0.8%):

Energy

(0.4%):

Vista

Energy

SAB

de

CV

,

ADR

(a) ...........................................

20,152

981

Financials

(0.4%):

Gentera

SAB

de

CV

.....................................................

449,811

1,151

2,132

Netherlands

(3.7%):

Consumer

Discretionary

(0.7%):

Prosus

NV

(a) ..........................................................

28,186

1,745

Consumer

Staples

(0.5%):

Koninklijke

Ahold

Delhaize

NV

............................................

27,908

1,144

Financials

(0.9%):

Euronext

NV

(b) ........................................................

8,900

1,337

NN

Group

NV

.........................................................

13,872

1,070

2,407

Health

Care

(0.5%):

Argenx

SE

(a) ..........................................................

1,643

1,386

Information

Technology

(1.1%):

ASML

Holding

NV

.....................................................

2,572

2,771

9,453

Victory

Portfolios

#### Victory

#### Trivalent

#### International

#### Fund

#### —

#### Core

#### Equity

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Norway

(0.8%):

Materials

(0.8%):

Norsk

Hydro

ASA

......................................................

250,775

$

1,937

Portugal

(0.3%):

Energy

(0.3%):

Galp

Energia

SGPS

SA

...................................................

46,305

797

Russian

Federation

(0.0%):

Energy

(0.0%):

LUKOIL

PJSC

,

ADR

(a) (d) (e) ..............................................

8,489

—

Financials

(0.0%):

Sberbank

of

Russia

PJSC

(a) (d) (e) ...........................................

220,230

—

—

Saudi

Arabia

(0.7%):

Communication

Services

(0.3%):

Etihad

Etisalat

Co.

......................................................

37,915

666

Financials

(0.4%):

Saudi

Awwal

Bank

......................................................

117,463

1,013

1,679

Singapore

(1.3%):

Communication

Services

(0.3%):

Sea

Ltd.

,

ADR

(a) .......................................................

6,663

850

Financials

(0.6%):

DBS

Group

Holdings

Ltd.

.................................................

34,380

1,506

Industrials

(0.4%):

Singapore

Technologies

Engineering

Ltd.

......................................

166,000

1,085

3,441

South

Africa

(0.7%):

Consumer

Staples

(0.3%):

Shoprite

Holdings

Ltd.

...................................................

45,981

751

Financials

(0.4%):

Sanlam

Ltd.

...........................................................

173,827

1,033

1,784

South

Korea

(3.8%):

Consumer

Discretionary

(0.3%):

Kia

Corp.

............................................................

8,731

740

Financials

(0.6%):

Hana

Financial

Group,

Inc.

................................................

25,785

1,683

Industrials

(0.8%):

Hanwha

Aerospace

Co.

Ltd.

...............................................

2,211

1,444

HD

Hyundai

Electric

Co.

Ltd.

..............................................

1,224

658

2,102

Information

Technology

(2.1%):

Samsung

Electronics

Co.

Ltd.

..............................................

22,179

1,859

SK

hynix,

Inc.

.........................................................

7,780

3,524

5,383

9,908

Spain

(3.3%):

Consumer

Discretionary

(0.4%):

Industria

de

Diseno

Textil

SA

..............................................

12,719

839

Energy

(0.4%):

Repsol

SA

............................................................

54,775

1,022

Financials

(1.9%):

Banco

Santander

SA

.....................................................

308,953

3,636

Bankinter

SA

..........................................................

79,929

1,325

4,961

Victory

Portfolios

#### Victory

#### Trivalent

#### International

#### Fund

#### —

#### Core

#### Equity

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Utilities

(0.6%):

Iberdrola

SA

..........................................................

74,233

$

1,607

8,429

Sweden

(1.9%):

Communication

Services

(0.5%):

Tele2

AB

,

B

Shares

.....................................................

75,950

1,273

Consumer

Staples

(0.4%):

Essity

AB

,

Class

B

......................................................

36,198

1,041

Financials

(0.5%):

Swedbank

AB

,

A

.......................................................

34,178

1,186

Materials

(0.5%):

Boliden

AB

(a) .........................................................

23,968

1,328

4,828

Switzerland

(6.6%):

Consumer

Discretionary

(0.4%):

On

Holding

AG

,

Class

A

(a) ................................................

19,323

898

Consumer

Staples

(0.6%):

Coca-Cola

HBC

AG

(a) ...................................................

27,708

1,433

Financials

(1.1%):

UBS

Group

AG

........................................................

19,416

897

Zurich

Insurance

Group

AG

...............................................

2,619

1,982

2,879

Health

Care

(2.9%):

Amrize

Ltd.

(a) .........................................................

15,431

838

Novartis

AG

,

Registered

Shares

.............................................

29,664

4,089

Roche

Holding

AG

......................................................

3,526

1,456

Sandoz

Group

AG

......................................................

16,068

1,167

7,550

Industrials

(0.9%):

ABB

Ltd.

,

Registered

Shares

...............................................

32,682

2,410

Materials

(0.7%):

Holcim

AG

(a) .........................................................

18,147

1,767

16,937

Taiwan

(6.0%):

Financials

(0.3%):

CTBC

Financial

Holding

Co.

Ltd.

...........................................

544,000

869

Health

Care

(0.2%):

Bora

Pharmaceuticals

Co.

Ltd.

.............................................

29,194

Information

Technology

(5.5%):

Delta

Electronics,

Inc.

...................................................

37,000

1,129

Elite

Material

Co.

Ltd.

...................................................

29,000

1,519

Hon

Hai

Precision

Industry

Co.

Ltd.

.........................................

111,000

814

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

.................................

190,000

9,341

Wiwynn

Corp.

.........................................................

10,000

1,425

14,228

15,549

Thailand

(0.3%):

Communication

Services

(0.3%):

Advanced

Info

Service

PCL,

NVDR

.........................................

70,600

701

United

Arab

Emirates

(0.4%):

Real

Estate

(0.4%):

Emaar

Development

PJSC

................................................

260,569

1,075

United

Kingdom

(9.2%):

Communication

Services

(0.4%):

Informa

PLC

..........................................................

78,493

931

Victory

Portfolios

#### Victory

#### Trivalent

#### International

#### Fund

#### —

#### Core

#### Equity

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Consumer

Discretionary

(0.3%):

Birkenstock

Holding

PLC

(a) ...............................................

19,227

$

786

Consumer

Staples

(0.8%):

Unilever

PLC

.........................................................

32,543

2,126

Energy

(0.7%):

Harbour

Energy

PLC

....................................................

264,570

696

Shell

PLC

............................................................

32,390

1,193

1,889

Financials

(2.6%):

3i

Group

PLC

.........................................................

33,425

1,466

Barclays

PLC

.........................................................

274,086

1,754

Standard

Chartered

PLC

..................................................

142,484

3,476

6,696

Health

Care

(1.4%):

AstraZeneca

PLC

.......................................................

19,348

3,580

Industrials

(1.7%):

International

Consolidated

Airlines

Group

SA

...................................

151,091

838

RELX

PLC

...........................................................

26,038

1,049

Rolls-Royce

Holdings

PLC

................................................

155,822

2,409

4,296

Information

Technology

(0.2%):

Softcat

PLC

...........................................................

30,245

576

Real

Estate

(0.3%):

LondonMetric

Property

PLC

...............................................

281,809

718

Utilities

(0.8%):

Drax

Group

PLC

.......................................................

110,706

1,247

National

Grid

PLC

......................................................

54,585

838

2,085

23,683

Total

Common

Stocks

(Cost

$173,116)

252,698

Exchange-Traded

Funds

(1.0%)

United

States

(1.0%):

iShares

Core

MSCI

EAFE

ETF

.............................................

18,134

1,622

iShares

Core

MSCI

Emerging

Markets

ETF

....................................

12,616

848

2,470

Total

Exchange-Traded

Funds

(Cost

$2,439)

2,470

Collateral

for

Securities

Loaned

(0.4%)^

United

States

(0.4%):

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.69

%

(f) ........

264,863

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.69

%

(f) ............

264,863

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.67

%

(f) ................

264,863

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.69

%

(f) .

264,863

Total

Collateral

for

Securities

Loaned

(Cost

$1,059)

1,059

Total

Investments

(Cost

$176,614)

—

99.4%

256,227

Other

assets

in

excess

of

liabilities

—

0.6%

1,750

NET

ASSETS

-

100.00%

$

257,977

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Non-income

producing

security.

(b) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

December

31,

2025,

the

fair

value

of

these

securities

was

$6,770

(thousands)

and

amounted

to

2.6%

of

net

assets.

(c) All

or

a

portion

of

this

security

is

on

loan.

(d) Security

was

fair

valued

based

upon

procedures

approved

by

the

Board

of

Trustees

and

represents

0.0%

of

net

assets

as

of

December

31,

2025. This

security

is

classified

as

Level

within

the

fair

value

hierarchy

based

on

significant

unobservable

inputs.

(See

Note

in

the

Notes

to

Financial

Statements)

Victory

Portfolios

#### Victory

#### Trivalent

#### International

#### Fund

#### —

#### Core

#### Equity

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

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

(e) The

following

table

details

the

earliest

acquisition

date

and

cost

of

the

Fund's

restricted

securities

due

to

trading

restrictions

at

December

31,

2025

(amounts

in

thousands):

(f) Rate

disclosed

is

the

daily

yield

on

December

31,

2025. 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

December

31,

2025

Victory

Portfolios

#### Victory

#### Trivalent

#### International

#### Small-Cap

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Common

Stocks

(98.6%)

Australia

(5.4%):

Energy

(0.3%):

Paladin

Energy

Ltd.

(a) (b) .................................................

1,983,642

$

12,570

Financials

(1.2%):

AMP

Ltd.

............................................................

15,443,279

18,732

Bendigo

&

Adelaide

Bank

Ltd.

.............................................

1,801,464

12,618

Magellan

Financial

Group

Ltd.

.............................................

2,832,286

18,795

50,145

Health

Care

(0.3%):

Ansell

Ltd.

...........................................................

505,535

11,796

Industrials

(0.8%):

Austal

Ltd.

(a) .........................................................

2,713,897

12,095

Ventia

Services

Group

Pty

Ltd.

.............................................

5,206,646

20,640

32,735

Materials

(2.3%):

Orica

Ltd.

............................................................

1,666,908

26,916

Ramelius

Resources

Ltd.

.................................................

15,589,896

42,869

Sandfire

Resources

Ltd.

(a) ................................................

2,160,462

25,657

95,442

Real

Estate

(0.5%):

Charter

Hall

Group

......................................................

1,407,332

22,886

225,574

Austria

(0.3%):

Industrials

(0.3%):

DO

&

Co.

AG

.........................................................

52,316

12,712

Belgium

(0.8%):

Consumer

Staples

(0.3%):

Colruyt

Group

NV

......................................................

291,666

10,798

Materials

(0.5%):

Umicore

SA

...........................................................

1,114,199

23,289

34,087

Canada

(12.6%):

Communication

Services

(1.0%):

IMAX

Corp.

(a) (b) ......................................................

707,505

26,149

Quebecor,

Inc.

,

Class

B

...................................................

398,065

14,996

41,145

Consumer

Discretionary

(1.4%):

Aritzia,

Inc.

(a) .........................................................

291,838

24,954

BRP,

Inc.

(b) ...........................................................

259,551

18,354

Gildan

Activewear,

Inc.

(b) ................................................

248,250

15,519

58,827

Energy

(2.6%):

CES

Energy

Solutions

Corp.

...............................................

1,839,070

16,442

Enerflex

Ltd.

..........................................................

1,438,820

22,184

Headwater

Exploration,

Inc.

...............................................

3,258,226

22,246

Vermilion

Energy,

Inc.

(b) .................................................

1,816,344

15,114

Whitecap

Resources,

Inc.

.................................................

3,880,895

32,520

108,506

Health

Care

(0.0%):(c)

Tilray

Brands,

Inc.

(a) (b) ..................................................

—

(d) Industrials

(1.1%):

Bird

Construction,

Inc.

...................................................

588,037

12,220

Finning

International,

Inc.

.................................................

619,552

33,573

45,793

Victory

Portfolios

#### Victory

#### Trivalent

#### International

#### Small-Cap

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Information

Technology

(0.9%):

Celestica,

Inc.

(a) .......................................................

70,158

$

20,755

Kinaxis,

Inc.

(a) ........................................................

127,574

16,089

36,844

Materials

(4.1%):

Agnico

Eagle

Mines

Ltd.

.................................................

—

(d) DPM

Metals,

Inc.

.......................................................

2,285,710

70,650

Hudbay

Minerals,

Inc.

...................................................

1,062,484

21,097

Methanex

Corp.

(b) ......................................................

531,799

21,095

OceanaGold

Corp.

......................................................

2,130,155

60,378

173,220

Real

Estate

(0.7%):

Boardwalk

Real

Estate

Investment

Trust

......................................

358,240

16,831

Colliers

International

Group,

Inc.

(b) .........................................

93,097

13,685

30,516

Utilities

(0.8%):

Algonquin

Power

&

Utilities

Corp.

(b) ........................................

3,690,722

22,697

Boralex,

Inc.

,

Class

A

(b) ..................................................

522,864

9,651

32,348

527,199

Denmark

(2.2%):

Consumer

Staples

(0.4%):

Royal

Unibrew

A/S

.....................................................

209,559

18,912

Financials

(0.6%):

Jyske

Bank

A/S

,

Registered

Shares

..........................................

188,760

25,836

Industrials

(0.8%):

FLSmidth

&

Co.

A/S

....................................................

216,072

15,029

ISS

A/S

..............................................................

529,449

18,040

33,069

Information

Technology

(0.4%):

Netcompany

Group

A/S

(a) (b) (e) ............................................

277,331

15,516

93,333

Finland

(1.2%):

Health

Care

(0.3%):

Orion

Oyj

,

Class

B

......................................................

193,033

14,401

Industrials

(0.9%):

Konecranes

Oyj

........................................................

344,052

37,672

52,073

France

(5.6%):

Energy

(0.5%):

Technip

Energies

NV

....................................................

571,276

21,753

Health

Care

(0.8%):

Ipsen

SA

.............................................................

132,672

18,510

Virbac

SACA

..........................................................

33,310

13,966

32,476

Industrials

(2.7%):

Alstom

SA

(a) .........................................................

455,083

13,425

Ayvens

SA

(e) .........................................................

1,236,516

16,550

Eiffage

SA

............................................................

189,725

27,181

Elis

SA

..............................................................

844,883

23,972

SPIE

SA

.............................................................

558,475

32,194

113,322

Information

Technology

(0.4%):

Sopra

Steria

Group

......................................................

93,557

16,937

Real

Estate

(1.2%):

Covivio

SA

...........................................................

323,483

21,471

Victory

Portfolios

#### Victory

#### Trivalent

#### International

#### Small-Cap

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Klepierre

SA

..........................................................

736,646

$

29,143

50,614

235,102

Germany

(5.3%):

Communication

Services

(1.3%):

CTS

Eventim

AG

&

Co.

KGaA

(b) ...........................................

150,744

13,798

Freenet

AG

...........................................................

590,879

20,353

Scout24

SE

(e) .........................................................

201,443

20,231

54,382

Consumer

Discretionary

(1.1%):

TUI

AG

(a) ............................................................

2,371,594

24,784

Zalando

SE

(a) (e) .......................................................

743,766

21,945

46,729

Industrials

(1.8%):

Bilfinger

SE

...........................................................

162,220

20,295

GEA

Group

AG

........................................................

257,410

17,395

KION

Group

AG

.......................................................

202,496

15,999

Nordex

SE

(a) ..........................................................

607,986

20,606

74,295

Information

Technology

(0.6%):

Bechtle

AG

...........................................................

281,884

14,356

SUSS

MicroTec

SE

(b) ...................................................

252,015

11,399

25,755

Real

Estate

(0.5%):

TAG

Immobilien

AG

....................................................

1,386,982

21,480

222,641

Hong

Kong

(0.5%):

Communication

Services

(0.2%):

China

Ruyi

Holdings

Ltd.

(a) ...............................................

32,608,000

9,184

Consumer

Discretionary

(0.3%):

Melco

Resorts

&

Entertainment

Ltd.

,

ADR

(a) ...................................

1,541,185

11,667

20,851

Ireland

(0.3%):

Consumer

Discretionary

(0.3%):

Cairn

Homes

PLC

......................................................

5,447,132

13,251

Italy

(4.0%):

Consumer

Discretionary

(0.8%):

De'

Longhi

SpA

........................................................

408,242

17,378

Lottomatica

Group

SpA

..................................................

651,872

17,082

34,460

Financials

(1.0%):

Azimut

Holding

SpA

....................................................

595,763

24,816

Banca

Generali

SpA

.....................................................

231,222

15,434

40,250

Industrials

(0.6%):

Maire

SpA

............................................................

983,019

14,930

Webuild

SpA

..........................................................

2,754,720

10,971

25,901

Information

Technology

(0.4%):

Reply

SpA

............................................................

120,073

16,076

Materials

(0.8%):

Buzzi

SpA

............................................................

562,028

33,972

Utilities

(0.4%):

Iren

SpA

.............................................................

5,957,901

17,843

168,502

Victory

Portfolios

#### Victory

#### Trivalent

#### International

#### Small-Cap

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Japan

(22.7%):

Communication

Services

(0.4%):

Anycolor,

Inc.

.........................................................

532,200

$

16,420

Consumer

Discretionary

(3.5%):

ABC-Mart,

Inc.

........................................................

618,200

10,477

Food

&

Life

Cos.

Ltd.

...................................................

376,300

18,985

NHK

Spring

Co.

Ltd.

....................................................

1,172,300

18,891

Open

House

Group

Co.

Ltd.

...............................................

239,000

14,031

PAL

GROUP

Holdings

Co.

Ltd.

............................................

867,400

11,241

Resorttrust,

Inc.

........................................................

1,204,700

15,075

Sankyo

Co.

Ltd.

........................................................

1,442,100

23,410

Toyo

Tire

Corp.

........................................................

716,800

19,896

Toyoda

Gosei

Co.

Ltd.

...................................................

626,800

15,804

147,810

Consumer

Staples

(1.8%):

Lion

Corp.

............................................................

1,166,200

12,269

Morinaga

Milk

Industry

Co.

Ltd.

............................................

525,300

12,490

Nissui

Corp.

..........................................................

2,567,400

18,728

Sugi

Holdings

Co.

Ltd.

...................................................

597,500

14,048

Toyo

Suisan

Kaisha

Ltd.

..................................................

262,100

17,983

75,518

Financials

(1.9%):

Credit

Saison

Co.

Ltd.

...................................................

969,500

26,011

Mebuki

Financial

Group,

Inc.

..............................................

4,819,400

31,961

Yamaguchi

Financial

Group,

Inc.

............................................

1,661,600

22,559

80,531

Health

Care

(1.3%):

Nippon

Shinyaku

Co.

Ltd.

................................................

386,400

13,925

Santen

Pharmaceutical

Co.

Ltd.

.............................................

1,224,500

12,703

Sawai

Group

Holdings

Co.

Ltd.

.............................................

998,700

15,031

Tsumura

&

Co.

........................................................

541,600

14,068

55,727

Industrials

(5.6%):

Ebara

Corp.

(b) .........................................................

870,900

20,529

Fuji

Corp.

............................................................

684,800

15,958

GS

Yuasa

Corp.

........................................................

777,700

18,651

INFRONEER

Holdings,

Inc.

...............................................

1,690,500

23,103

Kandenko

Co.

Ltd.

......................................................

817,900

26,273

Kinden

Corp.

..........................................................

468,600

20,329

Meidensha

Corp.

.......................................................

310,300

11,052

Mitsui

E&S

Co.

Ltd.

....................................................

460,100

16,427

Nitto

Boseki

Co.

Ltd.

....................................................

411,300

26,740

Sankyu,

Inc.

..........................................................

220,400

11,914

Sanwa

Holdings

Corp.

...................................................

887,200

23,104

SWCC

Corp.

..........................................................

279,600

18,442

232,522

Information

Technology

(3.4%):

Anritsu

Corp.

..........................................................

1,052,500

15,087

Azbil

Corp.

...........................................................

1,458,500

13,265

BIPROGY,

Inc.

........................................................

338,200

11,684

Dentsu

Soken,

Inc.

......................................................

826,500

14,449

Horiba

Ltd.

...........................................................

145,500

14,854

Ibiden

Co.

Ltd.

.........................................................

801,800

34,636

Nippon

Electric

Glass

Co.

Ltd.

.............................................

509,600

20,038

Tokyo

Seimitsu

Co.

Ltd.

..................................................

279,200

19,796

143,809

Materials

(3.1%):

Daicel

Corp.

..........................................................

1,664,500

14,904

Kaneka

Corp.

..........................................................

316,800

8,886

Mitsui

Kinzoku

Co.

Ltd.

..................................................

370,800

41,827

Victory

Portfolios

#### Victory

#### Trivalent

#### International

#### Small-Cap

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Nissan

Chemical

Corp.

...................................................

477,900

$

16,424

Sumitomo

Bakelite

Co.

Ltd.

...............................................

407,600

13,488

Taiheiyo

Cement

Corp.

...................................................

455,800

11,324

Tokyo

Ohka

Kogyo

Co.

Ltd.

...............................................

661,600

24,526

131,379

Real

Estate

(1.3%):

Japan

Hotel

REIT

Investment

Corp.

,

Class

A

...................................

26,894

14,038

Tokyo

Tatemono

Co.

Ltd.

.................................................

821,200

18,619

Tokyu

Fudosan

Holdings

Corp.

.............................................

2,299,300

21,006

53,663

Utilities

(0.4%):

Kyushu

Electric

Power

Co.,

Inc.

............................................

1,469,400

15,766

953,145

Luxembourg

(0.6%):

Communication

Services

(0.6%):

Millicom

International

Cellular

SA

(a) ........................................

476,832

26,436

Netherlands

(2.4%):

Financials

(1.2%):

ASR

Nederland

NV

.....................................................

330,114

23,486

Euronext

NV

(e) ........................................................

176,538

26,517

50,003

Health

Care

(0.4%):

QIAGEN

NV

(b) .......................................................

369,554

16,805

Industrials

(0.3%):

Koninklijke

Heijmans

NV

.................................................

160,996

12,774

Information

Technology

(0.5%):

BE

Semiconductor

Industries

NV

...........................................

123,863

19,362

98,944

Norway

(0.3%):

Utilities

(0.3%):

Scatec

ASA

(a) (e) .......................................................

1,270,387

13,361

Singapore

(1.5%):

Consumer

Staples

(0.3%):

Sheng

Siong

Group

Ltd.

..................................................

6,031,600

12,333

Industrials

(0.4%):

SATS

Ltd.

............................................................

4,732,900

14,013

Real

Estate

(0.8%):

Keppel

DC

REIT

.......................................................

9,066,700

15,858

UOL

Group

Ltd.

.......................................................

2,788,600

18,944

34,802

61,148

South

Africa

(0.4%):

Financials

(0.4%):

Investec

PLC

..........................................................

2,060,206

15,290

South

Korea

(5.9%):

Communication

Services

(0.3%):

Netmarble

Corp.

(a) (e) ...................................................

367,208

12,288

Consumer

Discretionary

(0.2%):

Silicon2

Co.

Ltd.

(a) .....................................................

343,698

9,216

Financials

(0.8%):

JB

Financial

Group

Co.

Ltd.

...............................................

962,036

17,105

KIWOOM

Securities

Co.

Ltd.

..............................................

79,751

16,035

33,140

Health

Care

(0.8%):

Classys,

Inc.

..........................................................

506,738

19,138

Victory

Portfolios

#### Victory

#### Trivalent

#### International

#### Small-Cap

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Daewoong

Pharmaceutical

Co.

Ltd.

..........................................

107,829

$

12,857

31,995

Industrials

(1.9%):

HD-Hyundai

Marine

Engine

(a) .............................................

233,847

14,517

Hyosung

Heavy

Industries

Corp.

............................................

9,105

11,250

Hyundai

Rotem

Co.

Ltd.

..................................................

123,907

16,163

Iljin

Electric

Co.

Ltd.

....................................................

336,514

12,722

Samsung

E&A

Co.

Ltd.

..................................................

552,991

9,214

Sanil

Electric

Co.

Ltd.

...................................................

183,369

16,543

80,409

Information

Technology

(1.4%):

Isu

Petasys

Co.

Ltd.

.....................................................

325,445

26,992

LEENO

Industrial,

Inc.

...................................................

424,590

17,806

LG

Innotek

Co.

Ltd.

.....................................................

82,299

15,481

60,279

Materials

(0.5%):

Poongsan

Corp.

........................................................

294,922

21,856

249,183

Spain

(4.2%):

Financials

(1.9%):

Bankinter

SA

..........................................................

2,917,090

48,347

Mapfre

SA

............................................................

6,066,650

30,441

78,788

Industrials

(0.3%):

Logista

Integral

SA

.....................................................

367,852

13,007

Information

Technology

(1.0%):

Indra

Sistemas

SA

......................................................

726,408

41,290

Materials

(0.4%):

Atalaya

Mining

Copper

SA

................................................

1,383,608

15,842

Real

Estate

(0.6%):

Merlin

Properties

Socimi

SA

...............................................

1,729,793

25,181

174,108

Sweden

(1.7%):

Financials

(0.6%):

Avanza

Bank

Holding

AB

.................................................

672,155

25,534

Industrials

(0.7%):

NCC

AB

,

Class

B

.......................................................

679,746

16,191

Storskogen

Group

AB

,

Class

B

.............................................

10,666,127

13,446

29,637

Real

Estate

(0.4%):

Wihlborgs

Fastigheter

AB

.................................................

1,559,450

15,428

70,599

Switzerland

(7.0%):

Consumer

Discretionary

(1.1%):

Avolta

AG

(a) ..........................................................

258,974

15,278

On

Holding

AG

,

Class

A

(a) ................................................

388,870

18,075

Sportradar

Group

AG

,

Class

A

(a) ...........................................

607,406

14,438

47,791

Consumer

Staples

(0.3%):

Coca-Cola

HBC

AG

(a) ...................................................

281,885

14,580

Financials

(1.3%):

EFG

International

AG

(a) ..................................................

572,864

13,743

Swissquote

Group

Holding

SA

,

Registered

Shares

...............................

68,633

41,680

55,423

Health

Care

(0.9%):

Galenica

AG

(e) ........................................................

210,932

26,021

Victory

Portfolios

#### Victory

#### Trivalent

#### International

#### Small-Cap

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) Ypsomed

Holding

AG

,

Registered

Shares

(b) ....................................

24,375

$

10,030

36,051

Industrials

(2.2%):

Accelleron

Industries

AG

.................................................

312,313

24,094

Adecco

Group

AG

......................................................

586,142

16,885

DKSH

Holding

AG

.....................................................

164,693

11,843

Kardex

Holding

AG

,

Registered

Shares

.......................................

28,967

10,034

Sulzer

AG

,

Registered

Shares

..............................................

155,376

28,694

91,550

Information

Technology

(0.5%):

Temenos

AG

,

Registered

Shares

............................................

196,248

19,522

Real

Estate

(0.7%):

PSP

Swiss

Property

AG

,

Registered

Shares

.....................................

163,581

29,605

294,522

United

Kingdom

(13.0%):

Consumer

Discretionary

(2.5%):

Barratt

Redrow

PLC

.....................................................

2,353,907

12,090

Currys

PLC

...........................................................

11,320,473

19,172

Entain

PLC

...........................................................

1,553,519

15,966

Games

Workshop

Group

PLC

..............................................

72,016

18,318

Inchcape

PLC

.........................................................

1,588,086

16,446

Trainline

PLC

(a) (e) .....................................................

3,857,707

11,435

Watches

of

Switzerland

Group

PLC

(a) (e) ......................................

1,866,631

11,829

105,256

Consumer

Staples

(0.4%):

Cranswick

PLC

........................................................

260,478

17,353

Energy

(0.4%):

Harbour

Energy

PLC

....................................................

6,096,885

16,038

Financials

(2.4%):

Beazley

PLC

..........................................................

2,261,832

25,289

ICG

PLC

.............................................................

577,552

15,924

Marex

Group

PLC

......................................................

440,103

16,882

OSB

Group

PLC

.......................................................

1,964,608

16,822

St

James's

Place

PLC

....................................................

1,368,381

25,412

100,329

Health

Care

(1.2%):

Convatec

Group

PLC

(e) ..................................................

5,296,304

17,289

Genus

PLC

...........................................................

356,612

12,444

Indivior

PLC

(a) ........................................................

515,247

18,487

48,220

Industrials

(2.9%):

Babcock

International

Group

PLC

...........................................

1,779,150

29,644

Balfour

Beatty

PLC

.....................................................

2,831,044

26,997

easyJet

PLC

...........................................................

1,477,257

10,132

IMI

PLC

.............................................................

496,070

16,544

JET2

PLC

............................................................

618,895

11,669

Mitie

Group

PLC

.......................................................

5,887,592

13,212

The

Weir

Group

PLC

....................................................

349,313

13,350

121,548

Information

Technology

(0.7%):

Computacenter

PLC

.....................................................

425,589

16,724

Softcat

PLC

...........................................................

591,640

11,260

27,984

Materials

(0.8%):

Endeavour

Mining

PLC

(b) ................................................

686,748

35,368

Real

Estate

(1.2%):

LondonMetric

Property

PLC

...............................................

7,154,569

18,237

Victory

Portfolios

#### Victory

#### Trivalent

#### International

#### Small-Cap

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

Value

(000) The

British

Land

Co.

PLC

................................................

3,099,012

$

16,813

Tritax

Big

Box

REIT

PLC

.................................................

7,385,777

15,090

50,140

Utilities

(0.5%):

Drax

Group

PLC

.......................................................

1,926,859

21,701

543,937

United

States

(0.7%):

Consumer

Discretionary

(0.4%):

Nexteer

Automotive

Group

Ltd.

............................................

18,387,000

15,148

Health

Care

(0.3%):

Kiniksa

Pharmaceuticals

International

PLC

,

Class

A

(a) ............................

332,836

13,729

28,877

Total

Common

Stocks

(Cost

$2,880,976)

4,134,875

Collateral

for

Securities

Loaned

(2.2%)^

United

States

(2.2%):

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.69

%

(f) ........

22,581,386

22,581

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.69

%

(f) ............

22,574,726

22,575

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.67

%

(f) ................

25,524,458

25,525

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.69

%

(f) .

19,644,973

19,645

Total

Collateral

for

Securities

Loaned

(Cost

$90,326)

90,326

Total

Investments

(Cost

$2,971,302)

—

100.8%

4,225,201

Liabilities

in

excess

of

other

assets

—

(0.8)%

(30,163)

NET

ASSETS

-

100.00%

$

4,195,038

^

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

December

31,

2025,

the

fair

value

of

these

securities

was

$192,982

(thousands)

and

amounted

to

4.6%

of

net

assets.

(f) Rate

disclosed

is

the

daily

yield

on

December

31,

2025. ADR

—

American

Depositary

Receipt

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Statements

of

Assets

and

Liabilities

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

.

Victory

Integrity

Discovery

Fund

Victory

Integrity

Mid-Cap

Value

Fund

Victory

Integrity

Small-Cap

Value

Fund

Assets:

Investments,

at

value

(Cost

$52,814,

$278,253

and

$900,931)

$

65,629(a)

$

333,648(b)

$

1,023,739(c)

Cash

1,021

944

3,168

Receivables:

Dividends,

interest,

and

securities

lending

income

505

1,812

Capital

shares

issued

858

Investments

sold

—

—

From

Adviser

Prepaid

expenses

Total

Assets

67,203

335,469

1,029,629

Liabilities:

Payables:

Collateral

received

on

loaned

securities

3,344

4,189

17,044

Investments

purchased

807

Capital

shares

redeemed

2,500

3,034

Accrued

expenses

and

other

payables:

Investment

advisory

fees

759

Administration

fees

Custodian

fees

Transfer

agent

fees

Sub-Transfer

agent

fees

Compliance

fees

—(d)

—(d)

12b-1

fees

Other

accrued

expenses

Total

Liabilities

3,644

7,113

21,857

Commitments

and

contingencies

(Note

5)

Net

Assets:

Capital

49,061

271,360

873,451

Total

accumulated

earnings

(loss)

14,498

56,996

134,321

Net

Assets

$

63,559

$

328,356

$

1,007,772

Net

Assets:

Class

A

$

32,832

$

24,712

$

59,134

Class

C

1,812

Class

R

—

—

5,258

Class

R6

—

231,363

516,743

Class

Y

27,049

68,121

424,825

Member

Class

3,344

4,040

—

Total

$

63,559

$

328,356

$

1,007,772

Shares

(unlimited

number

of

shares

authorized

with

a

par

value

of

$0.001

per

share):

Class

A

782

1,052

1,941

Class

C

Class

R

—

—

Class

R6

—

9,674

15,706

Class

Y

554

2,855

13,053

Member

Class

—

Total

1,431

13,754

30,969

Net

asset

value,

offering

and

redemption

price

per

share:(e)

Class

A

$

41.94 $

23.49 $

30.47 Class

C(f)

21.72 23.25 21.70 Class

R

—

—

28.29 Class

R6

—

23.92 32.90 Class

Y

48.85 23.86 32.55 Member

Class

42.05 24.03 —

Maximum

Sales

Charge

—

Class

A

5.75%

5.75%

5.75%

Maximum

offering

price

(100%/(100%-maximum

sales

charge)

of

net

asset

value

adjusted

to

the

nearest

cent)

per

share

—

Class

A

$

44.50 $

24.92 $

32.33 (a) Includes

$3,197

thousand

of

securities

on

loan.

(b) Includes

$4,052

thousand

of

securities

on

loan.

(c) Includes

$16,552

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

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

Victory

Integrity

Small/Mid-Cap

Value

Fund

Victory

Multi-Cap

Fund

Victory

S&P

500

Index

Fund

Assets:

Investments,

at

value

(Cost

$268,578,

$307,608

and

$38,628)

$

323,404(a)

$

523,680(b)

$

275,338(c)

Cash

1,632

1,243

2,364

Deposit

with

broker

for

futures

contracts

—

—

Receivables:

Dividends,

interest,

and

securities

lending

income

555

Capital

shares

issued

Investments

sold

—

—

From

Adviser

—

Prepaid

expenses

Total

Assets

325,997

525,185

278,192

Liabilities:

Payables:

Collateral

received

on

loaned

securities

4,107

1,855

Capital

shares

redeemed

Variation

margin

on

open

futures

contracts

—

—

Accrued

expenses

and

other

payables:

Investment

advisory

fees

Administration

fees

Custodian

fees

—(d)

Transfer

agent

fees

Sub-Transfer

agent

fees

Compliance

fees

—(d)

—(d)

—(d)

12b-1

fees

Other

accrued

expenses

Total

Liabilities

4,474

2,630

Commitments

and

contingencies

(Note

5)

Net

Assets:

Capital

267,037

287,652

31,245

Total

accumulated

earnings

(loss)

54,486

234,903

246,647

Net

Assets

$

321,523

$

522,555

$

277,892

Net

Assets:

Class

A

$

10,814

$

476,849

$

211,787

Class

C

—

3,937

—

Class

R

—

—

42,722

Class

R6

270,046

—

—

Class

Y

33,068

41,769

23,383

Member

Class

7,595

—

—

Total

$

321,523

$

522,555

$

277,892

Shares

(unlimited

number

of

shares

authorized

with

a

par

value

of

$0.001

per

share):

Class

A

8,177

7,657

Class

C

—

—

Class

R

—

—

1,557

Class

R6

11,938

—

—

Class

Y

1,468

609

834

Member

Class

—

—

Total

14,233

8,905

10,048

Net

asset

value,

offering

and

redemption

price

per

share:(e)

Class

A

$

22.17 $

58.32 $

27.66 Class

C(f)

—

33.11 —

Class

R

—

—

27.44 Class

R6

22.62 —

—

Class

Y

22.51 68.60 28.05 Member

Class

22.44 —

—

Maximum

Sales

Charge

—

Class

A

5.75%

5.75%

2.25%

Maximum

offering

price

(100%/(100%-maximum

sales

charge)

of

net

asset

value

adjusted

to

the

nearest

cent)

per

share

—

Class

A

$

23.52 $

61.88 $

28.30 (a) Includes

$3,928

thousand

of

securities

on

loan.

(b) Includes

$1,800

thousand

of

securities

on

loan.

(c) Includes

$138

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

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

Victory

Mid-Cap

Core

Growth

Fund

Victory

Trivalent

International

Fund

—

Core

Equity

Victory

Trivalent

International

Small-Cap

Fund

Assets:

Investments,

at

value

(Cost

$214,268,

$176,614

and

$2,971,302)

$

271,229

$

256,227(a)

$

4,225,201(b)

Foreign

currency,

at

value

(Cost

$—,

$59

and

$1,723)

—

1,724

Cash

2,318

48,690

Receivables:

Dividends,

interest,

and

securities

lending

income

6,513

Capital

shares

issued

3,049

Investments

sold

—

857

From

Adviser

1,008

Reclaims

—

594

10,370

Prepaid

expenses

Total

Assets

272,151

259,703

4,297,483

Liabilities:

Payables:

Collateral

received

on

loaned

securities

—

1,059

90,326

Investments

purchased

—

—

3,044

Capital

shares

redeemed

4,417

Accrued

foreign

capital

gains

taxes

—

—

Accrued

expenses

and

other

payables:

Investment

advisory

fees

3,251

Administration

fees

Custodian

fees

—(c)

Transfer

agent

fees

Sub-Transfer

agent

fees

586

Compliance

fees

—(c)

—(c)

Trustees'

fees

—

12b-1

fees

—(c)

Other

accrued

expenses

Total

Liabilities

603

1,726

102,445

Commitments

and

contingencies

(Note

5)

Net

Assets:

Capital

215,868

183,492

2,830,528

Total

accumulated

earnings

(loss)

55,680

74,485

1,364,510

Net

Assets

$

271,548

$

257,977

$

4,195,038

Net

Assets:

Class

A

$

127,818

$

4,511

$

60,541

Class

C

938

—

754

Class

I

—

4,668

3,337,856

Class

R6

64,247

241,069

191,190

Class

Y

78,545

7,729

604,697

Total

$

271,548

$

257,977

$

4,195,038

Shares

(unlimited

number

of

shares

authorized

with

a

par

value

of

$0.001

per

share):

Class

A

17,249

3,071

Class

C

—

Class

I

—

167,995

Class

R6

4,840

24,316

9,571

Class

Y

6,546

793

30,599

Total

28,767

26,045

211,275

Net

asset

value,

offering

and

redemption

price

per

share:(d)

Class

A

$

7.41 $

9.76 $

19.71 Class

C(e)

7.09 —

19.15 Class

I

—

9.84 19.87 Class

R6

13.27 9.91 19.98 Class

Y

12.00 9.74 19.76 Maximum

Sales

Charge

—

Class

A

5.75%

5.75%

5.75%

Maximum

offering

price

(100%/(100%-maximum

sales

charge)

of

net

asset

value

adjusted

to

the

nearest

cent)

per

share

—

Class

A

$

7.86 $

10.36 $

20.91 (a) Includes

$1,006

thousand

of

securities

on

loan.

(b) Includes

$105,323

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

Operations

For

the

Six

Months

Ended

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

(Amounts

in

Thousands)

(Unaudited)

Victory

Integrity

Discovery

Fund

Victory

Integrity

Mid-Cap

Value

Fund

Victory

Integrity

Small-Cap

Value

Fund

Investment

Income:

Dividends

$

587

$

3,129

$

12,689

Interest

Securities

lending

(net

of

fees)

Foreign

tax

withholding

(1)

—

—

Total

Income

611

3,194

12,902

Expenses:

Investment

advisory

fees

1,234

4,484

Administration

fees

Sub-Administration

fees

12b-1

fees

—

Class

A

12b-1

fees

—

Class

C

12b-1

fees

—

Class

R

—

—

Custodian

fees

Transfer

agent

fees

—

Class

A

Transfer

agent

fees

—

Class

C

—

(a) —

—

(a) 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) —

(a) 1

Sub-Transfer

agent

fees

—

Class

R

—

—

Sub-Transfer

agent

fees

—

Class

Y

Trustees'

fees

Compliance

fees

—

(a) 1

Legal

and

audit

fees

State

registration

and

filing

fees

Other

expenses

Total

Expenses

1,530

5,322

Expenses

waived/reimbursed

by

Adviser

(11)

(434)

(10)

Net

Expenses

1,096

5,312

Net

Investment

Income

(Loss)

2,098

7,590

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

2,465

6,885

30,287

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

5,288

14,618

90,327

Net

realized/unrealized

gains

(losses)

on

investments

7,753

21,503

120,614

Change

in

net

assets

resulting

from

operations

$

7,895

$

23,601

$

128,204

(a) Rounds

to

less

than

$1

thousand.

Statements

of

Operations

For

the

Six

Months

Ended

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

(Amounts

in

Thousands)

(Unaudited)

Victory

Integrity

Small/Mid-Cap

Value

Fund

Victory

Multi-Cap

Fund

Victory

S&P

500

Index

Fund

Investment

Income:

Dividends

$

3,346

$

2,058

$

1,672

Interest

Securities

lending

(net

of

fees)

Foreign

tax

withholding

—

(8)

—

(a) Total

Income

3,423

2,183

1,716

Expenses:

Investment

advisory

fees

1,296

1,977

Administration

fees

Sub-Administration

fees

12b-1

fees

—

Class

A

593

12b-1

fees

—

Class

C

—

—

12b-1

fees

—

Class

R

—

—

Custodian

fees

Transfer

agent

fees

—

Class

A

—

(a) 91

Transfer

agent

fees

—

Class

C

—

—

(a) —

Transfer

agent

fees

—

Class

R

—

—

Transfer

agent

fees

—

Class

R6

—

—

Transfer

agent

fees

—

Class

Y

—

(a) Transfer

agent

fees

—

Member

Class

—

—

Sub-Transfer

agent

fees

—

Class

A

Sub-Transfer

agent

fees

—

Class

C

—

—

Sub-Transfer

agent

fees

—

Class

R

—

—

Sub-Transfer

agent

fees

—

Class

Y

—

Trustees'

fees

Compliance

fees

Legal

and

audit

fees

State

registration

and

filing

fees

Interfund

lending

fees

—

—

Other

expenses

Total

Expenses

1,526

3,145

754

Expenses

waived/reimbursed

by

Adviser

(147)

(2)

—

Net

Expenses

1,379

3,143

754

Net

Investment

Income

(Loss)

2,044

(960)

962

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

7,818

20,299

16,587

Net

realized

gains

(losses)

from

futures

contracts

—

—

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

26,739

45,946

10,574

Net

change

in

unrealized

appreciation/depreciation

on

futures

contracts

—

—

(51)

Net

realized/unrealized

gains

(losses)

on

investments

34,557

66,245

27,331

Change

in

net

assets

resulting

from

operations

$

36,601

$

65,285

$

28,293

(a) Rounds

to

less

than

$1

thousand.

Statements

of

Operations

For

the

Six

Months

Ended

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

(Amounts

in

Thousands)

(Unaudited)

Victory

Mid-Cap

Core

Growth

Fund

Victory

Trivalent

International

Fund

—

Core

Equity

Victory

Trivalent

International

Small-Cap

Fund

Investment

Income:

Dividends

$

1,421

$

2,511

$

38,473

Interest

802

Securities

lending

(net

of

fees)

Foreign

tax

withholding

(1)

(221)

(3,499)

Total

Income

1,455

2,332

35,955

Expenses:

Investment

advisory

fees

1,070

986

18,632

Administration

fees

961

Sub-Administration

fees

12b-1

fees

—

Class

A

12b-1

fees

—

Class

C

—

Custodian

fees

Transfer

agent

fees

—

Class

A

Transfer

agent

fees

—

Class

C

—

(a) —

—

(a) Transfer

agent

fees

—

Class

I

—

—

(a) 591

Transfer

agent

fees

—

Class

R6

—

(a) 3

Transfer

agent

fees

—

Class

Y

—

(a) 14

Sub-Transfer

agent

fees

—

Class

A

Sub-Transfer

agent

fees

—

Class

C

—

—

(a) Sub-Transfer

agent

fees

—

Class

I

—

1,385

Sub-Transfer

agent

fees

—

Class

Y

—

(a) 279

Trustees'

fees

Compliance

fees

Legal

and

audit

fees

State

registration

and

filing

fees

Interfund

lending

fees

—

(a) 1

Line

of

credit

fees

—

—

(a) —

Other

expenses

Recoupment

of

prior

expenses

waived/reimbursed

by

Adviser

—

—

Total

Expenses

1,574

1,185

23,259

Expenses

waived/reimbursed

by

Adviser

(7)

(490)

(2,886)

Net

Expenses

1,567

695

20,373

Net

Investment

Income

(Loss)

(112)

1,637

15,582

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

19,671

10,964

337,462

Foreign

taxes

on

realized

gains

—

(17)

—

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

and

foreign

currency

translations

(6,869)

18,663

104,643

Net

change

in

accrued

foreign

taxes

on

unrealized

gains

—

—

Net

realized/unrealized

gains

(losses)

on

investments

12,802

29,661

442,105

Change

in

net

assets

resulting

from

operations

$

12,690

$

31,298

$

457,687

(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

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

$

$

2,098

$

4,293

Net

realized

gains

(losses)

2,465

6,857

6,885

14,623

Net

change

in

unrealized

appreciation/depreciation

5,288

14,618

5,425

Change

in

net

assets

resulting

from

operations

7,895

6,973

23,601

24,341

Distributions

to

Shareholders:

Class

A

(3,377)

(2,982)

(1,000)

(3,929)

Class

C

(59)

(72)

(4)

(18)

Class

R6

—

—

(10,010)

(31,791)

Class

Y

(2,441)

(2,369)

(2,864)

(10,769)

Member

Class

(345)

(295)

(163)

(593)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(6,222)

(5,718)

(14,041)

(47,100)

Change

in

net

assets

resulting

from

capital

transactions

3,764

(4,320)

4,817

31,686

Change

in

net

assets

5,437

(3,065)

14,377

8,927

Net

Assets:

Beginning

of

period

58,122

61,187

313,979

305,052

End

of

period

$

63,559

$

58,122

$

328,356

$

313,979

(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

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Capital

Transactions:

Class

A

Proceeds

from

shares

issued

$

739

$

965

$

1,731

$

3,189

Distributions

reinvested

2,961

2,527

987

3,880

Cost

of

shares

redeemed

(2,604)

(6,010)

(4,287)

(5,539)

Total

Class

A

$

1,096

$

(2,518)

$

(1,569)

$

1,530

Class

C

Proceeds

from

shares

issued

$

$

$

—

$

Distributions

reinvested

Cost

of

shares

redeemed

(164)

(458)

(11)

(1)

Total

Class

C

$

(30)

$

(215)

$

(7)

$

Class

R6

Proceeds

from

shares

issued

$

—

$

—

$

17,418

$

37,531

Distributions

reinvested

—

—

10,007

31,784

Cost

of

shares

redeemed

—

—

(20,666)

(49,934)

Total

Class

R6

$

—

$

—

$

6,759

$

19,381

Class

Y

Proceeds

from

shares

issued

$

2,745

$

6,264

$

6,563

$

17,384

Distributions

reinvested

2,142

1,837

2,837

10,623

Cost

of

shares

redeemed

(2,320)

(9,366)

(8,676)

(18,575)

Total

Class

Y

$

2,567

$

(1,265)

$

724

$

9,432

Member

Class

Proceeds

from

shares

issued

$

$

854

$

$

2,968

Distributions

reinvested

593

Cost

of

shares

redeemed

(407)

(1,471)

(1,716)

(2,254)

Total

Member

Class

$

$

(322)

$

(1,090)

$

1,307

Change

in

net

assets

resulting

from

capital

transactions

$

3,764

$

(4,320)

$

4,817

$

31,686

Share

Transactions:

Class

A

Issued

Reinvested

Redeemed

(60)

(148)

(178)

(234)

Total

Class

A

(65)

(65)

Class

C

Issued

—

—

(a) Reinvested

—

(a) 1

Redeemed

(6)

(19)

—

(a) —

(a) Total

Class

C

(1)

(10)

—

(a) 1

Class

R6

Issued

—

—

715

1,594

Reinvested

—

—

1,339

Redeemed

—

—

(851)

(2,021)

Total

Class

R6

—

—

912

Class

Y

Issued

674

Reinvested

Redeemed

(45)

(205)

(360)

(792)

Total

Class

Y

(37)

Member

Class

Issued

Reinvested

Redeemed

(9)

(36)

(70)

(94)

Total

Member

Class

(8)

(44)

Change

in

Shares

(120)

1,366

(a) 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

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

7,590

$

15,791

$

2,044

$

4,275

Net

realized

gains

(losses)

30,287

14,215

7,818

11,999

Net

change

in

unrealized

appreciation/depreciation

90,327

(57,951)

26,739

(5,959)

Change

in

net

assets

resulting

from

operations

128,204

(27,945)

36,601

10,315

Distributions

to

Shareholders:

Class

A

(410) (11,452)

(440) (884) Class

C

(3) (531) —

—

Class

R

(24) (1,039)

—

—

Class

R6

(5,563)

(100,276)

(11,481)

(27,089)

Class

Y

(4,200)

(76,286)

(1,394)

(3,394)

Member

Class

—

—

(317) (650) Change

in

net

assets

resulting

from

distributions

to

shareholders

(10,200)

(189,584)

(13,632)

(32,017)

Change

in

net

assets

resulting

from

capital

transactions

(121,108)

19,780

(13,803)

28,139

Change

in

net

assets

(3,104)

(197,749)

9,166

6,437

Net

Assets:

Beginning

of

period

1,010,876

1,208,625

312,357

305,920

End

of

period

$

1,007,772

$

1,010,876

$

321,523

$

312,357

(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

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Capital

Transactions:

Class

A

Proceeds

from

shares

issued

$

2,125

$

12,447

$

1,351

$

1,261

Distributions

reinvested

10,584

884

Cost

of

shares

redeemed

(8,107)

(18,659)

(729) (1,249)

Total

Class

A

$

(5,606)

$

4,372

$

1,062

$

896

Class

C

Proceeds

from

shares

issued

$

$

525

$

—

$

—

Distributions

reinvested

530

—

—

Cost

of

shares

redeemed

(534) (1,239)

—

—

Total

Class

C

$

(496) $

(184) $

—

$

—

Class

R

Proceeds

from

shares

issued

$

$

1,506

$

—

$

—

Distributions

reinvested

1,026

—

—

Cost

of

shares

redeemed

(1,358)

(1,354)

—

—

Total

Class

R

$

(1,035)

$

1,178

$

—

$

—

Class

R6

Proceeds

from

shares

issued

$

22,085

$

77,084

$

22,447

$

67,437

Distributions

reinvested

5,454

98,129

10,622

25,087

Cost

of

shares

redeemed

(106,216)

(196,573)

(47,567)

(66,188)

Total

Class

R6

$

(78,677)

$

(21,360)

$

(14,498)

$

26,336

Class

Y

Proceeds

from

shares

issued

$

26,861

$

98,561

$

1,760

$

5,739

Distributions

reinvested

3,798

71,285

1,293

3,141

Cost

of

shares

redeemed

(65,953)

(134,072)

(3,477)

(9,654)

Total

Class

Y

$

(35,294)

$

35,774

$

(424) $

(774) Member

Class

Proceeds

from

shares

issued

$

—

$

—

$

920

$

2,828

Distributions

reinvested

—

—

650

Cost

of

shares

redeemed

—

—

(1,180)

(1,797)

Total

Member

Class

$

—

$

—

$

$

1,681

Change

in

net

assets

resulting

from

capital

transactions

$

(121,108)

$

19,780

$

(13,803)

$

28,139

(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

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Share

Transactions:

Class

A

Issued

Reinvested

Redeemed

(275) (626) (33) (57) Total

Class

A

(191) 93

Class

C

Issued

—

—

Reinvested

—(a)

—

—

Redeemed

(27) (58) —

—

Total

Class

C

(25) (8) —

—

Class

R

Issued

—

—

Reinvested

—

—

Redeemed

(48) (49) —

—

Total

Class

R

(36) 39

—

—

Class

R6

Issued

690

2,352

996

3,091

Reinvested

2,901

1,100

Redeemed

(3,333)

(5,992)

(2,072)

(3,024)

Total

Class

R6

(2,480)

(739) (616) 1,167

Class

Y

Issued

849

3,006

Reinvested

2,131

Redeemed

(2,081)

(4,224)

(155) (444) Total

Class

Y

(1,117)

913

(20) (47) Member

Class

Issued

—

—

Reinvested

—

—

Redeemed

—

—

(53) (82) Total

Member

Class

—

—

Change

in

Shares

(3,849)

(586) 1,239

(a) Rounds

to

less

than

thousand

shares.

