Citi Fund Services Ohio, Inc., 4400 Easton Commons, Suite 200, Columbus, OH 43219

December 31, 2022 Semi Annual Report Victory Integrity Discovery Fund Victory Integrity Mid-Cap Value Fund Victory Integrity Small-Cap Value Fund Victory Integrity Small/Mid-Cap Value Fund Victory Munder Multi-Cap Fund Victory S&P 500 Index Fund Victory Munder Mid-Cap Core Growth Fund Victory Trivalent International Fund-Core Equity Victory Trivalent International Small-Cap Fund Victory INCORE Total Return Bond Fund

vcm.com News, Information And Education 24 Hours A Day, 7 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 1 Investment Objectives and Portfolio Holdings 3 Schedules of Portfolio Investments Victory Integrity Discovery Fund 13 Victory Integrity Mid-Cap Value Fund 16 Victory Integrity Small-Cap Value Fund 19 Victory Integrity Small/Mid-Cap Value Fund 22 Victory Munder Multi-Cap Fund 25 Victory S&P 500 Index Fund 28 Victory Munder Mid-Cap Core Growth Fund 37 Victory Trivalent International Fund — Core Equity 39 Victory Trivalent International Small-Cap Fund 50 Victory INCORE Total Return Bond Fund 59 Financial Statements Statements of Assets and Liabilities 67 Statements of Operations 71 Statements of Changes in Net Assets 75 Financial Highlights 88 Notes to Financial Statements 113 Supplemental Information 126 Proxy Voting and Portfolio Holdings Information 126 Expense Examples 126 Advisory Contract Approval 128 Privacy Policy (inside back cover)

2 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

3 Victory Portfolios Victory Integrity Discovery Fund December 31, 2022 Investment Objective and Portfolio Holdings: (Unaudited) The Fund seeks to provide capital appreciation. Top 10 Holdings*: December 31, 2022 (% of Net Assets) Modine Manufacturing Co. 1.3% Premier Financial Corp. 1.2% The First Bancshares, Inc. 1.2% Comtech Telecommunications Corp. 1.1% Collegium Pharmaceutical, Inc. 1.1% Kimball Electronics, Inc. 1.1% Cowen, Inc., Class A 1.1% First Mid Bancshares, Inc. 1.1% PDF Solutions, Inc. 1.1% Harmonic, Inc. 1.1% Sector Allocation*: December 31, 2022 (% of Net Assets) Financials 30.2% Industrials 16.5% Communication Services 2.6% Real Estate 5.0% Energy 5.3% Materials 5.5% Health Care 7.2% Consumer Discretionary 12.0% Information Technology 12.7% * Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. Percentages are of the net assets of the Fund and may not equal 100%. Refer to the Schedule of Portfolio Investments for a complete list of securities.

4 Victory Portfolios Victory Integrity Mid-Cap Value Fund December 31, 2022 Investment Objective and Portfolio Holdings: (Unaudited) The Fund seeks to provide capital appreciation. Top 10 Holdings*: December 31, 2022 (% of Net Assets) Realty Income Corp. 1.4% Motorola Solutions, Inc. 1.4% Fifth Third Bancorp 1.4% Welltower, Inc. 1.4% VICI Properties, Inc. 1.2% State Street Corp. 1.2% Parker-Hannifin Corp. 1.2% Huntington Bancshares, Inc. 1.2% Arthur J. Gallagher & Co. 1.1% Essex Property Trust, Inc. 1.1% Sector Allocation*: December 31, 2022 (% of Net Assets) Industrials 18.2% Financials 15.2% Consumer Discretionary 10.7% Communication Services 2.4% Consumer Staples 4.8% Energy 5.2% Health Care 7.4% Utilities 8.0% Materials 8.0% Real Estate 8.3% Information Technology 10.2% * Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. Percentages are of the net assets of the Fund and may not equal 100%. Refer to the Schedule of Portfolio Investments for a complete list of securities.

5 Victory Portfolios Victory Integrity Small-Cap Value Fund December 31, 2022 Investment Objective and Portfolio Holdings: (Unaudited) The Fund seeks to provide long-term capital growth. Top 10 Holdings*: December 31, 2022 (% of Net Assets) SouthState Corp. 1.3% Valley National Bancorp 1.3% United Community Banks, Inc. 1.2% Synovus Financial Corp. 1.2% Ameris Bancorp 1.1% Meritage Homes Corp. 1.1% STAG Industrial, Inc. 1.0% Cactus, Inc., Class A 1.0% Pacific Premier Bancorp, Inc. 1.0% First Merchants Corp. 1.0% Sector Allocation*: December 31, 2022 (% of Net Assets) Financials 24.0% Industrials 18.4% Communication Services 2.0% Consumer Staples 3.2% Utilities 4.3% Materials 4.5% Energy 5.8% Information Technology 7.4% Health Care 7.9% Real Estate 9.3% Consumer Discretionary 11.8% * Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. Percentages are of the net assets of the Fund and may not equal 100%. Refer to the Schedule of Portfolio Investments for a complete list of securities.

6 Victory Portfolios Victory Integrity Small/Mid-Cap Value Fund December 31, 2022 Investment Objective and Portfolio Holdings: (Unaudited) The Fund seeks to provide capital appreciation. Top 10 Holdings*: December 31, 2022 (% of Net Assets) Synovus Financial Corp. 1.3% First Industrial Realty Trust, Inc. 1.2% Prosperity Bancshares, Inc. 1.2% Flex Ltd. 1.1% Federal Realty Investment Trust 1.0% Apartment Income REIT Corp. 1.0% SouthState Corp. 1.0% Juniper Networks, Inc. 1.0% Ralph Lauren Corp. 1.0% PulteGroup, Inc. 1.0% Sector Allocation*: December 31, 2022 (% of Net Assets) Industrials 20.7% Financials 17.9% Communication Services 2.0% Utilities 3.2% Consumer Staples 3.8% Energy 4.6% Materials 6.1% Health Care 7.4% Real Estate 8.3% Information Technology 10.4% Consumer Discretionary 12.6% * Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. Percentages are of the net assets of the Fund and may not equal 100%. Refer to the Schedule of Portfolio Investments for a complete list of securities.

7 Victory Portfolios Victory Munder Multi-Cap Fund December 31, 2022 Investment Objective and Portfolio Holdings: (Unaudited) The Fund seeks to provide long-term capital appreciation. Top 10 Holdings*: December 31, 2022 (% of Net Assets) Microsoft Corp. 4.1% Apple, Inc. 3.9% Alphabet, Inc., Class A 2.8% UnitedHealth Group, Inc. 2.1% Broadcom, Inc. 2.1% Chevron Corp. 1.8% Chubb Ltd. 1.8% iShares Russell 3000 ETF 1.8% Elevance Health, Inc. 1.7% Cigna Corp. 1.7% Sector Allocation*: December 31, 2022 (% of Net Assets) Information Technology 23.7% Financials 17.0% Real Estate 1.5% Materials 1.8% Exchange-Traded Funds 1.8% Communication Services 5.9% Consumer Staples 7.5% Energy 8.0% Industrials 9.1% Consumer Discretionary 9.1% Health Care 14.3% * Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. Percentages are of the net assets of the Fund and may not equal 100%. Refer to the Schedule of Portfolio Investments for a complete list of securities.

8 Victory Portfolios Victory S&P 500 Index Fund December 31, 2022 Investment Objective and Portfolio Holdings: (Unaudited) The Fund seeks to provide performance and income that is comparable to the S&P 500® Index. Top 10 Holdings*: December 31, 2022 (% of Net Assets) Apple, Inc. 6.0% Microsoft Corp. 5.5% Amazon.com, Inc. 2.3% Berkshire Hathaway, Inc., Class B 1.7% Alphabet, Inc., Class A 1.6% UnitedHealth Group, Inc. 1.5% Alphabet, Inc., Class C 1.5% Johnson & Johnson 1.4% Exxon Mobil Corp. 1.4% JPMorgan Chase & Co. 1.2% Sector Allocation*: December 31, 2022 (% of Net Assets) Information Technology 25.4% Health Care 15.7% Real Estate 2.7% Materials 2.7% Utilities 3.2% Energy 5.2% Consumer Staples 7.1% Communication Services 7.2% Industrials 8.6% Consumer Discretionary 9.7% Financials 11.5% * Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. Percentages are of the net assets of the Fund and may not equal 100%. Refer to the Schedule of Portfolio Investments for a complete list of securities.

9 Victory Portfolios Victory Munder Mid-Cap Core Growth Fund December 31, 2022 Investment Objective and Portfolio Holdings: (Unaudited) The Fund seeks to provide long-term capital appreciation. Top 10 Holdings*: December 31, 2022 (% of Net Assets) W.R. Berkley Corp. 2.3% Synopsys, Inc. 2.2% Fair Isaac Corp. 2.2% Agilent Technologies, Inc. 2.2% CDW Corp. 2.2% Avery Dennison Corp. 2.1% FMC Corp. 2.1% Sempra Energy 2.0% Halozyme Therapeutics, Inc. 2.0% Cheniere Energy, Inc. 1.9% Sector Allocation*: December 31, 2022 (% of Net Assets) Industrials 17.3% Information Technology 17.2% Health Care 14.1% Communication Services 2.3% Consumer Staples 4.0% Utilities 4.2% Real Estate 4.7% Energy 5.2% Materials 5.6% Financials 10.7% Consumer Discretionary 14.0% * Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. Percentages are of the net assets of the Fund and may not equal 100%. Refer to the Schedule of Portfolio Investments for a complete list of securities.

10 Victory Portfolios Victory Trivalent International Fund — Core Equity December 31, 2022 Investment Objective and Portfolio Holdings: (Unaudited) The Fund seeks to provide long-term growth of capital. Top 10 Holdings*: December 31, 2022 (% of Net Assets) Novo Nordisk A/S, Class B 1.7% LVMH Moet Hennessy Louis Vuitton SE 1.6% Taiwan Semiconductor Manufacturing Co. Ltd. 1.5% AstraZeneca PLC 1.4% Novartis AG, Registered Shares 1.3% Nestle SA, Registered Shares 1.1% Stellantis NV 0.9% Deutsche Telekom AG 0.9% Alibaba Group Holding Ltd. 0.9% Cie Financiere Richemont SA, Registered Shares 0.9% Sector Allocation*: December 31, 2022 (% of Net Assets) Financials 20.7% Industrials 11.7% Health Care 10.5% Exchange-Traded Funds 1.6% Real Estate 2.5% Utilities 3.9% Communication Services 5.6% Energy 6.5% Materials 8.0% Consumer Staples 8.0% Information Technology 10.3% Consumer Discretionary 10.4% * Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. Percentages are of the net assets of the Fund and may not equal 100%. Refer to the Schedule of Portfolio Investments for a complete list of securities.

11 Victory Portfolios Victory Trivalent International Small-Cap Fund December 31, 2022 Investment Objective and Portfolio Holdings: (Unaudited) The Fund seeks to provide long-term growth of capital. Top 10 Holdings*: December 31, 2022 (% of Net Assets) Bank of Ireland Group PLC 1.2% BRP, Inc. 1.0% Eiffage SA 0.9% Internet Initiative Japan, Inc. 0.9% ASR Nederland NV 0.8% Shinko Electric Industries Co. Ltd. 0.8% Bankinter SA 0.8% Finning International, Inc. 0.8% PSP Swiss Property AG, Registered Shares 0.8% Perion Network Ltd. 0.8% Sector Allocation*: December 31, 2022 (% of Net Assets) Industrials 21.3% Information Technology 11.6% Consumer Discretionary 11.5% Exchange-Traded Funds 0.1% Utilities 2.9% Consumer Staples 3.7% Energy 4.5% Communication Services 4.9% Health Care 8.3% Real Estate 8.8% Materials 10.4% Financials 11.2% * Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. Percentages are of the net assets of the Fund and may not equal 100%. Refer to the Schedule of Portfolio Investments for a complete list of securities.

12 Victory Portfolios Victory INCORE Total Return Bond Fund December 31, 2022 Investment Objective and Portfolio Holdings: (Unaudited) The Fund seeks to provide a high level of current income. Its secondary objective is capital appreciation. Asset Allocation*: December 31, 2022 (% of Net Assets) Corporate Bonds 32.7% U.S. Government Mortgage-Backed Agencies 25.5% Residential Mortgage-Backed Securities 0.1% Convertible Preferred Stocks 2.0% Asset-Backed Securities 4.1% Yankee Dollars 5.7% Convertible Corporate Bonds 6.3% Collateralized Mortgage Obligations 10.0% U.S. Treasury Obligations 10.4% * Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. Percentages are of the net assets of the Fund and may not equal 100%. Refer to the Schedule of Portfolio Investments for a complete list of securities.

Schedule of Portfolio Investments December 31, 2022 Victory Portfolios Victory Integrity Discovery Fund 13 (Amounts in Thousands, Except for Shares) (Unaudited) See notes to financial statements. Security Description Shares Value Common Stocks (97.0%) Banks (22.7%): Business First Bancshares, Inc. ............................................. 28,000 $ 620 Central Pacific Financial Corp. ............................................. 16,900 343 Civista Bancshares, Inc. .................................................. 24,000 528 ConnectOne Bancorp, Inc. ................................................ 28,100 680 Dime Community Bancshares, Inc. .......................................... 20,400 649 Financial Institutions, Inc. ................................................ 23,100 563 First Foundation, Inc. ................................................... 36,500 523 First Internet Bancorp ................................................... 19,700 478 First Mid Bancshares, Inc. ................................................ 21,970 705 German American Bancorp, Inc. ............................................ 17,200 642 HarborOne Bancorp, Inc. ................................................. 45,500 632 Heritage Commerce Corp. ................................................ 43,200 562 HomeStreet, Inc. ....................................................... 18,200 502 Hometrust Bancshares, Inc. ............................................... 20,600 498 Independent Bank Corp. ................................................. 25,000 598 Mercantile Bank Corp. ................................................... 17,700 593 Origin Bancorp, Inc. .................................................... 18,000 661 Peoples Bancorp, Inc. ................................................... 21,900 619 Premier Financial Corp. .................................................. 28,150 759 Primis Financial Corp. ................................................... 41,500 492 QCR Holdings, Inc. ..................................................... 13,300 660 SmartFinancial, Inc. .................................................... 11,100 305 The First Bancshares, Inc. ................................................ 23,700 759 Univest Financial Corp. .................................................. 25,500 666 Washington Trust Bancorp, Inc. ............................................ 11,200 528 14,565 Capital Markets (1.9%): Cowen, Inc., Class A .................................................... 18,300 707 Diamond Hill Investment Group, Inc. ........................................ 2,700 499 1,206 Communication Services (2.6%): Clear Channel Outdoor Holdings, Inc. (a)...................................... 428,000 450 Emerald Holding, Inc. (a)(b) ............................................... 87,000 308 The E.W. Scripps Co. Class A, Class A (a) ..................................... 25,107 331 The Marcus Corp. ...................................................... 42,400 610 1,699 Consumer Discretionary (12.0%): BJ's Restaurants, Inc. (a).................................................. 16,700 440 Chico's FAS, Inc. (a) .................................................... 97,000 477 Chuy's Holdings, Inc. (a) ................................................. 18,950 536 Express, Inc. (a)(b)...................................................... 147,000 150 Funko, Inc., Class A (a) .................................................. 17,801 194 Genesco, Inc. (a) ....................................................... 12,400 571 Green Brick Partners, Inc. (a) .............................................. 17,500 424 Inspired Entertainment, Inc. (a) ............................................. 37,000 469 Lindblad Expeditions Holdings, Inc. (a) ....................................... 44,700 344 Malibu Boats, Inc., Class A (a) ............................................. 6,000 320 Modine Manufacturing Co. (a) ............................................. 41,445 823 Motorcar Parts of America, Inc. (a) .......................................... 37,200 441 Noodles & Co. (a) ...................................................... 75,000 412 OneWater Marine, Inc. (a)................................................. 10,500 300 Potbelly Corp. (a)....................................................... 65,500 365 Shoe Carnival, Inc. ..................................................... 19,100 457 The Children's Place, Inc. (a)............................................... 6,700 244 Universal Electronics, Inc. (a) .............................................. 18,000 375 Zumiez, Inc. (a) ........................................................ 16,600 361 7,703 Consumer Finance (1.0%): EZCORP, Inc., Class A (a) ................................................ 82,000 668

Victory Portfolios Victory Integrity Discovery Fund 14 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Energy (5.3%): Berry Corp. .......................................................... 72,100 $ 577 Diamond Offshore Drilling, Inc. (a) .......................................... 38,800 403 International Seaways, Inc. ............................................... 11,000 407 ProPetro Holding Corp. (a) ................................................ 36,700 381 Solaris Oilfield Infrastructure, Inc., Class A .................................... 44,500 442 Talos Energy, Inc. (a) .................................................... 31,900 602 Tidewater, Inc. (a) ...................................................... 15,300 564 3,376 Health Care (7.2%): AngioDynamics, Inc. (a).................................................. 47,000 647 Artivion, Inc. (a) ....................................................... 37,500 454 Brookdale Senior Living, Inc. (a)............................................ 111,800 305 Collegium Pharmaceutical, Inc. (a) .......................................... 31,380 728 Community Health Systems, Inc. ........................................... 118,000 510 Cross Country Healthcare, Inc. (a)........................................... 13,952 371 HealthStream, Inc. (a).................................................... 25,000 621 RadNet, Inc. (a) ........................................................ 36,100 680 Zimvie, Inc. (a) ........................................................ 31,000 290 4,606 Industrials (16.5%): BlueLinx Holdings, Inc. (a)................................................ 4,800 341 CIRCOR International, Inc. (a) ............................................. 25,300 606 Columbus McKinnon Corp. ............................................... 20,700 672 Covenant Logistics Group, Inc., Class A ...................................... 19,600 678 CRA International, Inc. .................................................. 3,950 484 Ducommun, Inc. (a) ..................................................... 12,700 635 DXP Enterprises, Inc. (a) ................................................. 19,900 548 Eagle Bulk Shipping, Inc. ................................................ 12,170 608 Great Lakes Dredge & Dock Corp. (a) ........................................ 61,900 368 Hawaiian Holdings, Inc. (a) ............................................... 30,250 310 Heritage-Crystal Clean, Inc. (a)............................................. 20,200 656 Interface, Inc. ......................................................... 44,800 442 Kelly Services, Inc., Class A ............................................... 35,600 602 Kimball International, Inc., Class B ......................................... 61,345 399 Matrix Service Co. (a) ................................................... 38,000 236 NN, Inc. (a)(b)......................................................... 84,000 126 Park Aerospace Corp. ................................................... 40,800 547 Park-Ohio Holdings Corp. ................................................ 20,100 246 SP Plus Corp. (a) ....................................................... 13,400 465 Titan Machinery, Inc. (a).................................................. 16,500 656 VSE Corp. ........................................................... 12,300 577 Willdan Group, Inc. (a)................................................... 19,859 354 10,556 Information Technology (12.7%): American Software, Inc., Class A ........................................... 34,772 510 Benchmark Electronics, Inc. ............................................... 16,200 432 Comtech Telecommunications Corp. ......................................... 60,157 730 Digi International, Inc. (a)................................................. 16,876 617 Harmonic, Inc. (a) ...................................................... 52,000 681 I3 Verticals, Inc., Class A (a) ............................................... 16,450 400 Ichor Holdings Ltd. (a) ................................................... 21,430 575 Impinj, Inc. (a)......................................................... 2,855 312 Infinera Corp. (a) ....................................................... 79,330 535 Kimball Electronics, Inc. (a) ............................................... 31,500 712 Lantronix, Inc. (a) ...................................................... 94,451 408 PDF Solutions, Inc. (a) ................................................... 24,400 696 ScanSource, Inc. (a) ..................................................... 19,300 564 Veeco Instruments, Inc. (a) ................................................ 21,550 400 Vishay Precision Group, Inc. (a) ............................................ 15,600 603 8,175 Insurance (0.9%): HCI Group, Inc. ....................................................... 11,500 455

Victory Portfolios Victory Integrity Discovery Fund 15 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Heritage Insurance Holdings, Inc. ........................................... 63,000 $ 114 569 Materials (5.5%): AdvanSix, Inc. ........................................................ 17,650 671 Clearwater Paper Corp. (a) ................................................ 15,500 586 Haynes International, Inc. ................................................ 8,370 383 Koppers Holdings, Inc. .................................................. 21,200 598 Schnitzer Steel Industries, Inc. ............................................. 20,600 631 SunCoke Energy, Inc. ................................................... 78,000 673 3,542 Mortgage Real Estate Investment Trusts (REITs) (1.9%): Ares Commercial Real Estate Corp. ......................................... 48,700 501 Dynex Capital, Inc. ..................................................... 47,000 598 Western Asset Mortgage Capital Corp. ....................................... 14,400 131 1,230 Real Estate (5.0%): City Office REIT, Inc. ................................................... 52,000 436 Global Medical REIT, Inc. ................................................ 63,500 602 NETSTREIT Corp. ..................................................... 34,800 638 NexPoint Residential Trust, Inc. ............................................ 8,497 370 Plymouth Industrial REIT, Inc. ............................................. 33,500 642 Urstadt Biddle Properties, Inc., Class A ....................................... 27,500 521 3,209 Thrifts & Mortgage Finance (1.8%): Bridgewater Bancshares, Inc. (a) ............................................ 34,000 603 Southern Missouri Bancorp, Inc. ............................................ 11,850 543 1,146 Total Common Stocks (Cost $56,685) a a a 62,250 Collateral for Securities Loaned (0.5%)^ Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.14% (c) ....... 79,363 80 HSBC U.S. Government Money Market Fund, Institutional Shares, 4.13% (c)............ 79,363 79 Invesco Government & Agency Portfolio, Institutional Shares, 4.22% (c) ............... 79,363 79 Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 4.08% (c). 79,363 79 Total Collateral for Securities Loaned (Cost $317) a a a 317 Total Investments (Cost $57,002) — 97.5% 62,567 Other assets in excess of liabilities — 2.5% 1,614 NET ASSETS - 100.00% $ 64,181 ^ 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, 2022. REIT—Real Estate Investment Trust

Schedule of Portfolio Investments December 31, 2022 Victory Portfolios Victory Integrity Mid-Cap Value Fund 16 (Amounts in Thousands, Except for Shares) (Unaudited) See notes to financial statements. Security Description Shares Value Common Stocks (98.4%) Communication Services (2.4%): Liberty Media Corp.-Liberty Formula One, Class C (a) ............................ 31,980 $ 1,912 Lions Gate Entertainment Corp., Class B (a).................................... 165,600 899 Nexstar Media Group, Inc. ................................................ 12,199 2,135 Take-Two Interactive Software, Inc. (a) ....................................... 20,497 2,135 7,081 Consumer Discretionary (10.7%): Aptiv PLC (a) ......................................................... 23,035 2,145 Aramark ............................................................. 58,065 2,400 Brunswick Corp. ....................................................... 24,500 1,766 Caesars Entertainment, Inc. (a) ............................................. 41,100 1,710 D.R. Horton, Inc. ...................................................... 30,763 2,742 Dollar Tree, Inc. (a) ..................................................... 16,458 2,328 Foot Locker, Inc. ....................................................... 51,900 1,961 Norwegian Cruise Line Holdings Ltd. (a)(b).................................... 124,122 1,519 Ralph Lauren Corp. ..................................................... 27,589 2,915 Ross Stores, Inc. ....................................................... 25,123 2,916 Tapestry, Inc. ......................................................... 79,038 3,010 Travel + Leisure Co. .................................................... 44,000 1,602 Victoria's Secret & Co. (a) ................................................ 45,049 1,612 Yum! Brands, Inc. ...................................................... 23,341 2,990 31,616 Consumer Staples (4.8%): Archer-Daniels-Midland Co. .............................................. 21,933 2,037 BJ's Wholesale Club Holdings, Inc. (a)........................................ 31,236 2,067 Coty, Inc., Class A (a).................................................... 320,364 2,742 Lamb Weston Holdings, Inc. .............................................. 26,972 2,410 Molson Coors Beverage Co., Class B ........................................ 50,824 2,618 Performance Food Group Co. (a)............................................ 38,079 2,223 14,097 Energy (5.2%): Antero Resources Corp. (a)................................................ 60,828 1,885 Cheniere Energy, Inc. ................................................... 15,842 2,376 Devon Energy Corp. .................................................... 39,527 2,431 Diamondback Energy, Inc. ................................................ 17,916 2,451 Halliburton Co. ........................................................ 83,282 3,277 Hess Corp. ........................................................... 19,965 2,831 15,251 Financials (15.2%): American Financial Group, Inc. ............................................ 19,619 2,693 Arch Capital Group Ltd. (a) ............................................... 38,683 2,429 Arthur J. Gallagher & Co. ................................................ 17,768 3,350 Artisan Partners Asset Management, Inc., Class A ............................... 69,534 2,065 Fifth Third Bancorp ..................................................... 126,594 4,154 First Republic Bank ..................................................... 18,183 2,216 Huntington Bancshares, Inc. ............................................... 242,319 3,417 M&T Bank Corp. ...................................................... 17,800 2,582 Northern Trust Corp. .................................................... 29,260 2,589 Regions Financial Corp. .................................................. 129,331 2,788 Reinsurance Group of America, Inc. ......................................... 21,447 3,048 State Street Corp. ...................................................... 46,500 3,607 The Allstate Corp. ...................................................... 17,809 2,415 The Hartford Financial Services Group, Inc. ................................... 34,803 2,639 Unum Group .......................................................... 65,415 2,684 Western Alliance Bancorp ................................................ 39,798 2,370 45,046 Health Care (7.4%): Centene Corp. (a)....................................................... 25,584 2,098 Elanco Animal Health, Inc. (a) ............................................. 151,085 1,846 Encompass Health Corp. ................................................. 45,647 2,730 Jazz Pharmaceuticals PLC (a) .............................................. 16,351 2,605 Laboratory Corp. of America Holdings ....................................... 9,000 2,119 Organon & Co. ........................................................ 79,653 2,225

Victory Portfolios Victory Integrity Mid-Cap Value Fund 17 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Perrigo Co. PLC ....................................................... 54,916 $ 1,872 STERIS PLC ......................................................... 12,417 2,293 Tenet Healthcare Corp. (a) ................................................ 38,053 1,857 Zimmer Biomet Holdings, Inc. ............................................. 18,262 2,329 21,974 Industrials (18.2%): Builders FirstSource, Inc. (a)............................................... 28,500 1,849 BWX Technologies, Inc. ................................................. 40,819 2,371 Copart, Inc. (a)......................................................... 42,966 2,616 Crane Holdings Co. ..................................................... 19,539 1,963 Cummins, Inc. ........................................................ 13,210 3,201 Curtiss-Wright Corp. .................................................... 12,728 2,125 Delta Air Lines, Inc. (a) .................................................. 80,550 2,647 Dover Corp. .......................................................... 23,640 3,201 Howmet Aerospace, Inc. ................................................. 64,977 2,561 Huntington Ingalls Industries, Inc. .......................................... 7,670 1,769 ITT, Inc. ............................................................. 31,970 2,593 KBR, Inc. ............................................................ 43,341 2,288 Knight-Swift Transportation Holdings, Inc. .................................... 44,284 2,321 Old Dominion Freight Line, Inc. ............................................ 10,085 2,862 Oshkosh Corp. ........................................................ 29,563 2,607 Parker-Hannifin Corp. ................................................... 12,205 3,552 Pentair PLC .......................................................... 48,169 2,167 Republic Services, Inc. .................................................. 20,043 2,585 Rockwell Automation, Inc. ................................................ 9,100 2,344 The Timken Co. ....................................................... 20,536 1,451 WESCO International, Inc. (a) ............................................. 15,830 1,982 Westinghouse Air Brake Technologies Corp. ................................... 26,136 2,608 53,663 Information Technology (10.2%): Ciena Corp. (a) ........................................................ 51,432 2,622 DXC Technology Co. (a) ................................................. 93,000 2,464 Flex Ltd. (a) .......................................................... 146,815 3,151 Global Payments, Inc. ................................................... 32,304 3,208 Jabil, Inc. ............................................................ 34,836 2,376 Juniper Networks, Inc. ................................................... 87,800 2,806 MKS Instruments, Inc. ................................................... 25,086 2,126 Motorola Solutions, Inc. ................................................. 16,443 4,237 ON Semiconductor Corp. (a)............................................... 24,000 1,497 Skyworks Solutions, Inc. ................................................. 18,986 1,730 Verint Systems, Inc. (a)................................................... 51,041 1,852 Western Digital Corp. (a) ................................................. 70,647 2,229 30,298 Materials (8.0%): Ashland, Inc. ......................................................... 23,000 2,473 Avery Dennison Corp. ................................................... 12,580 2,277 Berry Global Group, Inc. ................................................. 46,463 2,808 Corteva, Inc. .......................................................... 42,677 2,508 DuPont de Nemours, Inc. ................................................. 43,800 3,006 Olin Corp. ........................................................... 49,643 2,628 Packaging Corp. ....................................................... 14,870 1,902 Reliance Steel & Aluminum Co. ............................................ 10,457 2,117 Steel Dynamics, Inc. .................................................... 16,077 1,571 Westlake Corp. ........................................................ 21,806 2,236 23,526 Real Estate (8.3%): Apartment Income REIT Corp. ............................................. 78,339 2,688 Essex Property Trust, Inc. ................................................ 15,488 3,282 Federal Realty Investment Trust ............................................ 25,504 2,577 Host Hotels & Resorts, Inc. ............................................... 159,046 2,553 Realty Income Corp. .................................................... 68,000 4,313 VICI Properties, Inc. .................................................... 114,488 3,710 Welltower, Inc. ........................................................ 61,364 4,022

Victory Portfolios Victory Integrity Mid-Cap Value Fund 18 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Weyerhaeuser Co. ...................................................... 46,189 $ 1,432 24,577 Utilities (8.0%): CenterPoint Energy, Inc. ................................................. 99,438 2,982 Constellation Energy Corp. ............................................... 36,003 3,104 DTE Energy Co. ....................................................... 20,473 2,406 Evergy, Inc. .......................................................... 40,605 2,555 FirstEnergy Corp. ...................................................... 45,835 1,922 PPL Corp. ............................................................ 84,000 2,455 UGI Corp. ........................................................... 71,654 2,656 Vistra Corp. .......................................................... 108,278 2,512 Xcel Energy, Inc. ....................................................... 42,900 3,008 23,600 Total Common Stocks (Cost $268,734) a a a 290,729 Collateral for Securities Loaned (0.5%)^ Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.14% (c) ....... 391,425 392 HSBC U.S. Government Money Market Fund, Institutional Shares, 4.13% (c)............ 391,425 391 Invesco Government & Agency Portfolio, Institutional Shares, 4.22% (c) ............... 391,425 392 Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 4.08% (c). 391,425 391 Total Collateral for Securities Loaned (Cost $1,568) a a a 1,566 Total Investments (Cost $270,302) — 98.9% 292,295 Other assets in excess of liabilities — 1.1% 3,370 NET ASSETS - 100.00% $ 295,665 ^ 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, 2022. PLC—Public Limited Company REIT—Real Estate Investment Trust

Schedule of Portfolio Investments December 31, 2022 Victory Portfolios Victory Integrity Small-Cap Value Fund 19 (Amounts in Thousands, Except for Shares) (Unaudited) See notes to financial statements. Security Description Shares Value Common Stocks (98.6%) Communication Services (2.0%): Cinemark Holdings, Inc. (a) ............................................... 646,778 $ 5,601 Gray Television, Inc. .................................................... 586,000 6,557 Lions Gate Entertainment Corp., Class B (a).................................... 805,869 4,376 Magnite, Inc. (a) ....................................................... 668,700 7,082 The Marcus Corp. ...................................................... 373,000 5,367 28,983 Consumer Discretionary (11.8%): Asbury Automotive Group, Inc. (a) .......................................... 62,000 11,114 Bloomin' Brands, Inc. ................................................... 584,169 11,753 Brinker International, Inc. (a) .............................................. 249,124 7,950 Brunswick Corp. ....................................................... 95,133 6,857 Century Communities, Inc. ............................................... 162,000 8,102 Crocs, Inc. (a) ......................................................... 84,900 9,206 Dave & Buster's Entertainment, Inc. (a) ....................................... 181,000 6,415 Foot Locker, Inc. ....................................................... 300,800 11,367 Light & Wonder, Inc. (a).................................................. 181,200 10,618 Macy's, Inc. .......................................................... 483,700 9,988 Marriott Vacations Worldwide Corp. ......................................... 76,046 10,235 Meritage Homes Corp. (a)................................................. 172,800 15,932 PVH Corp. ........................................................... 164,200 11,591 Signet Jewelers Ltd. .................................................... 177,300 12,056 Steven Madden Ltd. .................................................... 293,300 9,374 Victoria's Secret & Co. (a) ................................................ 226,000 8,086 Visteon Corp. (a) ....................................................... 102,405 13,398 174,042 Consumer Staples (3.2%): Coty, Inc., Class A (a).................................................... 1,596,578 13,667 MGP Ingredients, Inc. ................................................... 64,200 6,830 The Andersons, Inc. ..................................................... 246,000 8,608 The Simply Good Foods Co. (a) ............................................ 257,678 9,799 United Natural Foods, Inc. (a) .............................................. 206,600 7,997 46,901 Energy (5.8%): Cactus, Inc., Class A .................................................... 301,400 15,148 Chord Energy Corp. .................................................... 69,000 9,440 Civitas Resources, Inc. .................................................. 204,300 11,835 CONSOL Energy, Inc. ................................................... 223,000 14,495 Diamond Offshore Drilling, Inc. (a) .......................................... 844,600 8,784 Green Plains, Inc. (a) .................................................... 373,800 11,401 International Seaways, Inc. ............................................... 180,500 6,682 Scorpio Tankers, Inc. .................................................... 144,300 7,759 85,544 Financials (24.0%): Ameris Bancorp ....................................................... 350,000 16,499 Artisan Partners Asset Management, Inc., Class A ............................... 324,000 9,623 Assured Guaranty Ltd. ................................................... 163,700 10,192 Atlantic Union Bankshares Corp. ........................................... 380,000 13,353 Banc of California, Inc. .................................................. 607,000 9,669 Bank of Hawaii Corp. ................................................... 166,900 12,945 Blackstone Mortgage Trust, Inc., Class A ..................................... 490,000 10,373 Brighthouse Financial, Inc. (a) ............................................. 134,029 6,872 FB Financial Corp. ..................................................... 305,000 11,023 Federated Hermes, Inc. .................................................. 212,800 7,727 First Bancorp/Southern Pines NC ........................................... 219,120 9,387 First Merchants Corp. ................................................... 357,200 14,684 Heritage Financial Corp. ................................................. 143,500 4,397 Horace Mann Educators Corp. ............................................. 206,500 7,717 Kinsale Capital Group, Inc. ............................................... 42,200 11,036 Ladder Capital Corp. .................................................... 788,000 7,912 MGIC Investment Corp. ................................................. 805,399 10,470 Northwest Bancshares, Inc. ............................................... 731,000 10,219 Pacific Premier Bancorp, Inc. .............................................. 467,000 14,739

Victory Portfolios Victory Integrity Small-Cap Value Fund 20 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Primerica, Inc. ........................................................ 55,900 $ 7,928 Prosperity Bancshares, Inc. ............................................... 198,500 14,427 RLI Corp. ............................................................ 68,100 8,939 Sandy Spring Bancorp, Inc. ............................................... 289,800 10,210 SouthState Corp. ....................................................... 258,400 19,731 Stewart Information Services Corp. ......................................... 90,600 3,871 Stifel Financial Corp. .................................................... 120,500 7,034 Synovus Financial Corp. ................................................. 480,500 18,043 The Hanover Insurance Group, Inc. .......................................... 54,400 7,351 United Community Banks, Inc. ............................................. 536,000 18,117 Valley National Bancorp ................................................. 1,713,200 19,376 Virtus Investment Partners, Inc. ............................................ 46,100 8,825 Wintrust Financial Corp. ................................................. 120,500 10,185 352,874 Health Care (7.9%): Brookdale Senior Living, Inc. (a)............................................ 1,545,840 4,220 Encompass Health Corp. ................................................. 173,300 10,365 Haemonetics Corp. (a) ................................................... 111,800 8,793 Ironwood Pharmaceuticals, Inc. (a) .......................................... 897,950 11,126 LivaNova PLC (a) ...................................................... 215,400 11,964 NuVasive, Inc. (a) ...................................................... 244,300 10,075 Patterson Cos., Inc. ..................................................... 339,500 9,516 Perrigo Co. PLC ....................................................... 243,800 8,311 Prestige Consumer Healthcare, Inc. (a)........................................ 145,100 9,083 Select Medical Holdings Corp. ............................................. 310,500 7,710 Supernus Pharmaceuticals, Inc. (a)........................................... 343,235 12,243 Tenet Healthcare Corp. (a) ................................................ 263,153 12,839 116,245 Industrials (18.4%): AAR Corp. (a)......................................................... 247,000 11,090 Atkore, Inc. (a) ........................................................ 63,000 7,146 BWX Technologies, Inc. ................................................. 192,100 11,157 CACI International, Inc., Class A (a) ......................................... 42,500 12,775 Clean Harbors, Inc. (a) ................................................... 93,000 10,613 Crane Holdings Co. ..................................................... 131,320 13,191 Curtiss-Wright Corp. .................................................... 67,000 11,188 EMCOR Group, Inc. .................................................... 83,400 12,352 EnPro Industries, Inc. ................................................... 103,738 11,275 Esab Corp. ........................................................... 195,700 9,182 ESCO Technologies, Inc. ................................................. 109,200 9,559 Federal Signal Corp. .................................................... 237,700 11,046 FTI Consulting, Inc. (a) .................................................. 67,700 10,751 Hawaiian Holdings, Inc. (a) ............................................... 608,700 6,245 Hub Group, Inc., Class A (a) ............................................... 147,700 11,741 IAA, Inc. (a) .......................................................... 238,700 9,548 Kirby Corp. (a) ........................................................ 141,587 9,111 Maxar Technologies, Inc. ................................................. 275,000 14,229 Saia, Inc. (a) .......................................................... 55,950 11,732 The Greenbrier Cos., Inc. ................................................. 233,153 7,818 The Timken Co. ....................................................... 124,400 8,791 UFP Industries, Inc. ..................................................... 133,400 10,572 Univar Solutions, Inc. (a) ................................................. 285,500 9,079 Wabash National Corp. .................................................. 455,300 10,290 Werner Enterprises, Inc. .................................................. 236,565 9,524 WESCO International, Inc. (a) ............................................. 78,000 9,766 269,771 Information Technology (7.4%): Axcelis Technologies, Inc. (a) .............................................. 111,400 8,841 Belden, Inc. .......................................................... 167,200 12,022 Diodes, Inc. (a) ........................................................ 106,400 8,101 FormFactor, Inc. (a) ..................................................... 370,000 8,225 Harmonic, Inc. (a) ...................................................... 745,800 9,770 Infinera Corp. (a)(b) ..................................................... 1,722,089 11,607 Plexus Corp. (a)........................................................ 113,900 11,724

Victory Portfolios Victory Integrity Small-Cap Value Fund 21 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Progress Software Corp. ................................................. 193,600 $ 9,767 Sanmina Corp. (a) ...................................................... 181,800 10,415 Veeco Instruments, Inc. (a) ................................................ 439,000 8,157 Verint Systems, Inc. (a)................................................... 291,400 10,572 109,201 Materials (4.5%): AdvanSix, Inc. ........................................................ 253,300 9,630 ATI, Inc. (a)........................................................... 304,000 9,077 Avient Corp. .......................................................... 370,400 12,505 Commercial Metals Co. .................................................. 242,200 11,698 O-I Glass, Inc. (a) ...................................................... 680,200 11,271 Sylvamo Corp. ........................................................ 242,200 11,769 65,950 Real Estate (9.3%): Alexander & Baldwin, Inc. ................................................ 401,400 7,518 CareTrust REIT, Inc. .................................................... 510,400 9,483 DiamondRock Hospitality Co. ............................................. 1,100,000 9,009 Easterly Government Properties, Inc. ........................................ 551,000 7,863 Essential Properties Realty Trust, Inc. ........................................ 515,800 12,106 Hudson Pacific Properties, Inc. ............................................. 573,545 5,581 LXP Industrial Trust .................................................... 1,307,700 13,103 Physicians Realty Trust .................................................. 705,000 10,201 Sabra Health Care REIT, Inc. .............................................. 848,000 10,541 SITE Centers Corp. ..................................................... 1,041,400 14,226 STAG Industrial, Inc. .................................................... 472,500 15,266 Summit Hotel Properties, Inc. .............................................. 1,120,000 8,086 Sunstone Hotel Investors, Inc. ............................................. 628,700 6,073 Veris Residential, Inc. (a) ................................................. 474,300 7,556 136,612 Utilities (4.3%): ALLETE, Inc. ......................................................... 193,800 12,502 Black Hills Corp. ...................................................... 208,500 14,666 NorthWestern Corp. ..................................................... 187,700 11,138 ONE Gas, Inc. ........................................................ 167,300 12,668 Portland General Electric Co. .............................................. 255,000 12,495 63,469 Total Common Stocks (Cost $1,270,382) a a a 1,449,592 Collateral for Securities Loaned (0.8%)^ Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.14% (c) ....... 2,861,695 2,862 HSBC U.S. Government Money Market Fund, Institutional Shares, 4.13% (c)............ 2,861,695 2,861 Invesco Government & Agency Portfolio, Institutional Shares, 4.22% (c) ............... 2,861,695 2,862 Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 4.08% (c). 2,861,695 2,862 Total Collateral for Securities Loaned (Cost $11,447) a a a 11,447 Total Investments (Cost $1,281,829) — 99.4% 1,461,039 Other assets in excess of liabilities — 0.6% 9,473 NET ASSETS - 100.00% $ 1,470,512 ^ 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, 2022. PLC—Public Limited Company REIT—Real Estate Investment Trust

Schedule of Portfolio Investments December 31, 2022 Victory Portfolios Victory Integrity Small/Mid-Cap Value Fund 22 (Amounts in Thousands, Except for Shares) (Unaudited) See notes to financial statements. Security Description Shares Value Common Stocks (97.0%) Communication Services (2.0%): Cinemark Holdings, Inc. (a) ............................................... 86,000 $ 745 Liberty Media Corp.-Liberty Formula One, Class C (a) ............................ 25,800 1,542 Lions Gate Entertainment Corp., Class B (a).................................... 110,030 598 Nexstar Media Group, Inc. ................................................ 9,480 1,659 4,544 Consumer Discretionary (12.6%): Aramark ............................................................. 51,820 2,142 Asbury Automotive Group, Inc. (a) .......................................... 9,772 1,752 Bloomin' Brands, Inc. ................................................... 90,471 1,820 Brunswick Corp. ....................................................... 20,000 1,442 Caesars Entertainment, Inc. (a) ............................................. 27,442 1,142 Foot Locker, Inc. ....................................................... 43,170 1,631 Macy's, Inc. .......................................................... 69,828 1,442 Norwegian Cruise Line Holdings Ltd. (a)(b).................................... 107,997 1,322 PulteGroup, Inc. ....................................................... 51,000 2,322 PVH Corp. ........................................................... 25,447 1,796 Ralph Lauren Corp. ..................................................... 21,977 2,322 Signet Jewelers Ltd. .................................................... 28,010 1,905 Steven Madden Ltd. .................................................... 46,915 1,499 Tapestry, Inc. ......................................................... 56,299 2,144 Travel + Leisure Co. .................................................... 34,119 1,242 Victoria's Secret & Co. (a) ................................................ 34,932 1,250 Visteon Corp. (a) ....................................................... 15,140 1,981 29,154 Consumer Staples (3.8%): BJ's Wholesale Club Holdings, Inc. (a)........................................ 21,396 1,415 Coty, Inc., Class A (a).................................................... 260,021 2,226 MGP Ingredients, Inc. ................................................... 14,250 1,516 Molson Coors Beverage Co., Class B ........................................ 34,600 1,783 Performance Food Group Co. (a)............................................ 32,271 1,884 8,824 Energy (4.6%): Antero Resources Corp. (a)................................................ 47,707 1,478 Cactus, Inc., Class A .................................................... 34,618 1,740 Chord Energy Corp. .................................................... 10,379 1,420 Civitas Resources, Inc. .................................................. 24,963 1,446 CONSOL Energy, Inc. ................................................... 27,367 1,779 Green Plains, Inc. (a) .................................................... 45,900 1,400 PDC Energy, Inc. ...................................................... 22,054 1,400 10,663 Financials (17.9%): American Financial Group, Inc. ............................................ 15,495 2,127 Artisan Partners Asset Management, Inc., Class A ............................... 51,700 1,535 Atlantic Union Bankshares Corp. ........................................... 58,799 2,066 Bank of Hawaii Corp. ................................................... 29,042 2,253 Blackstone Mortgage Trust, Inc., Class A ..................................... 80,031 1,694 East West Bancorp, Inc. .................................................. 28,078 1,850 Federated Hermes, Inc. .................................................. 32,300 1,173 First American Financial Corp. ............................................. 27,228 1,425 Kinsale Capital Group, Inc. ............................................... 5,758 1,506 MGIC Investment Corp. ................................................. 111,711 1,452 Prosperity Bancshares, Inc. ............................................... 36,890 2,681 Reinsurance Group of America, Inc. ......................................... 12,012 1,707 SouthState Corp. ....................................................... 30,849 2,356 Stifel Financial Corp. .................................................... 26,000 1,518 Synovus Financial Corp. ................................................. 83,000 3,117 The Hanover Insurance Group, Inc. .......................................... 11,089 1,498 Unum Group .......................................................... 56,368 2,313 Valley National Bancorp ................................................. 170,599 1,929 Voya Financial, Inc. ..................................................... 29,072 1,788 W.R. Berkley Corp. ..................................................... 18,695 1,357 Western Alliance Bancorp ................................................ 38,578 2,298

Victory Portfolios Victory Integrity Small/Mid-Cap Value Fund 23 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Wintrust Financial Corp. ................................................. 23,172 $ 1,958 41,601 Health Care (7.4%): Encompass Health Corp. ................................................. 32,414 1,939 Ironwood Pharmaceuticals, Inc. (a) .......................................... 145,950 1,808 Jazz Pharmaceuticals PLC (a) .............................................. 12,156 1,937 LivaNova PLC (a) ...................................................... 32,485 1,804 NuVasive, Inc. (a) ...................................................... 32,256 1,330 Organon & Co. ........................................................ 75,993 2,122 Perrigo Co. PLC ....................................................... 64,000 2,182 Prestige Consumer Healthcare, Inc. (a)........................................ 19,100 1,196 Select Medical Holdings Corp. ............................................. 47,205 1,172 Tenet Healthcare Corp. (a) ................................................ 32,854 1,603 17,093 Industrials (20.7%): AECOM ............................................................. 24,098 2,047 Alaska Air Group, Inc. (a)................................................. 35,400 1,520 Arcosa, Inc. .......................................................... – — Atkore, Inc. (a) ........................................................ 9,584 1,087 Builders FirstSource, Inc. (a)............................................... 22,158 1,438 BWX Technologies, Inc. ................................................. 33,765 1,961 CACI International, Inc., Class A (a) ......................................... 6,178 1,857 Clean Harbors, Inc. (a) ................................................... 16,278 1,858 Crane Holdings Co. ..................................................... 17,751 1,783 Curtiss-Wright Corp. .................................................... 12,987 2,169 EMCOR Group, Inc. .................................................... 11,100 1,644 EnPro Industries, Inc. ................................................... 14,928 1,622 Forward Air Corp. ...................................................... 12,052 1,264 FTI Consulting, Inc. (a) .................................................. 11,904 1,890 Howmet Aerospace, Inc. ................................................. 58,227 2,295 Huntington Ingalls Industries, Inc. .......................................... 6,100 1,407 IAA, Inc. (a) .......................................................... 36,400 1,456 ITT, Inc. ............................................................. 26,372 2,139 KBR, Inc. ............................................................ 33,700 1,779 Kirby Corp. (a) ........................................................ 26,900 1,731 Knight-Swift Transportation Holdings, Inc. .................................... 35,249 1,847 Oshkosh Corp. ........................................................ 17,344 1,530 Pentair PLC .......................................................... 38,300 1,723 Saia, Inc. (a) .......................................................... 8,918 1,870 The Greenbrier Cos., Inc. ................................................. 44,828 1,503 The Timken Co. ....................................................... 23,551 1,664 Univar Solutions, Inc. (a) ................................................. 56,439 1,795 WESCO International, Inc. (a) ............................................. 13,550 1,696 Westinghouse Air Brake Technologies Corp. ................................... 15,069 1,504 48,079 Information Technology (10.4%): Axcelis Technologies, Inc. (a) .............................................. 17,386 1,380 Belden, Inc. .......................................................... 23,102 1,661 Ciena Corp. (a) ........................................................ 42,600 2,172 Diodes, Inc. (a) ........................................................ 18,500 1,408 DXC Technology Co. (a) ................................................. 79,024 2,094 Euronet Worldwide, Inc. (a) ............................................... 20,905 1,973 Flex Ltd. (a) .......................................................... 114,483 2,457 FormFactor, Inc. (a) ..................................................... 59,496 1,323 Jabil, Inc. ............................................................ 28,789 1,963 Juniper Networks, Inc. ................................................... 73,425 2,347 MKS Instruments, Inc. ................................................... 21,994 1,863 Progress Software Corp. ................................................. 33,234 1,677 Verint Systems, Inc. (a)................................................... 50,862 1,845 24,163 Materials (6.1%): Berry Global Group, Inc. ................................................. 34,450 2,082 O-I Glass, Inc. (a) ...................................................... 118,392 1,962 Olin Corp. ........................................................... 42,720 2,261

Victory Portfolios Victory Integrity Small/Mid-Cap Value Fund 24 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Packaging Corp. ....................................................... 15,900 $ 2,034 Reliance Steel & Aluminum Co. ............................................ 8,316 1,683 Steel Dynamics, Inc. .................................................... 22,916 2,239 Westlake Corp. ........................................................ 19,689 2,019 14,280 Real Estate (8.3%): Apartment Income REIT Corp. ............................................. 70,002 2,402 Federal Realty Investment Trust ............................................ 23,884 2,413 First Industrial Realty Trust, Inc. ........................................... 55,729 2,690 Gaming and Leisure Properties, Inc. ......................................... 43,535 2,268 Highwoods Properties, Inc. ............................................... 67,745 1,896 Host Hotels & Resorts, Inc. ............................................... 123,700 1,985 Hudson Pacific Properties, Inc. ............................................. 99,400 967 Medical Properties Trust, Inc. .............................................. 147,345 1,641 SITE Centers Corp. ..................................................... 138,700 1,895 Veris Residential, Inc. (a) ................................................. 67,386 1,073 19,230 Utilities (3.2%): ALLETE, Inc. ......................................................... 31,277 2,018 Black Hills Corp. ...................................................... 24,857 1,748 UGI Corp. ........................................................... 53,440 1,981 Vistra Corp. .......................................................... 72,788 1,689 7,436 Total Common Stocks (Cost $211,903) a a a 225,067 Collateral for Securities Loaned (0.6%)^ Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.14% (c) ....... 340,649 340 HSBC U.S. Government Money Market Fund, Institutional Shares, 4.13% (c)............ 340,649 341 Invesco Government & Agency Portfolio, Institutional Shares, 4.22% (c) ............... 340,649 341 Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 4.08% (c). 340,649 341 Total Collateral for Securities Loaned (Cost $1,363) a a a 1,363 Total Investments (Cost $213,266) — 97.6% 226,430 Other assets in excess of liabilities — 2.4% 5,683 NET ASSETS - 100.00% $ 232,113 ^ 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, 2022. PLC—Public Limited Company REIT—Real Estate Investment Trust

Schedule of Portfolio Investments December 31, 2022 Victory Portfolios Victory Munder Multi-Cap Fund 25 (Amounts in Thousands, Except for Shares) (Unaudited) See notes to financial statements. Security Description Shares Value Common Stocks (97.9%) Communication Services (5.9%): Alphabet, Inc., Class A (a) ................................................ 112,960 $ 9,966 Nexstar Media Group, Inc. ................................................ 27,800 4,866 The Walt Disney Co. (a) .................................................. 21,900 1,903 World Wrestling Entertainment, Inc., Class A ................................... 67,400 4,618 21,353 Consumer Discretionary (9.1%): Amazon.com, Inc. (a).................................................... 36,200 3,041 Asbury Automotive Group, Inc. (a) .......................................... 21,600 3,872 Brunswick Corp. ....................................................... 44,500 3,207 Chipotle Mexican Grill, Inc. (a)............................................. 2,600 3,607 Group 1 Automotive, Inc. ................................................. 20,900 3,770 Lowe's Cos., Inc. ....................................................... 11,000 2,192 McDonald's Corp. ...................................................... 7,900 2,082 Meritage Homes Corp. (a)................................................. 23,500 2,167 Skyline Champion Corp. (a) ............................................... 66,400 3,420 Tesla, Inc. (a).......................................................... 12,100 1,490 Texas Roadhouse, Inc. ................................................... 23,300 2,119 Ulta Beauty, Inc. (a) ..................................................... 4,600 2,158 33,125 Consumer Staples (7.5%): BJ's Wholesale Club Holdings, Inc. (a)........................................ 55,300 3,659 Darling Ingredients, Inc. (a) ............................................... 78,100 4,888 PepsiCo, Inc. ......................................................... 29,300 5,293 Performance Food Group Co. (a)............................................ 73,600 4,298 Philip Morris International, Inc. ............................................ 55,200 5,587 Walmart, Inc. ......................................................... 25,200 3,573 27,298 Energy (8.0%): Chevron Corp. ........................................................ 37,610 6,751 Diamondback Energy, Inc. ................................................ 25,600 3,501 EOG Resources, Inc. .................................................... 21,600 2,798 Halliburton Co. ........................................................ 136,200 5,359 Magnolia Oil & Gas Corp., Class A ......................................... 158,900 3,726 Matador Resources Co. .................................................. 46,100 2,639 Schlumberger Ltd. ...................................................... 81,700 4,368 29,142 Financials (17.0%): Ameriprise Financial, Inc. ................................................ 17,500 5,449 Axos Financial, Inc. (a) .................................................. 53,000 2,026 Bank of America Corp. .................................................. 65,900 2,183 Chubb Ltd. ........................................................... 30,400 6,706 Customers Bancorp, Inc. (a) ............................................... 47,700 1,352 Globe Life, Inc. ........................................................ 33,400 4,026 Interactive Brokers Group, Inc. ............................................. 77,600 5,614 JPMorgan Chase & Co. .................................................. 25,600 3,433 LPL Financial Holdings, Inc. .............................................. 8,200 1,773 Morgan Stanley ........................................................ 41,700 3,545 NMI Holdings, Inc., Class A (a)............................................. 203,100 4,245 ServisFirst Bancshares, Inc. ............................................... 63,200 4,355 Signature Bank ........................................................ 17,500 2,016 The Bancorp, Inc. (a) .................................................... 134,200 3,809 The Charles Schwab Corp. ................................................ 71,900 5,986 Valley National Bancorp ................................................. 179,000 2,025 Western Alliance Bancorp ................................................ 55,900 3,329 61,872 Health Care (14.3%): AmerisourceBergen Corp. ................................................ 24,200 4,010 Cigna Corp. .......................................................... 18,800 6,229 Elevance Health, Inc. .................................................... 12,300 6,310 ICON PLC (a) ......................................................... 24,700 4,798 McKesson Corp. ....................................................... 5,900 2,213 Merck & Co., Inc. ...................................................... 36,100 4,005

Victory Portfolios Victory Munder Multi-Cap Fund 26 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Pfizer, Inc. ........................................................... 94,200 $ 4,827 Regeneron Pharmaceuticals, Inc. (a) ......................................... 3,700 2,670 Stryker Corp. ......................................................... 7,900 1,932 The Ensign Group, Inc. .................................................. 41,100 3,888 Thermo Fisher Scientific, Inc. .............................................. 6,400 3,524 UnitedHealth Group, Inc. ................................................. 14,525 7,701 52,107 Industrials (9.1%): AGCO Corp. ......................................................... 29,400 4,078 Builders FirstSource, Inc. (a)............................................... 37,500 2,433 Chart Industries, Inc. (a) .................................................. 23,100 2,662 Clean Harbors, Inc. (a) ................................................... 44,500 5,078 GXO Logistics, Inc. (a) .................................................. 95,500 4,077 Huntington Ingalls Industries, Inc. .......................................... 8,769 2,023 Marten Transport Ltd. ................................................... 128,000 2,532 Old Dominion Freight Line, Inc. ............................................ 8,200 2,327 Raytheon Technologies Corp. .............................................. 19,800 1,998 UFP Industries, Inc. ..................................................... 48,900 3,875 WESCO International, Inc. (a) ............................................. 17,100 2,141 33,224 Information Technology (23.7%): Advanced Micro Devices, Inc. (a) ........................................... 32,000 2,073 Apple, Inc. ........................................................... 110,880 14,407 Applied Materials, Inc. .................................................. 17,400 1,694 Arista Networks, Inc. (a).................................................. 30,100 3,653 Box, Inc., Class A (a) .................................................... 70,800 2,204 Broadcom, Inc. ........................................................ 13,600 7,604 Cadence Design Systems, Inc. (a) ........................................... 36,700 5,896 Clearfield, Inc. (a) ...................................................... 19,200 1,807 Fabrinet (a) ........................................................... 42,000 5,385 Jabil, Inc. ............................................................ 76,400 5,210 Microchip Technology, Inc. ............................................... 76,000 5,339 Microsoft Corp. ....................................................... 63,160 15,147 NVIDIA Corp. ........................................................ 24,400 3,566 ON Semiconductor Corp. (a)............................................... 52,300 3,262 QUALCOMM, Inc. ..................................................... 16,100 1,770 Verra Mobility Corp. (a) .................................................. 232,400 3,214 Visa, Inc., Class A ...................................................... 19,000 3,947 86,178 Materials (1.8%): Graphic Packaging Holding Co. ............................................ 156,800 3,489 Summit Materials, Inc., Class A (a) .......................................... 108,430 3,078 6,567 Real Estate (1.5%): American Tower Corp. ................................................... 11,100 2,352 Simon Property Group, Inc. ............................................... 27,400 3,219 5,571 Total Common Stocks (Cost $281,418) a a a 356,437 Exchange-Traded Funds (1.8%) iShares Russell 3000 ETF (b) .............................................. 29,300 6,466 Total Exchange-Traded Funds (Cost $6,752) a a a 6,466 Collateral for Securities Loaned (0.6%)^ Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.14% (c) ....... 519,206 520 HSBC U.S. Government Money Market Fund, Institutional Shares, 4.13% (c)............ 519,206 519 Invesco Government & Agency Portfolio, Institutional Shares, 4.22% (c) ............... 519,206 519 Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 4.08% (c). 519,206 519 Total Collateral for Securities Loaned (Cost $2,077) a a a 2,077

Victory Portfolios Victory Munder Multi-Cap Fund 27 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Total Investments (Cost $290,247) — 100.3% $ 364,980 Liabilities in excess of other assets — (0.3)% (962) NET ASSETS - 100.00% $ 364,018 ^ 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, 2022. ETF—Exchange-Traded Fund PLC—Public Limited Company

Schedule of Portfolio Investments December 31, 2022 Victory Portfolios Victory S&P 500 Index Fund 28 (Amounts in Thousands, Except for Shares) (Unaudited) See notes to financial statements. Security Description Shares Value Common Stocks (99.0%) Communication Services (7.2%): Activision Blizzard, Inc. ................................................. 4,639 $ 355 Alphabet, Inc., Class A (a) ................................................ 38,907 3,433 Alphabet, Inc., Class C (a) ................................................ 34,490 3,060 AT&T, Inc. ........................................................... 46,424 855 Charter Communications, Inc., Class A (a) ..................................... 700 237 Comcast Corp., Class A .................................................. 28,101 983 DISH Network Corp., Class A (a) ........................................... 1,637 23 Electronic Arts, Inc. ..................................................... 1,708 209 Fox Corp., Class A ..................................................... 1,970 60 Fox Corp., Class B ..................................................... 908 26 Live Nation Entertainment, Inc. (a) .......................................... 930 65 Lumen Technologies, Inc. ................................................ 6,200 32 Match Group, Inc. (a).................................................... 1,819 75 Meta Platforms, Inc., Class A (a) ............................................ 14,648 1,763 Netflix, Inc. (a) ........................................................ 2,899 855 News Corp., Class A .................................................... 2,491 45 News Corp., Class B .................................................... 768 14 Omnicom Group, Inc. ................................................... 1,328 108 Paramount Global, Class B ............................................... 3,290 56 Take-Two Interactive Software, Inc. (a) ....................................... 1,028 107 The Interpublic Group of Cos., Inc. .......................................... 2,531 84 The Walt Disney Co. (a) .................................................. 11,875 1,032 T-Mobile U.S., Inc. (a) ................................................... 3,890 545 Verizon Communications, Inc. ............................................. 27,357 1,078 Warner Bros Discovery, Inc. (a)............................................. 14,395 136 15,236 Communications Equipment (0.9%): Arista Networks, Inc. (a).................................................. 1,612 196 Cisco Systems, Inc. ..................................................... 26,746 1,274 F5, Inc. (a)............................................................ 390 56 Juniper Networks, Inc. ................................................... 2,114 67 Motorola Solutions, Inc. ................................................. 1,089 281 1,874 Consumer Discretionary (9.7%): Advance Auto Parts, Inc. ................................................. 392 58 Amazon.com, Inc. (a).................................................... 57,814 4,856 Aptiv PLC (a) ......................................................... 1,765 164 AutoZone, Inc. (a) ...................................................... 124 306 Bath & Body Works, Inc. ................................................. 1,488 63 Best Buy Co., Inc. ...................................................... 1,305 105 Booking Holdings, Inc. (a) ................................................ 253 510 BorgWarner, Inc. ....................................................... 1,525 61 Caesars Entertainment, Inc. (a) ............................................. 1,398 58 CarMax, Inc. (a)........................................................ 1,029 63 Carnival Corp. (a) ...................................................... 6,523 53 Chipotle Mexican Grill, Inc. (a)............................................. 181 251 D.R. Horton, Inc. ...................................................... 2,039 182 Darden Restaurants, Inc. ................................................. 797 110 Dollar General Corp. .................................................... 1,469 362 Dollar Tree, Inc. (a) ..................................................... 1,371 194 Domino's Pizza, Inc. .................................................... 231 80 eBay, Inc. ............................................................ 3,535 147 Etsy, Inc. (a) .......................................................... 819 98 Expedia Group, Inc. (a) .................................................. 981 86 Ford Motor Co. ........................................................ 25,727 299 Garmin Ltd. .......................................................... 999 92 General Motors Co. ..................................................... 9,254 311 Genuine Parts Co. ...................................................... 918 159 Hasbro, Inc. .......................................................... 846 52 Hilton Worldwide Holdings, Inc. ........................................... 1,762 223 Las Vegas Sands Corp. (a)................................................. 2,140 103

Victory Portfolios Victory S&P 500 Index Fund 29 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Lennar Corp., Class A ................................................... 1,660 $ 150 LKQ Corp. ........................................................... 1,653 88 Lowe's Cos., Inc. ....................................................... 4,043 805 Marriott International, Inc., Class A ......................................... 1,753 261 McDonald's Corp. ...................................................... 4,771 1,257 MGM Resorts International ............................................... 2,076 70 Mohawk Industries, Inc. (a) ............................................... 343 35 Newell Brands, Inc. ..................................................... 2,452 32 NIKE, Inc., Class B ..................................................... 8,205 960 Norwegian Cruise Line Holdings Ltd. (a)...................................... 2,745 34 NVR, Inc. (a).......................................................... 20 92 O'Reilly Automotive, Inc. (a) .............................................. 408 344 Pool Corp. ........................................................... 254 77 PulteGroup, Inc. ....................................................... 1,484 68 Ralph Lauren Corp. ..................................................... 268 28 Ross Stores, Inc. ....................................................... 2,261 262 Royal Caribbean Cruises Ltd. (a)............................................ 1,430 71 Starbucks Corp. ....................................................... 7,477 742 Tapestry, Inc. ......................................................... 1,570 60 Target Corp. .......................................................... 2,998 447 Tesla, Inc. (a).......................................................... 17,484 2,154 The Home Depot, Inc. ................................................... 6,668 2,106 The TJX Cos., Inc. ..................................................... 7,563 602 Tractor Supply Co. ..................................................... 720 162 Ulta Beauty, Inc. (a) ..................................................... 334 157 VF Corp. ............................................................ 2,151 59 Whirlpool Corp. ....................................................... 355 50 Wynn Resorts Ltd. (a).................................................... 672 55 Yum! Brands, Inc. ...................................................... 1,835 235 20,509 Consumer Staples (7.1%): Altria Group, Inc. ...................................................... 11,674 534 Archer-Daniels-Midland Co. .............................................. 3,578 332 Brown-Forman Corp., Class B ............................................. 1,191 78 Campbell Soup Co. ..................................................... 1,308 74 Church & Dwight Co., Inc. ............................................... 1,589 128 Colgate-Palmolive Co. ................................................... 5,440 429 Conagra Brands, Inc. .................................................... 3,122 121 Constellation Brands, Inc., Class A .......................................... 1,057 245 Costco Wholesale Corp. .................................................. 2,883 1,316 General Mills, Inc. ..................................................... 3,866 324 Hormel Foods Corp. .................................................... 1,886 86 Kellogg Co. .......................................................... 1,667 119 Keurig Dr Pepper, Inc. ................................................... 5,535 197 Kimberly-Clark Corp. ................................................... 2,198 298 Lamb Weston Holdings, Inc. .............................................. 937 84 McCormick & Co., Inc. .................................................. 1,632 135 Molson Coors Beverage Co., Class B ........................................ 1,225 63 Mondelez International, Inc., Class A ........................................ 8,895 593 Monster Beverage Corp. (a) ............................................... 2,481 252 PepsiCo, Inc. ......................................................... 8,974 1,621 Philip Morris International, Inc. ............................................ 10,098 1,022 Sysco Corp. .......................................................... 3,301 252 The Clorox Co. ........................................................ 804 113 The Coca-Cola Co. ..................................................... 25,352 1,613 The Estee Lauder Cos., Inc. ............................................... 1,506 374 The Hershey Co. ....................................................... 957 222 The J.M. Smucker Co. ................................................... 694 110 The Kraft Heinz Co. .................................................... 5,186 211 The Kroger Co. ........................................................ 4,243 189 The Procter & Gamble Co. ................................................ 15,436 2,339 Tyson Foods, Inc., Class A ................................................ 1,887 117 Walgreens Boots Alliance, Inc. ............................................. 4,676 175

Victory Portfolios Victory S&P 500 Index Fund 30 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Walmart, Inc. ......................................................... 9,194 $ 1,304 15,070 Electronic Equipment, Instruments & Components (0.6%): Amphenol Corp., Class A ................................................. 3,876 295 CDW Corp. .......................................................... 882 158 Corning, Inc. .......................................................... 4,959 159 Keysight Technologies, Inc. (a) ............................................. 1,165 199 TE Connectivity Ltd. .................................................... 2,072 238 Teledyne Technologies, Inc. (a) ............................................. 305 122 Trimble, Inc. (a)........................................................ 1,606 81 Zebra Technologies Corp. (a) .............................................. 336 86 1,338 Energy (5.2%): APA Corp. ........................................................... 2,094 98 Baker Hughes Co. ...................................................... 6,523 193 Chevron Corp. ........................................................ 11,588 2,080 ConocoPhillips ........................................................ 8,117 958 Coterra Energy, Inc. ..................................................... 5,136 126 Devon Energy Corp. .................................................... 4,258 262 Diamondback Energy, Inc. ................................................ 1,146 157 EOG Resources, Inc. .................................................... 3,826 495 EQT Corp. ........................................................... 2,391 81 Exxon Mobil Corp. ..................................................... 26,826 2,959 Halliburton Co. ........................................................ 5,915 233 Hess Corp. ........................................................... 1,807 256 Kinder Morgan, Inc. .................................................... 12,885 233 Marathon Oil Corp. ..................................................... 4,137 112 Marathon Petroleum Corp. ................................................ 3,053 355 Occidental Petroleum Corp. ............................................... 4,736 298 ONEOK, Inc. ......................................................... 2,911 191 Phillips 66 ........................................................... 3,079 320 Pioneer Natural Resources Co. ............................................. 1,548 354 Schlumberger Ltd. ...................................................... 9,237 494 Targa Resources Corp. ................................................... 1,475 108 The Williams Cos., Inc. .................................................. 7,934 261 Valero Energy Corp. .................................................... 2,511 319 10,943 Financials (11.5%): Aflac, Inc. ............................................................ 3,686 265 American Express Co. ................................................... 3,894 575 American International Group, Inc. .......................................... 4,840 306 Ameriprise Financial, Inc. ................................................ 693 216 Aon PLC, Class A ...................................................... 1,347 404 Arch Capital Group Ltd. (a) ............................................... 2,409 151 Arthur J. Gallagher & Co. ................................................ 1,373 259 Assurant, Inc. ......................................................... 344 43 Bank of America Corp. .................................................. 45,464 1,506 Berkshire Hathaway, Inc., Class B (a) ........................................ 11,736 3,625 BlackRock, Inc. ....................................................... 978 693 Brown & Brown, Inc. ................................................... 1,531 87 Capital One Financial Corp. ............................................... 2,486 231 Cboe Global Markets, Inc. ................................................ 691 87 Chubb Ltd. ........................................................... 2,704 597 Cincinnati Financial Corp. ................................................ 1,024 105 Citigroup, Inc. ......................................................... 12,616 571 Citizens Financial Group, Inc. ............................................. 3,208 126 CME Group, Inc. ...................................................... 2,343 394 Comerica, Inc. ........................................................ 853 57 Discover Financial Services ............................................... 1,780 174 Everest Re Group Ltd. ................................................... 255 85 FactSet Research Systems, Inc. ............................................. 248 100 Fifth Third Bancorp ..................................................... 4,471 147 First Republic Bank ..................................................... 1,192 145

Victory Portfolios Victory S&P 500 Index Fund 31 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Franklin Resources, Inc. ................................................. 1,850 $ 49 Globe Life, Inc. ........................................................ 589 71 Huntington Bancshares, Inc. ............................................... 9,398 133 Intercontinental Exchange, Inc. ............................................. 3,638 373 Invesco Ltd. .......................................................... 2,963 53 JPMorgan Chase & Co. .................................................. 19,107 2,562 KeyCorp ............................................................ 6,077 106 Lincoln National Corp. .................................................. 1,003 31 Loews Corp. .......................................................... 1,284 75 M&T Bank Corp. ...................................................... 1,124 163 MarketAxess Holdings, Inc. ............................................... 245 68 Marsh & McLennan Cos., Inc. ............................................. 3,231 535 MetLife, Inc. .......................................................... 4,293 311 Moody's Corp. ........................................................ 1,026 286 Morgan Stanley ........................................................ 8,587 730 MSCI, Inc. ........................................................... 521 242 Nasdaq, Inc. .......................................................... 2,208 136 Northern Trust Corp. .................................................... 1,358 120 Principal Financial Group, Inc. ............................................. 1,482 124 Prudential Financial, Inc. ................................................. 2,397 238 Raymond James Financial, Inc. ............................................ 1,261 135 Regions Financial Corp. .................................................. 6,087 131 S&P Global, Inc. ....................................................... 2,169 727 Signature Bank ........................................................ 410 47 State Street Corp. ...................................................... 2,390 185 SVB Financial Group (a) ................................................. 385 89 Synchrony Financial .................................................... 2,935 96 T. Rowe Price Group, Inc. ................................................ 1,456 159 The Allstate Corp. ...................................................... 1,728 234 The Bank of New York Mellon Corp. ........................................ 4,791 218 The Charles Schwab Corp. ................................................ 9,936 827 The Goldman Sachs Group, Inc. ............................................ 2,206 758 The Hartford Financial Services Group, Inc. ................................... 2,072 157 The PNC Financial Services Group, Inc. ...................................... 2,627 415 The Progressive Corp. ................................................... 3,811 494 The Travelers Cos., Inc. .................................................. 1,527 286 Truist Financial Corp. ................................................... 8,642 372 U.S. Bancorp ......................................................... 8,807 384 W.R. Berkley Corp. ..................................................... 1,332 97 Wells Fargo & Co. ...................................................... 24,821 1,025 Willis Towers Watson PLC ................................................ 705 172 Zions Bancorp NA ..................................................... 975 48 24,411 Health Care (15.7%): Abbott Laboratories ..................................................... 11,357 1,247 AbbVie, Inc. .......................................................... 11,520 1,862 Agilent Technologies, Inc. ................................................ 1,928 288 Align Technology, Inc. (a)................................................. 473 100 AmerisourceBergen Corp. ................................................ 1,055 175 Amgen, Inc. .......................................................... 3,476 913 Baxter International, Inc. ................................................. 3,284 167 Becton Dickinson and Co. ................................................ 1,858 472 Biogen, Inc. (a) ........................................................ 938 260 Bio-Rad Laboratories, Inc., Class A (a) ....................................... 140 59 Bio-Techne Corp. ...................................................... 1,022 85 Boston Scientific Corp. (a) ................................................ 9,330 432 Bristol-Myers Squibb Co. ................................................ 13,850 996 Cardinal Health, Inc. .................................................... 1,708 131 Catalent, Inc. (a) ....................................................... 1,172 53 Centene Corp. (a)....................................................... 3,689 302 Charles River Laboratories International, Inc. (a) ................................ 331 72 Cigna Corp. .......................................................... 1,992 660 CVS Health Corp. ...................................................... 8,559 798 Danaher Corp. ........................................................ 4,268 1,133

Victory Portfolios Victory S&P 500 Index Fund 32 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value DaVita, Inc. (a) ........................................................ 358 $ 27 DENTSPLY SIRONA, Inc. ............................................... 1,400 45 Dexcom, Inc. (a) ....................................................... 2,516 285 Edwards Lifesciences Corp. (a) ............................................. 4,027 300 Elevance Health, Inc. .................................................... 1,556 798 Eli Lilly & Co. ........................................................ 5,137 1,879 Gilead Sciences, Inc. .................................................... 8,170 701 HCA Healthcare, Inc. ................................................... 1,381 331 Henry Schein, Inc. (a).................................................... 883 70 Hologic, Inc. (a)........................................................ 1,626 122 Humana, Inc. ......................................................... 825 423 IDEXX Laboratories, Inc. (a) .............................................. 539 220 Illumina, Inc. (a) ....................................................... 1,025 207 Incyte Corp. (a) ........................................................ 1,203 97 Intuitive Surgical, Inc. (a) ................................................. 2,302 611 IQVIA Holdings, Inc. (a) ................................................. 1,210 248 Johnson & Johnson ..................................................... 17,030 3,008 Laboratory Corp. of America Holdings ....................................... 577 136 McKesson Corp. ....................................................... 924 347 Medtronic PLC ........................................................ 8,658 673 Merck & Co., Inc. ...................................................... 16,515 1,832 Mettler-Toledo International, Inc. (a) ......................................... 145 210 Moderna, Inc. (a) ....................................................... 2,152 387 Molina Healthcare, Inc. (a) ................................................ 380 125 Organon & Co. ........................................................ 1,657 46 PerkinElmer, Inc. ...................................................... 822 115 Pfizer, Inc. ........................................................... 36,564 1,874 Quest Diagnostics, Inc. .................................................. 742 116 Regeneron Pharmaceuticals, Inc. (a) ......................................... 698 504 ResMed, Inc. ......................................................... 954 199 STERIS PLC ......................................................... 650 120 Stryker Corp. ......................................................... 2,194 536 Teleflex, Inc. .......................................................... 306 76 The Cooper Cos., Inc. ................................................... 321 106 Thermo Fisher Scientific, Inc. .............................................. 2,555 1,407 UnitedHealth Group, Inc. ................................................. 6,086 3,227 Universal Health Services, Inc., Class B ...................................... 418 59 Vertex Pharmaceuticals, Inc. (a)............................................. 1,672 483 Viatris, Inc. ........................................................... 7,899 88 Waters Corp. (a)........................................................ 387 133 West Pharmaceutical Services, Inc. .......................................... 482 113 Zimmer Biomet Holdings, Inc. ............................................. 1,367 174 Zoetis, Inc. ........................................................... 3,036 445 33,108 Industrials (8.6%): 3M Co. .............................................................. 3,601 432 A O Smith Corp. ....................................................... 826 47 Alaska Air Group, Inc. (a)................................................. 826 35 Allegion PLC ......................................................... 572 60 American Airlines Group, Inc. (a) ........................................... 4,233 54 AMETEK, Inc. ........................................................ 1,496 209 C.H. Robinson Worldwide, Inc. ............................................ 767 70 Carrier Global Corp. .................................................... 5,447 225 Caterpillar, Inc. ........................................................ 3,390 812 Cintas Corp. .......................................................... 562 254 Copart, Inc. (a)......................................................... 2,791 170 CoStar Group, Inc. (a) ................................................... 2,649 205 CSX Corp. ........................................................... 13,695 424 Cummins, Inc. ........................................................ 919 223 Deere & Co. .......................................................... 1,789 767 Delta Air Lines, Inc. (a) .................................................. 4,177 137 Dover Corp. .......................................................... 914 124 Eaton Corp. PLC ....................................................... 2,591 407 Emerson Electric Co. .................................................... 3,852 370

Victory Portfolios Victory S&P 500 Index Fund 33 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Equifax, Inc. .......................................................... 798 $ 155 Expeditors International of Washington, Inc. ................................... 1,037 108 Fastenal Co. .......................................................... 3,731 177 FedEx Corp. .......................................................... 1,559 270 Fortive Corp. ......................................................... 2,305 148 Generac Holdings, Inc. (a) ................................................ 413 42 General Dynamics Corp. ................................................. 1,466 364 General Electric Co. .................................................... 7,118 596 Honeywell International, Inc. .............................................. 4,379 938 Howmet Aerospace, Inc. ................................................. 2,398 95 Huntington Ingalls Industries, Inc. .......................................... 260 60 IDEX Corp. .......................................................... 491 112 Illinois Tool Works, Inc. .................................................. 1,821 401 Ingersoll Rand, Inc. ..................................................... 2,638 138 J.B. Hunt Transport Services, Inc. ........................................... 540 94 Jacobs Solutions, Inc. ................................................... 831 100 Johnson Controls International PLC ......................................... 4,486 287 L3Harris Technologies, Inc. ............................................... 1,240 258 Leidos Holdings, Inc. ................................................... 890 94 Lockheed Martin Corp. .................................................. 1,519 739 Masco Corp. .......................................................... 1,469 69 Nordson Corp. ........................................................ 350 83 Norfolk Southern Corp. .................................................. 1,508 372 Northrop Grumman Corp. ................................................ 942 514 Old Dominion Freight Line, Inc. ............................................ 590 167 Otis Worldwide Corp. ................................................... 2,714 213 PACCAR, Inc. ........................................................ 2,265 224 Parker-Hannifin Corp. ................................................... 836 243 Pentair PLC .......................................................... 1,072 48 Quanta Services, Inc. .................................................... 931 133 Raytheon Technologies Corp. .............................................. 9,576 966 Republic Services, Inc. .................................................. 1,338 173 Robert Half International, Inc. ............................................. 707 52 Rockwell Automation, Inc. ................................................ 748 193 Rollins, Inc. .......................................................... 1,508 55 Snap-on, Inc. ......................................................... 346 79 Southwest Airlines Co. (a) ................................................ 3,868 130 Stanley Black & Decker, Inc. .............................................. 964 72 Textron, Inc. .......................................................... 1,360 96 The Boeing Co. (a)...................................................... 3,649 695 Trane Technologies PLC ................................................. 1,500 252 TransDigm Group, Inc. .................................................. 336 212 Union Pacific Corp. ..................................................... 4,005 829 United Airlines Holdings, Inc. (a) ........................................... 2,130 80 United Parcel Service, Inc., Class B ......................................... 4,754 826 United Rentals, Inc. (a)................................................... 451 160 Verisk Analytics, Inc. .................................................... 1,019 180 W.W. Grainger, Inc. ..................................................... 293 163 Waste Management, Inc. ................................................. 2,433 382 Westinghouse Air Brake Technologies Corp. ................................... 1,185 118 Xylem, Inc. ........................................................... 1,174 130 18,110 IT Services (4.4%): Accenture PLC, Class A .................................................. 4,104 1,095 Akamai Technologies, Inc. (a).............................................. 1,024 86 Automatic Data Processing, Inc. ............................................ 2,702 645 Broadridge Financial Solutions, Inc. ......................................... 766 103 Cognizant Technology Solutions Corp., Class A ................................. 3,348 192 DXC Technology Co. (a) ................................................. 1,499 40 EPAM Systems, Inc. (a) .................................................. 375 123 Fidelity National Information Services, Inc. .................................... 3,865 262 Fiserv, Inc. (a) ......................................................... 4,136 418 FleetCor Technologies, Inc. (a) ............................................. 480 88 Gartner, Inc. (a) ........................................................ 515 173

Victory Portfolios Victory S&P 500 Index Fund 34 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Global Payments, Inc. ................................................... 1,761 $ 175 International Business Machines Corp. ....................................... 5,889 830 Jack Henry & Associates, Inc. ............................................. 475 83 Mastercard, Inc., Class A ................................................. 5,530 1,923 Paychex, Inc. ......................................................... 2,089 241 PayPal Holdings, Inc. (a) ................................................. 7,426 529 VeriSign, Inc. (a) ....................................................... 601 124 Visa, Inc., Class A ...................................................... 10,650 2,213 9,343 Materials (2.7%): Air Products and Chemicals, Inc. ........................................... 1,445 445 Albemarle Corp. ....................................................... 763 165 Amcor PLC .......................................................... 9,699 116 Avery Dennison Corp. ................................................... 527 95 Ball Corp. ............................................................ 2,045 105 Celanese Corp. ........................................................ 650 66 CF Industries Holdings, Inc. ............................................... 1,278 109 Corteva, Inc. .......................................................... 4,654 274 Dow, Inc. ............................................................ 4,584 231 DuPont de Nemours, Inc. ................................................. 3,236 222 Eastman Chemical Co. ................................................... 782 64 Ecolab, Inc. .......................................................... 1,614 235 FMC Corp. ........................................................... 821 102 Freeport-McMoRan, Inc. ................................................. 9,310 354 International Flavors & Fragrances, Inc. ...................................... 1,661 174 International Paper Co. .................................................. 2,317 80 Linde PLC ........................................................... 3,220 1,050 LyondellBasell Industries NV, Class A ....................................... 1,654 137 Martin Marietta Materials, Inc. ............................................. 404 137 Newmont Corp. ....................................................... 5,170 244 Nucor Corp. .......................................................... 1,671 220 Packaging Corp. ....................................................... 603 77 PPG Industries, Inc. ..................................................... 1,531 193 Sealed Air Corp. ....................................................... 942 47 Steel Dynamics, Inc. .................................................... 1,086 106 The Mosaic Co. ........................................................ 2,218 97 The Sherwin-Williams Co. ................................................ 1,536 365 Vulcan Materials Co. .................................................... 866 152 Westrock Co. ......................................................... 1,656 58 5,720 Real Estate (2.7%): Alexandria Real Estate Equities, Inc. ......................................... 973 142 American Tower Corp. ................................................... 3,033 642 AvalonBay Communities, Inc. ............................................. 911 147 Boston Properties, Inc. ................................................... 929 63 Camden Property Trust .................................................. 694 78 CBRE Group, Inc., Class A (a) ............................................. 2,058 158 Crown Castle, Inc. ...................................................... 2,821 383 Digital Realty Trust, Inc. ................................................. 1,873 188 Equinix, Inc. .......................................................... 603 395 Equity Residential ...................................................... 2,216 131 Essex Property Trust, Inc. ................................................ 422 89 Extra Space Storage, Inc. ................................................. 872 128 Federal Realty Investment Trust ............................................ 476 48 Healthpeak Properties, Inc. ............................................... 3,501 88 Host Hotels & Resorts, Inc. ............................................... 4,658 75 Invitation Homes, Inc. ................................................... 3,784 112 Iron Mountain, Inc. ..................................................... 1,894 94 Kimco Realty Corp. ..................................................... 4,029 85 Mid-America Apartment Communities, Inc. ................................... 752 118 Prologis, Inc. ......................................................... 6,013 678 Public Storage ......................................................... 1,030 289 Realty Income Corp. .................................................... 4,085 259

Victory Portfolios Victory S&P 500 Index Fund 35 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Regency Centers Corp. .................................................. 1,003 $ 63 SBA Communications Corp. .............................................. 703 197 Simon Property Group, Inc. ............................................... 2,130 250 UDR, Inc. ............................................................ 1,993 77 Ventas, Inc. ........................................................... 2,604 117 VICI Properties, Inc. .................................................... 6,274 203 Vornado Realty Trust .................................................... 1,049 22 Welltower, Inc. ........................................................ 3,078 202 Weyerhaeuser Co. ...................................................... 4,794 149 5,670 Semiconductors & Semiconductor Equipment (5.0%): Advanced Micro Devices, Inc. (a) ........................................... 10,503 680 Analog Devices, Inc. .................................................... 3,350 549 Applied Materials, Inc. .................................................. 5,604 546 Broadcom, Inc. ........................................................ 2,638 1,475 Enphase Energy, Inc. (a) .................................................. 885 234 First Solar, Inc. (a) ...................................................... 643 96 Intel Corp. ........................................................... 26,883 710 KLA Corp. ........................................................... 923 348 Lam Research Corp. .................................................... 888 373 Microchip Technology, Inc. ............................................... 3,583 252 Micron Technology, Inc. ................................................. 7,082 354 Monolithic Power Systems, Inc. ............................................ 290 103 NVIDIA Corp. ........................................................ 16,220 2,370 NXP Semiconductors NV ................................................ 1,688 267 ON Semiconductor Corp. (a)............................................... 2,817 176 Qorvo, Inc. (a) ......................................................... 660 60 QUALCOMM, Inc. ..................................................... 7,302 803 Skyworks Solutions, Inc. ................................................. 1,045 95 SolarEdge Technologies, Inc. (a) ............................................ 364 103 Teradyne, Inc. ......................................................... 1,015 89 Texas Instruments, Inc. .................................................. 5,912 977 10,660 Software (8.3%): Adobe, Inc. (a)......................................................... 3,028 1,019 ANSYS, Inc. (a)........................................................ 567 137 Autodesk, Inc. (a)....................................................... 1,406 263 Cadence Design Systems, Inc. (a) ........................................... 1,787 287 Ceridian HCM Holding, Inc. (a) ............................................ 1,000 64 Fortinet, Inc. (a)........................................................ 4,224 206 Gen Digital, Inc. ....................................................... 3,776 81 Intuit, Inc. ............................................................ 1,836 715 Microsoft Corp. ....................................................... 48,558 11,645 Oracle Corp. .......................................................... 10,011 818 Paycom Software, Inc. (a)................................................. 317 98 PTC, Inc. (a) .......................................................... 689 83 Roper Technologies, Inc. ................................................. 691 299 Salesforce, Inc. (a) ...................................................... 6,514 864 ServiceNow, Inc. (a)..................................................... 1,316 511 Synopsys, Inc. (a)....................................................... 996 318 Tyler Technologies, Inc. (a)................................................ 271 87 17,495 Technology Hardware, Storage & Peripherals (6.2%): Apple, Inc. ........................................................... 97,406 12,656 Hewlett Packard Enterprise Co. ............................................ 8,381 134 HP, Inc. ............................................................. 5,766 155 NetApp, Inc. .......................................................... 1,416 85 Seagate Technology Holdings PLC .......................................... 1,251 66 Western Digital Corp. (a) ................................................. 2,069 65 13,161

Victory Portfolios Victory S&P 500 Index Fund 36 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Utilities (3.2%): Alliant Energy Corp. .................................................... 1,635 $ 90 Ameren Corp. ......................................................... 1,684 150 American Electric Power Co., Inc. .......................................... 3,347 318 American Water Works Co., Inc. ............................................ 1,184 180 Atmos Energy Corp. .................................................... 911 102 CenterPoint Energy, Inc. ................................................. 4,101 123 CMS Energy Corp. ..................................................... 1,891 120 Consolidated Edison, Inc. ................................................ 2,312 220 Constellation Energy Corp. ............................................... 2,130 184 Dominion Energy, Inc. ................................................... 5,428 333 DTE Energy Co. ....................................................... 1,262 148 Duke Energy Corp. ..................................................... 5,016 517 Edison International .................................................... 2,487 158 Entergy Corp. ......................................................... 1,325 149 Evergy, Inc. .......................................................... 1,495 94 Eversource Energy ..................................................... 2,269 190 Exelon Corp. ......................................................... 6,473 280 FirstEnergy Corp. ...................................................... 3,538 148 NextEra Energy, Inc. .................................................... 12,944 1,082 NiSource, Inc. ......................................................... 2,646 73 NRG Energy, Inc. ...................................................... 1,501 48 PG&E Corp. (a)........................................................ 10,488 171 Pinnacle West Capital Corp. ............................................... 737 56 PPL Corp. ............................................................ 4,796 140 Public Service Enterprise Group, Inc. ........................................ 3,250 199 Sempra Energy ........................................................ 2,048 317 The AES Corp. ........................................................ 4,351 125 The Southern Co. ...................................................... 7,091 506 WEC Energy Group, Inc. ................................................. 2,055 193 Xcel Energy, Inc. ....................................................... 3,565 249 6,663 Total Common Stocks (Cost $44,064) a a a 209,311 Total Investments (Cost $44,064) — 99.0% 209,311 Other assets in excess of liabilities — 1.0% 2,053 NET ASSETS - 100.00% $ 211,364 (a) Non-income producing security. PLC—Public Limited Company Futures Contracts Purchased (Amounts not in thousands) Number of Contracts Expiration Date Notional Amount Value Unrealized Appreciation (Depreciation) E-Mini S&P 500 Futures.............. 11 3/17/23 $ 2,143,900 $ 2,123,550 $ (20,350) Total unrealized appreciation $ – Total unrealized depreciation (20,350) Total net unrealized appreciation (depreciation) $ (20,350)

Schedule of Portfolio Investments December 31, 2022 Victory Portfolios Victory Munder Mid-Cap Core Growth Fund 37 (Amounts in Thousands, Except for Shares) (Unaudited) See notes to financial statements. Security Description Shares Value Common Stocks (99.3%) Communication Services (2.3%): Live Nation Entertainment, Inc. (a) .......................................... 54,344 $ 3,790 The Trade Desk, Inc., Class A (a)............................................ 90,300 4,048 7,838 Consumer Discretionary (14.0%): AutoZone, Inc. (a) ...................................................... 2,600 6,412 Burlington Stores, Inc. (a)................................................. 23,600 4,785 Chipotle Mexican Grill, Inc. (a)............................................. 2,600 3,607 D.R. Horton, Inc. ...................................................... 67,800 6,044 Dollar General Corp. .................................................... 17,300 4,260 Etsy, Inc. (a) .......................................................... 42,100 5,043 Lithia Motors, Inc. ..................................................... 9,700 1,986 Marriott Vacations Worldwide Corp. ......................................... 25,921 3,489 NVR, Inc. (a).......................................................... 900 4,151 Pool Corp. ........................................................... 15,000 4,535 Ross Stores, Inc. ....................................................... 37,400 4,341 48,653 Consumer Staples (4.0%): Casey's General Stores, Inc. ............................................... 29,100 6,529 Church & Dwight Co., Inc. ............................................... 23,900 1,926 Performance Food Group Co. (a)............................................ 92,700 5,413 13,868 Energy (5.2%): Cheniere Energy, Inc. ................................................... 44,700 6,703 Diamondback Energy, Inc. ................................................ 43,600 5,964 EOG Resources, Inc. .................................................... 42,000 5,440 18,107 Financials (10.7%): Brown & Brown, Inc. ................................................... 64,900 3,697 East West Bancorp, Inc. .................................................. 67,700 4,461 Evercore, Inc. ......................................................... 32,300 3,523 FactSet Research Systems, Inc. ............................................. 12,800 5,136 Kinsale Capital Group, Inc. ............................................... 21,100 5,518 MSCI, Inc. ........................................................... 14,400 6,699 W.R. Berkley Corp. ..................................................... 110,350 8,008 37,042 Health Care (14.1%): Agilent Technologies, Inc. ................................................ 50,793 7,601 Dexcom, Inc. (a) ....................................................... 50,500 5,719 Halozyme Therapeutics, Inc. (a) ............................................ 121,500 6,913 Insulet Corp. (a)........................................................ 18,000 5,299 Intra-Cellular Therapies, Inc. (a) ............................................ 47,500 2,514 IQVIA Holdings, Inc. (a) ................................................. 28,200 5,778 Medpace Holdings, Inc. (a)................................................ 29,100 6,181 Neurocrine Biosciences, Inc. (a) ............................................ 42,900 5,124 Zoetis, Inc. ........................................................... 26,530 3,888 49,017 Industrials (17.3%): Advanced Drainage Systems, Inc. ........................................... 20,900 1,713 AMETEK, Inc. ........................................................ 40,400 5,645 Chart Industries, Inc. (a) .................................................. 34,400 3,964 Copa Holdings SA (a).................................................... 40,000 3,327 CoStar Group, Inc. (a) ................................................... 71,800 5,549 HEICO Corp. ......................................................... 43,600 6,699 IDEX Corp. .......................................................... 28,400 6,484 Old Dominion Freight Line, Inc. ............................................ 13,450 3,817 Regal Rexnord Corp. .................................................... 17,700 2,124 TFI International, Inc. ................................................... 44,100 4,420 The Middleby Corp. (a) .................................................. 14,000 1,875 Trane Technologies PLC ................................................. 36,600 6,152 Verisk Analytics, Inc. .................................................... 15,800 2,787 WESCO International, Inc. (a) ............................................. 43,500 5,446 60,002

Victory Portfolios Victory Munder Mid-Cap Core Growth Fund 38 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Information Technology (17.2%): Amphenol Corp., Class A ................................................. 81,320 $ 6,192 CDW Corp. .......................................................... 41,759 7,457 Crowdstrike Holdings, Inc., Class A (a) ....................................... 26,700 2,811 CyberArk Software Ltd. (a)................................................ 22,300 2,891 Enphase Energy, Inc. (a) .................................................. 5,600 1,484 Fair Isaac Corp. (a)...................................................... 12,700 7,602 Keysight Technologies, Inc. (a) ............................................. 34,700 5,936 KLA Corp. ........................................................... 9,300 3,506 Monolithic Power Systems, Inc. ............................................ 12,600 4,456 Paylocity Holding Corp. (a) ............................................... 17,800 3,458 Synopsys, Inc. (a)....................................................... 24,000 7,663 Teledyne Technologies, Inc. (a) ............................................. 15,600 6,239 59,695 Materials (5.6%): Avery Dennison Corp. ................................................... 40,900 7,403 FMC Corp. ........................................................... 56,800 7,088 Freeport-McMoRan, Inc. ................................................. 76,000 2,888 Louisiana-Pacific Corp. .................................................. 34,100 2,019 19,398 Real Estate (4.7%): Digital Realty Trust, Inc. ................................................. 17,046 1,709 SBA Communications Corp. .............................................. 18,003 5,046 Sun Communities, Inc. .................................................. 33,716 4,821 VICI Properties, Inc. .................................................... 140,200 4,543 16,119 Utilities (4.2%): Atmos Energy Corp. .................................................... 49,400 5,536 Essential Utilities, Inc. ................................................... 40,300 1,924 Sempra Energy ........................................................ 45,139 6,976 14,436 Total Common Stocks (Cost $272,981) a a a 344,175 Total Investments (Cost $272,981) — 99.3% 344,175 Other assets in excess of liabilities — 0.7% 2,330 NET ASSETS - 100.00% $ 346,505 (a) Non-income producing security. PLC—Public Limited Company

Schedule of Portfolio Investments December 31, 2022 Victory Portfolios Victory Trivalent International Fund — Core Equity 39 (Amounts in Thousands, Except for Shares) (Unaudited) See notes to financial statements. Security Description Shares Value Common Stocks (98.1%) Australia (4.7%): Consumer Discretionary (0.3%): Aristocrat Leisure Ltd. .................................................. 25,881 $ 533 Energy (0.9%): Santos Ltd. .......................................................... 147,322 724 Woodside Energy Group Ltd. ............................................. 43,719 1,059 1,783 Financials (1.7%): Macquarie Group Ltd. .................................................. 6,345 716 National Australia Bank Ltd. .............................................. 85,361 1,733 QBE Insurance Group Ltd. ............................................... 75,812 687 3,136 Industrials (0.4%): Qantas Airways Ltd. (a).................................................. 190,148 770 Materials (0.8%): Mineral Resources Ltd. .................................................. 15,996 839 Rio Tinto Ltd. ........................................................ 7,999 631 1,470 Real Estate (0.6%): Charter Hall Group ..................................................... 79,425 644 Goodman Group ...................................................... 48,738 573 1,217 8,909 Austria (0.5%): Industrials (0.5%): ANDRITZ AG ........................................................ 17,446 999 Brazil (1.9%): Energy (0.6%): Petro Rio SA (a) ....................................................... 152,200 1,072 Financials (0.5%): Banco do Brasil SA .................................................... 146,600 949 Materials (0.5%): Gerdau SA, Preference Shares ............................................. 169,700 933 Utilities (0.3%): Cia Energetica de Minas Gerais, Preference Shares .............................. 323,350 669 3,623 Canada (6.7%): Consumer Discretionary (0.4%): BRP, Inc. (b).......................................................... 10,928 833 Energy (1.1%): ARC Resources Ltd. .................................................... 37,512 506 Headwater Exploration, Inc. .............................................. 125,512 549 Parex Resources, Inc. ................................................... 32,563 485 Suncor Energy, Inc. .................................................... 19,265 611 2,151 Financials (3.2%): Element Fleet Management Corp. .......................................... 89,793 1,224

Victory Portfolios Victory Trivalent International Fund — Core Equity 40 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Fairfax Financial Holdings Ltd. ............................................ 2,101 $ 1,245 National Bank of Canada ................................................ 18,207 1,227 Sun Life Financial, Inc. .................................................. 21,035 976 The Toronto-Dominion Bank .............................................. 21,945 1,421 6,093 Industrials (0.4%): Finning International, Inc. ................................................ 27,160 675 Materials (1.6%): Nutrien Ltd. .......................................................... 14,048 1,026 Stella-Jones, Inc. ...................................................... 26,930 965 Teck Resources Ltd., Class B ............................................. 28,123 1,063 3,054 12,806 Chile (0.3%): Consumer Staples (0.3%): Cencosud SA ......................................................... 384,409 633 China (7.4%): Communication Services (1.4%): Baidu, Inc., Class A (a) .................................................. 68,850 982 Tencent Holdings Ltd. ................................................... 39,100 1,658 2,640 Consumer Discretionary (2.2%): Alibaba Group Holding Ltd. (a) ............................................ 159,896 1,755 BYD Co. Ltd., Class H .................................................. 29,000 711 Guangzhou Automobile Group Co. Ltd., Class H ............................... 870,000 583 New Oriental Education & Technology Group, Inc. (a)............................ 198,000 698 Yadea Group Holdings Ltd. (c)............................................. 332,000 553 4,300 Consumer Staples (0.3%): Tsingtao Brewery Co. Ltd., Class H ......................................... 62,000 610 Financials (1.5%): Agricultural Bank of China Ltd., Class H ..................................... 1,600,000 547 Bank of China Ltd., Class H .............................................. 2,233,275 808 China Construction Bank Corp., Class H ..................................... 1,304,000 816 PICC Property & Casualty Co. Ltd., Class H .................................. 648,000 613 2,784 Health Care (0.3%): CSPC Pharmaceutical Group Ltd. .......................................... 512,000 533 Industrials (0.7%): China Railway Group Ltd., Class H ......................................... 1,591,000 835 COSCO SHIPPING Holdings Co. Ltd., Class H ................................ 450,150 458 1,293 Information Technology (0.3%): Xiaomi Corp., Class B (a)(c) .............................................. 408,600 567 Materials (0.7%): Anhui Conch Cement Co. Ltd., Class H ...................................... 246,500 859 Ganfeng Lithium Group Co. Ltd., Class H (c) .................................. 66,600 494 1,353 14,080

Victory Portfolios Victory Trivalent International Fund — Core Equity 41 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Denmark (2.4%): Consumer Discretionary (0.3%): Pandora A/S .......................................................... 9,654 $ 683 Health Care (1.7%): Novo Nordisk A/S, Class B ............................................... 23,256 3,161 Industrials (0.4%): AP Moller - Maersk A/S, Class B ........................................... 348 779 4,623 Finland (0.9%): Information Technology (0.4%): Nokia Oyj ........................................................... 173,644 807 Utilities (0.5%): Fortum Oyj .......................................................... 51,892 864 1,671 France (7.4%): Communication Services (0.6%): Publicis Groupe SA .................................................... 18,426 1,177 Consumer Discretionary (1.6%): LVMH Moet Hennessy Louis Vuitton SE ..................................... 4,248 3,091 Consumer Staples (0.7%): Pernod Ricard SA ...................................................... 6,810 1,339 Financials (0.9%): AXA SA ............................................................ 24,844 692 BNP Paribas SA ....................................................... 18,990 1,081 1,773 Health Care (0.4%): EssilorLuxottica SA .................................................... 3,707 671 Industrials (1.5%): Cie de Saint-Gobain .................................................... 19,477 953 Eiffage SA ........................................................... 7,887 776 Rexel SA ............................................................ 37,088 733 Teleperformance ...................................................... 1,861 445 2,907 Information Technology (1.0%): Capgemini SE ........................................................ 6,567 1,098 Edenred ............................................................. 12,740 693 1,791 Materials (0.4%): Arkema SA .......................................................... 7,407 666 Real Estate (0.3%): Klepierre SA ......................................................... 27,268 629 14,044 Germany (5.8%): Communication Services (0.9%): Deutsche Telekom AG .................................................. 89,774 1,786

Victory Portfolios Victory Trivalent International Fund — Core Equity 42 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Consumer Discretionary (0.6%): Mercedes-Benz Group AG ............................................... 18,139 $ 1,186 Energy (0.4%): VERBIO Vereinigte BioEnergie AG ......................................... 11,094 719 Financials (0.6%): Hannover Rueck SE .................................................... 5,263 1,038 Health Care (1.4%): Bayer AG, Registered Shares .............................................. 20,812 1,071 Merck KGaA ......................................................... 7,744 1,494 2,565 Industrials (1.0%): Brenntag SE ......................................................... 10,769 686 Daimler Truck Holding AG (a)............................................. 20,591 633 MTU Aero Engines AG ................................................. 3,095 666 1,985 Information Technology (0.9%): Infineon Technologies AG ................................................ 38,665 1,175 SAP SE ............................................................. 5,245 542 1,717 10,996 Hong Kong (2.0%): Consumer Staples (0.2%): WH Group Ltd. (c) ..................................................... 824,500 481 Financials (0.3%): BOC Hong Kong Holdings Ltd. ............................................ 199,500 677 Industrials (0.4%): CK Hutchison Holdings Ltd. .............................................. 117,000 701 Information Technology (0.4%): Lenovo Group Ltd. ..................................................... 864,000 704 Real Estate (0.4%): CK Asset Holdings Ltd. ................................................. 121,895 748 Utilities (0.3%): Kunlun Energy Co. Ltd. ................................................. 760,000 540 3,851 India (3.9%): Consumer Discretionary (0.3%): Mahindra & Mahindra Ltd. ............................................... 37,698 567 Consumer Staples (0.4%): Varun Beverages Ltd. ................................................... 45,481 726 Energy (0.6%): Reliance Industries Ltd. ................................................. 36,543 1,122 Financials (1.1%): Canara Bank ......................................................... 387,198 1,556 ICICI Bank Ltd. ....................................................... 55,961 602 2,158 Information Technology (0.6%): LTIMindtree Ltd. (c) .................................................... 9,873 520

Victory Portfolios Victory Trivalent International Fund — Core Equity 43 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Tata Consultancy Services Ltd. ............................................ 13,601 $ 535 1,055 Materials (0.5%): UPL Ltd. ............................................................ 102,771 888 Utilities (0.4%): Power Grid Corp. of India Ltd. ............................................ 318,853 822 7,338 Israel (1.0%): Financials (0.3%): Bank Leumi Le-Israel BM ............................................... 67,497 563 Health Care (0.3%): Inmode Ltd. (a)........................................................ 18,575 663 Information Technology (0.4%): Nice Ltd. (a) .......................................................... 3,889 749 1,975 Italy (0.9%): Industrials (0.3%): Leonardo SpA ........................................................ 75,301 649 Utilities (0.6%): Enel SpA ............................................................ 139,799 752 Iren SpA ............................................................ 231,813 364 1,116 1,765 Japan (13.3%): Communication Services (1.0%): Nintendo Co. Ltd. ...................................................... 16,000 673 Nippon Telegraph & Telephone Corp. ....................................... 41,800 1,192 1,865 Consumer Discretionary (1.5%): Bandai Namco Holdings, Inc. ............................................. 8,700 545 Isuzu Motors Ltd. ...................................................... 97,800 1,134 Rinnai Corp. ......................................................... 8,000 595 Subaru Corp. ......................................................... 39,600 600 2,874 Consumer Staples (1.0%): Ajinomoto Co., Inc. .................................................... 33,300 1,018 Seven & i Holdings Co. Ltd. .............................................. 19,900 853 1,871 Financials (2.1%): Mizuho Financial Group, Inc. ............................................. 72,310 1,019 ORIX Corp. .......................................................... 44,600 714 Sumitomo Mitsui Financial Group, Inc. ...................................... 38,125 1,534 Tokio Marine Holdings, Inc. .............................................. 36,600 782 4,049 Health Care (1.2%): Nippon Shinyaku Co. Ltd. ................................................ 11,300 641 Olympus Corp. ........................................................ 36,600 646 Ono Pharmaceutical Co. Ltd. .............................................. 40,900 956 2,243

Victory Portfolios Victory Trivalent International Fund — Core Equity 44 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Industrials (3.7%): Fuji Electric Co. Ltd. ................................................... 20,500 $ 774 Hitachi Ltd. .......................................................... 13,200 664 ITOCHU Corp. ....................................................... 49,700 1,560 Komatsu Ltd. ......................................................... 47,000 1,016 Mitsui & Co. Ltd. ...................................................... 42,100 1,226 NIPPON EXPRESS HOLDINGS, Inc. ....................................... 13,600 777 Nippon Yusen KK (b) ................................................... 43,500 1,026 7,043 Information Technology (1.7%): Advantest Corp. ....................................................... 11,100 711 Canon, Inc. .......................................................... 25,400 550 Fujitsu Ltd. .......................................................... 7,400 987 TDK Corp. .......................................................... 28,300 921 3,169 Materials (0.7%): Shin-Etsu Chemical Co. Ltd. .............................................. 6,300 769 Tosoh Corp. .......................................................... 57,400 683 1,452 Real Estate (0.4%): Mitsui Fudosan Co. Ltd. ................................................. 38,700 707 25,273 Korea, Republic Of (3.2%): Communication Services (0.8%): Cheil Worldwide, Inc. ................................................... 33,988 621 JYP Entertainment Corp. ................................................. 18,216 979 1,600 Consumer Discretionary (0.3%): Kia Corp. ............................................................ 13,272 624 Financials (0.4%): Hana Financial Group, Inc. ............................................... 21,285 709 Industrials (0.4%): Samsung Engineering Co. Ltd. (a) .......................................... 37,663 666 Information Technology (1.3%): LG Innotek Co. Ltd. .................................................... 5,100 1,029 Samsung Electronics Co. Ltd. ............................................. 16,689 732 Samsung SDI Co. Ltd. .................................................. 1,484 697 2,458 6,057 Luxembourg (1.3%): Energy (0.5%): Tenaris SA ........................................................... 56,126 984 Health Care (0.4%): Eurofins Scientific SE ................................................... 9,056 650 Materials (0.4%): ArcelorMittal SA ...................................................... 29,487 778 2,412

Victory Portfolios Victory Trivalent International Fund — Core Equity 45 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Malaysia (0.6%): Financials (0.6%): RHB Bank Bhd ....................................................... 929,500 $ 1,223 Mexico (0.5%): Consumer Staples (0.5%): Arca Continental SAB de CV ............................................. 114,670 931 Netherlands (3.2%): Consumer Staples (1.1%): Heineken NV ......................................................... 6,828 643 Koninklijke Ahold Delhaize NV ........................................... 49,154 1,413 2,056 Financials (0.8%): ING Groep NV ....................................................... 69,479 846 NN Group NV ........................................................ 17,768 727 1,573 Health Care (0.5%): QIAGEN NV (a)....................................................... 17,537 881 Industrials (0.2%): Signify NV (c) ........................................................ 14,226 479 Information Technology (0.6%): STMicroelectronics NV ................................................. 32,984 1,172 6,161 Norway (1.4%): Consumer Staples (0.4%): Mowi ASA .......................................................... 38,571 658 Energy (0.6%): Equinor ASA ......................................................... 18,961 681 Var Energi ASA (b) ..................................................... 156,049 540 1,221 Materials (0.4%): Yara International ASA .................................................. 18,166 799 2,678 Qatar (0.3%): Communication Services (0.3%): Ooredoo QPSC ....................................................... 226,599 576 Russian Federation (0.0%):(d) Consumer Staples (0.0%):(d) Magnit PJSC, GDR (a)(e)(f)(g)(h) .......................................... 36,370 —(i) Energy (0.0%):(d) LUKOIL PJSC, ADR (a)(e)(f)(g)(h) ......................................... 8,489 1 Financials (0.0%):(d) Sberbank of Russia PJSC (a)(e)(f)(g)(h) ...................................... 220,230 1 2

Victory Portfolios Victory Trivalent International Fund — Core Equity 46 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Saudi Arabia (0.8%): Energy (0.3%): Saudi Arabian Oil Co. (c)................................................. 55,985 $ 480 Financials (0.5%): Alinma Bank ......................................................... 109,658 950 1,430 Singapore (1.6%): Consumer Staples (0.7%): Wilmar International Ltd. ................................................ 394,600 1,230 Financials (0.5%): DBS Group Holdings Ltd. ................................................ 39,900 1,010 Utilities (0.4%): Sembcorp Industries Ltd. ................................................ 329,800 833 3,073 South Africa (0.7%): Energy (0.3%): Exxaro Resources Ltd. .................................................. 42,429 544 Financials (0.4%): Absa Group Ltd. ...................................................... 60,454 687 1,231 Spain (1.9%): Financials (0.9%): Banco Santander SA .................................................... 310,235 928 Bankinter SA ......................................................... 102,410 686 1,614 Utilities (1.0%): Corp. ACCIONA Energias Renovables SA .................................... 24,864 961 Iberdrola SA ......................................................... 83,227 971 1,932 3,546 Sweden (1.7%): Consumer Discretionary (0.5%): Evolution AB (c)....................................................... 10,212 995 Industrials (0.8%): Atlas Copco AB, Class A ................................................ 58,801 697 Volvo AB, Class B ..................................................... 44,676 808 1,505 Materials (0.4%): Boliden AB .......................................................... 20,232 760 3,260 Switzerland (6.7%): Consumer Discretionary (0.9%): Cie Financiere Richemont SA, Registered Shares ............................... 13,527 1,754 Consumer Staples (1.5%): Coca-Cola HBC AG .................................................... 35,497 839

Victory Portfolios Victory Trivalent International Fund — Core Equity 47 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Nestle SA, Registered Shares ............................................. 17,821 $ 2,059 2,898 Financials (1.4%): Julius Baer Group Ltd. .................................................. 17,201 1,001 Swiss Life Holding AG .................................................. 1,317 679 UBS Group AG ....................................................... 47,463 883 2,563 Health Care (1.7%): Novartis AG, Registered Shares ............................................ 27,124 2,455 Roche Holding AG ..................................................... 2,511 789 3,244 Materials (1.2%): Glencore PLC ........................................................ 216,377 1,443 Holcim AG .......................................................... 17,247 893 2,336 12,795 Taiwan (3.8%): Financials (0.7%): Chailease Holding Co. Ltd. ............................................... 84,895 598 Fubon Financial Holding Co. Ltd. .......................................... 417,730 764 1,362 Health Care (0.7%): Lotus Pharmaceutical Co. Ltd. ............................................. 157,000 1,253 Information Technology (2.4%): Delta Electronics, Inc. ................................................... 85,000 788 E Ink Holdings, Inc. .................................................... 90,000 471 Hon Hai Precision Industry Co. Ltd. ........................................ 159,000 516 Taiwan Semiconductor Manufacturing Co. Ltd. ................................ 190,000 2,760 4,535 7,150 Thailand (0.5%): Health Care (0.5%): Chularat Hospital PCL .................................................. 8,368,500 889 United Arab Emirates (0.4%): Real Estate (0.4%): Emaar Development PJSC (a) ............................................. 636,237 764 United Kingdom (10.4%): Communication Services (0.6%): Informa PLC ......................................................... 96,746 722 WPP PLC ........................................................... 46,586 460 1,182 Consumer Discretionary (1.5%): JD Sports Fashion PLC .................................................. 704,367 1,070 Stellantis NV ......................................................... 126,988 1,804 2,874 Consumer Staples (0.9%): Reckitt Benckiser Group PLC ............................................. 9,959 690

Victory Portfolios Victory Trivalent International Fund — Core Equity 48 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Tesco PLC ........................................................... 345,462 $ 931 1,621 Energy (1.2%): BP PLC ............................................................. 292,685 1,688 Harbour Energy PLC ................................................... 142,991 528 2,216 Financials (2.3%): 3i Group PLC ........................................................ 94,348 1,521 Barclays PLC ......................................................... 430,452 819 Legal & General Group PLC .............................................. 201,307 604 Standard Chartered PLC ................................................. 182,555 1,361 4,305 Health Care (1.4%): AstraZeneca PLC ...................................................... 19,894 2,691 Industrials (1.0%): Ashtead Group PLC .................................................... 11,496 653 BAE Systems PLC ..................................................... 67,068 692 RS GROUP PLC ...................................................... 57,090 615 1,960 Information Technology (0.3%): The Sage Group PLC ................................................... 68,390 616 Materials (0.4%): Anglo American PLC ................................................... 17,794 697 Real Estate (0.4%): Safestore Holdings PLC ................................................. 62,017 707 Utilities (0.4%): Drax Group PLC ...................................................... 92,977 788 19,657 Total Common Stocks (Cost $187,159) 186,421 Exchange-Traded Funds (1.6%) United States (1.6%): iShares Core MSCI EAFE ETF ............................................ 27,337 1,685 iShares Core MSCI Emerging Markets ETF ................................... 27,876 1,301 2,986 Total Exchange-Traded Funds (Cost $3,476) 2,986 Collateral for Securities Loaned (0.9%)^ United States (0.9%): Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.14% (j) ....... 430,556 429 HSBC U.S. Government Money Market Fund, Institutional Shares, 4.13% (j) ............ 430,556 431 Invesco Government & Agency Portfolio, Institutional Shares, 4.22% (j) ............... 430,556 431 Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 4.08% (j) . 430,556 431 Total Collateral for Securities Loaned (Cost $1,723) 1,722 Total Investments (Cost $192,358) — 100.6% 191,129 Liabilities in excess of other assets — (0.6)% (1,181) NET ASSETS - 100.00% $ 189,948 ^ Purchased with cash collateral from securities on loan. (a) Non-income producing security. (b) All or a portion of this security is on loan.