(Amounts

in

Thousands)

Victory

Portfolios

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Multi-Cap

Fund

Victory

S&P

500

Index

Fund

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

(960)

$

(1,639)

$

962

$

2,022

Net

realized

gains

(losses)

20,299

71,613

16,808

44,426

Net

change

in

unrealized

appreciation/depreciation

45,946

4,025

10,523

(10,000)

Change

in

net

assets

resulting

from

operations

65,285

73,999

28,293

36,448

Distributions

to

Shareholders:

Class

A

(61,195)

(35,580)

(15,584)

(29,779)

Class

C

(796)

(459)

—

—

Class

R

—

—

(3,032)

(5,296)

Class

Y

(4,737)

(3,211)

(1,814)

(4,417)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(66,728)

(39,250)

(20,430)

(39,492)

Change

in

net

assets

resulting

from

capital

transactions

27,272

(8,109)

3,889

(15,679)

Change

in

net

assets

25,829

26,640

11,752

(18,723)

Net

Assets:

Beginning

of

period

496,726

470,086

266,140

284,863

End

of

period

$

522,555

$

496,726

$

277,892

$

266,140

(Amounts

in

Thousands)

Victory

Portfolios

Statements

of

Changes

in

Net

Assets

(continued)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Multi-Cap

Fund

Victory

S&P

500

Index

Fund

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Capital

Transactions:

Class

A

Proceeds

from

shares

issued

$

6,286

$

7,106

$

4,975

$

12,127

Distributions

reinvested

53,392

31,085

13,400

25,665

Cost

of

shares

redeemed

(27,059)

(47,805)

(16,457)

(25,560)

Total

Class

A

$

32,619

$

(9,614)

$

1,918

$

12,232

Class

C

Proceeds

from

shares

issued

$

568

$

608

$

—

$

—

Distributions

reinvested

793

—

—

Cost

of

shares

redeemed

(1,031)

(484)

—

—

Total

Class

C

$

$

581

$

—

$

—

Class

R

Proceeds

from

shares

issued

$

—

$

—

$

9,568

$

11,658

Distributions

reinvested

—

—

3,032

5,296

Cost

of

shares

redeemed

—

—

(4,578)

(14,798)

Total

Class

R

$

—

$

—

$

8,022

$

2,156

Class

Y

Proceeds

from

shares

issued

$

2,728

$

4,371

$

5,964

$

4,723

Distributions

reinvested

4,432

2,899

1,808

4,404

Cost

of

shares

redeemed

(12,837)

(6,346)

(13,823)

(39,194)

Total

Class

Y

$

(5,677)

$

924

$

(6,051)

$

(30,067)

Change

in

net

assets

resulting

from

capital

transactions

$

27,272

$

(8,109)

$

3,889

$

(15,679)

Share

Transactions:

Class

A

Issued

Reinvested

919

550

976

Redeemed

(436)

(858)

(587)

(959)

Total

Class

A

589

(181)

Class

C

Issued

—

—

Reinvested

—

—

Redeemed

(26)

(14)

—

—

Total

Class

C

—

—

Class

R

Issued

—

—

Reinvested

—

—

Redeemed

—

—

(163)

(574)

Total

Class

R

—

—

Class

Y

Issued

Reinvested

Redeemed

(170)

(101)

(469)

(1,403)

Total

Class

Y

(67)

(191)

(1,072)

Change

in

Shares

535

(154)

(533)

(Amounts

in

Thousands)

Victory

Portfolios

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Mid-Cap

Core

Growth

Fund

Victory

Trivalent

International

Fund

—

Core

Equity

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

(112) $

(97) $

1,637

$

5,157

Net

realized

gains

(losses)

19,671

56,658

10,947

15,918

Net

change

in

unrealized

appreciation/depreciation

(6,869)

(18,984)

18,714

21,815

Change

in

net

assets

resulting

from

operations

12,690

37,577

31,298

42,890

Distributions

to

Shareholders:

Class

A

(25,972)

(27,402)

(434) (120) Class

C

(194) (279) —

—

Class

I

—

—

(461) (121) Class

R6

(7,937)

(8,053)

(23,718)

(7,208)

Class

Y

(10,615)

(12,927)

(764) (249) Change

in

net

assets

resulting

from

distributions

to

shareholders

(44,718)

(48,661)

(25,377)

(7,698)

Change

in

net

assets

resulting

from

capital

transactions

17,915

(22,156)

13,367

(16,445)

Change

in

net

assets

(14,113)

(33,240)

19,288

18,747

Net

Assets:

Beginning

of

period

285,661

318,901

238,689

219,942

End

of

period

$

271,548

$

285,661

$

257,977

$

238,689

(Amounts

in

Thousands)

Victory

Portfolios

Statements

of

Changes

in

Net

Assets

(continued)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Mid-Cap

Core

Growth

Fund

Victory

Trivalent

International

Fund

—

Core

Equity

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Capital

Transactions:

Class

A

Proceeds

from

shares

issued

$

3,720

$

7,041

$

$

Distributions

reinvested

24,242

25,423

Cost

of

shares

redeemed

(15,701)

(33,921)

(175) (979) Total

Class

A

$

12,261

$

(1,457)

$

$

(599) Class

C

Proceeds

from

shares

issued

$

$

$

—

$

—

Distributions

reinvested

—

—

Cost

of

shares

redeemed

(133) (1,182)

—

—

Total

Class

C

$

$

(855) $

—

$

—

Class

I

Proceeds

from

shares

issued

$

—

$

—

$

$

Distributions

reinvested

—

—

Cost

of

shares

redeemed

—

—

(116) (397) Total

Class

I

$

—

$

—

$

631

$

(268) Class

R6

Proceeds

from

shares

issued

$

2,545

$

6,430

$

1,501

$

939

Distributions

reinvested

7,935

8,049

23,718

7,208

Cost

of

shares

redeemed

(6,446)

(14,389)

(11,578)

(23,920)

Total

Class

R6

$

4,034

$

$

13,641

$

(15,773)

Class

Y

Proceeds

from

shares

issued

$

1,882

$

5,008

$

$

Distributions

reinvested

10,376

12,579

752

Cost

of

shares

redeemed

(10,717)

(37,521)

(2,424)

(196) Total

Class

Y

$

1,541

$

(19,934)

$

(1,328)

$

Change

in

net

assets

resulting

from

capital

transactions

$

17,915

$

(22,156)

$

13,367

$

(16,445)

Share

Transactions:

Class

A

Issued

797

Reinvested

3,250

2,953

Redeemed

(1,784)

(3,791)

(17) (116) Total

Class

A

1,913

(41) 44

(71) Class

C

Issued

—

—

Reinvested

—

—

Redeemed

(15) (133) —

—

Total

Class

C

(96) —

—

Class

I

Issued

—

—

Reinvested

—

—

Redeemed

—

—

(11) (47) Total

Class

I

—

—

(31) Class

R6

Issued

Reinvested

593

574

2,384

900

Redeemed

(437) (1,005)

(1,175)

(2,743)

Total

Class

R6

1,359

(1,736)

Class

Y

Issued

Reinvested

859

979

Redeemed

(791) (2,840)

(230) (22) Total

Class

Y

(1,482)

(118) 26

Change

in

Shares

2,466

(1,589)

1,348

(1,812)

(Amounts

in

Thousands)

Victory

Portfolios

Statements

of

Changes

in

Net

Assets

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Trivalent

International

Small-Cap

Fund

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

15,582

$

76,337

Net

realized

gains

(losses)

337,462

280,019

Net

change

in

unrealized

appreciation/depreciation

104,643

495,946

Change

in

net

assets

resulting

from

operations

457,687

852,302

Distributions

to

Shareholders:

Class

A

(3,441)

(925) Class

C

(37) (8) Class

I

(197,358)

(60,851)

Class

R6

(10,948)

(2,703)

Class

Y

(34,966)

(10,488)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(246,750)

(74,975)

Change

in

net

assets

resulting

from

capital

transactions

180,545

(435,298)

Change

in

net

assets

391,482

342,029

Net

Assets:

Beginning

of

period

3,803,556

3,461,527

End

of

period

$

4,195,038

$

3,803,556

(Amounts

in

Thousands)

Victory

Portfolios

Statements

of

Changes

in

Net

Assets

(continued)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Trivalent

International

Small-Cap

Fund

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Capital

Transactions:

Class

A

Proceeds

from

shares

issued

$

6,237

$

16,735

Distributions

reinvested

2,171

686

Cost

of

shares

redeemed

(13,754)

(28,945)

Total

Class

A

$

(5,346)

$

(11,524)

Class

C

Proceeds

from

shares

issued

$

$

Distributions

reinvested

Cost

of

shares

redeemed

(164) (814) Total

Class

C

$

(114) $

(794) Class

I

Proceeds

from

shares

issued

$

392,091

$

657,030

Distributions

reinvested

155,372

47,463

Cost

of

shares

redeemed

(377,526)

(1,069,011)

Total

Class

I

$

169,937

$

(364,518)

Class

R6

Proceeds

from

shares

issued

$

42,114

$

24,909

Distributions

reinvested

9,652

2,332

Cost

of

shares

redeemed

(21,002)

(32,749)

Total

Class

R6

$

30,764

$

(5,508)

Class

Y

Proceeds

from

shares

issued

$

49,854

$

80,674

Distributions

reinvested

34,225

10,208

Cost

of

shares

redeemed

(98,775)

(143,836)

Total

Class

Y

$

(14,696)

$

(52,954)

Change

in

net

assets

resulting

from

capital

transactions

$

180,545

$

(435,298)

Share

Transactions:

Class

A

Issued

1,016

Reinvested

Redeemed

(701) (1,857)

Total

Class

A

(271) (794) Class

C

Issued

Reinvested

Redeemed

(9) (55) Total

Class

C

(6) (53) Class

I

Issued

20,065

41,632

Reinvested

7,836

3,222

Redeemed

(19,094)

(66,795)

Total

Class

I

8,807

(21,941)

Class

R6

Issued

2,119

1,541

Reinvested

Redeemed

(1,057)

(1,974)

Total

Class

R6

1,546

(276) Class

Y

Issued

2,544

5,156

Reinvested

1,736

696

Redeemed

(5,038)

(9,090)

Total

Class

Y

(758) (3,238)

Change

in

Shares

9,318

(26,302)

Victory

Portfolios

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Integrity

Discovery

Fund

Class

A

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$40.90

$39.81

$35.60

$36.72

$45.53

$24.03

Investment

Activities:

Net

investment

income

(loss)(a)

0.08 0.03 0.03 0.14 (0.10)

(0.07)

Net

realized

and

unrealized

gains

(losses)

5.64 4.90 4.73 2.15 (6.57)

21.57 Total

from

Investment

Activities

5.72 4.93 4.76 2.29 (6.67)

21.50 Distributions

to

Shareholders

from:

Net

investment

income

(0.08)

(0.02)

(0.16)

—

—

—

Net

realized

gains

(4.60)

(3.82)

(0.39)

(3.41)

(2.14)

—

Total

Distributions

(4.68)

(3.84)

(0.55)

(3.41)

(2.14)

—

Net

Asset

Value,

End

of

Period

$41.94

$40.90

$39.81

$35.60

$36.72

$45.53

Total

Return(b)(c)

13.62%

11.99%

13.43%

6.11%

(15.25)%

89.47%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

1.57%

1.59%

1.60%

1.59%

1.57%

1.62%

Net

Investment

Income

(Loss)(d)

0.37%

0.08%

0.07%

0.37%

(0.23)%

(0.20)%

Gross

Expenses(d)(e)

1.57%

1.59%

1.60%

1.59%

1.57%

1.62%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$32,832

$30,992

$32,732

$33,409

$35,308

$45,073

Portfolio

Turnover(b)(f)

14%

33%

37%

35%

36%

41%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(d) Annualized

for

periods

less

than

one

year.

(e) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Integrity

Discovery

Fund

Class

C

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$23.13

$24.12

$21.80

$23.91

$30.67

$16.32

Investment

Activities:

Net

investment

income

(loss)(a)

(0.06)(b)

(0.19)

(0.18)

(0.12)

(0.32)

(0.21)

Net

realized

and

unrealized

gains

(losses)

3.25 3.02 2.89 1.42 (4.30)

14.56 Total

from

Investment

Activities

3.19 2.83 2.71 1.30 (4.62)

14.35 Distributions

to

Shareholders

from:

Net

realized

gains

(4.60)

(3.82)

(0.39)

(3.41)

(2.14)

—

Total

Distributions

(4.60)

(3.82)

(0.39)

(3.41)

(2.14)

—

Net

Asset

Value,

End

of

Period

$21.72

$23.13

$24.12

$21.80

$23.91

$30.67

Total

Return(c)(d)

13.14%

11.01%

12.50%

5.17%

(15.98)%

87.93%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

2.45%

2.45%

2.45%

2.45%

2.45%

2.45%

Net

Investment

Income

(Loss)(e)

(0.48)%

(0.79)%

(0.80)%

(0.51)%

(1.11)%

(0.95)%

Gross

Expenses(e)(f)

5.57%

5.42%

4.27%

3.41%

3.02%

2.87%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$334

$374

$619

$831

$1,227

$2,079

Portfolio

Turnover(c)(g)

14%

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) 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

Integrity

Discovery

Fund

Class

Y

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$46.98

$45.22

$40.34

$41.12

$50.63

$26.64

Investment

Activities:

Net

investment

income

(loss)(a)

0.14 0.12 0.10 0.24 (0.03)

0.03 Net

realized

and

unrealized

gains

(losses)

6.46 5.55 5.38 2.39 (7.34)

23.96 Total

from

Investment

Activities

6.60 5.67 5.48 2.63 (7.37)

23.99 Distributions

to

Shareholders

from:

Net

investment

income

(0.13)

(0.09)

(0.21)

—

—

—

Net

realized

gains

(4.60)

(3.82)

(0.39)

(3.41)

(2.14)

—

Total

Distributions

(4.73)

(3.91)

(0.60)

(3.41)

(2.14)

—

Net

Asset

Value,

End

of

Period

$48.85

$46.98

$45.22

$40.34

$41.12

$50.63

Total

Return(b)(c)

13.73%

12.17%

13.67%

6.29%

(15.09)%

90.05%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

1.38%

1.41%

1.44%

1.40%

1.38%

1.31%

Net

Investment

Income

(Loss)(d)

0.56%

0.26%

0.24%

0.57%

(0.05)%

0.07%

Gross

Expenses(d)(e)

1.38%

1.41%

1.45%

1.40%

1.38%

1.31%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$27,049

$23,616

$24,439

$21,471

$24,479

$40,600

Portfolio

Turnover(b)(f)

14%

33%

37%

35%

36%

41%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d) Annualized

for

periods

less

than

one

year.

(e) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Integrity

Discovery

Fund

Member

Class

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$41.01

$39.93

$35.70

$36.80

$45.58

$26.37

Investment

Activities:

Net

investment

income

(loss)(b)

0.10 0.07 0.07 0.17 (0.04)

(0.30)

Net

realized

and

unrealized

gains

(losses)

5.66 4.88 4.76 2.14 (6.60)

19.51 Total

from

Investment

Activities

5.76 4.95 4.83 2.31 (6.64)

19.21 Distributions

to

Shareholders

from:

Net

investment

income

(0.12)

(0.05)

(0.21)

—

—

—

Net

realized

gains

(4.60)

(3.82)

(0.39)

(3.41)

(2.14)

—

Total

Distributions

(4.72)

(3.87)

(0.60)

(3.41)

(2.14)

—

Net

Asset

Value,

End

of

Period

$42.05

$41.01

$39.93

$35.70

$36.80

$45.58

Total

Return(c)(d)

13.67%

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%

1.50%

Net

Investment

Income

(Loss)(e)

0.44%

0.17%

0.17%

0.46%

(0.10)%

(1.04)%

Gross

Expenses(e)(f)

1.81%

1.93%

1.88%

1.82%

1.99%

5.05%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$3,344

$3,140

$3,397

$3,377

$3,232

$2,172

Portfolio

Turnover(c)(g)

14%

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

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$22.77

$24.66

$22.73

$21.11

$23.72

$15.30

Investment

Activities:

Net

investment

income

(loss)(a)

0.11 0.25 0.19 0.19 0.21 0.13 Net

realized

and

unrealized

gains

(losses)

1.59 1.71 2.41 2.67 (1.66)

8.74 Total

from

Investment

Activities

1.70 1.96 2.60 2.86 (1.45)

8.87 Distributions

to

Shareholders

from:

Net

investment

income

(0.15)

(0.30)

(0.09)

(0.28)

—

(0.37)

Net

realized

gains

(0.83)

(3.55)

(0.58)

(0.96)

(1.16)

—

Return

of

capital

—

—

—

—

—

(0.08)

Total

Distributions

(0.98)

(3.85)

(0.67)

(1.24)

(1.16)

(0.45)

Net

Asset

Value,

End

of

Period

$23.49

$22.77

$24.66

$22.73

$21.11

$23.72

Total

Return(b)(c)

7.39%

7.78%

11.72%

13.83%

(6.56)%

58.66%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

1.00%

1.00%

1.00%

1.00%

1.00%

1.00%

Net

Investment

Income

(Loss)(d)

0.94%

1.03%

0.81%

0.86%

0.90%

0.64%

Gross

Expenses(d)(e)

1.33%

1.33%

1.37%

1.35%

1.42%

1.37%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$24,712

$25,436

$25,867

$25,184

$19,898

$12,542

Portfolio

Turnover(b)(f)

23%

49%

75%

57%

70%

67%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(d) Annualized

for

periods

less

than

one

year.

(e) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Integrity

Mid-Cap

Value

Fund

Class

C

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$22.49

$24.46

$22.63

$21.03

$23.81

$15.37

Investment

Activities:

Net

investment

income

(loss)(a)

0.02 0.07 0.01 0.02 0.03 (0.05)

Net

realized

and

unrealized

gains

(losses)

1.57 1.69 2.40 2.66 (1.65)

8.82 Total

from

Investment

Activities

1.59 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

(0.83)

(3.55)

(0.58)

(0.96)

(1.16)

—

Return

of

capital

—

—

—

—

—

(0.06)

Total

Distributions

(0.83)

(3.73)

(0.58)

(1.08)

(1.16)

(0.33)

Net

Asset

Value,

End

of

Period

$23.25

$22.49

$24.46

$22.63

$21.03

$23.81

Total

Return(b)(c)

7.00%

6.94%

10.90%

12.98%

(7.26)%

57.43%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

1.75%

1.75%

1.75%

1.75%

1.75%

1.75%

Net

Investment

Income

(Loss)(d)

0.18%

0.32%

0.06%

0.11%

0.14%

(0.25)%

Gross

Expenses(d)(e)

14.25%

15.55%

15.97%

13.08%

2.82%

16.27%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$120

$123

$98

$99

$83

$78

Portfolio

Turnover(b)(f)

23%

49%

75%

57%

70%

67%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(d) Annualized

for

periods

less

than

one

year.

(e) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Integrity

Mid-Cap

Value

Fund

Class

R6

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$23.20

$25.06

$23.07

$21.40

$23.99

$15.47

Investment

Activities:

Net

investment

income

(loss)(a)

0.16 0.35 0.28 0.28 0.31 0.19 Net

realized

and

unrealized

gains

(losses)

1.63 1.73 2.47 2.71 (1.69)

8.85 Total

from

Investment

Activities

1.79 2.08 2.75 2.99 (1.38)

9.04 Distributions

to

Shareholders

from:

Net

investment

income

(0.24)

(0.39)

(0.18)

(0.36)

(0.05)

(0.43)

Net

realized

gains

(0.83)

(3.55)

(0.58)

(0.96)

(1.16)

—

Return

of

capital

—

—

—

—

—

(0.09)

Total

Distributions

(1.07)

(3.94)

(0.76)

(1.32)

(1.21)

(0.52)

Net

Asset

Value,

End

of

Period

$23.92

$23.20

$25.06

$23.07

$21.40

$23.99

Total

Return(b)(c)

7.63%

8.18%

12.20%

14.29%

(6.21)%

59.24%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.60%

0.60%

0.60%

0.60%

0.60%

0.60%

Net

Investment

Income

(Loss)(d)

1.34%

1.44%

1.20%

1.26%

1.28%

0.94%

Gross

Expenses(d)(e)

0.85%

0.86%

0.87%

0.87%

0.87%

0.88%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$231,363

$218,063

$212,708

$232,401

$207,959

$226,652

Portfolio

Turnover(b)(f)

23%

49%

75%

57%

70%

67%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d) Annualized

for

periods

less

than

one

year.

(e) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Integrity

Mid-Cap

Value

Fund

Class

Y

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$23.14

$25.00

$23.03

$21.36

$23.95

$15.44

Investment

Activities:

Net

investment

income

(loss)(a)

0.15 0.31 0.25 0.25 0.28 0.06 Net

realized

and

unrealized

gains

(losses)

1.61 1.74 2.44 2.70 (1.70)

8.94 Total

from

Investment

Activities

1.76 2.05 2.69 2.95 (1.42)

9.00 Distributions

to

Shareholders

from:

Net

investment

income

(0.21)

(0.36)

(0.14)

(0.32)

(0.01)

(0.41)

Net

realized

gains

(0.83)

(3.55)

(0.58)

(0.96)

(1.16)

—

Return

of

capital

—

—

—

—

—

(0.08)

Total

Distributions

(1.04)

(3.91)

(0.72)

(1.28)

(1.17)

(0.49)

Net

Asset

Value,

End

of

Period

$23.86

$23.14

$25.00

$23.03

$21.36

$23.95

Total

Return(b)(c)

7.51%

8.03%

11.98%

14.14%

(6.35)%

59.03%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.75%

0.75%

0.75%

0.75%

0.75%

0.75%

Net

Investment

Income

(Loss)(d)

1.19%

1.29%

1.06%

1.12%

1.18%

0.29%

Gross

Expenses(d)(e)

1.00%

1.00%

1.01%

1.04%

1.03%

1.08%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$68,121

$65,424

$62,417

$59,183

$45,535

$25,003

Portfolio

Turnover(b)(f)

23%

49%

75%

57%

70%

67%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d) Annualized

for

periods

less

than

one

year.

(e) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Integrity

Mid-Cap

Value

Fund

Member

Class

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$23.28

$25.14

$23.15

$21.47

$24.08

$16.94

Investment

Activities:

Net

investment

income

(loss)(b)

0.14 0.30 0.22 0.23 0.27 (0.26)

Net

realized

and

unrealized

gains

(losses)

1.63 1.73 2.47 2.72 (1.72)

7.58 Total

from

Investment

Activities

1.77 2.03 2.69 2.95 (1.45)

7.32 Distributions

to

Shareholders

from:

Net

investment

income

(0.19)

(0.34)

(0.12)

(0.31)

—

(0.17)

Net

realized

gains

(0.83)

(3.55)

(0.58)

(0.96)

(1.16)

—

Return

of

capital

—

—

—

—

—

(0.01)

Total

Distributions

(1.02)

(3.89)

(0.70)

(1.27)

(1.16)

(0.18)

Net

Asset

Value,

End

of

Period

$24.03

$23.28

$25.14

$23.15

$21.47

$24.08

Total

Return(c)(d)

7.50%

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%

0.85%

Net

Investment

Income

(Loss)(e)

1.11%

1.23%

0.95%

1.04%

1.11%

(1.69)%

Gross

Expenses(e)(f)

1.38%

1.43%

1.42%

1.53%

1.97%

8.67%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$4,040

$4,933

$3,962

$3,719

$2,385

$845

Portfolio

Turnover(c)(g)

23%

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

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$27.15

$33.07

$33.19

$32.51

$43.97

$24.40

Investment

Activities:

Net

investment

income

(loss)(a)

0.16 0.30 0.29 0.24 0.03 (0.01)

Net

realized

and

unrealized

gains

(losses)

3.37 (0.72)

3.04 4.82 (4.51)

19.61 Total

from

Investment

Activities

3.53 (0.42)

3.33 5.06 (4.48)

19.60 Distributions

to

Shareholders

from:

Net

investment

income

(0.20)

(0.48)

(0.31)

(0.05)

(0.04)

(0.03)

Net

realized

gains

(0.01)

(5.02)

(3.14)

(4.33)

(6.94)

—

Total

Distributions

(0.21)

(5.50)

(3.45)

(4.38)

(6.98)

(0.03)

Net

Asset

Value,

End

of

Period

$30.47

$27.15

$33.07

$33.19

$32.51

$43.97

Total

Return(b)(c)

12.99%

(3.31)%

10.42%

16.23%

(12.11)%

80.37%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

1.43%

1.43%

1.44%

1.43%

1.50%

1.50%

Net

Investment

Income

(Loss)(d)

1.06%

0.96%

0.88%

0.71%

0.08%

(0.02)%

Gross

Expenses(d)(e)

1.43%

1.43%

1.44%

1.43%

1.50%

1.50%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$59,134

$57,886

$67,444

$71,905

$69,687

$91,203

Portfolio

Turnover(b)(f)

19%

44%

62%(g)

61%

58%

56%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(d) Annualized

for

periods

less

than

one

year.

(e) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(g) 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

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$19.33

$25.01

$25.89

$26.39

$37.22

$20.81

Investment

Activities:

Net

investment

income

(loss)(a)

0.01 0.02 (0.02)

(0.05)

(0.22)

(0.26)

Net

realized

and

unrealized

gains

(losses)

2.40 (0.40)

2.36 3.88 (3.67)

16.67 Total

from

Investment

Activities

2.41 (0.38)

2.34 3.83 (3.89)

16.41 Distributions

to

Shareholders

from:

Net

investment

income

(0.03)

(0.28)

(0.08)

—

—

—

Net

realized

gains

(0.01)

(5.02)

(3.14)

(4.33)

(6.94)

—

Total

Distributions

(0.04)

(5.30)

(3.22)

(4.33)

(6.94)

—

Net

Asset

Value,

End

of

Period

$21.70

$19.33

$25.01

$25.89

$26.39

$37.22

Total

Return(b)(c)

12.45%

(4.24)%

9.41%

15.23%

(12.77)%

78.86%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

2.35%

2.35%

2.35%

2.29%

2.25%

2.34%

Net

Investment

Income

(Loss)(d)

0.10%

0.07%

(0.08)%

(0.17)%

(0.67)%

(0.89)%

Gross

Expenses(d)(e)

2.72%

2.67%

2.38%

2.29%

2.25%

2.34%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,812

$2,082

$2,889

$4,746

$5,667

$7,578

Portfolio

Turnover(b)(f)

19%

44%

62%(g)

61%

58%

56%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(d) Annualized

for

periods

less

than

one

year.

(e) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(g) 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

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$25.19

$31.09

$31.43

$31.04

$42.35

$23.53

Investment

Activities:

Net

investment

income

(loss)(a)

0.10 0.18 0.19 0.12 (0.07)

(0.10)

Net

realized

and

unrealized

gains

(losses)

3.13 (0.64)

2.86 4.60 (4.30)

18.92 Total

from

Investment

Activities

3.23 (0.46)

3.05 4.72 (4.37)

18.82 Distributions

to

Shareholders

from:

Net

investment

income

(0.12)

(0.42)

(0.25)

—

—

—

Net

realized

gains

(0.01)

(5.02)

(3.14)

(4.33)

(6.94)

—

Total

Distributions

(0.13)

(5.44)

(3.39)

(4.33)

(6.94)

—

Net

Asset

Value,

End

of

Period

$28.29

$25.19

$31.09

$31.43

$31.04

$42.35

Total

Return(b)(c)

12.80%

(3.63)%

10.06%

15.86%

(12.32)%

79.91%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

1.75%

1.75%

1.75%

1.75%

1.75%

1.75%

Net

Investment

Income

(Loss)(d)

0.73%

0.63%

0.60%

0.39%

(0.18)%

(0.29)%

Gross

Expenses(d)(e)

1.96%

1.97%

1.98%

1.99%

1.99%

1.95%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$5,258

$5,604

$5,689

$4,538

$4,605

$7,099

Portfolio

Turnover(b)(f)

19%

44%

62%(g)

61%

58%

56%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d) Annualized

for

periods

less

than

one

year.

(e) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(g) 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

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$29.36

$35.34

$35.21

$34.24

$45.91

$25.43

Investment

Activities:

Net

investment

income

(loss)(a)

0.25 0.48 0.47 0.42 0.26 0.18 Net

realized

and

unrealized

gains

(losses)

3.65 (0.82)

3.26 5.09 (4.75)

20.47 Total

from

Investment

Activities

3.90 (0.34)

3.73 5.51 (4.49)

20.65 Distributions

to

Shareholders

from:

Net

investment

income

(0.35)

(0.62)

(0.46)

(0.21)

(0.24)

(0.17)

Net

realized

gains

(0.01)

(5.02)

(3.14)

(4.33)

(6.94)

—

Total

Distributions

(0.36)

(5.64)

(3.60)

(4.54)

(7.18)

(0.17)

Net

Asset

Value,

End

of

Period

$32.90

$29.36

$35.34

$35.21

$34.24

$45.91

Total

Return(b)(c)

13.25%

(2.86)%

10.94%

16.78%

(11.63)%

81.42%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.95%

0.96%

0.96%

0.96%

0.95%

0.96%

Net

Investment

Income

(Loss)(d)

1.54%

1.45%

1.34%

1.19%

0.61%

0.52%

Gross

Expenses(d)(e)

0.95%

0.96%

0.96%

0.96%

0.95%

0.96%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$516,743

$533,941

$668,753

$771,075

$716,271

$1,145,953

Portfolio

Turnover(b)(f)

19%

44%

62%(g)

61%

58%

56%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d) Annualized

for

periods

less

than

one

year.

(e) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(g) 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

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$29.03

$34.99

$34.90

$33.98

$45.62

$25.27

Investment

Activities:

Net

investment

income

(loss)(a)

0.23 0.44 0.42 0.38 0.21 0.13 Net

realized

and

unrealized

gains

(losses)

3.61 (0.80)

3.23 5.05 (4.71)

20.34 Total

from

Investment

Activities

3.84 (0.36)

3.65 5.43 (4.50)

20.47 Distributions

to

Shareholders

from:

Net

investment

income

(0.31)

(0.58)

(0.42)

(0.18)

(0.20)

(0.12)

Net

realized

gains

(0.01)

(5.02)

(3.14)

(4.33)

(6.94)

—

Total

Distributions

(0.32)

(5.60)

(3.56)

(4.51)

(7.14)

(0.12)

Net

Asset

Value,

End

of

Period

$32.55

$29.03

$34.99

$34.90

$33.98

$45.62

Total

Return(b)(c)

13.22%

(2.96)%

10.84%

16.65%

(11.72)%

81.13%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

1.05%

1.06%

1.07%

1.06%

1.07%

1.08%

Net

Investment

Income

(Loss)(d)

1.44%

1.33%

1.21%

1.10%

0.51%

0.36%

Gross

Expenses(d)(e)

1.05%

1.06%

1.07%

1.06%

1.07%

1.08%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$424,825

$411,363

$463,850

$724,723

$606,277

$765,951

Portfolio

Turnover(b)(f)

19%

44%

62%(g)

61%

58%

56%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d) Annualized

for

periods

less

than

one

year.

(e) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

(g) 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

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$20.68

$22.15

$20.65

$19.70

$22.98

$13.46

Investment

Activities:

Net

investment

income

(loss)(a)

0.11 0.23 0.19 0.18 0.15 0.05 Net

realized

and

unrealized

gains

(losses)

2.31 0.58 1.77 2.68 (1.99)

9.73 Total

from

Investment

Activities

2.42 0.81 1.96 2.86 (1.84)

9.78 Distributions

to

Shareholders

from:

Net

investment

income

(0.18)

(0.19)

(0.19)

(0.16)

(0.05)

(0.26)

Net

realized

gains

(0.75)

(2.09)

(0.27)

(1.75)

(1.39)

—

Total

Distributions

(0.93)

(2.28)

(0.46)

(1.91)

(1.44)

(0.26)

Net

Asset

Value,

End

of

Period

$22.17

$20.68

$22.15

$20.65

$19.70

$22.98

Total

Return(b)(c)

11.65%

2.95%

9.62%

15.08%

(8.64)%

73.21%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

1.13%

1.13%

1.13%

1.13%

1.13%

1.13%

Net

Investment

Income

(Loss)(d)

1.00%

1.05%

0.90%

0.90%

0.67%

0.27%

Gross

Expenses(d)(e)

1.44%

1.47%

1.51%

1.51%

1.50%

1.68%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$10,814

$9,115

$8,764

$8,049

$7,149

$6,589

Portfolio

Turnover(b)(f)

20%

47%

75%

55%

63%

61%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(d) Annualized

for

periods

less

than

one

year.

(e) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Integrity

Small/Mid-Cap

Value

Fund

Class

R6

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$21.11

$22.55

$21.01

$20.00

$23.30

$13.64

Investment

Activities:

Net

investment

income

(loss)(a)

0.15 0.30 0.26 0.25 0.22 0.14 Net

realized

and

unrealized

gains

(losses)

2.35 0.60 1.79 2.73 (2.02)

9.82 Total

from

Investment

Activities

2.50 0.90 2.05 2.98 (1.80)

9.96 Distributions

to

Shareholders

from:

Net

investment

income

(0.24)

(0.25)

(0.24)

(0.22)

(0.11)

(0.30)

Net

realized

gains

(0.75)

(2.09)

(0.27)

(1.75)

(1.39)

—

Total

Distributions

(0.99)

(2.34)

(0.51)

(1.97)

(1.50)

(0.30)

Net

Asset

Value,

End

of

Period

$22.62

$21.11

$22.55

$21.01

$20.00

$23.30

Total

Return(b)(c)

11.77%

3.26%

9.98%

15.47%

(8.38)%

73.68%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.83%

0.83%

0.83%

0.83%

0.83%

0.83%

Net

Investment

Income

(Loss)(d)

1.27%

1.36%

1.21%

1.21%

0.97%

0.72%

Gross

Expenses(d)(e)

0.90%

0.90%

0.94%

0.93%

0.93%

0.94%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$270,046

$264,947

$256,829

$191,098

$151,752

$143,273

Portfolio

Turnover(b)(f)

20%

47%

75%

55%

63%

61%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d) Annualized

for

periods

less

than

one

year.

(e) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Integrity

Small/Mid-Cap

Value

Fund

Class

Y

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$21.00

$22.46

$20.93

$19.93

$23.23

$13.60

Investment

Activities:

Net

investment

income

(loss)(a)

0.14 0.28 0.24 0.23 0.21 0.12 Net

realized

and

unrealized

gains

(losses)

2.35 0.59 1.80 2.73 (2.02)

9.81 Total

from

Investment

Activities

2.49 0.87 2.04 2.96 (1.81)

9.93 Distributions

to

Shareholders

from:

Net

investment

income

(0.23)

(0.24)

(0.24)

(0.21)

(0.10)

(0.30)

Net

realized

gains

(0.75)

(2.09)

(0.27)

(1.75)

(1.39)

—

Total

Distributions

(0.98)

(2.33)

(0.51)

(1.96)

(1.49)

(0.30)

Net

Asset

Value,

End

of

Period

$22.51

$21.00

$22.46

$20.93

$19.93

$23.23

Total

Return(b)(c)

11.79%

3.18%

9.88%

15.42%

(8.45)%

73.61%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.88%

0.88%

0.88%

0.88%

0.88%

0.88%

Net

Investment

Income

(Loss)(d)

1.23%

1.29%

1.14%

1.14%

0.91%

0.66%

Gross

Expenses(d)(e)

1.02%

1.02%

0.99%

0.98%

0.97%

0.98%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$33,068

$31,254

$34,469

$47,787

$46,579

$56,537

Portfolio

Turnover(b)(f)

20%

47%

75%

55%

63%

61%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d) Annualized

for

periods

less

than

one

year.

(e) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Integrity

Small/Mid-Cap

Value

Fund

Member

Class

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$20.93

$22.39

$20.86

$19.87

$23.18

$14.86

Investment

Activities:

Net

investment

income

(loss)(b)

0.13 0.27 0.23 0.22 0.21 (0.27)

Net

realized

and

unrealized

gains

(losses)

2.34 0.59 1.79 2.72 (2.04)

8.73 Total

from

Investment

Activities

2.47 0.86 2.02 2.94 (1.83)

8.46 Distributions

to

Shareholders

from:

Net

investment

income

(0.21)

(0.23)

(0.22)

(0.20)

(0.09)

(0.14)

Net

realized

gains

(0.75)

(2.09)

(0.27)

(1.75)

(1.39)

—

Total

Distributions

(0.96)

(2.32)

(0.49)

(1.95)

(1.48)

(0.14)

Net

Asset

Value,

End

of

Period

$22.44

$20.93

$22.39

$20.86

$19.87

$23.18

Total

Return(c)(d)

11.76%

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%

0.95%

Net

Investment

Income

(Loss)(e)

1.17%

1.26%

1.07%

1.08%

0.90%

(1.84)%

Gross

Expenses(e)(f)

1.28%

1.38%

1.38%

1.40%

1.59%

4.39%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$7,595

$7,041

$5,858

$6,040

$5,054

$2,388

Portfolio

Turnover(c)(g)

20%

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

Multi-Cap

Fund

Class

A

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$58.89

$54.75

$46.61

$43.96

$53.57

$38.28

Investment

Activities:

Net

investment

income

(loss)(a)

(0.12)

(0.20)

(0.14)

0.01 —(b)

(0.09)

Net

realized

and

unrealized

gains

(losses)

7.94 9.11 10.48 8.74 (3.48)

15.41 Total

from

Investment

Activities

7.82 8.91 10.34 8.75 (3.48)

15.32 Distributions

to

Shareholders

from:

Net

investment

income

(0.10)

—

(0.01)

—(b)

—

(0.03)

Net

realized

gains

(8.29)

(4.77)

(2.19)

(6.10)

(6.13)

—

Total

Distributions

(8.39)

(4.77)

(2.20)

(6.10)

(6.13)

(0.03)

Net

Asset

Value,

End

of

Period

$58.32

$58.89

$54.75

$46.61

$43.96

$53.57

Total

Return(c)(d)

13.35%

16.61%

23.03%

21.82%

(8.71)%

40.04%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

1.21%

1.24%

1.26%

1.29%

1.28%

1.35%

Net

Investment

Income

(Loss)(e)

(0.38)%

(0.36)%

(0.28)%

0.01%

0.00%(g)

(0.20)%

Gross

Expenses(e)(f)

1.21%

1.24%

1.26%

1.29%

1.28%

1.35%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$476,849

$446,858

$425,370

$373,676

$332,533

$393,769

Portfolio

Turnover(c)(h)

37%

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) 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) Amount

is

less

than

0.005%.

(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

Multi-Cap

Fund

Class

C

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$36.73

$36.07

$31.69

$31.96

$40.76

$29.35

Investment

Activities:

Net

investment

income

(loss)(a)

(0.26)

(0.46)

(0.39)

(0.27)

(0.35)

(0.35)

Net

realized

and

unrealized

gains

(losses)

4.93 5.89 6.96 6.10 (2.32)

11.76 Total

from

Investment

Activities

4.67 5.43 6.57 5.83 (2.67)

11.41 Distributions

to

Shareholders

from:

Net

investment

income

—

—

—

—(b)

—

—

Net

realized

gains

(8.29)

(4.77)

(2.19)

(6.10)

(6.13)

—

Total

Distributions

(8.29)

(4.77)

(2.19)

(6.10)

(6.13)

—

Net

Asset

Value,

End

of

Period

$33.11

$36.73

$36.07

$31.69

$31.96

$40.76

Total

Return(c)(d)

12.82%

15.53%

21.92%

20.78%

(9.53)%

38.88%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

2.16%

2.16%

2.16%

2.16%

2.16%

2.16%

Net

Investment

Income

(Loss)(e)

(1.33)%

(1.28)%

(1.19)%

(0.85)%

(0.88)%

(1.00)%

Gross

Expenses(e)(f)

2.27%

2.43%

2.76%

2.38%

2.37%

2.32%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$3,937

$3,909

$3,244

$2,625

$3,287

$4,339

Portfolio

Turnover(c)(g)

37%

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) 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

Multi-Cap

Fund

Class

Y

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$67.97

$62.37

$52.76

$48.98

$58.88

$42.05

Investment

Activities:

Net

investment

income

(loss)(a)

(0.04)

(0.04)

0.01 0.17 0.19 0.08 Net

realized

and

unrealized

gains

(losses)

9.18 10.41 11.92 9.83 (3.96)

16.93 Total

from

Investment

Activities

9.14 10.37 11.93 10.00 (3.77)

17.01 Distributions

to

Shareholders

from:

Net

investment

income

(0.22)

—

(0.13)

(0.12)

—

(0.18)

Net

realized

gains

(8.29)

(4.77)

(2.19)

(6.10)

(6.13)

—

Total

Distributions

(8.51)

(4.77)

(2.32)

(6.22)

(6.13)

(0.18)

Net

Asset

Value,

End

of

Period

$68.60

$67.97

$62.37

$52.76

$48.98

$58.88

Total

Return(b)(c)

13.52%

16.94%

23.42%

22.20%

(8.41)%

40.51%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.93%

0.95%

0.97%

0.96%

0.96%

0.99%

Net

Investment

Income

(Loss)(d)

(0.11)%

(0.07)%

0.02%

0.34%

0.32%

0.16%

Gross

Expenses(d)(e)

0.93%

0.95%

0.97%

0.96%

0.96%

0.99%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$41,769

$45,959

$41,472

$36,911

$35,063

$40,374

Portfolio

Turnover(b)(f)

37%

88%

75%

83%

64%

70%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d) Annualized

for

periods

less

than

one

year.

(e) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

S&P

500

Index

Fund

Class

A

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$26.94

$27.33

$23.37

$21.24

$25.84

$19.80

Investment

Activities:

Net

investment

income

(loss)(a)

0.10 0.22 0.24 0.25 0.23 0.22 Net

realized

and

unrealized

gains

(losses)

2.78 3.69 5.12 3.56 (2.72)

7.43 Total

from

Investment

Activities

2.88 3.91 5.36 3.81 (2.49)

7.65 Distributions

to

Shareholders

from:

Net

investment

income

(0.11)

(0.21)

(0.25)

(0.25)

(0.21)

(0.24)

Net

realized

gains

(2.05)

(4.09)

(1.15)

(1.43)

(1.90)

(1.37)

Total

Distributions

(2.16)

(4.30)

(1.40)

(1.68)

(2.11)

(1.61)

Net

Asset

Value,

End

of

Period

$27.66

$26.94

$27.33

$23.37

$21.24

$25.84

Total

Return(b)(c)

10.74%

14.80%

23.87%

18.88%

(11.11)%

40.00%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.51%

0.53%

0.53%

0.54%

0.53%

0.55%

Net

Investment

Income

(Loss)(d)

0.72%

0.81%

1.00%

1.14%

0.89%

0.97%

Gross

Expenses(d)(e)

0.51%

0.53%

0.53%

0.54%

0.53%

0.55%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$211,787

$204,305

$194,342

$167,870

$156,112

$194,818

Portfolio

Turnover(b)(f)

2%

4%

4%

2%

5%

3%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(d) Annualized

for

periods

less

than

one

year.

(e) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

S&P

500

Index

Fund

Class

R

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$26.75

$27.17

$23.25

$21.15

$25.74

$19.74

Investment

Activities:

Net

investment

income

(loss)(a)

0.05 0.12 0.16 0.17 0.13 0.13 Net

realized

and

unrealized

gains

(losses)

2.76 3.68 5.08 3.54 (2.70)

7.39 Total

from

Investment

Activities

2.81 3.80 5.24 3.71 (2.57)

7.52 Distributions

to

Shareholders

from:

Net

investment

income

(0.07)

(0.13)

(0.17)

(0.18)

(0.12)

(0.15)

Net

realized

gains

(2.05)

(4.09)

(1.15)

(1.43)

(1.90)

(1.37)

Total

Distributions

(2.12)

(4.22)

(1.32)

(1.61)

(2.02)

(1.52)

Net

Asset

Value,

End

of

Period

$27.44

$26.75

$27.17

$23.25

$21.15

$25.74

Total

Return(b)(c)

10.54%

14.39%

23.48%

18.39%

(11.43)%

39.38%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.84%

0.87%

0.87%

0.92%

0.92%

0.95%

Net

Investment

Income

(Loss)(d)

0.38%

0.47%

0.66%

0.77%

0.50%

0.57%

Gross

Expenses(d)(e)

0.84%

0.87%

0.87%

0.92%

0.92%

0.95%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$42,722

$33,861

$32,594

$21,717

$17,735

$17,907

Portfolio

Turnover(b)(f)

2%

4%

4%

2%

5%

3%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d) Annualized

for

periods

less

than

one

year.

(e) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

S&P

500

Index

Fund

Class

Y

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$27.29

$27.63

$23.61

$21.44

$26.07

$19.96

Investment

Activities:

Net

investment

income

(loss)(a)

0.13 0.25 0.26 0.27 0.25 0.25 Net

realized

and

unrealized

gains

(losses)

2.81 3.72 5.18 3.60 (2.75)

7.49 Total

from

Investment

Activities

2.94 3.97 5.44 3.87 (2.50)

7.74 Distributions

to

Shareholders

from:

Net

investment

income

(0.13)

(0.22)

(0.27)

(0.27)

(0.23)

(0.26)

Net

realized

gains

(2.05)

(4.09)

(1.15)

(1.43)

(1.90)

(1.37)

Total

Distributions

(2.18)

(4.31)

(1.42)

(1.70)

(2.13)

(1.63)

Net

Asset

Value,

End

of

Period

$28.05

$27.29

$27.63

$23.61

$21.44

$26.07

Total

Return(b)(c)

10.82%

14.89%

23.97%

18.98%

(11.06)%

40.16%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.36%

0.43%

0.46%

0.46%

0.44%

0.45%

Net

Investment

Income

(Loss)(d)

0.86%

0.91%

1.06%

1.22%

0.98%

1.07%

Gross

Expenses(d)(e)

0.36%

0.43%

0.46%

0.46%

0.44%

0.45%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$23,383

$27,974

$57,927

$49,645

$49,382

$56,607

Portfolio

Turnover(b)(f)

2%

4%

4%

2%

5%

3%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d) Annualized

for

periods

less

than

one

year.

(e) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Mid-Cap

Core

Growth

Fund

Class

A

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$8.85

$9.57

$9.14

$9.53

$15.41

$11.76

Investment

Activities:

Net

investment

income

(loss)(a)

(0.01)

(0.02)

(0.04)

(0.03)

(0.05)

(0.09)

Net

realized

and

unrealized

gains

(losses)

0.41 1.24 1.05 1.07 (1.67)

5.40 Total

from

Investment

Activities

0.40 1.22 1.01 1.04 (1.72)

5.31 Distributions

to

Shareholders

from:

Net

investment

income

—

—

—

—

—(b)

—

Net

realized

gains

(1.84)

(1.94)

(0.58)

(1.43)

(4.16)

(1.66)

Total

Distributions

(1.84)

(1.94)

(0.58)

(1.43)

(4.16)

(1.66)

Net

Asset

Value,

End

of

Period

$7.41

$8.85

$9.57

$9.14

$9.53

$15.41

Total

Return(c)(d)

4.39%

13.31%

11.53%

11.33%

(16.84)%

47.52%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

1.27%

1.28%

1.27%

1.28%

1.26%

1.27%

Net

Investment

Income

(Loss)(e)

(0.25)%

(0.20)%

(0.41)%

(0.27)%

(0.35)%

(0.62)%

Gross

Expenses(e)(f)

1.27%

1.28%

1.27%

1.28%

1.26%

1.27%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$127,818

$135,654

$147,194

$147,859

$157,570

$216,453

Portfolio

Turnover(c)(g)

50%

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) 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

Mid-Cap

Core

Growth

Fund

Class

C

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$8.57

$9.41

$9.06

$9.54

$47.25

$44.12

Investment

Activities:

Net

investment

income

(loss)(b)

(0.05)

(0.10)

(0.12)

(0.10)

(0.27)

(0.63)

Net

realized

and

unrealized

gains

(losses)

0.41 1.20 1.05 1.05 —(c)

18.70 Total

from

Investment

Activities

0.36 1.10 0.93 0.95 (0.27)

18.07 Distributions

to

Shareholders

from:

Net

investment

income

—

—

—

—

—(c)

—

Net

realized

gains

(1.84)

(1.94)

(0.58)

(1.43)

(37.44)

(14.94)

Total

Distributions

(1.84)

(1.94)

(0.58)

(1.43)

(37.44)

(14.94)

Net

Asset

Value,

End

of

Period

$7.09

$8.57

$9.41

$9.06

$9.54

$47.25

Total

Return(d)(e)

4.08%

12.15%

10.71%

10.29%

(17.53)%

46.51%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

2.12%

2.12%

2.12%

2.12%

2.12%

2.06%

Net

Investment

Income

(Loss)(f)

(1.10)%

(1.10)%

(1.28)%

(1.11)%

(1.23)%

(1.40)%

Gross

Expenses(f)(g)

3.52%

2.95%

2.51%

2.28%

2.15%

2.06%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$938

$1,014

$2,009

$3,775

$4,714

$9,806

Portfolio

Turnover(d)(h)

50%

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) 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

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Mid-Cap

Core

Growth

Fund

Class

R6

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$14.45

$14.47

$13.48

$13.38

$19.99

$14.80

Investment

Activities:

Net

investment

income

(loss)(a)

0.01(b)

0.03 (—)(c)

0.02 0.01 (0.04)

Net

realized

and

unrealized

gains

(losses)

0.67 1.89 1.57 1.51 (2.44)

6.89 Total

from

Investment

Activities

0.68 1.92 1.57 1.53 (2.43)

6.85 Distributions

to

Shareholders

from:

Net

investment

income

(0.02)

—

—

—

(0.02)

—

Net

realized

gains

(1.84)

(1.94)

(0.58)

(1.43)

(4.16)

(1.66)

Total

Distributions

(1.86)

(1.94)

(0.58)

(1.43)

(4.18)

(1.66)

Net

Asset

Value,

End

of

Period

$13.27

$14.45

$14.47

$13.48

$13.38

$19.99

Total

Return(d)(e)

4.62%

13.66%

11.98%

11.75%

(16.53)%

48.19%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

0.87%

0.88%

0.89%

0.88%

0.87%

0.87%

Net

Investment

Income

(Loss)(f)

0.15%

0.20%

(0.03)%

0.13%

0.04%

(0.21)%

Gross

Expenses(f)(g)

0.87%

0.88%

0.89%

0.88%

0.87%

0.87%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$64,247

$65,182

$64,842

$68,898

$70,577

$98,852

Portfolio

Turnover(d)(h)

50%

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) 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

Mid-Cap

Core

Growth

Fund

Class

Y

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$13.23

$13.41

$12.54

$12.55

$19.00

$14.15

Investment

Activities:

Net

investment

income

(loss)(a)

—(b)(c)

0.01 (0.02)

—(b)

(0.02)

(0.05)

Net

realized

and

unrealized

gains

(losses)

0.61 1.75 1.47 1.42 (2.27)

6.56 Total

from

Investment

Activities

0.61 1.76 1.45 1.42 (2.29)

6.51 Distributions

to

Shareholders

from:

Net

investment

income

—(b)

—

—

—

—

—

Net

realized

gains

(1.84)

(1.94)

(0.58)

(1.43)

(4.16)

(1.66)

Total

Distributions

(1.84)

(1.94)

(0.58)

(1.43)

(4.16)

(1.66)

Net

Asset

Value,

End

of

Period

$12.00

$13.23

$13.41

$12.54

$12.55

$19.00

Total

Return(d)(e)

4.56%

13.55%

11.92%

11.64%

(16.64)%

48.00%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

0.99%

1.00%

1.00%

0.97%

0.98%

0.98%

Net

Investment

Income

(Loss)(f)

0.02%

0.07%

(0.14)%

0.04%

(0.10)%

(0.33)%

Gross

Expenses(f)(g)

0.99%

1.00%

1.00%

0.97%

0.98%

0.98%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$78,545

$83,811

$104,856

$119,188

$122,169

$242,860

Portfolio

Turnover(d)(h)

50%

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) 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

Trivalent

International

Fund

—

Core

Equity

Class

A

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$9.53

$8.19

$7.32

$6.51

$8.35

$6.49

Investment

Activities:

Net

investment

income

(loss)(a)

0.05 0.16 0.16 0.15 0.17 0.18 Net

realized

and

unrealized

gains

(losses)

1.20 1.44 0.97 0.81 (1.73)

1.77 Total

from

Investment

Activities

1.25 1.60 1.13 0.96 (1.56)

1.95 Distributions

to

Shareholders

from:

Net

investment

income

(0.28)

(0.26)

(0.26)

(0.15)

(0.28)

(0.09)

Net

realized

gains

(0.74)

—

—

—

—

—

Total

Distributions

(1.02)

(0.26)

(0.26)

(0.15)

(0.28)

(0.09)

Net

Asset

Value,

End

of

Period

$9.76

$9.53

$8.19

$7.32

$6.51

$8.35

Total

Return(b)(c)

13.34%

20.22%

15.87%

15.09%

(19.33)%

30.28%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.95%

0.95%

0.95%

0.95%

0.95%

0.95%

Net

Investment

Income

(Loss)(d)

0.94%

1.86%

2.04%

2.28%

2.18%

2.32%

Gross

Expenses(d)(e)

1.67%

1.83%

1.79%

1.79%

1.77%

1.76%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$4,511

$3,988

$4,003

$3,765

$4,147

$5,379

Portfolio

Turnover(b)(f)

19%

44%

38%

49%

55%

47%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(d) Annualized

for

periods

less

than

one

year.

(e) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Trivalent

International

Fund

—

Core

Equity

Class

I

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$9.61

$8.25

$7.37

$6.55

$8.40

$6.53

Investment

Activities:

Net

investment

income

(loss)(a)

0.07 0.19 0.18 0.17 0.20 0.21 Net

realized

and

unrealized

gains

(losses)

1.21 1.46 0.99 0.82 (1.74)

1.78 Total

from

Investment

Activities

1.28 1.65 1.17 0.99 (1.54)

1.99 Distributions

to

Shareholders

from:

Net

investment

income

(0.31)

(0.29)

(0.29)

(0.17)

(0.31)

(0.12)

Net

realized

gains

(0.74)

—

—

—

—

—

Total

Distributions

(1.05)

(0.29)

(0.29)

(0.17)

(0.31)

(0.12)

Net

Asset

Value,

End

of

Period

$9.84

$9.61

$8.25

$7.37

$6.55

$8.40

Total

Return(b)(c)

13.53%

20.75%

16.27%

15.40%

(19.03)%

30.65%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.60%

0.60%

0.60%

0.60%

0.60%

0.60%

Net

Investment

Income

(Loss)(d)

1.29%

2.25%

2.40%

2.57%

2.57%

2.69%

Gross

Expenses(d)(e)

1.30%

1.43%

1.42%

1.37%

1.62%

1.42%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$4,668

$3,952

$3,651

$3,381

$2,834

$3,303

Portfolio

Turnover(b)(f)

19%

44%

38%

49%

55%

47%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d) Annualized

for

periods

less

than

one

year.

(e) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Trivalent

International

Fund

—

Core

Equity

Class

R6

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$9.67

$8.30

$7.42

$6.60

$8.45

$6.57

Investment

Activities:

Net

investment

income

(loss)(a)

0.07 0.20 0.19 0.18 0.21 0.21 Net

realized

and

unrealized

gains

(losses)

1.23 1.46 0.98 0.82 (1.75)

1.78 Total

from

Investment

Activities

1.30 1.66 1.17 1.00 (1.54)

1.99 Distributions

to

Shareholders

from:

Net

investment

income

(0.32)

(0.29)

(0.29)

(0.18)

(0.31)

(0.11)

Net

realized

gains

(0.74)

—

—

—

—

—

Total

Distributions

(1.06)

(0.29)

(0.29)

(0.18)

(0.31)

(0.11)

Net

Asset

Value,

End

of

Period

$9.91

$9.67

$8.30

$7.42

$6.60

$8.45

Total

Return(b)(c)

13.62%

20.77%

16.21%

15.50%

(18.93)%

30.57%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.55%

0.55%

0.55%

0.55%

0.55%

0.55%

Net

Investment

Income

(Loss)(d)

1.34%

2.30%

2.46%

2.68%

2.60%

2.75%

Gross

Expenses(d)(e)

0.94%

0.96%

0.98%

0.98%

0.96%

1.00%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$241,069

$222,077

$205,050

$180,222

$172,965

$204,691

Portfolio

Turnover(b)(f)

19%

44%

38%

49%

55%

47%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d) Annualized

for

periods

less

than

one

year.

(e) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Trivalent

International

Fund

—

Core

Equity

Class

Y

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$9.52

$8.18

$7.31

$6.50

$8.34

$6.48

Investment

Activities:

Net

investment

income

(loss)(a)

0.06 0.18 0.17 0.17 0.19 0.20 Net

realized

and

unrealized

gains

(losses)

1.21 1.44 0.98 0.81 (1.73)

1.77 Total

from

Investment

Activities

1.27 1.62 1.15 0.98 (1.54)

1.97 Distributions

to

Shareholders

from:

Net

investment

income

(0.31)

(0.28)

(0.28)

(0.17)

(0.30)

(0.11)

Net

realized

gains

(0.74)

—

—

—

—

—

Total

Distributions

(1.05)

(0.28)

(0.28)

(0.17)

(0.30)

(0.11)

Net

Asset

Value,

End

of

Period

$9.74

$9.52

$8.18

$7.31

$6.50

$8.34

Total

Return(b)(c)

13.53%

20.53%

16.16%

15.22%

(19.16)%

30.62%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.70%

0.70%

0.70%

0.70%

0.70%

0.70%

Net

Investment

Income

(Loss)(d)

1.19%

2.18%

2.25%

2.58%

2.42%

2.59%

Gross

Expenses(d)(e)

1.08%

1.16%

1.17%

1.16%

1.21%

1.19%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$7,729

$8,672

$7,238

$7,614

$6,614

$8,574

Portfolio

Turnover(b)(f)

19%

44%

38%

49%

55%

47%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d) Annualized

for

periods

less

than

one

year.

(e) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Trivalent

International

Small-Cap

Fund

Class

A

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$18.69

$15.04

$13.96

$12.43

$18.04

$12.83

Investment

Activities:

Net

investment

income

(loss)(a)

0.04 0.27 0.17 0.20 0.18 0.14 Net

realized

and

unrealized

gains

(losses)

2.12 3.65 1.13 1.42 (4.40)

5.07 Total

from

Investment

Activities

2.16 3.92 1.30 1.62 (4.22)

5.21 Distributions

to

Shareholders

from:

Net

investment

income

(0.36)

(0.27)

(0.22)

(0.09)

(0.23)

—

Net

realized

gains

(0.78)

—

—

—

(1.16)

—

Total

Distributions

(1.14)

(0.27)

(0.22)

(0.09)

(1.39)

—

Net

Asset

Value,

End

of

Period

$19.71

$18.69

$15.04

$13.96

$12.43

$18.04

Total

Return(b)(c)

11.63%

26.56%

9.42%

13.11%

(25.22)%

40.61%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

1.35%

1.35%

1.35%

1.35%

1.35%

1.35%

Net

Investment

Income

(Loss)(d)

0.40%

1.73%

1.21%

1.55%

1.09%

0.91%

Gross

Expenses(d)(e)

2.38%

1.70%

1.69%

1.65%

1.63%

1.63%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$60,541

$62,452

$62,195

$71,343

$64,968

$93,832

Portfolio

Turnover(b)(f)

30%

49%

45%

54%

68%

64%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(d) Annualized

for

periods

less

than

one

year.

(e) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Trivalent

International

Small-Cap

Fund

Class

C

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$18.11

$14.53

$13.46

$11.98

$17.46

$12.51

Investment

Activities:

Net

investment

income

(loss)(a)

(0.03)(b)

0.12 0.05 0.08 0.05 0.04 Net

realized

and

unrealized

gains

(losses)

2.05 3.57 1.09 1.40 (4.26)

4.91 Total

from

Investment

Activities

2.02 3.69 1.14 1.48 (4.21)

4.95 Distributions

to

Shareholders

from:

Net

investment

income

(0.20)

(0.11)

(0.07)

—

(0.11)

—

Net

realized

gains

(0.78)

—

—

—

(1.16)

—

Total

Distributions

(0.98)

(0.11)

(0.07)

—

(1.27)

—

Net

Asset

Value,

End

of

Period

$19.15

$18.11

$14.53

$13.46

$11.98

$17.46

Total

Return(c)(d)

11.27%

25.63%

8.52%

12.35%

(25.84)%

39.57%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

2.10%

2.10%

2.10%

2.10%

2.10%

2.10%

Net

Investment

Income

(Loss)(e)

(0.35)%

0.79%

0.39%

0.64%

0.30%

0.26%

Gross

Expenses(e)(f)

3.60%

3.49%

2.91%

2.57%

2.49%

2.41%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$754

$821

$1,427

$2,204

$3,283

$4,945

Portfolio

Turnover(c)(g)

30%

49%

45%

54%

68%

64%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statements

of

Operations

for

the

period

due

to

the

class

level

expenses

recognized.

(c) Not

annualized

for

periods

less

than

one

year.

(d) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

Excludes

any

applicable

sales

charges,

including

contingent

deferred

sales

charges.

Total

return

would

be

reduced

if

sales

charges

were

taken

into

account.

(e) Annualized

for

periods

less

than

one

year.

(f) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(g) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Trivalent

International

Small-Cap

Fund

Class

I

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$18.85

$15.18

$14.09

$12.54

$18.19

$12.94

Investment

Activities:

Net

investment

income

(loss)(a)

0.08 0.35 0.26 0.25 0.26 0.25 Net

realized

and

unrealized

gains

(losses)

2.14 3.66 1.11 1.44 (4.46)

5.07 Total

from

Investment

Activities

2.22 4.01 1.37 1.69 (4.20)

5.32 Distributions

to

Shareholders

from:

Net

investment

income

(0.42)

(0.34)

(0.28)

(0.14)

(0.29)

(0.07)

Net

realized

gains

(0.78)

—

—

—

(1.16)

—

Total

Distributions

(1.20)

(0.34)

(0.28)

(0.14)

(1.45)

(0.07)

Net

Asset

Value,

End

of

Period

$19.87

$18.85

$15.18

$14.09

$12.54

$18.19

Total

Return(b)(c)

11.88%

27.02%

9.80%

13.62%

(24.96)%

41.16%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

0.97%

0.96%

0.95%

0.95%

0.95%

0.95%

Net

Investment

Income

(Loss)(d)

0.79%

2.20%

1.77%

1.95%

1.56%

1.52%

Gross

Expenses(d)(e)

1.13%

1.17%

1.19%

1.21%

1.16%

1.17%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$3,337,856

$3,000,554

$2,749,212

$1,909,343

$1,655,788

$2,003,337

Portfolio

Turnover(b)(f)

30%

49%

45%

54%

68%

64%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d) Annualized

for

periods

less

than

one

year.

(e) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Trivalent

International

Small-Cap

Fund

Class

R6

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$18.94

$15.25

$14.15

$12.59

$18.26

$13.00

Investment

Activities:

Net

investment

income

(loss)(a)

0.08 0.35 0.23 0.24 0.25 0.23 Net

realized

and

unrealized

gains

(losses)

2.15 3.67 1.14 1.45 (4.48)

5.09 Total

from

Investment

Activities

2.23 4.02 1.37 1.69 (4.23)

5.32 Distributions

to

Shareholders

from:

Net

investment

income

(0.41)

(0.33)

(0.27)

(0.13)

(0.28)

(0.06)

Net

realized

gains

(0.78)

—

—

—

(1.16)

—

Total

Distributions

(1.19)

(0.33)

(0.27)

(0.13)

(1.44)

(0.06)

Net

Asset

Value,

End

of

Period

$19.98

$18.94

$15.25

$14.15

$12.59

$18.26

Total

Return(b)(c)

11.90%

26.94%

9.76%

13.55%

(25.02)%

41.06%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

1.01%

1.02%

1.03%

1.03%

1.03%

1.03%

Net

Investment

Income

(Loss)(d)

0.76%

2.20%

1.60%

1.84%

1.52%

1.43%

Gross

Expenses(d)(e)

1.01%

1.02%

1.03%

1.03%

1.03%

1.03%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$191,190

$151,988

$126,582

$121,147

$123,487

$133,486

Portfolio

Turnover(b)(f)

30%

49%

45%

54%

68%

64%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d) Annualized

for

periods

less

than

one

year.

(e) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Victory

Portfolios

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Trivalent

International

Small-Cap

Fund

Class

Y

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$18.74

$15.09

$14.01

$12.47

$18.10

$12.88

Investment

Activities:

Net

investment

income

(loss)(a)

0.06 0.33 0.19 0.23 0.22 0.22 Net

realized

and

unrealized

gains

(losses)

2.14 3.63 1.15 1.43 (4.42)

5.05 Total

from

Investment

Activities

2.20 3.96 1.34 1.66 (4.20)

5.27 Distributions

to

Shareholders

from:

Net

investment

income

(0.40)

(0.31)

(0.26)

(0.12)

(0.27)

(0.05)

Net

realized

gains

(0.78)

—

—

—

(1.16)

—

Total

Distributions

(1.18)

(0.31)

(0.26)

(0.12)

(1.43)

(0.05)

Net

Asset

Value,

End

of

Period

$19.76

$18.74

$15.09

$14.01

$12.47

$18.10

Total

Return(b)(c)

11.83%

26.85%

9.64%

13.43%

(25.07)%

40.96%

Ratios

to

Average

Net

Assets:

Net

Expenses(d)(e)

1.10%

1.10%

1.10%

1.10%

1.10%

1.10%

Net

Investment

Income

(Loss)(d)

0.66%

2.08%

1.31%

1.78%

1.33%

1.35%

Gross

Expenses(d)(e)

1.10%

1.11%

1.15%

1.14%

1.12%

1.13%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$604,697

$587,741

$522,111

$794,375

$703,026

$1,099,890

Portfolio

Turnover(b)(f)

30%

49%

45%

54%

68%

64%

(a) Per

share

net

investment

income

(loss)

has

been

calculated

using

the

average

daily

shares

method.

(b) Not

annualized

for

periods

less

than

one

year.

(c) Assumes

reinvestment

of

all

net

investment

income

and

realized

capital

gain

distributions,

if

any,

during

the

period.

Includes

adjustments

in

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

and

could

differ

from

the

reported

return.

(d) Annualized

for

periods

less

than

one

year.

(e) Does

not

include

acquired

fund

fees

and

expenses,

if

any.

(f) Portfolio

turnover

is

calculated

on

the

basis

of

the

Fund

as

a

whole

without

distinguishing

between

the

classes

of

shares.

Notes

to

Financial

Statements

December

31,

2025

Victory

Portfolios

(Unaudited)

1. #### Organization:
Victory

Portfolios

(the

"Trust")

is

organized

as

a

Delaware

statutory

trust and

the Trust

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

investment

company.

The

Trust

is

comprised

of 29

funds

and

is

authorized

to

issue

an

unlimited

number

of

shares,

which

are

units

of

beneficial

interest

with a

par

value

of

$0.001

per

share.

The

accompanying

financial

statements

are

those

of

the

following nine

funds

(collectively,

the

"Funds"

and

individually,

a

"Fund").

Each

Fund is

classified

as

diversified

under

the

1940

Act.

\*

On

August

26,

2025,

the

Board

of

Trustees

of

the

Trust

(the

"Board")

approved

a

change

in

the

name

of

the

Victory

Munder

Multi-Cap

Fund.

Effective

at

the

start

of

business

on

November

1,

2025,

the

Fund

was

renamed

Victory

Multi-Cap

Fund.

\*\*

On

August

26,

2025,

the

Board

also

approved

a

change

in

the

name

of

the

Victory

Munder

Mid-Cap

Core

Growth

Fund.

Effective

at

the

start

of

business

on

November

1,

2025,

the

Fund

was

renamed

Victory

Mid-Cap

Core

Growth Fund.

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

("ASC")

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

Board,

has

established

the

Pricing

Committee

(the

"Committee"),

and

subject

to Board

oversight,

the

Committee

administers

and

oversees

the

Funds'

valuation

policies

and

procedures,

which are

approved

by

the

Board.

Portfolio

securities

listed

or

traded

on

securities

exchanges,

including

Exchange-Traded

Funds

("ETFs")

and

American

Depositary

Receipts,

are

valued

at

the

last

sale

price

on

the

exchange

or

system

where

the

security

is

principally

traded,

if

available,

or

at

the

Nasdaq

Official

Closing

Price.

If

there

have

been

no

sales

for

that

day

on

the

exchange

or

system,

then

a

security

is

valued

at

the

closing bid

quotation

on

the

exchange

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

Multi-Cap

Fund

(formerly

Victory

Munder

Multi-

Cap

Fund)\*

Multi-Cap

Fund

A,

C,

and

Y

Victory

S&P

500

Index

Fund

S&P

500

Index

Fund

A,

R,

and

Y

Victory

Mid-Cap

Core

Growth

Fund

(formerly

Victory

Munder

Mid-Cap

Core

Growth

Fund)\*\*

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

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

(Unaudited)

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.

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

each

Fund's

NAV to

be

more

reliable

than

it

otherwise

would

be.

In

accordance

with

procedures

adopted

by

the

Board,

fair

value

pricing

may

be

used

if

events

materially

affecting

the

value

of

foreign

securities

occur

between

the

time

the

exchange

on

which

they

are

traded

closes

and

the

time

the

Funds'

NAV is

calculated.

The Funds use

a

systematic

valuation

model,

provided

daily

by

an

independent

third

party

to

fair

value

their

international

equity

securities.

These

valuations

are categorized

as

Level

in

the

fair

value

hierarchy.

A

summary

of

the

valuations

as

of

December

31,

2025,

based

upon

the

three

levels

defined

above,

is

included

in

the

table

below

while

the

breakdown,

by

category,

of

investments

is

disclosed

on

the

Schedules

of

Portfolio

Investments (amounts

in

thousands):

Level

Level

Level

Total

Integrity

Discovery

Fund

Common

Stocks

...............................................

$

62,285

$

—

$

—

$

62,285

Collateral

for

Securities

Loaned

...................................

3,344

—

—

3,344

Total

.......................................................

$

65,629

$

—

$

—

$

65,629

Integrity

Mid-Cap

Value

Fund

Common

Stocks

...............................................

329,459

—

—

329,459

Collateral

for

Securities

Loaned

...................................

4,189

—

—

4,189

Total

.......................................................

$

333,648

$

—

$

—

$

333,648

Integrity

Small-Cap

Value

Fund

Common

Stocks

...............................................

998,024

—

—

998,024

Exchange-Traded

Funds

.........................................

8,671

—

—

8,671

Collateral

for

Securities

Loaned

...................................

17,044

—

—

17,044

Total

.......................................................

$

1,023,739

$

—

$

—

$

1,023,739

Integrity

Small/Mid-Cap

Value

Fund

Common

Stocks

...............................................

319,297

—

—

319,297

Collateral

for

Securities

Loaned

...................................

4,107

—

—

4,107

Total

.......................................................

$

323,404

$

—

$

—

$

323,404

Multi-Cap

Fund

Common

Stocks

...............................................

511,890

—

—

511,890

Exchange-Traded

Funds

.........................................

9,935

—

—

9,935

Collateral

for

Securities

Loaned

...................................

1,855

—

—

1,855

Total

.......................................................

$

523,680

$

—

$

—

$

523,680

S&P

500

Index

Fund

Common

Stocks

...............................................

275,196

—

—

275,196

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

(Unaudited)

As

of December

31,

2025,

there

were

no

significant

transfers

into/out

of

Level

3. Real

Estate

Investment

Trusts

("REITs"):

The

Funds

may

invest

in

REITs,

which

report

information

on

the

source

of

their

distributions

annually.

REITs

are

pooled

investment

vehicles

that

invest

primarily

in

income-producing

real

estate

or

real

estate

related

loans

or

interests

(such

as

mortgages).

Certain

distributions

received

from

REITs

will

be

reclassified

to

realized

gains

or

return

of

capital

as

estimated

by

the

Funds

based

on

calendar

year-end

information

as

it

becomes

known

or

available.

Investment

Companies:

Exchange-Traded

Funds:

The Funds

may

invest

in

ETFs,

the

shares

of

which

are

bought

and

sold

on

a

securities

exchange.

An

ETF

trades

like

common

stock

and

represents

a

fixed

portfolio

of

securities

often

designed

to

track

the

performance

and

dividend

yield

of

a

particular

domestic

or

foreign

market

index.

Among

other

purposes,

the

Funds

may

purchase

shares

of

an

ETF

to

gain

exposure

to

a

portion

of

the

U.S.

or

a

foreign

market

while

awaiting

purchase

of

underlying

securities.

The

risks

of

owning

an

ETF

generally

reflect

the

risks

of

owning

the

underlying

securities

the

ETF

is

designed

to

track,

although

the

lack

of

liquidity

of

an

ETF

could

result

in

it

being

more

volatile.

Additionally,

ETFs

have

fees

and

expenses

that

reduce

their

value.

Open-End

Funds:

The

Funds

may

invest

in

portfolios

of

open-end

investment

companies.

These

investment

companies

value

securities

in

their

portfolios

for

which

market

quotations

are

readily

available

at

their

market

values

(generally

the

last

reported

sale

price)

and

all

other

securities

and

assets

at

their

fair

value

by

the

methods

established

by

the

board

of

directors

of

the

underlying

funds.

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

Level

Level

Level

Total

S&P

500

Index

Fund,

continued

Collateral

for

Securities

Loaned

...................................

$

$

—

$

—

$

Total

.......................................................

$

275,338

$

—

$

—

$

275,338

Other

Financial

Investments:\*

Liabilities:

Futures

Contracts

..............................................

(7) —

—

(7) Total

.......................................................

$

(7) $

—

$

—

$

(7) Mid-Cap

Core

Growth

Fund

Common

Stocks

...............................................

271,229

—

—

271,229

Total

.......................................................

$

271,229

$

—

$

—

$

271,229

Trivalent

International

Fund

—

Core

Equity

Common

Stocks

...............................................

27,936

224,762

—(a)

252,698

Exchange-Traded

Funds

.........................................

2,470

—

—

2,470

Collateral

for

Securities

Loaned

...................................

1,059

—

—

1,059

Total

.......................................................

$

31,465

$

224,762

$

—(a)

$

256,227

Trivalent

International

Small-Cap

Fund

Common

Stocks

...............................................

703,753

3,431,122

—

4,134,875

Collateral

for

Securities

Loaned

...................................

90,326

—

—

90,326

Total

.......................................................

$

794,079

$

3,431,122

$

—

$

4,225,201

\*

Futures

Contracts

are

presented

at

the

unrealized

appreciation

(depreciation)

on

the

investment.

(a) Zero

market

value

securities.

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

(Unaudited)

As

of December

31,

2025,

there

were

no

significant

transfers

into/out

of

Level

3. Real

Estate

Investment

Trusts

("REITs"):

The

Funds

may

invest

in

REITs,

which

report

information

on

the

source

of

their

distributions

annually.

REITs

are

pooled

investment

vehicles

that

invest

primarily

in

income-producing

real

estate

or

real

estate

related

loans

or

interests

(such

as

mortgages).

Certain

distributions

received

from

REITs

will

be

reclassified

to

realized

gains

or

return

of

capital

as

estimated

by

the

Funds

based

on

calendar

year-end

information

as

it

becomes

known

or

available.

Investment

Companies:

Exchange-Traded

Funds:

The Funds

may

invest

in

ETFs,

the

shares

of

which

are

bought

and

sold

on

a

securities

exchange.

An

ETF

trades

like

common

stock

and

represents

a

fixed

portfolio

of

securities

often

designed

to

track

the

performance

and

dividend

yield

of

a

particular

domestic

or

foreign

market

index.

Among

other

purposes,

the

Funds

may

purchase

shares

of

an

ETF

to

gain

exposure

to

a

portion

of

the

U.S.

or

a

foreign

market

while

awaiting

purchase

of

underlying

securities.

The

risks

of

owning

an

ETF

generally

reflect

the

risks

of

owning

the

underlying

securities

the

ETF

is

designed

to

track,

although

the

lack

of

liquidity

of

an

ETF

could

result

in

it

being

more

volatile.

Additionally,

ETFs

have

fees

and

expenses

that

reduce

their

value.

Open-End

Funds:

The

Funds

may

invest

in

portfolios

of

open-end

investment

companies.

These

investment

companies

value

securities

in

their

portfolios

for

which

market

quotations

are

readily

available

at

their

market

values

(generally

the

last

reported

sale

price)

and

all

other

securities

and

assets

at

their

fair

value

by

the

methods

established

by

the

board

of

directors

of

the

underlying

funds.

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

Level

Level

Level

Total

S&P

500

Index

Fund,

continued

Collateral

for

Securities

Loaned

...................................

$

$

—

$

—

$

Total

.......................................................

$

275,338

$

—

$

—

$

275,338

Other

Financial

Investments:\*

Liabilities:

Futures

Contracts

..............................................

(7) —

—

(7) Total

.......................................................

$

(7) $

—

$

—

$

(7) Mid-Cap

Core

Growth

Fund

Common

Stocks

...............................................

271,229

—

—

271,229

Total

.......................................................

$

271,229

$

—

$

—

$

271,229

Trivalent

International

Fund

—

Core

Equity

Common

Stocks

...............................................

27,936

224,762

—(a)

252,698

Exchange-Traded

Funds

.........................................

2,470

—

—

2,470

Collateral

for

Securities

Loaned

...................................

1,059

—

—

1,059

Total

.......................................................

$

31,465

$

224,762

$

—(a)

$

256,227

Trivalent

International

Small-Cap

Fund

Common

Stocks

...............................................

703,753

3,431,122

—

4,134,875

Collateral

for

Securities

Loaned

...................................

90,326

—

—

90,326

Total

.......................................................

$

794,079

$

3,431,122

$

—

$

4,225,201

\*

Futures

Contracts

are

presented

at

the

unrealized

appreciation

(depreciation)

on

the

investment.

(a) Zero

market

value

securities.

at

the

time

of

the

contract.

The

Funds

do

not

engage

in

"cross-currency"

foreign

exchange

contracts

(i.e.,

contracts

to

purchase

or

sell

one

foreign

currency

in

exchange

for

another

foreign

currency).

The

Funds'

foreign

exchange

currency

contracts

might

be

considered

spot

contracts

(typically

a

contract

of

one

week

or

less)

or

forward

contracts

(typically

a

contract

term

over

one

week).

A

spot

contract

is

entered

into

for

purposes

of

hedging

against

foreign

currency

fluctuations

relating

to

a

specific

portfolio

transaction,

such

as

the

delay

between

a

security

transaction

trade

date

and

settlement

date.

Forward

contracts

are

entered

into

for

purposes

of

hedging

portfolio

holdings

or

concentrations

of

such

holdings.

Each

foreign

exchange

currency

contract

is

adjusted

daily

by

the

prevailing

spot

or

forward

rate

of

the

underlying

currency,

and

any

appreciation

or

depreciation

is

recorded

for

financial

statement

purposes

as

unrealized

until

the

contract

settlement

date,

at

which

time

the

Funds

record

realized

gains

or

losses

equal

to

the

difference

between

the

value

of

a

contract

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed. The

Funds

could

be

exposed

to

risk

if

a

counterparty

is

unable

to

meet

the

terms

of

a

foreign

exchange

currency

contract

or

if

the

value

of

the

foreign

currency

changes

unfavorably.

In

addition,

the

use

of

foreign

exchange

currency

contracts

does

not

eliminate

fluctuations

in

the

underlying

prices

of

the

securities.

The

Funds

enter

into

foreign

exchange

currency

contracts

solely

for

spot

or

forward

hedging

purposes,

and

not

for

speculative

purposes

(i.e.,

the

Funds

do

not

enter

into

such

contracts

solely

for

the

purpose

of

earning

foreign

currency

gains).

As

of December

31,

2025,

the

Funds

had

no

open

forward

foreign

exchange

currency

contracts.

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

six

months

ended December

31,

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.

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

December

31,

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

Statements

of

Assets

and

Liabilities.

The

following

table

presents the

effect

of

derivative

instruments

on

the

Statements

of

Operations,

categorized

by

risk

exposure,

for

the period

ended

December

31,

2025 (amounts

in

thousands):

Liabilities

Variation

Margin

Payable

on

Open

Futures

Contracts\*

Equity

Risk

Exposure:

(7,000)

S&P

500

Index

Fund

.................................................................................

$

Net

realized

gains

(losses)

from

futures

contracts

Net

change

in

unrealized

appreciation/

depreciation

on

futures

contracts

Equity

Risk

Exposure:

221,000

(51,000)

S&P

500

Index

Fund

...............................................................

$

$

(51) Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

(Unaudited)

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

period end

is

generally

representative

of

the

notional

amount

of

open

positions

to

net

assets

throughout

the

period.

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

December

31,

2025

(amounts

in

thousands):

Foreign

Currency

Translations:

The

accounting

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Investment

securities

and

other

assets

and

liabilities

of the

Funds

denominated

in

a

foreign

currency

are

translated

into

U.S.

dollars

at

current

exchange

rates.

Purchases

and

sales

of

securities,

income

receipts,

and

expense

payments

are

translated

into

U.S.

dollars

at

the

exchange

rates

on

the

date

of

the

transactions.

The

Funds

do

not

isolate

the

portion

of

the

results

of

operations

resulting

from

changes

in

foreign

exchange

rates

on

investments

from

fluctuations

arising

from

changes

in

market

prices

of

securities

held.

Such

fluctuations,

if

any,

are

disclosed

as

Net

change

in

unrealized

appreciation/depreciation

on investment

securities

and

foreign

currency

translations

on

the

Statements

of

Operations.

Realized

gains

or

losses

from

these

fluctuations,

if

any,

are

disclosed

as

Net

realized

gains

(losses)

from

investment

securities

and

foreign

currency

transactions

on

the

Statements

of

Operations.

Value

of

Securities

on

Loan

Non-Cash

Collateral

Cash

Collateral

Integrity

Discovery

Fund

...........................................

$

3,197

$

—

$

3,344

Integrity

Mid-Cap

Value

Fund

........................................

4,052

—

4,189

Integrity

Small-Cap

Value

Fund

.......................................

16,552

—

17,044

Integrity

Small/Mid-Cap

Value

Fund

...................................

3,928

—

4,107

Multi-Cap

Fund

..................................................

1,800

—

1,855

S&P

500

Index

Fund

..............................................

—

Trivalent

International

Fund

-

Core

Equity

...............................

1,006

—

1,059

Trivalent

International

Small-Cap

Fund

.................................

105,323

20,937

90,326

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

(Unaudited)

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

received

European

Union

("EU")

reclaims

related

to

prior

years.

For

the

six

months

ended

December

31,

2025,

the

Fund

recognized $32

thousand

in

interest

and

entitlements

related

to

EU

reclaims.

These

EU

reclaims

related

interest

and

entitlements

are

reflected

on

the

Statements

of

Operations

as

a

reduction

to

Foreign

tax

withholding

expense.

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

six

months

ended

December

31,

2025,

the

Funds

did

not

incur

any

income

tax,

interest,

or

penalties,

and

have

recorded

no

liability

for

net

unrecognized

tax

benefits

relating

to

uncertain

tax

positions.

Management

of

the

Funds

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

years,

which

includes

the

current

fiscal

tax

year

end).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Allocations:

Expenses

directly

attributable

to a

Fund

are

charged

to that

Fund,

while

expenses

that

are

attributable

to

more

than

one

fund

in

the

Trust,

or

jointly

with

an

affiliated

trust,

are

allocated

among

the

respective

funds

in

the

Trust

and/or

an

affiliated

trust

based

upon

net

assets

or

another

appropriate

basis.

Income,

expenses

(other

than

class-specific

expenses

such

as

transfer

agent

fees,

state

registration

fees,

printing

fees,

and

12b-1

fees),

and

realized

and

unrealized

gains

or

losses

on

investments

are

allocated

to

each

class

of

shares

based

on

its

relative

net

assets

on

the

date

income

is

earned

or

expenses

and

realized

and

unrealized

gains

and

losses

are

incurred.

Fees

Paid

Indirectly:

Expense

offsets

to

custody

fees

that

arise

from

credits

on

cash

balances

maintained

on

deposit

are

reflected

on

the

Statements

of

Operations,

as

applicable,

as

Fees

paid

indirectly.

3. #### Purchases

#### and

#### Sales:
Purchases

and sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

for

the

six

months

ended

December

31,

2025,

were

as

follows

(amounts

in

thousands):

4. #### Affiliated

#### Fund

#### Ownership:
The

Funds

offer

shares

for

investment

by

other

funds

including

VCM

affiliated

fund-of-funds.

The

affiliated

fund-of-funds

do

not

invest

in

the

underlying

funds

for

the

purpose

of

exercising

management

or control;

however,

investments

by

affiliated

fund-of-funds

within

its

principal

investment

strategies

may

represent

a

significant

portion

of

an

underlying

fund's

assets,

and

together

with

the

investments

of

the

other

affiliated

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

December

31,

2025,

certain

affiliated fund-of-funds

owned

total

outstanding

shares

of

the

Funds

as

follows:

Excluding

U.S.

Government

Securities

Purchases

Sales

Integrity

Discovery

Fund

....................................................................

$

8,796

$

11,772

Integrity

Mid-Cap

Value

Fund

.................................................................

74,948

76,081

Integrity

Small-Cap

Value

Fund

................................................................

190,296

303,005

Integrity

Small/Mid-Cap

Value

Fund

............................................................

64,182

87,509

Multi-Cap

Fund

...........................................................................

189,458

228,694

S&P

500

Index

Fund

.......................................................................

6,334

23,007

Mid-Cap

Core

Growth

Fund

..................................................................

141,774

168,297

Trivalent

International

Fund

—

Core

Equity

.......................................................

45,165

56,117

Trivalent

International

Small-Cap

Fund

..........................................................

1,176,024

1,237,116

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

(Unaudited)

5. #### Fees

#### and

#### Transactions

#### with

#### Affiliates

#### and

#### Related

#### Parties:
Investment

Advisory

Fees:

Investment

advisory

services

are

provided

to

the

Funds

by

the

Adviser,

which

is

a

New

York

corporation

registered

as

an

investment

adviser

with

the

SEC.

Under

the

terms

of

the

Investment

Advisory

Agreement,

the

Adviser

is

entitled

to

receive

fees

accrued

daily

and

paid

monthly

at

an

annualized

rate

based

on

a

percentage

of

the

average

daily

net

assets

of

each

Fund. The

rates

at

which

the

Adviser

is

paid

by

each

Fund

are

included

in

the

table

below.

Amounts

incurred

and

paid

to

VCM

for

the

six

months ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Investment

advisory

fees.

Administration

and

Servicing

Fees:

VCM

also

serves

as

the

Funds'

administrator

and

fund

accountant.

Under

the

Administration

and

Fund

Accounting

Agreement,

VCM

is

paid

an

administration

fee

based

on

a

percentage

of

the

average

daily

net

assets

of

the

Trust

and

Victory

Portfolios

II. The

tiered

rates

at

which

VCM

is

paid

by

the

Funds

are

shown

in

the

table

below:

Amounts

incurred

for

the

six

months

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Administration

fees.

Citi

Fund

Services

Ohio,

Inc.

("Citi"),

an

affiliate

of

Citibank,

acts

as

sub-administrator

and

sub-fund

accountant

to

the

Funds

pursuant

to

the

Sub-Administration

and

Sub-Fund

Accounting

Services

Agreement

between

VCM

and

Citi.

VCM

pays

Citi

a

fee

for

providing

these

services.

The Funds

reimburse

VCM

and

Citi

for

out-of-pocket

expenses

incurred

in

providing

these

services

and

certain

other

expenses

specifically

Integrity

Mid-Cap

Value

Fund

Ownership

%

Victory

Target

Retirement

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.5 Victory

Target

Retirement

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

5.2 Victory

Target

Retirement

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

9.0 Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

6.8 Victory

Target

Retirement

2060

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

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.

.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.0 Trivalent

International

Fund

—

Core

Equity

Ownership

%

Victory

Target

Retirement

Income

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

7.1 Victory

Target

Retirement

2030

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

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.

.

.

.

.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

18.9 Victory

Target

Retirement

2040

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

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.

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.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

34.0 Victory

Target

Retirement

2050

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

25.0 Victory

Target

Retirement

2060

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

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.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

3.8 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

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

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%

Net

Assets

Up

to

$15

billion

$15

billion

—

$30

billion

Over

$30

billion

0.08%,

plus

0.05%,

plus

0.04%

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

(Unaudited)

allocated

to

the

Funds.

Amounts

incurred

for

the six

months

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Sub-

Administration

fees.

The

Funds

(as

part

of

the

Trust)

have

entered

into

an

agreement

with

the

Adviser

to

provide

compliance

services,

pursuant

to

which

the

Adviser

furnishes

its

compliance

personnel,

including

the

services

of

the

Chief

Compliance

Officer

("CCO"),

and

other

resources

reasonably

necessary

to

provide

the

Trust

with

compliance

oversight

services

related

to

the

design,

administration,

and

oversight

of

a

compliance

program

for

the

Trust

in

accordance

with

Rule

38a-1

under

the

1940

Act.

The

CCO

is

an

employee

of

the

Adviser,

which

pays

the

compensation

of

the

CCO

and

support

staff.

The

funds

in

the

Trust

and

Victory

Portfolios

II,

in

the

aggregate,

compensate

the

Adviser

for

these

services.

Amounts

incurred

for

the six

months

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Compliance

fees.

Transfer

Agency

Fees:

FIS

Investor

Services,

LLC

("FIS")

serves

as

the

Funds'

transfer

agent.

Under

the

Transfer

Agent

Agreement,

the

Trust

pays

FIS

a

fee

for

its

services

and

reimburses

FIS

for

all

of

their

reasonable

out-of-pocket

expenses

incurred

in

providing

these

services.

Amounts

incurred

for

the

six

months ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Transfer

agent

fees.

Victory

Capital

Transfer

Agency,

Inc.,

an

affiliate

of

the

Adviser,

serves

as

sub-transfer

agent

for

the

Member

Class.

Amounts

incurred

for

the

six

months ended

December

31,

2025,

if

any,

are

reflected

on

the

Statements

of

Operations

as

Transfer

agent

fees.

Sub-Transfer

Agency

Fees:

The

Funds

have

entered

into

Sub-Transfer

Agency

Agreements

with

financial

intermediaries

that

provide

recordkeeping,

processing,

shareholder

communications

and

other

services

to

customers

of

the

intermediaries

that

hold

positions

in

the

Funds

and

have

agreed

to

compensate

the

intermediaries

for

providing

those

services.

Intermediaries

transact

with

the

Funds

primarily

through

the

use

of

omnibus

accounts

on

behalf

of

their

customers

who

hold

positions

in

the

Funds.

These

services

would

have

been

provided

by

the

Funds'

transfer

agent

and

other

service

providers

if

the

shareholders'

accounts

were

maintained

directly

at

the

Funds'

transfer

agent.

Amounts

incurred

for

the

six

months ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Sub-Transfer

agent

fees.

Distributor/Underwriting

Services:

Victory

Capital

Services,

Inc.

(the

"Distributor"),

an

affiliate

of

the

Adviser,

serves

as

Distributor

for

the

continuous

offering

of

the

shares

of

the

Funds

pursuant

to

a

Distribution

Agreement

between

the

Distributor

and

the

Trust.

Pursuant

to

the

Distribution

and

Service

Plans

adopted

in

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Distributor

may

receive

a

monthly

distribution

and

service

fee

up

to

the

annual

rate

shown

in

the

table

below:

The

distribution

and

service

fees

paid

to

the

Distributor

may

be

used

by

the

Distributor

to

pay

for

activities

primarily

intended

to

result

in

the

sale

and/or

servicing

of

Class

A,

Class

C,

and

Class

R. Amounts

incurred

for

the

six

months

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

12b-1

fees.

In

addition,

the

Distributor

is

entitled

to

receive

commissions

in

connection

with sales

of

Class

A. For

the

six

months

ended

December

31,

2025,

the

Distributor

received

the

following

from

commissions

earned

in

connection with

sales

of

Class

A

(amounts

in

thousands):

Other

Fees:

Citibank

serves

as

the

Funds'

custodian.

The

Funds

pay

Citibank

a

fee

for

providing

these

services.

Amounts

incurred

for

the six

months

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Custodian

fees.

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

Multi-Cap

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.25%

1.00%

N/A

S&P

500

Index

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.15%

N/A

0.50%

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

Amount

Integrity

Discovery

Fund

...............................................................................

$

—(a)

Integrity

Mid-Cap

Value

Fund

............................................................................

Integrity

Small-Cap

Value

Fund

...........................................................................

—(a)

Integrity

Small/Mid-Cap

Value

Fund

.......................................................................

Multi-Cap

Fund

......................................................................................

S&P

500

Index

Fund

..................................................................................

Mid-Cap

Core

Growth

Fund

.............................................................................

—(a)

Trivalent

International

Fund

—

Core

Equity

..................................................................

—(a)

Trivalent

International

Small-Cap

Fund

.....................................................................

(a) Rounds

to

less

than

$1

thousand.

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

(Unaudited)

Sidley

Austin

LLP

provides

legal

services

to

the

Trust.

The

Adviser

has

entered

into

an

expense

limitation

agreement

with

the

Trust. Under

the

terms

of

the

agreement,

the

Adviser

has

agreed

to

waive

fees

or

reimburse

certain

expenses

to

the

extent

that

ordinary

operating

expenses

incurred

by

certain

classes

of

the

Funds

in

any

fiscal

year

exceed

the

expense

limits

for the

Funds.

Such

excess

amounts

will

be

the

liability

of

the

Adviser.

Acquired

fund

fees

and

expenses,

interest,

taxes,

brokerage

commissions,

other

expenditures which

are

capitalized

in

accordance

with

GAAP,

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Funds'

business

are

excluded

from

the

expense

limits.

As

of

December

31,

2025,

the

expense

limits

(excluding

voluntary

waivers) were

as

follows:

Under

the

terms

of

the

expense

limitation agreement, the Funds

have

agreed

to

repay

fees

and

expenses

that

were

waived

or

reimbursed

by

the

Adviser

for

a

period

of

up

to

three

years

(thirty-six

(36) months)

after

the

waiver

or

reimbursement

took

place,

subject

to

the

lesser

of

any

operating

expense

limits

in

effect

at

the

time

of:

(a) the

original

waiver

or

expense

reimbursement;

or

(b) the

recoupment,

after

giving

effect

to

the

recoupment

amount.

The

Funds

have

not

recorded

any

amounts

available

to

be

repaid

to

the

Adviser

as

a

commitment

and

contingency

liability

due

to

an

assessment

that

such

repayments

are

not

probable

at

December

31,

2025. For

the

six

months ended

December

31,

2025,

the

following

recoupment

amounts

were

paid

to

the

Adviser

(amounts

in

thousands):

As

of December

31,

2025,

the

following amounts

in

the

table

below

represent

the

fiscal

year-end

in

which

the

36-month

recoupment

period

expires.