Victory Portfolios Victory Trivalent International Fund — Core Equity 49 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. (c) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of December 31, 2022, the fair value of these securities was $4,570 (thousands) and amounted to 2.4% of net assets. (d) Amount represents less than 0.05% of net assets. (e) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of December 31, 2022, illiquid securities were less than 0.05% of net assets. (f) Security was fair valued based upon procedures approved by the Board of Trustees and represents less than 0.05% of net assets as of December 31, 2022. This security is classified as Level 3 within the fair value hierarchy. (See Note 2 in the Notes to Financial Statements) (g) Restricted security due to trading restrictions. Russian sanctioned entity by the United States Government. (h) The following table details the earliest acquisition date and cost of the Fund's Russian sanctioned restricted securities at December 31, 2022 (amounts in thousands). Security Name Acquisition Date Cost LUKOIL PJSC, ADR ......................................... 8/21/2019 $729 Magnit PJSC, GDR .......................................... 10/29/2021 671 Sberbank of Russia PJSC ...................................... 12/9/2016 752 (i) Rounds to less than $1 thousand. (j) Rate disclosed is the daily yield on December 31, 2022. ADR—American Depositary Receipt ETF—Exchange-Traded Fund GDR—Global Depositary Receipt PCL—Public Company Limited PLC—Public Limited Company

Schedule of Portfolio Investments December 31, 2022 Victory Portfolios Victory Trivalent International Small-Cap Fund 50 (Amounts in Thousands, Except for Shares) (Unaudited) See notes to financial statements. Security Description Shares Value Common Stocks (99.1%) Australia (6.2%): Communication Services (0.3%): Nine Entertainment Co. Holdings Ltd. ....................................... 6,276,721 $ 7,829 Consumer Discretionary (0.8%): JB Hi-Fi Ltd. ......................................................... 383,815 10,937 Super Retail Group Ltd. ................................................. 1,427,725 10,360 21,297 Consumer Staples (0.4%): Elders Ltd. ........................................................... 1,647,060 11,303 Energy (0.5%): Beach Energy Ltd. ..................................................... 11,583,588 12,575 Financials (0.4%): Bank of Queensland Ltd. ................................................. 2,341,155 10,945 Industrials (0.4%): Seven Group Holdings Ltd. ............................................... 802,098 11,406 Information Technology (0.5%): Technology One Ltd. ................................................... 1,630,559 14,481 Materials (2.2%): Allkem Ltd. (a) ........................................................ 2,687,768 20,357 CSR Ltd. ............................................................ 2,445,694 7,819 Iluka Resources Ltd. .................................................... 2,828,678 18,191 Incitec Pivot, Ltd. ...................................................... 5,599,733 14,252 60,619 Real Estate (0.7%): Charter Hall Group ..................................................... 1,003,641 8,140 Region RE Ltd. ....................................................... 5,128,064 9,433 17,573 168,028 Canada (10.6%): Consumer Discretionary (1.2%): AutoCanada, Inc. (a) .................................................... 372,048 6,406 BRP, Inc. (b).......................................................... 360,703 27,504 33,910 Energy (2.4%): ARC Resources Ltd. (b).................................................. 670,628 9,041 Headwater Exploration, Inc. (b) ............................................ 2,431,763 10,634 NuVista Energy Ltd. (a)(b)................................................ 953,744 8,792 Parex Resources, Inc. ................................................... 998,116 14,856 Vermilion Energy, Inc. (b) ................................................ 456,083 8,075 Whitecap Resources, Inc. ................................................ 1,870,485 14,839 66,237 Financials (0.9%): Element Fleet Management Corp. .......................................... 1,345,105 18,332 Laurentian Bank of Canada (b)............................................. 314,738 7,509 25,841 Industrials (1.4%): ATS Corp. (a) ......................................................... 506,658 15,752 Finning International, Inc. ................................................ 873,664 21,722 37,474

Victory Portfolios Victory Trivalent International Small-Cap Fund 51 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Information Technology (1.1%): Celestica, Inc. (a) ...................................................... 1,384,102 $ 15,602 The Descartes Systems Group, Inc. (a) ....................................... 187,345 13,062 28,664 Materials (2.2%): Aginco Eagle Mines Ltd. ................................................ 1 —(c) Alamos Gold, Inc. ..................................................... 1,524,282 15,414 Canfor Corp. (a)(b) ..................................................... 600,382 9,450 Dundee Precious Metals, Inc. ............................................. 1,776,109 8,541 OceanaGold Corp. (a) ................................................... 5,696,810 10,857 Stella-Jones, Inc. (b) .................................................... 397,527 14,247 58,509 Real Estate (1.1%): Boardwalk Real Estate Invest (b) ........................................... 429,552 15,684 Tricon Residential, Inc. .................................................. 1,682,257 12,973 28,657 Utilities (0.3%): TransAlta Corp. ....................................................... 928,242 8,303 287,595 Denmark (1.3%): Financials (0.6%): Jyske Bank A/S, Registered Shares (a) ....................................... 233,996 15,175 Health Care (0.3%): Bavarian Nordic A/S (a).................................................. 258,617 7,970 Industrials (0.4%): ISS A/S (a) ........................................................... 526,970 11,156 34,301 Finland (1.6%): Industrials (1.1%): Konecranes Oyj ....................................................... 348,649 10,747 Valmet Oyj .......................................................... 653,889 17,649 28,396 Information Technology (0.5%): TietoEVRY Oyj ....................................................... 479,618 13,638 42,034 France (8.5%): Consumer Discretionary (0.8%): La Francaise des Jeux SAEM (d) ........................................... 310,915 12,509 Renault SA (a) ........................................................ 260,852 8,703 21,212 Energy (1.0%): Technip Energies NV ................................................... 518,329 8,148 Vallourec SA (a) ....................................................... 1,377,126 18,144 26,292 Health Care (0.4%): Ipsen SA (b) .......................................................... 88,226 9,488 Industrials (3.1%): Eiffage SA ........................................................... 252,593 24,843 Elis SA ............................................................. 939,985 13,873 Nexans SA ........................................................... 139,841 12,655 Rexel SA ............................................................ 848,106 16,772

Victory Portfolios Victory Trivalent International Small-Cap Fund 52 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value SPIE SA ............................................................ 621,337 $ 16,199 84,342 Information Technology (1.6%): Edenred ............................................................. 250,147 13,612 SOITEC (a) .......................................................... 77,996 12,800 Sopra Steria Group ..................................................... 113,716 17,215 43,627 Materials (0.5%): Arkema SA .......................................................... 164,978 14,837 Real Estate (1.1%): Klepierre SA ......................................................... 819,560 18,913 Nexity SA ........................................................... 403,678 11,274 30,187 229,985 Germany (6.8%): Communication Services (1.2%): CTS Eventim AG & Co. KGaA (a) .......................................... 197,506 12,536 Freenet AG .......................................................... 597,902 12,999 United Internet AG, Registered Shares ....................................... 406,686 8,199 33,734 Consumer Discretionary (0.9%): Hugo Boss AG ........................................................ 242,100 13,994 Vitesco Technologies Group AG (a) ......................................... 195,573 11,306 25,300 Energy (0.3%): VERBIO Vereinigte BioEnergie AG ......................................... 123,973 8,036 Financials (0.4%): Deutsche Pfandbriefbank AG (d) ........................................... 1,437,633 11,136 Health Care (0.6%): Gerresheimer AG ...................................................... 229,491 15,350 Industrials (1.0%): GEA Group AG ....................................................... 396,119 16,107 Rheinmetall AG ....................................................... 53,741 10,697 26,804 Information Technology (1.1%): AIXTRON SE ........................................................ 528,458 15,203 Bechtle AG (b) ........................................................ 387,415 13,693 28,896 Materials (0.9%): Aurubis AG .......................................................... 155,295 12,640 LANXESS AG ........................................................ 258,822 10,384 23,024 Utilities (0.4%): Encavis AG .......................................................... 525,401 10,388 182,668 Hong Kong (1.6%): Consumer Discretionary (0.4%): Melco Resorts & Entertainment Ltd., ADR (a).................................. 872,064 10,029

Victory Portfolios Victory Trivalent International Small-Cap Fund 53 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Health Care (0.2%): The United Laboratories International Holdings Ltd. ............................. 9,352,000 $ 5,839 Industrials (0.3%): Pacific Basin Shipping Ltd. ............................................... 29,415,000 9,910 Information Technology (0.3%): ASM Pacific Technology Ltd. ............................................. 1,074,300 7,630 Real Estate (0.4%): Hysan Development Co. Ltd. ............................................. 3,449,000 11,170 44,578 Ireland (2.0%): Consumer Discretionary (0.3%): Dalata Hotel Group PLC (a)............................................... 2,693,005 9,329 Consumer Staples (0.5%): Glanbia PLC ......................................................... 1,097,620 13,899 Financials (1.2%): Bank of Ireland Group PLC ............................................... 3,254,190 31,006 54,234 Isle of Man (0.3%): Consumer Discretionary (0.3%): Playtech PLC (a)....................................................... 1,546,569 9,487 Israel (1.3%): Communication Services (0.8%): Perion Network Ltd. (a).................................................. 842,610 21,318 Health Care (0.5%): Inmode Ltd. (a)........................................................ 407,239 14,538 35,856 Italy (2.2%): Financials (0.5%): Banco Bpm SpA ....................................................... 3,937,098 14,033 Industrials (0.3%): Leonardo SpA ........................................................ 936,479 8,076 Information Technology (0.6%): Reply SpA ........................................................... 140,513 16,117 Materials (0.5%): Buzzi Unicem SpA ..................................................... 625,289 12,048 Utilities (0.3%): Iren SpA ............................................................ 5,214,790 8,189 58,463 Japan (22.6%): Communication Services (0.9%): Internet Initiative Japan, Inc. .............................................. 1,295,600 24,006 Consumer Discretionary (4.3%): Asics Corp. .......................................................... 371,300 8,163 J Front Retailing Co., Ltd. ................................................ 1,346,900 12,225 Komeri Co. Ltd. ....................................................... 439,900 9,120

Victory Portfolios Victory Trivalent International Small-Cap Fund 54 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Nextage Co. Ltd. ...................................................... 424,200 $ 8,139 Resorttrust, Inc. ....................................................... 645,400 11,488 Rinnai Corp. ......................................................... 157,400 11,715 Sankyo Co. Ltd. ....................................................... 321,100 13,121 Shimamura Co. Ltd. .................................................... 134,800 13,435 Sumitomo Forestry Co. Ltd. (b) ............................................ 477,700 8,444 Tokyotokeiba Co. Ltd. .................................................. 270,700 7,754 Toyo Tire Corp. ....................................................... 1,053,900 11,864 115,468 Consumer Staples (1.0%): Morinaga Milk Industry Co. Ltd. ........................................... 214,500 8,147 Nissui Corp. .......................................................... 2,184,600 9,100 Toyo Suisan Kaisha Ltd. ................................................. 241,600 9,309 26,556 Financials (1.5%): AEON Financial Service Co. Ltd. .......................................... 1,124,500 11,888 Fuyo General Lease Co. Ltd. .............................................. 139,000 9,063 Mebuki Financial Group, Inc. ............................................. 3,882,800 9,869 Zenkoku Hosho Co. Ltd. ................................................. 258,100 9,890 40,710 Health Care (1.8%): Eiken Chemical Co. Ltd. ................................................. 639,300 8,264 Jeol Ltd. ............................................................ 216,300 5,817 Miraca Holdings, Inc. ................................................... 592,400 12,941 Sawai Group Holdings Co. Ltd. ............................................ 281,700 8,791 Suzuken Co. Ltd. ...................................................... 458,900 12,418 48,231 Industrials (5.8%): BayCurrent Consulting, Inc. .............................................. 410,700 12,787 CKD Corp. .......................................................... 722,400 10,237 Daihen Corp. ......................................................... 297,300 8,700 Ebara Corp. .......................................................... 280,800 10,004 Fujikura Ltd. ......................................................... 1,867,500 14,040 FULLCAST Holdings Co. Ltd. ............................................ 499,200 10,664 Infroneer Holdings, Inc. ................................................. 1,532,200 11,646 JGC Holdings Corp. .................................................... 703,900 8,924 Organo Corp. ......................................................... 402,500 8,935 Sankyu, Inc. .......................................................... 268,300 9,818 Sanwa Holdings Corp. .................................................. 1,031,900 9,502 Takeuchi Manufacturing Co. Ltd. ........................................... 520,800 11,437 TechnoPro Holdings, Inc. ................................................ 495,600 13,196 Ushio, Inc. ........................................................... 854,800 10,483 Visional, Inc. (a) ....................................................... 115,600 7,658 158,031 Information Technology (3.0%): Alps Alpine Co. Ltd. .................................................... 1,144,000 10,342 Fuji Soft, Inc. ......................................................... 199,700 11,453 Net One Systems Co. Ltd. ................................................ 393,700 10,254 Nichicon Corp. ........................................................ 1,012,300 9,350 Nippon Electric Glass Co. Ltd. (b) .......................................... 480,100 8,522 Shinko Electric Industries Co. Ltd. .......................................... 866,600 22,059 Tokyo Seimitsu Co. Ltd. ................................................. 287,800 9,300 81,280 Materials (2.3%): Daido Steel Co. Ltd. .................................................... 309,100 10,074 Kaneka Corp. ......................................................... 525,200 13,062 Rengo Co. Ltd. ........................................................ 2,426,100 16,651 Tokyo Ohka Kogyo Co. Ltd. .............................................. 258,500 11,686

Victory Portfolios Victory Trivalent International Small-Cap Fund 55 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Zeon Corp. .......................................................... 965,300 $ 9,715 61,188 Real Estate (1.6%): Invincible Investment Corp. .............................................. 27,013 10,469 Kenedix Office Investment Corp. ........................................... 3,377 8,203 Nippon Accommodations Fund, Inc. ........................................ 2,090 9,590 Starts Corp., Inc. ...................................................... 388,100 7,679 Tokyo Tatemono Co., Ltd. ................................................ 707,200 8,563 44,504 Utilities (0.4%): West Holdings Corp. (b) ................................................. 306,900 10,214 610,188 Korea, Republic Of (4.9%): Communication Services (0.6%): JYP Entertainment Corp. ................................................. 277,893 14,930 Consumer Discretionary (0.6%): Coway Co. Ltd. ....................................................... 155,061 6,885 Youngone Corp. ....................................................... 269,059 10,043 16,928 Consumer Staples (0.4%): Lotte Chilsung Beverage Co. Ltd. .......................................... 86,628 12,136 Health Care (1.3%): Dentium Co. Ltd. ...................................................... 171,228 13,584 HK inno N Corp. ...................................................... 297,684 8,771 Osstem Implant Co. Ltd. ................................................. 120,977 13,237 35,592 Industrials (0.6%): Samsung Engineering Co. Ltd. (a) .......................................... 843,909 14,931 Information Technology (1.1%): Daeduck Electronics Co. Ltd. ............................................. 576,914 8,700 LEENO Industrial, Inc. .................................................. 85,333 10,545 LG Innotek Co. Ltd. .................................................... 55,842 11,263 30,508 Materials (0.3%): LOTTE Fine Chemical Co. Ltd. ............................................ 182,032 8,182 133,207 Netherlands (3.5%): Financials (0.8%): ASR Nederland NV .................................................... 469,024 22,282 Health Care (0.4%): Pharming Group NV (a)(b) ............................................... 8,318,501 9,682 Industrials (1.4%): Fugro NV (a) ......................................................... 1,009,879 12,123 IMCD NV ........................................................... 54,653 7,816 Signify NV (d) ........................................................ 526,142 17,709 37,648 Information Technology (0.4%): BE Semiconductor Industries NV .......................................... 160,828 9,800

Victory Portfolios Victory Trivalent International Small-Cap Fund 56 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Materials (0.5%): OCI NV ............................................................. 398,762 $ 14,255 93,667 Norway (0.3%): Financials (0.3%): Sparebanken Vest ...................................................... 766,809 7,248 Singapore (1.2%): Real Estate (0.5%): Frasers Logistics & Commercial Trust ....................................... 14,906,700 12,910 Utilities (0.7%): Sembcorp Industries Ltd. ................................................ 8,221,100 20,761 33,671 Spain (3.1%): Financials (0.8%): Bankinter SA ......................................................... 3,245,471 21,740 Industrials (0.9%): Applus Services SA .................................................... 1,161,606 7,996 Cia de Distribucion Integral Logista Holdings SA ............................... 656,899 16,562 24,558 Materials (0.5%): Acerinox SA ......................................................... 1,331,378 13,159 Real Estate (0.5%): Merlin Properties Socimi SA .............................................. 1,404,074 13,167 Utilities (0.4%): Corp. ACCIONA Energias Renovables SA .................................... 283,578 10,956 83,580 Sweden (2.4%): Financials (0.4%): Avanza Bank Holding AB (b).............................................. 509,512 10,940 Industrials (1.0%): Hexatronic Group AB ................................................... 539,493 7,354 Loomis AB .......................................................... 269,699 7,396 Trelleborg AB, Class B .................................................. 539,943 12,479 27,229 Information Technology (0.4%): Sinch AB (a)(b)(d) ..................................................... 2,764,945 10,196 Real Estate (0.6%): Cibus Nordic Real Estate AB .............................................. 488,194 6,719 Wihlborgs Fastigheter AB ................................................ 1,120,132 8,463 15,182 63,547 Switzerland (5.9%): Consumer Staples (0.4%): Coca-Cola HBC AG .................................................... 458,077 10,826 Financials (1.5%): Julius Baer Group Ltd. .................................................. 302,160 17,591

Victory Portfolios Victory Trivalent International Small-Cap Fund 57 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Swissquote Group Holding SA, Registered Shares .............................. 87,879 $ 12,680 Vontobel Holding AG, Class R ............................................ 176,795 11,729 42,000 Health Care (1.8%): Galenica AG (d) ....................................................... 234,669 19,152 Siegfried Holding AG ................................................... 17,347 11,525 Tecan Group AG, Class R ................................................ 38,288 17,144 47,821 Industrials (1.4%): Bucher Industries AG, Registered Shares ..................................... 41,928 17,503 Oc Oerlikon Corp. AG .................................................. 1,115,819 7,319 Sulzer AG, Registered Shares ............................................. 172,859 13,450 38,272 Real Estate (0.8%): PSP Swiss Property AG, Registered Shares .................................... 181,992 21,385 160,304 United Kingdom (12.3%): Communication Services (1.1%): 4imprint Group PLC .................................................... 223,370 11,574 Airtel Africa PLC (d).................................................... 6,254,540 8,426 Future PLC .......................................................... 568,714 8,667 28,667 Consumer Discretionary (1.4%): Berkeley Group Holdings PLC ............................................ 180,262 8,216 Inchcape PLC ........................................................ 1,618,667 15,978 Redrow PLC ......................................................... 1,444,640 7,915 Watches of Switzerland Group PLC (a)(d)..................................... 723,720 7,070 39,179 Consumer Staples (1.0%): Cranswick PLC ....................................................... 245,766 9,110 Marks & Spencer Group PLC (a) ........................................... 6,337,671 9,348 Tate Lyle PLC ........................................................ 1,104,896 9,464 27,922 Energy (0.3%): Harbour Energy PLC ................................................... 2,435,937 8,987 Financials (1.9%): IG Group Holdings PLC ................................................. 1,283,231 12,089 Man Group PLC ....................................................... 4,148,752 10,672 OSB Group PLC ...................................................... 2,878,203 16,638 Virgin Money UK PLC .................................................. 4,864,028 10,694 50,093 Health Care (1.0%): Abcam PLC, ADR (a) ................................................... 872,795 13,581 CVS Group PLC ...................................................... 557,418 12,999 26,580 Industrials (2.2%): Balfour Beatty PLC .................................................... 2,823,158 11,550 IMI PLC ............................................................ 551,906 8,617 QinetiQ Group PLC .................................................... 2,458,729 10,571 RS GROUP PLC ...................................................... 1,191,563 12,827 Serco Group PLC ...................................................... 8,045,731 15,100 58,665

Victory Portfolios Victory Trivalent International Small-Cap Fund 58 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Information Technology (1.0%): Computacenter PLC .................................................... 628,009 $ 14,581 Spirent Communications PLC ............................................. 3,647,857 11,587 26,168 Materials (0.5%): Endeavour Mining PLC (b) ............................................... 647,745 13,866 Real Estate (1.5%): LondonMetric Property PLC .............................................. 4,623,290 9,595 Safestore Holdings PLC ................................................. 1,431,382 16,319 Savills PLC .......................................................... 736,327 7,332 Tritax Big Box REIT PLC ................................................ 5,201,170 8,715 41,961 Utilities (0.4%): Drax Group PLC ...................................................... 1,335,514 11,326 333,414 United States (0.5%): Consumer Discretionary (0.5%): International Game Technology PLC ........................................ 580,194 13,159 Total Common Stocks (Cost $2,642,063) 2,679,214 Exchange-Traded Funds (0.1%) United States (0.1%): Vanguard FTSE Developed Markets ETF ..................................... 83,464 3,502 Total Exchange-Traded Funds (Cost $3,656) 3,502 Collateral for Securities Loaned (2.0%)^ United States (2.0%): Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.14% (e) ....... 12,712,751 12,713 HSBC U.S. Government Money Market Fund, Institutional Shares, 4.13% (e)............ 12,712,751 12,713 Invesco Government & Agency Portfolio, Institutional Shares, 4.22% (e) ............... 12,712,751 12,713 Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 4.08% (e). 12,712,751 12,713 Total Collateral for Securities Loaned (Cost $50,852) 50,852 Total Investments (Cost $2,696,571) — 101.2% 2,733,568 Liabilities in excess of other assets — (1.2)% (31,121) NET ASSETS - 100.00% $ 2,702,447 ^ 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) Rounds to less than $1 thousand. (d) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of December 31, 2022, the fair value of these securities was $86,197 (thousands) and amounted to 3.2% of net assets. (e) Rate disclosed is the daily yield on December 31, 2022. ADR—American Depositary Receipt ETF—Exchange-Traded Fund PLC—Public Limited Company REIT—Real Estate Investment Trust

Schedule of Portfolio Investments December 31, 2022 Victory Portfolios Victory INCORE Total Return Bond Fund 59 (Amounts in Thousands, Except for Shares) (Unaudited) See notes to financial statements. Security Description Principal Amount Value Asset-Backed Securities (4.1%) Drive Auto Receivables Trust, Series 2021-1, Class C, 1.02%, 6/15/27, Callable 9/15/24 @ 100 ............................................................ $ 298 $ 292 GM Financial Consumer Automobile Receivables Trust, Series 2021-2, Class C, 1.28%, 1/19/27, Callable 4/16/25 @ 100 ....................................... 245 220 Home Equity Asset Trust, Series 2005-2, Class M5, 5.48% (LIBOR01M+110bps), 7/25/35, Callable 1/25/23 @ 100 (a) ............................................ 43 43 JPMorgan Chase Bank NA, Series 2021-2, Class C, 0.97%, 12/26/28, Callable 6/25/25 @ 100 (b) ............................................................. 108 103 Santander Drive Auto Receivables Trust, Series 2021-4, Class C, 1.26%, 2/16/27, Callable 1/15/25 @ 100 .................................................... 283 269 Santander Retail Auto Lease Trust, Series 2021-A, Class C, 1.14%, 3/20/26, Callable 4/20/24 @ 100 (b) ........................................................ 674 637 United Auto Credit Securitization Trust, Series 2022-1, Class C, 2.61%, 6/10/27, Callable 1/10/25 @ 100 (b) .................................................. 231 222 Westlake Automobile Receivables Trust, Series 2021-1A, Class C, 0.95%, 3/16/26, Callable 11/15/24 @ 100 (b) ................................................. 332 318 Westlake Automobile Receivables Trust, Series 2021-2A, Class C, 0.89%, 7/15/26, Callable 2/15/25 @ 100 (b) .................................................. 337 318 Westlake Automobile Receivables Trust, Series 2022-1A, Class C, 3.11%, 3/15/27, Callable 6/15/25 @ 100 (b) .................................................. 310 294 Total Asset-Backed Securities (Cost $2,860) a a a 2,716 Collateralized Mortgage Obligations (10.0%) BANK, Series 2020-BN26, Class AS, 2.69%, 3/15/63, Callable 3/15/30 @ 100 .......... 290 233 CFCRE Commercial Mortgage Trust, Series 2016-C3, Class A2, 3.60%, 1/10/48, Callable 1/10/26 @ 100 .................................................... 153 145 CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A2, 3.28%, 5/10/58, Callable 5/10/26 @ 100 .................................................... 163 151 Citigroup Commercial Mortgage Trust, Series 2015-GC33, Class A4, 3.78%, 9/10/58, Callable 5/10/26 @ 100 .................................................... 463 442 Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class AS, 2.92%, 2/15/53, Callable 2/15/30 @ 100 .................................................... 257 208 Citigroup Commercial Mortgage Trust, Series 2016-P4, Class A4, 2.90%, 7/10/49, Callable 7/10/26 @ 100 .................................................... 244 224 Citigroup Commercial Mortgage Trust, Series 2015-P1, Class A5, 3.72%, 9/15/48, Callable 5/15/26 @ 100 .................................................... 158 151 Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class A4, 3.19%, 4/10/48, Callable 4/10/25 @ 100 .................................................... 345 327 COMM Mortgage Trust, Series 2015-CR25, Class A4, 3.76%, 8/10/48, Callable 8/10/25 @ 100 ............................................................ 186 178 CSAIL Commercial Mortgage Trust, Series 2015-C4, Class A4, 3.81%, 11/15/48, Callable 11/15/25 @ 100 ................................................... 338 322 CSAIL Commercial Mortgage Trust, Series 2016-C7, Class A5, 3.50%, 11/15/49, Callable 11/15/26 @ 100 ................................................... 137 127 CSAIL Commercial Mortgage Trust, Series 2015-C2, Class A4, 3.50%, 6/15/57, Callable 5/15/25 @ 100 .................................................... 212 201 CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A4, 3.72%, 8/15/48, Callable 8/15/25 @ 100 .................................................... 348 332 GS Mortgage Securities Trust, Series 2016-GS2, Class A4, 3.05%, 5/10/49, Callable 5/10/26 @ 100 ............................................................ 162 150 GS Mortgage Securities Trust, Series 2015-GC30, Class A4, 3.38%, 5/10/50, Callable 5/10/25 @ 100 .......................................................... 162 154 JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class A4, 2.82%, 8/15/49, Callable 7/15/26 @ 100 ....................................... 376 343 JPMBB Commercial Mortgage Securities Trust, Series 2015-C31, Class A3, 3.80%, 8/15/48, Callable 8/15/25 @ 100 .............................................. 143 137 JPMBB Commercial Mortgage Securities Trust, Series 2016-C1, Class A5, 3.58%, 3/17/49, Callable 2/15/26 @ 100 .............................................. 419 396 JPMBB Commercial Mortgage Securities Trust, Series 2015-C28, Class A4, 3.23%, 10/15/48, Callable 4/15/25 @ 100 .............................................. 453 430

Victory Portfolios Victory INCORE Total Return Bond Fund 60 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A4, 3.72%, 12/15/49, Callable 1/15/27 @ 100 ....................................... $ 405 $ 379 Wells Fargo Commercial Mortgage Trust, Series 2015-C30, Class A4, 3.66%, 9/15/58, Callable 8/15/25 @ 100 .................................................... 181 172 Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class A4, 3.54%, 5/15/48, Callable 5/15/25 @ 100 .................................................... 193 183 Wells Fargo Commercial Mortgage Trust, Series 2015-P2, Class A4, 3.81%, 12/15/48, Callable 12/15/25 @ 100 ................................................... 420 400 Wells Fargo Commercial Mortgage Trust, Series 2016-NXS6, Class A4, 2.92%, 11/15/49, Callable 10/15/26 @ 100 ............................................. 548 502 Wells Fargo Commercial Mortgage Trust, Series 2017-RC1, Class A4, 3.63%, 1/15/60, Callable 3/15/27 @ 100 .............................................. 311 290 WFRBS Commercial Mortgage Trust, Series 2012-C10, Class A5, 3.24%, 12/15/45, Callable 1/15/23 @ 100 .................................................... 80 76 Total Collateralized Mortgage Obligations (Cost $7,105) a a a 6,653 Convertible Corporate Bonds (6.3%) Consumer Discretionary (1.1%): Booking Holdings, Inc., 0.75%, 5/1/25 (c) ..................................... 305 409 Expedia Group, Inc. , 2/15/26 (d)............................................ 300 260 Ford Motor Co. , 3/15/26 (d)............................................... 95 90 759 Energy (0.7%): Pioneer Natural Resources Co., 0.25%, 5/15/25 ................................. 185 432 Financials (1.3%): Ares Capital Corp., 4.63%, 3/1/24 .......................................... 345 365 Barclays Bank PLC 2/4/25 (d) ....................................................... 110 142 2/18/25 (d)....................................................... 65 68 JPMorgan Chase Financial Co. LLC, 0.25%, 5/1/23 (b)............................ 265 269 844 Health Care (1.0%): Anthem, Inc., 2.75%, 10/15/42 ............................................. 50 366 Illumina, Inc. , 8/15/23 (d) ................................................ 280 271 637 Industrials (0.5%): Southwest Airlines Co., 1.25%, 5/1/25 (c) ..................................... 300 362 Information Technology (1.5%): Akamai Technologies, Inc., 0.13%, 5/1/25 ..................................... 130 137 Block, Inc., 0.25%, 11/1/27 ............................................... 55 42 Euronet Worldwide, Inc., 0.75%, 3/15/49, Callable 3/20/25 @ 100 ................... 315 299 Vishay Intertechnology, Inc., 2.25%, 6/15/25 ................................... 105 102 Western Digital Corp., 1.50%, 2/1/24 ........................................ 430 410 990 Real Estate (0.2%): Kite Realty Group LP, 0.75%, 4/1/27 (b) ...................................... 180 166 Total Convertible Corporate Bonds (Cost $4,023) a a a 4,190 Shares Convertible Preferred Stocks (2.0%) Financials (1.2%): Bank of America Corp., Series L, 7.25% (e) .................................... 280 325 KKR & Co., Inc., Series C, 6.00%, 9/15/23 .................................... 2,570 147

Victory Portfolios Victory INCORE Total Return Bond Fund 61 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Wells Fargo & Co., Series L, 7.50% (e) ....................................... 245 $ 290 762 Health Care (0.1%): Danaher Corp., Series B, 5.00%, 4/15/23 (c).................................... 39 53 Utilities (0.7%): American Electric Power Co., Inc., 6.13%, 8/15/23 .............................. 1,615 83 NextEra Energy, Inc., 5.28%, 3/1/23 ......................................... 7,295 370 NiSource, Inc., 7.75%, 3/1/24 .............................................. 210 22 475 Total Convertible Preferred Stocks (Cost $1,434) a a a 1,290 Principal Amount Corporate Bonds (32.7%) Communication Services (1.5%): AT&T, Inc., 5.15%, 11/15/46, Callable 5/15/46 @ 100 ............................ $ 312 281 Comcast Corp., 3.45%, 2/1/50, Callable 8/1/49 @ 100 ............................ 150 109 Hughes Satellite Systems Corp., 6.63%, 8/1/26 ................................. 200 187 Sirius XM Radio, Inc., 4.13%, 7/1/30, Callable 7/1/25 @ 102.06 (b)................... 143 118 T-Mobile USA, Inc., 3.88%, 4/15/30, Callable 1/15/30 @ 100 ....................... 242 220 Verizon Communications, Inc., 3.55%, 3/22/51, Callable 9/22/50 @ 100 ............... 125 90 1,005 Consumer Discretionary (5.4%): Aptiv PLC/Aptiv Corp., 3.25%, 3/1/32, Callable 12/1/31 @ 100 ..................... 185 152 D.R. Horton, Inc., 2.50%, 10/15/24, Callable 9/15/24 @ 100 ........................ 670 638 Dana, Inc., 5.63%, 6/15/28, Callable 6/15/23 @ 102.81 ........................... 110 100 General Motors Co., 4.88%, 10/2/23 ......................................... 229 229 General Motors Financial Co., Inc., 4.15%, 6/19/23, Callable 5/19/23 @ 100 ............ 110 109 Lennar Corp., 5.00%, 6/15/27, Callable 12/15/26 @ 100 ........................... 212 205 Marriott International, Inc., 3.60%, 4/15/24, Callable 3/15/24 @ 100 .................. 326 319 Meritage Homes Corp., 6.00%, 6/1/25, Callable 3/1/25 @ 100 ...................... 63 63 Murphy Oil USA, Inc., 3.75%, 2/15/31, Callable 2/15/26 @ 101.88 (b) ................ 201 167 NIKE, Inc., 3.88%, 11/1/45, Callable 5/1/45 @ 100 .............................. 198 170 NVR, Inc., 3.00%, 5/15/30, Callable 11/15/29 @ 100 ............................. 267 224 O'Reilly Automotive, Inc., 4.70%, 6/15/32, Callable 3/15/32 @ 100 .................. 199 193 PulteGroup, Inc., 5.00%, 1/15/27, Callable 10/15/26 @ 100 ........................ 240 238 Ross Stores, Inc., 3.38%, 9/15/24, Callable 6/15/24 @ 100 ......................... 160 155 The Goodyear Tire & Rubber Co., 5.00%, 7/15/29, Callable 4/15/29 @ 100 (c)........... 360 300 The Goodyear Tire Rubber Co., 5.25%, 4/30/31, Callable 1/30/31 @ 100 (c)............. 188 158 Yum! Brands, Inc., 3.63%, 3/15/31, Callable 12/15/30 @ 100 ....................... 171 143 3,563 Consumer Staples (1.6%): 7-Eleven, Inc., 0.80%, 2/10/24, Callable 2/6/23 @ 100 (b).......................... 368 350 Altria Group, Inc., 4.40%, 2/14/26, Callable 12/14/25 @ 100 (c) ..................... 105 103 BAT Capital Corp., 5.28%, 4/2/50, Callable 10/2/49 @ 100 ........................ 167 132 Church & Dwight Co., Inc., 2.30%, 12/15/31, Callable 9/15/31 @ 100 ................. 139 111 Estee Lauder Cos., Inc., 4.15%, 3/15/47, Callable 9/15/46 @ 100 .................... 105 90 Reynolds American, Inc., 6.15%, 9/15/43 ..................................... 175 156 Tyson Foods, Inc., 5.10%, 9/28/48, Callable 3/28/48 @ 100 ........................ 135 125 1,067 Energy (2.7%): Continental Resources, Inc. 4.50%, 4/15/23, Callable 2/6/23 @ 100 .................................. 234 233 2.27%, 11/15/26, Callable 11/15/23 @ 100 (b).............................. 267 231 Energy Transfer LP, 3.75%, 5/15/30, Callable 2/15/30 @ 100 ....................... 346 305 EOG Resources, Inc., 4.95%, 4/15/50, Callable 10/15/49 @ 100 ..................... 135 129 HollyFrontier Corp., 2.63%, 10/1/23 ......................................... 265 257 Marathon Oil Corp., 6.60%, 10/1/37 ......................................... 255 254 Pioneer Natural Resources Co., 1.90%, 8/15/30, Callable 5/15/30 @ 100 ............... 251 197

Victory Portfolios Victory INCORE Total Return Bond Fund 62 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value Western Midstream Operating LP, 4.30%, 2/1/30, Callable 11/1/29 @ 100 .............. $ 188 $ 165 1,771 Financials (8.4%): Aflac, Inc., 4.75%, 1/15/49, Callable 7/15/48 @ 100 .............................. 35 31 Alleghany Corp., 3.63%, 5/15/30, Callable 2/15/30 @ 100 ......................... 130 121 American Express Co., 4.99% (SOFR+226bps), 5/26/33, Callable 2/26/32 @ 100 (a) ...... 299 288 Bank of America Corp. 4.20%, 8/26/24, MTN ............................................... 160 158 2.57% (SOFR+121bps), 10/20/32, Callable 10/20/31 @ 100 (a) ................. 340 267 Capital One Financial Corp. 4.93% (SOFR+206bps), 5/10/28, Callable 5/10/27 @ 100 (a) ................... 174 169 2.36% (SOFR+134bps), 7/29/32, Callable 7/29/31 @ 100 (a) ................... 395 284 Cincinnati Financial Corp., 6.13%, 11/1/34 .................................... 230 237 Citigroup, Inc. 3.88%, 3/26/25 .................................................... 108 105 4.60%, 3/9/26 .................................................... 232 228 4.45%, 9/29/27 .................................................... 108 103 Fifth Third Bancorp 1.63%, 5/5/23, Callable 4/5/23 @ 100 ................................... 130 129 3.65%, 1/25/24, Callable 12/25/23 @ 100 ................................. 584 575 Ford Motor Credit Co. LLC, 4.06%, 11/1/24, Callable 10/1/24 @ 100 ................. 290 279 Globe Life, Inc., 2.15%, 8/15/30, Callable 5/15/30 @ 100 .......................... 250 197 JPMorgan Chase & Co. 2.55% (SOFR+118bps), 11/8/32, Callable 11/8/31 @ 100 (a) ................... 376 297 5.72% (SOFR+258bps), 9/14/33, Callable 9/14/32 @ 100 (a) ................... 204 200 5.60%, 7/15/41 .................................................... 87 87 Morgan Stanley, 3.13%, 7/27/26, MTN ....................................... 287 268 Old Republic International Corp., 3.85%, 6/11/51, Callable 12/11/50 @ 100 ............. 104 72 Regions Financial Corp., 1.80%, 8/12/28, Callable 6/12/28 @ 100 .................... 228 193 SVB Financial Group, 3.13%, 6/5/30, Callable 3/5/30 @ 100 ....................... 373 306 The Goldman Sachs Group, Inc., 3.50%, 1/23/25, Callable 10/23/24 @ 100 ............. 275 266 Wells Fargo & Co. 4.30%, 7/22/27, MTN ............................................... 410 395 4.90%, 11/17/45 ................................................... 155 134 Zions Bancorp NA, 3.25%, 10/29/29, Callable 7/29/29 @ 100 ...................... 250 205 5,594 Health Care (3.6%): AbbVie, Inc. 3.20%, 11/21/29, Callable 8/21/29 @ 100 ................................. 285 257 4.45%, 5/14/46, Callable 11/14/45 @ 100 ................................. 142 123 Anthem, Inc., 2.38%, 1/15/25, Callable 12/15/24 @ 100 ........................... 148 140 Baxter International, Inc. 2.54%, 2/1/32, Callable 11/1/31 @ 100 .................................. 390 311 3.50%, 8/15/46, Callable 2/15/46 @ 100 ................................. 109 78 Centene Corp., 4.25%, 12/15/27, Callable 1/23/23 @ 102.13 ........................ 168 158 HCA, Inc., 4.13%, 6/15/29, Callable 3/15/29 @ 100 .............................. 193 176 Hologic, Inc., 3.25%, 2/15/29, Callable 9/28/23 @ 101.63 (b) ....................... 260 225 Mylan, Inc., 4.55%, 4/15/28, Callable 1/15/28 @ 100 ............................. 262 243 Regeneron Pharmaceuticals, Inc., 2.80%, 9/15/50, Callable 3/15/50 @ 100 ............. 146 91 Universal Health Services, Inc. 1.65%, 9/1/26, Callable 8/1/26 @ 100 (b) ................................. 394 338 2.65%, 10/15/30, Callable 7/15/30 @ 100 (b) .............................. 102 81 Viatris, Inc. 2.30%, 6/22/27, Callable 4/22/27 @ 100 ................................. 95 81 4.00%, 6/22/50, Callable 12/22/49 @ 100 ................................. 190 118 2,420 Industrials (3.0%): Acuity Brands Lighting, Inc., 2.15%, 12/15/30, Callable 9/15/30 @ 100 ............... 107 82 Air Lease Corp. 0.70%, 2/15/24, Callable 1/15/24 @ 100, MTN ............................. 282 266 0.80%, 8/18/24, Callable 7/18/24 @ 100 ................................. 146 135

Victory Portfolios Victory INCORE Total Return Bond Fund 63 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value CSX Corp., 3.35%, 9/15/49, Callable 3/15/49 @ 100 ............................. $ 92 $ 66 Delta Air Lines, Inc., 3.80%, 4/19/23, Callable 3/19/23 @ 100 ...................... 275 273 Hillenbrand, Inc., 5.00%, 9/15/26, Callable 7/15/26 @ 100 ......................... 420 405 Honeywell International, Inc., 2.80%, 6/1/50, Callable 12/1/49 @ 100 (c)............... 82 59 Norfolk Southern Corp. 2.30%, 5/15/31, Callable 2/15/31 @ 100 ................................. 239 197 2.90%, 8/25/51, Callable 2/25/51 @ 100 ................................. 125 81 Northrop Grumman Corp., 5.25%, 5/1/50, Callable 11/1/49 @ 100 ................... 116 115 Oshkosh Corp., 3.10%, 3/1/30, Callable 12/1/29 @ 100 ........................... 140 118 Sensata Technologies, Inc., 3.75%, 2/15/31, Callable 2/15/26 @ 101.88 (b).............. 130 108 Snap-on, Inc., 4.10%, 3/1/48, Callable 9/1/47 @ 100 ............................. 115 97 2,002 Information Technology (2.5%): Apple, Inc., 4.65%, 2/23/46, Callable 8/23/45 @ 100 ............................. 117 111 Broadcom, Inc., 5.00%, 4/15/30, Callable 1/15/30 @ 100 .......................... 315 299 Cadence Design Systems, Inc., 4.38%, 10/15/24, Callable 7/15/24 @ 100 .............. 342 339 Micron Technology, Inc., 5.33%, 2/6/29, Callable 11/6/28 @ 100 .................... 394 378 NCR Corp., 5.25%, 10/1/30, Callable 10/1/25 @ 102.63 (b)......................... 87 72 Texas Instruments, Inc., 4.15%, 5/15/48, Callable 11/15/47 @ 100 ................... 160 142 Visa, Inc., 2.00%, 8/15/50, Callable 2/15/50 @ 100 .............................. 287 170 Western Digital Corp., 2.85%, 2/1/29, Callable 12/1/28 @ 100 ...................... 147 113 1,624 Materials (0.4%): Newmont Corp., 2.60%, 7/15/32, Callable 4/15/32 @ 100 ......................... 104 83 The Scotts Miracle-Gro Co., 4.50%, 10/15/29, Callable 10/15/24 @ 102.25 (c) ........... 188 152 235 Real Estate (2.3%): Essential Properties LP, 2.95%, 7/15/31, Callable 4/15/31 @ 100 .................... 131 95 Iron Mountain, Inc., 5.25%, 7/15/30, Callable 7/15/25 @ 102.63 (b)................... 108 94 Kite Realty Group Trust, 4.00%, 3/15/25, Callable 12/15/24 @ 100 (c)................. 339 323 Physicians Realty LP 3.95%, 1/15/28, Callable 10/15/27 @ 100 ................................. 138 126 2.63%, 11/1/31, Callable 8/1/31 @ 100 .................................. 128 100 Realty Income Corp., 5.63%, 10/13/32, Callable 7/13/32 @ 100 ..................... 303 309 Regency Centers LP, 4.65%, 3/15/49, Callable 9/15/48 @ 100 ...................... 114 92 Sabra Health Care LP, 5.13%, 8/15/26, Callable 5/15/26 @ 100 ...................... 145 138 Spirit Realty LP, 3.20%, 1/15/27, Callable 11/15/26 @ 100 ......................... 266 236 1,513 Utilities (1.3%): Ameren Illinois Co., 1.55%, 11/15/30, Callable 8/15/30 @ 100 ...................... 225 177 Consolidated Edison Co. of New York, Inc., 6.30%, 8/15/37 ........................ 250 266 Oklahoma Gas and Electric Co., 5.25%, 5/15/41, Callable 11/15/40 @ 100 ............. 190 172 Public Service Electric & Gas Co., 3.95%, 5/1/42, MTN, Callable 11/1/41 @ 100 ......... 159 133 Wisconsin Public Service Corp., 2.85%, 12/1/51, Callable 6/1/51 @ 100 ............... 174 112 860 Total Corporate Bonds (Cost $24,930) a a a 21,654 Residential Mortgage-Backed Securities (0.1%) Credit Suisse First Boston Mortgage Securities Corp., Series 2002-HE16, Class M1, 5.71% (LIBOR01M+132bps), 10/25/32, Callable 1/25/23 @ 100 (a) ................... 69 69 Total Residential Mortgage-Backed Securities (Cost $67) a a a 69

Victory Portfolios Victory INCORE Total Return Bond Fund 64 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value Yankee Dollars (5.7%) Communication Services (0.3%): Vodafone Group PLC, 5.25%, 5/30/48 ....................................... $ 193 $ 171 Consumer Staples (2.2%): Barry Callebaut Services NV, 5.50%, 6/15/23 (b) ................................ 638 634 Kerry Group Financial Services Unlimited Co., 3.20%, 4/9/23, Callable 2/6/23 @ 100 (b) ... 670 663 Suntory Holdings Ltd., 2.25%, 10/16/24, Callable 9/16/24 @ 100 (b) .................. 200 187 1,484 Energy (0.8%): Ecopetrol SA, 5.88%, 9/18/23 ............................................. 325 323 Statoil ASA, 3.95%, 5/15/43 .............................................. 100 84 Total Capital International SA, 2.99%, 6/29/41, Callable 12/29/40 @ 100 .............. 195 146 553 Financials (1.0%): AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.50%, 7/15/25, Callable 6/15/25 @ 100 .......................................................... 150 153 HSBC Holdings PLC, 2.87% (SOFR+141bps), 11/22/32, Callable 11/22/31 @ 100 (a)...... 340 260 Newcrest Finance Pty Ltd. 5.75%, 11/15/41 (b)................................................. 155 139 4.20%, 5/13/50, Callable 11/13/49 @ 100 (b)............................... 110 78 630 Industrials (0.4%): Canadian National Railway Co., 3.20%, 8/2/46, Callable 2/2/46 @ 100 ................ 85 63 Canadian Pacific Railway Co., 3.10%, 12/2/51, Callable 6/2/51 @ 100 ................ 92 63 Sensata Technologies BV, 4.00%, 4/15/29, Callable 4/15/24 @ 102 (b)................. 200 172 298 Materials (0.9%): Anglo American Capital PLC 2.88%, 3/17/31, Callable 12/17/30 @ 100 (b) .............................. 300 246 3.95%, 9/10/50, Callable 3/10/50 @ 100 (b)(c) ............................. 200 147 Rio Tinto Finance USA Ltd., 5.20%, 11/2/40 ................................... 75 75 Vale Overseas Ltd., 6.25%, 8/10/26 (c)........................................ 143 148 616 Utilities (0.1%): Iberdrola International BV, 6.75%, 9/15/33 .................................... 50 52 Total Yankee Dollars (Cost $4,341) a a a 3,804 U.S. Government Mortgage-Backed Agencies (25.5%) Federal Home Loan Mortgage Corp. 9.00%, 4/1/25 ..................................................... 4 4 7.50%, 8/1/29 ..................................................... 7 8 Series 4395, Class PA, 2.50%, 4/15/37 - 3/1/51 ............................. 1,087 941 Series 4320, Class AP, 3.50%, 7/15/39 - 3/1/52 ............................. 806 739 Series 4444, Class CH, 3.00%, 1/15/41 - 3/1/52 ............................. 359 318 2.00%, 3/1/51 ..................................................... 534 437 4.00%, 6/1/52 - 10/1/52 .............................................. 2,415 2,270 4.50%, 6/1/52 - 8/1/52 ............................................... 2,457 2,366 Federal National Mortgage Association Series 2005-19, Class PB, 5.50%, 3/25/35 ................................. 209 213 6.00%, 2/1/37 ..................................................... 61 64 Series 2011-21, Class PA, 4.50%, 5/25/40 ................................. 234 232 Series 2013-81, Class KA, 2.75%, 9/25/42 ................................ 143 134 3.00%, 8/1/46 - 10/1/50 .............................................. 2,517 2,252 4.00%, 3/1/47 - 5/1/52 ............................................... 1,420 1,332 3.50%, 11/1/47 - 4/1/52 .............................................. 939 877 Series 2017-96, Class DA, 2.50%, 12/25/47 - 2/1/52 ......................... 3,340 2,837

Victory Portfolios Victory INCORE Total Return Bond Fund 65 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Principal Amount Value 2.00%, 3/1/51 - 12/1/51 .............................................. $ 2,298 $ 1,881 16,905 Total U.S. Government Mortgage-Backed Agencies (Cost $17,966) a a a 16,905 U.S. Treasury Obligations (10.4%) U.S. Treasury Bonds, 4.00%, 11/15/42 ....................................... 2,150 2,107 U.S. Treasury Notes 4.50%, 11/30/24 ................................................... 2,200 2,200 4.13%, 9/30/27 .................................................... 2,600 2,610 Total U.S. Treasury Obligations (Cost $6,961) a a a 6,917 Shares Collateral for Securities Loaned (2.7%)^ Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.14% (f) ....... 446,454 447 HSBC U.S. Government Money Market Fund, Institutional Shares, 4.13% (f)............ 446,454 447 Invesco Government & Agency Portfolio, Institutional Shares, 4.22% (f) ............... 446,454 446 Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 4.08% (f). 446,454 446 Total Collateral for Securities Loaned (Cost $1,786) a a a 1,786 Total Investments (Cost $71,473) — 99.5% 65,984 Other assets in excess of liabilities — 0.5% 350 NET ASSETS - 100.00% $ 66,334 ^ Purchased with cash collateral from securities on loan. (a) Variable or Floating-Rate Security. Rate disclosed is as of December 31, 2022. (b) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of December 31, 2022, the fair value of these securities was $6,378 (thousands) and amounted to 9.6% of net assets. (c) All or a portion of this security is on loan. (d) Zero-coupon bond. (e) Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future. (f) Rate disclosed is the daily yield on December 31, 2022. bps—Basis points LIBOR—London Interbank Offered Rate LIBOR01M—1 Month US Dollar LIBOR, rate disclosed as of December 31, 2022, based on the last reset date of the security LLC—Limited Liability Company LP—Limited Partnership MTN—Medium Term Note PLC—Public Limited Company SOFR—Secured Overnight Financing Rate

Victory Portfolios Victory INCORE Total Return Bond Fund 66 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Futures Contracts Purchased (Amounts not in thousands) Number of Contracts Expiration Date Notional Amount Value Unrealized Appreciation (Depreciation) 10-Year U.S. Treasury Note Futures...... 2 3/22/23 $ 224,101 $ 224,594 $ 493 2-Year U.S. Treasury Note Futures....... 1 3/31/23 204,783 205,078 295 5-Year U.S. Treasury Note Futures....... 24 3/31/23 2,601,497 2,590,312 (11,185) British Pound Futures................ 11 3/13/23 852,363 830,775 (21,588) Mexican Peso Futures................ 20 3/13/23 500,900 506,200 5,300 Ultra Long Term U.S. Treasury Bond Futures 24 3/22/23 3,283,224 3,223,500 (59,724) $ (86,409) Futures Contracts Sold (Amounts not in thousands) Number of Contracts Expiration Date Notional Amount Value Unrealized Appreciation (Depreciation) Australian Dollar Futures ............. 6 3/13/23 $ 412,950 $ 409,710 $ 3,240 Micro E-Mini S&P 500 Index Futures .... 70 3/17/23 1,397,148 1,351,350 45,798 $ 49,038 Total unrealized appreciation $ 55,126 Total unrealized depreciation (92,497) Total net unrealized appreciation (depreciation) $ (37,371) Centrally Cleared Credit Default Swap Agreements - Sell Protection(a) (Amounts not in thousands) Underlying Instruments Fixed Deal Receive Rate Maturity Date Payment Frequency Implied Credit Spread at December 31, 2022(b) Notional Amount(c) Value Premiums Paid (Received) Unrealized Appreciation (Depreciation) CDX North America High Yield Index; Series 39 . 5.00% 12/20/27 Quarterly 4.82% $ 1,000,000 $ 6,781 $ (27,500) $ 34,281 $ 6,781 $ (27,500) $ 34,281 (a) When a credit event occurs as defined under the terms of the swap agreement, the Fund as a seller of credit protection will either (i) pay to the buyer of protection an amount equal to the par value of the defaulted reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value. (b) Implied credit spread, represented in absolute terms, utilized in determining the value of the credit default swap agreements as of period end will serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a referenced entity reflects the cost of buying/selling protection and may include payments required to be made to enter into the agreement. Generally, wider credit spreads represent a perceived deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap agreement. (c) The notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection if a credit event occurs, as defined under the terms of the swap agreement, for each security included in the CDX North America High Yield Index.