These

amounts

are

available

to

be

repaid

to

the

Adviser

(amounts

in

thousands):

The

Adviser

may

voluntarily

waive

or

reimburse

additional

fees and

expenses

or

make

other

payments

to

assist

the

Funds

in

maintaining

competitive

expense

ratios. Except

as

noted

above,

voluntary

waivers

and

reimbursements

applicable

to

the

Funds

are

not

available

to

be

recouped

at

a

future

time.

There

were

no

voluntary

waivers

or

reimbursements

for

the six

months

ended

December

31,

2025. Certain

officers

and/or

interested

trustees

of

the

Funds

are

also

officers

and/or

employees

of

the

Adviser,

administrator,

fund

accountant,

legal

counsel,

and

Distributor.

6. #### Risks:
The

following

describes

the

principal

risks

that

you

may

assume

as

an

investor

in

each

Fund. Each

Fund's

prospectus

contains

unaudited

information

regarding

the

Fund's

principal

risks.

Please

refer

to

that

document

when

considering

the

Fund's

principal

risks.

The

Funds

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

In

effect

until

October

31,

2026

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%

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

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%

N/A

1.10%

1.10%

N/A

Amount

Trivalent

International

Small-Cap

Fund

.....................................................................

$

June

30,

2026

June

30,

2027

June

30,

2028

June

30,

2029

Total

Integrity

Discovery

Fund

...................................

$

$

$

$

$

Integrity

Mid-Cap

Value

Fund

................................

887

861

2,636

Integrity

Small-Cap

Value

Fund

...............................

Integrity

Small/Mid-Cap

Value

Fund

...........................

965

Multi-Cap

Fund

..........................................

Mid-Cap

Core

Growth

Fund

.................................

Trivalent

International

Fund

—

Core

Equity

......................

910

961

2,810

Trivalent

International

Small-Cap

Fund

.........................

2,806

6,101

6,085

2,886

17,878

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

(Unaudited)

![](epub598160095313920.jpg)

General

Market

Risk

—

Overall

market

risks

may

affect

the

value

of

the

Fund(s).

Domestic

and

international

factors

such

as

political

events,

war,

terrorism,

trade

disputes,

inflation

rates,

interest

rate

levels,

and

other

fiscal

and

monetary

policy

changes;

cybersecurity

incidents,

pandemics,

and

other

public

health

crises,

imposition

of

tariffs,

sanctions

against

a

particular

foreign

country,

its

nationals,

businesses,

or

industries;

and

related

geopolitical

events,

as

well

as

environmental

disasters

such

as

earthquakes,

fires,

and

floods,

or

other

catastrophes,

may

add

to

instability

in

global

economies

and

markets

generally,

and

may

lead

to

increased

market

volatility.

Global

economies

and

financial

markets

are

highly

interconnected,

which

increases

the

possibility

that

conditions

in

one

country

or

region

might

adversely

affect

issuers

in

another

country

or

region.

The

impact

of

these

and

other

factors

may

be

short-term

or

may

last

for

extended

periods.

Equity

Securities

Risk

—

The

values

of

the

equity

securities

in

which

the

Funds

invest

may

decline

in

response

to

developments

affecting

individual

companies

and/or

general

market

economic,

and

political

conditions,

and

other

factors. A

company's

earnings

or

dividends

may

not

increase

as

expected

due

to

poor

management

decisions,

competitive

pressures,

breakthroughs

in

technology,

reliance

on

suppliers,

labor

problems

or

shortages,

corporate

restructurings,

fraudulent

disclosures,

natural

disasters,

military

confrontations,

war,

terrorism,

public

health

crises,

or

other

events,

conditions,

and

factors.

Price

changes

may

be

temporary

or

may

last

for

extended

periods.

Foreign

Securities

Risk

—

Foreign

securities

(including

depositary

receipts)

are

subject

to

political,

regulatory,

and

economic

risks

not

present

in

domestic

investments.

Foreign

securities

could

be

affected

by

factors

not

present

in

the

United

States,

including

expropriation,

confiscation

of

property,

and

difficulties

in

enforcing

contracts.

Compared

to

U.S.

companies,

there

generally

is

less

publicly

available

information

about

foreign

companies

and

there

may

be

less

governmental

regulation

and

supervision

of

foreign

companies.

Foreign

securities

generally

experience

more

volatility

than

their

domestic

counterparts.

Depositary

receipts

may

have

additional

risks,

including

creditworthiness

of

the

depositary

bank

and

the

risk

of

an

illiquid

market.

In

addition,

to

the

extent

investments

are

made

in

a

limited

number

of

countries,

events

in

those

countries

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.

Smaller-Capitalization

Stock

Risk

—

Small-

and

mid-sized

companies

are

subject

to

a

number

of

risks

not

associated

with

larger,

more

established

companies,

potentially

making

their

stock

prices

more

volatile

and

increasing

the

risk

of

loss.

Smaller

companies

may

have

limited

markets,

product

lines,

or

financial

resources

and

lack

management

experience

and

may

experience

higher

failure

rates

than

larger

companies.

Mid-Capitalization

Stock

Risk

— Mid-sized

companies

may

be

subject

to

a

number

of

risks

not

associated

with

larger,

more

established

companies,

potentially

making

their

stock

prices

more

volatile

and

increasing

the

risk

of

loss.

Micro-Capitalization

Stock

Risk

—

Micro-sized

companies

tend

to

be

less

seasoned

and

may

lose

market

share

or

profits

to

a

greater

extent

than

larger,

more

established

companies.

Since

micro-sized

company

stocks

typically

have

narrower

markets

and

are

traded

in

lower

volumes

than

larger

company

stocks,

they

may

be

more

difficult

to

purchase

and

sell.

Micro-capitalization

companies

may

have

limited

markets,

product

lines,

or

financial

resources

and

lack

management

experience

and

may

experience

higher

failure

rates

than

larger

companies.

Passive

Investment

Risk/Index

Risk

—

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,

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

(Unaudited)

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.

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.

Sector Focus

Risk

—

To

the

extent

the

Fund(s)

focus

in

one

or

more

sectors,

such

as

the

financials

sector, information

technology

sector,

or

industrials

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.

Industrials

Sector

Risk

—

Companies

in

the

industrials

sector

are

affected

by

supply

and

demand

both

for

their

specific

product

or

service

and

for

industrials

sector

products

in

general.

Government

regulation,

world

events,

and

economic

conditions

also

affect

the

performance

of

investments

in

such

issuers.

Aerospace

and

defense

companies,

a

component

of

the

industrials

sector,

can

be

significantly

affected

by

govern-

ment

spending

policies.

Transportation

companies

may

experience

occasional

sharp

price

movements,

which

may

result

from

changes

in

the

economy,

fuel

prices,

labor

agreements,

and

insurance

costs.

7. #### Borrowing

#### and

#### Interfund

#### Lending:
Line

of

Credit:

The

Victory

Funds

Complex

participates

in

a

short-term

demand

note

"Line

of

Credit"

agreement

with

Citibank.

Under

the

agreement

with

Citibank,

the funds in

the

Trust,

Victory

Portfolios

II,

and

Victory

Portfolios

III

(collectively,

the

"Victory

Funds

Complex"),

in

the

aggregate, may

borrow

up

to

$600

million,

of

which

$300

million

is

committed

and

$300

million

is

uncommitted.

$40

million

of

the

Line

of

Credit

is

reserved

for

use

by

the

Victory

Floating

Rate

Fund,

another

series

of

the

Victory

Funds

Complex,

with

Victory

Floating

Rate

Fund

paying

the

related

commitment

fees

for

that

amount.

The

purpose

of

the

Line

of

Credit

is

to

meet

temporary

or

emergency

cash

needs.

For

the six

months

ended

December

31,

2025,

Citibank

received

an

annual

commitment

fee

of

0.15%

on

$300

million

for

providing

the

Line

of

Credit.

Each

Fund

in

the

Victory

Funds

Complex

paid

a

pro-rata

portion

of

the

commitment

fees

plus

any

interest

on

amounts

borrowed.

Interest

is

based

on

the

one-

month Secured

Overnight

Financing

Rate

plus

1.10 percent.

Effective

June

24,

2025,

the

agreement

was

renewed

with

a

termination

date

of

June

22,

2026,

and

the

annual

commitment

fee

of

0.15%

remained

unchanged.

Dedicated

portions

to

the

Victory

Floating

Rate

Fund

have

been

removed,

making

the

entire

Line

of

Credit

(committed

and

uncommitted)

available

to

all

Funds.

Interest

charged

to each

Fund during

the

period,

if

applicable,

is

reflected

on

the

Statements

of

Operations

under

Line

of

credit

fees.

The

average

borrowing

for

the

days

outstanding

and

average

interest

rate

for

each

Fund

during

the

six

months

ended

December

31,

2025,

were

as

follows

(amounts

in

thousands):

\*

Based

on

the

number

of

days

borrowings

were

outstanding

for

the

six

months

ended

December

31,

2025. Interfund

Lending:

The

Trust

and

the

Adviser

rely

on

an

exemptive

order

granted

by

the

SEC

in

March

2017

(the

"Order"),

permitting

the

establishment

and

operation

of

an

Interfund

Lending

Facility

(the

"Facility").

The

Facility

allows

each

Fund

to

directly

lend

and

borrow

money

to

or

from

any

other

fund

in

the

Victory

Funds

Complex

that

is

permitted

to

participate

in

the

Facility,

relying

upon

the

Order

at

rates

beneficial

to

both

the

borrowing

and

lending

funds.

Advances

under

the

Facility

are

allowed

for

temporary

or

emergency

purposes,

including

the

meeting

of

redemption

requests

that

otherwise

might

require

the

untimely

disposition

of

securities,

and

are

subject

to

each

Fund's

borrowing

restrictions.

The

interfund

loan

rate

is

determined,

as

specified

in

the

Order,

by

averaging

the

current

repurchase

agreement

rate

and

the

current

bank

loan

Amount

Outstanding

at

December

31,

2025

Average

Borrowing\*

Average

Interest

Rate\*

Maximum

Borrowing

During

the

Period

Trivalent

International

Fund

—

Core

Equity

......................

$

—

$

1,850

5.46%

$

2,700

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

(Unaudited)

rate.

As

a

Borrower

(as

defined

in

the

Order),

interest

charged

to

each

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statements

of

Operations

under

Interfund

lending

fees.

As

a

Lender

(as

defined

in

the

Order),

interest

earned

by

each

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statements

of

Operations

under

Interfund

lending.

The

average

borrowing

or

lending

for

the

days

outstanding

and

average

interest

rate

for

the

Funds

that

utilized

this

Facility

during

the

six

months

ended

December

31,

2025,

were

as

follows

(amounts

in

thousands):

\*

Based

on

the

number

of

days

borrowings

were

outstanding

for

the

six

months

ended

December

31,

2025. 8. #### Federal

#### Income

#### Tax

#### Information:
Dividends

from

net

investment

income,

if

any,

are

declared

and

paid

as

noted

in

the

table

below.

Distributable

net

realized

gains,

if

any,

are

declared

and

distributed

at

least

annually

from

each

Fund.

The

amounts

of

dividends

from

net

investment

income

and

distributions

from

net

realized

gains

(collectively,

distributions

to

shareholders)

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

To

the

extent

these

"book/tax"

differences

are

permanent

in

nature

(e.g.,

net

operating

loss

and

distribution

reclassification),

such

amounts

are

reclassified

within

the

components

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales)

do

not

require

reclassification.

To

the

extent

dividends

and

distributions

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes,

they

are

reported

as

distributions

of

capital.

Net

investment

losses

incurred

by

the

Funds

may

be

reclassified

as

an

offset

to

capital

on

the

accompanying

Statements

of

Assets

and

Liabilities.

The

tax

character

of

current

year

distributions

paid

and

the

tax

basis

of

the

current

components

of

accumulated

earnings

(losses)

will

be

determined

at

the

end

of

the

current

tax

year.

As

of

the

tax

year

ended June

30,

2025,

the

following

Funds had

net

capital

loss

carryforwards as shown

in

the

table

below.

It

is

unlikely

that

the

Board

will

authorize

a

distribution

of

capital

gains

realized

in

the

future

until

the

capital

loss

carryforwards

have

been

used

(amounts

in

thousands):

9. #### Segment

#### Reporting:
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.

10. #### New

#### Accounting

#### Pronouncement:
On

December

14,

2023,

the

Financial

Accounting

Standards

Board

issued

Accounting

Standards

Update

("ASU")

2023-09,

which

establishes

new

income

tax

disclosure

requirements

and

modifies

or

eliminates

certain

existing

disclosure

provisions.

The

amendments

in

this

ASU

are

intended

to

address

investor

requests

for

more

transparency

about

income

tax

information

and

to

improve

the

effectiveness

of

income

tax

Borrower

or

Lender

Amount

Outstanding

at

December

31,

2025

Average

Borrowing\*

Average

Interest

Rate\*

Maximum

Borrowing

During

the

Period

Multi-Cap

Fund

.................................

Borrower

$

—

$

4,547

4.45%

$

7,656

Mid-Cap

Core

Growth

Fund

........................

Borrower

—

2,008

4.42%

2,838

Trivalent

International

Fund

—

Core

Equity

.............

Borrower

—

1,506

4.92%

1,853

Trivalent

International

Small-Cap

Fund

................

Borrower

—

13,519

4.20%

13,519

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

Multi-Cap

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

S&P

500

Index

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Quarterly

Quarterly

Mid-Cap

Core

Growth

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

Trivalent

International

Fund

—

Core

Equity

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

Trivalent

International

Small-Cap

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

Short-Term

Amount

Total

Trivalent

International

Small-Cap

Fund

.....................................................

$

(28,023)

$

(28,023)

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

(Unaudited)

disclosures. ASU

2023-09

applies

to

all

entities

that

are

subject

to

ASC

740,

Income

Taxes.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024. Management

is

currently

evaluating

the

impact

of

ASU

2023-09

and

does

not

believe

it

will

have

a

material

impact

on

the

Funds'

financial

statements.

Supplemental

Information

December

31,

2025

Victory

Portfolios

(Unaudited)

Considerations

of

the

Board

in

Continuing

the

Investment

Advisory

Agreement (the

"Agreement")

The

Board

approved

the

Agreement

on

behalf

of

each

of

the

Funds

at

a

meeting,

which

was

called

for

that

purpose,

on

December

4,

2025. The

Board

also

considered

information

relating

to

the

Funds

and

the

Agreement

provided

throughout

the

year

and,

more

specifically,

at

the

meetings

on

October

21,

2025

and

December

4,

2025. In

considering

whether

to

approve

the

Agreement,

the

Board

requested

from

the

Adviser

certain

information

concerning

the

Funds

to

assist

it

in

evaluating

the

terms

of

the

Agreement.

In

response

to

the

request

from

the

Independent

Trustees,

the

Adviser

provided

information

and

reports

relevant

to

the

continuation

of

the

Agreement.

The

Board,

including

the

Independent

Trustees,

evaluated

this

information

along

with

other

information

obtained

throughout

the

year

and

was

advised

by

legal

counsel

to

the

Funds

and

independent

legal

counsel

to

the

Independent

Trustees.

The

Board

considered

each

Fund's

advisory

fee,

expense

ratio

and

investment

performance

as

significant

factors

in

determining

whether

the

Agreement

should

be

continued.

In

considering

whether

the

compensation

paid

to

the

Adviser

was

fair

and

reasonable,

the

Board

also

evaluated,

among

other

things,

the

following

factors:

The

requirements

of

the

Funds

for

the

services

provided

by

the

Adviser;

The

nature,

quality

and

extent

of

the

services

provided

and

expected

to

be

provided;

The

performance

of

the

Funds

as

compared

to

comparable

funds;

The

fees

payable

for

the

services

and

whether

the

fee

arrangements

provided

for

economies

of

scale

that

would

benefit

Fund

shareholders

as

the

Funds

grow

(acknowledging

that

economies

of

scale

can

be

complex

to

assess

and

typically

are

not

directly

measurable)

and

whether

additions

of

or

revisions

to

breakpoints

would

be

appropriate;

Whether

the

fee

would

be

sufficient

to

enable

the

Adviser

to

attract

and

retain

experienced

personnel

and

continue

to

provide

quality

services

to

the

Funds;

The

fees

paid

by

other

clients

of

the

Adviser

whose

accounts

are

managed

in

a

similar

investment

style

and

any

differences

in

the

services

provided

to

the

other

clients

compared

to

those

provided

to

the

Funds;

The

total

expenses

of

each

Fund;

Management's

commitment

to

operating

the

Funds

at

competitive

expense

levels;

The

profitability

of

the

Adviser

(as

reflected

by

comparing

fees

earned

against

an

estimate

of

the

Adviser's

costs)

with

respect

to

the

Adviser's

relationship

with

the

Funds;

Research

and

other

service

benefits

received

by

the

Adviser

obtained

through

payment

of

client

commissions

for

securities

transactions;

Other

benefits

received

by

the

Adviser,

and

its

affiliates,

including

revenues

paid

to

the

Adviser,

or

its

affiliates,

by

the

Funds

for

administration

and

fund

accounting

services,

shareholder

services

and

distribution;

The

capabilities

and

financial

condition

of

the

Adviser;

Current

economic

and

industry

trends;

Tracking

error,

as

applicable;

and

The

historical

relationship

between

each

Fund

and

the

Adviser.

The

Board

reviewed

each

Fund's

gross

management

fee,

comprised

of

the

advisory

fee

plus

the

administrative

services

fee

paid

to

the

Adviser,

in

the

context

of

the

Adviser's

business

and

services

with

respect

to

each

Fund

individually

and

with

respect

to

all

the

funds

as

a

whole.

The

Board

retained

an

independent,

third-party

consultant

to

provide

comparative

information

about

fees,

expenses

and

performance,

and

to

design

and

maintain

a

database

of

relevant

information

designed

to

assist

the

Board

in

retrieving

and

analyzing

comparative

information.

The

Board

considered

information,

analyses

and

methodologies

provided

by

the

consultant.

The

Board

compared

each

Fund's

gross

management

fees

and

total

operating

expense

ratio

on

a

net

and

gross

basis

with

the

median

gross

management

fee

and

median

expense

ratio

of

a

universe

of

comparable

mutual

funds

compiled

by

the

consultant

and

a

peer

group

of

funds

selected

by

that

consultant

from

the

universe.

The

Board

reviewed

the

factors

and

methodology

reflected

in

the

consultant's

analyses

in

the

selection

of

each

Fund's

peer

group,

including

the

consultant's

selection

of

a

broad

universe

of

funds,

the

more

specific

universe

of

comparable

funds,

and

peer

groups

of

funds

with

comparable

investment

strategies

and

asset

levels,

among

other

factors.

The

Board

also

reviewed

any

changes

to

the

consultant's

methodology

as

compared

to

the

prior

year,

including

those

resulting

from

the

Adviser's

input,

if

any.

The

Board

also

reviewed,

where

applicable,

fees

and

other

information

related

to

the

Adviser's

management

of

similarly

managed

institutional

or

private

accounts,

and

the

differences

in

the

services

provided

to

the

other

accounts.

The

Board

also

noted

that

the

breakpoints

in

the

advisory

fee

schedule

for

some

of

the

Funds

evidenced

one

way

in

which

the

Adviser

has

shown

a

willingness

to

share

in

its

economies

of

scale.

As

in

prior

years,

in

evaluating

the

Adviser's

performance,

the

Board

also

considered

how

the

Adviser

addressed

challenges

related

to

changing

market

conditions

and

legal

and

regulatory

developments

affecting

the

Funds.

To

help

it

evaluate

the

fees

and

expenses

of

each

Fund

with

a

total

net

expense

ratio

that

ranked

within

the

fourth

quartile

(most

expensive)

in

relation

to

funds

in

a

peer

group

selected

by

an

independent

third-party

consultant,

the

Board

requested,

and

the

Adviser

provided,

supplemental

information

about

fee

levels

and

the

nature

of

the

services

provided

on

a

Fund-by-Fund

basis

as

described

in

greater

detail

below.

When

a

Fund's

management

fee

or

total

expenses

were

higher

than

those

of

other

funds

in

the

peer

group,

the

Board

considered

factors

that

contributed

to

the

Fund's

management

fee

or

the

Fund's

total

expenses,

including,

among

other

things,

whether

the

Fund

requires

specific

or

specialized

portfolio

Supplemental

Information

—

continued

December

31,

2025

Victory

Portfolios

(Unaudited)

management,

administration

or

oversight

needs;

the

size

of

the

Fund's

assets

in

relation

to

its

peers;

whether

the

Fund

has

experienced

sustained

redemptions

leading

to

decreased

assets;

and

the

factors

that

resulted

in,

for

example,

rapid

or

recent

changes

in

expenses.

The

Board

also

considered

the

extent

to

which

the

Adviser

waives

management

fees

and/or

reimburses

any

Fund

for

other

Fund-level

expenses,

including

the

extent

to

which

any

such

waivers

or

reimbursements

were

applied

at

different

rates

for

different

share

classes.

The

Board

asked

for

and

received

information

to

help

it

evaluate

the

process

that

the

Adviser

uses

to

monitor

whether

any

such

waiver

or

reimbursement

resulted

in

any

potential

"cross-subsidization"

of

one

share

class

by

another

share

class.

The

Board

also

reviewed

the

compliance

and

administrative

services

provided

to

the

Funds

by

the

Adviser

and

its

affiliates,

including

the

Adviser's

oversight

of

the

Funds'

day-to-day

operations

and

oversight

of

Fund

accounting,

assistance

in

meeting

legal

and

regulatory

requirements,

and

other

services

necessary

for

the

operation

of

the

Funds

and

the

Trust.

The

Board

reviewed

each

Fund's

performance

over

one-,

three-,

five-

and

ten-year

periods

(as

applicable)

against

the

performance

of

the

Fund's

selected

peer

group

and

benchmark

index.

The

Board

recognized

that

the

performance

of

the

Funds

and

the

peer

group

funds

are

net

of

expenses,

while

the

performance

of

the

benchmark

index

reflects

gross

returns.

When

a

Fund

underperformed

the

funds

in

its

selected

peer

group

and/or

benchmark

index

for

any

of

the

periods

reported,

the

Board

considered

the

magnitude

and

duration

of

that

underperformance

relative

to

the

selected

peer

group

and/or

benchmark

index

(e.g.,

the

amount

by

which

a

Fund

underperformed,

including,

for

example,

whether

the

Fund

slightly

underperformed

or

significantly

underperformed

its

benchmark

both

in

absolute

and

relative

terms).

For

those

Funds

identified

as

having

underperformed

the

selected

peer

group

and/or

benchmark

index

for

multiple

periods

of

time,

the

Board

further

inquired

into

the

circumstances

of

its

underperformance,

including

with

respect

to

significant

differences

in

investment

strategy

or

securities

exposure

of

the

Fund

as

compared

to

its

benchmark

index

and

selected

peer

group.

In

these

cases,

the

Board

discussed

with

the

Adviser

each

such

Fund's

performance,

potential

reasons

for

the

relative

performance,

and,

if

necessary,

steps

that

the

Adviser

had

taken,

or

intends

to

take,

to

improve

performance,

including,

as

appropriate,

matters

relating

to

staffing

levels,

and

portfolio

trading

strategies,

among

other

things.

When

a

Fund's

gross

management

fee,

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

or

total

net

expenses

ranked

in

the

fourth

quartile

(most

expensive),

the

Board

considered

the

magnitude

of

differences

relative

to

the

selected

peer

group

(e.g.,

the

amount

by

which

a

Fund's

expenses

differed,

including,

for

example,

whether

the

Fund's

fees

and

expenses

were

slightly

or

significantly

higher

as

compared

to

funds

in

its

selected

peer

group).

The

Board

also

considered

the

types

of

expenses

paid

by

the

funds

in

the

Funds'

selected

peer

groups

noting,

for

example,

that

certain

funds

in

the

Funds'

selected

peer

groups

may

not

pay

rule

12b-1

fees,

and

the

changes

in

the

selected

peer

groups

as

compared

to

prior

years.

The

Board

also

met

with

the

portfolio

managers

of

the

Funds

during

the

months

prior

to

voting

on

the

contract

renewal

to

discuss

the

Funds'

performance,

and

received

a

report

each

quarter

on

the

Funds'

performance,

among

other

things,

from

the

Adviser's

President

of

Investment

Franchises

&

Solutions

and

Head

of

Product

&

Strategy.

The

Board

also

considered

the

Adviser's

responsiveness

with

respect

to

the

relative

performance.

The

Board

recognized

that

the

performance

data

reflects

a

period

as

of

a

particular

date

and

that

selecting

a

different

performance

period

could

produce

significantly

different

results.

The

Board

further

acknowledged

that

long-term

performance

could

be

affected

by

even

one

period

of

significant

outperformance

or

underperformance.

In

this

regard,

the

Board

noted

that

performance,

especially

short-term

performance,

is

only

one

of

the

factors

that

it

deems

relevant

to

its

consideration

of

the

Agreement.

The

Board

reviewed

various

other

specific

factors

with

respect

to

each

Fund,

as

described

below.

In

their

deliberations,

the

Trustees

did

not

rank

the

importance

of

any

particular

information

or

factor

considered

and

each

Trustee

may

have

attributed

different

weights

to

various

factors.

Victory

Integrity

Discovery

Fund:

Performance.

The

Board

compared

the

Fund's

Class

A

performance

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund's

peer

group

and

benchmark

index

for

the

same

periods

and

considered

the

fact

that

the

Fund

outperformed

the

benchmark

index

for

all

of

the

periods

reviewed,

outperformed

the

peer

group

median

for

the

one-,

five-,

and

ten-year

periods,

and

matched

the

peer

group

median

for

the

three-year

period.

Fees

and

Expenses.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund's

peer

group,

the

Fund's

gross

management

fee

ranked

in

the

third

quartile,

the

Fund's

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

fourth

quartile

(most

expensive)

and

the

Fund's

total

net

expenses

ranked

in

the

fourth

quartile

(most

expensive).

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses

for

certain

classes

of

the

Fund's

shares,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period.

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund's

management

fee

compared

to

comparable

mutual

funds;

(2) the

Fund's

total

expense

ratio

compared

to

comparable

mutual

funds;

(3) that

the

Adviser's

willingness

to

limit

the

expenses

of

certain

classes

for

a

period

of

time

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period;

and

(4) any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund's

shareholders.

Victory

Integrity

Mid-Cap

Value

Fund:

Performance.

The

Board

compared

the

Fund's

Class

A

performance

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund's

peer

group

and

benchmark

index

for

the

same

periods

and

considered

the

fact

that

the

Fund

Supplemental

Information

—

continued

December

31,

2025

Victory

Portfolios

(Unaudited)

underperformed

the

benchmark

index

for

the

one-

and

three-year

periods,

outperformed

the

benchmark

index

for

the

five-

and

ten-year

periods,

and

outperformed

the

peer

group

median

for

all

of

the

periods

reviewed.

Fees

and

Expenses.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund's

peer

group,

the

Fund's

gross

management

fee

ranked

in

the

third

quartile,

the

Fund's

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

first

quartile

(least

expensive)

and

the

Fund's

total

net

expenses

ranked

in

the

first

quartile

(least

expensive).

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses

for

certain

classes

of

the

Fund's

shares,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period.

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund's

management

fee

compared

to

comparable

mutual

funds;

(2) the

Fund's

total

expense

ratio

compared

to

comparable

mutual

funds;

(3) that

the

Adviser's

willingness

to

limit

the

expenses

of

certain

classes

for

a

period

of

time

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period;

and

(4) any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund's

shareholders.

Victory

Integrity

Small-Cap

Value

Fund:

Performance.

The

Board

compared

the

Fund's

Class

A

performance

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund's

peer

group

and

benchmark

index

for

the

same

periods

and

considered

the

fact

that

the

Fund

underperformed

the

benchmark

index

for

the

one-

and

ten-year

period,

outperformed

the

benchmark

index

for

the

three-

and

five-year

periods,

underperformed

the

peer

group

median

for

the

one-,

three-

and

ten-year

periods,

and

outperformed

the

peer

group

median

for

the

five-year

period.

Fees

and

Expenses.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund's

peer

group,

the

Fund's

gross

management

fee

ranked

in

the

fourth

quartile

(most

expensive),

the

Fund's

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

fourth

quartile

(most

expensive)

and

the

Fund's

total

net

expenses

ranked

in

the

fourth

quartile

(most

expensive).

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses

for

certain

classes

of

the

Fund's

shares,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period.

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund's

management

fee

compared

to

comparable

mutual

funds;

(2) the

Fund's

total

expense

ratio

compared

to

comparable

mutual

funds;

(3) that

the

Adviser's

willingness

to

limit

the

expenses

of

certain

classes

for

a

period

of

time

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period;

and

(4) any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund's

shareholders.

Victory

Integrity

Small/Mid-Cap

Value

Fund:

Performance.

The

Board

compared

the

Fund's

Class

A

performance

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund's

peer

group

and

benchmark

index

for

the

same

periods

and

considered

the

fact

that

the

Fund

underperformed

the

benchmark

index

for

the

one-,

three-

and

ten-year

periods,

outperformed

the

benchmark

index

for

the

five-year

period,

underperformed

the

peer

group

median

for

the

one-

and

three-year

periods,

and

outperformed

the

peer

group

median

for

the

five-

and

ten-year

periods.

Fees

and

Expenses.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund's

peer

group,

the

Fund's

gross

management

fee

ranked

in

the

third

quartile,

the

Fund's

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

first

quartile

(least

expensive)

and

the

Fund's

total

net

expenses

ranked

in

the

first

quartile

(least

expensive).

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses

for

certain

classes

of

the

Fund's

shares,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period.

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund's

management

fee

compared

to

comparable

mutual

funds;

(2) the

Fund's

total

expense

ratio

compared

to

comparable

mutual

funds;

(3) that

the

Adviser's

willingness

to

limit

the

expenses

of

certain

classes

for

a

period

of

time

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period;

and

(4) any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund's

shareholders.

Victory

Multi-Cap

Fund

(formerly

Victory

Munder

Multi-Cap

Fund):

Performance.

The

Board

compared

the

Fund's

Class

A

performance

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund's

peer

group

and

benchmark

index

for

the

same

periods

and

considered

the

fact

that

the

Fund

underperformed

the

benchmark

index

for

the

ten-year

period,

outperformed

the

benchmark

index

for

the

one-,

three-,

and

five-year

periods,

underperformed

the

peer

group

median

for

the

ten-year

period,

and

outperformed

the

peer

group

median

for

the

one-,

three-,

and

five-year

periods.

Supplemental

Information

—

continued

December

31,

2025

Victory

Portfolios

(Unaudited)

Fees

and

Expenses.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund's

peer

group,

the

Fund's

gross

management

fee

ranked

in

the

fourth

quartile

(most

expensive),

the

Fund's

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

fourth

quartile

(most

expensive)

and

the

Fund's

total

net

expenses

ranked

in

the

fourth

quartile

(most

expensive).

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses

for

certain

classes

of

the

Fund's

shares,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period.

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund's

management

fee

compared

to

comparable

mutual

funds;

(2) the

Fund's

total

expense

ratio

compared

to

comparable

mutual

funds;

(3) that

the

Adviser's

willingness

to

limit

the

expenses

of

certain

classes

for

a

period

of

time

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period;

and

(4) any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund's

shareholders.

Victory

S&P

500

Index

Fund:

Performance.

Noting

that

the

Fund's

objective

is

to

provide

performance

and

income

that

is

comparable

to

the

S&P

500

Index,

the

Board

compared

the

Fund's

Class

A

performance

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund's

peer

group

and

benchmark

index

for

the

same

periods

and

considered

the

fact

that

the

Fund

underperformed

both

the

benchmark

index

for

all

of

the

periods

reviewed,

underperformed

the

peer

group

median

for

the

ten-year

period,

matched

the

peer

group

median

for

the

five-year

period,

and

outperformed

the

peer

group

median

for

the

one-

and

three-year

periods.

The

Board

considered

the

Fund's

tracking

error

as

a

factor

in

evaluating

performance.

Fees

and

Expenses.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund's

peer

group,

the

Fund's

gross

management

fee

ranked

in

the

third

quartile,

the

Fund's

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

fourth

quartile

(most

expensive)

and

the

Fund's

total

net

expenses

ranked

in

the

second

quartile.

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund's

management

fee

compared

to

comparable

mutual

funds;

(2) the

Fund's

total

expense

ratio

compared

to

comparable

mutual

funds;

and

(3) any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund's

shareholders.

Victory

Mid-Cap

Core

Growth

Fund

(formerly

Victory

Munder

Mid-Cap

Core

Growth

Fund):

Performance.

The

Board

compared

the

Fund's

Class

A

performance

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund's

peer

group

and

benchmark

index

for

the

same

periods

and

considered

the

fact

that

the

Fund

underperformed

the

benchmark

index

for

all

of

the

periods

reviewed,

outperformed

the

peer

group

median

for

the

one-

and

five-year

periods,

and

underperformed

the

peer

group

median

for

the

three-

and

ten-year

periods.

Fees

and

Expenses.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund's

peer

group,

the

Fund's

gross

management

fee

ranked

in

the

third

quartile,

the

Fund's

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

third

quartile

and

the

Fund's

total

net

expenses

ranked

in

the

fourth

quartile

(most

expensive).

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses

for

certain

classes

of

the

Fund's

shares,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period.

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund's

management

fee

compared

to

comparable

mutual

funds;

(2) the

Fund's

total

expense

ratio

compared

to

comparable

mutual

funds;

(3) that

the

Adviser's

willingness

to

limit

the

expenses

of

certain

classes

for

a

period

of

time

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period;

and

(4) any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund's

shareholders.

Victory

Trivalent

International

Fund—Core

Equity:

Performance.

The

Board

compared

the

Fund's

Class

A

performance

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund's

peer

group

and

benchmark

index

for

the

same

periods

and

considered

the

fact

that

the

Fund

outperformed

the

benchmark

index

for

the

one-,

three-

and

five-year

periods,

matched

the

ten-year

period,

outperformed

the

peer

group

median

for

the

three,

five-

and

ten-year

periods,

and

underperformed

the

peer

group

median

for

the

one-year

period.

Fees

and

Expenses.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund's

peer

group,

the

Fund's

gross

management

fee

ranked

in

the

fourth

quartile

(most

expensive),

the

Fund's

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

first

quartile

(least

expensive)

and

the

Fund's

total

net

expenses

ranked

in

the

second

quartile.

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses

for

certain

classes

of

the

Fund's

shares,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period.

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund's

management

fee

compared

to

comparable

mutual

funds;

(2) the

Fund's

total

expense

ratio

compared

to

comparable

mutual

funds;

(3) that

the

Supplemental

Information

—

continued

December

31,

2025

Victory

Portfolios

(Unaudited)

Adviser's

willingness

to

limit

the

expenses

of

certain

classes

for

a

period

of

time

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period;

and

(4) any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund's

shareholders.

Victory

Trivalent

International

Small-Cap

Fund:

Performance.

The

Board

compared

the

Fund's

Class

A

performance

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund's

peer

group

and

benchmark

index

for

the

same

periods

and

considered

the

fact

that

the

Fund

outperformed

the

benchmark

index

for

all

of

the

periods

reviewed,

outperformed

the

peer

group

median

for

the

one-

and

three-year

periods,

and

underperformed

the

peer

group

median

for

the

five-

and

ten-year

periods.

Fees

and

Expenses.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund's

peer

group,

the

Fund's

gross

management

fee

ranked

in

the

third

quartile,

the

Fund's

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

first

quartile

(least

expensive)

and

the

Fund's

total

net

expenses

ranked

in

the

third

quartile.

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses

for

certain

classes

of

the

Fund's

shares,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period.

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund's

management

fee

compared

to

comparable

mutual

funds;

(2) the

Fund's

total

expense

ratio

compared

to

comparable

mutual

funds;

(3) that

the

Adviser's

willingness

to

limit

the

expenses

of

certain

classes

for

a

period

of

time

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period;

and

(4) any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund's

shareholders.

Conclusion:

Based

on

its

review

of

the

information

requested

and

provided,

and

following

extended

discussions,

the

Board

determined

that:

(i) the

Adviser's

services

benefitted

each

Fund's

shareholders,

particularly

in

light

of

the

nature

of

each

Fund

and

the

services

required

to

support

each

Fund;

(ii) it

was

generally

satisfied

with

the

nature,

quality

and

extent

of

the

services

provided

by

the

Adviser

to

each

Fund;

and

(iii) the

Agreement,

on

behalf

of

each

Fund

discussed

above,

was

consistent

with

the

best

interests

of

each

Fund

and

its

shareholders.

Accordingly,

the

Board

unanimously

approved

the

Agreement,

on

behalf

of

each

Fund,

for

an

additional

annual

period

on

the

basis

of

the

foregoing

review

and

discussions

and

the

following

considerations,

among

others:

The

fairness

and

reasonableness

of

the

investment

advisory

fee

payable

to

the

Adviser

under

the

Agreement

in

light

of

the

investment

advisory

services

provided,

the

costs

of

these

services,

the

profitability

of

the

Adviser's

relationship

with

each

Fund

and

the

comparability

of

the

fee

paid

to

the

fees

paid

by

other

investment

companies;

The

nature,

quality

and

extent

of

the

investment

advisory

services

provided

by

the

Adviser;

The

Adviser's

entrepreneurial

commitment

to

the

management

of

each

Fund

and

the

creation

of

a

broad-based

family

of

funds,

which

entails

a

substantial

commitment

of

the

Adviser's

resources

to

the

successful

operation

of

each

Fund;

The

Adviser's

representations

regarding

its

staffing

and

capabilities

to

manage

each

Fund,

including

the

retention

of

personnel

with

relevant

portfolio

management

experience;

The

Adviser's

efforts

to

enhance

investment

results

by,

among

other

things,

developing

and

supporting

quality

portfolio

management

teams;

and

The

overall

high

quality

of

the

personnel,

operations,

financial

condition,

investment

management

capabilities,

methodologies

and

perfor-

mance

of

the

Adviser.

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

800-539-FUND

(800-539-3863)

800-235-8396

for

Member

Class

VP-TRIV-SAR

(12/25)

December

31,

2025

Semi-Annual:

Full

Financials

Victory

Diversified

Stock

Fund

Victory

Fund

for

Income

Victory

Investment

Grade

Convertible

Fund

vcm.com

News,

Information

And

Education

Hours

A

Day,

Days

A

Week

The

Victory

Capital

website

gives

fund

shareholders,

prospective

shareholders,

and

investment

professionals

a

convenient

way

to

access

fund

information,

get

guidance,

and

track

fund

performance

anywhere

they

can

access

the

Internet.

The

site

includes:

Detailed

performance

records

Daily

share

prices

The

latest

fund

news

Investment

resources

to

help

you

become

a

better

investor

A

section

dedicated

to

investment

professionals

Whether

you're

a

potential

investor

searching

for

the

fund

that

matches

your

investment

philosophy,

a

seasoned

investor

interest-

ed

in

planning

tools,

or

an

investment

professional,

vcm.com

has

what

you

seek.

Visit

us

anytime.

We're

always

open.

*TABLE* 

*OF* 

*CONTENTS*

*Victory* 

*Portfolios*

#### Schedules

#### of

#### Portfolio

#### Investments

#### (Form

#### N-CSR

#### Item

#### 6)
Victory

Diversified

Stock

Fund

#### 3
Victory

Fund

for

Income

#### 6
Victory

Investment

Grade

Convertible

Fund

#### 8

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)
Statements

of

Assets

and

Liabilities

#### 10
Statements

of

Operations

#### 11
Statements

of

Changes

in

Net

Assets

#### 12
Financial

Highlights

#### 15

#### Notes

#### to

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)

#### 31

#### Supplemental

#### Information
Advisory

Contract

Approval

(Form

N-CSR

Item

11)

#### 39

*Call* 

*Victory* 

*at:*

*800-539-FUND* 

*(800-539-3863)*

*800-235-8396* 

*for* 

*Member* 

*Class*

*Visit* 

*our* 

*website* 

*at:*

*vcm.com*

#### IRA

#### DISTRIBUTION

#### WITHHOLDING

#### DISCLOSURE
*We* 

*generally* 

*must* 

*withhold* 

*federal* 

*income* 

*tax* 

*at* 

*a* 

*rate* 

*of* 

*10%* 

*of* 

*the* 

*taxable* 

*portion* 

*of* 

*your* 

*distribution* 

*and,* 

*if* 

*you* 

*live* 

*in* 

*a* 

*state* 

*that* 

*requires* 

*state* 

*income* 

*tax* 

*withholding,* 

*at* 

*your* 

*state's* 

*tax* 

*rate.* 

*However,* 

*you* 

*may* 

*elect* 

*not* 

*to* 

*have* 

*withholding* 

*apply* 

*or* 

*to* 

*have* 

*income* 

*tax* 

*withheld* 

*at* 

*a* 

*higher* 

*rate.* 

*Any* 

*withholding* 

*election* 

*that* 

*you* 

*make* 

*will* 

*apply* 

*to* 

*any* 

*subsequent* 

*distribution* 

*unless* 

*and* 

*until* 

*you* 

*change* 

*or* 

*revoke* 

*the* 

*election.* 

*If* 

*you* 

*wish* 

*to* 

*make* 

*a* 

*withholding* 

*election,* 

*or* 

*change* 

*or* 

*revoke* 

*a* 

*prior* 

*withholding* 

*election,* 

*call* 

*800-539-3863* 

*(800-235-8396* 

*for* 

*Member* 

*Class)* 

*and* 

*form* 

*W-4P* 

*(OMB* 

*No.* 

*1545-0074* 

*withholding* 

*certificate* 

*for* 

*pension* 

*or* 

*annuity* 

*payments)* 

*will* 

*be* 

*electronically* 

*sent.*

*If* 

*you* 

*do* 

*not* 

*have* 

*a* 

*withholding* 

*election* 

*in* 

*place* 

*by* 

*the* 

*date* 

*of* 

*a* 

*distribution,* 

*federal* 

*income* 

*tax* 

*will* 

*be* 

*withheld* 

*from* 

*the* 

*taxable* 

*portion* 

*of* 

*your* 

*distribution* 

*at* 

*a* 

*rate* 

*of* 

*10%.* 

*If* 

*you* 

*must* 

*pay* 

*estimated* 

*taxes,* 

*you* 

*may* 

*be* 

*subject* 

*to* 

*estimated* 

*tax* 

*penalties* 

*if* 

*your* 

*estimated* 

*tax* 

*payments* 

*are* 

*not* 

*sufficient* 

*and* 

*sufficient* 

*tax* 

*is* 

*not* 

*withheld* 

*from* 

*your* 

*distribution.*

*For* 

*more* 

*specific* 

*information,* 

*please* 

*consult* 

*your* 

*tax* 

*adviser.*

*The* 

*Funds* 

*are* 

*distributed* 

*by* 

*Victory* 

*Capital* 

*Services,* 

*Inc.* 

*Victory* 

*Capital* 

*Management* 

*Inc.* 

*is* 

*the* 

*investment* 

*adviser* 

*to* 

*the* 

*Funds* 

*and* 

*receives* 

*fees* 

*from* 

*the* 

*Funds* 

*for* 

*performing* 

*services* 

*for* 

*the* 

*Funds.*

*This* 

*report* 

*is* 

*not* 

*authorized* 

*for* 

*distribution* 

*to* 

*prospective* 

*investors* 

*unless* 

*preceded* 

*or* 

*accompanied* 

*by* 

*a* 

*current* 

*prospectus* 

*of* 

*the* 

*Victory* 

*Funds.*

*For* 

*additional* 

*information* 

*about* 

*any* 

*Victory* 

*Fund,* 

*including* 

*fees,* 

*expenses,* 

*and* 

*risks,* 

*view* 

*our* 

*prospectus* 

*online* 

*at* 

*vcm.com* 

*or* 

*call* 

*800-539-3863* 

*(800-235-8396* 

*for* 

*Member* 

*Class).* 

*Read* 

*it* 

*carefully* 

*before* 

*you* 

*invest* 

*or* 

*send* 

*money.*

*The* 

*information* 

*in* 

*this* 

*report* 

*is* 

*based* 

*on* 

*data* 

*obtained* 

*from* 

*recognized* 

*services* 

*and* 

*sources* 

*and* 

*is* 

*believed* 

*to* 

*be* 

*reliable.* 

*Any* 

*opinions,* 

*projections,* 

*or* 

*recommendations* 

*in* 

*this* 

*report* 

*are* 

*subject* 

*to* 

*change* 

*without* 

*notice* 

*and* 

*are* 

*not* 

*intended* 

*as* 

*individual* 

*investment* 

*advice.* 

*Past* 

*investment* 

*performance* 

*of* 

*the* 

*Funds,* 

*markets* 

*or* 

*securities* 

*mentioned* 

*herein* 

*should* 

*not* 

*be* 

*considered* 

*to* 

*be* 

*indicative* 

*of* 

*future* 

*results.*

#### NOT

#### FDIC

#### INSURED

#### NO

#### BANK

#### GUARANTEE

#### MAY

#### LOSE

#### VALUE
Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

#### Victory

#### Diversified

#### Stock

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(97.9%)

Communication

Services

(9.1%):

Alphabet,

Inc.,

Class

C

...................................................

69,191

$

21,712

Match

Group,

Inc.

......................................................

41,601

1,343

Meta

Platforms,

Inc.,

Class

A

..............................................

9,972

6,582

Millicom

International

Cellular

SA(a)

........................................

34,557

1,916

Netflix,

Inc.(a)

.........................................................

7,920

743

The

Walt

Disney

Co.

....................................................

16,584

1,887

34,183

Communications

Equipment

(1.3%):

Arista

Networks,

Inc.(a)

..................................................

3,660

Cisco

Systems,

Inc.

.....................................................

41,993

3,235

F5,

Inc.(a)

............................................................

4,516

1,153

4,867

Consumer

Discretionary

(8.6%):

Amazon.com,

Inc.(a)

....................................................

44,700

10,318

Deckers

Outdoor

Corp.(a)

.................................................

24,045

2,493

eBay,

Inc.

............................................................

21,315

1,856

Expedia

Group,

Inc.

.....................................................

26,062

7,384

General

Motors

Co.

.....................................................

28,599

2,326

Ralph

Lauren

Corp.,

Class

A

...............................................

11,796

4,171

Royal

Caribbean

Cruises

Ltd.

..............................................

7,025

1,959

Ulta

Beauty,

Inc.(a)

.....................................................

2,670

1,615

32,122

Consumer

Staples

(4.6%):

Altria

Group,

Inc.

.......................................................

77,931

4,494

Casey's

General

Stores,

Inc.

...............................................

6,235

3,446

Ingredion,

Inc.

.........................................................

19,009

2,096

Philip

Morris

International,

Inc.

.............................................

12,347

1,980

Sysco

Corp.

...........................................................

18,562

1,368

The

Kroger

Co.

........................................................

63,880

3,991

17,375

Electronic

Equipment,

Instruments

&

Components

(2.7%):

Amphenol

Corp.,

Class

A

.................................................

34,799

4,703

Fabrinet(a)

............................................................

6,270

2,855

Jabil,

Inc.

............................................................

10,939

2,494

10,052

Energy

(2.4%):

Baker

Hughes

Co.,

Class

A

................................................

48,555

2,211

EOG

Resources,

Inc.

....................................................

39,769

4,176

TechnipFMC

PLC

......................................................

55,581

2,477

8,864

Financials

(15.7%):

Affiliated

Managers

Group,

Inc.

............................................

15,235

4,392

Ameriprise

Financial,

Inc.

.................................................

6,566

3,220

Assurant,

Inc.

.........................................................

8,232

1,983

BGC

Group,

Inc.,

Class

A

.................................................

215,399

1,924

Everest

Group

Ltd.

......................................................

6,508

2,208

FirstCash

Holdings,

Inc.

..................................................

11,534

1,838

Globe

Life,

Inc.

........................................................

14,020

1,961

Interactive

Brokers

Group,

Inc.,

Class

A

.......................................

55,748

3,585

JPMorgan

Chase

&

Co.

..................................................

17,934

5,779

Popular,

Inc.

..........................................................

28,389

3,535

Raymond

James

Financial,

Inc.

.............................................

11,495

1,846

The

Allstate

Corp.

......................................................

20,646

4,297

The

Bank

of

New

York

Mellon

Corp.

.........................................

16,775

1,947

The

Goldman

Sachs

Group,

Inc.

............................................

2,982

2,621

The

Hartford

Insurance

Group,

Inc.

..........................................

12,803

1,764

The

PNC

Financial

Services

Group,

Inc.

......................................

9,509

1,985

The

Progressive

Corp.

...................................................

21,527

4,902

Victory

Portfolios

#### Victory

#### Diversified

#### Stock

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Visa,

Inc.,

Class

A

......................................................

10,891

$

3,820

Wells

Fargo

&

Co.

......................................................

54,956

5,122

58,729

Health

Care

(12.3%):

AbbVie,

Inc.

..........................................................

8,382

1,915

BrightSpring

Health

Services,

Inc.(a)

.........................................

141,600

5,303

Bristol-Myers

Squibb

Co.

.................................................

55,512

2,994

Cencora,

Inc.

..........................................................

10,722

3,621

Eli

Lilly

&

Co.

.........................................................

9,770

10,500

Exelixis,

Inc.(a)

........................................................

19,705

864

Gilead

Sciences,

Inc.

....................................................

8,868

1,088

Halozyme

Therapeutics,

Inc.(a)

.............................................

35,797

2,409

HCA

Healthcare,

Inc.

....................................................

10,032

4,684

McKesson

Corp.

.......................................................

4,705

3,859

Novartis

AG,

ADR

......................................................

7,482

1,032

ResMed,

Inc.

..........................................................

939

The

Cigna

Group

.......................................................

6,265

1,724

The

Ensign

Group,

Inc.

...................................................

14,047

2,447

Universal

Health

Services,

Inc.,

Class

B

.......................................

8,360

1,823

Vertex

Pharmaceuticals,

Inc.(a)

.............................................

3,449

1,564

46,053

Industrials

(6.6%):

Allegion

PLC

.........................................................

1,392

Comfort

Systems

USA,

Inc.

...............................................

2,750

2,567

Delta

Air

Lines,

Inc.

.....................................................

41,782

2,900

EMCOR

Group,

Inc.

....................................................

3,280

2,007

ExlService

Holdings,

Inc.(a)

...............................................

10,824

Federal

Signal

Corp.

.....................................................

16,531

1,795

Leidos

Holdings,

Inc.

....................................................

7,591

1,369

Lockheed

Martin

Corp.

...................................................

4,499

2,176

Mueller

Industries,

Inc.

...................................................

14,336

1,646

Owens

Corning

........................................................

19,033

2,130

Quanta

Services,

Inc.

....................................................

955

Trane

Technologies

PLC

..................................................

4,294

1,671

Uber

Technologies,

Inc.(a)

................................................

27,430

2,241

United

Airlines

Holdings,

Inc.(a)

............................................

27,674

3,094

24,680

IT

Services

(0.8%):

International

Business

Machines

Corp.

........................................

3,930

1,164

VeriSign,

Inc.

..........................................................

6,824

1,658

2,822

Materials

(3.1%):

Avery

Dennison

Corp.

...................................................

9,482

1,725

CF

Industries

Holdings,

Inc.

...............................................

35,833

2,771

Linde

PLC

............................................................

3,390

1,445

NewMarket

Corp.

......................................................

820

564

Newmont

Corp.

........................................................

29,420

2,938

Royal

Gold,

Inc.

........................................................

10,181

2,263

11,706

Real

Estate

(0.7%):

CBRE

Group,

Inc.,

Class

A(a)

..............................................

12,636

2,032

VICI

Properties,

Inc.,

Class

A

..............................................

25,213

709

2,741

Semiconductors

&

Semiconductor

Equipment

(13.1%):

Broadcom,

Inc.

........................................................

32,140

11,124

KLA

Corp.

...........................................................

5,465

6,640

NVIDIA

Corp.

.........................................................

144,785

27,002

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

.............................

14,171

4,307

49,073

Victory

Portfolios

#### Victory

#### Diversified

#### Stock

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Software

(8.0%):

Autodesk,

Inc.(a)

.......................................................

6,231

$

1,844

Dropbox,

Inc.,

Class

A(a)

.................................................

121,028

3,365

Gen

Digital,

Inc.

.......................................................

65,935

1,793

Microsoft

Corp.

........................................................

43,551

21,062

Palantir

Technologies,

Inc.,

Class

A(a)

........................................

9,822

1,746

29,810

Technology

Hardware,

Storage

&

Peripherals

(8.0%):

Apple,

Inc.

...........................................................

109,491

29,766

Utilities

(0.9%):

National

Fuel

Gas

Co.

...................................................

31,706

2,538

NRG

Energy,

Inc.

.......................................................

3,987

635

3,173

Total

Common

Stocks

(Cost

$217,542)

a

a

a

366,016

Exchange-Traded

Funds

(1.8%)

State

Street

Real

Estate

Select

Sector

SPDR

ETF

................................

167,913

6,775

Total

Exchange-Traded

Funds

(Cost

$7,000)

a

a

a

6,775

Total

Investments

(Cost

$224,542)

—

99.7%

372,791

Other

assets

in

excess

of

liabilities

— 0.3%

1,035

NET

ASSETS

-

100.00%

$

373,826

At

December

31,

2025,

the

Fund's

investments

in

foreign

securities

were

5.4%

of

net

assets.

(a) Non-income

producing

security.

ADR

—

American

Depositary

Receipt

ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

#### Victory

#### Fund

#### for

#### Income

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Collateralized

Mortgage

Obligations

(2.0%)

Agency

CMO

Other

(2.0%):

Government

National

Mortgage

Association

....................................

Series

2001-10,

Class

PE,

6.50%,

3/16/31,

Callable

1/16/26

@

...............

$

$

Series

2005-74,

Class

HB,

7.50%,

9/16/35

.................................

—(a)

—(a)

Series

2005-74,

Class

HC,

7.50%,

9/16/35

.................................

Series

2011-166,

Class

NT,

7.75%,

11/20/31(b)

.............................

Series

2012-106,

Class

JM,

7.32%,

10/20/34(b)

.............................

Series

2012-30,

Class

WB,

6.86%,

11/20/39(b)

..............................

Series

2013-190,

Class

KT,

8.19%,

9/20/30(b)

..............................

Series

2013-51,

Class

BL,

6.03%,

4/20/34(b)

...............................

555

572

Series

2013-64,

Class

KY,

6.52%,

12/20/38(b)

..............................

Series

2013-70,

Class

KP,

6.81%,

2/20/39(b)

...............................

Series

2014-69,

Class

W,

7.23%,

11/20/34(b)

...............................

Series

2014-74,

Class

PT,

7.52%,

5/16/44(b)

...............................

Series

2015-103,

Class

B,

6.93%,

1/20/40(b)

...............................

1,394

1,485

Series

2015-77,

Class

PT,

6.98%,

6/20/39(b)

...............................

Series

2019-22,

Class

PT,

7.91%,

2/20/49(b)

...............................

946

983

Series

2021-1,

Class

WT,

7.91%,

1/20/51(b)

................................

1,040

1,092

Series

2023-186,

Class

BT,

8.00%,

9/20/31

................................

843

893

6,621

Total

Collateralized

Mortgage

Obligations

(Cost

$6,954)

a

a

a

6,621

U.S.

Government

Agency

Mortgages

(70.4%)

Single

Family

Pass-throughs

(70.1%):

Government

National

Mortgage

Association

7.00%,

1/20/26

-

5/20/39

.............................................

29,748

31,312

6.50%,

3/15/26

-

2/20/41

.............................................

52,010

54,600

7.50%,

8/15/26

-

12/20/38

.............................................

10,961

11,432

8.00%,

7/15/27

-

4/15/38

.............................................

7,353

7,725

6.13%,

6/20/28

-

9/20/28

.............................................

6.00%,

8/15/28

-

2/20/49

.............................................

54,950

57,805

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

.............................................

6.49%,

8/20/31

-

3/20/32

.............................................

5.50%,

3/20/32

-

11/15/45

.............................................

45,130

46,929

4.50%,

12/15/33

-

5/15/41

.............................................

5,307

5,331

5.00%,

1/20/34

-

2/20/42

.............................................

12,012

12,306

.00%,

8/15/41

....................................................

229,111

Multi-Family

Pass-throughs

(0.3%):

Government

National

Mortgage

Association

8.00%,

1/15/31

-

11/15/33

.............................................

693

694

7.75%,

9/15/33

....................................................

6.00%,

4/20/38

....................................................

1,026

Total

U.S.

Government

Agency

Mortgages

(Cost

$240,320)

a

a

a

230,137

U.S.

Treasury

Obligations

(27.2%)

U.S.

Treasury

Bills,

3.49%,

6/11/26(c)

........................................

19,909

19,601

U.S.

Treasury

Bonds

6.38%,

8/15/27

....................................................

22,004

22,999

6.13%,

8/15/29

....................................................

21,157

22,946

6.25%,

5/15/30

....................................................

21,111

23,276

Total

U.S.

Treasury

Obligations

(Cost

$88,677)

a

a

a

88,822

Victory

Portfolios

#### Victory

#### Fund

#### for

#### Income

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Investment

Companies

(0.0%)(d)

BlackRock

Liquidity

Funds

FedFund

Portfolio,

Institutional

Shares,

.65

%(c)

...........

$

Total

Investment

Companies

(Cost

$100)

a

a

a

Total

Investments

(Cost

$336,051)

—

99.6%

325,680

Other

assets

in

excess

of

liabilities

— 0.4%

1,435

NET

ASSETS

-

100.00%

$

327,115

(a) Rounds

to

less

than

$1

thousand.

(b) The

rate

for

certain

asset-backed

and

mortgage-backed

securities

may

vary

based

on

factors

relating

to

the

pool

of

assets

underlying

the

security.

The

rate

disclosed

is

the

rate

in

effect

at

December

31,

2025. (c) Rate

represents

the

effective

yield

at

December

31,

2025. (d) Amount

represents

less

than

0.05%

of

net

assets.

CMO

—

Collateralized

Mortgage

Obligations

Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

#### Victory

#### Investment

#### Grade

#### Convertible

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) Convertible

Corporate

Bonds

(66.0%)

Consumer

Discretionary

(7.4%):

Expedia

Group,

Inc.

,

2/15/26

(a) .............................................

$

3,178

$

3,545

Ford

Motor

Credit

Co.

LLC

,

3/15/26

(a) (b) .....................................

7,060

7,332

Meritage

Homes

Corp.

,

.75

%

,

5/15/28

.......................................

7,385

7,263

18,140

Financials

(13.9%):

Barclays

Bank

PLC

,

.00

%

,

2/16/29

.........................................

8,990

9,858

Capital

Southwest

Corp.

,

.13

%

,

11/15/29

.....................................

2,620

2,587

Euronet

Worldwide,

Inc.

,

.63

%

,

10/1/30

(c) ....................................

5,195

4,737

Global

Payments,

Inc.

,

.50

%

,

3/1/31

........................................

7,512

6,739

HAT

Holdings

I

LLC/HAT

Holdings

II

LLC

,

.75

%

,

8/15/28

(b) (c) ....................

520

661

JPMorgan

Chase

Financial

Co.

LLC

,

.50

%

,

6/15/27

.............................

1,760

2,034

PPL

Capital

Funding,

Inc.

,

.88

%

,

3/15/28

.....................................

6,755

7,414

34,030

Health

Care

(4.4%):

BioMarin

Pharmaceutical,

Inc.

,

.25

%

,

5/15/27

.................................

Dexcom,

Inc.

,

.38

%

,

5/15/28

..............................................

1,500

1,379

Envista

Holdings

Corp.

,

.75

%

,

8/15/28

.......................................

9,050

8,677

Zoetis,

Inc.

,

.25

%

,

6/15/29

(c) .............................................

530

545

10,840

Industrials

(7.8%):

Parsons

Corp.

,

.63

%

,

3/1/29

(b) ............................................

7,250

7,453

Uber

Technologies,

Inc.

,

.88

%

,

12/1/28

......................................

9,070

11,764

19,217

Information

Technology

(3.5%):

Akamai

Technologies,

Inc.

,

.13

%

,

2/15/29

....................................

1,715

1,695

ON

Semiconductor

Corp.

,

5/1/27

(a) ..........................................

735

875

Vishay

Intertechnology,

Inc.

,

.25

%

,

9/15/30

...................................

6,740

6,049

8,619

Real

Estate

(14.5%):

Boston

Properties

LP

,

.00

%

,

10/1/30

(c) ......................................

1,750

1,690

COPT

Defense

Properties

LP

,

.25

%

,

9/15/28

(c) .................................

2,250

2,515

Digital

Realty

Trust

LP

,

.88

%

,

11/15/29

(c) ....................................

3,225

3,270

Federal

Realty

OP

LP

,

.25

%

,

1/15/29

(c) ......................................

2,880

2,907

Kite

Realty

Group

LP

,

.75

%

,

4/1/27

(c) .......................................

4,455

4,686

Rexford

Industrial

Realty

LP

.38

%

,

3/15/27

(c) ..................................................

640

636

.13

%

,

3/15/29

(c) ..................................................

1,669

1,663

Ventas

Realty

LP

,

.75

%

,

6/1/26

............................................

5,220

7,371

Welltower

OP

LLC

.75

%

,

5/15/28

(c) ..................................................

4,920

9,636

.13

%

,

7/15/29

(c) ..................................................

860

1,299

35,673

Utilities

(14.5%):

Alliant

Energy

Corp.

.88

%

,

3/15/26

....................................................

1,435

1,491

.25

%

,

5/30/28

(c) ..................................................

3,290

3,357

American

Water

Capital

Corp.

,

.63

%

,

6/15/26

..................................

6,060

6,035

CenterPoint

Energy,

Inc.

.25

%

,

8/15/26

....................................................

4,245

4,642

.00

%

,

8/1/28

(c) ...................................................

665

673

CMS

Energy

Corp.

,

.38

%

,

5/1/28

...........................................

2,855

3,053

Duke

Energy

Corp.

,

.13

%

,

4/15/26

..........................................

5,340

5,500

Evergy,

Inc.

,

.50

%

,

12/15/27

..............................................

2,520

3,067

Exelon

Corp.

,

.25

%

,

3/15/29

(c) ............................................

1,045

1,042

The

Southern

Co.

,

.50

%

,

6/15/27

...........................................

1,590

1,696

Victory

Portfolios

#### Victory

#### Investment

#### Grade

#### Convertible

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Principal

Amount

(000) a

Value

(000) WEC

Energy

Group,

Inc.

.38

%

,

6/1/27

.....................................................

$

1,680

$

1,898

.38

%

,

6/1/29

.....................................................

2,680

3,126

35,580

Total

Convertible

Corporate

Bonds

(Cost

$153,311)

a

a

a

162,099

Shares

Convertible

Preferred

Stocks

(31.7%)

Financials

(22.1%):

Apollo

Global

Management,

Inc.

,

.75

%

,

7/31/26

................................

160,025

12,085

Ares

Management

Corp.

,

Series

B

,

.75

%

,

10/1/27

...............................

167,610

8,447

Bank

of

America

Corp.

,

Series

L

,

.25

%

(d) ....................................

9,850

12,332

KKR

&

Co.,

Inc.

,

Series

D

,

.25

%

,

3/1/28

.....................................

181,900

9,430

Wells

Fargo

&

Co.

,

Series

L

,

.50

%

(d) ........................................

9,904

12,004

54,298

Industrials

(0.3%):

The

Boeing

Co.

,

.00

%

,

10/15/27

...........................................

10,000

691

Materials

(1.1%):

Albemarle

Corp.

,

.25

%

,

3/1/27

............................................

47,050

2,794

Utilities

(8.2%):

NextEra

Energy,

Inc.

.30

%

,

6/1/27

.....................................................

171,420

8,874

.23

%

,

11/1/27

.....................................................

76,919

3,750

The

Southern

Co.

,

.13

%

,

12/15/28

..........................................

146,940

7,400

20,024

Total

Convertible

Preferred

Stocks

(Cost

$73,776)

a

a

a

77,807

Collateral

for

Securities

Loaned

(0.4%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.69

%

(e) ........

223,061

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.69

%

(e) ............

223,061

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.67

%

(e) ...............

223,061

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.69

%

(e) .

223,061

Total

Collateral

for

Securities

Loaned

(Cost

$892)

a

a

a

892

Total

Investments

(Cost

$227,979)

—

98.1%

240,798

Other

assets

in

excess

of

liabilities

— 1.9%

4,574

NET

ASSETS

-

100.00%

$

245,372

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Zero-coupon

bond.

(b) All

or

a

portion

of

this

security

is

on

loan.

(c) Rule

144A

security

or

other

security

that

is

restricted

as

to

resale

to

institutional

investors.

As

of

December

31,

2025,

the

fair

value

of

these

securities

was

$39,317

(thousands)

and

amounted

to

16.0%

of

net

assets.

(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

December

31,

2025. LLC

—

Limited

Liability

Company

LP

—

Limited

Partnership

PLC

—

Public

Limited

Company

Statements

of

Assets

and

Liabilities

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

Victory

Diversified

Stock

Fund

Victory

Fund

for

Income

Victory

Investment

Grade

Convertible

Fund

Assets:

Investments,

at

value

(Cost

$224,542,

$336,051

and

$227,979)

$

372,791

$

325,680

$

240,798

(a) Cash

1,264

—

5,057

Receivables:

Dividends,

interest,

and

securities

lending

income

2,370

1,078

Capital

shares

issued

From

Adviser

Prepaid

expenses

Total

Assets

374,349

328,369

247,027

Liabilities:

Payables:

Collateral

received

on

loaned

securities

—

—

892

Capital

shares

redeemed

1,006

523

Accrued

expenses

and

other

payables:

Investment

advisory

fees

Administration

fees

Custodian

fees

—

(b) 1

Transfer

agent

fees

Sub-Transfer

agent

fees

Compliance

fees

—

(b) —

(b) —

(b) 12b-1

fees

Other

accrued

expenses

Total

Liabilities

523

1,254

1,655

Commitments

and

contingencies

(Note

4)

Net

Assets:

Capital

218,876

780,016

231,482

Total

accumulated

earnings

(loss)

154,950

(452,901)

13,890

Net

Assets

$

373,826

$

327,115

$

245,372

Net

Assets:

Class

A

$

290,258

$

54,606

$

14,200

Class

C

1,609

—

Class

I

31,120

180,002

228,757

Class

R

41,043

13,621

—

Class

R6

5,250

23,912

—

Class

Y

5,687

48,596

—

Member

Class

—

4,769

2,415

Total

$

373,826

$

327,115

$

245,372

Shares

(unlimited

number

of

shares

authorized

with

a

par

value

of

$0.001

per

share):

Class

A

12,054

8,036

784

Class

C

—

Class

I

1,287

26,488

12,607

Class

R

1,801

2,001

—

Class

R6

3,523

—

Class

Y

7,152

—

Member

Class

—

699

Total

15,617

48,139

13,518

Net

asset

value,

offering

and

redemption

price

per

share:(c)

Class

A

$

.08

$

.80

$

.12

Class

C(d)

.51

.70

—

Class

I

.18

.80

.15

Class

R

.79

.81

—

Class

R6

.25

.79

—

Class

Y

.24

.79

—

Member

Class

—

.82

.96

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

$

.55

$

.96

$

.54

(a) Includes

$843

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

Six

Months

Ended

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

(Amounts

in

Thousands)

(Unaudited)

Victory

Diversified

Stock

Fund

Victory

Fund

for

Income

Victory

Investment

Grade

Convertible

Fund

Investment

Income:

Dividends

$

1,432

$

$

2,364

Interest

5,250

2,299

Securities

lending

(net

of

fees)

—

(a) 8

Foreign

tax

withholding

(7)

—

—

Total

Income

1,507

5,267

4,667

Expenses:

Investment

advisory

fees

1,177

843

979

Administration

fees

Sub-Administration

fees

12b-1

fees

—

Class

A

12b-1

fees

—

Class

C

—

12b-1

fees

—

Class

R

—

Custodian

fees

Transfer

agent

fees

—

Class

A

Transfer

agent

fees

—

Class

C

—

(a) —

(a) —

Transfer

agent

fees

—

Class

I

Transfer

agent

fees

—

Class

R

—

Transfer

agent

fees

—

Class

R6

—

(a) 1

—

Transfer

agent

fees

—

Class

Y

—

(a) —

—

Transfer

agent

fees

—

Member

Class

—

Sub-Transfer

agent

fees

—

Class

A

Sub-Transfer

agent

fees

—

Class

C

—

(a) 1

—

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

Interfund

lending

fees

—

(a) —

—

Other

expenses

Recoupment

of

prior

expenses

waived/reimbursed

by

Adviser

—

Total

Expenses

1,925

1,317

1,265

Expenses

waived/reimbursed

by

Adviser

(25)

(109)

(7)

Net

Expenses

1,900

1,208

1,258

Net

Investment

Income

(Loss)

(393)

4,059

3,409

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

investment

securities

18,148

2,404

Net

change

in

unrealized

appreciation/depreciation

on

investment

securities

31,314

2,850

3,808

Net

realized/unrealized

gains

(losses)

on

investments

49,462

3,338

6,212

Change

in

net

assets

resulting

from

operations

$

49,069

$

7,397

$

9,621

(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

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

(393)

$

(758)

$

4,059

$

7,586

$

3,409

$

5,966

Net

realized

gains

(losses)

18,148

48,103

2,404

3,816

Net

change

in

unrealized

appreciation/depreciation

31,314

3,097

2,850

10,604

3,808

9,772

Change

in

net

assets

resulting

from

operations

49,069

50,442

7,397

18,214

9,621

19,554

Distributions

to

Shareholders:

Class

A

(30,510)

(24,646)

(1,756)

(3,428)

(400)

(347)

Class

C

(58)

(61)

(47)

(101)

—

—

Class

I

(3,326)

(2,721)

(5,569)

(9,239)

(6,891)

(6,319)

Class

R

(4,549)

(4,042)

(410)

(752)

—

—

Class

R6

(553)

(416)

(746)

(1,122)

—

—

Class

Y

(598)

(540)

(1,494)

(2,562)

—

—

Member

Class

—

—

(129)

(136)

(66)

(50)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(39,594)

(32,426)

(10,151)

(17,340)

(7,357)

(6,716)

Change

in

net

assets

resulting

from

capital

transactions

24,698

3,436

(6,699)

8,710

(9,469)

(24,966)

Change

in

net

assets

34,173

21,452

(9,453)

9,584

(7,205)

(12,128)

Net

Assets:

Beginning

of

period

339,653

318,201

336,568

326,984

252,577

264,705

End

of

period

$

373,826

$

339,653

$

327,115

$

336,568

$

245,372

$

252,577

(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

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Capital

Transactions:

Class

A

Proceeds

from

shares

issued

$

6,223

$

7,431

$

3,272

$

7,764

$

$

1,221

Distributions

reinvested

28,868

23,297

1,547

3,027

Cost

of

shares

redeemed

(14,346)

(25,271)

(14,980)

(16,216)

(1,210)

(3,970)

Total

Class

A

$

20,745

$

5,457

$

(10,161)

$

(5,425)

$

(413)

$

(2,421)

Class

C

Proceeds

from

shares

issued

$

$

$

$

$

—

$

—

Distributions

reinvested

—

—

Cost

of

shares

redeemed

(122)

(216)

(434)

(1,004)

—

—

Total

Class

C

$

(49)

$

(70)

$

(283)

$

(693)

$

—

$

—

Class

I

Proceeds

from

shares

issued

$

2,005

$

2,916

$

19,040

$

47,939

$

21,858

$

45,440

Distributions

reinvested

3,012

2,494

4,852

7,775

6,423

5,905

Cost

of

shares

redeemed

(3,467)

(5,298)

(23,743)

(45,734)

(37,587)

(73,956)

Total

Class

I

$

1,550

$

$

$

9,980

$

(9,306)

$

(22,611)

Class

R

Proceeds

from

shares

issued

$

$

695

$

567

$

2,284

$

—

$

—

Distributions

reinvested

4,474

3,977

745

—

—

Cost

of

shares

redeemed

(2,895)

(7,081)

(1,500)

(4,460)

—

—

Total

Class

R

$

1,901

$

(2,409)

$

(527)

$

(1,431)

$

—

$

—

Class

R6

Proceeds

from

shares

issued

$

$

608

$

1,915

$

14,404

$

—

$

—

Distributions

reinvested

541

745

1,113

—

—

Cost

of

shares

redeemed

(253)

(274)

(3,414)

(5,321)

—

—

Total

Class

R6

$

$

741

$

(754)

$

10,196

$

—

$

—

Class

Y

Proceeds

from

shares

issued

$

516

$

$

9,273

$

14,815

$

—

$

—

Distributions

reinvested

525

1,493

2,561

—

—

Cost

of

shares

redeemed

(950)

(1,336)

(6,965)

(23,233)

—

—

Total

Class

Y

$

$

(395)

$

3,801

$

(5,857)

$

—

$

—

Member

Class

Proceeds

from

shares

issued

$

—

$

—

$

1,485

$

4,209

$

$

Distributions

reinvested

—

—

Cost

of

shares

redeemed

—

—

(538)

(2,405)

(56)

(422)

Total

Member

Class

$

—

$

—

$

1,076

$

1,940

$

$

Change

in

net

assets

resulting

from

capital

transactions

$

24,698

$

3,436

$

(6,699)

$

8,710

$

(9,469)

$

(24,966)

(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

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Share

Transactions:

Class

A

Issued

1,132

Reinvested

1,204

1,035

Redeemed

(576)

(1,130)

(2,188)

(2,364)

(66)

(222)

Total

Class

A

875

(1,483)

(789)

(23)

(134)

Class

C

Issued

—

—

Reinvested

—

—

Redeemed

(6)

(11)

(64)

(148)

—

—

Total

Class

C

(2)

(3)

(42)

(103)

—

—

Class

I

Issued

2,781

6,997

1,193

2,536

Reinvested

711

1,138

Redeemed

(138)

(238)

(3,469)

(6,673)

(2,031)

(4,144)

Total

Class

I

(2)

1,462

(489)

(1,277)

Class

R

Issued

—

—

Reinvested

—

—

Redeemed

(123)

(336)

(219)

(649)

—

—

Total

Class

R

(116)

(77)

(207)

—

—

Class

R6

Issued

2,101

—

—

Reinvested

—

—

Redeemed

(9)

(12)

(499)

(779)

—

—

Total

Class

R6

(109)

1,485

—

—

Class

Y

Issued

1,354

2,159

—

—

Reinvested

—

—

Redeemed

(38)

(60)

(1,020)

(3,389)

—

—

Total

Class

Y

(19)

553

(855)

—

—

Member

Class

Issued

—

—

610

Reinvested

—

—

Redeemed

—

—

(78)

(349)

(3)

(23)

Total

Member

Class

—

—

Change

in

Shares

1,051

(979)

1,274

(499)

(1,408)

Victory

Portfolios

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Diversified

Stock

Fund

Class

A

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$23.45

$22.16

$19.82

$17.86

$24.89

$17.41

$17.65

Investment

Activities:

Net

investment

income

(loss)(b)

(0.03)

(0.05)

(0.02)

0.04 0.05 —(c)

0.05 Net

realized

and

unrealized

gains

(losses)

3.46 3.67 4.33 3.65 (3.68)

7.95 0.90 Total

from

Investment

Activities

3.43 3.62 4.31 3.69 (3.63)

7.95 0.95 Distributions

to

Shareholders

from:

Net

investment

income

(0.06)

—

—(c)

(0.04)

(0.04)

(0.01)

(0.04)

Net

realized

gains

(2.74)

(2.33)

(1.97)

(1.69)

(3.36)

(0.46)

(1.15)

Total

Distributions

(2.80)

(2.33)

(1.97)

(1.73)

(3.40)

(0.47)

(1.19)

Net

Asset

Value,

End

of

Period

$24.08

$23.45

$22.16

$19.82

$17.86

$24.89

$17.41

Total

Return(d)(e)

14.70%

16.73%

23.66%

21.98%

(17.22)%

46.50%

5.47%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

1.04%

1.05%

1.07%

1.07%

1.08%

1.07%

1.09%

Net

Investment

Income

(Loss)(f)

(0.21)%

(0.22)%

(0.10)%

0.22%

0.33%

0.00%(h)

0.29%

Gross

Expenses(f)(g)

1.04%

1.05%

1.07%

1.07%

1.08%

1.07%

1.09%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$290,258

$262,084

$242,430

$210,774

$191,392

$246,063

$184,217

Portfolio

Turnover(d)(i)

46%

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

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Diversified

Stock

Fund

Class

C

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$19.51

$18.96

$17.39

$15.97

$22.70

$16.05

$16.46

Investment

Activities:

Net

investment

income

(loss)(b)

(0.13)

(0.23)

(0.18)

(0.12)

(0.08)

(0.18)

(0.10)

Net

realized

and

unrealized

gains

(losses)

2.88 3.11 3.72 3.23 (3.29)

7.29 0.84 Total

from

Investment

Activities

2.75 2.88 3.54 3.11 (3.37)

7.11 0.74 Distributions

to

Shareholders

from:

Net

investment

income

(0.01)

—

—

—(c)

—

—

—

Net

realized

gains

(2.74)

(2.33)

(1.97)

(1.69)

(3.36)

(0.46)

(1.15)

Total

Distributions

(2.75)

(2.33)

(1.97)

(1.69)

(3.36)

(0.46)

(1.15)

Net

Asset

Value,

End

of

Period

$19.51

$19.51

$18.96

$17.39

$15.97

$22.70

$16.05

Total

Return(d)(e)

14.16%

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%

2.02%

2.05%

Net

Investment

Income

(Loss)(f)

(1.21)%

(1.22)%

(1.04)%

(0.73)%

(0.62)%

(0.93)%

(0.64)%

Gross

Expenses(f)(g)

5.50%

4.93%

4.02%

2.85%

2.46%

2.32%

2.14%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$468

$505

$550

$919

$1,545

$2,371

$3,046

Portfolio

Turnover(d)(h)

46%

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

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Diversified

Stock

Fund

Class

I

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$23.53

$22.19

$19.81

$17.85

$24.88

$17.37

$17.61

Investment

Activities:

Net

investment

income

(loss)(b)

(—)(c)

(—)(c)

0.03 0.09 0.08 0.05 0.09 Net

realized

and

unrealized

gains

(losses)

3.47 3.67 4.33 3.64 (3.67)

7.94 0.90 Total

from

Investment

Activities

3.47 3.67 4.36 3.73 (3.59)

7.99 0.99 Distributions

to

Shareholders

from:

Net

investment

income

(0.08)

—

(0.01)

(0.08)

(0.08)

(0.02)

(0.08)

Net

realized

gains

(2.74)

(2.33)

(1.97)

(1.69)

(3.36)

(0.46)

(1.15)

Total

Distributions

(2.82)

(2.33)

(1.98)

(1.77)

(3.44)

(0.48)

(1.23)

Net

Asset

Value,

End

of

Period

$24.18

$23.53

$22.19

$19.81

$17.85

$24.88

$17.37

Total

Return(d)(e)

14.85%

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%

0.83%

0.84%

Net

Investment

Income

(Loss)(f)

0.00%(h)

0.00%(h)

0.14%

0.47%

0.57%

0.24%

0.56%

Gross

Expenses(f)(g)

0.83%

0.85%

0.86%

0.86%

0.85%

0.85%

0.86%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$31,120

$28,688

$27,087

$23,984

$21,933

$27,856

$21,071

Portfolio

Turnover(d)(i)

46%

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

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Diversified

Stock

Fund

Class

R

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$22.33

$21.27

$19.15

$17.32

$24.25

$17.01

$17.29

Investment

Activities:

Net

investment

income

(loss)(b)

(0.06)

(0.11)

(0.08)

(0.01)

0.01 (0.06)

—(c)

Net

realized

and

unrealized

gains

(losses)

3.30 3.50 4.17 3.53 (3.57)

7.76 0.88 Total

from

Investment

Activities

3.24 3.39 4.09 3.52 (3.56)

7.70 0.88 Distributions

to

Shareholders

from:

Net

investment

income

(0.04)

—

—

—(c)

(0.01)

—

(0.01)

Net

realized

gains

(2.74)

(2.33)

(1.97)

(1.69)

(3.36)

(0.46)

(1.15)

Total

Distributions

(2.78)

(2.33)

(1.97)

(1.69)

(3.37)

(0.46)

(1.16)

Net

Asset

Value,

End

of

Period

$22.79

$22.33

$21.27

$19.15

$17.32

$24.25

$17.01

Total

Return(d)(e)

14.58%

16.38%

23.25%

21.67%

(17.38)%

46.02%

5.25%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

1.33%

1.35%

1.36%

1.36%

1.36%

1.35%

1.37%

Net

Investment

Income

(Loss)(f)

(0.50)%

(0.52)%

(0.39)%

(0.07)%

0.05%

(0.28)%

0.01%

Gross

Expenses(f)(g)

1.33%

1.35%

1.36%

1.36%

1.36%

1.35%

1.37%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$41,043

$38,264

$38,915

$35,836

$36,360

$48,980

$39,432

Portfolio

Turnover(d)(h)

46%

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

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Diversified

Stock

Fund

Class

R6

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$23.59

$22.23

$19.84

$17.87

$24.91

$17.38

$17.62

Investment

Activities:

Net

investment

income

(loss)(b)

0.01(c)

0.01 0.04 0.09 0.09 0.06 0.08 Net

realized

and

unrealized

gains

(losses)

3.48 3.68 4.34 3.66 (3.69)

7.95 0.92 Total

from

Investment

Activities

3.49 3.69 4.38 3.75 (3.60)

8.01 1.00 Distributions

to

Shareholders

from:

Net

investment

income

(0.09)

—

(0.02)

(0.09)

(0.08)

(0.02)

(0.09)

Net

realized

gains

(2.74)

(2.33)

(1.97)

(1.69)

(3.36)

(0.46)

(1.15)

Total

Distributions

(2.83)

(2.33)

(1.99)

(1.78)

(3.44)

(0.48)

(1.24)

Net

Asset

Value,

End

of

Period

$24.25

$23.59

$22.23

$19.84

$17.87

$24.91

$17.38

Total

Return(d)(e)

14.88%

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%

0.78%

Net

Investment

Income

(Loss)(f)

0.05%

0.06%

0.19%

0.50%

0.63%

0.29%

0.49%

Gross

Expenses(f)(g)

1.14%

1.12%

1.37%

1.55%

1.36%

1.10%

1.34%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$5,250

$4,654

$3,663

$1,927

$863

$4,040

$3,103

Portfolio

Turnover(d)(h)

46%

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

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Diversified

Stock

Fund

Class

Y

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$23.58

$22.24

$19.86

$17.89

$24.93

$17.41

$17.65

Investment

Activities:

Net

investment

income

(loss)(b)

(—)(c)

(0.01)

0.02 0.08 0.08 0.05 0.09 Net

realized

and

unrealized

gains

(losses)

3.48 3.68 4.34 3.66 (3.69)

7.95 0.90 Total

from

Investment

Activities

3.48 3.67 4.36 3.74 (3.61)

8.00 0.99 Distributions

to

Shareholders

from:

Net

investment

income

(0.08)

—

(0.01)

(0.08)

(0.07)

(0.02)

(0.08)

Net

realized

gains

(2.74)

(2.33)

(1.97)

(1.69)

(3.36)

(0.46)

(1.15)

Total

Distributions

(2.82)

(2.33)

(1.98)

(1.77)

(3.43)

(0.48)

(1.23)

Net

Asset

Value,

End

of

Period

$24.24

$23.58

$22.24

$19.86

$17.89

$24.93

$17.41

Total

Return(d)(e)

14.84%

16.96%

23.83%

22.26%

(17.07)%

46.75%

5.72%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

0.86%

0.86%

0.86%

0.86%

0.86%

0.86%

0.86%

Net

Investment

Income

(Loss)(f)

(0.03)%

(0.03)%

0.11%

0.43%

0.55%

0.21%

0.52%

Gross

Expenses(f)(g)

1.14%

1.11%

1.14%

1.09%

0.96%

0.96%

1.31%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$5,687

$5,458

$5,556

$4,505

$4,102

$5,029

$3,737

Portfolio

Turnover(d)(h)

46%

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

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Fund

for

Income

Class

A

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$6.85

$6.84

$6.91

$7.32

$7.92

$8.40

$8.56

Investment

Activities:

Net

investment

income

(loss)(b)

0.08 0.14 0.10 0.09 0.03 0.02 0.06 Net

realized

and

unrealized

gains

(losses)

0.07 0.22 0.19 (0.13)

(0.38)

(0.11)

0.17 Total

from

Investment

Activities

0.15 0.36 0.29 (0.04)

(0.35)

(0.09)

0.23 Distributions

to

Shareholders

from:

Net

investment

income

(0.20)

(0.35)

(0.36)

(0.37)

(0.25)

(0.39)

(0.39)

Total

Distributions

(0.20)

(0.35)

(0.36)

(0.37)

(0.25)

(0.39)

(0.39)

Net

Asset

Value,

End

of

Period

$6.80

$6.85

$6.84

$6.91

$7.32

$7.92

$8.40

Total

Return(c)(d)

2.24%

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%

0.91%

Net

Investment

Income

(Loss)(e)

2.22%

2.11%

1.52%

1.29%

0.53%

0.25%

0.75%

Gross

Expenses(e)(f)

0.97%

0.97%

0.97%

0.96%

0.95%

0.92%

0.92%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$54,606

$65,228

$70,457

$85,445

$99,353

$128,802

$151,236

Portfolio

Turnover(c)(g)

23%

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

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Fund

for

Income

Class

C

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$6.76

$6.75

$6.83

$7.23

$7.84

$8.31

$8.48

Investment

Activities:

Net

investment

income

(loss)(b)

0.05 0.09 0.05 0.03 (0.01)

(0.05)

—(c)

Net

realized

and

unrealized

gains

(losses)

0.06 0.22 0.18 (0.11)

(0.39)

(0.10)

0.16 Total

from

Investment

Activities

0.11 0.31 0.23 (0.08)

(0.40)

(0.15)

0.16 Distributions

to

Shareholders

from:

Net

investment

income

(0.17)

(0.30)

(0.31)

(0.32)

(0.21)

(0.32)

(0.33)

Total

Distributions

(0.17)

(0.30)

(0.31)

(0.32)

(0.21)

(0.32)

(0.33)

Net

Asset

Value,

End

of

Period

$6.70

$6.76

$6.75

$6.83

$7.23

$7.84

$8.31

Total

Return(d)(e)

1.70%

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%

1.71%

Net

Investment

Income

(Loss)(f)

1.42%

1.32%

0.72%

0.48%

(0.27)%

(0.62)%

(0.01)%

Gross

Expenses(f)(g)

2.74%

2.37%

2.16%

1.94%

1.84%

1.79%

1.74%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,609

$1,908

$2,596

$3,967

$6,978

$10,066

$20,801

Portfolio

Turnover(d)(h)

23%

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

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Fund

for

Income

Class

I

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$6.85

$6.83

$6.91

$7.31

$7.92

$8.39

$8.55

Investment

Activities:

Net

investment

income

(loss)(b)

0.09 0.16 0.12 0.11 0.04 0.04 0.08 Net

realized

and

unrealized

gains

(losses)

0.07 0.23 0.18 (0.12)

(0.39)

(0.10)

0.17 Total

from

Investment

Activities

0.16 0.39 0.30 (0.01)

(0.35)

(0.06)

0.25 Distributions

to

Shareholders

from:

Net

investment

income

(0.21)

(0.37)

(0.38)

(0.39)

(0.26)

(0.41)

(0.41)

Total

Distributions

(0.21)

(0.37)

(0.38)

(0.39)

(0.26)

(0.41)

(0.41)

Net

Asset

Value,

End

of

Period

$6.80

$6.85

$6.83

$6.91

$7.31

$7.92

$8.39

Total

Return(c)(d)

2.38%

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%

0.64%

Net

Investment

Income

(Loss)(e)

2.49%

2.38%

1.79%

1.55%

0.80%

0.48%

0.95%

Gross

Expenses(e)(f)

0.70%

0.71%

0.71%

0.70%

0.68%

0.67%

0.66%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$180,002

$181,363

$170,896

$205,132

$284,230

$385,332

$590,749

Portfolio

Turnover(c)(g)

23%

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

R

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$6.86

$6.84

$6.92

$7.33

$7.93

$8.40

$8.56

Investment

Activities:

Net

investment

income

(loss)(b)

0.08 0.14 0.10 0.09 0.03 0.02 0.06 Net

realized

and

unrealized

gains

(losses)

0.07 0.23 0.18 (0.13)

(0.38)

(0.10)

0.17 Total

from

Investment

Activities

0.15 0.37 0.28 (0.04)

(0.35)

(0.08)

0.23 Distributions

to

Shareholders

from:

Net

investment

income

(0.20)

(0.35)

(0.36)

(0.37)

(0.25)

(0.39)

(0.39)

Total

Distributions

(0.20)

(0.35)

(0.36)

(0.37)

(0.25)

(0.39)

(0.39)

Net

Asset

Value,

End

of

Period

$6.81

$6.86

$6.84

$6.92

$7.33

$7.93

$8.40

Total

Return(c)(d)

2.23%

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%

0.91%

Net

Investment

Income

(Loss)(e)

2.22%

2.11%

1.52%

1.28%

0.54%

0.23%

0.76%

Gross

Expenses(e)(f)

1.02%

1.02%

1.02%

1.00%

0.98%

0.93%

0.92%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$13,621

$14,262

$15,641

$13,784

$17,973

$23,613

$43,684

Portfolio

Turnover(c)(g)

23%

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

R6

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$6.83

$6.89

$7.30

$7.91

$8.38

$8.54

Investment

Activities:

Net

investment

income

(loss)(b)

0.09 0.16 0.12 0.11 0.04 0.04 0.08 Net

realized

and

unrealized

gains

(losses)

0.07 0.22 0.20 (0.13)

(0.39)

(0.10)

0.18 Total

from

Investment

Activities

0.16 0.38 0.32 (0.02)

(0.35)

(0.06)

0.26 Distributions

to

Shareholders

from:

Net

investment

income

(0.21)

(0.37)

(0.38)

(0.39)

(0.26)

(0.41)

(0.42)

Total

Distributions

(0.21)

(0.37)

(0.38)

(0.39)

(0.26)

(0.41)

(0.42)

Net

Asset

Value,

End

of

Period

$6.79

$6.84

$6.83

$6.89

$7.30

$7.91

$8.38

Total

Return(c)(d)

2.39%

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%

0.63%

Net

Investment

Income

(Loss)(e)

2.50%

2.38%

1.80%

1.56%

0.83%

0.46%

0.88%

Gross

Expenses(e)(f)

0.68%

0.69%

0.67%

0.65%

0.63%

0.64%

0.64%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$23,912

$24,862

$14,658

$23,861

$27,174

$29,691

$49,009

Portfolio

Turnover(c)(g)

23%

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

Y

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$6.85

$6.83

$6.90

$7.31

$7.92

$8.40

$8.56

Investment

Activities:

Net

investment

income

(loss)(b)

0.08 0.16 0.12 0.10 0.04 0.03 0.06 Net

realized

and

unrealized

gains

(losses)

0.07 0.22 0.19 (0.12)

(0.39)

(0.11)

0.19 Total

from

Investment

Activities

0.15 0.38 0.31 (0.02)

(0.35)

(0.08)

0.25 Distributions

to

Shareholders

from:

Net

investment

income

(0.21)

(0.36)

(0.38)

(0.39)

(0.26)

(0.40)

(0.41)

Total

Distributions

(0.21)

(0.36)

(0.38)

(0.39)

(0.26)

(0.40)

(0.41)

Net

Asset

Value,

End

of

Period

$6.79

$6.85

$6.83

$6.90

$7.31

$7.92

$8.40

Total

Return(c)(d)

2.19%

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%

0.71%

Net

Investment

Income

(Loss)(e)

2.41%

2.31%

1.72%

1.46%

0.72%

0.40%

0.67%

Gross

Expenses(e)(f)

0.72%

0.72%

0.72%

0.74%

0.72%

0.71%

0.74%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$48,596

$45,212

$50,937

$45,084

$82,168

$120,588

$186,421

Portfolio

Turnover(c)(g)

23%

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

Member

Class

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$6.88

$6.86

$6.93

$7.34

$7.95

$8.41

Investment

Activities:

Net

investment

income

(loss)(c)

0.08 0.15 0.12 0.10 0.04 0.04 Net

realized

and

unrealized

gains

(losses)

0.07 0.23 0.19 (0.12)

(0.39)

(0.13)

Total

from

Investment

Activities

0.15 0.38 0.31 (0.02)

(0.35)

(0.09)

Distributions

to

Shareholders

from:

Net

investment

income

(0.21)

(0.36)

(0.38)

(0.39)

(0.26)

(0.37)

Total

Distributions

(0.21)

(0.36)

(0.38)

(0.39)

(0.26)

(0.37)

Net

Asset

Value,

End

of

Period

$6.82

$6.88

$6.86

$6.93

$7.34

$7.95

Total

Return(d)(e)

2.17%

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%

0.75%

Net

Investment

Income

(Loss)(f)

2.37%

2.25%

1.68%

1.45%

0.73%

0.52%

Gross

Expenses(f)(g)

1.31%

1.53%

2.00%

1.59%

2.85%

4.45%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$4,769

$3,733

$1,799

$1,369

$1,238

$877

Portfolio

Turnover(d)(h)

23%

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

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Investment

Grade

Convertible

Fund

Class

A

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$17.99

$17.14

$16.35

$16.30

$19.97

$17.31

$17.51

Investment

Activities:

Net

investment

income

(loss)(b)

0.21 0.34 0.24 0.28 0.18 0.22 0.27 Net

realized

and

unrealized

gains

(losses)

0.43 0.92 0.97 0.27 (2.07)

3.27 0.47 Total

from

Investment

Activities

0.64 1.26 1.21 0.55 (1.89)

3.49 0.74 Distributions

to

Shareholders

from:

Net

investment

income

(0.32)

(0.41)

(0.42)

(0.36)

(1.45)

(0.83)

(0.35)

Net

realized

gains

(0.19)

—

—

(0.14)

(0.33)

—

(0.59)

Total

Distributions

(0.51)

(0.41)

(0.42)

(0.50)

(1.78)

(0.83)

(0.94)

Net

Asset

Value,

End

of

Period

$18.12

$17.99

$17.14

$16.35

$16.30

$19.97

$17.31

Total

Return(c)(d)

3.57%

7.39%

7.50%

3.50%

(10.32)%

20.62%

4.43%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

1.29%

1.27%

1.25%

1.20%

1.22%

1.39%

1.38%

Net

Investment

Income

(Loss)(e)

2.30%

1.90%

1.47%

1.75%

1.48%

1.12%

1.63%

Gross

Expenses(e)(f)

1.29%

1.27%

1.25%

1.20%

1.22%

1.41%

1.38%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$14,200

$14,501

$16,127

$17,827

$18,981

$21,644

$16,571

Portfolio

Turnover(c)(g)

14%

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

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Investment

Grade

Convertible

Fund

Class

I

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$18.02

$17.16

$16.35

$16.29

$19.98

$17.32

$17.50

Investment

Activities:

Net

investment

income

(loss)(b)

0.25 0.40 0.29 0.33 0.22 0.31 0.33 Net

realized

and

unrealized

gains

(losses)

0.43 0.91 0.99 0.27 (2.08)

3.27 0.49 Total

from

Investment

Activities

0.68 1.31 1.28 0.60 (1.86)

3.58 0.82 Distributions

to

Shareholders

from:

Net

investment

income

(0.36)

(0.45)

(0.47)

(0.40)

(1.50)

(0.92)

(0.41)

Net

realized

gains

(0.19)

—

—

(0.14)

(0.33)

—

(0.59)

Total

Distributions

(0.55)

(0.45)

(0.47)

(0.54)

(1.83)

(0.92)

(1.00)

Net

Asset

Value,

End

of

Period

$18.15

$18.02

$17.16

$16.35

$16.29

$19.98

$17.32

Total

Return(c)(d)

3.74%

7.71%

7.92%

3.78%

(10.20)%

21.19%

4.91%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.94%

0.95%

0.94%

0.92%

0.91%

0.93%

0.96%

Net

Investment

Income

(Loss)(e)

2.63%

2.22%

1.75%

2.01%

1.82%

1.59%

1.98%

Gross

Expenses(e)(f)

0.94%

0.95%

0.94%

0.92%

0.91%

0.93%

0.96%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$228,757

$235,925

$246,592

$295,985

$425,954

$403,122

$276,923

Portfolio

Turnover(c)(g)

14%

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

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Investment

Grade

Convertible

Fund

Member

Class

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$18.80

$17.89

$17.03

$16.95

$20.71

$17.36

Investment

Activities:

Net

investment

income

(loss)(c)

0.24 0.39 0.28 0.32 0.21 0.26 Net

realized

and

unrealized

gains

(losses)

0.45 0.95 1.02 0.28 (2.16)

3.31 Total

from

Investment

Activities

0.69 1.34 1.30 0.60 (1.95)

3.57 Distributions

to

Shareholders

from:

Net

investment

income

(0.34)

(0.43)

(0.44)

(0.38)

(1.48)

(0.22)

Net

realized

gains

(0.19)

—

—

(0.14)

(0.33)

—

Total

Distributions

(0.53)

(0.43)

(0.44)

(0.52)

(1.81)

(0.22)

Net

Asset

Value,

End

of

Period

$18.96

$18.80

$17.89

$17.03

$16.95

$20.71

Total

Return(d)(e)

3.67%

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%

1.10%

Net

Investment

Income

(Loss)(f)

2.48%

2.08%

1.61%

1.89%

1.67%

1.30%

Gross

Expenses(f)(g)

1.67%

1.85%

1.98%

1.76%

3.79%

9.99%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$2,415

$2,151

$1,986

$1,720

$1,058

$512

Portfolio

Turnover(d)(h)

14%

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

December

31,

2025

Victory

Portfolios

(Unaudited)

1. #### Organization:
Victory

Portfolios

(the

"Trust")

is

organized

as

a

Delaware

statutory

trust and

the Trust

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

investment

company.

The

Trust

is

comprised

of 29

funds

and

is

authorized

to

issue

an

unlimited

number

of

shares,

which

are

units

of

beneficial

interest

with a

par

value

of

$0.001

per

share.

The

accompanying

financial

statements

are

those

of

the

following three

funds

(collectively,

the

"Funds"

and

individually,

a

"Fund").

Each

Fund is

classified

as

diversified

under

the

1940

Act.