Statements of Assets and Liabilities December 31, 2022 67 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 $57,002, $270,302 and $1,281,829) $ 62,567(a) $ 292,295(b) $ 1,461,039(c) Cash 1,902 4,004 14,684 Receivables: Interest and dividends 76 533 2,450 Capital shares issued 37 651 1,717 Investments sold 109 — 7,721 From Adviser 4 139 1 Prepaid expenses 28 49 40 Total Assets 64,723 297,671 1,487,652 Liabilities: Payables: Collateral received on loaned securities 317 1,566 11,447 Investments purchased — — 2,461 Capital shares redeemed 104 196 1,786 Accrued expenses and other payables: Investment advisory fees 56 191 1,097 Administration fees 3 14 72 Custodian fees 1 3 17 Transfer agent fees 22 12 148 Compliance fees —(d) —(d) 1 Trustees' fees 22 — 19 12b-1 fees 4 2 11 Other accrued expenses 13 22 81 Total Liabilities 542 2,006 17,140 Net Assets: Capital 58,570 271,190 1,275,566 Total accumulated earnings/(loss) 5,611 24,475 194,946 Net Assets $ 64,181 $ 295,665 $ 1,470,512 Net Assets Class A $ 34,898 $ 22,503 $ 70,884 Class C 1,143 94 5,112 Class R 583 — 4,763 Class R6 — 218,023 744,494 Class Y 24,152 52,042 645,259 Member Class 3,405 3,003 — Total $ 64,181 $ 295,665 $ 1,470,512 Shares (unlimited number of shares authorized with a par value of $0.001 per share): Class A 988 1,061 2,273 Class C 53 4 209 Class R 18 — 161 Class R6 — 10,150 22,556 Class Y 604 2,426 19,712 Member Class 96 139 — Total 1,759 13,780 44,911 Net asset value, offering (except Class A) and redemption price per share: (e) Class A $ 35.32 $ 21.20 $ 31.19 Class C (f) 21.72 21.19 24.43 Class R 32.20 — 29.58 Class R6 — 21.48 33.01 Class Y 39.99 21.45 32.73 Member Class 35.41 21.58 — 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 $ 37.47 $ 22.49 $ 33.09 (a) Includes $278 thousand of securities on loan. (b) Includes $1,503 thousand of securities on loan. (c) Includes $11,022 thousand of securities on loan. (d) Rounds to less than $1 thousand. (e) Per share amount may not recalculate due to rounding of net assets and/or shares outstanding. (f) Redemption price per share varies by the length of time shares are held.

Statements of Assets and Liabilities December 31, 2022 68 See notes to financial statements. Victory Portfolios (Amounts in Thousands, Except Per Share Amounts) (Unaudited) Victory Integrity Small/Mid-Cap Value Fund Victory Munder Multi-Cap Fund Victory S&P 500 Index Fund Assets: Investments, at value (Cost $213,266, $290,247 and $44,064) $ 226,430(a) $ 364,980(b) $ 209,311 Cash 8,080 8,747 25 Deposit with broker for futures contracts — — 336 Receivables: Interest and dividends 342 288 184 Capital shares issued 440 24 17 Investments sold 334 — 1,742 Variation margin on open futures contracts — — 5 From Adviser 42 1 — Prepaid expenses 29 21 21 Total Assets 235,697 374,061 211,641 Liabilities: Payables: Collateral received on loaned securities 1,363 2,077 — Investments purchased 1,812 7,331 — Capital shares redeemed 210 91 135 Variation margin on open futures contracts — — 4 Accrued expenses and other payables: Investment advisory fees 157 239 37 Administration fees 11 17 10 Custodian fees 3 5 3 Transfer agent fees 7 97 28 Compliance fees —(c) —(c) —(c) Trustees' fees — 110 23 12b-1 fees 1 38 14 Other accrued expenses 20 38 23 Total Liabilities 3,584 10,043 277 Net Assets: Capital 217,374 290,176 40,887 Total accumulated earnings/(loss) 14,739 73,842 170,477 Net Assets $ 232,113 $ 364,018 $ 211,364 Net Assets Class A $ 7,534 $ 330,034 $ 150,626 Class C — 3,053 — Class R — — 18,167 Class R6 173,265 — — Class Y 45,615 30,931 42,571 Member Class 5,699 — — Total $ 232,113 $ 364,018 $ 211,364 Shares (unlimited number of shares authorized with a par value of $0.001 per share): Class A 395 8,309 7,472 Class C — 113 — Class R — — 906 Class R6 8,942 — — Class Y 2,363 689 2,090 Member Class 296 — — Total 11,996 9,111 10,468 Net asset value, offering (except Class A) and redemption price per share: (d) Class A $ 19.08 $ 39.72 $ 20.16 Class C (e) — 27.12 — Class R — — 20.06 Class R6 19.38 — — Class Y 19.30 44.89 20.36 Member Class 19.25 — — 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 $ 20.24 $ 42.14 $ 20.62 (a) Includes $1,308 thousand of securities on loan. (b) Includes $2,030 thousand of securities on loan. (c) Rounds to less than $1 thousand. (d) Per share amount may not recalculate due to rounding of net assets and/or shares outstanding. (e) Redemption price per share varies by the length of time shares are held.

Statements of Assets and Liabilities December 31, 2022 69 See notes to financial statements. Victory Portfolios (Amounts in Thousands, Except Per Share Amounts) (Unaudited) Victory Munder Mid-Cap Core Growth Fund Victory Trivalent International Fund - Core Equity Victory Trivalent International Small-Cap Fund Assets: Investments, at value (Cost $272,981, $192,358 and $2,696,571) $ 344,175 $ 191,129(a) $ 2,733,568(b) Foreign currency, at value (Cost $—, $58 and $487) — 58 490 Cash 2,701 1,518 27,020 Receivables: Interest and dividends 275 286 4,747 Capital shares issued 134 6 1,971 Reclaims — 427 5,081 From Adviser 3 139 693 Prepaid expenses 23 22 96 Total Assets 347,311 193,585 2,773,666 Liabilities: Payables: Collateral received on loaned securities — 1,722 50,851 Capital shares redeemed 389 1,509 17,196 Accrued foreign capital gains taxes — 185 — Accrued expenses and other payables: Investment advisory fees 224 131 2,141 Administration fees 17 9 127 Custodian fees 5 21 136 Transfer agent fees 91 2 670 Compliance fees —(c) —(c) 2 Trustees' fees 27 35 8 12b-1 fees 20 —(c) 8 Other accrued expenses 33 23 80 Total Liabilities 806 3,637 71,219 Net Assets: Capital 288,181 202,120 2,890,979 Total accumulated earnings/(loss) 58,324 (12,172) (188,532) Net Assets $ 346,505 $ 189,948 $ 2,702,447 Net Assets Class A $ 148,903 $ 4,053 $ 66,136 Class C 4,165 — 2,781 Class I — 3,299 1,788,431 Class R 8,741 — — Class R6 68,527 175,809 110,534 Class Y 116,169 6,787 734,565 Total $ 346,505 $ 189,948 $ 2,702,447 Shares (unlimited number of shares authorized with a par value of $0.001 per share): Class A 17,496 618 5,202 Class C 491 — 226 Class I — 501 139,716 Class R 1,416 — — Class R6 5,470 26,523 8,592 Class Y 9,960 1,038 57,656 Total 34,833 28,680 211,392 Net asset value, offering (except Class A) and redemption price per share: (d) Class A $ 8.51 $ 6.55 $ 12.71 Class C (e) 8.48 — 12.30 Class I — 6.59 12.80 Class R 6.17 — — Class R6 12.53 6.63 12.87 Class Y 11.66 6.54 12.74 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 $ 9.03 $ 6.95 $ 13.49 (a) Includes $1,651 thousand of securities on loan. (b) Includes $46,402 thousand of securities on loan. (c) Rounds to less than $1 thousand. (d) Per share amount may not recalculate due to rounding of net assets and/or shares outstanding. (e) Redemption price per share varies by the length of time shares are held.

Statements of Assets and Liabilities December 31, 2022 70 See notes to financial statements. Victory Portfolios (Amounts in Thousands, Except Per Share Amounts) (Unaudited) Victory INCORE Total Return Bond Fund Assets: Investments, at value (Cost $71,473) $ 65,984(a) Cash 4,582 Deposit with broker for futures contracts 412 Deposit with broker for swap agreements 171 Receivables: Interest and dividends 391 Capital shares issued 12 Variation margin on open futures contracts 4 Variation margin on open swap agreements —(b) From Adviser 9 Prepaid expenses 27 Total Assets 71,592 Liabilities: Payables: Collateral received on loaned securities 1,786 Investments purchased 3,369 Variation margin on open futures contracts 21 Accrued expenses and other payables: Investment advisory fees 22 Administration fees 3 Custodian fees 2 Transfer agent fees 3 Compliance fees —(b) Trustees' fees 40 12b-1 fees 1 Other accrued expenses 11 Total Liabilities 5,258 Net Assets: Capital 79,239 Total accumulated earnings/(loss) (12,905) Net Assets $ 66,334 Net Assets Class A $ 11,401 Class C 157 Class R6 26,729 Class Y 28,047 Total $ 66,334 Shares (unlimited number of shares authorized with a par value of $0.001 per share): Class A 1,378 Class C 19 Class R6 3,222 Class Y 3,382 Total 8,001 Net asset value, offering (except Class A) and redemption price per share: (c) Class A $ 8.27 Class C (d) 8.34 Class R6 8.30 Class Y 8.29 Maximum Sales Charge — Class A 2.25% Maximum offering price (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) per share — Class A $ 8.46 (a) Includes $1,742 thousand of securities on loan. (b) Rounds to less than $1 thousand. (c) Per share amount may not recalculate due to rounding of net assets and/or shares outstanding. (d) Redemption price per share varies by the length of time shares are held.

Statements of Operations For the Six Months Ended December 31, 2022 71 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 $ 681 $ 2,915 $ 16,550 Interest 9 26 81 Securities lending (net of fees) 1 4 10 Total Income 691 2,945 16,641 Expenses: Investment advisory fees 338 1,096 6,433 Administration fees 19 80 411 Sub-Administration fees 9 9 9 12b-1 fees — Class A 46 27 91 12b-1 fees — Class C 6 —(a) 28 12b-1 fees — Class R 2 — 12 Custodian fees 2 7 31 Transfer agent fees — Class A 27 20 73 Transfer agent fees — Class C 1 —(a) 4 Transfer agent fees — Class R 1 — 6 Transfer agent fees — Class R6 — 12 41 Transfer agent fees — Class Y 22 27 322 Transfer agent fees — Member Class 4 2 — Trustees' fees — 9 40 Compliance fees —(a) 1 7 Legal and audit fees 6 12 43 State registration and filing fees 36 48 55 Interfund lending — — —(a) Other expenses 5 23 100 Total Expenses 524 1,373 7,706 Expenses waived/reimbursed by Adviser (16) (411) (5) Net Expenses 508 962 7,701 Net Investment Income (Loss) 183 1,983 8,940 Realized/Unrealized Gains (Losses) from Investments: Net realized gains (losses) from investment securities 576 5,537 22,691 Net change in unrealized appreciation/depreciation on investment securities 2,725 9,861 99,381 Net realized/unrealized gains (losses) on investments 3,301 15,398 122,072 Change in net assets resulting from operations $ 3,484 $ 17,381 $ 131,012 (a) Rounds to less than $1 thousand.

Statements of Operations For the Six Months Ended December 31, 2022 72 See notes to financial statements. Victory Portfolios (Amounts in Thousands) (Unaudited) Victory Integrity Small/Mid-Cap Value Fund Victory Munder Multi-Cap Fund Victory S&P 500 Index Fund Investment Income: Dividends $ 2,315 $ 2,695 $ 1,960 Interest 25 26 9 Securities lending (net of fees) 3 5 —(a) Foreign tax withholding — — —(a) Total Income 2,343 2,726 1,969 Expenses: Investment advisory fees 907 1,471 227 Administration fees 62 108 62 Sub-Administration fees 9 9 10 12b-1 fees — Class A 9 438 120 12b-1 fees — Class C — 17 — 12b-1 fees — Class R — — 46 Custodian fees 5 9 5 Transfer agent fees — Class A 6 301 50 Transfer agent fees — Class C — 3 — Transfer agent fees — Class R — — 3 Transfer agent fees — Class R6 2 — — Transfer agent fees — Class Y 13 14 23 Transfer agent fees — Member Class 5 — — Trustees' fees 8 — 2 Compliance fees 1 2 1 Legal and audit fees 10 14 10 State registration and filing fees 37 26 27 Other expenses 23 21 27 Total Expenses 1,097 2,433 613 Expenses waived/reimbursed by Adviser (130) (3) — Net Expenses 967 2,430 613 Net Investment Income (Loss) 1,376 296 1,356 Realized/Unrealized Gains (Losses) from Investments: Net realized gains (losses) from investment securities 3,621 125 11,935 Net realized gains (losses) from futures contracts — — 41 Net change in unrealized appreciation/depreciation on investment securities 8,886 14,006 (8,676) Net change in unrealized appreciation/depreciation on futures contracts — — 39 Net realized/unrealized gains (losses) on investments 12,507 14,131 3,339 Change in net assets resulting from operations $ 13,883 $ 14,427 $ 4,695 (a) Rounds to less than $1 thousand.

Statements of Operations For the Six Months Ended December 31, 2022 73 See notes to financial statements. Victory Portfolios (Amounts in Thousands) (Unaudited) Victory Munder Mid-Cap Core Growth Fund Victory Trivalent International Fund - Core Equity Victory Trivalent International Small-Cap Fund Investment Income: Dividends $ 2,122 $ 2,812 $ 31,179 Interest 26 8 129 Securities lending (net of fees) 1 12 163 Foreign tax withholding (3) (340) (3,606) Total Income 2,146 2,492 27,865 Expenses: Investment advisory fees 1,400 748 12,307 Administration fees 102 51 735 Sub-Administration fees 9 9 9 12b-1 fees — Class A 201 5 82 12b-1 fees — Class C 23 —(a) 15 12b-1 fees — Class R 23 — — Custodian fees 9 43 235 Transfer agent fees — Class A 136 5 122 Transfer agent fees — Class C 3 —(a) 2 Transfer agent fees — Class I — —(a) 1,475 Transfer agent fees — Class R 12 — — Transfer agent fees — Class R6 1 —(a) 2 Transfer agent fees — Class Y 72 1 416 Trustees' fees 6 — 81 Compliance fees 2 1 12 Legal and audit fees 14 16 90 State registration and filing fees 38 37 91 Other expenses 31 21 187 Recoupment of prior expenses waived/reimbursed by Adviser — — 13 Total Expenses 2,082 937 15,874 Expenses waived/reimbursed by Adviser (11) (408) (2,395) Net Expenses 2,071 529 13,479 Net Investment Income (Loss) 75 1,963 14,386 Realized/Unrealized Gains (Losses) from Investments: Net realized gains (losses) from investment securities and foreign currency transactions (3,537) (6,311) (175,839) Foreign refunds on realized gains — 44 — Net change in unrealized appreciation/depreciation on investment securities and foreign currency translations 17,747 10,405 253,250 Net change in accrued foreign taxes on unrealized gains — (163) — Net realized/unrealized gains (losses) on investments 14,210 3,975 77,411 Change in net assets resulting from operations $ 14,285 $ 5,938 $ 91,797 (a) Rounds to less than $1 thousand.

Statements of Operations For the Six Months Ended December 31, 2022 74 See notes to financial statements. Victory Portfolios (Amounts in Thousands) (Unaudited) Victory INCORE Total Return Bond Fund Investment Income: Dividends $ 53 Interest 832 Securities lending (net of fees) 12 Total Income 897 Expenses: Investment advisory fees 125 Administration fees 17 Sub-Administration fees 10 12b-1 fees — Class A 9 12b-1 fees — Class C 1 Custodian fees 6 Transfer agent fees — Class A 8 Transfer agent fees — Class C —(a) Transfer agent fees — Class R6 —(a) Transfer agent fees — Class Y 4 Compliance fees —(a) Legal and audit fees 8 State registration and filing fees 29 Other expenses 4 Recoupment of prior expenses waived/reimbursed by Adviser 4 Total Expenses 225 Expenses waived/reimbursed by Adviser (29) Net Expenses 196 Net Investment Income (Loss) 701 Realized/Unrealized Gains (Losses) from Investments: Net realized gains (losses) from investment securities (1,638) Net realized gains (losses) from futures contracts (191) Net realized gains (losses) from swap agreements 12 Net change in unrealized appreciation/depreciation on investment securities (302) Net change in unrealized appreciation/depreciation on futures contracts (127) Net change in unrealized appreciation/depreciation on swap agreements 34 Net realized/unrealized gains (losses) on investments (2,212) Change in net assets resulting from operations $ (1,511) (a) Rounds to less than $1 thousand.

75 (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, 2022 (Unaudited) Year Ended June 30, 2022 Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 From Investment Activities: Operations: Net Investment Income (Loss) $ 183 $ (149) $ 1,983 $ 3,398 Net realized gains (losses) 576 8,242 5,537 26,505 Net change in unrealized appreciation/depreciation 2,725 (20,684) 9,861 (50,400) Change in net assets resulting from operations 3,484 (12,591) 17,381 (20,497) Distributions to Shareholders: Class A (3,129) (2,076) (1,253) (799) Class C (160) (128) (5) (4) Class R (56) (92) — — Class R6 — — (12,877) (10,936) Class Y (1,946) (1,641) (2,954) (1,255) Member Class (290) (150) (156) (63) Change in net assets resulting from distributions to shareholders (5,581) (4,087) (17,245) (13,057) Change in net assets resulting from capital transactions 1,344 (10,268) 19,669 44,294 Change in net assets (753) (26,946) 19,805 10,740 Net Assets: Beginning of period 64,934 91,880 275,860 265,120 End of period $ 64,181 $ 64,934 $ 295,665 $ 275,860

76 (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, 2022 (Unaudited) Year Ended June 30, 2022 Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Capital Transactions: Class A Proceeds from shares issued $ 949 $ 3,420 $ 3,993 $ 12,746 Distributions reinvested 2,607 1,787 1,230 783 Cost of shares redeemed (2,733) (6,514) (2,668) (3,660) Total Class A $ 823 $ (1,307) $ 2,555 $ 9,869 Class C Proceeds from shares issued $ 14 $ 187 $ 5 $ 12 Distributions reinvested 153 117 5 4 Cost of shares redeemed (152) (773) —(a) — Total Class C $ 15 $ (469) $ 10 $ 16 Class R Proceeds from shares issued $ 21 $ 125 $ — $ — Distributions reinvested 55 91 — — Cost of shares redeemed (153) (1,216) — — Total Class R $ (77) $ (1,000) $ — $ — Class R6 Proceeds from shares issued $ — $ — $ 22,913 $ 52,815 Distributions reinvested — — 12,864 10,920 Cost of shares redeemed — — (25,903) (57,099) Total Class R6 $ — $ — $ 9,874 $ 6,636 Class Y Proceeds from shares issued $ 1,145 $ 10,055 $ 13,081 $ 34,224 Distributions reinvested 1,656 1,337 2,929 1,242 Cost of shares redeemed (2,515) (20,693) (9,427) (9,552) Total Class Y $ 286 $ (9,301) $ 6,583 $ 25,914 Member Class Proceeds from shares issued $ 271 $ 3,436 $ 1,040 $ 2,225 Distributions reinvested 290 150 156 63 Cost of shares redeemed (264) (1,777) (549) (429) Total Member Class $ 297 $ 1,809 $ 647 $ 1,859 Change in net assets resulting from capital transactions $ 1,344 $ (10,268) $ 19,669 $ 44,294

77 (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, 2022 (Unaudited) Year Ended June 30, 2022 Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Share Transactions: Class A Issued 25 82 184 536 Reinvested 72 42 56 34 Redeemed (71) (152) (122) (156) Total Class A 26 (28) 118 414 Class C Issued 1 6 —(b) 1 Reinvested 7 4 —(b) —(b) Redeemed (6) (27) —(b) — Total Class C 2 (17) —(b) 1 Class R Issued 1 3 — — Reinvested 2 2 — — Redeemed (5) (31) — — Total Class R (2) (26) — — Class R6 Issued — — 1,020 2,197 Reinvested — — 582 465 Redeemed — — (1,168) (2,393) Total Class R6 — — 434 269 Class Y Issued 27 203 584 1,451 Reinvested 40 28 133 53 Redeemed (58) (438) (423) (416) Total Class Y 9 (207) 294 1,088 Member Class Issued 7 77 46 91 Reinvested 8 4 7 3 Redeemed (7) (41) (25) (18) Total Member Class 8 40 28 76 Change in Shares 43 (238) 874 1,848 (a) Rounds to less than $1 thousand. (b) Rounds to less than 1 thousand.

78 (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, 2022 (Unaudited) Year Ended June 30, 2022 Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 From Investment Activities: Operations: Net Investment Income (Loss) $ 8,940 $ 9,775 $ 1,376 $ 2,099 Net realized gains (losses) 22,691 321,819 3,621 27,521 Net change in unrealized appreciation/depreciation 99,381 (517,182) 8,886 (50,052) Change in net assets resulting from operations 131,012 (185,588) 13,883 (20,432) Distributions to Shareholders: Class A (9,004) (13,359) (695) (414) Class C (785) (1,318) — — Class R (629) (964) — — Class R6 (92,441) (165,101) (15,351) (9,521) Class Y (80,175) (110,577) (4,396) (3,472) Member Class — — (528) (201) Change in net assets resulting from distributions to shareholders (183,034) (291,319) (20,970) (13,608) Change in net assets resulting from capital transactions 120,027 (138,370) 28,666 35,787 Change in net assets 68,005 (615,277) 21,579 1,747 Net Assets: Beginning of period 1,402,507 2,017,784 210,534 208,787 End of period $ 1,470,512 $ 1,402,507 $ 232,113 $ 210,534

79 (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, 2022 (Unaudited) Year Ended June 30, 2022 Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Capital Transactions: Class A Proceeds from shares issued $ 4,020 $ 14,735 $ 580 $ 2,555 Distributions reinvested 8,139 12,062 695 414 Cost of shares redeemed (8,354) (25,143) (636) (1,285) Total Class A $ 3,805 $ 1,654 $ 639 $ 1,684 Class C Proceeds from shares issued $ 161 $ 498 $ — $ — Distributions reinvested 772 1,284 — — Cost of shares redeemed (1,173) (1,545) — — Total Class C $ (240) $ 237 $ — $ — Class R Proceeds from shares issued $ 255 $ 1,408 $ — $ — Distributions reinvested 621 953 — — Cost of shares redeemed (503) (3,241) — — Total Class R $ 373 $ (880) $ — $ — Class R6 Proceeds from shares issued $ 58,250 $ 228,375 $ 33,260 $ 63,291 Distributions reinvested 89,377 159,634 15,313 9,495 Cost of shares redeemed (94,362) (560,687) (21,776) (40,006) Total Class R6 $ 53,265 $ (172,678) $ 26,797 $ 32,780 Class Y Proceeds from shares issued $ 46,369 $ 135,984 $ 2,049 $ 14,743 Distributions reinvested 76,277 105,215 2,880 2,460 Cost of shares redeemed (59,822) (207,902) (4,536) (19,405) Total Class Y $ 62,824 $ 33,297 $ 393 $ (2,202) Member Class Proceeds from shares issued $ — $ — $ 721 $ 4,507 Distributions reinvested — — 528 201 Cost of shares redeemed — — (412) (1,183) Total Member Class $ — $ — $ 837 $ 3,525 Change in net assets resulting from capital transactions $ 120,027 $ (138,370) $ 28,666 $ 35,787

80 (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, 2022 (Unaudited) Year Ended June 30, 2022 Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Share Transactions: Class A Issued 119 375 28 114 Reinvested 257 326 35 19 Redeemed (246) (632) (31) (57) Total Class A 130 69 32 76 Class C Issued 6 15 — — Reinvested 31 43 — — Redeemed (43) (47) — — Total Class C (6) 11 — — Class R Issued 8 36 — — Reinvested 21 27 — — Redeemed (16) (83) — — Total Class R 13 (20) — — Class R6 Issued 1,622 5,526 1,623 2,764 Reinvested 2,652 4,086 762 426 Redeemed (2,638) (13,655) (1,031) (1,751) Total Class R6 1,636 (4,043) 1,354 1,439 Class Y Issued 1,283 3,317 98 632 Reinvested 2,284 2,715 144 111 Redeemed (1,698) (4,980) (216) (840) Total Class Y 1,869 1,052 26 (97) Member Class Issued — — 36 195 Reinvested — — 26 9 Redeemed — — (20) (53) Total Member Class — — 42 151 Change in Shares 3,642 (2,931) 1,454 1,569

81 (Amounts in Thousands) Victory Portfolios Statements of Changes in Net Assets See notes to financial statements. Victory Munder Multi-Cap Fund Victory S&P 500 Index Fund Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 From Investment Activities: Operations: Net Investment Income (Loss) $ 296 $ 85 $ 1,356 $ 2,379 Net realized gains (losses) 125 52,306 11,976 13,845 Net change in unrealized appreciation/depreciation 14,006 (86,125) (8,637) (44,619) Change in net assets resulting from operations 14,427 (33,734) 4,695 (28,395) Distributions to Shareholders: Class A (45,029) (43,776) (11,104) (15,195) Class C (600) (566) — — Class R — — (1,289) (1,626) Class Y (3,974) (4,126) (3,199) (4,702) Change in net assets resulting from distributions to shareholders (49,603) (48,468) (15,592) (21,523) Change in net assets resulting from capital transactions 28,311 14,603 (968) 3,815 Change in net assets (6,865) (67,599) (11,865) (46,103) Net Assets: Beginning of period 370,883 438,482 223,229 269,332 End of period $ 364,018 $ 370,883 $ 211,364 $ 223,229

82 (Amounts in Thousands) Victory Portfolios Statements of Changes in Net Assets (continued) See notes to financial statements. Victory Munder Multi-Cap Fund Victory S&P 500 Index Fund Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Capital Transactions: Class A Proceeds from shares issued $ 7,598 $ 8,884 $ 3,957 $ 13,350 Distributions reinvested 38,856 37,870 9,577 13,199 Cost of shares redeemed (16,936) (34,441) (11,259) (30,162) Total Class A $ 29,518 $ 12,313 $ 2,275 $ (3,613) Class C Proceeds from shares issued $ 148 $ 343 $ — $ — Distributions reinvested 555 516 — — Cost of shares redeemed (455) (1,035) — — Total Class C $ 248 $ (176) $ — $ — Class R Proceeds from shares issued $ — $ — $ 2,263 $ 9,850 Distributions reinvested — — 1,289 1,626 Cost of shares redeemed — — (2,182) (7,673) Total Class R $ — $ — $ 1,370 $ 3,803 Class Y Proceeds from shares issued $ 8,750 $ 10,503 $ 2,075 $ 7,977 Distributions reinvested 3,299 2,786 3,191 4,647 Cost of shares redeemed (13,504) (10,823) (9,879) (8,999) Total Class Y $ (1,455) $ 2,466 $ (4,613) $ 3,625 Change in net assets resulting from capital transactions $ 28,311 $ 14,603 $ (968) $ 3,815 Share Transactions: Class A Issued 174 163 183 521 Reinvested 948 695 455 506 Redeemed (377) (645) (515) (1,217) Total Class A 745 213 123 (190) Class C Issued 5 9 — — Reinvested 20 13 — — Redeemed (15) (25) — — Total Class C 10 (3) — — Class R Issued — — 104 383 Reinvested — — 62 62 Redeemed — — (99) (302) Total Class R — — 67 143 Class Y Issued 164 180 92 308 Reinvested 71 46 150 177 Redeemed (262) (196) (455) (354) Total Class Y (27) 30 (213) 131 Change in Shares 728 240 (23) 84

83 (Amounts in Thousands) Victory Portfolios Statements of Changes in Net Assets See notes to financial statements. Victory Munder Mid-Cap Core Growth Fund Victory Trivalent International Fund - Core Equity Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 From Investment Activities: Operations: Net Investment Income (Loss) $ 75 $ (1,010) $ 1,963 $ 5,670 Net realized gains (losses) (3,537) 93,929 (6,267) 767 Net change in unrealized appreciation/depreciation 17,747 (163,796) 10,242 (49,722) Change in net assets resulting from operations 14,285 (70,877) 5,938 (43,285) Distributions to Shareholders: Class A (21,797) (55,097) (94) (177) Class C (596) (5,636) (1) (2) Class I — — (121) (103) Class R (1,656) (3,821) — — Class R6 (7,118) (19,676) (4,717) (7,901) Class Y (12,924) (39,212) (175) (303) Change in net assets resulting from distributions to shareholders (44,091) (123,442) (5,108) (8,486) Change in net assets resulting from capital transactions 12,391 (23,195) 2,487 16,347 Change in net assets (17,415) (217,514) 3,317 (35,424) Net Assets: Beginning of period 363,920 581,434 186,631 222,055 End of period $ 346,505 $ 363,920 $ 189,948 $ 186,631

84 (Amounts in Thousands) Victory Portfolios Statements of Changes in Net Assets (continued) See notes to financial statements. Victory Munder Mid-Cap Core Growth Fund Victory Trivalent International Fund - Core Equity Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Capital Transactions: Class A Proceeds from shares issued $ 5,785 $ 14,606 $ 54 $ 174 Distributions reinvested 20,204 50,743 81 152 Cost of shares redeemed (18,953) (37,415) (257) (388) Total Class A $ 7,036 $ 27,934 $ (122) $ (62) Class C Proceeds from shares issued $ 72 $ 153 $ 1 $ 2 Distributions reinvested 595 5,595 1 2 Cost of shares redeemed (789) (4,259) (73) (21) Total Class C $ (122) $ 1,489 $ (71) $ (17) Class I Proceeds from shares issued $ — $ — $ 2,028 $ 611 Distributions reinvested — — 121 103 Cost of shares redeemed — — (1,722) (518) Total Class I $ — $ — $ 427 $ 196 Class R Proceeds from shares issued $ 426 $ 1,542 $ — $ — Distributions reinvested 1,652 3,814 — — Cost of shares redeemed (903) (4,335) — — Total Class R $ 1,175 $ 1,021 $ — $ — Class R6 Proceeds from shares issued $ 4,927 $ 18,046 $ 242 $ 15,317 Distributions reinvested 7,099 19,626 4,718 7,901 Cost of shares redeemed (9,826) (31,822) (2,848) (6,910) Total Class R6 $ 2,200 $ 5,850 $ 2,112 $ 16,308 Class Y Proceeds from shares issued $ 2,557 $ 7,440 $ 1 $ 26 Distributions reinvested 12,623 38,340 154 266 Cost of shares redeemed (13,078) (105,269) (14) (370) Total Class Y $ 2,102 $ (59,489) $ 141 $ (78) Change in net assets resulting from capital transactions $ 12,391 $ (23,195) $ 2,487 $ 16,347

85 (Amounts in Thousands) Victory Portfolios Statements of Changes in Net Assets (continued) See notes to financial statements. Victory Munder Mid-Cap Core Growth Fund Victory Trivalent International Fund - Core Equity Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Share Transactions: Class A Issued 600 1,132 8 22 Reinvested 2,278 4,208 12 19 Redeemed (1,914) (2,853) (39) (49) Total Class A 964 2,487 (19) (8) Class C(a) Issued 8 9,556 —(b) —(b) Reinvested 67 460,444 —(b) —(b) Redeemed (78) (183,222) (11) (2) Total Class C (3) 286,778 (11) (2) Class I Issued — — 315 91 Reinvested — — 18 13 Redeemed — — (265) (64) Total Class I — — 68 40 Class R Issued 57 153 — — Reinvested 257 413 — — Redeemed (118) (402) — — Total Class R 196 164 — — Class R6 Issued 350 1,017 39 1,876 Reinvested 544 1,160 707 974 Redeemed (699) (1,848) (431) (863) Total Class R6 195 329 315 1,987 Class Y Issued 196 458 —(b) 3 Reinvested 1,038 2,417 23 33 Redeemed (1,006) (5,925) (2) (48) Total Class Y 228 (3,050) 21 (12) Change in Shares 1,580 286,708 374 2,005 (a) As described in Note 9 in the Notes to Financial Statements, Victory Munder Mid-Cap Core Growth Fund Class C share amounts have been adjusted for a 1:9 reverse stock split. (b) Rounds to less than 1 thousand.

86 (Amounts in Thousands) Victory Portfolios Statements of Changes in Net Assets See notes to financial statements. Victory Trivalent International Small-Cap Fund Victory INCORE Total Return Bond Fund Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 From Investment Activities: Operations: Net Investment Income (Loss) $ 14,386 $ (49,365) $ 701 $ 1,038 Net realized gains (losses) (175,839) 63,147 (1,817) (494) Net change in unrealized appreciation/depreciation 253,250 (1,013,226) (395) (7,588) Change in net assets resulting from operations 91,797 (900,714) (1,511) (7,044) Distributions to Shareholders: Class A (471) (7,089) (99) (189) Class C — (363) (1) (4) Class I (20,069) (175,425) — — Class R6 (1,210) (11,807) (378) (630) Class Y (7,073) (93,356) (414) (744) Change in net assets resulting from distributions to shareholders (28,823) (288,040) (892) (1,567) Change in net assets resulting from capital transactions 88,921 403,816 8,674 841 Change in net assets 151,895 (784,938) 6,271 (7,770) Net Assets: Beginning of period 2,550,552 3,335,490 60,063 67,833 End of period $ 2,702,447 $ 2,550,552 $ 66,334 $ 60,063

87 (Amounts in Thousands) Victory Portfolios Statements of Changes in Net Assets (continued) See notes to financial statements. Victory Trivalent International Small-Cap Fund Victory INCORE Total Return Bond Fund Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Capital Transactions: Class A Proceeds from shares issued $ 6,932 $ 22,529 $ 4,597 $ 369 Distributions reinvested 352 5,380 86 164 Cost of shares redeemed (7,554) (27,265) (484) (1,281) Total Class A $ (270) $ 644 $ 4,199 $ (748) Class C Proceeds from shares issued $ 54 $ 545 $ 20 $ 6 Distributions reinvested — 331 1 4 Cost of shares redeemed (627) (974) (21) (262) Total Class C $ (573) $ (98) $ —(a) $ (252) Class I Proceeds from shares issued $ 523,355 $ 1,113,552 $ — $ — Distributions reinvested 14,436 127,349 — — Cost of shares redeemed (442,645) (851,599) — — Total Class I $ 95,146 $ 389,302 $ — $ — Class R6 Proceeds from shares issued $ 16,919 $ 53,561 $ 5,160 $ 1,106 Distributions reinvested 1,152 11,804 378 630 Cost of shares redeemed (33,296) (24,452) (1,770) (1,463) Total Class R6 $ (15,225) $ 40,913 $ 3,768 $ 273 Class Y Proceeds from shares issued $ 240,501 $ 369,071 $ 1,269 $ 2,069 Distributions reinvested 6,864 90,858 303 551 Cost of shares redeemed (237,522) (486,874) (865) (1,052) Total Class Y $ 9,843 $ (26,945) $ 707 $ 1,568 Change in net assets resulting from capital transactions $ 88,921 $ 403,816 $ 8,674 $ 841 Share Transactions: Class A Issued 566 1,380 554 39 Reinvested 28 327 10 17 Redeemed (620) (1,680) (57) (138) Total Class A (26) 27 507 (82) Class C Issued 5 33 2 —(b) Reinvested — 21 —(b) —(b) Redeemed (53) (63) (2) (27) Total Class C (48) (9) —(b) (27) Class I Issued 42,775 70,352 — — Reinvested 1,127 7,672 — — Redeemed (36,266) (56,109) — — Total Class I 7,636 21,915 — — Class R6 Issued 1,352 3,304 628 118 Reinvested 90 708 45 67 Redeemed (2,655) (1,515) (211) (157) Total Class R6 (1,213) 2,497 462 28 Class Y Issued 19,702 23,293 146 211 Reinvested 538 5,504 36 59 Redeemed (18,974) (33,189) (103) (112) Total Class Y 1,266 (4,392) 79 158 Change in Shares 7,615 20,038 1,048 77 (a) Rounds to less than $1 thousand. (b) Rounds to less than 1 thousand.

Victory Portfolios Financial Highlights For a Share Outstanding Throughout Each Period 88 See notes to financial statements. Victory Integrity Discovery Fund Class A Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $36.72 $45.53 $24.03 $32.28 $42.75 $41.01 Investment Activities: Net investment income (loss)(a) 0.09 (0.10) (0.07) (0.05) (0.11) (0.16) Net realized and unrealized gains (losses) 1.92 (6.57) 21.57 (7.38) (5.61) 6.40 Total from Investment Activities 2.01 (6.67) 21.50 (7.43) (5.72) 6.24 Distributions to Shareholders From: Net realized gains from investments (3.41) (2.14) — (0.82) (4.75) (4.50) Total Distributions (3.41) (2.14) — (0.82) (4.75) (4.50) Net Asset Value, End of Period $35.32 $36.72 $45.53 $24.03 $32.28 $42.75 Total Return (excludes sales charge)(b)(c) 5.27% (15.25)% 89.47% (23.78)% (12.02)% 15.76% Ratios to Average Net Assets: Net Expenses (d)(e) 1.56% 1.57% 1.62% 1.59% 1.55% 1.54% Net Investment Income (Loss) (d) 0.48% (0.23)% (0.20)% (0.18)% (0.29)% (0.39)% Gross Expenses (d)(e) 1.56% 1.57% 1.62% 1.59% 1.55% 1.54% Supplemental Data: Net Assets at end of period (000's) $34,898 $35,308 $45,073 $30,614 $50,963 $67,840 Portfolio Turnover (b)(f) 14% 36% 41% 40% 40% 45% Victory Integrity Discovery Fund Class C Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $23.91 $30.67 $16.32 $22.36 $31.69 $31.69 Investment Activities: Net investment income (loss)(a) (0.05) (0.32) (0.21) (0.22) (0.28) (0.34) Net realized and unrealized gains (losses) 1.27 (4.30) 14.56 (5.00) (4.30) 4.84 Total from Investment Activities 1.22 (4.62) 14.35 (5.22) (4.58) 4.50 Distributions to Shareholders From: Net realized gains from investments (3.41) (2.14) — (0.82) (4.75) (4.50) Total Distributions (3.41) (2.14) — (0.82) (4.75) (4.50) Net Asset Value, End of Period $21.72 $23.91 $30.67 $16.32 $22.36 $31.69 Total Return (excludes contingent deferred sales charge)(b)(c) 4.78% (15.98)% 87.93% (24.42)% (12.74)% 14.88% Ratios to Average Net Assets: Net Expenses (d)(e) 2.45% 2.45% 2.45% 2.46% 2.34% 2.32% Net Investment Income (Loss) (d) (0.41)% (1.11)% (0.95)% (1.09)% (1.07)% (1.10)% Gross Expenses (d)(e) 3.24% 3.02% 2.87% 2.52% 2.34% 2.32% Supplemental Data: Net Assets at end of period (000's) $1,143 $1,227 $2,079 $2,194 $6,633 $9,871 Portfolio Turnover (b)(f) 14% 36% 41% 40% 40% 45%

89 Victory Portfolios For a Share Outstanding Throughout Each Period Financial Highlights — continued See notes to financial statements. Victory Integrity Discovery Fund Class R Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $33.85 $42.35 $22.45 $30.36 $40.76 $39.49 Investment Activities: Net investment income (loss)(a) (0.01) (0.31) (0.18) (0.18) (0.28) (0.28) Net realized and unrealized gains (losses) 1.77 (6.05) 20.08 (6.91) (5.37) 6.05 Total from Investment Activities 1.76 (6.36) 19.90 (7.09) (5.65) 5.77 Distributions to Shareholders From: Net realized gains from investments (3.41) (2.14) — (0.82) (4.75) (4.50) Total Distributions (3.41) (2.14) — (0.82) (4.75) (4.50) Net Asset Value, End of Period $32.20 $33.85 $42.35 $22.45 $30.36 $40.76 Total Return(b)(c) 5.01% (15.68)% 88.56% (24.10)% (12.49)% 15.15% Ratios to Average Net Assets: Net Expenses (d)(e) 2.08% 2.08% 2.08% 2.08% 2.08% 2.08% Net Investment Income (Loss) (d) (0.05)% (0.76)% (0.58)% (0.65)% (0.84)% (0.70)% Gross Expenses (d)(e) 3.84% 3.14% 2.43% 2.33% 2.41% 2.27% Supplemental Data: Net Assets at end of period (000's) $583 $688 $1,955 $1,990 $3,038 $3,465 Portfolio Turnover (b)(f) 14% 36% 41% 40% 40% 45% Victory Integrity Discovery Fund Class Y Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $41.12 $50.63 $26.64 $35.65 $46.47 $44.11 Investment Activities: Net investment income (loss)(a) 0.15 (0.03) 0.03 —(g) (0.03) (0.05) Net realized and unrealized gains (losses) 2.13 (7.34) 23.96 (8.19) (6.04) 6.91 Total from Investment Activities 2.28 (7.37) 23.99 (8.19) (6.07) 6.86 Distributions to Shareholders From: Net realized gains from investments (3.41) (2.14) — (0.82) (4.75) (4.50) Total Distributions (3.41) (2.14) — (0.82) (4.75) (4.50) Net Asset Value, End of Period $39.99 $41.12 $50.63 $26.64 $35.65 $46.47 Total Return(b)(c) 5.39% (15.09)% 90.05% (23.64)% (11.81)% 16.08% Ratios to Average Net Assets: Net Expenses (d)(e) 1.36% 1.38% 1.31% 1.38% 1.30% 1.28% Net Investment Income (Loss) (d) 0.69% (0.05)% 0.07% —%(h) (0.06)% (0.12)% Gross Expenses (d)(e) 1.36% 1.38% 1.31% 1.38% 1.30% 1.28% Supplemental Data: Net Assets at end of period (000's) $24,152 $24,479 $40,600 $27,519 $71,708 $78,079 Portfolio Turnover (b)(f) 14% 36% 41% 40% 40% 45%

Victory Portfolios Financial Highlights — continued For a Share Outstanding Throughout Each Period 90 See notes to financial statements. Victory Integrity Discovery Fund Member Class Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 November 3, 2020(i) through June 30, 2021 Net Asset Value, Beginning of Period $36.80 $45.58 $26.37 Investment Activities: Net investment income (loss)(a) 0.11 (0.04) (0.30) Net realized and unrealized gains (losses) 1.91 (6.60) 19.51 Total from Investment Activities 2.02 (6.64) 19.21 Distributions to Shareholders From: Net realized gains from investments (3.41) (2.14) — Total Distributions (3.41) (2.14) — Net Asset Value, End of Period $35.41 $36.80 $45.58 Total Return(b)(c) 5.29% (15.17)% 72.85% Ratios to Average Net Assets: Net Expenses (d)(e) 1.50% 1.50% 1.50% Net Investment Income (Loss) (d) 0.54% (0.10)% (1.04)% Gross Expenses (d)(e) 1.82% 1.99% 5.05% Supplemental Data: Net Assets at end of period (000's) $3,405 $3,232 $2,172 Portfolio Turnover (b)(f) 14% 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 total 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) Amount is less than $0.005 per share. (h) Amount is less than 0.005%. (i) Commencement of operations.

91 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, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $21.11 $23.72 $15.30 $17.86 $19.17 $17.91 Investment Activities: Net investment income (loss)(a) 0.11 0.21 0.13 0.24 0.19 0.19 Net realized and unrealized gains (losses) 1.22 (1.66) 8.74 (2.70) (0.32) 1.84 Total from Investment Activities 1.33 (1.45) 8.87 (2.46) (0.13) 2.03 Distributions to Shareholders From: Net investment income (0.28) — (0.37) (0.10) (0.19) (0.15) Net realized gains from investments (0.96) (1.16) — — (0.99) (0.62) Return of capital — — (0.08) — — — Total Distributions (1.24) (1.16) (0.45) (0.10) (1.18) (0.77) Net Asset Value, End of Period $21.20 $21.11 $23.72 $15.30 $17.86 $19.17 Total Return (excludes sales charge)(b) 6.17% (6.56)% 58.66% (13.90)% 0.36% 11.32% Ratios to Average Net Assets: Net Expenses (c)(d) 1.00% 1.00% 1.00% 1.00% 1.00% 1.09% Net Investment Income (Loss) (c) 1.02% 0.90% 0.64% 1.40% 1.05% 1.01% Gross Expenses (c)(d) 1.34% 1.42% 1.37% 1.43% 1.51% 1.67% Supplemental Data: Net Assets at end of period (000's) $22,503 $19,898 $12,542 $8,574 $7,567 $4,255 Portfolio Turnover (b)(e) 25% 70% 67% 82% 73% 73% Victory Integrity Mid-Cap Value Fund Class C Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 November 4, 2019(f) through June 30, 2020 Net Asset Value, Beginning of Period $21.03 $23.81 $15.37 $18.75 Investment Activities: Net investment income (loss)(a) 0.03 0.03 (0.05) 0.11 Net realized and unrealized gains (losses) 1.21 (1.65) 8.82 (3.39) Total from Investment Activities 1.24 (1.62) 8.77 (3.28) Distributions to Shareholders From: Net investment income (0.12) — (0.27) (0.10) Net realized gains from investments (0.96) (1.16) — — Return of capital — — (0.06) — Total Distributions (1.08) (1.16) (0.33) (0.10) Net Asset Value, End of Period $21.19 $21.03 $23.81 $15.37 Total Return (excludes contingent deferred sales charge)(b) 5.79% (7.26)% 57.43% (17.55)% Ratios to Average Net Assets: Net Expenses (c)(d) 1.75% 1.75% 1.75% 1.75% Net Investment Income (Loss) (c) 0.26% 0.14% (0.25)% 1.02% Gross Expenses (c)(d) 12.31% 2.82% 16.27% 43.95% Supplemental Data: Net Assets at end of period (000's) $94 $83 $78 $44 Portfolio Turnover (b)(e) 25% 70% 67% 82%

Victory Portfolios Financial Highlights — continued For a Share Outstanding Throughout Each Period 92 See notes to financial statements. Victory Integrity Mid-Cap Value Fund Class R6 Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $21.40 $23.99 $15.47 $18.02 $19.30 $18.02 Investment Activities: Net investment income (loss)(a) 0.16 0.31 0.19 0.33 0.26 0.22 Net realized and unrealized gains (losses) 1.24 (1.69) 8.85 (2.74) (0.32) 1.87 Total from Investment Activities 1.40 (1.38) 9.04 (2.41) (0.06) 2.09 Distributions to Shareholders From: Net investment income (0.36) (0.05) (0.43) (0.14) (0.23) (0.19) Net realized gains from investments (0.96) (1.16) — — (0.99) (0.62) Return of capital — — (0.09) — — — Total Distributions (1.32) (1.21) (0.52) (0.14) (1.22) (0.81) Net Asset Value, End of Period $21.48 $21.40 $23.99 $15.47 $18.02 $19.30 Total Return(b) 6.42% (6.21)% 59.24% (13.53)% 0.72% 11.68% Ratios to Average Net Assets: Net Expenses (c)(d) 0.60% 0.60% 0.60% 0.60% 0.60% 0.77% Net Investment Income (Loss) (c) 1.41% 1.28% 0.94% 1.93% 1.43% 1.14% Gross Expenses (c)(d) 0.87% 0.87% 0.88% 0.88% 0.94% 1.17% Supplemental Data: Net Assets at end of period (000's) $218,023 $207,959 $226,652 $184,503 $56,232 $6,750 Portfolio Turnover (b)(e) 25% 70% 67% 82% 73% 73% Victory Integrity Mid-Cap Value Fund Class Y Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $21.36 $23.95 $15.44 $18.02 $19.34 $18.06 Investment Activities: Net investment income (loss)(a) 0.14 0.28 0.06 0.25 0.28 0.24 Net realized and unrealized gains (losses) 1.23 (1.70) 8.94 (2.68) (0.37) 1.85 Total from Investment Activities 1.37 (1.42) 9.00 (2.43) (0.09) 2.09 Distributions to Shareholders From: Net investment income (0.32) (0.01) (0.41) (0.15) (0.24) (0.19) Net realized gains from investments (0.96) (1.16) — — (0.99) (0.62) Return of capital — — (0.08) — — — Total Distributions (1.28) (1.17) (0.49) (0.15) (1.23) (0.81) Net Asset Value, End of Period $21.45 $21.36 $23.95 $15.44 $18.02 $19.34 Total Return(b) 6.31% (6.35)% 59.03% (13.67)% 0.58% 11.58% Ratios to Average Net Assets: Net Expenses (c)(d) 0.75% 0.75% 0.75% 0.75% 0.75% 0.84% Net Investment Income (Loss) (c) 1.28% 1.18% 0.29% 1.46% 1.52% 1.25% Gross Expenses (c)(d) 1.02% 1.03% 1.08% 1.21% 1.17% 1.13% Supplemental Data: Net Assets at end of period (000's) $52,042 $45,535 $25,003 $9,352 $21,486 $59,866 Portfolio Turnover (b)(e) 25% 70% 67% 82% 73% 73%

93 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, 2022 (Unaudited) Year Ended June 30, 2022 November 3, 2020(f) through June 30, 2021 Net Asset Value, Beginning of Period $21.47 $24.08 $16.94 Investment Activities: Net investment income (loss)(a) 0.13 0.27 (0.26) Net realized and unrealized gains (losses) 1.25 (1.72) 7.58 Total from Investment Activities 1.38 (1.45) 7.32 Distributions to Shareholders From: Net investment income (0.31) — (0.17) Net realized gains from investments (0.96) (1.16) — Return of capital — — (0.01) Total Distributions (1.27) (1.16) (0.18) Net Asset Value, End of Period $21.58 $21.47 $24.08 Total Return(b) 6.29% (6.46)% 43.46% Ratios to Average Net Assets: Net Expenses (c)(d) 0.85% 0.85% 0.85% Net Investment Income (Loss) (c) 1.19% 1.11% (1.69)% Gross Expenses (c)(d) 1.57% 1.97% 8.67% Supplemental Data: Net Assets at end of period (000's) $3,003 $2,385 $845 Portfolio Turnover (b)(e) 25% 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) Annualized for periods less than one year. (d) Does not include acquired fund fees and expenses, if any. (e) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares. (f) Commencement of operations.

Victory Portfolios Financial Highlights — continued For a Share Outstanding Throughout Each Period 94 See notes to financial statements. Victory Integrity Small-Cap Value Fund Class A Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $32.51 $43.97 $24.40 $32.37 $40.06 $37.70 Investment Activities: Net investment income (loss)(a) 0.14 0.03 (0.01) 0.03 0.09 (0.04) Net realized and unrealized gains (losses) 2.92 (4.51) 19.61 (7.86) (3.59) 4.76 Total from Investment Activities 3.06 (4.48) 19.60 (7.83) (3.50) 4.72 Distributions to Shareholders From: Net investment income (0.05) (0.04) (0.03) — — — Net realized gains from investments (4.33) (6.94) — (0.14) (4.19) (2.36) Total Distributions (4.38) (6.98) (0.03) (0.14) (4.19) (2.36) Net Asset Value, End of Period $31.19 $32.51 $43.97 $24.40 $32.37 $40.06 Total Return (excludes sales charge)(b)(c) 9.23% (12.11)% 80.37% (24.33)% (7.16)% 12.55% Ratios to Average Net Assets: Net Expenses (d)(e) 1.41% 1.50% 1.50% 1.48% 1.50% 1.50% Net Investment Income (Loss) (d) 0.80% 0.08% (0.02)% 0.10% 0.25% (0.10)% Gross Expenses (d)(e) 1.41% 1.50% 1.50% 1.48% 1.58% 1.54% Supplemental Data: Net Assets at end of period (000's) $70,884 $69,687 $91,203 $79,429 $140,439 $221,775 Portfolio Turnover (b)(f) 22% 58% 56% 80% 72% 70% Victory Integrity Small-Cap Value Fund Class C Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $26.39 $37.22 $20.81 $27.85 $35.40 $33.76 Investment Activities: Net investment income (loss)(a) (0.01) (0.22) (0.26) (0.17) (0.13) (0.24) Net realized and unrealized gains (losses) 2.38 (3.67) 16.67 (6.73) (3.23) 4.24 Total from Investment Activities 2.37 (3.89) 16.41 (6.90) (3.36) 4.00 Distributions to Shareholders From: Net realized gains from investments (4.33) (6.94) — (0.14) (4.19) (2.36) Total Distributions (4.33) (6.94) — (0.14) (4.19) (2.36) Net Asset Value, End of Period $24.43 $26.39 $37.22 $20.81 $27.85 $35.40 Total Return (excludes contingent deferred sales charge)(b)(c) 8.73% (12.77)% 78.86% (24.91)% (7.79)% 11.86% Ratios to Average Net Assets: Net Expenses (d)(e) 2.29% 2.25% 2.34% 2.25% 2.16% 2.13% Net Investment Income (Loss) (d) (0.09)% (0.67)% (0.89)% (0.69)% (0.42)% (0.70)% Gross Expenses (d)(e) 2.29% 2.25% 2.34% 2.25% 2.16% 2.13% Supplemental Data: Net Assets at end of period (000's) $5,112 $5,667 $7,578 $5,796 $11,083 $16,746 Portfolio Turnover (b)(f) 22% 58% 56% 80% 72% 70%

95 Victory Portfolios For a Share Outstanding Throughout Each Period Financial Highlights — continued See notes to financial statements. Victory Integrity Small-Cap Value Fund Class R Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $31.04 $42.35 $23.53 $31.32 $39.02 $36.86 Investment Activities: Net investment income (loss)(a) 0.08 (0.07) (0.10) (0.05) (0.01) (0.13) Net realized and unrealized gains (losses) 2.79 (4.30) 18.92 (7.60) (3.50) 4.65 Total from Investment Activities 2.87 (4.37) 18.82 (7.65) (3.51) 4.52 Distributions to Shareholders From: Net realized gains from investments (4.33) (6.94) — (0.14) (4.19) (2.36) Total Distributions (4.33) (6.94) — (0.14) (4.19) (2.36) Net Asset Value, End of Period $29.58 $31.04 $42.35 $23.53 $31.32 $39.02 Total Return(b)(c) 9.04% (12.32)% 79.91% (24.54)% (7.39)% 12.29% 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) 0.47% (0.18)% (0.29)% (0.19)% (0.03)% (0.35)% Gross Expenses (d)(e) 1.96% 1.99% 1.95% 1.86% 1.99% 1.89% Supplemental Data: Net Assets at end of period (000's) $4,763 $4,605 $7,099 $5,303 $10,451 $14,952 Portfolio Turnover (b)(f) 22% 58% 56% 80% 72% 70% Victory Integrity Small-Cap Value Fund Class R6 Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $34.24 $45.91 $25.43 $33.70 $41.51 $38.86 Investment Activities: Net investment income (loss)(a) 0.23 0.26 0.18 0.19 0.24 0.18 Net realized and unrealized gains (losses) 3.08 (4.75) 20.47 (8.18) (3.67) 4.92 Total from Investment Activities 3.31 (4.49) 20.65 (7.99) (3.43) 5.10 Distributions to Shareholders From: Net investment income (0.21) (0.24) (0.17) (0.14) (0.19) (0.09) Net realized gains from investments (4.33) (6.94) — (0.14) (4.19) (2.36) Total Distributions (4.54) (7.18) (0.17) (0.28) (4.38) (2.45) Net Asset Value, End of Period $33.01 $34.24 $45.91 $25.43 $33.70 $41.51 Total Return(b)(c) 9.48% (11.63)% 81.42% (23.95)% (6.67)% 13.17% Ratios to Average Net Assets: Net Expenses (d)(e) 0.96% 0.95% 0.96% 0.97% 0.96% 0.95% Net Investment Income (Loss) (d) 1.26% 0.61% 0.52% 0.64% 0.65% 0.45% Gross Expenses (d)(e) 0.96% 0.95% 0.96% 0.97% 0.96% 0.95% Supplemental Data: Net Assets at end of period (000's) $744,494 $716,271 $1,145,953 $984,938 $1,179,915 $938,831 Portfolio Turnover (b)(f) 22% 58% 56% 80% 72% 70%

Victory Portfolios Financial Highlights — continued For a Share Outstanding Throughout Each Period 96 See notes to financial statements. Victory Integrity Small-Cap Value Fund Class Y Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $33.98 $45.62 $25.27 $33.49 $41.25 $38.63 Investment Activities: Net investment income (loss)(a) 0.21 0.21 0.13 0.14 0.21 0.11 Net realized and unrealized gains (losses) 3.05 (4.71) 20.34 (8.13) (3.67) 4.89 Total from Investment Activities 3.26 (4.50) 20.47 (7.99) (3.46) 5.00 Distributions to Shareholders From: Net investment income (0.18) (0.20) (0.12) (0.09) (0.11) (0.02) Net realized gains from investments (4.33) (6.94) — (0.14) (4.19) (2.36) Total Distributions (4.51) (7.14) (0.12) (0.23) (4.30) (2.38) Net Asset Value, End of Period $32.73 $33.98 $45.62 $25.27 $33.49 $41.25 Total Return(b)(c) 9.43% (11.72)% 81.13% (24.04)% (6.83)% 13.01% Ratios to Average Net Assets: Net Expenses (d)(e) 1.05% 1.07% 1.08% 1.11% 1.12% 1.12% Net Investment Income (Loss) (d) 1.18% 0.51% 0.36% 0.47% 0.58% 0.28% Gross Expenses (d)(e) 1.05% 1.07% 1.08% 1.11% 1.12% 1.12% Supplemental Data: Net Assets at end of period (000's) $645,259 $606,277 $765,951 $491,836 $981,688 $1,467,901 Portfolio Turnover (b)(f) 22% 58% 56% 80% 72% 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 total 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.