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

("ASC")

Topic

946. Investment

Valuation:

The

Funds

record

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

valuation

techniques

described

below

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Funds'

investments

are

summarized

in

the

three

broad

levels

listed

below:

Level

—

quoted

prices

(unadjusted)

in

active

markets

for

identical

securities

Level

—

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

or

credit

spreads,

applicable

to

those

securities,

etc.)

Level

—

significant

unobservable

inputs

(including

the

Adviser's

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodologies

used

for

valuation

techniques

are

not

necessarily

an

indication

of

the

risks

associated

with

entering

into

those

investments.

The

Adviser,

appointed

as the

valuation

designee

by the

Trust's

Board

of

Trustees

(the

"Board"),

has

established

the

Pricing

Committee

(the

"Committee"),

and

subject

to Board

oversight,

the

Committee

administers

and

oversees

the

Funds'

valuation

policies

and

procedures,

which are

approved

by

the

Board.

Portfolio

securities

listed

or

traded

on

securities

exchanges,

including

Exchange-Traded

Funds

("ETFs"),

and

American

Depositary

Receipts,

are

valued

at

the

last

sale

price

on

the

exchange

or

system

where

the

security

is

principally

traded,

if

available,

or

at

the

Nasdaq

Official

Closing

Price.

If

there

have

been

no

sales

for

that

day

on

the

exchange

or

system,

then

a

security

is

valued

at

the

closing bid

quotation

on

the

exchange

or

system

where

the

security

is

principally

traded.

In

each

of

these

situations,

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Investments

in

open-end

investment

companies,

other

than

ETFs, are

valued

at their

net

asset

value

("NAV").

These

valuations

are

typically

categorized

as

Level

1 in

the

fair

value

hierarchy.

Debt

securities

are

valued

each

business

day

by

a

pricing

service

approved

by

the

valuation

designee

and

subject

to

the

oversight

of

the

Board.

The

pricing

service

uses

the

evaluated

bid

or market

quotes to

value

securities.

Debt

obligations

maturing

within

days

may

be

valued

at

amortized

cost,

provided

that

the

amortized

cost

represents

the

fair

value

of

such

securities.

These

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

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

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

December

31,

2025

Victory

Portfolios

(Unaudited)

may

not

be

priced

on

the

basis

of

quotations

from

the

primary

market

in

which

they

are

traded

and

the

actual

price

realized

from

the

sale

of

a

security

may

differ

materially

from

the

fair

value

price.

Valuing

these

securities

at

fair

value

is

intended

to

cause

each

Fund's

NAV to

be

more

reliable

than

it

otherwise

would

be.

A

summary

of

the

valuations

as

of

December

31,

2025,

based

upon

the

three

levels

defined

above,

is

included

in

the

table

below

while

the

breakdown,

by

category,

of

investments

is

disclosed

on

the

Schedules

of

Portfolio

Investments (amounts

in

thousands):

As

of December

31,

2025,

there

were

no

significant transfers

into/out

of

Level

3. Investment

Companies:

Exchange-Traded

Funds:

The Funds

may

invest

in

ETFs,

the

shares

of

which

are

bought

and

sold

on

a

securities

exchange.

An

ETF

trades

like

common

stock

and

represents

a

fixed

portfolio

of

securities

often

designed

to

track

the

performance

and

dividend

yield

of

a

particular

domestic

or

foreign

market

index.

Among

other

purposes,

the

Funds

may

purchase

shares

of

an

ETF

to

gain

exposure

to

a

portion

of

the

U.S.

or

a

foreign

market

while

awaiting

purchase

of

underlying

securities.

The

risks

of

owning

an

ETF

generally

reflect

the

risks

of

owning

the

underlying

securities

the

ETF

is

designed

to

track,

although

the

lack

of

liquidity

of

an

ETF

could

result

in

it

being

more

volatile.

Additionally,

ETFs

have

fees

and

expenses

that

reduce

their

value.

Open-End

Funds:

The

Funds

may

invest

in

portfolios

of

open-end

investment

companies.

These

investment

companies

value

securities

in

their

portfolios

for

which

market

quotations

are

readily

available

at

their

market

values

(generally

the

last

reported

sale

price)

and

all

other

securities

and

assets

at

their

fair

value

by

the

methods

established

by

the

board

of

directors

of

the

underlying

funds.

Investment

Transactions

and

Related

Income:

Changes

in

holdings

of

investments

are

accounted

for

no

later

than

one

business

day

following

the

trade

date.

For

financial

reporting

purposes,

however,

investment

transactions

are

accounted

for

on

trade

date

or

the

last

business

day

of

the

reporting

period.

Interest

income

is

determined

on

the

basis

of

coupon

interest

accrued

and

recorded

daily

using

the

effective

interest

method

which

adjusts,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts. Dividend

income

is

recorded

on

the

ex-dividend

date.

Non-cash

dividends

included

in

income,

if

any,

are

recorded

at

the

fair

value

of

the

securities

received. Gains

or

losses

realized

on

sales

of

securities

are

recorded

on

the

identified

cost

basis.

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

Level

Level

Level

Total

Diversified

Stock

Fund

Common

Stocks

...............................................

$

366,016

$

—

$

—

$

366,016

Exchange-Traded

Funds

.........................................

6,775

—

—

6,775

Total

.......................................................

$

372,791

$

—

$

—

$

372,791

Fund

for

Income

Collateralized

Mortgage

Obligations

................................

—

6,621

—

6,621

U.S.

Government

Agency

Mortgages

................................

—

230,137

—

230,137

U.S.

Treasury

Obligations

........................................

—

88,822

—

88,822

Investment

Companies

..........................................

—

—

Total

.......................................................

$

$

325,580

$

—

$

325,680

Investment

Grade

Convertible

Fund

Convertible

Corporate

Bonds

.....................................

—

162,099

—

162,099

Convertible

Preferred

Stocks

......................................

77,807

—

—

77,807

Collateral

for

Securities

Loaned

...................................

892

—

—

892

Total

.......................................................

$

78,699

$

162,099

$

—

$

240,798

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

(Unaudited)

of

non-U.S.

securities

loaned,

marked-to-market

daily.

Any

collateral

shortfalls

associated

with

increases

in

the

valuation

of

the

securities

loaned

are

generally

cured the

next

business

day.

The

collateral

can

be

received

in

the

form

of

cash

collateral

and/or

non-cash

collateral.

Non-

cash

collateral

can

include

U.S.

Government

Securities and

other

securities

as

permitted

by

Securities

and

Exchange

Commission

("SEC")

guidelines.

The

cash

collateral

is

invested

in

short-term

instruments

or

cash

equivalents,

primarily

open-end

investment

companies,

as

noted

on

the

Funds'

Schedules

of

Portfolio

Investments.

The

Funds

effectively

do not

have

control

of

the

non-cash

collateral

and

therefore

it

is

not

disclosed

on

the

Funds'

Schedules

of

Portfolio

Investments.

Collateral

requirements

are

determined

daily

based

on

the

value

of

the

Funds'

securities

on

loan

as

of

the

end

of

the prior

business

day.

During

the

time

portfolio

securities

are

on

loan,

the

borrower

will

pay

the

Funds

any

dividends

or

interest

paid

on

such

securities

plus

any

fee

negotiated

between

the

parties

to

the

lending

agreement.

The

Funds

also

earn

a

return

from

the

collateral.

The

Funds

pay

Citibank

various

fees

in

connection

with

the

investment

of

cash

collateral

and

fees

based

on

the

investment

income

received

from

securities

lending

activities.

Securities

lending

income

(net

of

these

fees)

is

disclosed

on

the

Statements

of

Operations.

Loans

are

terminable

upon

demand

and

the

borrower

must

return

the

loaned

securities

within

the

lesser

of

one

standard

settlement

period

or

five

business

days. Although

risk

is

mitigated

by

the

collateral, a

Fund could

experience

a

delay

in

recovering

its

securities

and

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

them.

In

addition,

there

is

a

risk that

the

value

of

the

short-term

investments

will

be

less

than

the

amount

of

cash

collateral

required

to

be

returned

to

the

borrower.

The

Funds'

agreement

with

Citibank

does

not

include

master

netting

provisions.

Non-cash

collateral

received

by

the

Funds

may

not

be

sold

or

repledged,

except

to

satisfy

borrower

default.

The

following

table

is

a

summary

of

the

Funds'

securities

lending

transactions

as

of

December

31,

2025

(amounts

in

thousands):

Federal

Income

Taxes:

Each

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

in

applicable

sections

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provision

for

federal

income

taxes

is

required

in

the

financial

statements.

The

Funds

have

a

tax

year

end

of

June

30. For

the

six

months

ended

December

31,

2025,

the

Funds

did

not

incur

any

income

tax,

interest,

or

penalties,

and

have

recorded

no

liability

for

net

unrecognized

tax

benefits

relating

to

uncertain

tax

positions.

Management

of

the

Funds

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

years,

which

includes

the

current

fiscal

tax

year

end).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Allocations:

Expenses

directly

attributable

to a

Fund

are

charged

to that

Fund,

while

expenses

that

are

attributable

to

more

than

one

fund

in

the

Trust,

or

jointly

with

an

affiliated

trust,

are

allocated

among

the

respective

funds

in

the

Trust

and/or

an

affiliated

trust

based

upon

net

assets

or

another

appropriate

basis.

Income,

expenses

(other

than

class-specific

expenses

such

as

transfer

agent

fees,

state

registration

fees,

printing

fees,

and

12b-1

fees),

and

realized

and

unrealized

gains

or

losses

on

investments

are

allocated

to

each

class

of

shares

based

on

its

relative

net

assets

on

the

date

income

is

earned

or

expenses

and

realized

and

unrealized

gains

and

losses

are

incurred.

Fees

Paid

Indirectly:

Expense

offsets

to

custody

fees

that

arise

from

credits

on

cash

balances

maintained

on

deposit

are

reflected

on

the

Statements

of

Operations,

as

applicable,

as

Fees

paid

indirectly.

3. #### Purchases

#### and

#### Sales:
Purchases

and sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

for

the

six

months

ended

December

31,

2025,

were

as

follows

(amounts

in

thousands):

Value

of

Securities

on

Loan

Non-Cash

Collateral

Cash

Collateral

Investment

Grade

Convertible

Fund

....................................

$

843

$

—

$

892

Excluding

U.S.

Government

Securities

U.S.

Government

Securities

Purchases

Sales

Purchases

Sales

Diversified

Stock

Fund

............................................

$

164,844

$

178,998

$

—

$

—

Fund

for

Income

................................................

—

—

68,832

76,246

Investment

Grade

Convertible

Fund

...................................

34,261

49,148

—

—

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

(Unaudited)

4. #### Fees

#### and

#### Transactions

#### with

#### Affiliates

#### and

#### Related

#### Parties:
Investment

Advisory

Fees:

Investment

advisory

services

are

provided

to

the

Funds

by

the

Adviser,

which

is

a

New

York

corporation

registered

as

an

investment

adviser

with

the

SEC.

Under

the

terms

of

the

Investment

Advisory

Agreement,

the

Adviser

is

entitled

to

receive

fees

accrued

daily

and

paid

monthly

at

an

annualized

rate

based

on

a

percentage

of

the

average

daily

net

assets

of

each

Fund. The

rates

at

which

the

Adviser

is

paid

by

each

Fund

are

included

in

the

table

below.

Amounts

incurred

and

paid

to

VCM

for

the

six

months ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Investment

advisory

fees.

Administration

and

Servicing

Fees:

VCM

also

serves

as

the

Funds'

administrator

and

fund

accountant.

Under

the

Administration

and

Fund

Accounting

Agreement,

VCM

is

paid

an

administration

fee

based

on

a

percentage

of

the

average

daily

net

assets

of

the

Trust

and

Victory

Portfolios

II. The

tiered

rates

at

which

VCM

is

paid

by

the

Funds

are

shown

in

the

table

below:

Amounts

incurred

for

the

six

months

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Administration

fees.

Citi

Fund

Services

Ohio,

Inc.

("Citi"),

an

affiliate

of

Citibank,

acts

as

sub-administrator

and

sub-fund

accountant

to

the

Funds

pursuant

to

the

Sub-Administration

and

Sub-Fund

Accounting

Services

Agreement

between

VCM

and

Citi.

VCM

pays

Citi

a

fee

for

providing

these

services.

The Funds

reimburse

VCM

and

Citi

for

out-of-pocket

expenses

incurred

in

providing

these

services

and

certain

other

expenses

specifically

allocated

to

the

Funds.

Amounts

incurred

for

the six

months

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Sub-

Administration

fees.

The

Funds

(as

part

of

the

Trust)

have

entered

into

an

agreement

with

the

Adviser

to

provide

compliance

services,

pursuant

to

which

the

Adviser

furnishes

its

compliance

personnel,

including

the

services

of

the

Chief

Compliance

Officer

("CCO"),

and

other

resources

reasonably

necessary

to

provide

the

Trust

with

compliance

oversight

services

related

to

the

design,

administration,

and

oversight

of

a

compliance

program

for

the

Trust

in

accordance

with

Rule

38a-1

under

the

1940

Act.

The

CCO

is

an

employee

of

the

Adviser,

which

pays

the

compensation

of

the

CCO

and

support

staff.

The

funds

in

the

Trust

and

Victory

Portfolios

II,

in

the

aggregate,

compensate

the

Adviser

for

these

services.

Amounts

incurred

for

the six

months

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Compliance

fees.

Transfer

Agency

Fees:

FIS

Investor

Services,

LLC

("FIS")

serves

as

the

Funds'

transfer

agent.

Under

the

Transfer

Agent

Agreement,

the

Trust

pays

FIS

a

fee

for

its

services

and

reimburses

FIS

for

all

of

their

reasonable

out-of-pocket

expenses

incurred

in

providing

these

services.

Amounts

incurred

for

the

six

months ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Transfer

agent

fees.

Victory

Capital

Transfer

Agency,

Inc.,

an

affiliate

of

the

Adviser,

serves

as

sub-transfer

agent

for

the

Member

Class.

Amounts

incurred

for

the

six

months ended

December

31,

2025,

if

any,

are

reflected

on

the

Statements

of

Operations

as

Transfer

agent

fees.

Sub-Transfer

Agency

Fees:

The

Funds

have

entered

into

Sub-Transfer

Agency

Agreements

with

financial

intermediaries

that

provide

recordkeeping,

processing,

shareholder

communications

and

other

services

to

customers

of

the

intermediaries

that

hold

positions

in

the

Funds

and

have

agreed

to

compensate

the

intermediaries

for

providing

those

services.

Intermediaries

transact

with

the

Funds

primarily

through

the

use

of

omnibus

accounts

on

behalf

of

their

customers

who

hold

positions

in

the

Funds.

These

services

would

have

been

provided

by

the

Funds'

transfer

agent

and

other

service

providers

if

the

shareholders'

accounts

were

maintained

directly

at

the

Funds'

transfer

agent.

Amounts

incurred

for

the

six

months ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Sub-Transfer

agent

fees.

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

December

31,

2025

Victory

Portfolios

(Unaudited)

Distributor/Underwriting

Services:

Victory

Capital

Services,

Inc.

(the

"Distributor"),

an

affiliate

of

the

Adviser,

serves

as

Distributor

for

the

continuous

offering

of

the

shares

of

the

Funds

pursuant

to

a

Distribution

Agreement

between

the

Distributor

and

the

Trust.

Pursuant

to

the

Distribution

and

Service

Plans

adopted

in

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Distributor

may

receive

a

monthly

distribution

and

service

fee

up

to

the

annual

rate

shown

in

the

table

below:

The

distribution

and

service

fees

paid

to

the

Distributor

may

be

used

by

the

Distributor

to

pay

for

activities

primarily

intended

to

result

in

the

sale

and/or

servicing

of

Class

A,

Class

C,

and

Class

R. Amounts

incurred

for

the

six

months

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

12b-1

fees.

In

addition,

the

Distributor

is

entitled

to

receive

commissions

in

connection

with sales

of

Class

A. For

the

six

months

ended

December

31,

2025,

the

Distributor

received

the

following

from

commissions

earned

in

connection with

sales

of

Class

A

(amounts

in

thousands):

Other

Fees:

Citibank

serves

as

the

Funds'

custodian.

The

Funds

pay

Citibank

a

fee

for

providing

these

services.

Amounts

incurred

for

the six

months

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Custodian

fees.

Sidley

Austin

LLP

provides

legal

services

to

the

Trust.

The

Adviser

has

entered

into

an

expense

limitation

agreement

with

the

Trust. Under

the

terms

of

the

agreement,

the

Adviser

has

agreed

to

waive

fees

or

reimburse

certain

expenses

to

the

extent

that

ordinary

operating

expenses

incurred

by

certain

classes

of

the

Funds

in

any

fiscal

year

exceed

the

expense

limits

for the

Funds.

Such

excess

amounts

will

be

the

liability

of

the

Adviser.

Acquired

fund

fees

and

expenses,

interest,

taxes,

brokerage

commissions,

other

expenditures which

are

capitalized

in

accordance

with

GAAP,

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Funds'

business

are

excluded

from

the

expense

limits.

As

of

December

31,

2025,

the

expense

limits

(excluding

voluntary

waivers) were

as

follows:

Under

the

terms

of

the

expense

limitation agreement, the Funds

have

agreed

to

repay

fees

and

expenses

that

were

waived

or

reimbursed

by

the

Adviser

for

a

period

of

up

to

three

years

(thirty-six

(36) months)

after

the

waiver

or

reimbursement

took

place,

subject

to

the

lesser

of

any

operating

expense

limits

in

effect

at

the

time

of:

(a) the

original

waiver

or

expense

reimbursement;

or

(b) the

recoupment,

after

giving

effect

to

the

recoupment

amount.

The

Funds

have

not

recorded

any

amounts

available

to

be

repaid

to

the

Adviser

as

a

commitment

and

contingency

liability

due

to

an

assessment

that

such

repayments

are

not

probable

at

December

31,

2025. For

the

six

months ended

December

31,

2025,

the

following

recoupment

amounts

were

paid

to

the

Adviser

(amounts

in

thousands):

As

of December

31,

2025,

the

following amounts

in

the

table

below

represent

the

fiscal

year-end

in

which

the

36-month

recoupment

period

expires.

These

amounts

are

available

to

be

repaid

to

the

Adviser

(amounts

in

thousands):

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

.....................................................................................

—(a)

Investment

Grade

Convertible

Fund

........................................................................

—(a)

(a) Rounds

to

less

than

$1

thousand.

In

effect

until

October

31,

2026

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

Diversified

Stock

Fund

.................................................................................

$

Fund

for

Income

.....................................................................................

June

30,

2026

June

30,

2027

June

30,

2028

June

30,

2029

Total

Diversified

Stock

Fund

$

$

$

$

$

Fund

for

Income

735

Investment

Grade

Convertible

Fund

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

(Unaudited)

![](epub598074195968000.jpg)

The

Adviser

may

voluntarily

waive

or

reimburse

additional

fees and

expenses

or

make

other

payments

to

assist

the

Funds

in

maintaining

competitive

expense

ratios. Except

as

noted

above,

voluntary

waivers

and

reimbursements

applicable

to

the

Funds

are

not

available

to

be

recouped

at

a

future

time.

There

were

no

voluntary

waivers

or

reimbursements

for

the six

months

ended

December

31,

2025. Certain

officers

and/or

interested

trustees

of

the

Funds

are

also

officers

and/or

employees

of

the

Adviser,

administrator,

fund

accountant,

legal

counsel,

and

Distributor.

5. #### Risks:
The

following

describes

the

principal

risks

that

you

may

assume

as

an

investor

in

each

Fund. Each

Fund's

prospectus

contains

unaudited

information

regarding

the

Fund's

principal

risks.

Please

refer

to

that

document

when

considering

the

Fund's

principal

risks.

The

Funds

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

General

Market

Risk

—

Overall

market

risks

may

affect

the

value

of

the

Fund(s).

Domestic

and

international

factors

such

as

political

events,

war,

terrorism,

trade

disputes,

inflation

rates,

interest

rate

levels,

and

other

fiscal

and

monetary

policy

changes;

cybersecurity

incidents,

pandemics,

and

other

public

health

crises,

imposition

of

tariffs,

sanctions

against

a

particular

foreign

country,

its

nationals,

businesses,

or

industries;

and

related

geopolitical

events,

as

well

as

environmental

disasters

such

as

earthquakes,

fires,

and

floods,

or

other

catastrophes,

may

add

to

instability

in

global

economies

and

markets

generally,

and

may

lead

to

increased

market

volatility.

Global

economies

and

financial

markets

are

highly

interconnected,

which

increases

the

possibility

that

conditions

in

one

country

or

region

might

adversely

affect

issuers

in

another

country

or

region.

The

impact

of

these

and

other

factors

may

be

short-term

or

may

last

for

extended

periods.

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.

Interest

Rate Risk

—

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.

Equity

Securities

Risk

—

The

values

of

the

equity

securities

in

which

the

Funds

invest

may

decline

in

response

to

developments

affecting

individual

companies

and/or

general

market

economic,

and

political

conditions,

and

other

factors. A

company's

earnings

or

dividends

may

not

increase

as

expected

due

to

poor

management

decisions,

competitive

pressures,

breakthroughs

in

technology,

reliance

on

suppliers,

labor

problems

or

shortages,

corporate

restructurings,

fraudulent

disclosures,

natural

disasters,

military

confrontations,

war,

terrorism,

public

health

crises,

or

other

events,

conditions,

and

factors.

Price

changes

may

be

temporary

or

may

last

for

extended

periods.

Large-Capitalization

Stock

Risk

—

The

securities

of

large-sized

companies

may

underperform

the

securities

of

smaller-sized

companies

or

the

market

as

a

whole.

The

growth

rate

of

larger,

more

established

companies

may

lag

those

of

smaller

companies,

especially

during

periods

of

economic

expansion.

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

(Unaudited)

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

Portfolios

II,

and

Victory

Portfolios

III

(collectively,

the "Victory

Funds

Complex"),

in

the

aggregate, may

borrow

up

to

$600

million,

of

which

$300

million

is

committed

and

$300

million

is

uncommitted.

$40

million

of

the

Line

of

Credit

is

reserved

for

use

by

the

Victory

Floating

Rate

Fund,

another

series

of

the

Victory

Funds

Complex,

with

Victory

Floating

Rate

Fund

paying

the

related

commitment

fees

for

that

amount.

The

purpose

of

the

Line

of

Credit

is

to

meet

temporary

or

emergency

cash

needs.

For

the six

months

ended

December

31,

2025,

Citibank

received

an

annual

commitment

fee

of

0.15%

on

$300

million

for

providing

the

Line

of

Credit.

Each

Fund

in

the

Victory

Funds

Complex

paid

a

pro-rata

portion

of

the

commitment

fees

plus

any

interest

on

amounts

borrowed.

Interest

is

based

on

the

one-month Secured

Overnight

Financing

Rate

plus

1.10 percent.

Effective

June

24,

2025,

the

agreement

was

renewed

with

a

termination

date

of

June

22,

2026,

and

the

annual

commitment

fee

of

0.15%

remained

unchanged.

Dedicated

portions

to

the

Victory

Floating

Rate

Fund

have

been

removed,

making

the

entire

Line

of

Credit

(committed

and

uncommitted)

available

to

all

Funds.

Interest

charged

to each

Fund during

the

period,

if

applicable,

is

reflected

on

the

Statements

of

Operations

under

Line

of

credit

fees.

The

Funds

had

no

borrowings

under the

Line

of

Credit

agreement

during

the

six

months

ended

December

31,

2025. Interfund

Lending:

The

Trust

and

the

Adviser

rely

on

an

exemptive

order

granted

by

the

SEC

in

March

2017

(the

"Order"),

permitting

the

establishment

and

operation

of

an

Interfund

Lending

Facility

(the

"Facility").

The

Facility

allows

each

Fund

to

directly

lend

and

borrow

money

to

or

from

any

other

fund

in

the

Victory

Funds

Complex

that

is

permitted

to

participate

in

the

Facility,

relying

upon

the

Order

at

rates

beneficial

to

both

the

borrowing

and

lending

funds.

Advances

under

the

Facility

are

allowed

for

temporary

or

emergency

purposes,

including

the

meeting

of

redemption

requests

that

otherwise

might

require

the

untimely

disposition

of

securities,

and

are

subject

to

each

Fund's

borrowing

restrictions.

The

interfund

loan

rate

is

determined,

as

specified

in

the

Order,

by

averaging

the

current

repurchase

agreement

rate

and

the

current

bank

loan

rate.

As

a

Borrower

(as

defined

in

the

Order),

interest

charged

to

each

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statements

of

Operations

under

Interfund

lending

fees.

As

a

Lender

(as

defined

in

the

Order),

interest

earned

by

each

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statements

of

Operations

under

Interfund

lending.

The

average

borrowing

or

lending

for

the

days

outstanding

and

average

interest

rate

for

the

Funds

that

utilized

this

Facility

during

the

six

months

ended

December

31,

2025,

were

as

follows

(amounts

in

thousands):

\*

Based

on

the

number

of

days

borrowings

were

outstanding

for

the

six

months

ended

December

31,

2025. Borrower

or

Lender

Amount

Outstanding

at

December

31,

2025

Average

Borrowing\*

Average

Interest

Rate\*

Maximum

Borrowing

During

the

Period

Diversified

Stock

Fund

............................

Borrower

$

—

$

1,484

4.24%

$

1,484

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

(Unaudited)

7. #### Federal

#### Income

#### Tax

#### Information:
Dividends

from

net

investment

income,

if

any,

are

declared

and

paid

as

noted

in

the

table

below.

Distributable

net

realized

gains,

if

any,

are

declared

and

distributed

at

least

annually

from

each

Fund.

The

amounts

of

dividends

from

net

investment

income

and

distributions

from

net

realized

gains

(collectively,

distributions

to

shareholders)

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

To

the

extent

these

"book/tax"

differences

are

permanent

in

nature

(e.g.,

net

operating

loss

and

distribution

reclassification),

such

amounts

are

reclassified

within

the

components

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales)

do

not

require

reclassification.

To

the

extent

dividends

and

distributions

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes,

they

are

reported

as

distributions

of

capital.

Net

investment

losses

incurred

by

the

Funds

may

be

reclassified

as

an

offset

to

capital

on

the

accompanying

Statements

of

Assets

and

Liabilities.

The

tax

character

of

current

year

distributions

paid

and

the

tax

basis

of

the

current

components

of

accumulated

earnings

(losses)

will

be

determined

at

the

end

of

the

current

tax

year.

As

of

the

tax

year

ended June

30,

2025,

the

following

Funds had

net

capital

loss

carryforwards as shown

in

the

table

below.

It

is

unlikely

that

the

Board

will

authorize

a

distribution

of

capital

gains

realized

in

the

future

until

the

capital

loss

carryforwards

have

been

used

(amounts

in

thousands):

8. #### Segment

#### Reporting:
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.

9. #### New

#### Accounting

#### Pronouncement:
On

December

14,

2023,

the

Financial

Accounting

Standards

Board

issued

Accounting

Standards

Update

("ASU")

2023-09,

which

establishes

new

income

tax

disclosure

requirements

and

modifies

or

eliminates

certain

existing

disclosure

provisions.

The

amendments

in

this

ASU

are

intended

to

address

investor

requests

for

more

transparency

about

income

tax

information

and

to

improve

the

effectiveness

of

income

tax

disclosures. ASU

2023-09

applies

to

all

entities

that

are

subject

to

ASC

740,

Income

Taxes.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024. Management

is

currently

evaluating

the

impact

of

ASU

2023-09

and

does

not

believe

it

will

have

a

material

impact

on

the

Funds'

financial

statements.

Declared

Paid

Diversified

Stock

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Quarterly

Quarterly

Fund

for

Income

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Monthly

Monthly

Investment

Grade

Convertible

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Quarterly

Quarterly

Short-Term

Amount

Long-Term

Amount

Total

Fund

for

Income

......................................................

$

(134,727)

$

(293,073)

$

(427,800)

Supplemental

Information

December

31,

2025

Victory

Portfolios

(Unaudited)

Considerations

of

the

Board

in

Continuing

the

Investment

Advisory

Agreement (the

"Agreement")

The

Board

approved

the

Agreement

on

behalf

of

each

of

the

Funds

at

a

meeting,

which

was

called

for

that

purpose,

on

December

4,

2025. The

Board

also

considered

information

relating

to

the

Funds

and

the

Agreement

provided

throughout

the

year

and,

more

specifically,

at

the

meetings

on

October

21,

2025

and

December

4,

2025. In

considering

whether

to

approve

the

Agreement,

the

Board

requested

from

the

Adviser

certain

information

concerning

the

Funds

to

assist

it

in

evaluating

the

terms

of

the

Agreement.

In

response

to

the

request

from

the

Independent

Trustees,

the

Adviser

provided

information

and

reports

relevant

to

the

continuation

of

the

Agreement.

The

Board,

including

the

Independent

Trustees,

evaluated

this

information

along

with

other

information

obtained

throughout

the

year

and

was

advised

by

legal

counsel

to

the

Funds

and

independent

legal

counsel

to

the

Independent

Trustees.

The

Board

considered

each

Fund's

advisory

fee,

expense

ratio

and

investment

performance

as

significant

factors

in

determining

whether

the

Agreement

should

be

continued.

In

considering

whether

the

compensation

paid

to

the

Adviser

was

fair

and

reasonable,

the

Board

also

evaluated,

among

other

things,

the

following

factors:

The

requirements

of

the

Funds

for

the

services

provided

by

the

Adviser;

The

nature,

quality

and

extent

of

the

services

provided

and

expected

to

be

provided;

The

performance

of

the

Funds

as

compared

to

comparable

funds;

The

fees

payable

for

the

services

and

whether

the

fee

arrangements

provided

for

economies

of

scale

that

would

benefit

Fund

shareholders

as

the

Funds

grow

(acknowledging

that

economies

of

scale

can

be

complex

to

assess

and

typically

are

not

directly

measurable)

and

whether

additions

of

or

revisions

to

breakpoints

would

be

appropriate;

Whether

the

fee

would

be

sufficient

to

enable

the

Adviser

to

attract

and

retain

experienced

personnel

and

continue

to

provide

quality

services

to

the

Funds;

The

fees

paid

by

other

clients

of

the

Adviser

whose

accounts

are

managed

in

a

similar

investment

style

and

any

differences

in

the

services

provided

to

the

other

clients

compared

to

those

provided

to

the

Funds;

The

total

expenses

of

each

Fund;

Management's

commitment

to

operating

the

Funds

at

competitive

expense

levels;

The

profitability

of

the

Adviser

(as

reflected

by

comparing

fees

earned

against

an

estimate

of

the

Adviser's

costs)

with

respect

to

the

Adviser's

relationship

with

the

Funds;

Research

and

other

service

benefits

received

by

the

Adviser

obtained

through

payment

of

client

commissions

for

securities

transactions;

Other

benefits

received

by

the

Adviser,

and

its

affiliates,

including

revenues

paid

to

the

Adviser,

or

its

affiliates,

by

the

Funds

for

administration

and

fund

accounting

services,

shareholder

services

and

distribution;

The

capabilities

and

financial

condition

of

the

Adviser;

Current

economic

and

industry

trends;

and

The

historical

relationship

between

each

Fund

and

the

Adviser.

The

Board

reviewed

each

Fund's

gross

management

fee,

comprised

of

the

advisory

fee

plus

the

administrative

services

fee

paid

to

the

Adviser,

in

the

context

of

the

Adviser's

business

and

services

with

respect

to

each

Fund

individually

and

with

respect

to

all

the

funds

as

a

whole.

The

Board

retained

an

independent,

third-party

consultant

to

provide

comparative

information

about

fees,

expenses

and

performance,

and

to

design

and

maintain

a

database

of

relevant

information

designed

to

assist

the

Board

in

retrieving

and

analyzing

comparative

information.

The

Board

considered

information,

analyses

and

methodologies

provided

by

the

consultant.

The

Board

compared

each

Fund's

gross

management

fees

and

total

operating

expense

ratio

on

a

net

and

gross

basis

with

the

median

gross

management

fee

and

median

expense

ratio

of

a

universe

of

comparable

mutual

funds

compiled

by

the

consultant

and

a

peer

group

of

funds

selected

by

that

consultant

from

the

universe.

The

Board

reviewed

the

factors

and

methodology

reflected

in

the

consultant's

analyses

in

the

selection

of

each

Fund's

peer

group,

including

the

consultant's

selection

of

a

broad

universe

of

funds,

the

more

specific

universe

of

comparable

funds,

and

peer

groups

of

funds

with

comparable

investment

strategies

and

asset

levels,

among

other

factors.

The

Board

also

reviewed

any

changes

to

the

consultant's

methodology

as

compared

to

the

prior

year,

including

those

resulting

from

the

Adviser's

input,

if

any.

The

Board

also

reviewed,

where

applicable,

fees

and

other

information

related

to

the

Adviser's

management

of

similarly

managed

institutional

or

private

accounts,

and

the

differences

in

the

services

provided

to

these

other

accounts.

The

Board

also

noted

that

the

breakpoints

in

the

advisory

fee

schedule

for

some

of

the

Funds

evidenced

one

way

in

which

the

Adviser

has

shown

a

willingness

to

share

in

its

economies

of

scale.

As

in

prior

years,

in

evaluating

the

Adviser's

performance,

the

Board

also

considered

how

the

Adviser

addressed

challenges

related

to

changing

market

conditions

and

legal

and

regulatory

developments

affecting

the

Funds.

To

help

it

evaluate

the

fees

and

expenses

of

each

Fund

with

a

total

net

expense

ratio

that

ranked

within

the

fourth

quartile

(most

expensive)

in

relation

to

funds

in

a

peer

group

selected

by

an

independent

third-party

consultant,

the

Board

requested,

and

the

Adviser

provided,

supplemental

information

about

fee

levels

and

the

nature

of

the

services

provided

on

a

Fund-by-Fund

basis

as

described

in

greater

detail

below.

When

a

Fund's

management

fee

or

total

expenses

were

higher

than

those

of

other

funds

in

the

peer

group,

the

Board

considered

factors

that

contributed

to

the

Fund's

management

fee

or

the

Fund's

total

expenses,

including,

among

other

things,

whether

the

Fund

requires

specific

or

specialized

portfolio

management,

administration

or

oversight

needs;

the

size

of

the

Fund's

assets

in

relation

to

its

peers;

whether

the

Fund

has

experienced

sustained

redemptions

leading

to

decreased

assets;

and

the

factors

that

resulted

in,

for

example,

rapid

or

recent

changes

in

expenses.

The

Board

also

Supplemental

Information

—

continued

December

31,

2025

Victory

Portfolios

(Unaudited)

considered

the

extent

to

which

the

Adviser

waives

management

fees

and/or

reimburses

any

Fund

for

other

Fund-level

expenses,

including

the

extent

to

which

any

such

waivers

or

reimbursements

were

applied

at

different

rates

for

different

share

classes.

The

Board

asked

for

and

received

information

to

help

it

evaluate

the

process

that

the

Adviser

uses

to

monitor

whether

any

such

waiver

or

reimbursement

resulted

in

any

potential

"cross-subsidization"

of

one

share

class

by

another

share

class.

The

Board

also

reviewed

the

compliance

and

administrative

services

provided

to

the

Funds

by

the

Adviser

and

its

affiliates,

including

the

Adviser's

oversight

of

the

Funds'

day-to-day

operations

and

oversight

of

Fund

accounting,

assistance

in

meeting

legal

and

regulatory

requirements,

and

other

services

necessary

for

the

operation

of

the

Funds

and

the

Trust.

The

Board

reviewed

each

Fund's

performance

over

one-,

three-,

five-

and

ten-year

periods

(as

applicable)

against

the

performance

of

the

Fund's

selected

peer

group

and

benchmark

index.

The

Board

recognized

that

the

performance

of

the

Funds

and

the

peer

group

funds

are

net

of

expenses,

while

the

performance

of

the

benchmark

index

reflects

gross

returns.

When

a

Fund

underperformed

the

funds

in

its

selected

peer

group

and/or

benchmark

index

for

any

of

the

periods

reported,

the

Board

considered

the

magnitude

and

duration

of

that

underperformance

relative

to

the

selected

peer

group

and/or

benchmark

index

(e.g.,

the

amount

by

which

a

Fund

underperformed,

including,

for

example,

whether

the

Fund

slightly

underperformed

or

significantly

underperformed

its

benchmark

both

in

absolute

and

relative

terms).

For

those

Funds

identified

as

having

underperformed

the

selected

peer

group

and/or

benchmark

index

for

multiple

periods

of

time,

the

Board

further

inquired

into

the

circumstances

of

its

underperformance,

including

with

respect

to

significant

differences

in

investment

strategy

or

securities

exposure

of

the

Fund

as

compared

to

its

benchmark

index

and

selected

peer

group.

In

these

cases,

the

Board

discussed

with

the

Adviser

each

such

Fund's

performance,

potential

reasons

for

the

relative

performance,

and,

if

necessary,

steps

that

the

Adviser

had

taken,

or

intends

to

take,

to

improve

performance,

including,

as

appropriate,

matters

relating

to

staffing

levels,

and

portfolio

trading

strategies,

among

other

things.

When

a

Fund's

gross

management

fee,

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

or

total

net

expenses

ranked

in

the

fourth

quartile

(most

expensive),

the

Board

considered

the

magnitude

of

differences

relative

to

the

selected

peer

group

(e.g.,

the

amount

by

which

a

Fund's

expenses

differed,

including,

for

example,

whether

the

Fund's

fees

and

expenses

were

slightly

or

significantly

higher

as

compared

to

funds

in

its

selected

peer

group).

The

Board

also

considered

the

types

of

expenses

paid

by

the

funds

in

the

Funds'

selected

peer

groups

noting,

for

example,

that

certain

funds

in

the

Funds'

selected

peer

groups

may

not

pay

rule

12b-1

fees,

and

the

changes

in

the

selected

peer

groups

as

compared

to

prior

years.

The

Board

also

met

with

the

portfolio

managers

of

the

Funds

during

the

months

prior

to

voting

on

the

contract

renewal

to

discuss

the

Funds'

performance,

and

received

a

report

each

quarter

on

the

Funds'

performance,

among

other

things,

from

the

Adviser's

President

of

Investment

Franchises

&

Solutions

and

Head

of

Product

&

Strategy.

The

Board

also

considered

the

Adviser's

responsiveness

with

respect

to

the

relative

performance.

The

Board

recognized

that

the

performance

data

reflects

a

period

as

of

a

particular

date

and

that

selecting

a

different

performance

period

could

produce

significantly

different

results.

The

Board

further

acknowledged

that

long-term

performance

could

be

affected

by

even

one

period

of

significant

outperformance

or

underperformance.

In

this

regard,

the

Board

noted

that

performance,

especially

short-term

performance,

is

only

one

of

the

factors

that

it

deems

relevant

to

its

consideration

of

the

Agreement.

The

Board

reviewed

various

other

specific

factors

with

respect

to

each

Fund,

as

described

below.

In

their

deliberations,

the

Trustees

did

not

rank

the

importance

of

any

particular

information

or

factor

considered

and

each

Trustee

may

have

attributed

different

weights

to

various

factors.

Victory

Diversified

Stock

Fund:

Performance.

The

Board

compared

the

Fund's

Class

A

performance

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund's

peer

group

and

benchmark

index

for

the

same

periods

and

considered

the

fact

that

the

Fund

underperformed

the

benchmark

index

for

the

ten-year

period,

outperformed

the

benchmark

index

for

the

one-,

three-

and

five-year

periods,

underperformed

the

peer

group

median

for

the

ten-year

period,

and

outperformed

the

peer

group

median

for

the

one-,

three-

and

five-year

periods.

The

Board

noted

that

the

Fund's

portfolio

management

team

changed

in

May

2017. Fees

and

Expenses.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund's

peer

group,

the

Fund's

gross

management

fee

ranked

in

the

third

quartile,

the

Fund's

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

third

quartile

and

the

Fund's

total

net

expenses

ranked

in

the

second

quartile.

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses

for

certain

classes

of

the

Fund's

shares,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period.

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund's

management

fee

compared

to

comparable

mutual

funds;

(2) the

Fund's

total

expense

ratio

compared

to

comparable

mutual

funds;

(3) that

the

Adviser's

willingness

to

limit

the

expenses

of

certain

classes

for

a

period

of

time

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period;

and

(4) any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund's

shareholders.

Victory

Fund

for

Income:

Performance.

The

Board

compared

the

Fund's

Class

A

performance

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund's

peer

group

and

benchmark

index

for

the

same

periods

and

considered

the

fact

that

the

Fund

Supplemental

Information

—

continued

December

31,

2025

Victory

Portfolios

(Unaudited)

underperformed

the

benchmark

index

for

all

the

periods

reviewed,

underperformed

the

peer

group

median

for

the

one-,

three-

and

five-year

periods,

and

outperformed

the

peer

group

median

for

the

ten-year

period.

Fees

and

Expenses.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund's

peer

group,

the

Fund's

gross

management

fee

ranked

in

the

fourth

quartile

(most

expensive),

the

Fund's

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

fourth

quartile

(most

expensive)

and

the

Fund's

total

net

expenses

ranked

in

the

fourth

quartile

(most

expensive).

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses

for

certain

classes

of

the

Fund's

shares,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period.

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund's

management

fee

compared

to

comparable

mutual

funds;

(2) the

Fund's

total

expense

ratio

compared

to

comparable

mutual

funds;

(3) that

the

Adviser's

willingness

to

limit

the

expenses

of

certain

classes

for

a

period

of

time

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period;

and

(4) any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund's

shareholders.

Victory

Investment

Grade

Convertible

Fund:

Performance.

The

Board

compared

the

Fund's

Class

A

performance

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund's

peer

group

and

benchmark

index

for

the

same

periods

and

considered

the

fact

that

the

Fund

underperformed

both

the

benchmark

index

and

the

peer

group

median

for

all

of

the

periods

reviewed.

Fees

and

Expenses.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund's

peer

group,

the

Fund's

gross

management

fee

ranked

in

the

third

quartile,

the

Fund's

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

third

quartile

and

the

Fund's

total

net

expenses

ranked

in

the

third

quartile.

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses

for

certain

classes

of

the

Fund's

shares,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period.

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund's

management

fee

compared

to

comparable

mutual

funds;

(2) the

Fund's

total

expense

ratio

compared

to

comparable

mutual

funds;

(3) that

the

Adviser's

willingness

to

limit

the

expenses

of

certain

classes

for

a

period

of

time

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period;

and

(4) any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund's

shareholders.

Conclusion:

Based

on

its

review

of

the

information

requested

and

provided,

and

following

extended

discussions,

the

Board

determined

that:

(i) the

Adviser's

services

benefitted

each

Fund's

shareholders,

particularly

in

light

of

the

nature

of

each

Fund

and

the

services

required

to

support

each

Fund;

(ii) it

was

generally

satisfied

with

the

nature,

quality

and

extent

of

the

services

provided

by

the

Adviser

to

each

Fund;

and

(iii) the

Agreement,

on

behalf

of

each

Fund

discussed

above,

was

consistent

with

the

best

interests

of

each

Fund

and

its

shareholders.

Accordingly,

the

Board

unanimously

approved

the

Agreement,

on

behalf

of

each

Fund,

for

an

additional

annual

period

on

the

basis

of

the

foregoing

review

and

discussions

and

the

following

considerations,

among

others:

The

fairness

and

reasonableness

of

the

investment

advisory

fee

payable

to

the

Adviser

under

the

Agreement

in

light

of

the

investment

advisory

services

provided,

the

costs

of

these

services,

the

profitability

of

the

Adviser's

relationship

with

each

Fund

and

the

comparability

of

the

fee

paid

to

the

fees

paid

by

other

investment

companies;

The

nature,

quality

and

extent

of

the

investment

advisory

services

provided

by

the

Adviser;

The

Adviser's

entrepreneurial

commitment

to

the

management

of

each

Fund

and

the

creation

of

a

broad-based

family

of

funds,

which

entails

a

substantial

commitment

of

the

Adviser's

resources

to

the

successful

operation

of

each

Fund;

The

Adviser's

representations

regarding

its

staffing

and

capabilities

to

manage

each

Fund,

including

the

retention

of

personnel

with

relevant

portfolio

management

experience;

The

Adviser's

efforts

to

enhance

investment

results

by,

among

other

things,

developing

and

supporting

quality

portfolio

management

teams;

and

The

overall

high

quality

of

the

personnel,

operations,

financial

condition,

investment

management

capabilities,

methodologies

and

perfor-

mance

of

the

Adviser.

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

800-539-FUND

(800-539-3863)

800-235-8396

for

Member

Class

VP-SAR

(12/25)

December

31,

2025

Semi-Annual:

Full

Financials

Victory

Sycamore

Established

Value

Fund

Victory

Sycamore

Small

Company

Opportunity

Fund

vcm.com

News,

Information

And

Education

Hours

A

Day,

Days

A

Week

The

Victory

Capital

website

gives

fund

shareholders,

prospective

shareholders,

and

investment

professionals

a

convenient

way

to

access

fund

information,

get

guidance,

and

track

fund

performance

anywhere

they

can

access

the

Internet.

The

site

includes:

Detailed

performance

records

Daily

share

prices

The

latest

fund

news

Investment

resources

to

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become

a

better

investor

A

section

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Whether

you're

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potential

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searching

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ed

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planning

tools,

or

an

investment

professional,

vcm.com

has

what

you

seek.

Visit

us

anytime.

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always

open.

*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

#### 5

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)
Statements

of

Assets

and

Liabilities

#### 8
Statements

of

Operations

#### 9
Statements

of

Changes

in

Net

Assets

#### 10
Financial

Highlights

#### 13

#### Notes

#### to

#### Financial

#### Statements

#### (Form

#### N-CSR

#### Item

#### 7)

#### 24

#### Supplemental

#### Information
Advisory

Contract

Approval

(Form

N-CSR

Item

11)

#### 32

*Call* 

*Victory* 

*at:*

*800-539-FUND* 

*(800-539-3863)*

*Visit* 

*our* 

*website* 

*at:*

*vcm.com*

#### IRA

#### DISTRIBUTION

#### WITHHOLDING

#### DISCLOSURE
*We* 

*generally* 

*must* 

*withhold* 

*federal* 

*income* 

*tax* 

*at* 

*a* 

*rate* 

*of* 

*10%* 

*of* 

*the* 

*taxable* 

*portion* 

*of* 

*your* 

*distribution* 

*and,* 

*if* 

*you* 

*live* 

*in* 

*a* 

*state* 

*that* 

*requires* 

*state* 

*income* 

*tax* 

*withholding,* 

*at* 

*your* 

*state's* 

*tax* 

*rate.* 

*However,* 

*you* 

*may* 

*elect* 

*not* 

*to* 

*have* 

*withholding* 

*apply* 

*or* 

*to* 

*have* 

*income* 

*tax* 

*withheld* 

*at* 

*a* 

*higher* 

*rate.* 

*Any* 

*withholding* 

*election* 

*that* 

*you* 

*make* 

*will* 

*apply* 

*to* 

*any* 

*subsequent* 

*distribution* 

*unless* 

*and* 

*until* 

*you* 

*change* 

*or* 

*revoke* 

*the* 

*election.* 

*If* 

*you* 

*wish* 

*to* 

*make* 

*a* 

*withholding* 

*election,* 

*or* 

*change* 

*or* 

*revoke* 

*a* 

*prior* 

*withholding* 

*election,* 

*call* 

*800-539-3863* 

*and* 

*form* 

*W-4P* 

*(OMB* 

*No.* 

*1545-0074* 

*withholding* 

*certificate* 

*for* 

*pension* 

*or* 

*annuity* 

*payments)* 

*will* 

*be* 

*electronically* 

*sent.*

*If* 

*you* 

*do* 

*not* 

*have* 

*a* 

*withholding* 

*election* 

*in* 

*place* 

*by* 

*the* 

*date* 

*of* 

*a* 

*distribution,* 

*federal* 

*income* 

*tax* 

*will* 

*be* 

*withheld* 

*from* 

*the* 

*taxable* 

*portion* 

*of* 

*your* 

*distribution* 

*at* 

*a* 

*rate* 

*of* 

*10%.* 

*If* 

*you* 

*must* 

*pay* 

*estimated* 

*taxes,* 

*you* 

*may* 

*be* 

*subject* 

*to* 

*estimated* 

*tax* 

*penalties* 

*if* 

*your* 

*estimated* 

*tax* 

*payments* 

*are* 

*not* 

*sufficient* 

*and* 

*sufficient* 

*tax* 

*is* 

*not* 

*withheld* 

*from* 

*your* 

*distribution.*

*For* 

*more* 

*specific* 

*information,* 

*please* 

*consult* 

*your* 

*tax* 

*adviser.*

*The* 

*Funds* 

*are* 

*distributed* 

*by* 

*Victory* 

*Capital* 

*Services,* 

*Inc.* 

*Victory* 

*Capital* 

*Management* 

*Inc.* 

*is* 

*the* 

*investment* 

*adviser* 

*to* 

*the* 

*Funds* 

*and* 

*receives* 

*fees* 

*from* 

*the* 

*Funds* 

*for* 

*performing* 

*services* 

*for* 

*the* 

*Funds.*

*This* 

*report* 

*is* 

*not* 

*authorized* 

*for* 

*distribution* 

*to* 

*prospective* 

*investors* 

*unless* 

*preceded* 

*or* 

*accompanied* 

*by* 

*a* 

*current* 

*prospectus* 

*of* 

*the* 

*Victory* 

*Funds.*

*For* 

*additional* 

*information* 

*about* 

*any* 

*Victory* 

*Fund,* 

*including* 

*fees,* 

*expenses,* 

*and* 

*risks,* 

*view* 

*our* 

*prospectus* 

*online* 

*at* 

*vcm.com* 

*or* 

*call* 

*800-539-3863.* 

*Read* 

*it* 

*carefully* 

*before* 

*you* 

*invest* 

*or* 

*send* 

*money.*

*The* 

*information* 

*in* 

*this* 

*report* 

*is* 

*based* 

*on* 

*data* 

*obtained* 

*from* 

*recognized* 

*services* 

*and* 

*sources* 

*and* 

*is* 

*believed* 

*to* 

*be* 

*reliable.* 

*Any* 

*opinions,* 

*projections,* 

*or* 

*recommendations* 

*in* 

*this* 

*report* 

*are* 

*subject* 

*to* 

*change* 

*without* 

*notice* 

*and* 

*are* 

*not* 

*intended* 

*as* 

*individual* 

*investment* 

*advice.* 

*Past* 

*investment* 

*performance* 

*of* 

*the* 

*Funds,* 

*markets* 

*or* 

*securities* 

*mentioned* 

*herein* 

*should* 

*not* 

*be* 

*considered* 

*to* 

*be* 

*indicative* 

*of* 

*future* 

*results.*

#### NOT

#### FDIC

#### INSURED

#### NO

#### BANK

#### GUARANTEE

#### MAY

#### LOSE

#### VALUE
Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

#### Victory

#### Sycamore

#### Established

#### Value

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(98.0%)

Consumer

Discretionary

(11.9%):

AutoZone,

Inc.