97 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, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $19.70 $22.98 $13.46 $16.70 $17.75 $16.04 Investment Activities: Net investment income (loss)(a) 0.10 0.15 0.05 0.10 0.12 0.07 Net realized and unrealized gains (losses) 1.19 (1.99) 9.73 (3.24) (0.53) 1.89 Total from Investment Activities 1.29 (1.84) 9.78 (3.14) (0.41) 1.96 Distributions to Shareholders From: Net investment income (0.16) (0.05) (0.26) (0.10) (0.12) (0.05) Net realized gains from investments (1.75) (1.39) — — (0.52) (0.20) Total Distributions (1.91) (1.44) (0.26) (0.10) (0.64) (0.25) Net Asset Value, End of Period $19.08 $19.70 $22.98 $13.46 $16.70 $17.75 Total Return (excludes sales charge)(b)(c) 6.33% (8.64)% 73.21% (18.97)% (1.66)% 12.16% 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) 0.94% 0.67% 0.27% 0.67% 0.70% 0.42% Gross Expenses (d)(e) 1.49% 1.50% 1.68% 1.65% 1.71% 1.74% Supplemental Data: Net Assets at end of period (000's) $7,534 $7,149 $6,589 $3,241 $3,626 $2,996 Portfolio Turnover (b)(f) 25% 63% 61% 72% 67% 77% Victory Integrity Small/Mid-Cap Value Fund Class R6 Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $20.00 $23.30 $13.64 $16.91 $17.96 $16.20 Investment Activities: Net investment income (loss)(a) 0.13 0.22 0.14 0.15 0.14 0.05 Net realized and unrealized gains (losses) 1.22 (2.02) 9.82 (3.28) (0.51) 1.99 Total from Investment Activities 1.35 (1.80) 9.96 (3.13) (0.37) 2.04 Distributions to Shareholders From: Net investment income (0.22) (0.11) (0.30) (0.14) (0.16) (0.08) Net realized gains from investments (1.75) (1.39) — — (0.52) (0.20) Total Distributions (1.97) (1.50) (0.30) (0.14) (0.68) (0.28) Net Asset Value, End of Period $19.38 $20.00 $23.30 $13.64 $16.91 $17.96 Total Return(b)(c) 6.51% (8.38)% 73.68% (18.70)% (1.39)% 12.54% 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) 1.24% 0.97% 0.72% 0.97% 0.86% 0.28% Gross Expenses (d)(e) 0.93% 0.93% 0.94% 0.97% 0.96% 1.26% Supplemental Data: Net Assets at end of period (000's) $173,265 $151,752 $143,273 $80,284 $95,286 $24,926 Portfolio Turnover (b)(f) 25% 63% 61% 72% 67% 77%

Victory Portfolios Financial Highlights — continued For a Share Outstanding Throughout Each Period 98 See notes to financial statements. Victory Integrity Small/Mid-Cap Value Fund Class Y Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $19.93 $23.23 $13.60 $16.86 $17.92 $16.17 Investment Activities: Net investment income (loss)(a) 0.12 0.21 0.12 0.14 0.22 0.12 Net realized and unrealized gains (losses) 1.21 (2.02) 9.81 (3.27) (0.60) 1.91 Total from Investment Activities 1.33 (1.81) 9.93 (3.13) (0.38) 2.03 Distributions to Shareholders From: Net investment income (0.21) (0.10) (0.30) (0.13) (0.16) (0.08) Net realized gains from investments (1.75) (1.39) — — (0.52) (0.20) Total Distributions (1.96) (1.49) (0.30) (0.13) (0.68) (0.28) Net Asset Value, End of Period $19.30 $19.93 $23.23 $13.60 $16.86 $17.92 Total Return(b)(c) 6.43% (8.45)% 73.61% (18.73)% (1.45)% 12.51% 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) 1.18% 0.91% 0.66% 0.92% 1.30% 0.67% Gross Expenses (d)(e) 0.97% 0.97% 0.98% 1.01% 1.03% 1.13% Supplemental Data: Net Assets at end of period (000's) $45,615 $46,579 $56,537 $32,572 $35,927 $92,019 Portfolio Turnover (b)(f) 25% 63% 61% 72% 67% 77% Victory Integrity Small/Mid-Cap Value Fund Member Class Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 November 3, 2020(g) through June 30, 2021 Net Asset Value, Beginning of Period $19.87 $23.18 $14.86 Investment Activities: Net investment income (loss)(a) 0.12 0.21 (0.27) Net realized and unrealized gains (losses) 1.21 (2.04) 8.73 Total from Investment Activities 1.33 (1.83) 8.46 Distributions to Shareholders From: Net investment income (0.20) (0.09) (0.14) Net realized gains from investments (1.75) (1.39) — Total Distributions (1.95) (1.48) (0.14) Net Asset Value, End of Period $19.25 $19.87 $23.18 Total Return(b)(c) 6.39% (8.50)% 57.17% Ratios to Average Net Assets: Net Expenses (d)(e) 0.95% 0.95% 0.95% Net Investment Income (Loss) (d) 1.12% 0.90% (1.84)% Gross Expenses (d)(e) 1.42% 1.59% 4.39% Supplemental Data: Net Assets at end of period (000's) $5,699 $5,054 $2,388 Portfolio Turnover (b)(f) 25% 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 total 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) Commencement of operations.

99 Victory Portfolios For a Share Outstanding Throughout Each Period Financial Highlights — continued See notes to financial statements. Victory Munder Multi-Cap Fund Class A Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $43.96 $53.57 $38.28 $38.75 $44.99 $41.77 Investment Activities: Net investment income (loss)(a) 0.03 —(b) (0.09) 0.03 0.10 (0.03) Net realized and unrealized gains (losses) 1.83 (3.48) 15.41 0.65 0.08 5.71 Total from Investment Activities 1.86 (3.48) 15.32 0.68 0.18 5.68 Distributions to Shareholders From: Net investment income —(b) — (0.03) (0.10) — —(b) Net realized gains from investments (6.10) (6.13) — (1.05) (6.42) (2.46) Total Distributions (6.10) (6.13) (0.03) (1.15) (6.42) (2.46) Net Asset Value, End of Period $39.72 $43.96 $53.57 $38.28 $38.75 $44.99 Total Return (excludes sales charge)(c)(d) 3.81% (8.71)% 40.04% 1.53% 2.86% 13.37%(e) Ratios to Average Net Assets: Net Expenses (f)(g) 1.26% 1.28% 1.35% 1.35% 1.36% 1.36% Net Investment Income (Loss) (f) 0.13% —% (0.20)% 0.09% 0.25% (0.07)% Gross Expenses (f)(g) 1.26% 1.28% 1.35% 1.35% 1.36% 1.36% Supplemental Data: Net Assets at end of period (000's) $330,034 $332,533 $393,769 $311,642 $346,180 $374,259 Portfolio Turnover (c)(h) 39% 64% 70% 100% 107% 123% Victory Munder Multi-Cap Fund Class C Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $31.96 $40.76 $29.35 $30.10 $36.81 $34.82 Investment Activities: Net investment income (loss)(a) (0.13) (0.35) (0.35) (0.22) (0.16) (0.34) Net realized and unrealized gains (losses) 1.39 (2.32) 11.76 0.52 (0.13) 4.79 Total from Investment Activities 1.26 (2.67) 11.41 0.30 (0.29) 4.45 Distributions to Shareholders From: Net investment income —(b) — — — — — Net realized gains from investments (6.10) (6.13) — (1.05) (6.42) (2.46) Total Distributions (6.10) (6.13) — (1.05) (6.42) (2.46) Net Asset Value, End of Period $27.12 $31.96 $40.76 $29.35 $30.10 $36.81 Total Return (excludes contingent deferred sales charge)(c)(d) 3.36% (9.53)% 38.88% 0.69% 2.21% 12.48%(e) Ratios to Average Net Assets: Net Expenses (f)(g) 2.16% 2.16% 2.16% 2.18% 2.07% 2.16% Net Investment Income (Loss) (f) (0.77)% (0.88)% (1.00)% (0.73)% (0.48)% (0.91)% Gross Expenses (f)(g) 2.34% 2.37% 2.32% 2.20% 2.07% 2.16% Supplemental Data: Net Assets at end of period (000's) $3,053 $3,287 $4,339 $5,769 $10,056 $18,383 Portfolio Turnover (c)(h) 39% 64% 70% 100% 107% 123%

Victory Portfolios Financial Highlights — continued For a Share Outstanding Throughout Each Period 100 See notes to financial statements. Victory Munder Multi-Cap Fund Class Y Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $48.98 $58.88 $42.05 $42.42 $48.41 $44.62 Investment Activities: Net investment income (loss)(a) 0.12 0.19 0.08 0.19 0.27 0.14 Net realized and unrealized gains (losses) 2.01 (3.96) 16.93 0.72 0.16 6.11 Total from Investment Activities 2.13 (3.77) 17.01 0.91 0.43 6.25 Distributions to Shareholders From: Net investment income (0.12) — (0.18) (0.23) — — Net realized gains from investments (6.10) (6.13) — (1.05) (6.42) (2.46) Total Distributions (6.22) (6.13) (0.18) (1.28) (6.42) (2.46) Net Asset Value, End of Period $44.89 $48.98 $58.88 $42.05 $42.42 $48.41 Total Return(c)(d) 3.97% (8.41)% 40.51% 1.92% 3.21% 13.81%(e) Ratios to Average Net Assets: Net Expenses (f)(g) 0.93% 0.96% 0.99% 0.99% 1.00% 1.00% Net Investment Income (Loss) (f) 0.45% 0.32% 0.16% 0.46% 0.61% 0.29% Gross Expenses (f)(g) 0.93% 0.96% 0.99% 0.99% 1.00% 1.00% Supplemental Data: Net Assets at end of period (000's) $30,931 $35,063 $40,374 $30,258 $30,776 $33,503 Portfolio Turnover (c)(h) 39% 64% 70% 100% 107% 123% (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 total return. (e) During the year ended June 30, 2018, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was an increase of 0.22%. (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.

101 Victory Portfolios For a Share Outstanding Throughout Each Period Financial Highlights — continued See notes to financial statements. Victory S&P 500 Index Fund Class A Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $21.24 $25.84 $19.80 $21.07 $21.52 $22.20 Investment Activities: Net investment income (loss)(a) 0.13 0.23 0.22 0.29 0.31 0.31 Net realized and unrealized gains (losses) 0.36 (2.72) 7.43 1.20 1.43 2.65 Total from Investment Activities 0.49 (2.49) 7.65 1.49 1.74 2.96 Distributions to Shareholders From: Net investment income (0.14) (0.21) (0.24) (0.28) (0.33) (0.31) Net realized gains from investments (1.43) (1.90) (1.37) (2.48) (1.86) (3.33) Total Distributions (1.57) (2.11) (1.61) (2.76) (2.19) (3.64) Net Asset Value, End of Period $20.16 $21.24 $25.84 $19.80 $21.07 $21.52 Total Return (excludes sales charge)(b)(c) 2.03% (11.11)% 40.00% 6.96% 9.80% 13.73% Ratios to Average Net Assets: Net Expenses (d)(e) 0.53% 0.53% 0.55% 0.55% 0.53% 0.55% Net Investment Income (Loss) (d) 1.21% 0.89% 0.97% 1.42% 1.46% 1.38% Gross Expenses (d)(e) 0.53% 0.53% 0.55% 0.55% 0.53% 0.55% Supplemental Data: Net Assets at end of period (000's) $150,626 $156,112 $194,818 $153,714 $188,004 $192,530 Portfolio Turnover (b)(f) 1% 5% 3% 4% 3% 2% Victory S&P 500 Index Fund Class R Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $21.15 $25.74 $19.74 $21.01 $21.47 $22.15 Investment Activities: Net investment income (loss)(a) 0.09 0.13 0.13 0.21 0.22 0.21 Net realized and unrealized gains (losses) 0.35 (2.70) 7.39 1.21 1.43 2.66 Total from Investment Activities 0.44 (2.57) 7.52 1.42 1.65 2.87 Distributions to Shareholders From: Net investment income (0.10) (0.12) (0.15) (0.21) (0.25) (0.22) Net realized gains from investments (1.43) (1.90) (1.37) (2.48) (1.86) (3.33) Total Distributions (1.53) (2.02) (1.52) (2.69) (2.11) (3.55) Net Asset Value, End of Period $20.06 $21.15 $25.74 $19.74 $21.01 $21.47 Total Return(b)(c) 1.80% (11.43)% 39.38% 6.57% 9.31% 13.31% Ratios to Average Net Assets: Net Expenses (d)(e) 0.91% 0.92% 0.95% 0.95% 0.96% 0.97% Net Investment Income (Loss) (d) 0.83% 0.50% 0.57% 1.02% 1.04% 0.97% Gross Expenses (d)(e) 0.91% 0.92% 0.95% 0.95% 0.96% 0.97% Supplemental Data: Net Assets at end of period (000's) $18,167 $17,735 $17,907 $13,726 $14,501 $17,052 Portfolio Turnover (b)(f) 1% 5% 3% 4% 3% 2%

Victory Portfolios Financial Highlights — continued For a Share Outstanding Throughout Each Period 102 See notes to financial statements. Victory S&P 500 Index Fund Class Y Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $21.44 $26.07 $19.96 $21.22 $21.66 $22.31 Investment Activities: Net investment income (loss)(a) 0.14 0.25 0.25 0.32 0.33 0.35 Net realized and unrealized gains (losses) 0.36 (2.75) 7.49 1.21 1.45 2.67 Total from Investment Activities 0.50 (2.50) 7.74 1.53 1.78 3.02 Distributions to Shareholders From: Net investment income (0.15) (0.23) (0.26) (0.31) (0.36) (0.34) Net realized gains from investments (1.43) (1.90) (1.37) (2.48) (1.86) (3.33) Total Distributions (1.58) (2.13) (1.63) (2.79) (2.22) (3.67) Net Asset Value, End of Period $20.36 $21.44 $26.07 $19.96 $21.22 $21.66 Total Return(b)(c) 2.11% (11.06)% 40.16% 7.07% 9.93% 13.96% Ratios to Average Net Assets: Net Expenses (d)(e) 0.43% 0.44% 0.45% 0.43% 0.43% 0.39% Net Investment Income (Loss) (d) 1.30% 0.98% 1.07% 1.56% 1.57% 1.57% Gross Expenses (d)(e) 0.43% 0.44% 0.45% 0.43% 0.43% 0.39% Supplemental Data: Net Assets at end of period (000's) $42,571 $49,382 $56,607 $46,072 $32,146 $19,932 Portfolio Turnover (b)(f) 1% 5% 3% 4% 3% 2% (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 total 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.

103 Victory Portfolios For a Share Outstanding Throughout Each Period Financial Highlights — continued See notes to financial statements. Victory Munder Mid-Cap Core Growth Fund Class A Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $9.53 $15.41 $11.76 $22.95 $34.56 $37.21 Investment Activities: Net investment income (loss)(a) (0.01) (0.05) (0.09) (0.07) (0.13) (0.11) Net realized and unrealized gains (losses) 0.42 (1.67) 5.40 0.01 (0.72) 4.55 Total from Investment Activities 0.41 (1.72) 5.31 (0.06) (0.85) 4.44 Distributions to Shareholders From: Net investment income — —(b) — — — — Net realized gains from investments (1.43) (4.16) (1.66) (11.13) (10.76) (7.09) Total Distributions (1.43) (4.16) (1.66) (11.13) (10.76) (7.09) Net Asset Value, End of Period $8.51 $9.53 $15.41 $11.76 $22.95 $34.56 Total Return (excludes sales charge)(c) 3.66% (16.84)% 47.52% (3.04)% 4.18% 12.08% Ratios to Average Net Assets: Net Expenses (d)(e) 1.27% 1.26% 1.27% 1.29% 1.28% 1.28% Net Investment Income (Loss) (d) (0.12)% (0.35)% (0.62)% (0.40)% (0.49)% (0.29)% Gross Expenses (d)(e) 1.27% 1.26% 1.27% 1.29% 1.28% 1.28% Supplemental Data: Net Assets at end of period (000's) $148,903 $157,570 $216,453 $186,571 $292,120 $575,926 Portfolio Turnover (c)(f) 24% 80% 103% 86% 82% 50% Victory Munder Mid-Cap Core Growth Fund Class C Six Months Ended December 31, 2022(g) (Unaudited) Year Ended June 30, 2022(g) Year Ended June 30, 2021(g) Year Ended June 30, 2020(g) Year Ended June 30, 2019(g) Year Ended June 30, 2018(g) Net Asset Value, Beginning of Period $9.54 $47.25 $44.12 $143.63 $251.81 $283.86 Investment Activities: Net investment income (loss)(a) (0.05) (0.27) (0.63) (0.90) (2.07) (2.61) Net realized and unrealized gains (losses) 0.42 —(b) 18.70 1.56 (9.27) 34.37 Total from Investment Activities 0.37 (0.27) 18.07 0.66 (11.34) 31.76 Distributions to Shareholders From: Net investment income — —(b) — — — — Net realized gains from investments (1.43) (37.44) (14.94) (100.17) (96.84) (63.81) Total Distributions (1.43) (37.44) (14.94) (100.17) (96.84) (63.81) Net Asset Value, End of Period $8.48 $9.54 $47.25 $44.12 $143.63 $251.81 Total Return (excludes contingent deferred sales charge)(c) 3.23% (17.53)% 46.51% (3.82)% 3.51% 11.28% Ratios to Average Net Assets: Net Expenses (d)(e) 2.12% 2.12% 2.06% 2.03% 1.94% 1.96% Net Investment Income (Loss) (d) (0.98)% (1.23)% (1.40)% (1.15)% (1.14)% (0.94)% Gross Expenses (d)(e) 2.25% 2.15% 2.06% 2.03% 1.94% 1.96% Supplemental Data: Net Assets at end of period (000's) $4,165 $4,714 $9,806 $14,053 $26,825 $52,210 Portfolio Turnover (c)(f) 24% 80% 103% 86% 82% 50%

Victory Portfolios Financial Highlights — continued For a Share Outstanding Throughout Each Period 104 See notes to financial statements. Victory Munder Mid-Cap Core Growth Fund Class R Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $7.29 $12.75 $9.98 $21.16 $32.91 $35.82 Investment Activities: Net investment income (loss)(a) (0.02) (0.07) (0.11) (0.09) (0.20) (0.20) Net realized and unrealized gains (losses) 0.33 (1.23) 4.54 0.04 (0.79) 4.38 Total from Investment Activities 0.31 (1.30) 4.43 (0.05) (0.99) 4.18 Distributions to Shareholders From: Net realized gains from investments (1.43) (4.16) (1.66) (11.13) (10.76) (7.09) Total Distributions (1.43) (4.16) (1.66) (11.13) (10.76) (7.09) Net Asset Value, End of Period $6.17 $7.29 $12.75 $9.98 $21.16 $32.91 Total Return(c) 3.55% (17.10)% 47.15% (3.28)% 3.85% 11.79% Ratios to Average Net Assets: Net Expenses (d)(e) 1.57% 1.57% 1.57% 1.57% 1.57% 1.57% Net Investment Income (Loss) (d) (0.42)% (0.66)% (0.92)% (0.68)% (0.79)% (0.58)% Gross Expenses (d)(e) 1.75% 1.75% 1.69% 1.67% 1.69% 1.65% Supplemental Data: Net Assets at end of period (000's) $8,741 $8,890 $13,463 $12,943 $18,438 $25,939 Portfolio Turnover (c)(f) 24% 80% 103% 86% 82% 50% Victory Munder Mid-Cap Core Growth Fund Class R6 Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $13.38 $19.99 $14.80 $26.00 $37.36 $39.55 Investment Activities: Net investment income (loss)(a) 0.02 0.01 (0.04) —(b) —(b) 0.06 Net realized and unrealized gains (losses) 0.56 (2.44) 6.89 (0.07) (0.60) 4.84 Total from Investment Activities 0.58 (2.43) 6.85 (0.07) (0.60) 4.90 Distributions to Shareholders From: Net investment income — (0.02) — — — — Net realized gains from investments (1.43) (4.16) (1.66) (11.13) (10.76) (7.09) Total Distributions (1.43) (4.18) (1.66) (11.13) (10.76) (7.09) Net Asset Value, End of Period $12.53 $13.38 $19.99 $14.80 $26.00 $37.36 Total Return(c) 3.88% (16.53)% 48.19% (2.60)% 4.57% 12.56% Ratios to Average Net Assets: Net Expenses (d)(e) 0.88% 0.87% 0.87% 0.86% 0.87% 0.84% Net Investment Income (Loss) (d) 0.27% 0.04% (0.21)% 0.01% (0.01)% 0.15% Gross Expenses (d)(e) 0.88% 0.87% 0.87% 0.86% 0.87% 0.84% Supplemental Data: Net Assets at end of period (000's) $68,527 $70,577 $98,852 $113,104 $310,949 $685,568 Portfolio Turnover (c)(f) 24% 80% 103% 86% 82% 50%

105 Victory Portfolios For a Share Outstanding Throughout Each Period Financial Highlights — continued See notes to financial statements. Victory Munder Mid-Cap Core Growth Fund Class Y Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $12.55 $19.00 $14.15 $25.37 $36.79 $39.10 Investment Activities: Net investment income (loss)(a) 0.01 (0.02) (0.05) (0.04) (0.07) (0.01) Net realized and unrealized gains (losses) 0.53 (2.27) 6.56 (0.05) (0.59) 4.79 Total from Investment Activities 0.54 (2.29) 6.51 (0.09) (0.66) 4.78 Distributions to Shareholders From: Net realized gains from investments (1.43) (4.16) (1.66) (11.13) (10.76) (7.09) Total Distributions (1.43) (4.16) (1.66) (11.13) (10.76) (7.09) Net Asset Value, End of Period $11.66 $12.55 $19.00 $14.15 $25.37 $36.79 Total Return(c) 3.81% (16.64)% 48.00% (2.76)% 4.47% 12.38% Ratios to Average Net Assets: Net Expenses (d)(e) 0.97% 0.98% 0.98% 1.04% 1.02% 1.01% Net Investment Income (Loss) (d) 0.18% (0.10)% (0.33)% (0.18)% (0.22)% (0.02)% Gross Expenses (d)(e) 0.97% 0.98% 0.98% 1.04% 1.02% 1.01% Supplemental Data: Net Assets at end of period (000's) $116,169 $122,169 $242,860 $257,692 $810,261 $2,240,305 Portfolio Turnover (c)(f) 24% 80% 103% 86% 82% 50% (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) 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) As described in Note 9 in the Notes to Financial Statements, per share amounts adjusted for a 1:9 reverse stock split.

Victory Portfolios Financial Highlights — continued For a Share Outstanding Throughout Each Period 106 See notes to financial statements. Victory Trivalent International Fund - Core Equity Class A Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $6.51 $8.35 $6.49 $6.87 $7.28 $7.21 Investment Activities: Net investment income (loss)(a) 0.06 0.17 0.18 0.12 0.14 0.13 Net realized and unrealized gains (losses) 0.13 (1.73) 1.77 (0.44) (0.30) 0.44 Total from Investment Activities 0.19 (1.56) 1.95 (0.32) (0.16) 0.57 Distributions to Shareholders From: Net investment income (0.15) (0.28) (0.09) (0.06) (0.13) (0.13) Net realized gains from investments — — — — (0.12) (0.37) Total Distributions (0.15) (0.28) (0.09) (0.06) (0.25) (0.50) Net Asset Value, End of Period $6.55 $6.51 $8.35 $6.49 $6.87 $7.28 Total Return (excludes sales charge)(b)(c) 2.98% (19.33)% 30.28% (4.72)% (1.69)% 7.74% Ratios to Average Net Assets: Net Expenses (d)(e) 0.95% 0.95% 0.95% 0.95% 0.95% 1.11% Net Investment Income (Loss) (d) 1.72% 2.18% 2.32% 1.73% 2.08% 1.71% Gross Expenses (d)(e) 1.76% 1.77% 1.76% 1.84% 1.96% 1.91% Supplemental Data: Net Assets at end of period (000's) $4,053 $4,147 $5,379 $4,550 $5,347 $8,620 Portfolio Turnover (b)(f) 24% 55% 47% 49% 56% 51% Victory Trivalent International Fund - Core Equity Class I Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $6.55 $8.40 $6.53 $6.90 $7.29 $7.23 Investment Activities: Net investment income (loss)(a) 0.07 0.20 0.21 0.14 0.17 0.24 Net realized and unrealized gains (losses) 0.14 (1.74) 1.78 (0.43) (0.30) 0.34 Total from Investment Activities 0.21 (1.54) 1.99 (0.29) (0.13) 0.58 Distributions to Shareholders From: Net investment income (0.17) (0.31) (0.12) (0.08) (0.14) (0.15) Net realized gains from investments — — — — (0.12) (0.37) Total Distributions (0.17) (0.31) (0.12) (0.08) (0.26) (0.52) Net Asset Value, End of Period $6.59 $6.55 $8.40 $6.53 $6.90 $7.29 Total Return(b)(c) 3.19% (19.03)% 30.65% (4.36)% (1.19)% 8.07% Ratios to Average Net Assets: Net Expenses (d)(e) 0.60% 0.60% 0.60% 0.60% 0.60% 0.72% Net Investment Income (Loss) (d) 2.03% 2.57% 2.69% 2.12% 2.48% 3.17% Gross Expenses (d)(e) 1.30% 1.62% 1.42% 1.54% 1.76% 2.67% Supplemental Data: Net Assets at end of period (000's) $3,299 $2,834 $3,303 $2,579 $2,268 $2,575 Portfolio Turnover (b)(f) 24% 55% 47% 49% 56% 51%

107 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, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $6.60 $8.45 $6.57 $6.92 $7.31 $7.23 Investment Activities: Net investment income (loss)(a) 0.07 0.21 0.21 0.14 0.17 0.21 Net realized and unrealized gains (losses) 0.14 (1.75) 1.78 (0.43) (0.29) 0.39 Total from Investment Activities 0.21 (1.54) 1.99 (0.29) (0.12) 0.60 Distributions to Shareholders From: Net investment income (0.18) (0.31) (0.11) (0.06) (0.15) (0.15) Net realized gains from investments — — — — (0.12) (0.37) Total Distributions (0.18) (0.31) (0.11) (0.06) (0.27) (0.52) Net Asset Value, End of Period $6.63 $6.60 $8.45 $6.57 $6.92 $7.31 Total Return(b)(c) 3.21% (18.93)% 30.57% (4.34)% (1.12)% 8.14% Ratios to Average Net Assets: Net Expenses (d)(e) 0.55% 0.55% 0.55% 0.55% 0.55% 0.71% Net Investment Income (Loss) (d) 2.11% 2.60% 2.75% 2.06% 2.53% 2.71% Gross Expenses (d)(e) 0.96% 0.96% 1.00% 1.01% 1.45% 1.71% Supplemental Data: Net Assets at end of period (000's) $175,809 $172,965 $204,691 $119,275 $5,661 $5,975 Portfolio Turnover (b)(f) 24% 55% 47% 49% 56% 51% Victory Trivalent International Fund - Core Equity Class Y Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $6.50 $8.34 $6.48 $6.87 $7.26 $7.20 Investment Activities: Net investment income (loss)(a) 0.06 0.19 0.20 0.13 0.15 0.12 Net realized and unrealized gains (losses) 0.15 (1.73) 1.77 (0.44) (0.28) 0.46 Total from Investment Activities 0.21 (1.54) 1.97 (0.31) (0.13) 0.58 Distributions to Shareholders From: Net investment income (0.17) (0.30) (0.11) (0.08) (0.14) (0.15) Net realized gains from investments — — — — (0.12) (0.37) Total Distributions (0.17) (0.30) (0.11) (0.08) (0.26) (0.52) Net Asset Value, End of Period $6.54 $6.50 $8.34 $6.48 $6.87 $7.26 Total Return(b)(c) 3.25% (19.16)% 30.62% (4.60)% (1.34)% 8.01% Ratios to Average Net Assets: Net Expenses (d)(e) 0.70% 0.70% 0.70% 0.70% 0.70% 0.87% Net Investment Income (Loss) (d) 1.96% 2.42% 2.59% 1.95% 2.26% 1.62% Gross Expenses (d)(e) 1.16% 1.21% 1.19% 1.32% 1.40% 1.49% Supplemental Data: Net Assets at end of period (000's) $6,787 $6,614 $8,574 $6,532 $8,482 $9,712 Portfolio Turnover (b)(f) 24% 55% 47% 49% 56% 51% (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 total 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 108 See notes to financial statements. Victory Trivalent International Small-Cap Fund Class A Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $12.43 $18.04 $12.83 $13.02 $14.46 $12.87 Investment Activities: Net investment income (loss)(a) 0.05 0.18 0.14 0.06 0.13 0.10 Net realized and unrealized gains (losses) 0.32 (4.40) 5.07 (0.02) (1.22) 1.72 Total from Investment Activities 0.37 (4.22) 5.21 0.04 (1.09) 1.82 Distributions to Shareholders From: Net investment income (0.09) (0.23) — (0.23) (0.09) (0.15) Net realized gains from investments — (1.16) — — (0.26) (0.08) Total Distributions (0.09) (1.39) — (0.23) (0.35) (0.23) Net Asset Value, End of Period $12.71 $12.43 $18.04 $12.83 $13.02 $14.46 Total Return (excludes sales charge)(b)(c) 2.98% (25.22)% 40.61% 0.15% (7.12)% 14.14% 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) 0.73% 1.09% 0.91% 0.47% 1.02% 0.68% Gross Expenses (d)(e) 1.66% 1.63% 1.63% 1.63% 1.59% 1.56% Supplemental Data: Net Assets at end of period (000's) $66,136 $64,968 $93,832 $108,115 $137,665 $122,933 Portfolio Turnover (b)(f) 30% 68% 64% 52% 54% 62% Victory Trivalent International Small-Cap Fund Class C Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $11.98 $17.46 $12.51 $12.71 $14.12 $12.58 Investment Activities: Net investment income (loss)(a) —(g) 0.05 0.04 (0.03) 0.02 —(g) Net realized and unrealized gains (losses) 0.32 (4.26) 4.91 (0.03) (1.17) 1.67 Total from Investment Activities 0.32 (4.21) 4.95 (0.06) (1.15) 1.67 Distributions to Shareholders From: Net investment income — (0.11) — (0.14) — (0.05) Net realized gains from investments — (1.16) — — (0.26) (0.08) Total Distributions — (1.27) — (0.14) (0.26) (0.13) Net Asset Value, End of Period $12.30 $11.98 $17.46 $12.51 $12.71 $14.12 Total Return (excludes contingent deferred sales charge)(b)(c) 2.67% (25.84)% 39.57% (0.65)% (7.78)% 13.28% Ratios to Average Net Assets: Net Expenses (d)(e) 2.10% 2.10% 2.10% 2.10% 2.10% 2.10% Net Investment Income (Loss) (d) (0.02)% 0.30% 0.26% (0.28)% 0.15% (0.03)% Gross Expenses (d)(e) 2.54% 2.49% 2.41% 2.42% 2.42% 2.36% Supplemental Data: Net Assets at end of period (000's) $2,781 $3,283 $4,945 $4,327 $4,909 $6,211 Portfolio Turnover (b)(f) 30% 68% 64% 52% 54% 62%

109 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, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $12.54 $18.19 $12.94 $13.13 $14.58 $12.96 Investment Activities: Net investment income (loss)(a) 0.07 0.26 0.25 0.11 0.18 0.18 Net realized and unrealized gains (losses) 0.33 (4.46) 5.07 (0.02) (1.23) 1.71 Total from Investment Activities 0.40 (4.20) 5.32 0.09 (1.05) 1.89 Distributions to Shareholders From: Net investment income (0.14) (0.29) (0.07) (0.28) (0.14) (0.19) Net realized gains from investments — (1.16) — — (0.26) (0.08) Total Distributions (0.14) (1.45) (0.07) (0.28) (0.40) (0.27) Net Asset Value, End of Period $12.80 $12.54 $18.19 $12.94 $13.13 $14.58 Total Return(b)(c) 3.22% (24.96)% 41.16% 0.54% (6.69)% 14.60% 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) 1.14% 1.56% 1.52% 0.88% 1.41% 1.22% Gross Expenses (d)(e) 1.19% 1.16% 1.17% 1.18% 1.16% 1.14% Supplemental Data: Net Assets at end of period (000's) $1,788,431 $1,655,788 $2,003,337 $1,014,425 $955,568 $866,643 Portfolio Turnover (b)(f) 30% 68% 64% 52% 54% 62% Victory Trivalent International Small-Cap Fund Class R6 Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $12.59 $18.26 $13.00 $13.19 $14.65 $13.02 Investment Activities: Net investment income (loss)(a) 0.07 0.25 0.23 0.12 0.17 0.15 Net realized and unrealized gains (losses) 0.34 (4.48) 5.09 (0.04) (1.24) 1.73 Total from Investment Activities 0.41 (4.23) 5.32 0.08 (1.07) 1.88 Distributions to Shareholders From: Net investment income (0.13) (0.28) (0.06) (0.27) (0.13) (0.17) Net realized gains from investments — (1.16) — — (0.26) (0.08) Total Distributions (0.13) (1.44) (0.06) (0.27) (0.39) (0.25) Net Asset Value, End of Period $12.87 $12.59 $18.26 $13.00 $13.19 $14.65 Total Return(b)(c) 3.28% (25.02)% 41.06% 0.36% (6.86)% 14.49% Ratios to Average Net Assets: Net Expenses (d)(e) 1.03% 1.03% 1.03% 1.06% 1.08% 1.08% Net Investment Income (Loss) (d) 1.06% 1.52% 1.43% 0.94% 1.31% 1.01% Gross Expenses (d)(e) 1.03% 1.03% 1.03% 1.06% 1.08% 1.08% Supplemental Data: Net Assets at end of period (000's) $110,534 $123,487 $133,486 $73,480 $42,975 $39,497 Portfolio Turnover (b)(f) 30% 68% 64% 52% 54% 62%

Victory Portfolios Financial Highlights — continued For a Share Outstanding Throughout Each Period 110 See notes to financial statements. Victory Trivalent International Small-Cap Fund Class Y Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $12.47 $18.10 $12.88 $13.07 $14.52 $12.91 Investment Activities: Net investment income (loss)(a) 0.06 0.22 0.22 0.10 0.16 0.15 Net realized and unrealized gains (losses) 0.33 (4.42) 5.05 (0.03) (1.22) 1.71 Total from Investment Activities 0.39 (4.20) 5.27 0.07 (1.06) 1.86 Distributions to Shareholders From: Net investment income (0.12) (0.27) (0.05) (0.26) (0.13) (0.17) Net realized gains from investments — (1.16) — — (0.26) (0.08) Total Distributions (0.12) (1.43) (0.05) (0.26) (0.39) (0.25) Net Asset Value, End of Period $12.74 $12.47 $18.10 $12.88 $13.07 $14.52 Total Return(b)(c) 3.15% (25.07)% 40.96% 0.41% (6.88)% 14.45% 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) 0.96% 1.33% 1.35% 0.75% 1.21% 1.05% Gross Expenses (d)(e) 1.14% 1.12% 1.13% 1.19% 1.18% 1.19% Supplemental Data: Net Assets at end of period (000's) $734,565 $703,026 $1,099,890 $663,638 $666,547 $756,933 Portfolio Turnover (b)(f) 30% 68% 64% 52% 54% 62% (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 total 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) Amount is less than $0.005 per share.

111 Victory Portfolios For a Share Outstanding Throughout Each Period Financial Highlights — continued See notes to financial statements. Victory INCORE Total Return Bond Fund Class A Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $8.62 $9.84 $9.91 $9.46 $9.21 $9.54 Investment Activities: Net investment income (loss)(a) 0.09 0.13 0.15 0.20 0.21 0.20 Net realized and unrealized gains (losses) (0.33) (1.15) 0.01 0.50 0.32 (0.24) Total from Investment Activities (0.24) (1.02) 0.16 0.70 0.53 (0.04) Distributions to Shareholders From: Net investment income (0.11) (0.20) (0.23) (0.25) (0.28) (0.29) Total Distributions (0.11) (0.20) (0.23) (0.25) (0.28) (0.29) Net Asset Value, End of Period $8.27 $8.62 $9.84 $9.91 $9.46 $9.21 Total Return (excludes sales charge)(b) (2.78)% (10.48)% 1.67% 7.57% 5.77% (0.49)% Ratios to Average Net Assets: Net Expenses (c)(d) 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% Net Investment Income (Loss) (c) 2.00% 1.34% 1.51% 2.03% 2.32% 2.15% Gross Expenses (c)(d) 1.19% 1.20% 1.16% 1.11% 1.09% 1.11% Supplemental Data: Net Assets at end of period (000's) $11,401 $7,507 $9,380 $11,472 $12,248 $12,592 Portfolio Turnover (b)(e) 37% 55% 79% 74% 150% 110%(f) Victory INCORE Total Return Bond Fund Class C Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $8.69 $9.92 $9.99 $9.53 $9.28 $9.60 Investment Activities: Net investment income (loss)(a) 0.05 0.05 0.08 0.12 0.15 0.14 Net realized and unrealized gains (losses) (0.32) (1.15) 0.01 0.52 0.31 (0.25) Total from Investment Activities (0.27) (1.10) 0.09 0.64 0.46 (0.11) Distributions to Shareholders From: Net investment income (0.08) (0.13) (0.16) (0.18) (0.21) (0.21) Total Distributions (0.08) (0.13) (0.16) (0.18) (0.21) (0.21) Net Asset Value, End of Period $8.34 $8.69 $9.92 $9.99 $9.53 $9.28 Total Return (excludes contingent deferred sales charge)(b) (3.14)% (11.23)% 0.91% 6.76% 5.05% (1.12)% Ratios to Average Net Assets: Net Expenses (c)(d) 1.60% 1.60% 1.60% 1.60% 1.60% 1.60% Net Investment Income (Loss) (c) 1.25% 0.56% 0.80% 1.27% 1.67% 1.43% Gross Expenses (c)(d) 9.25% 5.81% 3.68% 3.54% 3.12% 2.31% Supplemental Data: Net Assets at end of period (000's) $157 $163 $451 $727 $574 $973 Portfolio Turnover (b)(e) 37% 55% 79% 74% 150% 110%(f)

Victory Portfolios Financial Highlights — continued For a Share Outstanding Throughout Each Period 112 See notes to financial statements. Victory INCORE Total Return Bond Fund Class R6 Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $8.64 $9.87 $9.94 $9.48 $9.23 $9.55 Investment Activities: Net investment income (loss)(a) 0.10 0.15 0.17 0.22 0.24 0.22 Net realized and unrealized gains (losses) (0.32) (1.15) 0.02 0.51 0.31 (0.23) Total from Investment Activities (0.22) (1.00) 0.19 0.73 0.55 (0.01) Distributions to Shareholders From: Net investment income (0.12) (0.23) (0.26) (0.27) (0.30) (0.31) Total Distributions (0.12) (0.23) (0.26) (0.27) (0.30) (0.31) Net Asset Value, End of Period $8.30 $8.64 $9.87 $9.94 $9.48 $9.23 Total Return(b) (2.52)% (10.30)% 1.93% 7.94% 6.05% (0.12)% Ratios to Average Net Assets: Net Expenses (c)(d) 0.58% 0.58% 0.58% 0.58% 0.57% 0.58% Net Investment Income (Loss) (c) 2.30% 1.62% 1.73% 2.30% 2.61% 2.37% Gross Expenses (c)(d) 0.62% 0.63% 0.61% 0.59% 0.57% 0.62% Supplemental Data: Net Assets at end of period (000's) $26,729 $23,854 $26,970 $25,999 $24,929 $25,438 Portfolio Turnover (b)(e) 37% 55% 79% 74% 150% 110%(f) Victory INCORE Total Return Bond Fund Class Y Six Months Ended December 31, 2022 (Unaudited) Year Ended June 30, 2022 Year Ended June 30, 2021 Year Ended June 30, 2020 Year Ended June 30, 2019 Year Ended June 30, 2018 Net Asset Value, Beginning of Period $8.64 $9.87 $9.94 $9.47 $9.23 $9.55 Investment Activities: Net investment income (loss)(a) 0.10 0.15 0.17 0.22 0.24 0.23 Net realized and unrealized gains (losses) (0.33) (1.15) 0.02 0.52 0.30 (0.24) Total from Investment Activities (0.23) (1.00) 0.19 0.74 0.54 (0.01) Distributions to Shareholders From: Net investment income (0.12) (0.23) (0.26) (0.27) (0.30) (0.31) Total Distributions (0.12) (0.23) (0.26) (0.27) (0.30) (0.31) Net Asset Value, End of Period $8.29 $8.64 $9.87 $9.94 $9.47 $9.23 Total Return(b) (2.65)% (10.32)% 1.91% 7.92% 5.99% (0.13)% Ratios to Average Net Assets: Net Expenses (c)(d) 0.60% 0.60% 0.60% 0.60% 0.60% 0.59% Net Investment Income (Loss) (c) 2.26% 1.60% 1.74% 2.28% 2.63% 2.43% Gross Expenses (c)(d) 0.64% 0.65% 0.64% 0.62% 0.63% 0.59% Supplemental Data: Net Assets at end of period (000's) $28,047 $28,539 $31,032 $33,455 $31,026 $52,633 Portfolio Turnover (b)(e) 37% 55% 79% 74% 150% 110%(f) (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) Annualized for periods less than one year. (d) Does not include acquired fund fees and expenses, if any. (e) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares. (f) Portfolio turnover rate excluding mortgage dollar roll transactions was 103% for the year ended June 30, 2018.

Notes to Financial Statements Victory Portfolios December 31, 2022 113 (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 37 funds and is authorized to issue an unlimited number of shares, which are units of beneficial interest with a par value of $0.001 per share. The accompanying financial statements are those of the following 10 Funds (collectively, the “Funds” and individually, a “Fund”). Each Fund is classified as diversified under the 1940 Act. Funds (Legal Name) Funds (Short Name) Investment Share Classes Offered Victory Integrity Discovery Fund Integrity Discovery Fund A, C, R, Y, and Member Class Victory Integrity Mid-Cap Value Fund Integrity Mid-Cap Value Fund A, C, R6, Y, and Member Class Victory Integrity Small-Cap Value Fund Integrity Small-Cap Value Fund A, C, R, R6, and Y Victory Integrity Small/Mid-Cap Value Fund Integrity Small/Mid-Cap Value Fund A, R6, Y, and Member Class Victory Munder Multi-Cap Fund Munder Multi-Cap Fund A, C, and Y Victory S&P 500 Index Fund S&P 500 Index Fund A, R, and Y Victory Munder Mid-Cap Core Growth Fund Munder Mid-Cap Core Growth Fund A, C, R, R6, and Y Victory Trivalent International Fund — Core Equity Trivalent International Fund — Core Equity A, I, C* and Y Victory Trivalent International Small-Cap Fund Trivalent International Small-Cap Fund A, C, R6, Y, and I Victory INCORE Total Return Bond Fund INCORE Total Return Bond Fund A, C, R6, and Y * Effective December 28, 2022, Class C was liquidated. 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 Trust in the preparation of its 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 management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Funds follow the specialized accounting and reporting requirements under GAAP that are applicable to investment companies under Accounting Standards Codification Topic 946. Investment Valuation: The Funds record investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques described below maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Funds' investments are summarized in the three broad levels listed below: • Level 1 — quoted prices (unadjusted) in active markets for identical securities • Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, or credit spreads, applicable to those securities, etc.) • Level 3 — 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 risk associated with entering into those investments. The Adviser, appointed as the valuation designee by the Trust's Board of Trustees' (the “Board”), has established the Pricing and Liquidity Committee (the “Committee”), and subject to Board oversight, the Committee administers and oversees the Funds' valuation policies and procedures, which are approved by the Board. Portfolio securities listed or traded on securities exchanges, including Exchange-Traded Funds (“ETFs”), and American Depositary Receipts (“ADRs”), are valued at the closing 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 last available bid quotation on the exchange or system where the security is principally traded. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

Notes to Financial Statements — continued Victory Portfolios December 31, 2022 114 (Unaudited) 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 the last sale price to value securities. Debt obligations maturing within 60 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 2 in the fair value hierarchy. Swap agreements are valued at the mean between the current bid and ask prices. To the extent this model is utilized, these valuations are considered as Level 2 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 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 2 or Level 3 in the fair value hierarchy, based on the observability of inputs used to determine the fair value. The effect of fair value pricing is that securities may not be priced on the basis of quotations from the primary market in which they are traded and the actual price realized from the sale of a security may differ materially from the fair value price. Valuing these securities at fair value is intended to cause the 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 2 in the fair value hierarchy. A summary of the valuations as of December 31, 2022, 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 1 Level 2 Level 3 Total Integrity Discovery Fund Common Stocks............................................... $62,250 $— $— $62,250 Collateral for Securities Loaned ................................... 317 — — 317 Total ....................................................... $62,567 $— $— $62,567 Integrity Mid-Cap Value Fund Common Stocks............................................... 290,729 — — 290,729 Collateral for Securities Loaned ................................... 1,566 — — 1,566 Total ....................................................... $292,295 $— $— $292,295 Integrity Small-Cap Value Fund Common Stocks............................................... 1,449,592 — — 1,449,592 Collateral for Securities Loaned ................................... 11,447 — — 11,447 Total ....................................................... $1,461,039 $— $— $1,461,039 Integrity Small/Mid-Cap Value Fund Common Stocks............................................... 225,067 — — 225,067 Collateral for Securities Loaned ................................... 1,363 — — 1,363 Total ....................................................... $226,430 $— $— $226,430 Munder Multi-Cap Fund Common Stocks............................................... 356,437 — — 356,437 Exchange-Traded Funds ......................................... 6,466 — — 6,466 Collateral for Securities Loaned ................................... 2,077 — — 2,077 Total ....................................................... $364,980 $— $— $364,980 S&P 500 Index Fund Common Stocks............................................... 209,311 — — 209,311 Total ....................................................... $209,311 $— $— $209,311 Other Financial Investments:* Liabilities: Futures Contracts.............................................. (20) — — (20) Total ....................................................... $(20) $— $— $(20)

Notes to Financial Statements — continued Victory Portfolios December 31, 2022 115 (Unaudited) Level 1 Level 2 Level 3 Total Munder Mid-Cap Core Growth Fund Common Stocks............................................... $344,175 $— $— $344,175 Total ....................................................... $344,175 $— $— $344,175 Trivalent International Fund - Core Equity Common Stocks............................................... 14,400 172,019 2 186,421 Exchange-Traded Funds ......................................... 2,986 — — 2,986 Collateral for Securities Loaned ................................... 1,722 — — 1,722 Total ....................................................... $19,108 $172,019 $2 $191,129 Trivalent International Small-Cap Fund Common Stocks............................................... 374,086 2,305,128 — 2,679,214 Exchange-Traded Funds ......................................... 3,502 — — 3,502 Collateral for Securities Loaned ................................... 50,852 — — 50,852 Total ....................................................... $428,440 $2,305,128 $— $2,733,568 INCORE Total Return Bond Fund Asset-Backed Securities ......................................... — 2,716 — 2,716 Collateralized Mortgage Obligations ................................ — 6,653 — 6,653 Convertible Corporate Bonds ..................................... — 4,190 — 4,190 Convertible Preferred Stocks...................................... 1,290 — — 1,290 Corporate Bonds .............................................. — 21,654 — 21,654 Residential Mortgage-Backed Securities ............................. — 69 — 69 Yankee Dollars ............................................... — 3,804 — 3,804 U.S. Government Mortgage-Backed Agencies ......................... — 16,905 — 16,905 U.S. Treasury Obligations........................................ — 6,917 — 6,917 Collateral for Securities Loaned ................................... 1,786 — — 1,786 Total ....................................................... $3,076 $62,908 $— $65,984 Other Financial Investments:* Assets: Futures Contracts.............................................. 55 — — 55 Liabilities: Futures Contracts.............................................. (92) — — (92) Assets: Credit Default Swap Agreements................................... — 34 — 34 Total ....................................................... $(37) $34 $— $(3) * Futures Contracts and Swap agreements are valued at the unrealized appreciation (depreciation) on the investment. As of December 31, 2022, there were no 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 during the year are recorded as realized gains or return of capital as estimated by the Funds or when such information becomes known. 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 of foreign market index. The Funds may purchase shares of ETFs for a variety of purposes, including in connection with pursuing their investment programs to temporarily gain exposure to a portion of the U.S. or a foreign market, and for cash management and other purposes. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are 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.

Notes to Financial Statements — continued Victory Portfolios December 31, 2022 116 (Unaudited) Open-End Funds: The Funds may invest in portfolios of open-end investment companies. These investment companies value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the board of directors of the underlying funds. Mortgage- and Asset-Backed Securities: The values of some mortgage-related or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Fund to a lower rate of return upon reinvestment of principal. The values of mortgage- and asset-backed securities depend in part on the credit quality and adequacy of the underlying assets or collateral and may fluctuate in response to the market’s perception of these factors as well as current and future repayment rates. Some mortgage-backed securities are backed by the full faith and credit of the U.S. government (e.g., mortgage-backed securities issued by the Government National Mortgage Association, commonly known as “Ginnie Mae”), while other mortgage-backed securities (e.g., mortgage-backed securities issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, commonly known as “Fannie Mae” and “Freddie Mac,” respectively), are backed only by the credit of the government entity issuing them. In addition, some mortgage-backed securities are issued by private entities and, as such, are not guaranteed by the U.S. government or any agency or instrumentality of the U.S. government. Derivative Instruments: Foreign Exchange Currency Contracts: The Funds may enter into foreign exchange currency contracts to convert U.S. dollars to and from various foreign currencies. A foreign exchange currency contract is an obligation by a Fund to purchase or sell a specific currency at a future date at a price (in U.S. dollars) set at the time of the contract. The Funds do not engage in “cross-currency” foreign exchange contracts (i.e., contracts to purchase or sell one foreign currency in exchange for another foreign currency). The Funds’ foreign exchange currency contracts might be considered spot contracts (typically a contract of one week or less) or forward contracts (typically a contract term over one week). A spot contract is entered into for purposes of hedging against foreign currency fluctuations relating to a specific portfolio transaction, such as the delay between a security transaction trade date and settlement date. Forward contracts are entered into for purposes of hedging portfolio holdings or concentrations of such holdings. 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). 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. As of December 31, 2022, 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 require the Funds to segregate assets to cover contracts that would require it to purchase securities or currencies. A good faith margin deposit, known as initial margin, of cash or government securities with a broker or custodian 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 December 31, 2022, the S&P 500 Index and INCORE Total Return Bond Fund entered into futures contracts primarily for the strategy of hedging or other purposes, including but not limited to, providing liquidity and equitizing cash.

Notes to Financial Statements — continued Victory Portfolios December 31, 2022 117 (Unaudited) Credit Derivatives: The INCORE Total Return Bond Fund may enter into credit derivatives, including centrally cleared credit default swaps on individual obligations or credit indices. The Funds may use these investments (i) as alternatives to direct long or short investment in a particular security or securities, (ii) to adjust the Funds' asset allocations or risk exposures, or (iii) for hedging purposes. The use by the Funds of centrally cleared credit default swaps may have the effect of creating a short position in a security. Credit derivatives can create investment leverage and may create additional investment risks that may subject the Funds to greater volatility than investments in more traditional securities, as described in the Funds' Statements of Additional Information. Centrally cleared credit default swap (“CDS”) agreements on credit indices involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of a specific sector of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the CDS. The counterparty risk for cleared swap agreements is generally lower than uncleared over-the-counter swap agreements because generally a clearing organization becomes substituted for each counterparty to a centrally cleared swap agreement and, in effect, guarantees each party’s performance under the contract as each party to a trade looks only to the clearing organization for performance of financial obligations. However, there can be no assurance that the clearing organization, or its members, will satisfy its obligations to the Fund. The Funds may enter into CDS agreements either as a buyer or seller. The Funds may buy protection under a CDS to attempt to mitigate the risk of default or credit quality deterioration in one or more individual holdings or in a segment of the fixed income securities market. The Funds may sell protection under a CDS in an attempt to gain exposure to an underlying issuer’s credit quality characteristics without investing directly in that issuer. For swaps entered with an individual counterparty, the Funds bear the risk of loss of the uncollateralized amount expected to be received under a CDS agreement in the event of the default or bankruptcy of the counterparty. CDS agreements are generally valued at a price at which the counterparty to such agreement would terminate the agreement. The Funds may also enter into centrally cleared swaps. Upon entering into a cleared CDS, the Funds may be required to deposit with the broker an amount of cash or cash equivalents in the range of approximately 3% to 6% of the notional amount for CDS on high yield debt issuers (this amount is subject to change by the clearing organization that clears the trade). This amount, known as “initial margin,” is in the nature of a performance bond or good faith deposit on the CDS and is returned to a Fund upon termination of the CDS, assuming all contractual obligations have been satisfied. Subsequent payments, known as “variation margin,” to and from the broker will be made daily as the price of the CDS fluctuates, making the long and short positions in the CDS contract more or less valuable, a process known as “marking-to-market”. The premium (discount) payments are built into the daily price of the CDS and thus are amortized through the variation margin. The variation margin payment also includes the daily portion of the periodic payment stream. The maximum potential amount of future payments (undiscounted) that the Funds as a seller of protection could be required to make under a CDS agreement equals the notional amount of the agreement. Notional amounts of each individual CDS agreement outstanding as of period end for which the Funds are the sellers of protection are disclosed on the Schedules of Portfolio Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, periodic interest payments, or net amounts received from the settlement of buy protection CDS agreements entered into by the Funds for the same referenced entity or entities. The collateral held by the Funds is reflected on the Statements of Assets and Liabilities under Deposit with broker for swap agreements. Management has determined that no offsetting requirements exist as a result of their conclusion that the Fund is not subject to master netting agreements for swaps contracts. The INCORE Total Return Bond Fund entered into centrally cleared CDS agreements primarily for the strategy of asset allocation and risk exposure management during the period. 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, 2022 (amounts in thousands): Assets Liabilities Variation Margin Receivable on Open Futures Contracts* Variation Margin Receivable on Swap Agreements* Variation Margin Payable on Open Futures Contracts* Equity Risk Exposure: 46,000 – (20,000) S&P 500 Index Fund ...................................................... $ – $ – $ 20 INCORE Total Return Bond Fund ............................................. 46 – – Credit Risk Exposure: – 34,000 – INCORE Total Return Bond Fund ............................................. – 34 –

Notes to Financial Statements — continued Victory Portfolios December 31, 2022 118 (Unaudited) Assets Liabilities Variation Margin Receivable on Open Futures Contracts* Variation Margin Receivable on Swap Agreements* Variation Margin Payable on Open Futures Contracts* Currency Risk Exposure: 9,000 – (22,000) INCORE Total Return Bond Fund ............................................. $ 9 $ – $ 22 Interest Rate Risk Exposure: 1,000 – (71,000) INCORE Total Return Bond Fund ............................................. 1 – 71 * Includes cumulative appreciation (depreciation) of futures contracts and swap agreements as reported on the Schedules of Portfolio Investments. Only current day’s variation margin for futures contracts and swap agreements are 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, 2022 (amounts in thousands): Net Realized Gains (Losses) on Derivatives Recognized as a Result from Operations Net Change in Unrealized Appreciation/ Depreciation on Derivatives Recognized as a Result of Operations Net Realized Gains (Losses) from Futures Contracts Net Realized Gains (Losses) from Swap Agreements Net Change in Unrealized Appreciation/ Depreciation on Futures Contracts Net Change in Unrealized Appreciation/ Depreciation on Swap Agreements Equity Risk Exposure 133,000 – 29,000 – S&P 500 Index Fund .............................. $ 41 $ – $ 39 $ – INCORE Total Return Bond Fund ..................... 92 – (10) – Credit Risk Exposure – 12,000 – 34,000 INCORE Total Return Bond Fund ..................... – 12 – 34 Currency Risk Exposure 17,000 – (15,000) – INCORE Total Return Bond Fund ..................... 17 – (15) – Interest Rate Risk Exposure (300,000) – (102,000) – INCORE Total Return Bond Fund ..................... (300) – (102) – 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 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. 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'

Notes to Financial Statements — continued Victory Portfolios December 31, 2022 119 (Unaudited) 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 (amounts in thousands) is a summary of the Funds' securities lending transactions as of December 31, 2022. Value of Securities on Loan Non-Cash Collateral Cash Collateral Integrity Discovery Fund ........................................... $ 278 $— $ 317 Integrity Mid-Cap Value Fund........................................ 1,503 — 1,566 Integrity Small-Cap Value Fund....................................... 11,022 — 11,447 Integrity Small/Mid-Cap Value Fund ................................... 1,308 — 1,363 Munder Multi-Cap Fund............................................ 2,030 — 2,077 Trivalent International Fund - Core Equity ............................... 1,651 — 1,722 Trivalent International Small-Cap Fund ................................. 46,402 — 50,851 INCORE Total Return Bond Fund ..................................... 1,742 — 1,786 Foreign Currency Translations: The accounting records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities of a Fund denominated in a foreign currency are translated into U.S. dollars at current exchange rates. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the exchange rates on the date of the transactions. The Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are disclosed as Net change in unrealized appreciation/depreciation on investment securities and foreign currency translations on the Statements of Operations. Any realized gains or losses from these fluctuations are disclosed as Net realized gains (losses) from investment securities and foreign currency transactions on the Statements of Operations. Mortgage Dollar Rolls: The INCORE Total Return Bond Fund may enter into mortgage dollar roll transactions in which the Fund sells a mortgage-backed security to a counterparty to buy back similar, but not identical, securities on a specific future date at a predetermined price. Mortgage dollar rolls may be renewed by a new sale and repurchased with a cash settlement at each renewal without physical delivery of the securities. Certain risks may arise upon entering into mortgage dollar rolls from the potential inability of counterparties to meet the terms of their commitments. Additionally, the value of such securities may change adversely before the Fund is able to repurchase them. Mortgage dollar rolls are treated as financing transactions unless the sale and repurchase are determined to involve securities that are not substantially the same. Therefore, any gain or loss is considered unrealized until the roll reaches ultimate disposition or the sale and repurchase are determined to involve securities that are not substantially the same. Income is generated as consideration for entering into these transactions and is included in mortgage dollar roll income on the Fund’s Statement of Operations. For the six months ended December 31, 2022, there were no mortgage dollar roll transactions. Foreign Taxes: The Funds may be subject to foreign taxes related to foreign income received (a portion of which may be reclaimable), capital gains on the sale of securities, and certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Funds invest. The Trivalent International Small-Cap Fund filed for additional European Union reclaims related to prior years. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. For the period ended December 31, 2022, the Trivalent International Small-Cap Fund recognized $xx thousand in reclaims (net of less than $xx thousand realized gain or loss from currency translations) and $xx thousand related to interest on the filed reclaims. 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.

Notes to Financial Statements — continued Victory Portfolios December 31, 2022 120 (Unaudited) For the six months ended December 31, 2022, 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. 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, 2022, were as follows (amounts in thousands): Excluding U.S. Government Securities U.S. Government Securities Purchases Sales Purchases Sales Integrity Discovery Fund .......................................... $ 8,881 $ 13,173 $ — $ — Integrity Mid-Cap Value Fund....................................... 73,053 69,614 — — Integrity Small-Cap Value Fund...................................... 320,322 363,284 — — Integrity Small/Mid-Cap Value Fund .................................. 60,275 53,855 — — Munder Multi-Cap Fund........................................... 150,593 171,958 — — S&P 500 Index Fund ............................................. 3,089 18,493 — — Munder Mid-Cap Core Growth Fund .................................. 87,031 117,143 — — Trivalent International Fund - Core Equity .............................. 46,567 44,711 — — Trivalent International Small-Cap Fund ................................ 879,838 773,490 — — INCORE Total Return Bond Fund .................................... 4,028 4,359 27,454 17,828 4.Affiliated Fund Ownership: The Funds offer shares for investment by other funds. The fund-of-funds do not invest in the underlying funds for the purpose of exercising management or control, and the affiliated fund-of-funds' annual and semi-annual reports may be viewed at vcm.com. As of December 31, 2022, certain fund-of-funds owned total outstanding shares of the Funds as follows: Integrity Discovery Fund Ownership % Victory Strategic Allocation Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 Integrity Mid-Cap Value Fund Ownership % USAA Target Retirement Income Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3 USAA Target Retirement 2030 Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.8 USAA Target Retirement 2040 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.1 USAA Target Retirement 2050 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.6 USAA Target Retirement 2060 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4 Trivalent International Fund – Core Equity Fund Ownership % USAA Target Retirement Income Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.1 USAA Target Retirement 2030 Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.7 USAA Target Retirement 2040 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33.1 USAA Target Retirement 2050 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.6 USAA Target Retirement 2060 Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3 Trivalent International Small-Cap Fund Ownership % Victory Strategic Allocation Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1

Notes to Financial Statements — continued Victory Portfolios December 31, 2022 121 (Unaudited) INCORE Total Return Bond Fund Ownership % Victory Strategic Allocation Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.2 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 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. Adviser Fee Tier Rates Flat Rate Integrity Discovery Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00% Up to $500 million Over $500 million Integrity Mid-Cap Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75% 0.70% Up to $300 million Over $300 million Integrity Small-Cap Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.90% 0.85% Integrity Small/Mid-Cap Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.80% 0.75% Up to $1 billion $1 billion -$2 billion Over $2 billion Munder Multi-Cap Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75% 0.72% 0.70% Up to $250 million $250 million -$500 million Over $500 million S&P 500 Index Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.20% 0.12% 0.07% Up to $6 billion $6 billion -$8 billion Over $8 billion Munder Mid-Cap Core Growth Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75% 0.70% 0.65% Up to $1 billion Over $1 billion Trivalent International Fund — Core Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.80% 0.75% Trivalent International Small-Cap Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.95% 0.90% Flat Rate INCORE Total Return Bond Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.40% Amounts incurred and paid to VCM for the six months ended December 31, 2022, 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 entitled to receive fees based on a percentage of the average daily net assets of the Trust, Victory Variable Insurance Funds and Victory Portfolios II. The tiered rates at which VCM is paid by the Funds are shown in the table below: Net Assets Up to $15 billion $15 billion — $30 billion Over $30 billion 0.08%, plus 0.05%, plus 0.04% Amounts incurred for the six months ended December 31, 2022, 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, 2022, are reflected on the Statements of Operations as Sub-Administration fees. The Funds (as part of the Trust) have entered into an agreement with the Adviser to provide compliance services, pursuant to which the Adviser furnishes its compliance personnel, including the services of the Chief Compliance Officer (“CCO”), and other resources reasonably necessary to provide the Trust with compliance oversight services related to the design, administration, and oversight of a compliance program for the Trust in accordance with Rule 38a-1 under the 1940 Act. The CCO is an employee of the Adviser, which pays the compensation of the CCO and support staff. The funds in the Trust, Victory Variable Insurance Funds, Victory Portfolios II and USAA Mutual Funds (collectively, the “Victory Funds Complex”), in aggregate, compensate the Adviser for these services. Amounts incurred for the six months ended December 31, 2022, are reflected on the Statements of Operations as Compliance fees.

Notes to Financial Statements — continued Victory Portfolios December 31, 2022 122 (Unaudited) Transfer Agency Fees: FIS Investor Services, LLC (“FIS”) serves as the Funds' transfer agent. Under the Transfer Agent Agreement, the Trust pays FIS a fee for its services and reimburses FIS for all of their reasonable out-of-pocket expenses incurred in providing these services. Amounts incurred for the six months ended December 31, 2022, 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, 2022, are reflected on the Statements of Operations as 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: Class A Class C Class R Integrity Discovery Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25% 1.00% 0.50% Integrity Mid-Cap Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25% 1.00% N/A Integrity Small-Cap Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25% 1.00% 0.50% Integrity Small/Mid-Cap Value Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25% N/A N/A Munder Multi-Cap Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25% 1.00% N/A S&P 500 Index Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15% N/A 0.50% Munder Mid-Cap Core Growth Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25% 1.00% 0.50% Trivalent International Fund — Core Equity 0.25% 1.00% N/A Trivalent International Small-Cap Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25% 1.00% N/A INCORE Total Return Bond Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25% 1.00% N/A The distribution and service fees paid to the Distributor may be used by the Distributor to pay for activities primarily intended to result in the sale of Class A, Class C, and Class R. Amounts incurred for the six months ended December 31, 2022, are reflected on the Statements of Operations as 12b-1 fees. In addition, the Distributor is entitled to receive commissions in connection with sales of the Class A. For the six months ended December 31, 2022, the Distributor received approximately $13 thousand from commissions earned in connection with sales of Class A. 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, 2022, are reflected on the Statements of Operations as Custodian fees. Sidley Austin LLP provides legal services to the Trust. The Adviser has entered into expense limitation agreements with certain Funds. Under the terms of the agreements, the Adviser has agreed to waive fees or reimburse certain expenses to the extent that ordinary operating expenses incurred by certain classes of a Fund in any fiscal year exceed the expense limit for such classes of the Fund. 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 Fund’s business are excluded from the expense limits. As of December 31, 2022, the expense limits (excluding voluntary waivers) are as follows: In effect until October 31, 2023 Class A Class C Class I Class R Class R6 Class Y Member Class Integrity Discovery Fund. . . . . . . . . . . . . . . . . . . . . . . . 1.66% 2.45% N/A 2.08% N/A 1.44% 1.50% Integrity Mid-Cap Value Fund . . . . . . . . . . . . . . . . . . . . . 1.00% 1.75% N/A N/A 0.60% 0.75% 0.85% Integrity Small-Cap Value Fund . . . . . . . . . . . . . . . . . . . . 1.50% 2.35% N/A 1.75% N/A N/A N/A Integrity Small/Mid-Cap Value Fund. . . . . . . . . . . . . . . . . . 1.13% N/A N/A N/A 0.83% 0.88% 0.95% Munder Multi-Cap Fund . . . . . . . . . . . . . . . . . . . . . . . . N/A 2.16% N/A N/A N/A N/A N/A S&P 500 Index Fund . . . . . . . . . . . . . . . . . . . . . . . . . . N/A N/A N/A N/A N/A N/A N/A Munder Mid-Cap Core Growth Fund. . . . . . . . . . . . . . . . . . 1.32% 2.12% N/A 1.57% 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% 0.95% N/A 1.10% 1.10% N/A INCORE Total Return Bond Fund . . . . . . . . . . . . . . . . . . . 0.85% 1.60% N/A N/A 0.58% 0.60% N/A Under the terms of the expense limitation agreements, 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. As of December 31, 2022, the following amounts are available to be repaid to the Adviser (amounts in thousands). The Funds have not recorded any amounts available to be repaid as a liability due to an assessment that such repayments are not probable at December 31, 2022.

Notes to Financial Statements — continued Victory Portfolios December 31, 2022 123 (Unaudited) Expires 2023 Expires 2024 Expires 2025 Expires 2026 Total Integrity Discovery Fund ..................................... $ 5 $ 35 $ 41 $ 16 $ 97 Integrity Mid-Cap Value Fund.................................. 331 639 785 411 2,166 Integrity Small-Cap Value Fund................................. 4 13 14 5 36 Integrity Small/Mid-Cap Value Fund ............................. 90 213 259 130 692 Munder Multi-Cap Fund...................................... 2 8 8 3 21 Munder Mid-Cap Core Growth Fund ............................. 7 18 24 11 60 Trivalent International Fund - Core Equity ......................... 291 882 941 398 2,512 Trivalent International Small-Cap Fund ........................... 1,719 4,069 4,898 2,395 13,081 INCORE Total Return Bond Fund ............................... 20 96 73 29 218 The Adviser may voluntarily waive or reimburse additional fees to assist the Funds in maintaining competitive expense ratios. Voluntary waivers and reimbursements applicable to the Funds are not available to be recouped at a future time. There were no voluntary waivers or reimbursements for the six months ended December 31, 2022. Certain officers and/or interested trustees of the Funds are also officers and/or employees of the Adviser, administrator, fund accountant, sub-administrator, sub-fund accountant, custodian, legal counsel, and Distributor. 6. Risks: The Funds may be subject to other risks in addition to these identified risks. Equity Risk — The value of the equity securities in which the Funds invest may decline in response to developments affecting individual companies and/or general, economic conditions in the United States or abroad. A company’s earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Foreign Investments Risk — The Trivalent International Fund — Core Equity and Trivalent International Small-Cap Fund invest in securities of foreign issuers in various countries. Investing on an international basis involves certain risks not involved in domestic investments including the risk of nationalization or expropriation of assets, imposition of currency exchange controls or restrictions on the repatriation of foreign currency, confiscatory taxation, political or financial instability and diplomatic developments, which could affect the value of a Fund’s investments in certain foreign countries. Governments of many countries have exercised, and continue to exercise, substantial influence over many aspects of the private sector through the ownership or control of many companies, including some of the largest in these countries. As a result, government actions in the future could have a significant effect on economic conditions which may adversely affect prices of certain portfolio securities. There is also generally less government supervision and regulation of stock exchanges, brokers and listed companies than in the U.S. Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding taxes, and special U.S. tax considerations may apply. Moreover, foreign economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross national product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments position. The Schedule of Portfolio Investments includes information on each Fund’s holdings, including industry and/or geographic composition, as relevant. Interest Rate Risk — The INCORE Total Return Bond Fund is 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 if 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. Credit Risk — The Funds will be subject to credit risk with respect to the amount each expects to receive from counterparties for financial instruments entered into by the Funds. The Funds may be negatively impacted if a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties. The Funds may experience significant delays in obtaining any recovery in bankruptcy or other reorganization proceeding and the Funds may obtain only limited recovery or may obtain no recovery in such circumstances. The Funds typically enter into transactions with counterparties whose credit ratings are investment grade, as determined by a nationally recognized statistical rating organization or, if unrated, judged by the Adviser to be of comparable quality. Sector Focus Risk — To the extent the Funds focus in one or more sectors, market or economic factors impacting those sectors could have a significant effect on the value of the Funds’ investments and could make the Funds’ performance more volatile. For example, the values of companies in the Information Technology sector are particularly vulnerable to economic downturns, short product cycles and aggressive pricing, market competition and changes in government regulation. LIBOR Discontinuation Risk — The London Interbank Offered Rate (“LIBOR”) discontinuation may adversely affect the financial markets generally and the Funds' operations, finances and investments specifically. LIBOR has been the principal floating-rate benchmark in the financial markets. However, LIBOR has been or will be discontinued as a floating rate benchmark. The date of discontinuation depends on the LIBOR currency and tenor. With limited exceptions, no new LIBOR obligations will be entered into after December 31, 2021. Existing LIBOR obligations have transitioned or will transition to another benchmark, depending on the LIBOR currency and tenor. For some existing LIBOR-based obligations, the contractual consequences of the discontinuation of LIBOR may not be clear.

Notes to Financial Statements — continued Victory Portfolios December 31, 2022 124 (Unaudited) Non-LIBOR floating-rate obligations, including Secured Overnight Financing Rate (“SOFR”)-based obligations, may have returns and values that fluctuate more than those of floating-rate debt obligations that are based on LIBOR or other rates. Also, because SOFR and some alternative floating rates are relatively new market indexes, markets for certain non-LIBOR obligations may never develop or may not be liquid. Market terms for non-LIBOR floating rate obligations, such as the spread over the index reflected in interest-rate provisions, may evolve over time, and prices of non-LIBOR floating rate obligations may be different depending on when they are issued and changing views about correct spread levels. Various SOFR-based rates, including SOFR-based term rates, and various non-SOFR-based rates are expected to develop in response to the discontinuation of U.S. dollar LIBOR, which may create various risks for the Funds and the financial markets more generally. There are non-LIBOR forward-looking floating rates that are not based on SOFR and that may be considered by participants in the financial markets as LIBOR alternatives. Such rates include AMERIBOR (American Interbank Offered Rate), BSBY (Bloomberg Short-Term Bank Yield Index) and BYI (Bank Yield Index). Unlike forward-looking SOFR-based term rates, such rates are intended to reflect a bank credit spread component. It is not clear how replacement rates for LIBOR — including SOFR-based rates and non-SOFR-based rates — will develop and to what extent they will be used. There is no assurance that these replacement rates will be suitable substitutes for LIBOR, and thus the substitution of such rates for LIBOR could have an adverse effect on the Funds and the financial markets more generally. Concerns about market depth and stability could affect the development of non-SOFR-based term rates, and such rates may create various risks, which may or may not be similar to the risks relating to SOFR. Market Risk — Overall market risks may affect the value of the Funds. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels and other fiscal and monetary policy changes, cybersecurity incidents, pandemics and other public health crises, 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. 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. The Line of Credit agreement with Citibank was renewed on June 27, 2022, with a termination date of June 26, 2023. Under the agreement with Citibank, the Victory Funds Complex 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, 2022, 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. Prior to June 28, 2022, interest was based on the one-month LIBOR plus one percent. Effective with the renewal, June 27, 2022, interest was based on the one-month SOFR plus 1.10 percent. The Funds did not experience a material financial impact transitioning from LIBOR to SOFR. 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, 2022. 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, interest charged to each Fund, if any, during the period, is reflected on the Statements of Operations under Interfund lending fees. As a Lender, 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, 2022, were as follows (amounts in thousands): Borrower or Lender Amount Outstanding December 31, 2022 Average Borrowing* Days Borrowing Outstanding Averange Interest Rate* Maximum Borrowing During the Period Integrity Small-Cap Value Fund . . . Borrower $— $1,088 1 4.59% $1,088 * Based on the number of days borrowings were outstanding for the period ended December 31, 2022.

Notes to Financial Statements — continued Victory Portfolios December 31, 2022 125 (Unaudited) 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. Declared Paid Integrity Discovery Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Annually Annually Integrity Mid-Cap Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Annually Annually Integrity Small-Cap Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Annually Annually Integrity Small/Mid-Cap Value Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Annually Annually Munder Multi-Cap Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Annually Annually S&P 500 Index Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Quarterly Quarterly Munder Mid-Cap Core Growth Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Annually Annually Trivalent International Fund — Core Equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Annually Annually Trivalent International Small-Cap Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Annually Annually INCORE Total Return Bond Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Monthly Monthly 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 Statement of Assets and Liabilities. The tax character of current year distributions paid and the tax basis of the current components of accumulated earnings (loss) will be determined at the end of the current tax year. As of tax year ended June 30, 2022, the Funds had net capital loss carryforwards as shown in the table below (amounts in thousands). It is unlikely that the Board will authorize a distribution of capital gains realized in the future until the capital loss carryforwards have been used. Short-Term Amount Long-Term Amount Total Trivalent International Fund - Core Equity .................................... $ (1,524) $ — $ (1,524) INCORE Total Return Bond Fund .......................................... (912) (3,302) (4,214) 9. Stock Split: Effective December 9, 2022, the Munder Mid-Cap Core Growth Fund underwent a 1-for-9 reverse stock split of the issued and outstanding Class C shares of the Fund. The reverse stock split was not a taxable event, nor did it have an impact on the Fund’s holdings or performance, and was intended to reduce marketplace confusion and bring greater uniformity to the ratio of capital gains to the NAV across all share classes of the Fund. No changes are contemplated at this time for the other share classes offered by the Fund.

Supplemental Information Victory Portfolios December 31, 2022 126 (Unaudited) Proxy Voting and Portfolio Holdings Information Proxy Voting: Information regarding the policies and procedures each Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 800-539-3863. The information is also included in the Funds' Statement of Additional Information, which is available on the SEC’s website at sec.gov. Information relating to how the Funds voted proxies relating to portfolio securities held during the most recent 12 months ended June 30 is available on the SEC’s website at sec.gov. Availability of Schedules of Portfolio Investments: The Trust files a complete list of Schedules of Portfolio Investments with the SEC for the first and third quarter of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s website at sec.gov. Expense Examples As a shareholder of the Funds, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases; and (2) ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022, through December 31, 2022. The Actual Expense figures in the table below provide information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period. The Hypothetical Expense figures in the table below provide information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds. Please note the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the hypothetical expenses in the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. Beginning Account Value 7/1/22 Actual Ending Account Value 12/31/22 Hypothetical Ending Account Value 12/31/22 Actual Expenses Paid During Period 7/1/22 - 12/31/22* Hypothetical Expenses Paid During Period 7/1/22 - 12/31/22* Annualized Expense Ratio During Period 7/1/22 - 12/31/22 Integrity Discovery Fund Class A ............................... $1,000.00 $1,052.70 $1,017.34 $8.07 $7.93 1.56% Class C ............................... 1,000.00 1,047.80 1,012.85 12.65 12.43 2.45% Class R ............................... 1,000.00 1,050.10 1,014.72 10.75 10.56 2.08% Class Y ............................... 1,000.00 1,053.90 1,018.35 7.04 6.92 1.36% Member Class .......................... 1,000.00 1,052.90 1,017.64 7.76 7.63 1.50% Integrity Mid-Cap Value Fund Class A ............................... 1,000.00 1,061.70 1,020.16 5.20 5.09 1.00% Class C ............................... 1,000.00 1,057.90 1,016.38 9.08 8.89 1.75% Class R6 .............................. 1,000.00 1,064.20 1,022.18 3.12 3.06 0.60% Class Y ............................... 1,000.00 1,063.10 1,021.42 3.90 3.82 0.75% Member Class .......................... 1,000.00 1,062.90 1,020.92 4.42 4.33 0.85% Integrity Small-Cap Value Fund Class A ............................... 1,000.00 1,092.30 1,018.10 7.44 7.17 1.41% Class C ............................... 1,000.00 1,087.30 1,013.66 12.05 11.62 2.29% Class R ............................... 1,000.00 1,090.40 1,016.38 9.22 8.89 1.75% Class R6 .............................. 1,000.00 1,094.80 1,020.37 5.07 4.89 0.96% Class Y ............................... 1,000.00 1,094.30 1,019.91 5.54 5.35 1.05% Integrity Small/Mid Value Fund Class A ............................... 1,000.00 1,063.30 1,019.51 5.88 5.75 1.13% Class R6 .............................. 1,000.00 1,065.10 1,021.02 4.32 4.23 0.83% Class Y ............................... 1,000.00 1,064.30 1,020.77 4.58 4.48 0.88% Member Class .......................... 1,000.00 1,063.90 1,020.42 4.94 4.84 0.95%

Supplemental Information — continued Victory Portfolios December 31, 2022 127 (Unaudited) Beginning Account Value 7/1/22 Actual Ending Account Value 12/31/22 Hypothetical Ending Account Value 12/31/22 Actual Expenses Paid During Period 7/1/22 - 12/31/22* Hypothetical Expenses Paid During Period 7/1/22 - 12/31/22* Annualized Expense Ratio During Period 7/1/22 - 12/31/22 Munder Multi-Cap Fund Class A ............................... 1,000.00 1,038.10 1,018.85 6.47 6.41 1.26% Class C ............................... 1,000.00 1,033.60 1,014.32 11.07 10.97 2.16% Class Y ............................... 1,000.00 1,039.70 1,020.52 4.78 4.74 0.93% S&P 500 Index Fund Class A ............................... 1,000.00 1,020.30 1,022.53 2.70 2.70 0.53% Class R ............................... 1,000.00 1,018.00 1,020.62 4.63 4.63 0.91% Class Y ............................... 1,000.00 1,021.10 1,023.04 2.19 2.19 0.43% Munder Mid-Cap Core Growth Fund Class A ............................... 1,000.00 1,036.60 1,018.80 6.52 6.46 1.27% Class C ............................... 1,000.00 1,032.30 1,014.52 10.86 10.76 2.12% Class R ............................... 1,000.00 1,035.50 1,017.29 8.06 7.98 1.57% Class R6 .............................. 1,000.00 1,038.80 1,020.77 4.52 4.48 0.88% Class Y ............................... 1,000.00 1,038.10 1,020.32 4.98 4.94 0.97% Trivalent International Fund - Core Equity Class A ............................... 1,000.00 1,029.80 1,020.42 4.86 4.84 0.95% Class I ............................... 1,000.00 1,031.90 1,022.18 3.07 3.06 0.60% Class R6 .............................. 1,000.00 1,032.10 1,022.43 2.82 2.80 0.55% Class Y ............................... 1,000.00 1,032.50 1,021.68 3.59 3.57 0.70% Trivalent International Small-Cap Fund Class A ............................... 1,000.00 1,029.80 1,018.40 6.91 6.87 1.35% Class C ............................... 1,000.00 1,026.70 1,014.62 10.73 10.66 2.10% Class I ............................... 1,000.00 1,032.20 1,020.42 4.87 4.84 0.95% Class R6 .............................. 1,000.00 1,032.80 1,020.01 5.28 5.24 1.03% Class Y ............................... 1,000.00 1,031.50 1,019.66 5.63 5.60 1.10% INCORE Total Return Bond Fund Class A ............................... 1,000.00 972.20 1,020.92 4.23 4.33 0.85% Class C ............................... 1,000.00 968.60 1,017.14 7.94 8.13 1.60% Class R6 .............................. 1,000.00 974.80 1,022.28 2.89 2.96 0.58% Class Y ............................... 1,000.00 973.50 1,022.18 2.98 3.06 0.60% * Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Victory Portfolios 128 (Unaudited) Supplemental Information — continued December 31, 2022 Considerations of the Board in Continuing the Investment Advisory Agreements (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 6, 2022. The Board also considered information relating to the Funds and the Agreement provided throughout the year and, more specifically, at the meetings on October 18, 2022 and December 6, 2022. In considering whether to approve the Agreement, the Board requested, and the Adviser provided, information that the Board believed to be reasonably necessary to reach its conclusions. 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. In addition, the Independent Trustees considered a past review of their overall process for conducting the annual review of the Funds’ advisory arrangements by a consultant retained through their counsel. 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); • 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 current management fee, comprised of the advisory fee plus the administrative services fee paid to the Adviser, in the context of the Adviser’s profitability with respect to each Fund individually. 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 met with the consultant to review its inputs and methodologies, among other things. 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 with similar investment strategies selected by that consultant from the universe. The Board reviewed the factors and methodology used by the consultant 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. With respect to certain Funds, the Board also reviewed 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. For Funds with total net expense ratios that ranked within the fourth quartile (most expensive) in relation to their peers as evaluated by a consultant, the Board requested, and the Adviser provided, supplemental information about the level of fees and the nature of the services provided. The Adviser reviewed additional relevant circumstances, which included, among other things, specialized strategies, small or decreasing assets, or rapid or recent changes in peer expense ratios. 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.

Supplemental Information — continued Victory Portfolios December 31, 2022 129 (Unaudited) The Board found that the gross annual management fee paid by each Fund was within the range of management fees paid by each Fund’s respective peer group. The Board noted that, except for the Integrity Discovery Fund and INCORE Total Return Bond Fund, each Fund’s advisory fee structure contained at least one breakpoint. The Board also found that each Fund’s Class A net annual expense ratio, taking into account any shareholder servicing or distribution fees, was reasonable as compared with each Fund’s respective peer group. The Board considered the Adviser’s contractual agreement with each Fund, except for the S&P 500 Index Fund, to waive its fees and reimburse expenses of certain classes for a specified period of time, as described in the Fund’s prospectus. 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. 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. Integrity Discovery Fund: The Board compared the Fund’s Class A performance for the one-, three-, five- and ten-year periods ended June 30, 2022, 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-year period, underperformed the benchmark index for the three-, five- and ten-year periods, and underperformed the peer group median for all of the periods reviewed. The Board discussed with the Adviser how market conditions affected the Fund during periods of underperformance given the Fund’s investment strategy and fee and expense profile. Having considered, among other things: (1) the Fund’s management fee compared to comparable mutual funds; (2) the Fund’s total expense compared to comparable mutual funds; (3) that the Adviser’s willingness to limit the expenses of certain classes for a period of time would provide stability to the Fund’s expenses for those share classes during that period; and (4) the Fund’s performance during the periods reviewed, the Board concluded that the Agreement continued to be in the best interests of the Fund’s shareholders. Integrity Mid-Cap Value Fund: The Board compared the Fund’s Class A performance for the one-, three-, five- and ten-year year periods ended June 30, 2022, to that of the median performance of the Fund’s peer group and benchmark index for the same periods and considered the fact that the Fund outperformed both the benchmark index and the peer group median for all of the periods reviewed. Having considered, 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 would provide stability to the Fund’s expenses for those share classes during that period; and (4) the Fund’s performance during the periods reviewed, the Board concluded that the Agreement continued to be in the best interests of the Fund’s shareholders. Integrity Small-Cap Value Fund: The Board compared the Fund’s Class A performance for the one-, three-, five- and ten-year periods ended June 30, 2022, 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 ten-year periods, underperformed the benchmark index for the five-year period, outperformed the peer group median for the one-year period, underperformed the peer group median for the three- and five-year periods, and matched the peer group median for the ten-year period. Having considered, 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 would provide stability to the Fund’s expenses for those share classes during that period; and (4) the Fund’s performance during the periods reviewed, the Board concluded that the Agreement continued to be in the best interests of the Fund’s shareholders. Integrity Small/Mid-Cap Value Fund: The Board compared the Fund’s Class A performance for the one-, three-, five- and ten-year periods ended June 30, 2022, to that of the median performance of the Fund’s peer group and benchmark index for the same periods and considered the fact that the Fund outperformed both the benchmark index and the peer group median for all of the periods reviewed. Having considered, 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 would provide stability to the Fund’s expenses for those share classes during that period; and (4) the Fund’s performance during the periods reviewed, the Board concluded that the Agreement continued to be in the best interests of the Fund’s shareholders. Munder Multi-Cap Fund: The Board compared the Fund’s Class A performance for the one-, three-, five- and ten-year periods ended June 30, 2022, 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-year period, underperformed the benchmark index for the three-, five- and ten-year periods, outperformed the peer group median for the one-, three- and five-year periods, and underperformed the peer group median for the ten-year periods.

Supplemental Information — continued Victory Portfolios December 31, 2022 130 (Unaudited) Having considered, 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 would provide stability to the Fund’s expenses for those share classes during that period; and (4) the Fund’s performance during the periods reviewed, the Board concluded that the Agreement continued to be in the best interests of the Fund’s shareholders. S&P 500 Index Fund: The Board compared the Fund’s Class A performance for the one-, three-, five- and ten-year periods ended June 30, 2022, to that of the median performance of the Fund’s peer group and benchmark index for the same periods, noting that the Fund’s investment objective is to track its benchmark index before fees and expenses. The Board recognized that the performance of the Fund is net of expenses, while the performance of the benchmark index is gross returns and as a result, the Fund generally will underperform its benchmark due to fees and expenses. The Board considered the fact that the Fund underperformed both the benchmark index and the peer group median for all of the periods reviewed. The Board also considered the Fund’s tracking error as a factor in evaluating performance. The Board discussed with the Adviser the implementation of the Fund’s strategy, together with relevant fee and expense considerations, and any steps that had been or could be taken by the Adviser to enhance performance in the future. The Board also considered the Adviser’s input on shareholder composition. Having considered, 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) the Fund’s performance during the periods reviewed, the Board concluded that the Agreement continued to be in the best interests of the Fund’s shareholders. Munder Mid-Cap Core Growth Fund: The Board compared the Fund’s Class A performance for the one-, three-, five- and ten-year periods ended June 30, 2022, 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-year period, underperformed the benchmark index for the three-, five- and ten-year periods, 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. Having considered, 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 would provide stability to the Fund’s expenses for those share classes during that period; and (4) the Fund’s performance during the periods reviewed, the Board concluded that the Agreement continued to be in the best interests of the Fund’s shareholders. Trivalent International Fund—Core Equity: The Board compared the Fund’s Class A performance for the one-, three-, five- and ten-year periods ended June 30, 2022, to that of the median performance of the Fund’s peer group and benchmark index for the same periods and considered the fact that the Fund outperformed the benchmark index for the one- and ten-year periods, underperformed the benchmark index for the three- and five-year periods, outperformed the peer group median for the one-year period, underperformed the peer group median for the three- and five-year periods, and matched the peer group median for the ten-year period. Having considered, 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 would provide stability to the Fund’s expenses for those share classes during that period; and (4) the Fund’s performance during the periods reviewed, the Board concluded that the Agreement continued to be in the best interests of the Fund’s shareholders. Trivalent International Small-Cap Fund: The Board compared the Fund’s Class A performance for the one-, three-, five- and ten-year periods ended June 30, 2022, to that of the median performance of the Fund’s peer group and benchmark index for the same periods and considered the fact that the Fund underperformed the benchmark index for the one-year period, outperformed the benchmark index for the three-, five- and ten-year periods, 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. Having considered, among other things: (1) the Fund’s management fee was 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 would provide stability to the Fund’s expenses for those share classes during that period; and (4) the Fund’s performance during the periods reviewed, the Board concluded that the Agreement continued to be in the best interests of the Fund’s shareholders. INCORE Total Return Bond Fund: The Board compared the Fund’s Class A performance for the one-, three-, five- and ten-year periods ended June 30, 2022, 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-, five- and ten-year periods, outperformed the benchmark index for the three-year period, 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. Having considered, 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 would provide stability to the Fund’s expenses for those share classes during that period; and (4) the Fund’s performance during the periods reviewed, the Board concluded that the Agreement continued to be in the best interests of the Fund’s shareholders.

Supplemental Information — continued Victory Portfolios December 31, 2022 131 (Unaudited) 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 the 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 the Funds 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 the Funds; • The Adviser’s representations regarding its staffing and capabilities to manage the Funds, 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.

Privacy Policy Protecting the Privacy of Information The Trust respects your right to privacy. We also know that you expect us to conduct and process your business in an accurate and efficient manner. To do so, we must collect and maintain certain personal information about you. This is the information we collect from you on applications or other forms, and from the transactions you make with us or third parties. It may include your name, address, social security number, account transactions and balances, and information about investment goals and risk tolerance. We do not disclose any information about you or about former customers to anyone except as permitted or required by law. Specifically, we may disclose the information we collect to companies that perform services on our behalf, such as the transfer agent that processes shareholder accounts and printers and mailers that assist us in the distribution of investor materials. We may also disclose this information to companies that perform marketing services on our behalf. This allows us to continue to offer you Victory investment products and services that meet your investing needs, and to effect transactions that you request or authorize. These companies will use this information only in connection with the services for which we hired them. They are not permitted to use or share this information for any other purpose. To protect your personal information internally, we permit access only by authorized employees and maintain physical, electronic, and procedural safeguards to guard your personal information.* * You may have received communications regarding information about privacy policies from other financial institutions which gave you the opportunity to “opt-out” of certain information sharing with companies which are not affiliated with that financial institution. The Trust does not share information with other companies for purposes of marketing solicitations for products other than the Trust. Therefore, the Trust does not provide opt-out options to their shareholders.

Victory Funds P.O. Box 182593 Columbus, Ohio 43218-2593 Visit our website at: vcm.com Call Victory at: 800-539-FUND (800-539-3863) 800-235-8396 for Member Class VP-MUNDER-SAR (12/22)

December 31, 2022 Semi Annual Report Victory Diversified Stock Fund Victory Special Value Fund Victory THB US Small Opportunities Fund Victory Strategic Allocation Fund Victory INCORE Fund for Income Victory INCORE Investment Grade Convertible Fund

TABLE OF CONTENTS Victory Portfolios 1 Investment Objectives and Portfolio Holdings 3 Schedules of Portfolio Investments Victory Diversified Stock Fund 9 Victory Special Value Fund 11 Victory THB US Small Opportunities Fund 13 Victory Strategic Allocation Fund 16 Victory INCORE Fund for Income 17 Victory INCORE Investment Grade Convertible Fund 19 Financial Statements Statements of Assets and Liabilities 21 Statements of Operations 23 Statements of Changes in Net Assets 25 Financial Highlights 33 Notes to Financial Statements 49 Supplemental Information 58 Proxy Voting and Portfolio Holdings Information 58 Expense Examples 58 Advisory Contract Approval 60 Privacy Policy (inside back cover)

3 Victory Portfolios Victory Diversified Stock Fund December 31, 2022 Investment Objective and Portfolio Holdings: (Unaudited) The Fund seeks to provide long-term growth of capital. Top 10 Holdings*: December 31, 2022 (% of Net Assets) Microsoft Corp. 4.1% Apple, Inc. 3.9% Alphabet, Inc., Class C 2.8% SPDR S&P 500 ETF Trust 2.2% UnitedHealth Group, Inc. 2.1% Broadcom, Inc. 2.0% Chevron Corp. 1.8% Chubb Ltd. 1.8% Elevance Health, Inc. 1.7% Cigna Corp. 1.7% Sector Allocation*: December 31, 2022 (% of Net Assets) Information Technology 23.5% Financials 16.8% Real Estate 1.5% Materials 1.8% Exchange-Traded Funds 2.2% Communication Services 5.9% Consumer Staples 7.5% Energy 8.0% Industrials 9.0% Consumer Discretionary 9.0% Health Care 14.2% * Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. Percentages are of the net assets of the Fund and may not equal 100%. Refer to the Schedule of Portfolio Investments for a complete list of securities.

4 Victory Portfolios Victory Special Value Fund December 31, 2022 Investment Objective and Portfolio Holdings: (Unaudited) The Fund seeks to provide long-term growth of capital and dividend income. Top 10 Holdings*: December 31, 2022 (% of Net Assets) Microsoft Corp. 4.1% Apple, Inc. 4.0% SPDR S&P 500 ETF Trust 2.8% Alphabet, Inc., Class C 2.7% UnitedHealth Group, Inc. 2.1% Broadcom, Inc. 2.0% Chevron Corp. 1.8% Elevance Health, Inc. 1.7% Chubb Ltd. 1.7% Cigna Corp. 1.7% Sector Allocation*: December 31, 2022 (% of Net Assets) Information Technology 23.4% Financials 16.6% Real Estate 1.4% Materials 1.7% Exchange-Traded Funds 2.8% Communication Services 5.8% Consumer Staples 7.4% Energy 8.0% Consumer Discretionary 8.9% Industrials 9.0% Health Care 14.1% * Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. Percentages are of the net assets of the Fund and may not equal 100%. Refer to the Schedule of Portfolio Investments for a complete list of securities.

5 Victory Portfolios Victory THB US Small Opportunities Fund December 31, 2022 Investment Objective and Portfolio Holdings: (Unaudited) The Fund seeks to provide capital appreciation. Top 10 Holdings*: December 31, 2022 (% of Net Assets) Transcat, Inc. 3.1% RPC, Inc. 2.7% TETRA Technologies, Inc. 2.7% ePlus, Inc. 2.3% UFP Technologies, Inc. 2.1% Napco Security Technologies, Inc. 2.1% LeMaitre Vascular, Inc. 2.1% First Busey Corp. 2.0% Immersion Corp. 2.0% Ichor Holdings Ltd. 1.9% Sector Allocation*: December 31, 2022 (% of Net Assets) Industrials 20.8% Information Technology 19.1% Real Estate 0.6% Utilities 1.3% Materials 2.0% Consumer Staples 2.1% Financials 10.5% Energy 10.7% Consumer Discretionary 15.5% Health Care 17.5% * Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. Percentages are of the net assets of the Fund and may not equal 100%. Refer to the Schedule of Portfolio Investments for a complete list of securities.

6 Victory Portfolios Victory Strategic Allocation Fund December 31, 2022 Investment Objective and Portfolio Holdings: (Unaudited) The Fund seeks to provide income and long-term growth of capital. Top 10 Holdings*: December 31, 2022 (% of Net Assets) Victory INCORE Total Return Bond Fund, Class R6 31.8% Victory RS Global Fund, Class Y 27.0% Victory Sophus Emerging Markets Fund, Class R6 8.8% VictoryShares U.S. Multi-Factor Minimum Volatility ETF 6.9% Victory Global Energy Transition Fund, Class Y 6.7% Victory Trivalent International Small-Cap Fund, Class I 6.0% Victory INCORE Investment Grade Convertible Fund, Class I 5.8% Victory RS Partners Fund, Class Y 3.4% Victory Integrity Discovery Fund, Class Y 3.3% Asset Allocation*: December 31, 2022 (% of Net Assets) Affiliated Equity Mutual Funds 55.2% Affiliated Equity Exchange-Traded Funds 6.9% Affiliated Fixed-Income Mutual Funds 37.6% * Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. Percentages are of the net assets of the Fund and may not equal 100%. Refer to the Schedule of Portfolio Investments for a complete list of securities.

7 Victory Portfolios Victory INCORE Fund for Income December 31, 2022 Investment Objective and Portfolio Holdings: (Unaudited) The Fund seeks to provide a high level of current income consistent with preservation of shareholders' capital. Asset Allocation*: December 31, 2022 (% of Net Assets) Government National Mortgage Association 83.8% U.S. Treasury Obligations 16.1% * Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. Percentages are of the net assets of the Fund and may not equal 100%. Refer to the Schedule of Portfolio Investments for a complete list of securities.

8 Victory Portfolios Victory INCORE Investment Grade Convertible Fund December 31, 2022 Investment Objective and Portfolio Holdings: (Unaudited) The Fund seeks to provide a high level of current income together with long-term capital appreciation. Top 10 Holdings*: December 31, 2022 (% of Net Assets) Pioneer Natural Resources Co. 6.1% Anthem, Inc. 5.8% Booking Holdings, Inc. 5.7% Southwest Airlines Co. 5.4% Western Digital Corp. 4.8% Wells Fargo & Co. 4.7% KKR & Co., Inc. 4.7% Ares Capital Corp. 4.6% Euronet Worldwide, Inc. 4.6% Bank of America Corp. 4.5% Sector Allocation*: December 31, 2022 (% of Net Assets) Financials 30.0% Information Technology 14.6% Real Estate 2.1% Industrials 7.7% Energy 9.0% Health Care 10.3% Consumer Discretionary 11.9% Utilities 12.9% * Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. Percentages are of the net assets of the Fund and may not equal 100%. Refer to the Schedule of Portfolio Investments for a complete list of securities.

Schedule of Portfolio Investments December 31, 2022 Victory Portfolios Victory Diversified Stock Fund 9 (Amounts in Thousands, Except for Shares) (Unaudited) See notes to financial statements. Security Description Shares Value Common Stocks (97.2%) Communication Services (5.9%): Alphabet, Inc., Class C (a) ................................................ 78,350 $ 6,952 Nexstar Media Group, Inc. ................................................ 19,045 3,333 The Walt Disney Co. (a) .................................................. 15,284 1,328 World Wrestling Entertainment, Inc., Class A ................................... 46,787 3,206 14,819 Consumer Discretionary (9.0%): Amazon.com, Inc. (a).................................................... 25,180 2,115 Asbury Automotive Group, Inc. (a) .......................................... 14,869 2,665 Brunswick Corp. ....................................................... 30,343 2,187 Chipotle Mexican Grill, Inc. (a)............................................. 1,810 2,512 Group 1 Automotive, Inc. ................................................. 13,865 2,501 Lowe's Cos., Inc. ....................................................... 7,541 1,503 McDonald's Corp. ...................................................... 5,439 1,433 Meritage Homes Corp. (a)................................................. 15,953 1,471 Skyline Champion Corp. (a) ............................................... 45,608 2,349 Tesla, Inc. (a).......................................................... 8,395 1,034 Texas Roadhouse, Inc. ................................................... 16,143 1,468 Ulta Beauty, Inc. (a) ..................................................... 3,230 1,515 22,753 Consumer Staples (7.5%): BJ's Wholesale Club Holdings, Inc. (a)........................................ 37,926 2,509 Darling Ingredients, Inc. (a) ............................................... 53,580 3,354 PepsiCo, Inc. ......................................................... 20,419 3,689 Performance Food Group Co. (a)............................................ 51,340 2,998 Philip Morris International, Inc. ............................................ 38,420 3,888 Walmart, Inc. ......................................................... 17,587 2,494 18,932 Energy (8.0%): Chevron Corp. ........................................................ 26,205 4,704 Diamondback Energy, Inc. ................................................ 17,883 2,446 EOG Resources, Inc. .................................................... 15,042 1,948 Halliburton Co. ........................................................ 94,840 3,732 Magnolia Oil & Gas Corp., Class A ......................................... 110,575 2,593 Matador Resources Co. .................................................. 32,150 1,840 Schlumberger Ltd. ...................................................... 57,016 3,048 20,311 Financials (16.8%): Ameriprise Financial, Inc. ................................................ 12,213 3,803 Axos Financial, Inc. (a) .................................................. 36,393 1,391 Bank of America Corp. .................................................. 45,236 1,498 Chubb Ltd. ........................................................... 20,117 4,438 Customers Bancorp, Inc. (a) ............................................... 32,592 924 Globe Life, Inc. ........................................................ 23,233 2,801 Interactive Brokers Group, Inc. ............................................. 54,036 3,909 JPMorgan Chase & Co. .................................................. 17,603 2,361 LPL Financial Holdings, Inc. .............................................. 5,727 1,238 Morgan Stanley ........................................................ 28,634 2,434 NMI Holdings, Inc., Class A (a)............................................. 139,244 2,910 ServisFirst Bancshares, Inc. ............................................... 43,102 2,970 Signature Bank ........................................................ 11,952 1,377 The Bancorp, Inc. (a) .................................................... 93,524 2,654 The Charles Schwab Corp. ................................................ 50,085 4,170 Valley National Bancorp ................................................. 124,630 1,410 Western Alliance Bancorp ................................................ 37,728 2,247 42,535 Health Care (14.2%): AmerisourceBergen Corp. ................................................ 16,490 2,733 Cigna Corp. .......................................................... 12,921 4,281 Elevance Health, Inc. .................................................... 8,539 4,380 ICON PLC (a) ......................................................... 17,167 3,335 McKesson Corp. ....................................................... 4,188 1,571 Merck & Co., Inc. ...................................................... 25,054 2,780

Victory Portfolios Victory Diversified Stock Fund 10 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Pfizer, Inc. ........................................................... 64,738 $ 3,317 Regeneron Pharmaceuticals, Inc. (a) ......................................... 2,533 1,828 Stryker Corp. ......................................................... 5,359 1,310 The Ensign Group, Inc. .................................................. 28,562 2,702 Thermo Fisher Scientific, Inc. .............................................. 4,419 2,433 UnitedHealth Group, Inc. ................................................. 9,863 5,229 35,899 Industrials (9.0%): AGCO Corp. ......................................................... 20,536 2,848 Builders FirstSource, Inc. (a)............................................... 25,677 1,666 Chart Industries, Inc. (a) .................................................. 15,976 1,841 Clean Harbors, Inc. (a) ................................................... 31,000 3,538 GXO Logistics, Inc. (a) .................................................. 66,601 2,843 Huntington Ingalls Industries, Inc. .......................................... 5,882 1,357 Marten Transport Ltd. ................................................... 87,839 1,738 Old Dominion Freight Line, Inc. ............................................ 5,682 1,612 Raytheon Technologies Corp. .............................................. 13,362 1,349 UFP Industries, Inc. ..................................................... 33,350 2,643 WESCO International, Inc. (a) ............................................. 11,528 1,443 22,878 Information Technology (23.5%): Advanced Micro Devices, Inc. (a) ........................................... 22,223 1,439 Apple, Inc. ........................................................... 77,147 10,024 Applied Materials, Inc. .................................................. 12,110 1,179 Arista Networks, Inc. (a).................................................. 20,938 2,541 Box, Inc., Class A (a) .................................................... 49,262 1,534 Broadcom, Inc. ........................................................ 9,306 5,203 Cadence Design Systems, Inc. (a) ........................................... 24,831 3,989 Clearfield, Inc. (a) ...................................................... 13,075 1,231 Fabrinet (a) ........................................................... 29,222 3,747 Jabil, Inc. ............................................................ 53,103 3,622 Microchip Technology, Inc. ............................................... 52,028 3,655 Microsoft Corp. ....................................................... 43,880 10,523 NVIDIA Corp. ........................................................ 16,783 2,453 ON Semiconductor Corp. (a)............................................... 36,304 2,264 QUALCOMM, Inc. ..................................................... 11,192 1,230 Verra Mobility Corp. (a) .................................................. 159,396 2,204 Visa, Inc., Class A ...................................................... 13,217 2,746 59,584 Materials (1.8%): Graphic Packaging Holding Co. ............................................ 109,152 2,429 Summit Materials, Inc., Class A (a) .......................................... 72,746 2,065 4,494 Real Estate (1.5%): American Tower Corp. ................................................... 7,379 1,564 Simon Property Group, Inc. ............................................... 18,609 2,186 3,750 Total Common Stocks (Cost $194,123) a a a 245,955 Exchange-Traded Funds (2.2%) SPDR S&P 500 ETF Trust ................................................ 14,479 5,537 Total Exchange-Traded Funds (Cost $5,298) a a a 5,537 Total Investments (Cost $199,421) — 99.4% 251,492 Other assets in excess of liabilities — 0.6% 1,485 NET ASSETS - 100.00% $ 252,977 (a) Non-income producing security. ETF—Exchange-Traded Fund PLC—Public Limited Company

Schedule of Portfolio Investments December 31, 2022 Victory Portfolios Victory Special Value Fund 11 (Amounts in Thousands, Except for Shares) (Unaudited) See notes to financial statements. Security Description Shares Value Common Stocks (96.3%) Communication Services (5.8%): Alphabet, Inc., Class C (a) ................................................ 11,694 $ 1,038 Nexstar Media Group, Inc. ................................................ 2,827 495 The Walt Disney Co. (a) .................................................. 2,283 198 World Wrestling Entertainment, Inc., Class A ................................... 7,006 480 2,211 Consumer Discretionary (8.9%): Amazon.com, Inc. (a).................................................... 3,758 316 Asbury Automotive Group, Inc. (a) .......................................... 2,208 396 Brunswick Corp. ....................................................... 4,625 333 Chipotle Mexican Grill, Inc. (a)............................................. 273 379 Group 1 Automotive, Inc. ................................................. 1,995 360 Lowe's Cos., Inc. ....................................................... 1,127 224 McDonald's Corp. ...................................................... 814 214 Meritage Homes Corp. (a)................................................. 2,356 217 Skyline Champion Corp. (a) ............................................... 6,786 350 Tesla, Inc. (a).......................................................... 1,267 156 Texas Roadhouse, Inc. ................................................... 2,421 220 Ulta Beauty, Inc. (a) ..................................................... 488 229 3,394 Consumer Staples (7.4%): BJ's Wholesale Club Holdings, Inc. (a)........................................ 5,641 373 Darling Ingredients, Inc. (a) ............................................... 7,971 499 PepsiCo, Inc. ......................................................... 3,048 551 Performance Food Group Co. (a)............................................ 7,687 449 Philip Morris International, Inc. ............................................ 5,735 580 Walmart, Inc. ......................................................... 2,636 374 2,826 Energy (8.0%): Chevron Corp. ........................................................ 3,923 704 Diamondback Energy, Inc. ................................................ 2,677 366 EOG Resources, Inc. .................................................... 2,252 292 Halliburton Co. ........................................................ 14,158 557 Magnolia Oil & Gas Corp., Class A ......................................... 16,492 387 Matador Resources Co. .................................................. 4,813 276 Schlumberger Ltd. ...................................................... 8,501 454 3,036 Financials (16.6%): Ameriprise Financial, Inc. ................................................ 1,826 569 Axos Financial, Inc. (a) .................................................. 5,409 207 Bank of America Corp. .................................................. 6,747 223 Chubb Ltd. ........................................................... 2,935 647 Customers Bancorp, Inc. (a) ............................................... 4,815 136 Globe Life, Inc. ........................................................ 3,483 420 Interactive Brokers Group, Inc. ............................................. 8,090 585 JPMorgan Chase & Co. .................................................. 2,621 351 LPL Financial Holdings, Inc. .............................................. 856 185 Morgan Stanley ........................................................ 4,265 363 NMI Holdings, Inc., Class A (a)............................................. 20,777 434 ServisFirst Bancshares, Inc. ............................................... 6,378 440 Signature Bank ........................................................ 1,823 210 The Bancorp, Inc. (a) .................................................... 13,954 396 The Charles Schwab Corp. ................................................ 7,498 624 Valley National Bancorp ................................................. 18,616 211 Western Alliance Bancorp ................................................ 5,435 324 6,325 Health Care (14.1%): AmerisourceBergen Corp. ................................................ 2,461 408 Cigna Corp. .......................................................... 1,922 637 Elevance Health, Inc. .................................................... 1,274 654 ICON PLC (a) ......................................................... 2,571 499 McKesson Corp. ....................................................... 626 235 Merck & Co., Inc. ...................................................... 3,752 416