(a) .......................................................

57,100

$

193,655

BorgWarner,

Inc.

.......................................................

4,540,000

204,572

Expedia

Group,

Inc.

.....................................................

1,011,000

286,427

Hilton

Worldwide

Holdings,

Inc.

............................................

414,000

118,922

Lowe's

Cos.,

Inc.

.......................................................

1,108,000

267,205

Penske

Automotive

Group,

Inc.

.............................................

1,070,000

169,370

Texas

Roadhouse,

Inc.

,

Class

A

.............................................

855,000

141,930

TopBuild

Corp.

(a) ......................................................

465,000

193,993

Tractor

Supply

Co.

......................................................

3,240,000

162,032

Williams-Sonoma,

Inc.

...................................................

625,000

111,619

1,849,725

Consumer

Staples

(7.1%):

Archer-Daniels-Midland

Co.

...............................................

3,375,000

194,028

Casey's

General

Stores,

Inc.

...............................................

425,000

234,902

Performance

Food

Group

Co.

(a) ............................................

2,840,000

255,373

The

Estee

Lauder

Cos.,

Inc.

,

Class

A

.........................................

1,921,000

201,167

U.S.

Foods

Holding

Corp.

(a) ...............................................

2,975,000

224,077

1,109,547

Energy

(6.0%):

Baker

Hughes

Co.

,

Class

A

................................................

4,174,000

190,084

Chord

Energy

Corp.

.....................................................

1,310,000

121,437

Coterra

Energy,

Inc.

.....................................................

9,200,000

242,144

Devon

Energy

Corp.

.....................................................

5,904,000

216,263

Expand

Energy

Corp.

....................................................

1,455,000

160,574

930,502

Financials

(13.2%):

American

Financial

Group,

Inc.

.............................................

1,945,000

265,843

F&G

Annuities

&

Life,

Inc.

................................................

207,900

6,414

Fidelity

National

Financial,

Inc.

............................................

2,820,000

153,944

Huntington

Bancshares,

Inc.

...............................................

15,036,000

260,875

Old

Republic

International

Corp.

............................................

5,375,000

245,315

Raymond

James

Financial,

Inc.

.............................................

1,604,000

257,586

The

Hartford

Insurance

Group,

Inc.

..........................................

2,058,000

283,592

Truist

Financial

Corp.

....................................................

5,678,000

279,414

Willis

Towers

Watson

PLC

................................................

892,000

293,111

2,046,094

Health

Care

(8.3%):

Hologic,

Inc.

(a) ........................................................

4,020,000

299,450

IQVIA

Holdings,

Inc.

(a) ..................................................

1,166,000

262,828

Labcorp

Holdings,

Inc.

...................................................

1,185,000

297,293

Molina

Healthcare,

Inc.

(a) ................................................

1,010,000

175,275

Quest

Diagnostics,

Inc.

...................................................

1,460,000

253,354

1,288,200

Industrials

(18.9%):

AGCO

Corp.

..........................................................

1,453,000

151,577

Builders

FirstSource,

Inc.

(a) (b) .............................................

1,068,000

109,887

Carrier

Global

Corp.

.....................................................

2,785,000

147,159

CSX

Corp.

............................................................

7,530,000

272,963

FTI

Consulting,

Inc.

(a) ...................................................

1,170,000

199,871

Hubbell,

Inc.

,

Class

B

....................................................

484,000

214,949

Knight-Swift

Transportation

Holdings,

Inc.

,

Class

A

..............................

4,460,000

233,169

L3Harris

Technologies,

Inc.

...............................................

767,000

225,168

Landstar

System,

Inc.

....................................................

810,000

116,397

Lincoln

Electric

Holdings,

Inc.

.............................................

1,203,000

288,287

Regal

Rexnord

Corp.

....................................................

1,119,000

157,018

Republic

Services,

Inc.

,

Class

A

............................................

736,000

155,980

StandardAero,

Inc.

(a) ....................................................

3,610,000

103,535

Textron,

Inc.

..........................................................

1,911,000

166,582

The

Middleby

Corp.

(a) ...................................................

915,000

136,033

Victory

Portfolios

#### Victory

#### Sycamore

#### Established

#### Value

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Xylem,

Inc.

...........................................................

1,955,000

$

266,232

2,944,807

Information

Technology

(10.0%):

Akamai

Technologies,

Inc.

(a) ..............................................

1,850,000

161,413

Check

Point

Software

Technologies

Ltd.

(a) ....................................

1,058,000

196,322

Keysight

Technologies,

Inc.

(a) .............................................

1,380,000

280,402

Microchip

Technology,

Inc.

................................................

3,971,000

253,032

MKS,

Inc.

............................................................

1,655,000

264,469

Trimble,

Inc.

(a) ........................................................

3,400,000

266,390

Zebra

Technologies

Corp.

(a) ...............................................

547,000

132,823

1,554,851

Materials

(10.3%):

AptarGroup,

Inc.

.......................................................

1,647,000

200,868

CF

Industries

Holdings,

Inc.

...............................................

2,459,000

190,179

Crown

Holdings,

Inc.

....................................................

1,535,000

158,059

Franco-Nevada

Corp.

....................................................

877,000

181,785

Packaging

Corp.

of

America

...............................................

1,585,000

326,875

RPM

International,

Inc.

..................................................

2,420,000

251,680

Steel

Dynamics,

Inc.

.....................................................

1,341,000

227,232

Westlake

Corp.

(b) ......................................................

800,000

59,152

1,595,830

Real

Estate

(6.6%):

Camden

Property

Trust

...................................................

1,895,000

208,602

Equity

LifeStyle

Properties,

Inc.

............................................

4,469,000

270,866

Lamar

Advertising

Co.

,

Class

A

.............................................

2,254,000

285,311

NNN

REIT,

Inc.

........................................................

6,680,000

264,728

1,029,507

Utilities

(5.7%):

Alliant

Energy

Corp.

....................................................

5,796,000

376,798

American

Water

Works

Co.,

Inc.

(b) ..........................................

1,799,000

234,769

CMS

Energy

Corp.

......................................................

3,943,000

275,734

887,301

Total

Common

Stocks

(Cost

$12,572,698)

a

a

a

15,236,364

Collateral

for

Securities

Loaned

(0.0%)^(c)

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.69

%

(d) ........

15,641

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.69

%

(d) ............

15,641

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.67

%

(d) ...............

15,641

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.69

%

(d) .

15,641

Total

Collateral

for

Securities

Loaned

(Cost

$63)

a

a

a

Total

Investments

(Cost

$12,572,761)

—

98.0%

15,236,427

Other

assets

in

excess

of

liabilities

— 2.0%

316,397

NET

ASSETS

-

100.00%

$

15,552,824

^

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) Rate

disclosed

is

the

daily

yield

on

December

31,

2025. PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Schedule

of

Portfolio

Investments

December

31,

2025

Victory

Portfolios

#### Victory

#### Sycamore

#### Small

#### Company

#### Opportunity

#### Fund

(Unaudited)

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Common

Stocks

(97.5%)

Communication

Services

(1.2%):

Madison

Square

Garden

Sports

Corp.

(a) .......................................

220,000

$

56,903

Consumer

Discretionary

(7.4%):

Boyd

Gaming

Corp.

.....................................................

640,000

54,554

Dorman

Products,

Inc.

(a) .................................................

265,000

32,645

Group

Automotive,

Inc.

.................................................

155,000

60,961

OneSpaWorld

Holdings

Ltd.

...............................................

2,360,000

48,946

Stride,

Inc.

(a) ..........................................................

350,000

22,726

The

Cheesecake

Factory,

Inc.

(b) ............................................

975,000

49,218

The

Gap,

Inc.

..........................................................

1,430,000

36,608

Visteon

Corp.

..........................................................

600,000

57,060

362,718

Consumer

Staples

(4.8%):

Central

Garden

&

Pet

Co.

,

Class

A

(a) ........................................

1,482,299

43,268

Dole

PLC

............................................................

3,575,000

53,589

Interparfums,

Inc.

(b) ....................................................

295,000

25,025

PriceSmart,

Inc.

........................................................

380,000

46,615

The

Andersons,

Inc.

.....................................................

415,000

22,066

The

Chefs'

Warehouse,

Inc.

(a) ..............................................

740,000

46,124

236,687

Energy

(6.4%):

California

Resources

Corp.

................................................

1,140,000

50,969

Gulfport

Energy

Corp.

(a) .................................................

270,000

56,157

Helmerich

&

Payne,

Inc.

..................................................

1,145,000

32,839

Magnolia

Oil

&

Gas

Corp.

,

Class

A

..........................................

2,235,000

48,924

Matador

Resources

Co.

...................................................

855,000

36,286

Select

Water

Solutions,

Inc.

,

Class

A

.........................................

2,640,000

27,773

Weatherford

International

PLC

.............................................

825,000

64,565

317,513

Financials

(24.4%):

Axis

Capital

Holdings

Ltd.

................................................

315,000

33,733

Banner

Corp.

..........................................................

830,000

52,008

Bowhead

Specialty

Holdings,

Inc.

(a) .........................................

1,160,000

33,106

Cohen

&

Steers,

Inc.

....................................................

375,000

23,542

Federated

Hermes,

Inc.

,

Class

B

............................................

910,000

47,384

FirstCash

Holdings,

Inc.

..................................................

255,000

40,642

Heritage

Financial

Corp.

(c) ................................................

1,800,000

42,570

Lazard,

Inc.

,

Class

A

.....................................................

1,390,000

67,498

National

Bank

Holdings

Corp.

,

Class

A

.......................................

1,175,000

44,662

NCR

Atleos

Corp.

(a) ....................................................

1,815,000

69,170

Old

National

Bancorp

....................................................

3,440,000

76,746

Renasant

Corp.

........................................................

2,100,000

73,962

ServisFirst

Bancshares,

Inc.

...............................................

535,000

38,408

SiriusPoint

Ltd.

(a) ......................................................

2,940,000

64,357

SouthState

Bank

Corp.

...................................................

710,000

66,818

Stewart

Information

Services

Corp.

..........................................

304,000

21,359

Stifel

Financial

Corp.

....................................................

455,000

56,975

Stock

Yards

Bancorp,

Inc.

.................................................

785,000

50,986

The

Hanover

Insurance

Group,

Inc.

..........................................

280,000

51,175

Towne

Bank

..........................................................

1,530,000

51,056

UMB

Financial

Corp.

....................................................

600,000

69,024

United

Bankshares,

Inc.

..................................................

2,025,000

77,760

Wintrust

Financial

Corp.

..................................................

380,000

53,132

1,206,073

Health

Care

(7.1%):

Charles

River

Laboratories

International,

Inc.

(a) .................................

325,000

64,831

Chemed

Corp.

.........................................................

78,000

33,373

Envista

Holdings

Corp.

(a) .................................................

2,750,000

59,702

Ligand

Pharmaceuticals,

Inc.

(a) .............................................

170,000

32,142

Pediatrix

Medical

Group,

Inc.

(a) ............................................

2,720,000

58,181

Victory

Portfolios

#### Victory

#### Sycamore

#### Small

#### Company

#### Opportunity

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) QIAGEN

NV

(b) .......................................................

1,350,000

$

60,710

The

Ensign

Group,

Inc.

...................................................

235,000

40,937

349,876

Industrials

(20.0%):

Alamo

Group,

Inc.

......................................................

310,000

52,040

Donaldson

Co.,

Inc.

.....................................................

695,000

61,619

Everus

Construction

Group,

Inc.

(a) ..........................................

200,000

17,112

Gates

Industrial

Corp.

PLC

(a) ..............................................

1,820,000

39,075

Gibraltar

Industries,

Inc.

(a) ................................................

505,000

24,967

GXO

Logistics,

Inc.

(a) ...................................................

865,000

45,534

Hayward

Holdings,

Inc.

(a) ................................................

4,400,000

67,980

Hub

Group,

Inc.

,

Class

A

.................................................

1,860,000

79,255

JBT

Marel

Corp.

.......................................................

360,000

54,241

Lyft,

Inc.

,

Class

A

(a) ....................................................

2,550,000

49,394

McGrath

RentCorp

......................................................

660,000

69,254

MSA

Safety,

Inc.

.......................................................

315,000

50,444

MSC

Industrial

Direct

Co.,

Inc.

,

Class

A

......................................

640,000

53,824

Mueller

Industries,

Inc.

...................................................

285,000

32,718

Pursuit

Attractions

and

Hospitality,

Inc.

(a) .....................................

1,130,000

38,058

Simpson

Manufacturing

Co.,

Inc.

...........................................

290,000

46,826

The

Gorman-Rupp

Co.

...................................................

610,000

29,127

The

Timken

Co.

........................................................

655,000

55,105

Watts

Water

Technologies,

Inc.

,

Class

A

.......................................

115,000

31,742

Werner

Enterprises,

Inc.

..................................................

1,940,000

58,219

WillScot

Holdings

Corp.

(b) ................................................

1,650,000

31,070

987,604

Information

Technology

(10.3%):

Cohu,

Inc.

(a) ..........................................................

1,800,000

41,886

Crane

NXT

Co.

(b) ......................................................

1,045,000

49,188

Extreme

Networks,

Inc.

(a) ................................................

1,975,000

32,884

FormFactor,

Inc.

(a) .....................................................

915,000

51,039

Ingram

Micro

Holding

Corp.

(b) .............................................

2,305,000

49,189

Kulicke

&

Soffa

Industries,

Inc.

.............................................

540,000

24,602

Littelfuse,

Inc.

.........................................................

175,000

44,261

Photronics,

Inc.

(a) ......................................................

1,399,000

44,768

Plexus

Corp.

(a) ........................................................

150,000

22,050

Ralliant

Corp.

.........................................................

835,000

42,510

Tower

Semiconductor

Ltd.

(a) ..............................................

150,000

17,613

Viavi

Solutions,

Inc.

(a) ...................................................

1,550,000

27,621

Vontier

Corp.

..........................................................

1,680,000

62,462

510,073

Materials

(9.1%):

Commercial

Metals

Co.

..................................................

845,000

58,491

Eagle

Materials,

Inc.

.....................................................

175,000

36,169

H.B.

Fuller

Co.

........................................................

900,000

53,514

Innospec,

Inc.

.........................................................

690,000

52,813

Louisiana-Pacific

Corp.

..................................................

510,000

41,188

Quaker

Chemical

Corp.

..................................................

240,000

32,954

Sensient

Technologies

Corp.

...............................................

395,000

37,110

Silgan

Holdings,

Inc.

....................................................

1,190,000

48,040

Titan

America

SA

(a) (b) ..................................................

2,485,000

40,953

Warrior

Met

Coal,

Inc.

...................................................

525,000

46,289

447,521

Real

Estate

(4.7%):

Apple

Hospitality

REIT,

Inc.

...............................................

4,180,000

49,533

Colliers

International

Group,

Inc.

...........................................

210,000

30,872

Four

Corners

Property

Trust,

Inc.

............................................

2,710,000

62,493

Rayonier,

Inc.

(b) .......................................................

1,690,000

36,588

Ryman

Hospitality

Properties,

Inc.

...........................................

545,000

51,568

231,054

Victory

Portfolios

#### Victory

#### Sycamore

#### Small

#### Company

#### Opportunity

#### Fund

(Unaudited)

Schedule

of

Portfolio

Investments

—

continued

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Security

Description

Shares

a

Value

(000) Utilities

(2.1%):

IDACORP,

Inc.

........................................................

545,000

$

68,975

MGE

Energy,

Inc.

......................................................

465,000

36,466

105,441

Total

Common

Stocks

(Cost

$4,170,940)

a

a

a

4,811,463

Exchange-Traded

Funds

(0.3%)

iShares

Russell

2000

Value

ETF

(b) ..........................................

100,000

18,121

Total

Exchange-Traded

Funds

(Cost

$11,292)

a

a

a

18,121

Collateral

for

Securities

Loaned

(0.8%)^

Goldman

Sachs

Financial

Square

Government

Fund,

Institutional

Shares

,

.69

%

(d) ........

9,443,232

9,444

HSBC

U.S.

Government

Money

Market

Fund,

Institutional

Shares

,

.69

%

(d) ............

9,443,232

9,443

Invesco

Government

&

Agency

Portfolio,

Institutional

Shares

,

.67

%

(d) ...............

10,334,982

10,335

Morgan

Stanley

Institutional

Liquidity

Government

Portfolio,

Institutional

Shares

,

.69

%

(d) .

8,551,482

8,551

Total

Collateral

for

Securities

Loaned

(Cost

$37,773)

a

a

a

37,773

Total

Investments

(Cost

$4,220,005)

—

98.6%

4,867,357

Other

assets

in

excess

of

liabilities

— 1.4%

68,067

NET

ASSETS

-

100.00%

$

4,935,424

At

December

31,

2025,

the

Fund's

investments

in

foreign

securities

were

7.6%

of

net

assets.

^

Purchased

with

cash

collateral

from

securities

on

loan.

(a) Non-income

producing

security.

(b) All

or

a

portion

of

this

security

is

on

loan.

(c) Affiliated

security.

(See

Note

in

the

Notes

to

Financial

Statements)

(d) Rate

disclosed

is

the

daily

yield

on

December

31,

2025. ETF

—

Exchange-Traded

Fund

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Statements

of

Assets

and

Liabilities

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

(Amounts

in

Thousands,

Except

Per

Share

Amounts)

(Unaudited)

Victory

Sycamore

Established

Value

Fund

Victory

Sycamore

Small

Company

Opportunity

Fund

Assets:

Affiliated

investments,

at

value

(Cost

$—

and

$42,655)

$

—

$

42,570

Unaffiliated

investments,

at

value

(Cost

$12,572,761

and

$4,177,350)

15,236,427

(a) 4,824,787

(b) Trustee

deferred

compensation

investments,

at

fair

value

(Cost

$1,447

and

$628)

1,961

858

Cash

330,625

161,785

Receivables:

Dividends,

interest,

and

securities

lending

income

13,708

5,153

Capital

shares

issued

8,827

1,598

Investments

sold

—

11,951

From

Adviser

—

Prepaid

expenses

Total

Assets

15,591,687

5,048,782

Liabilities:

Payables:

Collateral

received

on

loaned

securities

37,773

Trustee

deferred

compensation

1,961

858

Capital

shares

redeemed

28,421

70,623

Accrued

expenses

and

other

payables:

Investment

advisory

fees

6,087

3,313

Administration

fees

593

Custodian

fees

Transfer

agent

fees

Sub-Transfer

agent

fees

828

Compliance

fees

12b-1

fees

Other

accrued

expenses

Total

Liabilities

38,863

113,358

Commitments

and

contingencies

(Note

4)

Net

Assets:

Capital

12,677,228

4,216,178

Total

accumulated

earnings

(loss)

2,875,596

719,246

Net

Assets

$

15,552,824

$

4,935,424

Net

Assets:

Class

A

$

1,048,992

$

201,056

Class

C

5,000

—

Class

I

3,685,350

2,293,152

Class

R

652,825

139,063

Class

R6

9,444,845

2,246,504

Class

Y

715,812

55,649

Total

$

15,552,824

$

4,935,424

Shares

(unlimited

number

of

shares

authorized

with

a

par

value

of

$0.001

per

share):

Class

A

23,312

4,499

Class

C

—

Class

I

81,829

50,460

Class

R

14,850

3,490

Class

R6

209,585

49,548

Class

Y

15,900

1,238

Total

345,592

109,235

Net

asset

value,

offering

and

redemption

price

per

share:(c)

Class

A

$

.00

$

.69

Class

C(d)

.27

—

Class

I

.04

.44

Class

R

.96

.85

Class

R6

.06

.34

Class

Y

.02

.97

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

$

.75

$

.42

(a) Includes

$61

thousand

of

securities

on

loan.

(b) Includes

$36,637

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

Six

Months

Ended

December

31,

2025

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Portfolios

(Amounts

in

Thousands)

(Unaudited)

Victory

Sycamore

Established

Value

Fund

Victory

Sycamore

Small

Company

Opportunity

Fund

Investment

Income:

Dividends

from

affiliated

investments

$

—

$

883

Dividends

from

unaffiliated

investments

153,096

44,332

Interest

from

unaffiliated

investments

6,503

2,515

Interfund

lending

—

Securities

lending

(net

of

fees)

Foreign

tax

withholding

(131)

(75)

Total

Income

159,533

47,765

Expenses:

Investment

advisory

fees

38,287

20,703

Administration

fees

4,008

1,289

Sub-Administration

fees

12b-1

fees

—

Class

A

1,519

12b-1

fees

—

Class

C

—

12b-1

fees

—

Class

R

1,728

Custodian

fees

Transfer

agent

fees

—

Class

A

Transfer

agent

fees

—

Class

C

—

(a) —

Transfer

agent

fees

—

Class

I

Transfer

agent

fees

—

Class

R

Transfer

agent

fees

—

Class

R6

Transfer

agent

fees

—

Class

Y

—

(a) Sub-Transfer

agent

fees

—

Class

A

696

Sub-Transfer

agent

fees

—

Class

C

—

Sub-Transfer

agent

fees

—

Class

I

1,110

695

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

814

Total

Expenses

50,595

24,513

Expenses

waived/reimbursed

by

Adviser

(5)

—

Net

Expenses

50,590

24,513

Net

Investment

Income

(Loss)

108,943

23,252

Realized/Unrealized

Gains

(Losses)

from

Investments:

Net

realized

gains

(losses)

from

affiliated

investment

securities

—

(313)

Net

realized

gains

(losses)

from

unaffiliated

investment

securities

200,788

171,327

Net

change

in

unrealized

appreciation/depreciation

on

affiliated

investment

securities

—

(374)

Net

change

in

unrealized

appreciation/depreciation

on

unaffiliated

investment

securities

236,395

225,532

Net

realized/unrealized

gains

(losses)

on

investments

437,183

396,172

Change

in

net

assets

resulting

from

operations

$

546,126

$

419,424

(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

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

From

Investment

Activities:

Operations:

Net

Investment

Income

(Loss)

$

108,943

$

229,875

$

23,252

$

56,982

Net

realized

gains

(losses)

200,788

1,005,897

171,014

366,868

Net

change

in

unrealized

appreciation/depreciation

236,395

(399,905)

225,158

(281,221)

Change

in

net

assets

resulting

from

operations

546,126

835,867

419,424

142,629

Distributions

to

Shareholders:

Class

A

(41,310)

(140,116)

(10,786)

(21,636)

Class

C

(188)

(2,212)

—

—

Class

I

(152,980)

(529,387)

(128,188)

(242,443)

Class

R

(25,294)

(80,471)

(7,963)

(15,914)

Class

R6

(386,249)

(1,094,986)

(130,822)

(251,804)

Class

Y

(28,988)

(90,161)

(3,035)

(6,252)

Change

in

net

assets

resulting

from

distributions

to

shareholders

(635,009)

(1,937,333)

(280,794)

(538,049)

Change

in

net

assets

resulting

from

capital

transactions

(1,649,208)

387,623

(808,796)

(685,043)

Change

in

net

assets

(1,738,091)

(713,843)

(670,166)

(1,080,463)

Net

Assets:

Beginning

of

period

17,290,915

18,004,758

5,605,590

6,686,053

End

of

period

$

15,552,824

$

17,290,915

$

4,935,424

$

5,605,590

(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

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Capital

Transactions:

Class

A

Proceeds

from

shares

issued

$

63,988

$

212,285

$

14,252

$

34,832

Distributions

reinvested

34,600

119,824

8,986

17,848

Cost

of

shares

redeemed

(305,489)

(447,692)

(49,569)

(93,783)

Total

Class

A

$

(206,901)

$

(115,583)

$

(26,331)

$

(41,103)

Class

C

Proceeds

from

shares

issued

$

$

$

—

$

—

Distributions

reinvested

2,166

—

—

Cost

of

shares

redeemed

(1,858)

(26,802)

—

—

Total

Class

C

$

(1,660)

$

(24,327)

$

—

$

—

Class

I

Proceeds

from

shares

issued

$

259,520

$

902,495

$

133,533

$

363,929

Distributions

reinvested

139,261

464,235

121,240

227,529

Cost

of

shares

redeemed

(1,387,563)

(1,290,939)

(579,635)

(984,936)

Total

Class

I

$

(988,782)

$

75,791

$

(324,862)

$

(393,478)

Class

R

Proceeds

from

shares

issued

$

32,971

$

105,630

$

5,317

$

19,692

Distributions

reinvested

25,028

79,888

7,922

15,822

Cost

of

shares

redeemed

(103,327)

(199,850)

(34,385)

(56,941)

Total

Class

R

$

(45,328)

$

(14,332)

$

(21,146)

$

(21,427)

Class

R6

Proceeds

from

shares

issued

$

747,917

$

1,912,205

$

123,660

$

400,043

Distributions

reinvested

369,989

1,058,390

127,476

242,861

Cost

of

shares

redeemed

(1,456,416)

(2,467,139)

(676,827)

(870,517)

Total

Class

R6

$

(338,510)

$

503,456

$

(425,691)

$

(227,613)

Class

Y

Proceeds

from

shares

issued

$

137,098

$

134,711

$

9,900

$

18,851

Distributions

reinvested

27,297

83,176

2,945

6,095

Cost

of

shares

redeemed

(232,422)

(255,269)

(23,611)

(26,368)

Total

Class

Y

$

(68,027)

$

(37,382)

$

(10,766)

$

(1,422)

Change

in

net

assets

resulting

from

capital

transactions

$

(1,649,208)

$

387,623

$

(808,796)

$

(685,043)

(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

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Six

Months

Ended

December

31,

2025

(Unaudited)

Year

Ended

June

30,

2025

Share

Transactions:

Class

A

Issued

1,386

4,423

744

Reinvested

758

2,517

Redeemed

(6,600)

(9,258)

(1,076)

(2,019)

Total

Class

A

(4,456)

(2,318)

(571)

(910)

Class

C

Issued

—

(a) 7

—

—

Reinvested

—

—

Redeemed

(41)

(587)

—

—

Total

Class

C

(37)

(533)

—

—

Class

I

Issued

5,605

19,018

2,852

7,707

Reinvested

3,046

9,740

2,588

4,574

Redeemed

(29,988)

(27,222)

(12,450)

(20,560)

Total

Class

I

(21,337)

1,536

(7,010)

(8,279)

Class

R

Issued

727

2,215

Reinvested

562

1,715

Redeemed

(2,287)

(4,283)

(835)

(1,350)

Total

Class

R

(998)

(353)

(513)

(517)

Class

R6

Issued

16,155

39,605

2,650

8,524

Reinvested

8,088

22,191

2,727

4,893

Redeemed

(31,450)

(51,591)

(14,543)

(18,714)

Total

Class

R6

(7,207)

10,205

(9,166)

(5,297)

Class

Y

Issued

2,935

2,762

Reinvested

597

1,745

Redeemed

(5,020)

(5,283)

(504)

(577)

Total

Class

Y

(1,488)

(776)

(228)

(57)

Change

in

Shares

(35,523)

7,761

(17,488)

(15,060)

(a) Rounds

to

less

than

thousand

shares.

Victory

Portfolios

Financial

Highlights

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Sycamore

Established

Value

Fund

Class

A

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$45.36

$48.22

$46.18

$43.91

$51.62

$35.75

$40.09

Investment

Activities:

Net

investment

income

(loss)(b)

0.23 0.46 0.49 0.55 0.49 0.62 0.48 Net

realized

and

unrealized

gains

(losses)

1.20 1.82 4.29 5.21 (4.29)

17.44 (2.44)

Total

from

Investment

Activities

1.43 2.28 4.78 5.76 (3.80)

18.06 (1.96)

Distributions

to

Shareholders

from:

Net

investment

income

(0.11)

(0.44)

(0.54)

(0.55)

(0.60)

(0.52)

(0.48)

Net

realized

gains

(1.68)

(4.70)

(2.20)

(2.94)

(3.31)

(1.67)

(1.90)

Total

Distributions

(1.79)

(5.14)

(2.74)

(3.49)

(3.91)

(2.19)

(2.38)

Net

Asset

Value,

End

of

Period

$45.00

$45.36

$48.22

$46.18

$43.91

$51.62

$35.75

Total

Return(c)(d)

3.12%

4.31%

10.71%

13.27%

(7.99)%

52.05%

(5.22)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.89%

0.89%

0.90%

0.90%

0.90%

0.90%

0.92%

Net

Investment

Income

(Loss)(e)

0.98%

0.97%

1.06%

1.21%

1.52%

1.32%

1.34%

Gross

Expenses(e)(f)

0.89%

0.89%

0.90%

0.90%

0.90%

0.90%

0.92%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$1,048,992

$1,259,617

$1,450,734

$1,630,578

$1,538,933

$1,788,115

$1,380,509

Portfolio

Turnover(c)(g)

28%

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

C

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$43.78

$46.70

$44.80

$42.71

$50.28

$34.89

$39.16

Investment

Activities:

Net

investment

income

(loss)(b)

0.01 0.04 0.12 0.20 0.24 0.26 0.20 Net

realized

and

unrealized

gains

(losses)

1.16 1.78 4.15 5.05 (4.16)

17.00 (2.35)

Total

from

Investment

Activities

1.17 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

(1.68)

(4.70)

(2.20)

(2.94)

(3.31)

(1.67)

(1.90)

Total

Distributions

(1.68)

(4.74)

(2.37)

(3.16)

(3.65)

(1.87)

(2.12)

Net

Asset

Value,

End

of

Period

$43.27

$43.78

$46.70

$44.80

$42.71

$50.28

$34.89

Total

Return(c)(d)

2.62%

3.40%

9.86%

12.40%

(8.44)%

50.91%

(5.93)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

1.84%

1.70%

1.68%

1.66%

1.66%

1.66%

1.69%

Net

Investment

Income

(Loss)(e)

0.02%

0.09%

0.26%

0.44%

0.75%

0.56%

0.58%

Gross

Expenses(e)(f)

2.01%

1.70%

1.68%

1.66%

1.66%

1.66%

1.69%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$5,000

$6,679

$32,040

$49,142

$55,720

$67,718

$54,271

Portfolio

Turnover(c)(g)

28%

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

I

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$45.40

$48.26

$46.22

$43.94

$51.66

$35.77

$40.12

Investment

Activities:

Net

investment

income

(loss)(b)

0.30 0.62 0.65 0.70 0.60 0.77 0.59 Net

realized

and

unrealized

gains

(losses)

1.21 1.80 4.29 5.21 (4.30)

17.44 (2.45)

Total

from

Investment

Activities

1.51 2.42 4.94 5.91 (3.70)

18.21 (1.86)

Distributions

to

Shareholders

from:

Net

investment

income

(0.19)

(0.58)

(0.70)

(0.69)

(0.71)

(0.65)

(0.59)

Net

realized

gains

(1.68)

(4.70)

(2.20)

(2.94)

(3.31)

(1.67)

(1.90)

Total

Distributions

(1.87)

(5.28)

(2.90)

(3.63)

(4.02)

(2.32)

(2.49)

Net

Asset

Value,

End

of

Period

$45.04

$45.40

$48.26

$46.22

$43.94

$51.66

$35.77

Total

Return(c)(d)

3.29%

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%

0.58%

0.60%

Net

Investment

Income

(Loss)(e)

1.29%

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%

0.58%

0.60%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$3,685,350

$4,683,882

$4,904,566

$5,229,565

$4,801,212

$5,315,482

$3,306,226

Portfolio

Turnover(c)(g)

28%

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

R

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$44.36

$47.29

$45.34

$43.18

$50.81

$35.23

$39.54

Investment

Activities:

Net

investment

income

(loss)(b)

0.18 0.36 0.39 0.45 0.42 0.52 0.40 Net

realized

and

unrealized

gains

(losses)

1.17 1.77 4.21 5.11 (4.21)

17.16 (2.40)

Total

from

Investment

Activities

1.35 2.13 4.60 5.56 (3.79)

17.68 (2.00)

Distributions

to

Shareholders

from:

Net

investment

income

(0.07)

(0.36)

(0.45)

(0.46)

(0.53)

(0.43)

(0.41)

Net

realized

gains

(1.68)

(4.70)

(2.20)

(2.94)

(3.31)

(1.67)

(1.90)

Total

Distributions

(1.75)

(5.06)

(2.65)

(3.40)

(3.84)

(2.10)

(2.31)

Net

Asset

Value,

End

of

Period

$43.96

$44.36

$47.29

$45.34

$43.18

$50.81

$35.23

Total

Return(c)(d)

3.01%

4.06%

10.50%

13.02%

(8.11)%

51.74%

(5.41)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

1.09%

1.09%

1.11%

1.10%

1.11%

1.11%

1.12%

Net

Investment

Income

(Loss)(e)

0.80%

0.77%

0.86%

1.01%

1.31%

1.11%

1.14%

Gross

Expenses(e)(f)

1.09%

1.09%

1.11%

1.10%

1.11%

1.11%

1.12%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$652,825

$703,005

$766,097

$818,127

$780,556

$936,593

$633,244

Portfolio

Turnover(c)(g)

28%

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

R6

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$45.43

$48.28

$46.24

$43.96

$51.69

$35.78

$40.13

Investment

Activities:

Net

investment

income

(loss)(b)

0.32 0.64 0.67 0.72 0.61 0.80 0.60 Net

realized

and

unrealized

gains

(losses)

1.19 1.80 4.29 5.21 (4.31)

17.45 (2.45)

Total

from

Investment

Activities

1.51 2.44 4.96 5.93 (3.70)

18.25 (1.85)

Distributions

to

Shareholders

from:

Net

investment

income

(0.20)

(0.60)

(0.72)

(0.71)

(0.72)

(0.67)

(0.60)

Net

realized

gains

(1.68)

(4.69)

(2.20)

(2.94)

(3.31)

(1.67)

(1.90)

Total

Distributions

(1.88)

(5.29)

(2.92)

(3.65)

(4.03)

(2.34)

(2.50)

Net

Asset

Value,

End

of

Period

$45.06

$45.43

$48.28

$46.24

$43.96

$51.69

$35.78

Total

Return(c)(d)

3.29%

4.64%

11.12%

13.68%

(7.77)%

52.62%

(4.89)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.53%

0.54%

0.54%

0.54%

0.54%

0.54%

0.57%

Net

Investment

Income

(Loss)(e)

1.36%

1.33%

1.43%

1.58%

1.88%

1.68%

1.68%

Gross

Expenses(e)(f)

0.53%

0.54%

0.54%

0.54%

0.54%

0.54%

0.57%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$9,444,845

$9,848,562

$9,974,901

$9,353,327

$7,357,481

$7,548,781

$4,499,129

Portfolio

Turnover(c)(g)

28%

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

Y

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$45.39

$48.25

$46.21

$43.94

$51.66

$35.76

$40.11

Investment

Activities:

Net

investment

income

(loss)(b)

0.29 0.58 0.61 0.68 0.58 0.77 0.58 Net

realized

and

unrealized

gains

(losses)

1.20 1.80 4.29 5.19 (4.30)

17.45 (2.45)

Total

from

Investment

Activities

1.49 2.38 4.90 5.87 (3.72)

18.22 (1.87)

Distributions

to

Shareholders

from:

Net

investment

income

(0.18)

(0.55)

(0.66)

(0.66)

(0.69)

(0.65)

(0.58)

Net

realized

gains

(1.68)

(4.69)

(2.20)

(2.94)

(3.31)

(1.67)

(1.90)

Total

Distributions

(1.86)

(5.24)

(2.86)

(3.60)

(4.00)

(2.32)

(2.48)

Net

Asset

Value,

End

of

Period

$45.02

$45.39

$48.25

$46.21

$43.94

$51.66

$35.76

Total

Return(c)(d)

3.23%

4.53%

10.97%

13.54%

(7.82)%

52.49%

(4.92)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.65%

0.66%

0.66%

0.66%

0.61%

0.61%

0.63%

Net

Investment

Income

(Loss)(e)

1.23%

1.20%

1.31%

1.48%

1.77%

1.62%

1.63%

Gross

Expenses(e)(f)

0.65%

0.66%

0.66%

0.66%

0.61%

0.61%

0.63%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$715,812

$789,170

$876,420

$831,766

$589,519

$873,753

$600,200

Portfolio

Turnover(c)(g)

28%

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

Small

Company

Opportunity

Fund

Class

A

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$43.70

$46.62

$47.34

$44.57

$56.52

$37.91

$45.16

Investment

Activities:

Net

investment

income

(loss)(b)

0.12 0.26 0.23 0.16 0.06 0.04 0.17 Net

realized

and

unrealized

gains

(losses)

3.32 0.76 2.08 5.20 (5.54)

18.89 (5.14)

Total

from

Investment

Activities

3.44 1.02 2.31 5.36 (5.48)

18.93 (4.97)

Distributions

to

Shareholders

from:

Net

investment

income

(0.28)

(0.24)

(0.18)

(0.13)

(0.05)

(0.17)

(0.20)

Net

realized

gains

(2.17)

(3.70)

(2.85)

(2.46)

(6.42)

(0.15)

(2.08)

Total

Distributions

(2.45)

(3.94)

(3.03)

(2.59)

(6.47)

(0.32)

(2.28)

Net

Asset

Value,

End

of

Period

$44.69

$43.70

$46.62

$47.34

$44.57

$56.52

$37.91

Total

Return(c)(d)

7.75%

1.32%

4.91%

12.08%

(10.95)%

50.11%

(11.80)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

1.24%

1.23%

1.26%

1.25%

1.25%

1.24%

1.26%

Net

Investment

Income

(Loss)(e)

0.51%

0.56%

0.49%

0.33%

0.18%

0.07%

0.43%

Gross

Expenses(e)(f)

1.24%

1.23%

1.26%

1.25%

1.25%

1.24%

1.26%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$201,056

$221,592

$278,751

$325,166

$329,556

$424,496

$336,083

Portfolio

Turnover(c)(g)

29%

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

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Sycamore

Small

Company

Opportunity

Fund

Class

I

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$44.48

$47.40

$48.08

$45.22

$57.31

$38.40

$45.71

Investment

Activities:

Net

investment

income

(loss)(b)

0.20 0.43 0.41 0.33 0.18 0.22 0.31 Net

realized

and

unrealized

gains

(losses)

3.37 0.76 2.12 5.29 (5.63)

19.13 (5.20)

Total

from

Investment

Activities

3.57 1.19 2.53 5.62 (5.45)

19.35 (4.89)

Distributions

to

Shareholders

from:

Net

investment

income

(0.44)

(0.41)

(0.36)

(0.30)

(0.23)

(0.29)

(0.34)

Net

realized

gains

(2.17)

(3.70)

(2.85)

(2.46)

(6.41)

(0.15)

(2.08)

Total

Distributions

(2.61)

(4.11)

(3.21)

(2.76)

(6.64)

(0.44)

(2.42)

Net

Asset

Value,

End

of

Period

$45.44

$44.48

$47.40

$48.08

$45.22

$57.31

$38.40

Total

Return(c)(d)

7.90%

1.64%

5.29%

12.50%

(10.75)%

50.66%

(11.51)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.89%

0.90%

0.89%

0.89%

0.89%

0.89%

0.93%

Net

Investment

Income

(Loss)(e)

0.86%

0.90%

0.87%

0.70%

0.53%

0.41%

0.78%

Gross

Expenses(e)(f)

0.89%

0.90%

0.89%

0.89%

0.89%

0.89%

0.93%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$2,293,152

$2,556,113

$3,116,541

$3,366,480

$3,211,022

$3,840,013

$2,666,852

Portfolio

Turnover(c)(g)

29%

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

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Sycamore

Small

Company

Opportunity

Fund

Class

R

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$39.19

$42.20

$43.16

$40.87

$52.37

$35.16

$42.05

Investment

Activities:

Net

investment

income

(loss)(b)

0.06 0.15 0.12 0.07 —(c)

(0.05)

0.09 Net

realized

and

unrealized

gains

(losses)

2.99 0.71 1.89 4.77 (5.08)

17.52 (4.76)

Total

from

Investment

Activities

3.05 0.86 2.01 4.84 (5.08)

17.47 (4.67)

Distributions

to

Shareholders

from:

Net

investment

income

(0.22)

(0.17)

(0.12)

(0.09)

—

(0.11)

(0.14)

Net

realized

gains

(2.17)

(3.70)

(2.85)

(2.46)

(6.42)

(0.15)

(2.08)

Total

Distributions

(2.39)

(3.87)

(2.97)

(2.55)

(6.42)

(0.26)

(2.22)

Net

Asset

Value,

End

of

Period

$39.85

$39.19

$42.20

$43.16

$40.87

$52.37

$35.16

Total

Return(d)(e)

7.63%

1.06%

4.71%

11.89%

(11.05)%

49.85%

(11.94)%

Ratios

to

Average

Net

Assets:

Net

Expenses(f)(g)

1.44%

1.44%

1.46%

1.43%

1.42%

1.42%

1.44%

Net

Investment

Income

(Loss)(f)

0.31%

0.36%

0.29%

0.16%

—

(0.11)%

0.25%

Gross

Expenses(f)(g)

1.44%

1.44%

1.46%

1.43%

1.42%

1.42%

1.44%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$139,063

$156,878

$190,774

$238,440

$209,007

$256,938

$200,617

Portfolio

Turnover(d)(h)

29%

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

Financial

Highlights

—

continued

For

a

Share

Outstanding

Throughout

Each

Period

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Sycamore

Small

Company

Opportunity

Fund

Class

R6

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$44.39

$47.31

$47.99

$45.15

$57.22

$38.37

$45.66

Investment

Activities:

Net

investment

income

(loss)(b)

0.21 0.45 0.44 0.36 0.19 0.24 0.19 Net

realized

and

unrealized

gains

(losses)

3.38 0.75 2.11 5.25 (5.60)

19.10 (5.03)

Total

from

Investment

Activities

3.59 1.20 2.55 5.61 (5.41)

19.34 (4.84)

Distributions

to

Shareholders

from:

Net

investment

income

(0.47)

(0.42)

(0.38)

(0.31)

(0.24)

(0.34)

(0.37)

Net

realized

gains

(2.17)

(3.70)

(2.85)

(2.46)

(6.42)

(0.15)

(2.08)

Total

Distributions

(2.64)

(4.12)

(3.23)

(2.77)

(6.66)

(0.49)

(2.45)

Net

Asset

Value,

End

of

Period

$45.34

$44.39

$47.31

$47.99

$45.15

$57.22

$38.37

Total

Return(c)(d)

7.95%

1.69%

5.34%

12.51%

(10.72)%

50.71%

(11.43)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.84%

0.85%

0.85%

0.85%

0.86%

0.85%

0.86%

Net

Investment

Income

(Loss)(e)

0.91%

0.96%

0.92%

0.75%

0.57%

0.44%

0.48%

Gross

Expenses(e)(f)

0.84%

0.85%

0.85%

0.85%

0.86%

0.85%

0.86%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$2,246,504

$2,606,467

$3,028,483

$2,950,933

$2,116,606

$2,518,726

$1,625,853

Portfolio

Turnover(c)(g)

29%

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

For

a

Share

Outstanding

Throughout

Each

Period

Financial

Highlights

—

continued

*See* 

*notes* 

*to* 

*financial* 

*statements.*

Victory

Sycamore

Small

Company

Opportunity

Fund

Class

Y

Six

Months

Ended

December

31,

2025

(Unaudited)

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

$44.02

$46.95

$47.65

$44.86

$56.88

$38.10

$45.39

Investment

Activities:

Net

investment

income

(loss)(b)

0.19 0.40 0.37 0.31 0.17 0.16 0.24 Net

realized

and

unrealized

gains

(losses)

3.34 0.75 2.10 5.22 (5.58)

19.00 (5.16)

Total

from

Investment

Activities

3.53 1.15 2.47 5.53 (5.41)

19.16 (4.92)

Distributions

to

Shareholders

from:

Net

investment

income

(0.41)

(0.38)

(0.32)

(0.28)

(0.19)

(0.23)

(0.29)

Net

realized

gains

(2.17)

(3.70)

(2.85)

(2.46)

(6.42)

(0.15)

(2.08)

Total

Distributions

(2.58)

(4.08)

(3.17)

(2.74)

(6.61)

(0.38)

(2.37)

Net

Asset

Value,

End

of

Period

$44.97

$44.02

$46.95

$47.65

$44.86

$56.88

$38.10

Total

Return(c)(d)

7.88%

1.58%

5.22%

12.40%

(10.78)%

50.55%

(11.65)%

Ratios

to

Average

Net

Assets:

Net

Expenses(e)(f)

0.95%

0.95%

0.98%

0.98%

0.95%

0.95%

1.08%

Net

Investment

Income

(Loss)(e)

0.81%

0.85%

0.78%

0.66%

0.50%

0.31%

0.62%

Gross

Expenses(e)(f)

0.96%

0.95%

0.98%

0.98%

0.95%

0.95%

1.08%

Supplemental

Data:

Net

Assets

at

end

of

period

(000's)

$55,649

$64,540

$71,504

$83,742

$23,757

$33,276

$16,054

Portfolio

Turnover(c)(g)

29%

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

December

31,

2025

Victory

Portfolios

(Unaudited)

1. #### Organization:
Victory

Portfolios

(the

"Trust")

is

organized

as

a

Delaware

statutory

trust and

the Trust

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

as

an

open-end

investment

company.

The

Trust

is

comprised

of 29

funds

and

is

authorized

to

issue

an

unlimited

number

of

shares,

which

are

units

of

beneficial

interest

with a

par

value

of

$0.001

per

share.

The

accompanying

financial

statements

are

those

of

the

following two

funds

(collectively,

the

"Funds"

and

individually,

a

"Fund").

Each

Fund is

classified

as

diversified

under

the

1940

Act.

\*

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

("ASC")

Topic

946. Investment

Valuation:

The

Funds

record

investments

at

fair

value.

Fair

value

is

defined

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

valuation

techniques

described

below

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

in

determining

fair

value.

The

inputs

used

for

valuing

the

Funds'

investments

are

summarized

in

the

three

broad

levels

listed

below:

Level

—

quoted

prices

(unadjusted)

in

active

markets

for

identical

securities

Level

—

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

or

credit

spreads,

applicable

to

those

securities,

etc.)

Level

—

significant

unobservable

inputs

(including

the

Adviser's

assumptions

in

determining

the

fair

value

of

investments)

Changes

in

valuation

techniques

may

result

in

transfers

in

or

out

of

an

assigned

level

within

the

disclosure

hierarchy.

The

inputs

or

methodologies

used

for

valuation

techniques

are

not

necessarily

an

indication

of

the

risks

associated

with

entering

into

those

investments.

The

Adviser,

appointed

as the

valuation

designee

by the

Trust's

Board

of

Trustees

(the

"Board"),

has

established

the

Pricing

Committee

(the

"Committee"),

and

subject

to Board

oversight,

the

Committee

administers

and

oversees

the

Funds'

valuation

policies

and

procedures,

which are

approved

by

the

Board.

Portfolio

securities

listed

or

traded

on

securities

exchanges,

including

Exchange-Traded

Funds

("ETFs")

and

American

Depositary

Receipts,

are

valued

at

the

last

sale

price

on

the

exchange

or

system

where

the

security

is

principally

traded,

if

available,

or

at

the

Nasdaq

Official

Closing

Price.

If

there

have

been

no

sales

for

that

day

on

the

exchange

or

system,

then

a

security

is

valued

at

the

closing bid

quotation

on

the

exchange

or

system

where

the

security

is

principally

traded.

In

each

of

these

situations,

valuations

are

typically

categorized

as

Level

in

the

fair

value

hierarchy.

Investments

in

open-end

investment

companies,

other

than

ETFs, are

valued

at their

net

asset

value

("NAV").

These

valuations

are

typically

categorized

as

Level

1 in

the

fair

value

hierarchy.