Victory Portfolios Victory Special Value Fund 12 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Pfizer, Inc. ........................................................... 9,643 $ 494 Regeneron Pharmaceuticals, Inc. (a) ......................................... 375 271 Stryker Corp. ......................................................... 799 195 The Ensign Group, Inc. .................................................. 4,281 405 Thermo Fisher Scientific, Inc. .............................................. 660 364 UnitedHealth Group, Inc. ................................................. 1,504 797 5,375 Industrials (9.0%): AGCO Corp. ......................................................... 3,075 426 Builders FirstSource, Inc. (a)............................................... 3,887 252 Chart Industries, Inc. (a) .................................................. 2,393 276 Clean Harbors, Inc. (a) ................................................... 4,641 530 GXO Logistics, Inc. (a) .................................................. 9,947 425 Huntington Ingalls Industries, Inc. .......................................... 865 200 Marten Transport Ltd. ................................................... 13,069 258 Old Dominion Freight Line, Inc. ............................................ 847 240 Raytheon Technologies Corp. .............................................. 2,004 202 UFP Industries, Inc. ..................................................... 4,927 390 WESCO International, Inc. (a) ............................................. 1,714 215 3,414 Information Technology (23.4%): Advanced Micro Devices, Inc. (a) ........................................... 3,315 215 Apple, Inc. ........................................................... 11,623 1,510 Applied Materials, Inc. .................................................. 1,830 178 Arista Networks, Inc. (a).................................................. 3,161 383 Box, Inc., Class A (a) .................................................... 7,437 231 Broadcom, Inc. ........................................................ 1,378 770 Cadence Design Systems, Inc. (a) ........................................... 3,705 595 Clearfield, Inc. (a) ...................................................... 1,952 184 Fabrinet (a) ........................................................... 4,365 560 Jabil, Inc. ............................................................ 7,959 543 Microchip Technology, Inc. ............................................... 7,734 543 Microsoft Corp. ....................................................... 6,570 1,576 NVIDIA Corp. ........................................................ 2,496 365 ON Semiconductor Corp. (a)............................................... 5,415 338 QUALCOMM, Inc. ..................................................... 1,691 186 Verra Mobility Corp. (a) .................................................. 23,701 328 Visa, Inc., Class A ...................................................... 1,973 410 8,915 Materials (1.7%): Graphic Packaging Holding Co. ............................................ 16,303 363 Summit Materials, Inc., Class A (a) .......................................... 10,398 295 658 Real Estate (1.4%): American Tower Corp. ................................................... 1,088 231 Simon Property Group, Inc. ............................................... 2,762 324 555 Total Common Stocks (Cost $29,227) a a a 36,709 Exchange-Traded Funds (2.8%) SPDR S&P 500 ETF Trust ................................................ 2,775 1,061 Total Exchange-Traded Funds (Cost $1,094) a a a 1,061 Total Investments (Cost $30,321) — 99.1% 37,770 Other assets in excess of liabilities — 0.9% 350 NET ASSETS - 100.00% $ 38,120 (a) Non-income producing security. ETF—Exchange-Traded Fund PLC—Public Limited Company

Schedule of Portfolio Investments December 31, 2022 Victory Portfolios Victory THB US Small Opportunities Fund 13 (Amounts in Thousands, Except for Shares) (Unaudited) See notes to financial statements. Security Description Shares Value Common Stocks (100.1%) Consumer Discretionary (15.5%): Bassett Furniture Industries, Inc. ............................................ 53,190 $ 925 BJ's Restaurants, Inc. (a).................................................. 27,864 735 Century Communities, Inc. ............................................... 15,640 782 Chuy's Holdings, Inc. (a) ................................................. 23,354 661 GoPro, Inc., Class A (a) .................................................. 73,090 364 Holley, Inc. (a)(b)....................................................... 68,420 145 Johnson Outdoors, Inc., Class A ............................................ 16,070 1,063 Latham Group, Inc. (a) ................................................... 100,360 323 Lazydays Holdings, Inc. (a)(b) ............................................. 56,590 676 Liquidity Services, Inc. (a) ................................................ 13,610 191 M/I Homes, Inc. (a) ..................................................... 17,445 806 MasterCraft Boat Holdings, Inc. (a) .......................................... 25,980 672 Movado Group, Inc. .................................................... 32,950 1,063 Overstock.com, Inc. (a) .................................................. 34,150 661 Ruth's Hospitality Group, Inc. ............................................. 66,610 1,031 Sleep Number Corp. (a) .................................................. 4,980 129 Universal Technical Institute, Inc. (a)......................................... 154,080 1,035 11,262 Consumer Staples (2.1%): SunOpta, Inc. (a) ....................................................... 24,840 210 The Beauty Health Co. (a) ................................................ 56,530 514 Vital Farms, Inc. (a) ..................................................... 54,380 811 1,535 Energy (10.7%): Clean Energy Fuels Corp. (a) .............................................. 169,990 884 Expro Group Holdings NV (a).............................................. 58,416 1,059 Natural Gas Services Group, Inc. (a) ......................................... 31,078 356 Profire Energy, Inc. ..................................................... 163,200 171 RPC, Inc. ............................................................ 222,980 1,982 Select Energy Services, Inc., Class A ......................................... 94,210 871 Solaris Oilfield Infrastructure, Inc., Class A .................................... 54,510 541 TETRA Technologies, Inc. (a).............................................. 565,550 1,957 7,821 Financials (10.5%): BayCom Corp. ........................................................ 36,276 688 Brightsphere Investment Group, Inc. ......................................... 48,580 1,000 Coastal Financial Corp. (a) ................................................ 13,760 654 Colony Bankcorp, Inc. ................................................... 19,360 246 First Busey Corp. ...................................................... 58,821 1,454 Heritage Financial Corp. ................................................. 38,595 1,183 James River Group Holdings Ltd. ........................................... 19,100 399 Old Second Bancorp, Inc. ................................................ 59,482 954 P10, Inc., Class A ...................................................... 36,050 385 The First Bancshares, Inc. ................................................ 20,617 660 7,623 Health Care (17.5%): Addus HomeCare Corp. (a)................................................ 10,011 996 Apollo Medical Holdings, Inc. (a) ........................................... 19,220 569 Artivion, Inc. (a) ....................................................... 31,965 387 Atrion Corp. .......................................................... 1,194 668 Avanos Medical, Inc. (a).................................................. 27,680 749 BioLife Solutions, Inc. (a)................................................. 53,774 979 Catalyst Pharmaceuticals, Inc. (a) ........................................... 40,330 750 CryoPort, Inc. (a) ....................................................... 26,160 454 Dynavax Technologies Corp. (a) ............................................ 52,210 555 Lantheus Holdings, Inc. (a)................................................ 9,371 478 LeMaitre Vascular, Inc. .................................................. 33,096 1,523 Mesa Laboratories, Inc. .................................................. 2,723 453 OptimizeRx Corp. (a).................................................... 37,400 628 The Joint Corp. (a) ...................................................... 24,587 344 U.S. Physical Therapy, Inc. ............................................... 8,350 677 UFP Technologies, Inc. (a) ................................................ 13,030 1,536

Victory Portfolios Victory THB US Small Opportunities Fund 14 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Vanda Pharmaceuticals, Inc. (a)............................................. 27,820 $ 206 Vericel Corp. (a) ....................................................... 28,570 752 12,704 Industrials (20.8%): Allied Motion Technologies, Inc. ........................................... 36,637 1,275 ARC Document Solutions, Inc. ............................................. 233,850 685 Argan, Inc. ........................................................... 9,560 353 Bowman Consulting Group Ltd. (a).......................................... 44,030 962 CIRCOR International, Inc. (a) ............................................. 38,790 930 Concrete Pumping Holdings, Inc. (a) ......................................... 75,530 442 Energy Recovery, Inc. (a) ................................................. 26,350 540 Insteel Industries, Inc. ................................................... 35,945 989 Karat Packaging, Inc. ................................................... 19,650 282 Limbach Holdings, Inc. (a) ................................................ 53,160 553 MYR Group, Inc. (a) .................................................... 7,381 680 Northwest Pipe Co. (a) ................................................... 25,970 875 Park Aerospace Corp. ................................................... 65,320 876 Preformed Line Products Co. .............................................. 11,290 940 Quest Resource Holding Corp. (a) ........................................... 72,030 440 The Greenbrier Cos., Inc. ................................................. 34,670 1,163 The Shyft Group, Inc. ................................................... 17,216 428 Transcat, Inc. (a) ....................................................... 31,701 2,247 Twin Disc, Inc. (a) ...................................................... 47,460 461 15,121 Information Technology (19.1%): Cerence, Inc. (a)........................................................ 20,860 387 CEVA, Inc. (a)......................................................... 18,540 474 Climb Global Solutions, Inc. .............................................. 21,330 673 ePlus, Inc. (a).......................................................... 37,722 1,670 Grid Dynamics Holdings, Inc. (a) ........................................... 103,080 1,157 Ichor Holdings Ltd. (a) ................................................... 50,990 1,368 Immersion Corp. (a)..................................................... 205,040 1,441 Luna Innovations, Inc. (a)................................................. 151,430 1,331 Napco Security Technologies, Inc. (a) ........................................ 55,720 1,531 NVE Corp. ........................................................... 10,510 681 PAR Technology Corp. (a) ................................................ 31,776 828 Perficient, Inc. (a)....................................................... 10,460 730 Richardson Electronics Ltd. ............................................... 21,640 462 Ultra Clean Holdings, Inc. (a) .............................................. 36,063 1,195 13,928 Materials (2.0%): Hawkins, Inc. ......................................................... 9,610 371 Koppers Holdings, Inc. .................................................. 28,257 797 Ranpak Holdings Corp. (a) ................................................ 48,930 282 1,450 Real Estate (0.6%): Gladstone Land Corp. ................................................... 23,200 426 Utilities (1.3%): The York Water Co. ..................................................... 20,610 926 Total Common Stocks (Cost $63,953) a a a 72,796 Collateral for Securities Loaned (0.1%)^ Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.14% (c) ....... 13,356 14 HSBC U.S. Government Money Market Fund, Institutional Shares, 4.13% (c)............ 13,356 13 Invesco Government & Agency Portfolio, Institutional Shares, 4.22% (c) ............... 13,356 13 Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 4.08% (c). 13,356 13 Total Collateral for Securities Loaned (Cost $53) a a a 53

Victory Portfolios Victory THB US Small Opportunities Fund 15 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Total Investments (Cost $64,006) — 100.2% $ 72,849 Liabilities in excess of other assets — (0.2)% (109) NET ASSETS - 100.00% $ 72,740 ^ 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, 2022.

Schedule of Portfolio Investments December 31, 2022 Victory Portfolios Victory Strategic Allocation Fund 16 (Amounts in Thousands, Except for Shares) (Unaudited) See notes to financial statements. Security Description Shares Value Affiliated Exchange-Traded Funds (6.9%) VictoryShares U.S. Multi-Factor Minimum Volatility ETF ......................... 42,140 $ 1,608 Total Affiliated Exchange-Traded Funds (Cost $1,069) a a a 1,608 Affiliated Mutual Funds (92.8%) Victory Global Energy Transition Fund, Class Y ................................ 49,927 1,582 Victory INCORE Investment Grade Convertible Fund, Class I ...................... 85,364 1,366 Victory INCORE Total Return Bond Fund, Class R6 ............................. 898,411 7,457 Victory Integrity Discovery Fund, Class Y ..................................... 19,184 767 Victory RS Global Fund, Class Y ........................................... 388,761 6,329 Victory RS Partners Fund, Class Y .......................................... 31,397 811 Victory Sophus Emerging Markets Fund, Class R6 ............................... 119,381 2,077 Victory Trivalent International Small-Cap Fund, Class I ........................... 109,660 1,404 Total Affiliated Mutual Funds (Cost $21,064) a a a 21,793 Total Investments (Cost $22,133) — 99.7% 23,401 Other assets in excess of liabilities — 0.3% 72 NET ASSETS - 100.00% $ 23,473 ETF—Exchange-Traded Fund

Schedule of Portfolio Investments December 31, 2022 Victory Portfolios Victory INCORE Fund for Income 17 (Amounts in Thousands, Except for Shares) (Unaudited) See notes to financial statements. Security Description Principal Amount Value Government National Mortgage Association (83.8%) Multi-family (0.3%): Pass-throughs (0.3%): Government National Mortgage Assoc. 7.92%, 7/15/23 .................................................... $ 45 $ 45 8.00%, 1/15/31 - 11/15/33 ............................................ 953 952 7.75%, 9/15/33 .................................................... 357 357 1,354 Collateralized Mortgage Obligations (3.1%): Government National Mortgage Assoc. Series 1999-4, Class ZB, 6.00%, 2/20/29 .................................. 107 107 Series 2001-10, Class PE, 6.50%, 3/16/31 ................................. 89 89 Series 2005-74, Class HB, 7.50%, 9/16/35 ................................. 5 5 Series 2005-74, Class HC, 7.50%, 9/16/35 ................................. 35 36 Series 2011-166, Class NT, 7.73%, 11/20/31 (a) ............................. 542 562 Series 2012-106, Class JM, 7.35%, 10/20/34 (a) ............................. 389 410 Series 2012-30, Class WB, 7.01%, 11/20/39 (a) ............................. 1,260 1,312 Series 2013-190, Class KT, 8.25%, 9/20/30 (a) .............................. 129 136 Series 2013-51, Class BL, 6.05%, 4/20/34 (a)............................... 1,110 1,147 Series 2013-64, Class KY, 6.69%, 12/20/38 (a).............................. 590 610 Series 2013-70, Class KP, 7.01%, 2/20/39 (a) ............................... 576 604 Series 2014-69, Class W, 7.21%, 11/20/34 (a)............................... 76 80 Series 2014-74, Class PT, 7.88%, 5/16/44 (a) ............................... 93 96 Series 2015-77, Class PT, 7.23%, 6/20/39 (a) ............................... 205 215 Series 2019-22, Class PT, 7.94%, 2/20/49 (a) ............................... 3,661 3,843 Series 2021-1, Class WT, 7.82%, 1/20/51 (a) ............................... 3,908 4,118 13,370 Single Family (80.4%): Pass-throughs (80.4%): Government National Mortgage Assoc. 8.00%, 2/15/23 - 4/15/38 ............................................. 23,098 24,344 8.50%, 3/15/23 - 7/15/32 ............................................. 2,735 2,858 6.50%, 6/15/23 - 2/20/41 ............................................. 95,412 98,713 5.50%, 7/15/23 - 11/15/45 ............................................ 21,748 22,776 7.50%, 7/15/23 - 12/20/38 ............................................ 37,776 39,367 6.00%, 9/20/23 - 2/20/49 ............................................. 60,846 63,833 7.00%, 12/15/23 - 1/15/39 ............................................ 61,201 64,161 9.00%, 4/15/25 - 9/15/30 ............................................. 767 799 10.00%, 4/15/25 - 2/15/26 ............................................ —(b) –(b) 7.13%, 7/15/25 .................................................... 21 21 6.13%, 6/20/28 - 11/20/28 ............................................ 207 202 6.28%, 10/20/28 - 9/20/29 ............................................ 415 418 6.10%, 5/20/29 - 7/20/31 ............................................. 350 350 7.30%, 4/20/30 - 2/20/31 ............................................. 134 135 6.49%, 5/20/31 - 3/20/32 ............................................. 621 627 4.50%, 12/15/33 - 5/15/41 ............................................ 7,770 7,767 5.00%, 1/20/34 - 2/20/42 ............................................. 17,743 17,915 4.00%, 8/15/41 .................................................... 505 496 344,782 Total Government National Mortgage Association (Cost $392,629) a a a 359,506 U.S. Treasury Obligations (16.1%) U.S. Treasury Bills, 4.65%, 5/18/23 (c) ....................................... 2,923 2,874 U.S. Treasury Bonds, 7.50%, 11/15/24 ....................................... 62,662 66,064 Total U.S. Treasury Obligations (Cost $72,887) a a a 68,938

Victory Portfolios Victory INCORE Fund for Income 18 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Investment Companies (0.0%)(d) BlackRock Liquidity Funds Fedfund Portfolio, 0.02%(c)........................... 100,233 $ 100 Total Investment Companies (Cost $100) a a a 100 Total Investments (Cost $465,616) — 99.9% 428,544 Other assets in excess of liabilities — 0.1% 240 NET ASSETS - 100.00% $ 428,784 (a) The rate for certain asset-backed and mortgage-backed securities may vary based on factors relating to the pool of assets underlying the security. The rate disclosed is the rate in effect at December 31, 2022. (b) Rounds to less than $1 thousand. (c) Rate represents the effective yield at December 31, 2022. (d) Amount represents less than 0.05% of net assets.

Schedule of Portfolio Investments December 31, 2022 Victory Portfolios Victory INCORE Investment Grade Convertible Fund 19 (Amounts in Thousands, Except for Shares) (Unaudited) See notes to financial statements. Security Description Shares Value Common Stocks (0.6%) Industrials (0.6%): Stanley Black & Decker, Inc. .............................................. 30,628 $ 2,301 Total Common Stocks (Cost $4,273) a a a 2,301 Principal Amount Convertible Corporate Bonds (70.5%) Consumer Discretionary (11.9%): Booking Holdings, Inc., 0.75%, 5/1/25 (a) ..................................... $ 17,485 23,435 Expedia Group, Inc. , 2/15/26 (b)............................................ 18,195 15,806 Ford Motor Co. , 3/15/26 (b)............................................... 9,785 9,259 48,500 Energy (9.0%): EQT Corp., 1.75%, 5/1/26 ................................................ 5,065 11,786 Pioneer Natural Resources Co., 0.25%, 5/15/25 ................................. 10,641 24,837 36,623 Financials (15.5%): Ares Capital Corp., 4.63%, 3/1/24 .......................................... 17,903 18,940 Barclays Bank PLC 2/4/25 (b) ....................................................... 9,005 11,651 2/18/25 (b)....................................................... 4,330 4,504 Blackstone Mortgage TR, 5.50%, 3/15/27 ..................................... 6,105 5,260 Hannon Armstrong Sustainable Infrastructure Capital, Inc., 7.86%, 8/15/23 (b) ........... 2,435 2,322 JPMorgan Chase Financial Co. LLC, 0.25%, 5/1/23 (c) ............................ 11,505 11,694 MGIC Investment Corp., Convertible Subordinated Notes, 9.00%, 4/1/63 (c) ............ 4,717 6,225 New Mountain Finance COR, 7.50%, 10/15/25 (c) ............................... 2,520 2,521 63,117 Health Care (10.3%): Anthem, Inc., 2.75%, 10/15/42 ............................................. 3,215 23,520 Bristol-Myers Squibb Co., 4.27% (LIBOR03M-50bps), 9/15/23, Callable 2/6/23 @ 100 (d) . . 2,651 5,232 Illumina, Inc. , 8/15/23 (a)(b) .............................................. 13,573 13,135 41,887 Industrials (7.1%): Parsons Corp., 0.25%, 8/15/25 ............................................. 6,300 7,169 Southwest Airlines Co., 1.25%, 5/1/25 (a) ..................................... 18,255 22,014 29,183 Information Technology (14.6%): Akamai Technologies, Inc., 0.13%, 5/1/25 ..................................... 5,399 5,700 Block, Inc. 0.13%, 3/1/25 .................................................... 2,050 1,951 0.25%, 11/1/27 .................................................... 7,625 5,774 Euronet Worldwide, Inc., 0.75%, 3/15/49, Callable 3/20/25 @ 100 (a) ................. 19,937 18,903 Vishay Intertechnology, Inc., 2.25%, 6/15/25 ................................... 8,030 7,784 Western Digital Corp., 1.50%, 2/1/24 ........................................ 20,491 19,556 59,668 Real Estate (2.1%): Kite Realty Group LP, 0.75%, 4/1/27 (c) ...................................... 9,280 8,576 Total Convertible Corporate Bonds (Cost $281,378) a a a 287,554 Shares Convertible Preferred Stocks (27.4%) Financials (14.5%): Bank of America Corp., Series L, 7.25% (e) .................................... 16,050 18,618 KKR & Co., Inc., Series C, 6.00%, 9/15/23 .................................... 333,160 19,073 New York Community Capital Trust, 6.92%, 11/1/51 ............................. 53,619 2,326

Victory Portfolios Victory INCORE Investment Grade Convertible Fund 20 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Wells Fargo & Co., Series L, 7.50% (e) ....................................... 16,194 $ 19,190 59,207 Utilities (12.9%): American Electric Power Co., Inc., 6.13%, 8/15/23 .............................. 274,400 14,154 NextEra Energy, Inc., 5.28%, 3/1/23 ......................................... 274,805 13,933 NextEra Energy, Inc., 0.84%, 9/1/23 ......................................... 162,475 8,203 NiSource, Inc., 7.75%, 3/1/24 .............................................. 156,520 16,162 52,452 Total Convertible Preferred Stocks (Cost $123,068) a a a 111,659 Collateral for Securities Loaned (15.1%)^ Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.14% (f) ....... 15,367,768 15,367 HSBC U.S. Government Money Market Fund, Institutional Shares, 4.13% (f)............ 15,367,768 15,368 Invesco Government & Agency Portfolio, Institutional Shares, 4.22% (f) ............... 15,367,768 15,368 Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 4.08% (f). 15,367,768 15,368 Total Collateral for Securities Loaned (Cost $61,471) a a a 61,471 Total Investments (Cost $470,190) — 113.6% 462,985 Liabilities in excess of other assets — (13.6)% (55,405) NET ASSETS - 100.00% $ 407,580 ^ Purchased with cash collateral from securities on loan. (a) All or a portion of this security is on loan. (b) Zero-coupon bond. (c) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of December 31, 2022, the fair value of these securities was $29,015 (thousands) and amounted to 7.1% of net assets. (d) Variable or Floating-Rate Security. Rate disclosed is as of December 31, 2022. (e) Security is perpetual and has no final maturity date but may be subject to calls at various dates in the future. (f) Rate disclosed is the daily yield on December 31, 2022. bps—Basis points LIBOR—London Interbank Offered Rate LIBOR03M—3 Month US Dollar LIBOR, rate disclosed as of December 31, 2022, based on the last reset date of the security LLC—Limited Liability Company LP—Limited Partnership PLC—Public Limited Company

Statements of Assets and Liabilities December 31, 2022 21 See notes to financial statements. Victory Portfolios (Amounts in Thousands, Except Per Share Amounts) (Unaudited) Victory Diversified Stock Fund Victory Special Value Fund Victory THB US Small Opportunities Fund Assets: Investments, at value (Cost $199,421, $30,321 and $64,006) $ 251,492 $ 37,770 $ 72,849(a) Cash 7,110 1,214 615 Receivables: Interest and dividends 223 34 6 Capital shares issued 23 20 15 From Adviser 7 8 16 Prepaid expenses 54 40 4 Total Assets 258,909 39,086 73,505 Liabilities: Payables: Collateral received on loaned securities — — 53 Investments purchased 5,187 784 473 Capital shares redeemed 487 124 146 Accrued expenses and other payables: Investment advisory fees 143 25 73 Administration fees 12 2 3 Custodian fees 3 1 1 Transfer agent fees 45 12 7 Compliance fees —(b) —(b) —(b) Trustees' fees 2 —(b) 1 12b-1 fees 29 5 —(b) Other accrued expenses 24 13 8 Total Liabilities 5,932 966 765 Net Assets: Capital 199,935 30,851 66,171 Total accumulated earnings/(loss) 53,042 7,269 6,569 Net Assets $ 252,977 $ 38,120 $ 72,740 Net Assets Class A $ 189,987 $ 21,461 $ 1,175 Class C 1,291 813 — Class I 21,607 2,790 71,565 Class R 34,417 12,071 — Class R6 1,608 — — Class Y 4,067 985 — Total $ 252,977 $ 38,120 $ 72,740 Shares (unlimited number of shares authorized with a par value of $0.001 per share): Class A 11,248 878 70 Class C 87 42 — Class I 1,280 112 4,035 Class R 2,108 535 — Class R6 95 — — Class Y 240 40 — Total 15,058 1,607 4,105 Net asset value, offering (except Class A) and redemption price per share: (c) Class A $ 16.89 $ 24.41 $ 16.77 Class C (d) 14.88 19.54 — Class I 16.88 24.93 17.73 Class R 16.33 22.58 — Class R6 16.90 — — Class Y 16.92 24.72 — 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 $ 17.92 $ 25.90 $ 17.79 (a) Includes $51 thousand of securities on loan. (b) Rounds to less than $1 thousand. (c) Per share amount may not recalculate due to rounding of net assets and/or shares outstanding. (d) Redemption price per share varies by the length of time shares are held.

Statements of Assets and Liabilities December 31, 2022 22 See notes to financial statements. Victory Portfolios (Amounts in Thousands, Except Per Share Amounts) (Unaudited) Victory Strategic Allocation Fund Victory INCORE Fund for Income Victory INCORE Investment Grade Convertible Fund Assets: Affiliated investments, at value (Cost $22,133, $— and $—) $ 23,401 $ — $ — Unaffiliated investments, at value (Cost $—, $465,616 and $470,190) — 428,544 462,985(a) Cash 48 — 6,611 Receivables: Interest and dividends 9 2,506 1,240 Capital shares issued 2 217 435 From Adviser 19 45 4 Prepaid expenses 33 64 40 Total Assets 23,512 431,376 471,315 Liabilities: Payables: Collateral received on loaned securities — — 61,471 Capital shares redeemed 17 2,203 1,871 Accrued expenses and other payables: Investment advisory fees 2 190 269 Administration fees 1 23 19 Custodian fees —(b) 5 5 Transfer agent fees 6 96 70 Compliance fees —(b) —(b) —(b) Trustees' fees —(b) 3 3 12b-1 fees 3 14 2 Other accrued expenses 10 58 25 Total Liabilities 39 2,592 63,735 Net Assets: Capital 22,167 871,424 429,429 Total accumulated earnings/(loss) 1,306 (442,640) (21,849) Net Assets $ 23,473 $ 428,784 $ 407,580 Net Assets Class A $ 12,840 $ 93,714 $ 19,389 Class C 2,173 5,814 — Class I 7,449 243,927 386,534 Class R 1,011 15,860 — Class R6 — 23,452 — Class Y — 44,622 — Member Class — 1,395 1,657 Total $ 23,473 $ 428,784 $ 407,580 Shares (unlimited number of shares authorized with a par value of $0.001 per share): Class A 769 13,405 1,212 Class C 133 841 — Class I 443 34,895 24,152 Class R 61 2,266 — Class R6 — 3,361 — Class Y — 6,384 — Member Class — 199 100 Total 1,406 61,351 25,464 Net asset value, offering (except Class A) and redemption price per share: (c) Class A $ 16.70 $ 6.99 $ 16.00 Class C (d) 16.38 6.91 — Class I 16.80 6.99 16.00 Class R 16.66 7.00 — Class R6 — 6.98 — Class Y — 6.99 — Member Class — 7.02 16.66 Maximum Sales Charge — Class A 2.25% 2.25% 2.25% Maximum offering price (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) per share — Class A $ 17.08 $ 7.15 $ 16.37 (a) Includes $60,359 thousand of securities on loan. (b) Rounds to less than $1 thousand. (c) Per share amount may not recalculate due to rounding of net assets and/or shares outstanding. (d) Redemption price per share varies by the length of time shares are held.

Statements of Operations For the Six Months Ended December 31, 2022 23 See notes to financial statements. Victory Portfolios (Amounts in Thousands) (Unaudited) Victory Diversified Stock Fund Victory Special Value Fund Victory THB US Small Opportunities Fund Investment Income: Dividends $ 1,836 $ 278 $ 405 Interest 21 3 5 Securities lending (net of fees) 3 —(a) 3 Total Income 1,860 281 413 Expenses: Investment advisory fees 873 152 436 Administration fees 74 11 21 Sub-Administration fees 9 9 9 12b-1 fees — Class A 251 29 2 12b-1 fees — Class C 8 4 — 12b-1 fees — Class R 94 32 — Custodian fees 6 2 2 Transfer agent fees — Class A 77 13 1 Transfer agent fees — Class C 1 —(a) — Transfer agent fees — Class I 6 1 32 Transfer agent fees — Class R 15 10 — Transfer agent fees — Class R6 —(a) — — Transfer agent fees — Class Y 2 —(a) — Trustees' fees 8 2 3 Compliance fees 1 —(a) —(a) Legal and audit fees 9 5 4 State registration and filing fees 44 35 20 Line of credit fees — — —(a) Other expenses 17 7 6 Total Expenses 1,495 312 536 Expenses waived/reimbursed by Adviser (19) (34) (59) Net Expenses 1,476 278 477 Net Investment Income (Loss) 384 3 (64) Realized/Unrealized Gains (Losses) from Investments: Net realized gains (losses) from investment securities 2,226 47 (1,237) Net change in unrealized appreciation/depreciation on investment securities 7,672 1,400 3,367 Net realized/unrealized gains (losses) on investments 9,898 1,447 2,130 Change in net assets resulting from operations $ 10,282 $ 1,450 $ 2,066 (a) Rounds to less than $1 thousand.

Statements of Operations For the Six Months Ended December 31, 2022 24 See notes to financial statements. Victory Portfolios (Amounts in Thousands) (Unaudited) Victory Strategic Allocation Fund Victory INCORE Fund for Income Victory INCORE Investment Grade Convertible Fund Investment Income: Dividends from affiliated investments $ 380 $ — $ — Dividends from unaffiliated investments — 2 4,443 Interest from unaffiliated investments —(a) 5,105 1,637 Securities lending (net of fees) — — 627 Total Income 380 5,107 6,707 Expenses: Investment advisory fees 12 1,213 1,684 Administration fees 7 136 125 Sub-Administration fees 6 11 8 12b-1 fees — Class A 16 120 25 12b-1 fees — Class C 10 32 — 12b-1 fees — Class R 3 22 — Custodian fees 1 12 10 Transfer agent fees — Class A 9 51 4 Transfer agent fees — Class C 1 4 — Transfer agent fees — Class I 4 117 155 Transfer agent fees — Class R —(a) 6 — Transfer agent fees — Class R6 — 1 — Transfer agent fees — Class Y — 40 — Transfer agent fees — Member Class — 1 1 Trustees' fees 1 14 12 Compliance fees —(a) 2 2 Legal and audit fees 4 10 14 State registration and filing fees 30 56 34 Interfund lending — — —(a) Other expenses 7 60 30 Total Expenses 111 1,908 2,104 Expenses waived/reimbursed by Adviser (64) (118) (6) Net Expenses 47 1,790 2,098 Net Investment Income (Loss) 333 3,317 4,609 Realized/Unrealized Gains (Losses) from Investments: Net realized gains (losses) from affiliated investment securities (104) — — Net realized gains (losses) from unaffiliated investment securities — (644) (14,110) Capital gain distributions received from affiliated funds 112 — — Net change in unrealized appreciation/depreciation on affiliated investment securities 80 — — Net change in unrealized appreciation/depreciation on unaffiliated investment securities — (10,494) 8,361 Net realized/unrealized gains (losses) on investments 88 (11,138) (5,749) Change in net assets resulting from operations $ 421 $ (7,821)$ (1,140) (a) Rounds to less than $1 thousand.

25 (Amounts in Thousands) Victory Portfolios Statements of Changes in Net Assets See notes to financial statements. Victory Diversified Stock Fund Victory Special Value Fund Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022 Year Ended October 31, 2021 Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022 Year Ended October 31, 2021 From Investment Activities: Operations: Net Investment Income (Loss) $ 384 $ 640 $ (66) $ 3 $ 10 $ (125) Net realized gains (losses) 2,226 24,238 48,095 47 4,295 9,190 Net change in unrealized appreciation/ depreciation 7,672 (78,869) 64,146 1,400 (12,389) 8,963 Change in net assets resulting from operations 10,282 (53,991) 112,175 1,450 (8,084) 18,028 Distributions to Shareholders: Class A (17,694) (33,326) (4,846) (2,183) (4,420) (913) Class C (133) (349) (83) (101) (178) (36) Class I (2,091) (4,120) (570) (284) (565) (121) Class R (3,298) (6,603) (1,037) (1,291) (2,680) (543) Class R6 (151) (553) (85) — — — Class Y (387) (684) (99) (100) (126) (23) Change in net assets resulting from distributions to shareholders (23,754) (45,635) (6,720) (3,959) (7,969) (1,636) Change in net assets resulting from capital transactions 10,254 21,482 (25,722) 1,801 3,676 (8,094) Change in net assets (3,218) (78,144) 79,733 (708) (12,377) 8,298 Net Assets: Beginning of period 256,195 334,339 254,606 38,828 51,205 42,907 End of period $ 252,977 $ 256,195 $ 334,339 $ 38,120 $ 38,828 $ 51,205

26 (Amounts in Thousands) Victory Portfolios Statements of Changes in Net Assets (continued) See notes to financial statements. Victory Diversified Stock Fund Victory Special Value Fund Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022 Year Ended October 31, 2021 Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022 Year Ended October 31, 2021 Capital Transactions: Class A Proceeds from shares issued $ 3,683 $ 6,377 $ 7,876 $ 579 $ 2,647 $ 1,518 Distributions reinvested 16,515 30,676 4,436 1,992 4,022 831 Cost of shares redeemed (11,584) (18,160) (27,454) (1,955) (4,347) (7,055) Total Class A $ 8,614 $ 18,893 $ (15,142) $ 616 $ 2,322 $ (4,706) Class C Proceeds from shares issued $ 14 $ 98 $ 80 $ 28 $ 2 $ 36 Distributions reinvested 133 349 82 101 178 36 Cost of shares redeemed (329) (560) (1,782) (41) (9) (249) Total Class C $ (182) $ (113) $ (1,620) $ 88 $ 171 $ (177) Class I Proceeds from shares issued $ 1,297 $ 4,219 $ 1,886 $ 62 $ 2 $ 406 Distributions reinvested 2,013 3,953 537 255 503 101 Cost of shares redeemed (2,431) (5,236) (4,406) (125) (470) (1,187) Total Class I $ 879 $ 2,936 $ (1,983) $ 192 $ 35 $ (680) Class R Proceeds from shares issued $ 432 $ 649 $ 721 $ 443 $ 1,497 $ 1,962 Distributions reinvested 3,224 6,442 1,016 1,291 2,661 530 Cost of shares redeemed (3,785) (5,365) (8,082) (1,229) (3,118) (5,022) Total Class R $ (129) $ 1,726 $ (6,345) $ 505 $ 1,040 $ (2,530) Class R6 Proceeds from shares issued $ 759 $ 162 $ 183 $ — $ — $ — Distributions reinvested 151 553 85 — — — Cost of shares redeemed (22) (3,272) (618) — — — Total Class R6 $ 888 $ (2,557) $ (350) $ — $ — $ — Class Y Proceeds from shares issued $ 135 $ 305 $ 284 $ 339 $ 43 $ 82 Distributions reinvested 335 574 83 87 99 18 Cost of shares redeemed (286) (282) (649) (26) (34) (101) Total Class Y $ 184 $ 597 $ (282) $ 400 $ 108 $ (1) Change in net assets resulting from capital transactions $ 10,254 $ 21,482 $ (25,722) $ 1,801 $ 3,676 $ (8,094)

27 (Amounts in Thousands) Victory Portfolios Statements of Changes in Net Assets (continued) See notes to financial statements. Victory Diversified Stock Fund Victory Special Value Fund Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022 Year Ended October 31, 2021 Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022 Year Ended October 31, 2021 Share Transactions: Class A Issued 204 289 378 20 85 48 Reinvested 946 1,387 231 79 125 29 Redeemed (619) (844) (1,303) (73) (140) (222) Total Class A 531 832 (694) 26 70 (145) Class C Issued 1 5 3 2 —(a) 2 Reinvested 9 18 5 5 6 1 Redeemed (20) (30) (94) (2) —(a) (10) Total Class C (10) (7) (86) 5 6 (7) Class I Issued 67 180 86 3 —(a) 13 Reinvested 115 179 28 10 15 3 Redeemed (131) (249) (208) (5) (13) (37) Total Class I 51 110 (94) 8 2 (21) Class R Issued 24 30 35 18 52 65 Reinvested 191 300 54 55 88 20 Redeemed (206) (251) (387) (48) (105) (167) Total Class R 9 79 (298) 25 35 (82) Class R6 Issued 39 8 8 — — — Reinvested 9 25 4 — — — Redeemed (1) (147) (29) — — — Total Class R6 47 (114) (17) — — — Class Y Issued 7 14 14 13 1 2 Reinvested 19 26 4 3 3 1 Redeemed (15) (13) (31) (1) (1) (3) Total Class Y 11 27 (13) 15 3 —(a) Change in Shares 639 927 (1,202) 79 116 (255) (a) Rounds to less than 1 thousand.

28 (Amounts in Thousands) Victory Portfolios Statements of Changes in Net Assets See notes to financial statements. Victory THB US Small Opportunities Fund(a) Victory Strategic Allocation Fund Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022 Year Ended October 31, 2021 Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022 Year Ended October 31, 2021 From Investment Activities: Operations: Net Investment Income (Loss) $ (64) $ (74) $ (624) $ 333 $ 619 $ 823 Net realized gains (losses) (1,237) (669) 12,921 8 775 128 Net change in unrealized appreciation/ depreciation 3,367 (20,891) 17,176 80 (4,992) 5,000 Change in net assets resulting from operations 2,066 (21,634) 29,473 421 (3,598) 5,951 Distributions to Shareholders: Class A — (183) — (479) (350) (464) Class C — — — (75) (40) (54) Class I — (7,893) — (286) (218) (264) Class R — — — (36) (25) (34) From return of capital: Class A — (8) — — — — Class I — (361) — — — — Change in net assets resulting from distributions to shareholders — (8,445) — (876) (633) (816) Change in net assets resulting from capital transactions (602) 11,971 9,212 (706) (567) (341) Change in net assets 1,464 (18,108) 38,685 (1,161) (4,798) 4,794 Net Assets: Beginning of period 71,276 89,384 50,699 24,634 29,432 24,638 End of period $ 72,740 $ 71,276 $ 89,384 $ 23,473 $ 24,634 $ 29,432 (a) On May 3, 2021, the THB Asset Management Microcap Fund (the “Predecessor Fund”) was reorganized into the Victory THB US Small Opportunities Fund (the “Victory THB Fund”). Investor Class and Institutional Class shares of the Predecessor Fund were exchanged on a tax-free basis for Class A and Class I shares, respectively, of the Victory THB Fund. Information presented prior to May 3, 2021, is that of the Predecessor Fund. See Note 1 in the Notes to Financial Statements.

29 (Amounts in Thousands) Victory Portfolios Statements of Changes in Net Assets (continued) See notes to financial statements. Victory THB US Small Opportunities Fund(a) Victory Strategic Allocation Fund Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022 Year Ended October 31, 2021 Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022 Year Ended October 31, 2021 Capital Transactions: Class A Proceeds from shares issued $ 38 $ 173 $ 5,749 $ 670 $ 969 $ 1,793 Distributions reinvested — 190 — 464 338 448 Cost of shares redeemed (80) (1,035) (3,959) (1,620) (1,761) (3,213) Redemption fees — — 1 — — — Total Class A $ (42) $ (672) $ 1,791 $ (486) $ (454) $ (972) Class C Proceeds from shares issued $ — $ — $ — $ 442 $ 296 $ 650 Distributions reinvested — — — 75 40 53 Cost of shares redeemed — — — (277) (522) (623) Total Class C $ — $ — $ — $ 240 $ (186) $ 80 Class I Proceeds from shares issued $ 5,618 $ 15,585 $ 15,429 $ 415 $ 942 $ 1,842 Distributions reinvested — 7,418 — 282 215 261 Cost of shares redeemed (6,178) (10,360) (8,010) (1,126) (1,062) (1,305) Redemption fees — — 2(b) — — — Total Class I $ (560) $ 12,643 $ 7,421 $ (429) $ 95 $ 798 Class R Proceeds from shares issued $ — $ — $ — $ 13 $ 11 $ 93 Distributions reinvested — — — 33 25 34 Cost of shares redeemed — — — (77) (58) (374) Total Class R $ — $ — $ — $ (31) $ (22) $ (247) Change in net assets resulting from capital transactions $ (602) $ 11,971 $ 9,212 $ (706) $ (567) $ (341) Share Transactions: Class A Issued 2 7 227 39 51 95 Reinvested — 9 — 28 17 23 Redeemed (4) (44) (159) (94) (93) (168) Total Class A (2) (28) 68 (27) (25) (50) Class C Issued — — — 27 16 35 Reinvested — — — 5 2 3 Redeemed — — — (17) (28) (34) Total Class C — — — 15 (10) 4 Class I Issued 323 781 639 23 49 96 Reinvested — 342 — 17 11 13 Redeemed (349) (482) (319) (65) (55) (69) Total Class I (26) 641 320 (25) 5 40 Class R Issued — — — 1 1 5 Reinvested — — — 2 1 2 Redeemed — — — (4) (4) (20) Total Class R — — — (1) (2) (13) Change in Shares (28) 613 388 (38) (32) (19) (a) On May 3, 2021, the THB Asset Management Microcap Fund (the “Predecessor Fund”) was reorganized into the Victory THB US Small Opportunities Fund (the “Victory THB Fund”). Investor Class and Institutional Class shares of the Predecessor Fund were exchanged on a tax-free basis for Class A and Class I shares, respectively, of the Victory THB Fund. Information presented prior to May 3, 2021, is that of the Predecessor Fund. See Note 1 in the Notes to Financial Statements. (b) Redemption Fees-see Note 2 in the Notes to Financial Statements.

30 (Amounts in Thousands) Victory Portfolios Statements of Changes in Net Assets See notes to financial statements. Victory INCORE Fund for Income Victory INCORE Investment Grade Convertible Fund Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022 Year Ended October 31, 2021 Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022 Year Ended October 31, 2021 From Investment Activities: Operations: Net Investment Income (Loss) $ 3,317 $ 2,849 $ 3,362 $ 4,609 $ 5,416 $ 5,579 Net realized gains (losses) (644) (1,232) (1,300) (14,110) 5,530 35,138 Net change in unrealized appreciation/ depreciation (10,494) (29,251) (8,573) 8,361 (61,562) 21,029 Change in net assets resulting from operations (7,821) (27,634) (6,511) (1,140) (50,616) 61,746 Distributions to Shareholders: Class A (2,763) (3,754) (6,501) (302) (1,950) (820) Class C (160) (234) (542) — — — Class I (8,512) (11,344) (23,178) (6,637) (37,138) (14,821) Class R (505) (661) (1,747) — — — Class R6 (785) (988) (1,851) — — — Class Y (1,867) (3,403) (7,361) — — — Member Class (40) (35) (33)(a) (21) (57) (3)(a) Change in net assets resulting from distributions to shareholders (14,632) (20,419) (41,213) (6,960) (39,145) (15,644) Change in net assets resulting from capital transactions (67,877) (131,802) (295,207) (30,313) 110,476 85,682 Change in net assets (90,330) (179,855) (342,931) (38,413) 20,715 131,784 Net Assets: Beginning of period 519,114 698,969 1,041,900 445,993 425,278 293,494 End of period $ 428,784 $ 519,114 $ 698,969 $ 407,580 $ 445,993 $ 425,278 (a) Member Class activity is for the period November 3, 2020 (commencement of operations) to October 31, 2021.

31 (Amounts in Thousands) Victory Portfolios Statements of Changes in Net Assets (continued) See notes to financial statements. Victory INCORE Fund for Income Victory INCORE Investment Grade Convertible Fund Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022 Year Ended October 31, 2021 Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022 Year Ended October 31, 2021 Capital Transactions: Class A Proceeds from shares issued $ 10,374 $ 11,500 $ 43,381 $ 4,518 $ 3,129 $ 8,473 Distributions reinvested 2,476 3,347 5,738 256 1,697 711 Cost of shares redeemed (14,175) (35,105) (63,627) (3,948) (3,353) (6,798) Total Class A $ (1,325) $ (20,258) $ (14,508) $ 826 $ 1,473 $ 2,386 Class C Proceeds from shares issued $ 260 $ 330 $ 1,685 $ — $ — $ — Distributions reinvested 150 222 505 — — — Cost of shares redeemed (1,280) (2,959) (12,166) — — — Total Class C $ (870) $ (2,407) $ (9,976) $ — $ — $ — Class I Proceeds from shares issued $ 45,673 $ 51,698 $ 163,315 $ 92,953 $ 223,089 $ 174,838 Distributions reinvested 7,223 9,623 20,000 6,282 35,733 14,661 Cost of shares redeemed (80,379) (136,152) (362,435) (131,005) (150,529) (106,697) Total Class I $ (27,483) $ (74,831) $ (179,120) $ (31,770) $ 108,293 $ 82,802 Class R Proceeds from shares issued $ 469 $ 883 $ 4,576 $ — $ — $ — Distributions reinvested 492 644 1,705 — — — Cost of shares redeemed (2,286) (5,556) (24,238) — — — Total Class R $ (1,325) $ (4,029) $ (17,957) $ — $ — $ — Class R6 Proceeds from shares issued $ 3,121 $ 6,503 $ 11,111 $ — $ — $ — Distributions reinvested 777 976 1,831 — — — Cost of shares redeemed (6,458) (7,714) (30,159) — — — Total Class R6 $ (2,560) $ (235) $ (17,217) $ — $ — $ — Class Y Proceeds from shares issued $ 6,572 $ 21,390 $ 94,608 $ — $ — $ — Distributions reinvested 1,864 3,399 7,353 — — — Cost of shares redeemed (42,966) (55,272) (159,309) — — — Total Class Y $ (34,530) $ (30,483) $ (57,348) $ — $ — $ — Member Class Proceeds from shares issued $ 388 $ 820 $ 1,372(a) $ 762 $ 910 $ 657(a) Distributions reinvested 40 35 33(a) 21 57 3(a) Cost of shares redeemed (212) (414) (486)(a) (152) (257) (166)(a) Total Member Class $ 216 $ 441 $ 919 $ 631 $ 710 $ 494 Change in net assets resulting from capital transactions $ (67,877) $ (131,802) $ (295,207) $ (30,313) $ 110,476 $ 85,682

32 (Amounts in Thousands) Victory Portfolios Statements of Changes in Net Assets (continued) See notes to financial statements. Victory INCORE Fund for Income Victory INCORE Investment Grade Convertible Fund Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022 Year Ended October 31, 2021 Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022 Year Ended October 31, 2021 Share Transactions: Class A Issued 1,464 1,506 5,258 273 175 441 Reinvested 349 441 703 16 92 39 Redeemed (1,988) (4,621) (7,717) (242) (186) (353) Total Class A (175) (2,674) (1,756) 47 81 127 Class C Issued 37 43 206 — — — Reinvested 21 30 62 — — — Redeemed (182) (392) (1,486) — — — Total Class C (124) (319) (1,218) — — — Class I Issued 6,375 6,775 19,802 5,613 12,314 8,995 Reinvested 1,019 1,268 2,447 382 1,946 797 Redeemed (11,356) (17,829) (43,989) (7,991) (8,292) (5,604) Total Class I (3,962) (9,786) (21,740) (1,996) 5,968 4,188 Class R Issued 66 115 552 — — — Reinvested 69 85 208 — — — Redeemed (323) (723) (2,981) — — — Total Class R (188) (523) (2,221) — — — Class R6 Issued 440 852 1,349 — — — Reinvested 110 129 224 — — — Redeemed (910) (1,014) (3,665) — — — Total Class R6 (360) (33) (2,092) — — — Class Y Issued 919 2,806 11,518 — — — Reinvested 262 448 900 — — — Redeemed (6,034) (7,238) (19,398) — — — Total Class Y (4,853) (3,984) (6,980) — — — Member Class Issued 53 107 166(a) 46 47 33(a) Reinvested 6 5 4(a) 1 3 —(a)(b) Redeemed (29) (53) (60)(a) (9) (13) (8)(a) Total Member Class 30 59 110 38 37 25 Change in Shares (9,632) (17,260) (35,897) (1,911) 6,086 4,340 (a) Member Class activity is for the period November 3, 2020 (commencement of operations) to October 31, 2021. (b) Rounds to less than 1 thousand.

Victory Portfolios Financial Highlights For a Share Outstanding Throughout Each Period 33 See notes to financial statements. Victory Diversified Stock Fund Class A Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022(a) Year Ended October 31, 2021 Year Ended October 31, 2020 Year Ended October 31, 2019 Year Ended October 31, 2018 Net Asset Value, Beginning of Period $17.86 $24.89 $17.41 $17.65 $17.90 $22.03 Investment Activities: Net investment income (loss)(b) 0.03 0.05 —(c) 0.05 0.09 0.06 Net realized and unrealized gains (losses) 0.72 (3.68) 7.95 0.90 1.65 0.17 Total from Investment Activities 0.75 (3.63) 7.95 0.95 1.74 0.23 Distributions to Shareholders From: Net investment income (0.03) (0.04) (0.01) (0.04) (0.08) (0.06) Net realized gains from investments (1.69) (3.36) (0.46) (1.15) (1.91) (4.30) Total Distributions (1.72) (3.40) (0.47) (1.19) (1.99) (4.36) Net Asset Value, End of Period $16.89 $17.86 $24.89 $17.41 $17.65 $17.90 Total Return (excludes sales charge)(d) 3.88% (17.22)% 46.50% 5.47% 12.27% (0.20)% Ratios to Average Net Assets: Net Expenses (e)(f) 1.08% 1.08% 1.07% 1.09% 1.08% 1.05% Net Investment Income (Loss) (e) 0.30% 0.33% —%(g) 0.29% 0.55% 0.32% Gross Expenses (e)(f) 1.08% 1.08% 1.07% 1.09% 1.08% 1.05% Supplemental Data: Net Assets at end of period (000's) $189,987 $191,392 $246,063 $184,217 $204,945 $264,297 Portfolio Turnover (d)(h) 41% 49% 61% 95% 132% 112% Victory Diversified Stock Fund Class C Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022(a) Year Ended October 31, 2021 Year Ended October 31, 2020 Year Ended October 31, 2019 Year Ended October 31, 2018 Net Asset Value, Beginning of Period $15.97 $22.70 $16.05 $16.46 $16.90 $21.12 Investment Activities: Net investment income (loss)(b) (0.05) (0.08) (0.18) (0.10) (0.05) (0.10) Net realized and unrealized gains (losses) 0.65 (3.29) 7.29 0.84 1.52 0.18 Total from Investment Activities 0.60 (3.37) 7.11 0.74 1.47 0.08 Distributions to Shareholders From: Net realized gains from investments (1.69) (3.36) (0.46) (1.15) (1.91) (4.30) Total Distributions (1.69) (3.36) (0.46) (1.15) (1.91) (4.30) Net Asset Value, End of Period $14.88 $15.97 $22.70 $16.05 $16.46 $16.90 Total Return (excludes contingent deferred sales charge)(d) 3.42% (17.72)% 45.01% 4.53% 11.19% (1.02)% Ratios to Average Net Assets: Net Expenses (e)(f) 2.02% 2.02% 2.02% 2.05% 2.02% 1.89% Net Investment Income (Loss) (e) (0.64)% (0.62)% (0.93)% (0.64)% (0.35)% (0.53)% Gross Expenses (e)(f) 2.76% 2.46% 2.32% 2.14% 2.02% 1.89% Supplemental Data: Net Assets at end of period (000's) $1,291 $1,545 $2,371 $3,046 $5,909 $11,586 Portfolio Turnover (d)(h) 41% 49% 61% 95% 132% 112%

Victory Portfolios Financial Highlights — continued For a Share Outstanding Throughout Each Period 34 See notes to financial statements. Victory Diversified Stock Fund Class I Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022(a) Year Ended October 31, 2021 Year Ended October 31, 2020 Year Ended October 31, 2019 Year Ended October 31, 2018 Net Asset Value, Beginning of Period $17.85 $24.88 $17.37 $17.61 $17.87 $22.00 Investment Activities: Net investment income (loss)(b) 0.05 0.08 0.05 0.09 0.13 0.11 Net realized and unrealized gains (losses) 0.72 (3.67) 7.94 0.90 1.65 0.16 Total from Investment Activities 0.77 (3.59) 7.99 0.99 1.78 0.27 Distributions to Shareholders From: Net investment income (0.05) (0.08) (0.02) (0.08) (0.13) (0.10) Net realized gains from investments (1.69) (3.36) (0.46) (1.15) (1.91) (4.30) Total Distributions (1.74) (3.44) (0.48) (1.23) (2.04) (4.40) Net Asset Value, End of Period $16.88 $17.85 $24.88 $17.37 $17.61 $17.87 Total Return(d) 4.02% (17.09)% 46.79% 5.81% 12.52% 0.05% Ratios to Average Net Assets: Net Expenses (e)(f) 0.83% 0.83% 0.83% 0.84% 0.84% 0.79% Net Investment Income (Loss) (e) 0.56% 0.57% 0.24% 0.56% 0.81% 0.58% Gross Expenses (e)(f) 0.86% 0.85% 0.85% 0.86% 0.84% 0.79% Supplemental Data: Net Assets at end of period (000's) $21,607 $21,933 $27,856 $21,071 $31,619 $46,122 Portfolio Turnover (d)(h) 41% 49% 61% 95% 132% 112% Victory Diversified Stock Fund Class R Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022(a) Year Ended October 31, 2021 Year Ended October 31, 2020 Year Ended October 31, 2019 Year Ended October 31, 2018 Net Asset Value, Beginning of Period $17.32 $24.25 $17.01 $17.29 $17.58 $21.71 Investment Activities: Net investment income (loss)(b) —(c) 0.01 (0.06) —(c) 0.04 0.01 Net realized and unrealized gains (losses) 0.70 (3.57) 7.76 0.88 1.62 0.16 Total from Investment Activities 0.70 (3.56) 7.70 0.88 1.66 0.17 Distributions to Shareholders From: Net investment income —(c) (0.01) — (0.01) (0.04) —(c) Net realized gains from investments (1.69) (3.36) (0.46) (1.15) (1.91) (4.30) Total Distributions (1.69) (3.37) (0.46) (1.16) (1.95) (4.30) Net Asset Value, End of Period $16.33 $17.32 $24.25 $17.01 $17.29 $17.58 Total Return(d) 3.75% (17.38)% 46.02% 5.25% 11.90% (0.47)% Ratios to Average Net Assets: Net Expenses (e)(f) 1.36% 1.36% 1.35% 1.37% 1.37% 1.34% Net Investment Income (Loss) (e) 0.02% 0.05% (0.28)% 0.01% 0.26% 0.03% Gross Expenses (e)(f) 1.36% 1.36% 1.35% 1.37% 1.37% 1.34% Supplemental Data: Net Assets at end of period (000's) $34,417 $36,360 $48,980 $39,432 $47,981 $54,776 Portfolio Turnover (d)(h) 41% 49% 61% 95% 132% 112%