In

the

event

that

price

quotations

or

valuations

are

not

readily

available,

investments

are

valued

at

fair

value

in

accordance

with

procedures

established

by

and

under

the

general

supervision

and

responsibility

of

the

Board.

These

valuations

are

typically

categorized

as

Level

or

Level

in

the

fair

value

hierarchy,

based

on

the

observability

of

inputs

used

to

determine

the

fair

value.

The

effect

of

fair

value

pricing

is

that

securities

may

not

be

priced

on

the

basis

of

quotations

from

the

primary

market

in

which

they

are

traded

and

the

actual

price

realized

from

the

sale

of

a

Funds

(Legal

Name)\*

Funds

(Short

Name)

Investment

Share

Classes

Offered

Victory

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

December

31,

2025

Victory

Portfolios

(Unaudited)

security

may

differ

materially

from

the

fair

value

price.

Valuing

these

securities

at

fair

value

is

intended

to

cause

each

Fund's

NAV to

be

more

reliable

than

it

otherwise

would

be.

A

summary

of

the

valuations

as

of

December

31,

2025,

based

upon

the

three

levels

defined

above,

is

included

in

the

table

below

while

the

breakdown,

by

category,

of

investments

is

disclosed

on

the

Schedules

of

Portfolio

Investments (amounts

in

thousands):

As

of December

31,

2025,

there

were

no

significant transfers

into/out

of

Level

3. Real

Estate

Investment

Trusts

("REITs"):

The

Funds

may

invest

in

REITs,

which

report

information

on

the

source

of

their

distributions

annually.

REITs

are

pooled

investment

vehicles

that

invest

primarily

in

income-producing

real

estate

or

real

estate

related

loans

or

interests

(such

as

mortgages).

Certain

distributions

received

from

REITs

will

be

reclassified

to

realized

gains

or

return

of

capital

as

estimated

by

the

Funds

based

on

calendar

year-end

information

as

it

becomes

known

or

available.

Investment

Companies:

Exchange-Traded

Funds:

The Funds

may

invest

in

ETFs,

the

shares

of

which

are

bought

and

sold

on

a

securities

exchange.

An

ETF

trades

like

common

stock

and

represents

a

fixed

portfolio

of

securities

often

designed

to

track

the

performance

and

dividend

yield

of

a

particular

domestic

or

foreign

market

index.

Among

other

purposes,

the

Funds

may

purchase

shares

of

an

ETF

to

gain

exposure

to

a

portion

of

the

U.S.

or

a

foreign

market

while

awaiting

purchase

of

underlying

securities.

The

risks

of

owning

an

ETF

generally

reflect

the

risks

of

owning

the

underlying

securities

the

ETF

is

designed

to

track,

although

the

lack

of

liquidity

of

an

ETF

could

result

in

it

being

more

volatile.

Additionally,

ETFs

have

fees

and

expenses

that

reduce

their

value.

Open-End

Funds:

The

Funds

may

invest

in

portfolios

of

open-end

investment

companies.

These

investment

companies

value

securities

in

their

portfolios

for

which

market

quotations

are

readily

available

at

their

market

values

(generally

the

last

reported

sale

price)

and

all

other

securities

and

assets

at

their

fair

value

by

the

methods

established

by

the

board

of

directors

of

the

underlying

funds.

Investment

Transactions

and

Related

Income:

Changes

in

holdings

of

investments

are

accounted

for

no

later

than

one

business

day

following

the

trade

date.

For

financial

reporting

purposes,

however,

investment

transactions

are

accounted

for

on

trade

date

or

the

last

business

day

of

the

reporting

period.

Interest

income

is

determined

on

the

basis

of

coupon

interest

accrued

and

recorded

daily

using

the

effective

interest

method

which

adjusts,

where

applicable,

the

amortization

of

premiums

or

accretion

of

discounts. Dividend

income

is

recorded

on

the

ex-dividend

date.

Non-cash

dividends

included

in

income,

if

any,

are

recorded

at

the

fair

value

of

the

securities

received. Gains

or

losses

realized

on

sales

of

securities

are

recorded

on

the

identified

cost

basis.

Withholding

taxes

on

interest,

dividends,

and

gains

as

a

result

of

certain

investments

by

the

Funds

have

been

provided

for

in

accordance

with

each

investment's

applicable

country's

tax

rules

and

rates.

Securities

Lending:

The

Funds, through

a Securities

Lending

Agreement with

Citibank,

N.A.

("Citibank"), may

lend

their

securities

to

qualified

financial

institutions,

such

as

certain

broker-dealers

and

banks,

to

earn

additional

income,

net

of

income

retained

by

Citibank.

Borrowers

are

required

to

initially

secure

their

loans for

collateral

in

the

amount

of

at

least

102%

of

the

value

of

U.S.

securities

loaned

or

at

least

105%

of

the

value

of

non-U.S.

securities

loaned,

marked-to-market

daily.

Any

collateral

shortfalls

associated

with

increases

in

the

valuation

of

the

securities

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

Level

Level

Level

Total

Sycamore

Established

Value

Fund

Common

Stocks

...............................................

$

15,236,364

$

—

$

—

$

15,236,364

Collateral

for

Securities

Loaned

...................................

—

—

Total

.......................................................

$

15,236,427

$

—

$

—

$

15,236,427

Sycamore

Small

Company

Opportunity

Fund

Common

Stocks

...............................................

4,811,463

—

—

4,811,463

Exchange-Traded

Funds

.........................................

18,121

—

—

18,121

Collateral

for

Securities

Loaned

...................................

37,773

—

—

37,773

Total

.......................................................

$

4,867,357

$

—

$

—

$

4,867,357

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

(Unaudited)

on

the

Funds'

Schedules

of

Portfolio

Investments.

The

Funds

effectively

do not

have

control

of

the

non-cash

collateral

and

therefore

it

is

not

disclosed

on

the

Funds'

Schedules

of

Portfolio

Investments.

Collateral

requirements

are

determined

daily

based

on

the

value

of

the

Funds'

securities

on

loan

as

of

the

end

of

the prior

business

day.

During

the

time

portfolio

securities

are

on

loan,

the

borrower

will

pay

the

Funds

any

dividends

or

interest

paid

on

such

securities

plus

any

fee

negotiated

between

the

parties

to

the

lending

agreement.

The

Funds

also

earn

a

return

from

the

collateral.

The

Funds

pay

Citibank

various

fees

in

connection

with

the

investment

of

cash

collateral

and

fees

based

on

the

investment

income

received

from

securities

lending

activities.

Securities

lending

income

(net

of

these

fees)

is

disclosed

on

the

Statements

of

Operations.

Loans

are

terminable

upon

demand

and

the

borrower

must

return

the

loaned

securities

within

the

lesser

of

one

standard

settlement

period

or

five

business

days. Although

risk

is

mitigated

by

the

collateral, a

Fund could

experience

a

delay

in

recovering

its

securities

and

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

them.

In

addition,

there

is

a

risk that

the

value

of

the

short-term

investments

will

be

less

than

the

amount

of

cash

collateral

required

to

be

returned

to

the

borrower.

The

Funds'

agreement

with

Citibank

does

not

include

master

netting

provisions.

Non-cash

collateral

received

by

the

Funds

may

not

be

sold

or

repledged,

except

to

satisfy

borrower

default.

The

following

table

is

a

summary

of

the

Funds'

securities

lending

transactions

as

of

December

31,

2025

(amounts

in

thousands):

Federal

Income

Taxes:

Each

Fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

by

complying

with

the

provisions

available

to

certain

investment

companies,

as

defined

in

applicable

sections

of

the

Internal

Revenue

Code,

and

to

make

distributions

of

net

investment

income

and

net

realized

gains

sufficient

to

relieve

it

from

all,

or

substantially

all,

federal

income

taxes.

Accordingly,

no

provision

for

federal

income

taxes

is

required

in

the

financial

statements.

The

Funds

have

a

tax

year

end

of

June

30. For

the

six

months

ended

December

31,

2025,

the

Funds

did

not

incur

any

income

tax,

interest,

or

penalties,

and

have

recorded

no

liability

for

net

unrecognized

tax

benefits

relating

to

uncertain

tax

positions.

Management

of

the

Funds

has

reviewed

tax

positions

taken

in

tax

years

that

remain

subject

to

examination

by

all

major

tax

jurisdictions,

including

federal

(i.e.,

the

last

four

tax

years,

which

includes

the

current

fiscal

tax

year

end).

Management

believes

that

there

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

tax

positions

taken.

Allocations:

Expenses

directly

attributable

to a

Fund

are

charged

to that

Fund,

while

expenses

that

are

attributable

to

more

than

one

fund

in

the

Trust,

or

jointly

with

an

affiliated

trust,

are

allocated

among

the

respective

funds

in

the

Trust

and/or

an

affiliated

trust

based

upon

net

assets

or

another

appropriate

basis.

Income,

expenses

(other

than

class-specific

expenses

such

as

transfer

agent

fees,

state

registration

fees,

printing

fees,

and

12b-1

fees),

and

realized

and

unrealized

gains

or

losses

on

investments

are

allocated

to

each

class

of

shares

based

on

its

relative

net

assets

on

the

date

income

is

earned

or

expenses

and

realized

and

unrealized

gains

and

losses

are

incurred.

Fees

Paid

Indirectly:

Expense

offsets

to

custody

fees

that

arise

from

credits

on

cash

balances

maintained

on

deposit

are

reflected

on

the

Statements

of

Operations,

as

applicable,

as

Fees

paid

indirectly.

3. #### Purchases

#### and

#### Sales:
Purchases

and sales

of

securities

(excluding

securities

maturing

less

than

one

year

from

acquisition)

for

the

six

months

ended

December

31,

2025,

were

as

follows

(amounts

in

thousands):

4. #### Fees

#### and

#### Transactions

#### with

#### Affiliates

#### and

#### Related

#### Parties:
Investment

Advisory

Fees:

Investment

advisory

services

are

provided

to

the

Funds

by

the

Adviser,

which

is

a

New

York

corporation

registered

as

an

investment

adviser

with

the

SEC.

Value

of

Securities

on

Loan

Non-Cash

Collateral

Cash

Collateral

Sycamore

Established

Value

Fund

.....................................

$

$

—

$

Sycamore

Small

Company

Opportunity

Fund

.............................

36,637

—

37,773

Excluding

U.S.

Government

Securities

Purchases

Sales

Sycamore

Established

Value

Fund

..............................................................

$

4,515,728

$

6,600,126

Sycamore

Small

Company

Opportunity

Fund

......................................................

1,526,820

2,619,275

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

(Unaudited)

Under

the

terms

of

the

Investment

Advisory

Agreement,

the

Adviser

is

entitled

to

receive

fees

accrued

daily

and

paid

monthly

at

an

annualized

rate

based

on

a

percentage

of

the

average

daily

net

assets

of

each

Fund. The

rates

at

which

the

Adviser

is

paid

by

each

Fund

are

included

in

the

table

below.

Amounts

incurred

and

paid

to

VCM

for

the

six

months ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Investment

advisory

fees.

Administration

and

Servicing

Fees:

VCM

also

serves

as

the

Funds'

administrator

and

fund

accountant.

Under

the

Administration

and

Fund

Accounting

Agreement,

VCM

is

paid

an

administration

fee

based

on

a

percentage

of

the

average

daily

net

assets

of

the

Trust

and

Victory

Portfolios

II. The

tiered

rates

at

which

VCM

is

paid

by

the

Funds

are

shown

in

the

table

below:

Amounts

incurred

for

the

six

months

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Administration

fees.

Citi

Fund

Services

Ohio,

Inc.

("Citi"),

an

affiliate

of

Citibank,

acts

as

sub-administrator

and

sub-fund

accountant

to

the

Funds

pursuant

to

the

Sub-Administration

and

Sub-Fund

Accounting

Services

Agreement

between

VCM

and

Citi.

VCM

pays

Citi

a

fee

for

providing

these

services.

The Funds

reimburse

VCM

and

Citi

for

out-of-pocket

expenses

incurred

in

providing

these

services

and

certain

other

expenses

specifically

allocated

to

the

Funds.

Amounts

incurred

for

the six

months

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Sub-

Administration

fees.

The

Funds

(as

part

of

the

Trust)

have

entered

into

an

agreement

with

the

Adviser

to

provide

compliance

services,

pursuant

to

which

the

Adviser

furnishes

its

compliance

personnel,

including

the

services

of

the

Chief

Compliance

Officer

("CCO"),

and

other

resources

reasonably

necessary

to

provide

the

Trust

with

compliance

oversight

services

related

to

the

design,

administration,

and

oversight

of

a

compliance

program

for

the

Trust

in

accordance

with

Rule

38a-1

under

the

1940

Act.

The

CCO

is

an

employee

of

the

Adviser,

which

pays

the

compensation

of

the

CCO

and

support

staff.

The

funds

in

the

Trust

and

Victory

Portfolios

II,

in

the

aggregate,

compensate

the

Adviser

for

these

services.

Amounts

incurred

for

the six

months

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Compliance

fees.

Transfer

Agency

Fees:

FIS

Investor

Services,

LLC

("FIS")

serves

as

the

Funds'

transfer

agent.

Under

the

Transfer

Agent

Agreement,

the

Trust

pays

FIS

a

fee

for

its

services

and

reimburses

FIS

for

all

of

their

reasonable

out-of-pocket

expenses

incurred

in

providing

these

services.

Amounts

incurred

for

the

six

months ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Transfer

agent

fees.

Sub-Transfer

Agency

Fees:

The

Funds

have

entered

into

Sub-Transfer

Agency

Agreements

with

financial

intermediaries

that

provide

recordkeeping,

processing,

shareholder

communications

and

other

services

to

customers

of

the

intermediaries

that

hold

positions

in

the

Funds

and

have

agreed

to

compensate

the

intermediaries

for

providing

those

services.

Intermediaries

transact

with

the

Funds

primarily

through

the

use

of

omnibus

accounts

on

behalf

of

their

customers

who

hold

positions

in

the

Funds.

These

services

would

have

been

provided

by

the

Funds'

transfer

agent

and

other

service

providers

if

the

shareholders'

accounts

were

maintained

directly

at

the

Funds'

transfer

agent.

Amounts

incurred

for

the

six

months ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Sub-Transfer

agent

fees.

Distributor/Underwriting

Services:

Victory

Capital

Services,

Inc.

(the

"Distributor"),

an

affiliate

of

the

Adviser,

serves

as

Distributor

for

the

continuous

offering

of

the

shares

of

the

Funds

pursuant

to

a

Distribution

Agreement

between

the

Distributor

and

the

Trust.

Pursuant

to

the

Distribution

and

Service

Plans

adopted

in

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Distributor

may

receive

a

monthly

distribution

and

service

fee

up

to

the

annual

rate

shown

in

the

table

below:

The

distribution

and

service

fees

paid

to

the

Distributor

may

be

used

by

the

Distributor

to

pay

for

activities

primarily

intended

to

result

in

the

sale

and/or

servicing

of

Class

A,

Class

C,

and

Class

R. Amounts

incurred

for

the

six

months

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

12b-1

fees.

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%

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%

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

(Unaudited)

In

addition,

the

Distributor

is

entitled

to

receive

commissions

in

connection

with sales

of

Class

A. For

the

six

months

ended

December

31,

2025,

the

Distributor

received

the

following

from

commissions

earned

in

connection with

sales

of

Class

A

(amounts

in

thousands):

Other

Fees:

Citibank

serves

as

the

Funds'

custodian.

The

Funds

pay

Citibank

a

fee

for

providing

these

services.

Amounts

incurred

for

the six

months

ended

December

31,

2025,

are

reflected

on

the

Statements

of

Operations

as

Custodian

fees.

Sidley

Austin

LLP

provides

legal

services

to

the

Trust.

The

Adviser

has

entered

into

an

expense

limitation

agreement

with

the

Trust. Under

the

terms

of

the

agreement,

the

Adviser

has

agreed

to

waive

fees

or

reimburse

certain

expenses

to

the

extent

that

ordinary

operating

expenses

incurred

by

certain

classes

of

the

Funds

in

any

fiscal

year

exceed

the

expense

limits

for the

Funds.

Such

excess

amounts

will

be

the

liability

of

the

Adviser.

Acquired

fund

fees

and

expenses,

interest,

taxes,

brokerage

commissions,

other

expenditures which

are

capitalized

in

accordance

with

GAAP,

and

other

extraordinary

expenses

not

incurred

in

the

ordinary

course

of the

Funds'

business

were

excluded

from

the

expense

limits.

As

of

December

31,

2025,

the

expense

limits

(excluding

voluntary

waivers) were

as

follows:

Under

the

terms

of

the

expense

limitation agreement, the Funds

have

agreed

to

repay

fees

and

expenses

that

were

waived

or

reimbursed

by

the

Adviser

for

a

period

of

up

to

three

years

(thirty-six

(36) months)

after

the

waiver

or

reimbursement

took

place,

subject

to

the

lesser

of

any

operating

expense

limits

in

effect

at

the

time

of:

(a) the

original

waiver

or

expense

reimbursement;

or

(b) the

recoupment,

after

giving

effect

to

the

recoupment

amount.

The

Funds

have

not

recorded

any

amounts

available

to

be

repaid

to

the

Adviser

as

a

commitment

and

contingency

liability

due

to

an

assessment

that

such

repayments

are

not

probable

at

December

31,

2025. As

of December

31,

2025,

the

following amounts

in

the

table

below

represent

the

fiscal

year-end

in

which

the

36-month

recoupment

period

expires.

These

amounts

are

available

to

be

repaid

to

the

Adviser

(amounts

in

thousands):

The

Adviser

may

voluntarily

waive

or

reimburse

additional

fees and

expenses

or

make

other

payments

to

assist

the

Funds

in

maintaining

competitive

expense

ratios. Except

as

noted

above,

voluntary

waivers

and

reimbursements

applicable

to

the

Funds

are

not

available

to

be

recouped

at

a

future

time.

There

were

no

voluntary

waivers

or

reimbursements

for

the six

months

ended

December

31,

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 December

31,

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

six

months

ended December

31,

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. Each

Fund's

prospectus

contains

unaudited

information

regarding

the

Fund's

principal

risks.

Please

refer

to

that

document

when

considering

the

Fund's

principal

risks.

The

Funds

may

be

subject

to

other

risks

in

addition

to

these

identified

risks.

Amount

Sycamore

Established

Value

Fund

.........................................................................

$

Sycamore

Small

Company

Opportunity

Fund

.................................................................

—(a)

(a) Rounds

to

less

than

$1

thousand.

In

effect

until

October

31,

2026

Class

C

Class

Y

Sycamore

Established

Value

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

1.84%

N/A

Sycamore

Small

Company

Opportunity

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

N/A

1.15%

June

30,

2029

Total

Sycamore

Established

Value

Fund

.................................................................

$

$

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

(Unaudited)

![](epub598293239300096.jpg)

Equity

Securities Risk

—

The

values

of

the

equity

securities

in

which

the

Funds

invest

may

decline

in

response

to

developments

affecting

individual

companies

and/or

general

market,

economic,

and

political

conditions,

and

other

factors.

A

company's

earnings

or

dividends

may

not

increase

as

expected

due

to

poor

management

decisions,

competitive

pressures,

breakthroughs

in

technology,

reliance

on

suppliers,

labor

problems

or

shortages,

corporate

restructurings,

fraudulent

disclosures,

natural

disasters,

military

confrontations,

war,

terrorism,

public

health

crises,

or

other

events,

conditions,

and

factors.

Price

changes

may

be

temporary

or

may

last

for

extended

periods.

Equity

securities

have

the

lowest

priority,

and

the

greatest

risk,

with

respect

to

dividends

and

any

liquidation

payments

in

the

event

of

an

issuer's

bankruptcy.

General

Market

Risk

—

Overall

market

risks

may

affect

the

value

of

the

Fund(s).

Domestic

and

international

factors

such

as

political

events,

war,

terrorism,

trade

disputes,

inflation

rates,

interest

rate

levels,

and

other

fiscal

and

monetary

policy

changes;

cybersecurity

incidents,

pandemics,

and

other

public

health

crises,

imposition

of

tariffs,

sanctions

against

a

particular

foreign

country,

its

nationals,

businesses,

or

industries;

and

related

geopolitical

events,

as

well

as

environmental

disasters

such

as

earthquakes,

fires,

and

floods,

or

other

catastrophes,

may

add

to

instability

in

global

economies

and

markets

generally,

and

may

lead

to

increased

market

volatility.

Global

economies

and

financial

markets

are

highly

interconnected,

which

increases

the

possibility

that

conditions

in

one

country

or

region

might

adversely

affect

issuers

in

another

country

or

region.

The

impact

of

these

and

other

factors

may

be

short-term

or

may

last

for

extended

periods.

Sector Focus

Risk

— To

the

extent

the

Fund(s)

focus

in

one

or

more

sectors,

such

as

the industrials

or

financials

sectors, market

or

economic

factors

impacting

those

sectors

could

have

a

significant

effect

on

the

value

of

the

Fund's

(or

Funds')

investments

and

could

make

the

Fund's (or

Funds')

performance

more

volatile.

Financials

Sector

Risk

—

Companies

in

the

financials

sector

are

subject

to

extensive

government

regulation,

which

may

limit

both

the

amounts

and

types

of

loans

and

other

financial

commitments

that

companies

in

this

sector

can

make,

and

the

interest

rates

and

fees

that

these

companies

can

charge.

Profitability

can

be

largely

dependent

on

the

availability

and

cost

of

capital

and

the

rate

of

corporate

and

consumer

debt

defaults,

and

can

fluctuate

significantly

when

interest

rates

change.

Financial

difficulties

of

borrowers

can

negatively

affect

the

financials

sector.

Insurance

companies

can

be

subject

to

severe

price

competition.

The

financials

sector

can

be

subject

to

relatively

rapid

change

as

dis-

tinctions

between

financial

service

segments

become

increasingly

blurred.

Industrials

Sector

Risk

—

Companies

in

the

industrials

sector

are

affected

by

supply

and

demand

both

for

their

specific

product

or

service

and

for

industrials

sector

products

in

general.

Government

regulation,

world

events,

and

economic

conditions

also

affect

the

performance

of

investments

in

such

issuers.

Aerospace

and

defense

companies,

a

component

of

the

industrials

sector,

can

be

significantly

affected

by

govern-

ment

spending

policies.

Transportation

companies

may

experience

occasional

sharp

price

movements,

which

may

result

from

changes

in

the

economy,

fuel

prices,

labor

agreements,

and

insurance

costs.

Small-Capitalization

Stock

Risk

—

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:
Line

of

Credit:

The

Victory

Funds

Complex

participates

in

a

short-term

demand

note

"Line

of

Credit"

agreement

with

Citibank.

Under

the

agreement

with

Citibank,

the funds in

the

Trust,

Victory

Portfolios

II,

and

Victory

Portfolios

III

(collectively,

the

"Victory

Funds

Complex"),

in

the

aggregate, may

borrow

up

to

$600

million,

of

which

$300

million

is

committed

and

$300

million

is

uncommitted.

$40

million

of

the

Line

of

Credit

is

reserved

for

use

by

the

Victory

Floating

Rate

Fund,

another

series

of

the

Victory

Funds

Complex,

with

Victory

Floating

Rate

Fund

paying

the

related

commitment

fees

for

that

amount.

The

purpose

of

the

Line

of

Credit

is

to

meet

temporary

or

emergency

cash

needs.

For

the six

months

ended

December

31,

2025,

Citibank

received

an

annual

commitment

fee

of

0.15%

on

$300

million

for

providing

the

Line

of

Credit.

Each

Fund

in

the

Victory

Funds

Complex

paid

a

pro-rata

portion

of

the

commitment

fees

plus

any

interest

on

amounts

borrowed.

Interest

is

based

on

the

one-

month Secured

Overnight

Financing

Rate

plus

1.10 percent.

Effective

June

24,

2025,

the

agreement

was

renewed

with

a

termination

date

of

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

(Unaudited)

June

22,

2026,

and

the

annual

commitment

fee

of

0.15%

remained

unchanged.

Dedicated

portions

to

the

Victory

Floating

Rate

Fund

have

been

removed,

making

the

entire

Line

of

Credit

(committed

and

uncommitted)

available

to

all

Funds.

Interest

charged

to each

Fund during

the

period,

if

applicable,

is

reflected

on

the

Statements

of

Operations

under

Line

of

credit

fees.

The

Funds

had

no

borrowings

under the

Line

of

Credit

agreement

during

the

six

months

ended

December

31,

2025. Interfund

Lending:

The

Trust

and

the

Adviser

rely

on

an

exemptive

order

granted

by

the

SEC

in

March

2017

(the

"Order"),

permitting

the

establishment

and

operation

of

an

Interfund

Lending

Facility

(the

"Facility").

The

Facility

allows

each

Fund

to

directly

lend

and

borrow

money

to

or

from

any

other

fund

in

the

Victory

Funds

Complex

that

is

permitted

to

participate

in

the

Facility,

relying

upon

the

Order

at

rates

beneficial

to

both

the

borrowing

and

lending

funds.

Advances

under

the

Facility

are

allowed

for

temporary

or

emergency

purposes,

including

the

meeting

of

redemption

requests

that

otherwise

might

require

the

untimely

disposition

of

securities,

and

are

subject

to

each

Fund's

borrowing

restrictions.

The

interfund

loan

rate

is

determined,

as

specified

in

the

Order,

by

averaging

the

current

repurchase

agreement

rate

and

the

current

bank

loan

rate.

As

a

Borrower

(as

defined

in

the

Order),

interest

charged

to

each

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statements

of

Operations

under

Interfund

lending

fees.

As

a

Lender

(as

defined

in

the

Order),

interest

earned

by

each

Fund,

if

any,

during

the

period,

is

reflected

on

the

Statements

of

Operations

under

Interfund

lending.

The

average

borrowing

or

lending

for

the

days

outstanding

and

average

interest

rate

for

the

Funds

that

utilized

this

Facility

during

the

six

months

ended

December

31,

2025,

were

as

follows

(amounts

in

thousands):

\*

Based

on

the

number

of

days

borrowings

were

outstanding

for

the

six

months

ended

December

31,

2025. 7. #### Federal

#### Income

#### Tax

#### Information:
Dividends

from

net

investment

income,

if

any,

are

declared

and

paid

as

noted

in

the

table

below.

Distributable

net

realized

gains,

if

any,

are

declared

and

distributed

at

least

annually

from

each

Fund.

The

amounts

of

dividends

from

net

investment

income

and

distributions

from

net

realized

gains

(collectively,

distributions

to

shareholders)

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

To

the

extent

these

"book/tax"

differences

are

permanent

in

nature

(e.g.,

net

operating

loss

and

distribution

reclassification),

such

amounts

are

reclassified

within

the

components

of

net

assets

based

on

their

federal

tax-basis

treatment;

temporary

differences

(e.g.,

wash

sales)

do

not

require

reclassification.

To

the

extent

dividends

and

distributions

exceed

net

investment

income

and

net

realized

gains

for

tax

purposes,

they

are

reported

as

distributions

of

capital.

Net

investment

losses

incurred

by

the

Funds

may

be

reclassified

as

an

offset

to

capital

on

the

accompanying

Statements

of

Assets

and

Liabilities.

The

tax

character

of

current

year

distributions

paid

and

the

tax

basis

of

the

current

components

of

accumulated

earnings

(losses)

will

be

determined

at

the

end

of

the

current

tax

year.

At

the

tax

year

ended

June

30,

2025,

the

Funds

had

no

capital

loss

carryforward

for

federal

income

tax

purposes.

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

six

months

ended

December

31,

2025,

were

as

follows

(amounts

in

thousands,

except

shares):

Borrower

or

Lender

Amount

Outstanding

at

December

31,

2025

Average

Borrowing\*

Average

Interest

Rate\*

Maximum

Borrowing

During

the

Period

Sycamore

Established

Value

Fund

....................

Lender

$

—

$

4,902

4.75%

$

69,701

Declared

Paid

Sycamore

Established

Value

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Quarterly

Quarterly

Sycamore

Small

Company

Opportunity

Fund

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Annually

Annually

Fair

Value

6/30/2025

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gains

(Losses)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Fair

Value

12/31/2025

Shares

Dividend

Income

Capital

Gain

Distributions

Heritage

Financial

Corp.

....

$

41,958

$

4,541

$

(3,242)

$

(313) $

(374) $

42,570

1,800,000

$

883

$

—

Notes

to

Financial

Statements

—

continued

December

31,

2025

Victory

Portfolios

(Unaudited)

9. #### Segment

#### Reporting:
The

Adviser's

Management

Committee acts

as

each

Fund's

Chief

Operating

Decision

Maker

("CODM").

Each

Fund

represents

a

single

operating

segment,

as

the

CODM

monitors

the

operating

results

of

each

Fund

as

a

whole

and

the

Fund's

long-term

strategic

asset

allocation

is

pre-determined

in

accordance

with

the

Fund's

single

investment

objective.

The

financial

information

in

the

form

of

the

Funds'

portfolio

composition,

total

returns,

expense

ratios,

and

changes

in

net

assets,

which

are

used

by

the

CODM

to

assess

the

segment's

performance

versus

each

Fund's

comparative

benchmarks

and

to

make

resource

allocation

decisions

for

the

Fund's

single

segment,

is

consistent

with

that

presented

within

each

Fund's

financial

statements.

Segment

assets

are

reflected

on

the

accompanying

Statements

of

Assets

and

Liabilities

as

"total

assets"

and

significant

segment

expenses

are

listed

on

the

accompanying

Statements

of

Operations.

10. #### New

#### Accounting

#### Pronouncement:
On

December

14,

2023,

the

Financial

Accounting

Standards

Board

issued

Accounting

Standards

Update

("ASU")

2023-09,

which

establishes

new

income

tax

disclosure

requirements

and

modifies

or

eliminates

certain

existing

disclosure

provisions.

The

amendments

in

this

ASU

are

intended

to

address

investor

requests

for

more

transparency

about

income

tax

information

and

to

improve

the

effectiveness

of

income

tax

disclosures. ASU

2023-09

applies

to

all

entities

that

are

subject

to

ASC

740,

Income

Taxes.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024. Management

is

currently

evaluating

the

impact

of

ASU

2023-09

and

does

not

believe

it

will

have

a

material

impact

on

the

Funds'

financial

statements.

Supplemental

Information

December

31,

2025

Victory

Portfolios

(Unaudited)

Considerations

of

the

Board

in

Continuing

the

Investment

Advisory

Agreement (the

"Agreement")

The

Board

approved

the

Agreement

on

behalf

of

each

of

the

Funds

at

a

meeting,

which

was

called

for

that

purpose,

on

December

4,

2025. The

Board

also

considered

information

relating

to

the

Funds

and

the

Agreement

provided

throughout

the

year

and,

more

specifically,

at

the

meetings

on

October

21,

2025,

and

December

4,

2025. In

considering

whether

to

approve

the

Agreement,

the

Board

requested

from

the

Adviser

certain

information

concerning

the

Funds

to

assist

it

in

evaluating

the

terms

of

the

Agreement.

In

response

to

the

request

from

the

Independent

Trustees,

the

Adviser

provided

information

and

reports

relevant

to

the

continuation

of

the

Agreement.

The

Board,

including

the

Independent

Trustees,

evaluated

this

information

along

with

other

information

obtained

throughout

the

year

and

was

advised

by

legal

counsel

to

the

Funds

and

independent

legal

counsel

to

the

Independent

Trustees.

The

Board

considered

each

Fund's

advisory

fee,

expense

ratio

and

investment

performance

as

significant

factors

in

determining

whether

the

Agreement

should

be

continued.

In

considering

whether

the

compensation

paid

to

the

Adviser

was

fair

and

reasonable,

the

Board

also

evaluated,

among

other

things,

the

following

factors:

The

requirements

of

the

Funds

for

the

services

provided

by

the

Adviser;

The

nature,

quality

and

extent

of

the

services

provided

and

expected

to

be

provided;

The

performance

of

the

Funds

as

compared

to

comparable

funds;

The

fees

payable

for

the

services

and

whether

the

fee

arrangements

provided

for

economies

of

scale

that

would

benefit

Fund

shareholders

as

the

Funds

grow

(acknowledging

that

economies

of

scale

can

be

complex

to

assess

and

typically

are

not

directly

measurable)

and

whether

additions

of

or

revisions

to

breakpoints

would

be

appropriate;

Whether

the

fee

would

be

sufficient

to

enable

the

Adviser

to

attract

and

retain

experienced

personnel

and

continue

to

provide

quality

services

to

the

Funds;

The

fees

paid

by

other

clients

of

the

Adviser

whose

accounts

are

managed

in

a

similar

investment

style

and

any

differences

in

the

services

provided

to

the

other

clients

compared

to

those

provided

to

the

Funds;

The

total

expenses

of

each

Fund;

Management's

commitment

to

operating

the

Funds

at

competitive

expense

levels;

The

profitability

of

the

Adviser

(as

reflected

by

comparing

fees

earned

against

an

estimate

of

the

Adviser's

costs)

with

respect

to

the

Adviser's

relationship

with

the

Funds;

Research

and

other

service

benefits

received

by

the

Adviser

obtained

through

payment

of

client

commissions

for

securities

transactions;

Other

benefits

received

by

the

Adviser,

and

its

affiliates,

including

revenues

paid

to

the

Adviser,

or

its

affiliates,

by

the

Funds

for

administration

and

fund

accounting

services,

shareholder

services

and

distribution;

The

capabilities

and

financial

condition

of

the

Adviser;

Current

economic

and

industry

trends;

and

The

historical

relationship

between

each

Fund

and

the

Adviser.

The

Board

reviewed

each

Fund's

gross

management

fee,

comprised

of

the

advisory

fee

plus

the

administrative

services

fee

paid

to

the

Adviser,

in

the

context

of

the

Adviser's

business

and

services

with

respect

to

each

Fund

individually

and

with

respect

to

all

the

funds

as

a

whole.

The

Board

retained

an

independent,

third-party

consultant

to

provide

comparative

information

about

fees,

expenses

and

performance,

and

to

design

and

maintain

a

database

of

relevant

information

designed

to

assist

the

Board

in

retrieving

and

analyzing

comparative

information.

The

Board

considered

information,

analyses

and

methodologies

provided

by

the

consultant.

The

Board

compared

each

Fund's

gross

management

fees

and

total

operating

expense

ratio

on

a

net

and

gross

basis

with

the

median

gross

management

fee

and

median

expense

ratio

of

a

universe

of

comparable

mutual

funds

compiled

by

the

consultant

and

a

peer

group

of

funds

selected

by

that

consultant

from

the

universe.

The

Board

reviewed

the

factors

and

methodology

reflected

in

the

consultant's

analyses

in

the

selection

of

each

Fund's

peer

group,

including

the

consultant's

selection

of

a

broad

universe

of

funds,

the

more

specific

universe

of

comparable

funds,

and

peer

groups

of

funds

with

comparable

investment

strategies

and

asset

levels,

among

other

factors.

The

Board

also

reviewed

any

changes

to

the

consultant's

methodology

as

compared

to

the

prior

year,

including

those

resulting

from

the

Adviser's

input,

if

any.

The

Board

also

reviewed,

where

applicable,

fees

and

other

information

related

to

the

Adviser's

management

of

similarly

managed

institutional

or

private

accounts,

and

the

differences

in

the

services

provided

to

these

other

accounts.

The

Board

also

noted

that

the

breakpoints

in

the

advisory

fee

schedule

for

some

of

the

Funds

evidenced

one

way

in

which

the

Adviser

has

shown

a

willingness

to

share

in

its

economies

of

scale.

As

in

prior

years,

in

evaluating

the

Adviser's

performance,

the

Board

also

considered

how

the

Adviser

addressed

challenges

related

to

changing

market

conditions

and

legal

and

regulatory

developments

affecting

the

Funds.

To

help

it

evaluate

the

fees

and

expenses

of

each

Fund

with

a

total

net

expense

ratio

that

ranked

within

the

fourth

quartile

(most

expensive)

in

relation

to

funds

in

a

peer

group

selected

by

an

independent

third-party

consultant,

the

Board

requested,

and

the

Adviser

provided,

supplemental

information

about

fee

levels

and

the

nature

of

the

services

provided

on

a

Fund-by-Fund

basis

as

described

in

greater

detail

below.

When

a

Fund's

management

fee

or

total

expenses

were

higher

than

those

of

other

funds

in

the

peer

group,

the

Board

considered

factors

that

contributed

to

the

Fund's

management

fee

or

the

Fund's

total

expenses,

including,

among

other

things,

whether

the

Fund

requires

specific

or

specialized

portfolio

management,

administration

or

oversight

needs;

the

size

of

the

Fund's

assets

in

relation

to

its

peers;

whether

the

Fund

has

experienced

sustained

redemptions

leading

to

decreased

assets;

and

the

factors

that

resulted

in,

for

example,

rapid

or

recent

changes

in

expenses.

The

Board

also

Supplemental

Information

—

continued

December

31,

2025

Victory

Portfolios

(Unaudited)

considered

the

extent

to

which

the

Adviser

waives

management

fees

and/or

reimburses

any

Fund

for

other

Fund-level

expenses,

including

the

extent

to

which

any

such

waivers

or

reimbursements

were

applied

at

different

rates

for

different

share

classes.

The

Board

asked

for

and

received

information

to

help

it

evaluate

the

process

that

the

Adviser

uses

to

monitor

whether

any

such

waiver

or

reimbursement

resulted

in

any

potential

"cross-subsidization"

of

one

share

class

by

another

share

class.

The

Board

also

reviewed

the

compliance

and

administrative

services

provided

to

the

Funds

by

the

Adviser

and

its

affiliates,

including

the

Adviser's

oversight

of

the

Funds'

day-to-day

operations

and

oversight

of

Fund

accounting,

assistance

in

meeting

legal

and

regulatory

requirements,

and

other

services

necessary

for

the

operation

of

the

Funds

and

the

Trust.

The

Board

reviewed

each

Fund's

performance

over

one-,

three-,

five-

and

ten-year

periods

against

the

performance

of

the

Fund's

selected

peer

group

and

benchmark

index.

The

Board

recognized

that

the

performance

of

the

Funds

and

the

peer

group

funds

are

net

of

expenses,

while

the

performance

of

the

benchmark

index

reflects

gross

returns.

When

a

Fund

underperformed

the

funds

in

its

selected

peer

group

and/or

benchmark

index

for

any

of

the

periods

reported,

the

Board

considered

the

magnitude

and

duration

of

that

underperformance

relative

to

the

selected

peer

group

and/or

benchmark

index

(e.g.,

the

amount

by

which

a

Fund

underperformed,

including,

for

example,

whether

the

Fund

slightly

underperformed

or

significantly

underperformed

its

benchmark

both

in

absolute

and

relative

terms).

For

those

Funds

identified

as

having

underperformed

the

selected

peer

group

and/or

benchmark

index

for

multiple

periods

of

time,

the

Board

further

inquired

into

the

circumstances

of

its

underperformance,

including

with

respect

to

significant

differences

in

investment

strategy

or

securities

exposure

of

the

Fund

as

compared

to

its

benchmark

index

and

selected

peer

group.

In

these

cases,

the

Board

discussed

with

the

Adviser

each

such

Fund's

performance,

potential

reasons

for

the

relative

performance,

and,

if

necessary,

steps

that

the

Adviser

had

taken,

or

intends

to

take,

to

improve

performance,

including,

as

appropriate,

matters

relating

to

staffing

levels,

and

portfolio

trading

strategies,

among

other

things.

When

a

Fund's

gross

management

fee,

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

or

total

net

expenses

ranked

in

the

fourth

quartile

(most

expensive),

the

Board

considered

the

magnitude

of

differences

relative

to

the

selected

peer

group

(e.g.,

the

amount

by

which

a

Fund's

expenses

differed,

including,

for

example,

whether

the

Fund's

fees

and

expenses

were

slightly

or

significantly

higher

as

compared

to

funds

in

its

selected

peer

group).

The

Board

also

considered

the

types

of

expenses

paid

by

the

funds

in

the

Funds'

selected

peer

groups

noting,

for

example,

that

certain

funds

in

the

Funds'

selected

peer

groups

may

not

pay

rule

12b-1

fees,

and

the

changes

in

the

selected

peer

groups

as

compared

to

prior

years.

The

Board

also

met

with

the

portfolio

managers

of

the

Funds

during

the

months

prior

to

voting

on

the

contract

renewal

to

discuss

the

Funds'

performance,

and

received

a

report

each

quarter

on

the

Funds'

performance,

among

other

things,

from

the

Adviser's

President

of

Investment

Franchises

&

Solutions

and

Head

of

Product

&

Strategy.

The

Board

also

considered

the

Adviser's

responsiveness

with

respect

to

the

relative

performance.

The

Board

recognized

that

the

performance

data

reflects

a

period

as

of

a

particular

date

and

that

selecting

a

different

performance

period

could

produce

significantly

different

results.

The

Board

further

acknowledged

that

long-term

performance

could

be

affected

by

even

one

period

of

significant

outperformance

or

underperformance.

In

this

regard,

the

Board

noted

that

performance,

especially

short-term

performance,

is

only

one

of

the

factors

that

it

deems

relevant

to

its

consideration

of

the

Agreement.

The

Board

reviewed

various

other

specific

factors

with

respect

to

each

Fund,

as

described

below.

In

their

deliberations,

the

Trustees

did

not

rank

the

importance

of

any

particular

information

or

factor

considered

and

each

Trustee

may

have

attributed

different

weights

to

various

factors.

Sycamore

Established

Value

Fund:

Performance.

The

Board

compared

the

Fund's

Class

A

performance

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund's

peer

group

and

benchmark

index

for

the

same

periods

and

considered

the

fact

that

the

Fund

underperformed

the

benchmark

index

for

the

one-

and

three-year

periods,

outperformed

the

benchmark

index

for

the

five-

and

ten-year

periods,

underperformed

the

peer

group

median

for

the

one-

and

three-year

periods,

and

outperformed

the

peer

group

median

for

the

five-

and

ten-year

periods.

Fees

and

Expenses.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund's

peer

group,

the

Fund's

gross

management

fee

ranked

in

the

first

quartile

(least

expensive),

the

Fund's

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

first

quartile

(least

expensive)

and

the

Fund's

total

net

expenses

ranked

in

the

first

quartile

(least

expensive).

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses

for

certain

classes

of

the

Fund's

shares,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period.

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund's

management

fee

compared

to

comparable

mutual

funds;

(2) the

Fund's

total

expense

ratio

compared

to

comparable

mutual

funds;

(3) that

the

Adviser's

willingness

to

limit

the

expenses

of

certain

classes

for

a

period

of

time

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period;

and

(4) any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund's

shareholders.

Sycamore

Small

Company

Opportunity

Fund:

Performance.

The

Board

compared

the

Fund's

Class

A

performance

for

the

one-,

three-,

five-

and

ten-year

periods

ended

June

30,

2025,

to

that

of

the

median

performance

of

the

Fund's

peer

group

and

benchmark

index

for

the

same

periods

and

considered

the

fact

that

the

Fund

underperformed

the

benchmark

index

for

the

one-,

three-

and

five-year

periods,

outperformed

the

benchmark

index

for

the

ten-year

period,

Supplemental

Information

—

continued

December

31,

2025

Victory

Portfolios

(Unaudited)

underperformed

the

peer

group

median

for

the

one-,

three-

and

five-year

periods,

and

outperformed

the

peer

group

median

for

the

ten-year

period.

Fees

and

Expenses.

The

Board

considered

that,

as

compared

to

other

funds

in

the

Fund's

peer

group,

the

Fund's

gross

management

fee

ranked

in

the

second

quartile,

the

Fund's

net

management

fee

(gross

management

fees

less

any

fees

waived

or

expenses

reimbursed

by

the

Adviser)

ranked

in

the

third

quartile

and

the

Fund's

total

net

expenses

ranked

in

the

third

quartile.

The

Board

also

considered

that

the

Fund

benefited

from

a

contractual

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

waives

and/or

reimburses

expenses

for

certain

classes

of

the

Fund's

shares,

and

that

it

believed

that

the

waivers

and/or

reimbursements

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period.

In

evaluating

the

Agreement,

the

Board

considered,

in

addition

to

those

considerations

described

above

and

among

other

things:

(1) the

Fund's

management

fee

compared

to

comparable

mutual

funds;

(2) the

Fund's

total

expense

ratio

compared

to

comparable

mutual

funds;

(3) that

the

Adviser's

willingness

to

limit

the

expenses

of

certain

classes

for

a

period

of

time

likely

would

stabilize

the

Fund's

expenses

for

those

share

classes

during

that

period;

and

(4) any

discussions

the

Board

had

with

the

Adviser

as

outlined

above.

Taking

these

factors,

among

others,

into

consideration,

the

Board

concluded

that

the

Agreement

continued

to

be

in

the

best

interests

of

the

Fund's

shareholders.

Conclusion:

Based

on

its

review

of

the

information

requested

and

provided,

and

following

extended

discussions,

the

Board

determined

that

the

Agreement,

on

behalf

of

the

Funds

discussed

above,

was

consistent

with

the

best

interests

of

each

Fund

and

its

shareholders,

and

the

Board

unanimously

approved

the

Agreement,

on

behalf

of

each

Fund,

for

an

additional

annual

period

on

the

basis

of

the

foregoing

review

and

discussions

and

the

following

considerations,

among

others:

The

fairness

and

reasonableness

of

the

investment

advisory

fee

payable

to

the

Adviser

under

the

Agreement

in

light

of

the

investment

advisory

services

provided,

the

costs

of

these

services,

the

profitability

of

the

Adviser's

relationship

with

each

Fund

and

the

comparability

of

the

fee

paid

to

the

fees

paid

by

other

investment

companies;

The

nature,

quality

and

extent

of

the

investment

advisory

services

provided

by

the

Adviser;

The

Adviser's

entrepreneurial

commitment

to

the

management

of

each

Fund

and

the

creation

of

a

broad-based

family

of

funds,

which

entails

a

substantial

commitment

of

the

Adviser's

resources

to

the

successful

operation

of

each

Fund;

The

Adviser's

representations

regarding

its

staffing

and

capabilities

to

manage

each

Fund,

including

the

retention

of

personnel

with

relevant

portfolio

management

experience;

The

Adviser's

efforts

to

enhance

investment

results

by,

among

other

things,

developing

and

supporting

quality

portfolio

management

teams;

and

The

overall

high

quality

of

the

personnel,

operations,

financial

condition,

investment

management

capabilities,

methodologies

and

perfor-

mance

of

the

Adviser.

Victory

Funds

P.O.

Box

182593

Columbus,

Ohio

43218-2593

Visit

our

website

at:

vcm.com

Call

Victory

at:

800-539-FUND

(800-539-3863)

VP-SMF-SAR

(12/25)

(b) The Financial Highlights are included as a part of the Financial Statements filed under Item 7(a) of this Form.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Proxy disclosures, if any, are included as part of the Financial Statements filed under Item 7(a) of this Form.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Not applicable.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Approval of Investment Advisory Contract is a part of the Financial Statements filed under Item 7(a) of this Form.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.** 

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 16. Controls and Procedures.**

(a) The Registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.** 

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) [The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940 are attached hereto.](ex99.htm)

(a)(4) Not Applicable

(a)(5) Not Applicable

(b) [The certifications required by Rule 30a-2(b) of the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ex99906.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Victory Portfolios&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

By (Signature and Title) <u>/s/ Carol D. Trevino</u><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Carol D. Trevino, Treasurer and Principal Financial Officer

Date:&nbsp;&nbsp;&nbsp;&nbsp; <u>March 9, 2026</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)/s/ Thomas Dusenberry<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Thomas Dusenberry, President and Principal Executive Officer

Date:&nbsp;&nbsp;&nbsp;&nbsp; <u>March 9, 2026</u>

By (Signature and Title)/s/ Carol D. Trevino<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Carol D. Trevino, Treasurer and Principal Financial Officer

Date:&nbsp;&nbsp;&nbsp;&nbsp; <u>March 9, 2026</u>

## Exhibit 99.906

<u>Section 906 – CERTIFICATIONS</u>

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended December 31, 2025, of Victory Portfolios (the "Registrant").

Each of the undersigned, being the Principal Executive Officer and Principal Financial Officer of the Registrant, hereby certifies that, to such officer's knowledge:

1. &nbsp;&nbsp;&nbsp;&nbsp;

the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

2. &nbsp;&nbsp;&nbsp;&nbsp;

the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

<u>March 9, 2026&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Date

<u>/s/ Thomas Dusenberry</u> <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Thomas Dusenberry

President and Principal Executive Officer

<u>/s/ Carol D. Trevino&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Carol D. Trevino

Treasurer and Principal Financial Officer

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

## Ex-99.Cert

<u>Section 302 – CERTIFICATIONS</u>

I, Thomas Dusenberry, certify that:

1. I have reviewed this report on Form N-CSR of Victory Portfolios (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)

&nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)

&nbsp;&nbsp;&nbsp;&nbsp; Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)

&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)

&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

<u>March 9, 2026&nbsp;&nbsp;&nbsp;&nbsp;</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Thomas Dusenberry</u><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thomas Dusenberry

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Principal Executive Officer

<u>Section 302 – CERTIFICATIONS</u>

I, Carol D. Trevino, certify that:

1. I have reviewed this report on Form N-CSR of Victory Portfolios (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)

&nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)

&nbsp;&nbsp;&nbsp;&nbsp; Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)

&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)

&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 <u>March 9, 2026&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Carol D. Trevino&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Date&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carol D. Trevino

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasurer and Principal Financial Officer