35 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, 2022 (Unaudited) Eight Months Ended June 30, 2022(a) Year Ended October 31, 2021 Year Ended October 31, 2020 Year Ended October 31, 2019 Year Ended October 31, 2018 Net Asset Value, Beginning of Period $17.87 $24.91 $17.38 $17.62 $17.88 $22.00 Investment Activities: Net investment income (loss)(b) 0.06 0.09 0.06 0.08 0.14 0.11 Net realized and unrealized gains (losses) 0.72 (3.69) 7.95 0.92 1.64 0.17 Total from Investment Activities 0.78 (3.60) 8.01 1.00 1.78 0.28 Distributions to Shareholders From: Net investment income (0.06) (0.08) (0.02) (0.09) (0.13) (0.10) Net realized gains from investments (1.69) (3.36) (0.46) (1.15) (1.91) (4.30) Total Distributions (1.75) (3.44) (0.48) (1.24) (2.04) (4.40) Net Asset Value, End of Period $16.90 $17.87 $24.91 $17.38 $17.62 $17.88 Total Return(d) 4.04% (17.08)% 46.89% 5.86% 12.58% 0.10% Ratios to Average Net Assets: Net Expenses (e)(f) 0.78% 0.78% 0.78% 0.78% 0.78% 0.78% Net Investment Income (Loss) (e) 0.67% 0.63% 0.29% 0.49% 0.83% 0.58% Gross Expenses (e)(f) 1.87% 1.36% 1.10% 1.34% 1.24% 1.21% Supplemental Data: Net Assets at end of period (000's) $1,608 $863 $4,040 $3,103 $2,313 $2,189 Portfolio Turnover (d)(h) 41% 49% 61% 95% 132% 112% Victory Diversified Stock Fund Class Y Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022(a) Year Ended October 31, 2021 Year Ended October 31, 2020 Year Ended October 31, 2019 Year Ended October 31, 2018 Net Asset Value, Beginning of Period $17.89 $24.93 $17.41 $17.65 $17.90 $22.02 Investment Activities: Net investment income (loss)(b) 0.05 0.08 0.05 0.09 0.12 0.11 Net realized and unrealized gains (losses) 0.72 (3.69) 7.95 0.90 1.66 0.16 Total from Investment Activities 0.77 (3.61) 8.00 0.99 1.78 0.27 Distributions to Shareholders From: Net investment income (0.05) (0.07) (0.02) (0.08) (0.12) (0.09) Net realized gains from investments (1.69) (3.36) (0.46) (1.15) (1.91) (4.30) Total Distributions (1.74) (3.43) (0.48) (1.23) (2.03) (4.39) Net Asset Value, End of Period $16.92 $17.89 $24.93 $17.41 $17.65 $17.90 Total Return(d) 4.00% (17.07)% 46.75% 5.72% 12.53% 0.01% Ratios to Average Net Assets: Net Expenses (e)(f) 0.86% 0.86% 0.86% 0.86% 0.86% 0.86% Net Investment Income (Loss) (e) 0.54% 0.55% 0.21% 0.52% 0.76% 0.54% Gross Expenses (e)(f) 1.05% 0.96% 0.96% 1.31% 1.33% 1.13% Supplemental Data: Net Assets at end of period (000's) $4,067 $4,102 $5,029 $3,737 $4,249 $4,373 Portfolio Turnover (d)(h) 41% 49% 61% 95% 132% 112% (a) The Fund’s fiscal year-end changed from October 31 to June 30. See Note 1 in the Notes to Financial Statements. (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) 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 36 See notes to financial statements. Victory Special Value Fund Class A Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022(a) Year Ended October 31, 2021 Year Ended October 31, 2020 Year Ended October 31, 2019 Year Ended October 31, 2018 Net Asset Value, Beginning of Period $26.07 $37.00 $26.23 $25.78 $26.10 $26.31 Investment Activities: Net investment income (loss)(b) 0.02 0.03 (0.05) 0.04 0.10 0.05 Net realized and unrealized gains (losses) 1.02 (5.24) 11.82 1.29 2.26 (0.15) Total from Investment Activities 1.04 (5.21) 11.77 1.33 2.36 (0.10) Distributions to Shareholders From: Net investment income — — —(c) (0.09) (0.03) (0.11) Net realized gains from investments (2.70) (5.72) (1.00) (0.79) (2.65) — Total Distributions (2.70) (5.72) (1.00) (0.88) (2.68) (0.11) Net Asset Value, End of Period $24.41 $26.07 $37.00 $26.23 $25.78 $26.10 Total Return (excludes sales charge)(d) 3.65% (17.03)% 46.06% 5.15% 11.32% (0.42)% Ratios to Average Net Assets: Net Expenses (e)(f) 1.27%(g) 1.27%(g) 1.23%(g) 1.23%(g) 1.21% 1.17% Net Investment Income (Loss) (e) 0.11% 0.13% (0.16)% 0.14% 0.41% 0.19% Gross Expenses (e)(f) 1.37% 1.37% 1.33% 1.33% 1.31% 1.27% Supplemental Data: Net Assets at end of period (000's) $21,461 $22,188 $28,945 $24,302 $27,818 $32,565 Portfolio Turnover (d)(h) 42% 53% 70% 102% 126% 113% Victory Special Value Fund Class C Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022(a) Year Ended October 31, 2021 Year Ended October 31, 2020 Year Ended October 31, 2019 Year Ended October 31, 2018 Net Asset Value, Beginning of Period $21.46 $31.59 $22.72 $22.54 $23.34 $23.66 Investment Activities: Net investment income (loss)(b) (0.08) (0.12) (0.28) (0.16) (0.09) (0.18) Net realized and unrealized gains (losses) 0.86 (4.29) 10.15 1.13 1.94 (0.14) Total from Investment Activities 0.78 (4.41) 9.87 0.97 1.85 (0.32) Distributions to Shareholders From: Net realized gains from investments (2.70) (5.72) (1.00) (0.79) (2.65) — Total Distributions (2.70) (5.72) (1.00) (0.79) (2.65) — Net Asset Value, End of Period $19.54 $21.46 $31.59 $22.72 $22.54 $23.34 Total Return (excludes contingent deferred sales charge)(d) 3.22% (17.50)% 44.81% 4.26% 10.34% (1.35)% Ratios to Average Net Assets: Net Expenses (e)(f) 2.10%(g) 2.10%(g) 2.10%(g) 2.10%(g) 2.10% 2.10% Net Investment Income (Loss) (e) (0.71)% (0.70)% (1.02)% (0.72)% (0.44)% 0.75% Gross Expenses (e)(f) 3.43% 3.23% 3.53% 2.99% 2.79% 2.27% Supplemental Data: Net Assets at end of period (000's) $813 $802 $978 $863 $1,241 $2,145 Portfolio Turnover (d)(h) 42% 53% 70% 102% 126% 113%

37 Victory Portfolios For a Share Outstanding Throughout Each Period Financial Highlights — continued See notes to financial statements. Victory Special Value Fund Class I Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022(a) Year Ended October 31, 2021 Year Ended October 31, 2020 Year Ended October 31, 2019 Year Ended October 31, 2018 Net Asset Value, Beginning of Period $26.55 $37.54 $26.59 $26.13 $26.39 $26.62 Investment Activities: Net investment income (loss)(b) 0.05 0.08 0.01 0.08 0.14 0.09 Net realized and unrealized gains (losses) 1.04 (5.35) 11.99 1.31 2.30 (0.15) Total from Investment Activities 1.09 (5.27) 12.00 1.39 2.44 (0.06) Distributions to Shareholders From: Net investment income (0.01) — (0.05) (0.14) (0.05) (0.17) Net realized gains from investments (2.70) (5.72) (1.00) (0.79) (2.65) — Total Distributions (2.71) (5.72) (1.05) (0.93) (2.70) (0.17) Net Asset Value, End of Period $24.93 $26.55 $37.54 $26.59 $26.13 $26.39 Total Return(d) 3.82% (16.93)% 46.29% 5.35% 11.52% (0.28)% Ratios to Average Net Assets: Net Expenses (e)(f) 1.05%(g) 1.05%(g) 1.05%(g) 1.05%(g) 1.05% 1.02% Net Investment Income (Loss) (e) 0.34% 0.35% 0.02% 0.32% 0.58% 0.31% Gross Expenses (e)(f) 1.44% 1.37% 1.33% 1.31% 1.34% 1.16% Supplemental Data: Net Assets at end of period (000's) $2,790 $2,769 $3,861 $3,283 $3,274 $3,678 Portfolio Turnover (d)(h) 42% 53% 70% 102% 126% 113% Victory Special Value Fund Class R Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022(a) Year Ended October 31, 2021 Year Ended October 31, 2020 Year Ended October 31, 2019 Year Ended October 31, 2018 Net Asset Value, Beginning of Period $24.34 $34.99 $24.93 $24.55 $25.02 $25.24 Investment Activities: Net investment income (loss)(b) (0.03) (0.04) (0.14) (0.04) 0.03 (0.03) Net realized and unrealized gains (losses) 0.97 (4.89) 11.20 1.23 2.15 (0.15) Total from Investment Activities 0.94 (4.93) 11.06 1.19 2.18 (0.18) Distributions to Shareholders From: Net investment income — — — (0.02) — (0.04) Net realized gains from investments (2.70) (5.72) (1.00) (0.79) (2.65) — Total Distributions (2.70) (5.72) (1.00) (0.81) (2.65) (0.04) Net Asset Value, End of Period $22.58 $24.34 $34.99 $24.93 $24.55 $25.02 Total Return(d) 3.50% (17.24)% 45.59% 4.82% 11.03% (0.71)% Ratios to Average Net Assets: Net Expenses (e)(f) 1.60% 1.60%(g) 1.54%(g) 1.54%(g) 1.50% 1.46% Net Investment Income (Loss) (e) (0.21)% (0.19)% (0.47)% (0.16)% 0.13% (0.10)% Gross Expenses (e)(f) 1.70% 1.70% 1.64% 1.64% 1.60% 1.55% Supplemental Data: Net Assets at end of period (000's) $12,071 $12,401 $16,605 $13,875 $21,084 $26,532 Portfolio Turnover (d)(h) 42% 53% 70% 102% 126% 113%

Victory Portfolios Financial Highlights — continued For a Share Outstanding Throughout Each Period 38 See notes to financial statements. Victory Special Value Fund Class Y Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022(a) Year Ended October 31, 2021 Year Ended October 31, 2020 Year Ended October 31, 2019 Year Ended October 31, 2018 Net Asset Value, Beginning of Period $26.37 $37.31 $26.44 $25.98 $26.25 $26.47 Investment Activities: Net investment income (loss)(b) 0.05 0.09 0.02 0.09 0.15 0.12 Net realized and unrealized gains (losses) 1.03 (5.31) 11.92 1.32 2.28 (0.17) Total from Investment Activities 1.08 (5.22) 11.94 1.41 2.43 (0.05) Distributions to Shareholders From: Net investment income (0.03) — (0.07) (0.16) (0.05) (0.17) Net realized gains from investments (2.70) (5.72) (1.00) (0.79) (2.65) — Total Distributions (2.73) (5.72) (1.07) (0.95) (2.70) (0.17) Net Asset Value, End of Period $24.72 $26.37 $37.31 $26.44 $25.98 $26.25 Total Return(d) 3.79% (16.90)% 46.39% 5.40% 11.57% (0.21)% Ratios to Average Net Assets: Net Expenses (e)(f) 1.00% 1.00%(g) 1.00%(g) 1.00%(g) 1.00% 0.97% Net Investment Income (Loss) (e) 0.37% 0.41% 0.07% 0.36% 0.60% 0.42% Gross Expenses (e)(f) 2.17% 1.61% 1.77% 3.68% 4.50% 2.82% Supplemental Data: Net Assets at end of period (000's) $985 $668 $816 $584 $520 $436 Portfolio Turnover (d)(h) 42% 53% 70% 102% 126% 113% (a) The Fund’s fiscal year-end changed from October 31 to June 30. See Note 1 in the Notes to Financial Statements. (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) Annualized for periods less than one year. (f) Does not include acquired fund fees and expenses, if any. (g) During the year, additional fees were voluntarily waived or reimbursed. Had these fees not been waived or reimbursed, the net expense ratio for each class would have been 0.10% higher. (h) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

39 Victory Portfolios For a Share Outstanding Throughout Each Period Financial Highlights — continued See notes to financial statements. Victory THB US Small Opportunities Fund(a) Class A Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022(b) Year Ended October 31, 2021 Year Ended October 31, 2020 Year Ended October 31, 2019 Year Ended October 31, 2018 Net Asset Value, Beginning of Period $16.36 $24.30 $15.55 $15.00 $16.08 $18.14 Investment Activities: Net investment income (loss)(c) (0.05) (0.08) (0.20) (0.17) (0.14) (0.15) Net realized and unrealized gains (losses) 0.46 (5.46) 8.95 0.81 (0.44) 0.24 Total from Investment Activities 0.41 (5.54) 8.75 0.64 (0.58) 0.09 Distributions to Shareholders From: Net realized gains from investments — (2.30) — (0.09) (0.50) (2.15) Return of capital — (0.10) — — — — Total Distributions — (2.40) — (0.09) (0.50) (2.15) Net Asset Value, End of Period $16.77 $16.36 $24.30 $15.55 $15.00 $16.08 Total Return (excludes sales charge)(d) 2.51% (24.83)% 56.27% 4.25% (3.34)% 0.45% Ratios to Average Net Assets: Net Expenses (e)(f) 1.70% 1.70% 1.70% 1.70% 1.70% 1.55% Net Investment Income (Loss) (e) (0.61)% (0.59)% (1.20)% (1.17)% (0.92)% (0.86)% Gross Expenses (e)(f) 3.08% 2.85% 2.45% 2.45% 2.20% 2.00% Supplemental Data: Net Assets at end of period (000's) $1,175 $1,185 $2,437 $493 $627 $1,041 Portfolio Turnover (d)(g) 17% 43% 50% 62% 31% 35%

Victory Portfolios Financial Highlights — continued For a Share Outstanding Throughout Each Period 40 See notes to financial statements. Victory THB US Small Opportunities Fund(a) Class I Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022(b) Year Ended October 31, 2021 Year Ended October 31, 2020 Year Ended October 31, 2019 Year Ended October 31, 2018 Net Asset Value, Beginning of Period $17.26 $25.42 $16.20 $15.56 $16.58 $18.59 Investment Activities: Net investment income (loss)(c) (0.01) (0.02) (0.18) (0.10) (0.08) (0.10) Net realized and unrealized gains (losses) 0.48 (5.74) 9.40 0.83 (0.44) 0.24 Total from Investment Activities 0.47 (5.76) 9.22 0.73 (0.52) 0.14 Distributions to Shareholders From: Net realized gains from investments — (2.30) — (0.09) (0.50) (2.15) Return of capital — (0.10) — — — — Total Distributions — (2.40) — (0.09) (0.50) (2.15) Redemption Fees — — —(h) — — — Net Asset Value, End of Period $17.73 $17.26 $25.42 $16.20 $15.56 $16.58 Total Return(d) 2.78% (24.61)% 56.98% 4.68% (2.86)% 0.73% Ratios to Average Net Assets: Net Expenses (e)(f) 1.25% 1.25% 1.25% 1.25% 1.25% 1.25% Net Investment Income (Loss) (e) (0.16)% (0.13)% (0.73)% (0.70)% (0.48)% (0.55)% Gross Expenses (e)(f) 1.39% 1.44% 1.67% 1.98% 1.75% 1.70% Supplemental Data: Net Assets at end of period (000's) $71,565 $70,091 $86,947 $50,206 $73,403 $89,159 Portfolio Turnover (d)(g) 17% 43% 50% 62% 31% 35% (a) On May 3, 2021, the THB Asset Management Microcap Fund (the “Predecessor Fund”) was reorganized into the Victory THB US Small Opportunities Fund (the “Victory THB Fund”). Investor Class and Institutional Class shares of the Predecessor Fund were exchanged on a tax-free basis for Class A and Class I shares, respectively, of the Victory THB Fund. Information presented prior to May 3, 2021, is that of the Predecessor Fund. See Note 1 in the Notes to Financial Statements. (b) The Fund’s fiscal year-end changed from October 31 to June 30. See Note 1 in the Notes to Financial Statements. (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) 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. (h) Amount is less than $0.005 per share.

41 Victory Portfolios For a Share Outstanding Throughout Each Period Financial Highlights — continued See notes to financial statements. Victory Strategic Allocation Fund Class A Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022(a) Year Ended October 31, 2021 Year Ended October 31, 2020 Year Ended October 31, 2019 Year Ended October 31, 2018 Net Asset Value, Beginning of Period $17.05 $19.94 $16.48 $16.47 $15.44 $16.41 Investment Activities: Net investment income (loss)(b) 0.24 0.42 0.56 0.23 0.43 0.29 Net realized and unrealized gains (losses) 0.05 (2.88) 3.46 0.41 1.12 (0.68) Total from Investment Activities 0.29 (2.46) 4.02 0.64 1.55 (0.39) Distributions to Shareholders From: Net investment income (0.16) (0.43) (0.56) (0.23) (0.39) (0.39) Net realized gains from investments (0.48) — — (0.40) (0.13) (0.19) Total Distributions (0.64) (0.43) (0.56) (0.63) (0.52) (0.58) Net Asset Value, End of Period $16.70 $17.05 $19.94 $16.48 $16.47 $15.44 Total Return (excludes sales charge)(c) 1.70% (12.57)% 24.51% 3.99% 10.37% (2.56)% Ratios to Average Net Assets: Net Expenses (d)(e) 0.40% 0.40% 0.40% 0.40% 0.40% 0.40% Net Investment Income (Loss) (d) 2.76% 3.34% 2.92% 1.45% 2.69% 1.77% Gross Expenses (d)(e) 0.84% 0.82% 0.80% 0.81% 0.77% 0.28%(f) Supplemental Data: Net Assets at end of period (000's) $12,840 $13,575 $16,378 $14,364 $15,365 $18,747 Portfolio Turnover (c)(g) 23% 9% 22% 13% 5% 40% Victory Strategic Allocation Fund Class C Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022(a) Year Ended October 31, 2021 Year Ended October 31, 2020 Year Ended October 31, 2019 Year Ended October 31, 2018 Net Asset Value, Beginning of Period $16.73 $19.56 $16.19 $16.18 $15.19 $16.19 Investment Activities: Net investment income (loss)(b) 0.18 0.32 0.40 0.13 0.30 0.21 Net realized and unrealized gains (losses) 0.05 (2.82) 3.40 0.39 1.10 (0.71) Total from Investment Activities 0.23 (2.50) 3.80 0.52 1.40 (0.50) Distributions to Shareholders From: Net investment income (0.10) (0.33) (0.43) (0.11) (0.28) (0.31) Net realized gains from investments (0.48) — — (0.40) (0.13) (0.19) Total Distributions (0.58) (0.33) (0.43) (0.51) (0.41) (0.50) Net Asset Value, End of Period $16.38 $16.73 $19.56 $16.19 $16.18 $15.19 Total Return (excludes contingent deferred sales charge)(c) 1.35% (13.01)% 23.57% 3.23% 9.53% (3.26)% Ratios to Average Net Assets: Net Expenses (d)(e) 1.15% 1.15% 1.15% 1.15% 1.15% 1.15% Net Investment Income (Loss) (d) 2.13% 2.59% 2.10% 0.82% 1.94% 1.30% Gross Expenses (d)(e) 2.06% 2.02% 2.02% 1.90% 1.72% 1.08%(f) Supplemental Data: Net Assets at end of period (000's) $2,173 $1,978 $2,507 $2,009 $3,193 $4,445 Portfolio Turnover (c)(g) 23% 9% 22% 13% 5% 40%

Victory Portfolios Financial Highlights — continued For a Share Outstanding Throughout Each Period 42 See notes to financial statements. Victory Strategic Allocation Fund Class I Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022(a) Year Ended October 31, 2021 Year Ended October 31, 2020 Year Ended October 31, 2019 Year Ended October 31, 2018 Net Asset Value, Beginning of Period $17.15 $20.06 $16.57 $16.56 $15.52 $16.48 Investment Activities: Net investment income (loss)(b) 0.26 0.45 0.61 0.27 0.46 0.35 Net realized and unrealized gains (losses) 0.05 (2.89) 3.48 0.41 1.13 (0.70) Total from Investment Activities 0.31 (2.44) 4.09 0.68 1.59 (0.35) Distributions to Shareholders From: Net investment income (0.18) (0.47) (0.60) (0.27) (0.42) (0.42) Net realized gains from investments (0.48) — — (0.40) (0.13) (0.19) Total Distributions (0.66) (0.47) (0.60) (0.67) (0.55) (0.61) Net Asset Value, End of Period $16.80 $17.15 $20.06 $16.57 $16.56 $15.52 Total Return(c) 1.82% (12.43)% 24.86% 4.22% 10.63% (2.29)% Ratios to Average Net Assets: Net Expenses (d)(e) 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% Net Investment Income (Loss) (d) 2.96% 3.59% 3.13% 1.66% 2.90% 2.11% Gross Expenses (d)(e) 0.61% 0.63% 0.56% 0.59% 0.59% 0.01%(f) Supplemental Data: Net Assets at end of period (000's) $7,449 $8,020 $9,283 $7,006 $5,743 $8,811 Portfolio Turnover (c)(g) 23% 9% 22% 13% 5% 40% Victory Strategic Allocation Fund Class R Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022(a) Year Ended October 31, 2021 Year Ended October 31, 2020 Year Ended October 31, 2019 Year Ended October 31, 2018 Net Asset Value, Beginning of Period $17.01 $19.89 $16.44 $16.43 $15.41 $16.38 Investment Activities: Net investment income (loss)(b) 0.21 0.39 0.51 0.19 0.36 0.27 Net realized and unrealized gains (losses) 0.06 (2.87) 3.45 0.42 1.14 (0.70) Total from Investment Activities 0.27 (2.48) 3.96 0.61 1.50 (0.43) Distributions to Shareholders From: Net investment income (0.14) (0.40) (0.51) (0.20) (0.35) (0.35) Net realized gains from investments (0.48) — — (0.40) (0.13) (0.19) Total Distributions (0.62) (0.40) (0.51) (0.60) (0.48) (0.54) Net Asset Value, End of Period $16.66 $17.01 $19.89 $16.44 $16.43 $15.41 Total Return(c) 1.57% (12.72)% 24.20% 3.74% 10.08% (2.77)% Ratios to Average Net Assets: Net Expenses (d)(e) 0.65% 0.65% 0.65% 0.65% 0.65% 0.65% Net Investment Income (Loss) (d) 2.47% 3.10% 2.69% 1.18% 2.30% 1.63% Gross Expenses (d)(e) 2.09% 1.95% 1.82% 1.76% 1.87% 1.01%(f) Supplemental Data: Net Assets at end of period (000's) $1,011 $1,061 $1,264 $1,259 $1,308 $1,529 Portfolio Turnover (c)(g) 23% 9% 22% 13% 5% 40% (a) The Fund’s fiscal year-end changed from October 31 to June 30. See Note 1 in the Notes to Financial Statements. (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) Annualized for periods less than one year. (e) Does not include acquired fund fees and expenses, if any. (f) The amount includes a change in accounting estimate. Without this change in accounting estimate, the gross expense ratio would have been 0.67%, 1.54%, 0.42% and 1.43% for Class A, C, I and R, respectively. (g) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

43 Victory Portfolios For a Share Outstanding Throughout Each Period Financial Highlights — continued See notes to financial statements. Victory INCORE Fund for Income Class A Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022(a) Year Ended October 31, 2021 Year Ended October 31, 2020 Year Ended October 31, 2019 Year Ended October 31, 2018 Net Asset Value, Beginning of Period $7.32 $7.92 $8.40 $8.56 $8.56 $9.09 Investment Activities: Net investment income (loss)(b) 0.04 0.03 0.02 0.06 0.18 0.15(c) Net realized and unrealized gains (losses) (0.16) (0.38) (0.11) 0.17 0.28 (0.23)(c) Total from Investment Activities (0.12) (0.35) (0.09) 0.23 0.46 (0.08) Distributions to Shareholders From: Net investment income (0.21) (0.25) (0.39) (0.39) (0.46) (0.45) Total Distributions (0.21) (0.25) (0.39) (0.39) (0.46) (0.45) Net Asset Value, End of Period $6.99 $7.32 $7.92 $8.40 $8.56 $8.56 Total Return (excludes sales charge)(d) (1.66)% (4.48)% (1.14)% 2.75% 5.50% (0.91)% Ratios to Average Net Assets: Net Expenses (e)(f) 0.91% 0.91% 0.91% 0.91% 0.92% 0.92% Net Investment Income (Loss) (e) 1.16% 0.53% 0.25% 0.75% 2.12% 1.64%(c) Gross Expenses (e)(f) 0.96% 0.95% 0.92% 0.92% 0.94% 0.93% Supplemental Data: Net Assets at end of period (000's) $93,714 $99,353 $128,802 $151,236 $136,570 $153,574 Portfolio Turnover (d)(g) 1% 20% 27% 55% 29% 27% Victory INCORE Fund for Income Class C Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022(a) Year Ended October 31, 2021 Year Ended October 31, 2020 Year Ended October 31, 2019 Year Ended October 31, 2018 Net Asset Value, Beginning of Period $7.23 $7.84 $8.31 $8.48 $8.48 $9.01 Investment Activities: Net investment income (loss)(b) 0.01 (0.01) (0.05) —(h) 0.13 0.08(c) Net realized and unrealized gains (losses) (0.15) (0.39) (0.10) 0.16 0.26 (0.23)(c) Total from Investment Activities (0.14) (0.40) (0.15) 0.16 0.39 (0.15) Distributions to Shareholders From: Net investment income (0.18) (0.21) (0.32) (0.33) (0.39) (0.38) Total Distributions (0.18) (0.21) (0.32) (0.33) (0.39) (0.38) Net Asset Value, End of Period $6.91 $7.23 $7.84 $8.31 $8.48 $8.48 Total Return (excludes contingent deferred sales charge)(d) (1.95)% (5.15)% (1.81)% 1.85% 4.72% (1.69)% Ratios to Average Net Assets: Net Expenses (e)(f) 1.71% 1.71% 1.71% 1.71% 1.72% 1.70% Net Investment Income (Loss) (e) 0.36% (0.27)% (0.62)% (0.01)% 1.53% 0.94%(c) Gross Expenses (e)(f) 1.92% 1.84% 1.79% 1.74% 1.73% 1.71% Supplemental Data: Net Assets at end of period (000's) $5,814 $6,978 $10,066 $20,801 $22,541 $31,976 Portfolio Turnover (d)(g) 1% 20% 27% 55% 29% 27%

Victory Portfolios Financial Highlights — continued For a Share Outstanding Throughout Each Period 44 See notes to financial statements. Victory INCORE Fund for Income Class I Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022(a) Year Ended October 31, 2021 Year Ended October 31, 2020 Year Ended October 31, 2019 Year Ended October 31, 2018 Net Asset Value, Beginning of Period $7.31 $7.92 $8.39 $8.55 $8.55 $9.08 Investment Activities: Net investment income (loss)(b) 0.05 0.04 0.04 0.08 0.16 0.15(c) Net realized and unrealized gains (losses) (0.15) (0.39) (0.10) 0.17 0.32 (0.21)(c) Total from Investment Activities (0.10) (0.35) (0.06) 0.25 0.48 (0.06) Distributions to Shareholders From: Net investment income (0.22) (0.26) (0.41) (0.41) (0.48) (0.47) Total Distributions (0.22) (0.26) (0.41) (0.41) (0.48) (0.47) Net Asset Value, End of Period $6.99 $7.31 $7.92 $8.39 $8.55 $8.55 Total Return(d) (1.39)% (4.45)% (0.77)% 3.01% 5.79% (0.64)% Ratios to Average Net Assets: Net Expenses (e)(f) 0.64% 0.64% 0.64% 0.64% 0.64% 0.63% Net Investment Income (Loss) (e) 1.43% 0.80% 0.48% 0.95% 1.84% 1.69%(c) Gross Expenses (e)(f) 0.68% 0.68% 0.67% 0.66% 0.65% 0.63% Supplemental Data: Net Assets at end of period (000's) $243,927 $284,230 $385,332 $590,749 $447,735 $331,338 Portfolio Turnover (d)(g) 1% 20% 27% 55% 29% 27% Victory INCORE Fund for Income Class R Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022(a) Year Ended October 31, 2021 Year Ended October 31, 2020 Year Ended October 31, 2019 Year Ended October 31, 2018 Net Asset Value, Beginning of Period $7.33 $7.93 $8.40 $8.56 $8.57 $9.09 Investment Activities: Net investment income (loss)(b) 0.04 0.03 0.02 0.06 0.18 0.15(c) Net realized and unrealized gains (losses) (0.16) (0.38) (0.10) 0.17 0.27 (0.22)(c) Total from Investment Activities (0.12) (0.35) (0.08) 0.23 0.45 (0.07) Distributions to Shareholders From: Net investment income (0.21) (0.25) (0.39) (0.39) (0.46) (0.45) Total Distributions (0.21) (0.25) (0.39) (0.39) (0.46) (0.45) Net Asset Value, End of Period $7.00 $7.33 $7.93 $8.40 $8.56 $8.57 Total Return(d) (1.66)% (4.48)% (1.03)% 2.74% 5.37% (0.79)% Ratios to Average Net Assets: Net Expenses (e)(f) 0.91% 0.91% 0.91% 0.91% 0.92% 0.91% Net Investment Income (Loss) (e) 1.16% 0.54% 0.23% 0.76% 2.04% 1.67%(c) Gross Expenses (e)(f) 0.99% 0.98% 0.93% 0.92% 0.94% 0.91% Supplemental Data: Net Assets at end of period (000's) $15,860 $17,973 $23,613 $43,684 $38,596 $43,405 Portfolio Turnover (d)(g) 1% 20% 27% 55% 29% 27%

45 Victory Portfolios For a Share Outstanding Throughout Each Period Financial Highlights — continued See notes to financial statements. Victory INCORE Fund for Income Class R6 Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022(a) Year Ended October 31, 2021 Year Ended October 31, 2020 Year Ended October 31, 2019 Year Ended October 31, 2018 Net Asset Value, Beginning of Period $7.30 $7.91 $8.38 $8.54 $8.55 $9.07 Investment Activities: Net investment income (loss)(b) 0.05 0.04 0.04 0.08 0.17 0.13(c) Net realized and unrealized gains (losses) (0.15) (0.39) (0.10) 0.18 0.30 (0.18)(c) Total from Investment Activities (0.10) (0.35) (0.06) 0.26 0.47 (0.05) Distributions to Shareholders From: Net investment income (0.22) (0.26) (0.41) (0.42) (0.48) (0.47) Total Distributions (0.22) (0.26) (0.41) (0.42) (0.48) (0.47) Net Asset Value, End of Period $6.98 $7.30 $7.91 $8.38 $8.54 $8.55 Total Return(d) (1.38)% (4.44)% (0.77)% 3.06% 5.68% (0.52)% Ratios to Average Net Assets: Net Expenses (e)(f) 0.63% 0.63% 0.63% 0.63% 0.63% 0.63% Net Investment Income (Loss) (e) 1.44% 0.83% 0.46% 0.88% 2.00% 1.43%(c) Gross Expenses (e)(f) 0.64% 0.63% 0.64% 0.64% 0.66% 0.69% Supplemental Data: Net Assets at end of period (000's) $23,452 $27,174 $29,691 $49,009 $15,864 $13,741 Portfolio Turnover (d)(g) 1% 20% 27% 55% 29% 27% Victory INCORE Fund for Income Class Y Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022(a) Year Ended October 31, 2021 Year Ended October 31, 2020 Year Ended October 31, 2019 Year Ended October 31, 2018 Net Asset Value, Beginning of Period $7.31 $7.92 $8.40 $8.56 $8.56 $9.08 Investment Activities: Net investment income (loss)(b) 0.05 0.04 0.03 0.06 0.13 0.19(c) Net realized and unrealized gains (losses) (0.15) (0.39) (0.11) 0.19 0.35 (0.25)(c) Total from Investment Activities (0.10) (0.35) (0.08) 0.25 0.48 (0.06) Distributions to Shareholders From: Net investment income (0.22) (0.26) (0.40) (0.41) (0.48) (0.46) Total Distributions (0.22) (0.26) (0.40) (0.41) (0.48) (0.46) Net Asset Value, End of Period $6.99 $7.31 $7.92 $8.40 $8.56 $8.56 Total Return(d) (1.43)% (4.46)% (0.94)% 2.95% 5.72% (0.61)% Ratios to Average Net Assets: Net Expenses (e)(f) 0.71% 0.71% 0.71% 0.71% 0.71% 0.71% Net Investment Income (Loss) (e) 1.35% 0.72% 0.40% 0.67% 1.48% 2.14%(c) Gross Expenses (e)(f) 0.75% 0.72% 0.71% 0.74% 0.79% 0.79% Supplemental Data: Net Assets at end of period (000's) $44,622 $82,168 $120,588 $186,421 $54,950 $31,975 Portfolio Turnover (d)(g) 1% 20% 27% 55% 29% 27%

Victory Portfolios Financial Highlights — continued For a Share Outstanding Throughout Each Period 46 See notes to financial statements. Victory INCORE Fund for Income Member Class Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022(a) November 3, 2020(i) through October 31, 2021 Net Asset Value, Beginning of Period $7.34 $7.95 $8.41 Investment Activities: Net investment income (loss)(b) 0.05 0.04 0.04 Net realized and unrealized gains (losses) (0.15) (0.39) (0.13) Total from Investment Activities (0.10) (0.35) (0.09) Distributions to Shareholders From: Net investment income (0.22) (0.26) (0.37) Total Distributions (0.22) (0.26) (0.37) Net Asset Value, End of Period $7.02 $7.34 $7.95 Total Return(d) (1.43)% (4.49)% (1.08)% Ratios to Average Net Assets: Net Expenses (e)(f) 0.75% 0.75% 0.75% Net Investment Income (Loss) (e) 1.32% 0.73% 0.52% Gross Expenses (e)(f) 1.76% 2.85% 4.45% Supplemental Data: Net Assets at end of period (000's) $1,395 $1,238 $877 Portfolio Turnover (d)(g) 1% 20% 27% (a) The Fund’s fiscal year-end changed from October 31 to June 30. See Note 1 in the Notes to Financial Statements. (b) Per share net investment income (loss) has been calculated using the average daily shares method. (c) The Fund restated certain elements of its 2018 financial statements resulting from the identification of a GAAP reclassification error for the Fund’s paydown gain (loss) transactions. However, this reclassification had no impact on the Fund’s net assets, NAV, performance, or taxable distributions paid and reported to shareholders for the fiscal and tax years ended 2018. (d) Not annualized for periods less than one year. (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. (h) Amount is less than $0.005 per share. (i) Commencement of operations.

47 Victory Portfolios For a Share Outstanding Throughout Each Period Financial Highlights — continued See notes to financial statements. Victory INCORE Investment Grade Convertible Fund Class A Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022(a) Year Ended October 31, 2021 Year Ended October 31, 2020 Year Ended October 31, 2019 Year Ended October 31, 2018 Net Asset Value, Beginning of Period $16.30 $19.97 $17.31 $17.51 $16.22 $16.53 Investment Activities: Net investment income (loss)(b) 0.15 0.18 0.22 0.27 0.21 0.30 Net realized and unrealized gains (losses) (0.20) (2.07) 3.27 0.47 1.84 0.01 Total from Investment Activities (0.05) (1.89) 3.49 0.74 2.05 0.31 Distributions to Shareholders From: Net investment income (0.11) (1.45) (0.83) (0.35) (0.28) (0.53) Net realized gains from investments (0.14) (0.33) — (0.59) (0.48) (0.09) Total Distributions (0.25) (1.78) (0.83) (0.94) (0.76) (0.62) Net Asset Value, End of Period $16.00 $16.30 $19.97 $17.31 $17.51 $16.22 Total Return (excludes sales charge)(c) (0.35)% (10.32)% 20.62% 4.43% 13.35% 1.87% Ratios to Average Net Assets: Net Expenses (d)(e) 1.18% 1.22% 1.39% 1.38% 1.49% 1.27% Net Investment Income (Loss) (d) 1.76% 1.48% 1.12% 1.63% 1.31% 1.79% Gross Expenses (d)(e) 1.18% 1.22% 1.41% 1.38% 1.49% 1.27% Supplemental Data: Net Assets at end of period (000's) $19,389 $18,981 $21,644 $16,571 $16,349 $14,268 Portfolio Turnover (c)(f) 11% 17% 28% 34% 35% 41% Victory INCORE Investment Grade Convertible Fund Class I Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022(a) Year Ended October 31, 2021 Year Ended October 31, 2020 Year Ended October 31, 2019 Year Ended October 31, 2018 Net Asset Value, Beginning of Period $16.29 $19.98 $17.32 $17.50 $16.21 $16.53 Investment Activities: Net investment income (loss)(b) 0.17 0.22 0.31 0.33 0.31 0.36 Net realized and unrealized gains (losses) (0.20) (2.08) 3.27 0.49 1.83 (0.01) Total from Investment Activities (0.03) (1.86) 3.58 0.82 2.14 0.35 Distributions to Shareholders From: Net investment income (0.12) (1.50) (0.92) (0.41) (0.37) (0.58) Net realized gains from investments (0.14) (0.33) — (0.59) (0.48) (0.09) Total Distributions (0.26) (1.83) (0.92) (1.00) (0.85) (0.67) Net Asset Value, End of Period $16.00 $16.29 $19.98 $17.32 $17.50 $16.21 Total Return(c)(g) (0.22)% (10.20)% 21.19% 4.91% 13.99% 2.16% Ratios to Average Net Assets: Net Expenses (d)(e) 0.91% 0.91% 0.93% 0.96% 0.96% 0.94% Net Investment Income (Loss) (d) 2.03% 1.82% 1.59% 1.98% 1.87% 2.17% Gross Expenses (d)(e) 0.91% 0.91% 0.93% 0.96% 0.96% 0.94% Supplemental Data: Net Assets at end of period (000's) $386,534 $425,954 $403,122 $276,923 $263,981 $126,871 Portfolio Turnover (c)(f) 11% 17% 28% 34% 35% 41%

Victory Portfolios Financial Highlights — continued For a Share Outstanding Throughout Each Period 48 See notes to financial statements. Victory INCORE Investment Grade Convertible Fund Member Class Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022(a) November 3, 2020(h) through October 31, 2021 Net Asset Value, Beginning of Period $16.95 $20.71 $17.36 Investment Activities: Net investment income (loss)(b) 0.17 0.21 0.26 Net realized and unrealized gains (losses) (0.21) (2.16) 3.31 Total from Investment Activities (0.04) (1.95) 3.57 Distributions to Shareholders From: Net investment income (0.11) (1.48) (0.22) Net realized gains from investments (0.14) (0.33) — Total Distributions (0.25) (1.81) (0.22) Net Asset Value, End of Period $16.66 $16.95 $20.71 Total Return(c)(g) (0.26)% (10.28)% 20.36% Ratios to Average Net Assets: Net Expenses (d)(e) 1.10% 1.10% 1.10% Net Investment Income (Loss) (d) 1.92% 1.67% 1.30% Gross Expenses (d)(e) 2.04% 3.79% 9.99% Supplemental Data: Net Assets at end of period (000's) $1,657 $1,058 $512 Portfolio Turnover (c)(f) 11% 17% 28% (a) The Fund’s fiscal year-end changed from October 31 to June 30. See Note 1 in the Notes to Financial Statements. (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) 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) 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 total return. (h) Commencement of operations.

Notes to Financial Statements Victory Portfolios December 31, 2022 49 (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 37 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 six Funds (collectively, the “Funds” and individually, a “Fund”). Each Fund is classified as diversified under the 1940 Act. 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 Special Value Fund Special Value Fund A, C, I, R, and Y Victory THB US Small Opportunities Fund THB US Small Opportunities Fund A and I Victory Strategic Allocation Fund Strategic Allocation Fund A, C, I, and R Victory INCORE Fund for Income INCORE Fund for Income A, C, I, R, R6, Y, and Member Class Victory INCORE Investment Grade Convertible Fund INCORE Investment Grade Convertible Fund A, I, and Member Class On February 2, 2021, the Board of Trustees (the “Board”) of the Trust approved an Agreement and Plan of Reorganization (“Reorganization”), dated February 26, 2021, which provided for the newly formed Victory THB US Small Opportunities Fund (“Acquiring Fund”) and its tax-free exchange of shares of the THB Asset Management Microcap Fund’s (“Predecessor Fund”) shares, valued at the Predecessor Fund’s net assets for the exact same shares and value of the Acquiring Fund’s shares. Investor Class and Institutional Class shares of the Predecessor Fund were exchanged for Class A and Class I shares, respectively, of the Acquiring Fund. The Acquiring Fund commenced operations on May 3, 2021, upon the completion of the Reorganization which occurred as of the close of business on April 30, 2021. 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. Strategic Allocation Fund is a “fund of funds” in that it invests in a selection of affiliated mutual funds and exchange-traded funds ("ETFs") managed by the Fund's Adviser, Victory Capital Management Inc., an affiliate of the Fund. Strategic Allocation Fund may rely on various exemptions contained in 1940 Act and in exemptive rules or orders thereunder issued by the Securities and Exchange Commission (“SEC”) that permit funds, subject to certain conditions, to invest in one or more ETFs and certain other types of investment companies in amounts that exceed limits set forth in the 1940 Act that would otherwise be applicable. On May 19, 2022, the Board approved the fiscal year-end change for the Funds from October 31 to June 30. The accompanying financial statements reflect this change in fiscal year-end. 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 Trust in the preparation of its 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 management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Funds follow the specialized accounting and reporting requirements under GAAP that are applicable to investment companies under Accounting Standards Codification Topic 946. Investment Valuation: The Funds record investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques described below maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Funds' investments are summarized in the three broad levels listed below: • Level 1 — quoted prices (unadjusted) in active markets for identical securities • Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, or credit spreads, applicable to those securities, etc.) • Level 3 — 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 risk associated with entering into those investments.

Notes to Financial Statements — continued Victory Portfolios December 31, 2022 50 (Unaudited) The Adviser, appointed as the valuation designee by the Board, has established the Pricing and Liquidity Committee (the “Committee”), and subject to Board oversight, the Committee administers and oversees the Funds' valuation policies and procedures, which are approved by the Board. Portfolio securities listed or traded on securities exchanges, including ETFs, and American Depositary Receipts (“ADRs”), are valued at the closing 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 last available bid quotation on the exchange or system where the security is principally traded. In each of these situations, valuations are typically categorized as Level 1 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. Investments in the underlying affiliated Funds of the Strategic Allocation Fund and other open-end investment companies, other than ETFs, are valued at their NAV at the end of each business day and are typically categorized in Level 1 of the fair value hierarchy. The underlying affiliated Funds of the Strategic Allocation Fund have specific valuation procedures. In the event that price quotations or valuations are not readily available, are not reflective of market value, or a significant event has been recognized in relation to a security or class of securities, the securities are valued in good faith by the Committee in accordance with valuation procedures approved by the Board. The effect of fair value pricing is that securities may not be priced on the basis of quotations from the primary market in which they are traded and the actual price realized from the sale of a security may differ materially from the fair value price. Valuing these securities at fair value is intended to cause the Fund’s NAV to be more reliable than it otherwise would be. 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 the last sale price to value securities. Debt obligations maturing within 60 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 2 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 2 or Level 3 in the fair value hierarchy, based on the observability of inputs used to determine the fair value. The effect of fair value pricing is that securities may not be priced on the basis of quotations from the primary market in which they are traded and the actual price realized from the sale of a security may differ materially from the fair value price. Valuing these securities at fair value is intended to cause the Fund’s NAV to be more reliable than it otherwise would be. A summary of the valuations as of December 31, 2022, 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 1 Level 2 Level 3 Total Diversified Stock Fund Common Stocks............................................... $245,955 $— $— $245,955 Exchange-Traded Funds ......................................... 5,537 — — 5,537 Total ....................................................... $251,492 $— $— $251,492 Special Value Fund Common Stocks............................................... 36,709 — — 36,709 Exchange-Traded Funds ......................................... 1,061 — — 1,061 Total ....................................................... $37,770 $— $— $37,770 THB US Small Opportunities Fund Common Stocks............................................... 72,796 — — 72,796 Collateral for Securities Loaned ................................... 53 — — 53 Total ....................................................... $72,849 $— $— $72,849 Strategic Allocation Fund Affiliated Exchange-Traded Funds.................................. 1,608 — — 1,608 Affiliated Mutual Funds ......................................... 21,793 — — 21,793 Total ....................................................... $23,401 $— $— $23,401 INCORE Fund for Income Government National Mortgage Association........................... — 359,506 — 359,506 U.S. Treasury Obligations........................................ — 68,938 — 68,938 Investment Companies .......................................... 100 — — 100 Total ....................................................... $100 $428,444 $— $428,544 INCORE Investment Grade Convertible Fund Common Stocks............................................... 2,301 — — 2,301

Notes to Financial Statements — continued Victory Portfolios December 31, 2022 51 (Unaudited) Level 1 Level 2 Level 3 Total INCORE Investment Grade Convertible Fund, continued Convertible Corporate Bonds ..................................... $— $287,554 $— $287,554 Convertible Preferred Stocks...................................... 111,659 — — 111,659 Collateral for Securities Loaned ................................... 61,471 — — 61,471 Total ....................................................... $175,431 $287,554 $— $462,985 As of December 31, 2022, there were no 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 during the year are recorded as realized gains or return of capital as estimated by the Funds or when such information becomes known. 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 of foreign market index. The Funds may purchase shares of ETFs for a variety of purposes, including in connection with pursuing their investment programs to temporarily gain exposure to a portion of the U.S. or a foreign market, and for cash management and other purposes. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are 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 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. 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. 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 SEC guidelines. The cash collateral is invested in short-term instruments or cash equivalents, primarily open-end investment companies, as noted on the Funds’ Schedules of Portfolio Investments. The Funds effectively do not have control of the non-cash collateral and therefore it is not disclosed on the Funds’ Schedules of Portfolio Investments. Collateral requirements are determined daily based on the value of the Funds' securities on loan as of the end of the prior business day. During the time portfolio securities are on loan, the borrower will pay the Funds any dividends or interest paid on such securities plus any fee negotiated between the parties to the lending agreement. The Funds also earn a return from the collateral. The Funds pay Citibank various fees in connection with the investment of cash collateral and fees based on the investment income received from securities lending activities. Securities lending income (net of these fees) is disclosed on the Statements of Operations. Loans are terminable upon demand and the borrower must return the loaned securities within the lesser of one standard settlement period or five business days. Although risk is mitigated by the collateral, a Fund could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. In addition, there is a risk that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower. The Funds' agreement with Citibank does not include master netting provisions. Non-cash collateral received by the Funds may not be sold or repledged, except to satisfy borrower default.

Notes to Financial Statements — continued Victory Portfolios December 31, 2022 52 (Unaudited) The following table (amounts in thousands) is a summary of the Funds' securities lending transactions as of December 31, 2022. Value of Securities on Loan Non-Cash Collateral Cash Collateral THB US Small Opportunities Fund .................................... $ 51 $— $ 53 INCORE Investment Grade Convertible Fund ............................ 60,359 — 61,471 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, 2022, 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. Redemption Fees: The Funds do not receive a redemption fee. Prior to acquisition, the Predecessor Fund retained redemption fees of 2.00% on redemptions of fund shares held for less than 30 days. For the year ended October 31, 2021, Class I (formerly Institutional Class shares) and Class A (formerly Investor Class shares) had approximately $2 thousand and $1 thousand in redemptions fees, respectively, as presented on the Statements of Changes in Net Assets. 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, 2022, were as follows (amounts in thousands): Excluding U.S. Government Securities U.S. Government Securities Purchases Sales Purchases Sales Diversified Stock Fund ............................................ $ 107,793 $ 122,057 $ — $ — Special Value Fund............................................... 16,568 18,742 — — THB US Small Opportunities Fund ................................... 13,202 12,331 — — Strategic Allocation Fund .......................................... 5,510 6,594 — — INCORE Fund for Income ......................................... — 116 4,997 67,076 INCORE Investment Grade Convertible Fund ........................... 46,771 81,607 — — 4.Affiliated Fund Ownership: The Funds offer shares for investment by other funds. The fund-of-funds do not invest in the underlying funds for the purpose of exercising management or control, and the affiliated fund-of-funds' annual and semi-annual reports may be viewed at vcm.com. As of December 31, 2022, certain fund-of-funds owned total outstanding shares of the Funds as follows: INCORE Investment Grade Convertible Fund Ownership % Victory Strategic Allocation Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3

Notes to Financial Statements — continued Victory Portfolios December 31, 2022 53 (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 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. 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 Special Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75% 0.65% 0.60% Flat Rate THB US Small Opportunity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.15% Strategic Allocation Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10% Up to $400 million $400 million - $800 million Over $800 million INCOME Fund for Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50% 0.45% 0.40% INCOME Fund Investment Grade Convertible Fund . . . . . . . . . . . . . . . . . . . . . . . . 0.75% 0.65% 0.60% Amounts incurred and paid to VCM for the six months ended December 31, 2022, 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 entitled to receive fees based on a percentage of the average daily net assets of the Trust, Victory Variable Insurance Funds and Victory Portfolios II. The tiered rates at which VCM is paid by the Funds are shown in the table below: Net Assets Up to $15 billion $15 billion — $30 billion Over $30 billion 0.08%, plus 0.05%, plus 0.04% Amounts incurred for the six months ended December 31, 2022, 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, 2022, are reflected on the Statements of Operations as Sub-Administration fees. The Funds (as part of the Trust) have entered into an agreement with the Adviser to provide compliance services, pursuant to which the Adviser furnishes its compliance personnel, including the services of the Chief Compliance Officer (“CCO”), and other resources reasonably necessary to provide the Trust with compliance oversight services related to the design, administration, and oversight of a compliance program for the Trust in accordance with Rule 38a-1 under the 1940 Act. The CCO is an employee of the Adviser, which pays the compensation of the CCO and support staff. The funds in the Trust, Victory Variable Insurance Funds, Victory Portfolios II and USAA Mutual Funds (collectively, the “Victory Funds Complex”), in aggregate, compensate the Adviser for these services. Amounts incurred for the six months ended December 31, 2022, 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, 2022, 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, 2022, are reflected on the Statements of Operations as 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.

Notes to Financial Statements — continued Victory Portfolios December 31, 2022 54 (Unaudited) 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: Class A Class C Class R Diversified Stock Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25% 1.00% 0.50% Special Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25% 1.00% 0.50% THB US Small Opportunities Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25% N/A N/A Strategic Allocation Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25% 1.00% 0.50% INCORE Fund for Income 0.25% 1.00% 0.25% INCORE Investment Grade Convertible Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25% N/A N/A The distribution and service fees paid to the Distributor may be used by the Distributor to pay for activities primarily intended to result in the sale of Class A, Class C, and Class R. Amounts incurred for the six months ended December 31, 2022, are reflected on the Statements of Operations as 12b-1 fees. In addition, the Distributor is entitled to receive commissions in connection with sales of the Class A. For the six months ended December 31, 2022, the Distributor received approximately $2 thousand from commissions earned in connection with sales of Class A. 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, 2022, are reflected on the Statements of Operations as Custodian fees. Sidley Austin LLP provides legal services to the Trust. The Adviser has entered into expense limitation agreements with certain Funds. Under the terms of the agreements, the Adviser has agreed to waive fees or reimburse the expenses to the extent that ordinary operating expenses incurred by certain classes of a Fund in any fiscal year exceed the expense limit for such classes of the Fund. 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 Fund’s business are excluded from the expense limits. As of December 31, 2022, the expense limits (excluding voluntary waivers) are as follows: In effect until February 28, 2023 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 Special Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . N/A 2.20% 1.15% N/A N/A 1.10% N/A THB US Small Opportunities Fund. . . . . . . . . . . . . . . . . . . 1.70%(a) N/A 1.25%(a) N/A N/A N/A N/A Strategic Allocation Fund. . . . . . . . . . . . . . . . . . . . . . . . 0.40% 1.15% 0.15% 0.65% N/A N/A N/A INCORE Fund for Income . . . . . . . . . . . . . . . . . . . . . . . 0.91% 1.71% 0.64% 0.91% 0.63% 0.71% 0.75% INCORE Investment Grade Convertible. . . . . . . . . . . . . . . . 1.39% N/A N/A N/A N/A N/A 1.10% (a) In effect until May 3, 2023. Under the terms of the expense limitation agreements, the Funds (except Strategic Allocation Fund) 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. As of December 31, 2022, the following amounts are available to be repaid to the Adviser (amounts in thousands). The Funds have not recorded any amounts available to be repaid as a liability due to an assessment that such repayments are not probable at December 31, 2022. Expires 2023 Expires 2024 Expires 2025 Expires 2026 Total Diversified Stock Fund ....................................... $ 36 $ 28 $ 21 $ 19 $ 104 Special Value Fund.......................................... 28 23 14 14 79 THB US Small Opportunities Fund .............................. — 13 109 59 181 INCORE Fund for Income .................................... 105 197 160 118 580 INCORE Investment Grade Convertible Fund ...................... — 23 15 6 44 The Adviser may voluntarily waive or reimburse additional fees to assist the Funds in maintaining competitive expense ratios. Voluntary waivers and reimbursements applicable to the Funds are not available to be recouped at a future time. For the six months ended December 31, 2022, the Adviser voluntarily waived the following amounts (in thousands): Special Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $20 Certain officers and/or interested trustees of the Funds are also officers and/or employees of the Adviser, administrator, fund accountant, sub-administrator, sub-fund accountant, custodian, legal counsel, and Distributor.

Notes to Financial Statements — continued Victory Portfolios December 31, 2022 55 (Unaudited) 6. Risks: The Funds may be subject to other risks in addition to these identified risks. 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. Equity Risk — The Funds may invest in underlying affiliated funds that invest in equity securities. The value of the equity securities in which the Funds invest may decline in response to developments affecting individual companies and/or general, economic conditions in the United States or abroad. A company’s earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Market Risk — Overall market risks may affect the value of the Funds. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels and other fiscal and monetary policy changes, cybersecurity incidents, pandemics and other public health crises, 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. Micro-Capitalization Stock Risk — Micro-capitalization companies tend to be less seasoned and may lose market share or profits to a greater extent than larger, more established companies. Since micro-capitalization 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. Debt Securities and Interest Rate Risk — The INCORE Fund for Income and the INCORE Investment Grade Convertible Bond Fund are subject to debt securities and interest rate 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. 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. High-Yield/Junk Bond Risk — Lower-quality debt securities can involve a substantially greater risk of default than higher quality debt securities, and their values can decline significantly over short and longer periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about the issuer, or the market or economy in general. LIBOR Discontinuation Risk — The London Interbank Offered Rate (“LIBOR”) discontinuation may adversely affect the financial markets generally and the Funds' operations, finances and investments specifically. LIBOR has been the principal floating-rate benchmark in the financial markets. However, LIBOR has been or will be discontinued as a floating rate benchmark. The date of discontinuation depends on the LIBOR currency and tenor. With limited exceptions, no new LIBOR obligations will be entered into after December 31, 2021. Existing LIBOR obligations have transitioned or will transition to another benchmark, depending on the LIBOR currency and tenor. For some existing LIBOR-based obligations, the contractual consequences of the discontinuation of LIBOR may not be clear. Non-LIBOR floating-rate obligations, including Secured Overnight Financing Rate (“SOFR”)-based obligations, may have returns and values that fluctuate more than those of floating-rate debt obligations that are based on LIBOR or other rates. Also, because SOFR and some alternative floating rates are relatively new market indexes, markets for certain non-LIBOR obligations may never develop or may not be liquid. Market terms for non-LIBOR floating rate obligations, such as the spread over the index reflected in interest-rate provisions, may evolve over time, and prices of non-LIBOR floating rate obligations may be different depending on when they are issued and changing views about correct spread levels. Various SOFR-based rates, including SOFR-based term rates, and various non-SOFR-based rates are expected to develop in response to the discontinuation of U.S. dollar LIBOR, which may create various risks for the Funds and the financial markets more generally. There are non-LIBOR forward-looking floating rates that are not based on SOFR and that may be considered by participants in the financial markets as LIBOR alternatives. Such rates include AMERIBOR (American Interbank Offered Rate), BSBY (Bloomberg Short-Term Bank Yield Index) and BYI (Bank Yield Index). Unlike forward-looking SOFR-based term rates, such rates are intended to reflect a bank credit spread component. It is not clear how replacement rates for LIBOR — including SOFR-based rates and non-SOFR-based rates — will develop and to what extent they will be used. There is no assurance that these replacement rates will be suitable substitutes for LIBOR, and thus the substitution of such rates for LIBOR could have an adverse effect on the Funds and the financial markets more generally. Concerns about market depth and stability could affect the development of non-SOFR-based term rates, and such rates may create various risks, which may or may not be similar to the risks relating to SOFR.

Notes to Financial Statements — continued Victory Portfolios December 31, 2022 56 (Unaudited) 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. The Line of Credit agreement with Citibank was renewed on June 27, 2022, with a termination date of June 26, 2023. Under the agreement with Citibank, the Victory Funds Complex 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, 2022, 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. Prior to June 28, 2022, interest was based on the one-month LIBOR plus one percent. Effective with the renewal, June 27, 2022, interest was based on the one-month SOFR plus 1.10 percent. The Funds did not experience a material financial impact transitioning from LIBOR to SOFR. 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, 2022. 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, interest charged to each Fund, if any, during the period, is reflected on the Statements of Operations under Interfund lending fees. As a Lender, 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, 2022, were as follows (amounts in thousands): Borrower or Lender Amount Outstanding December 31, 2022 Average Borrowing* Days Borrowing Outstanding Average Interest Rate* Maximum Borrowing During the Period INCORE Investment Grade Convertible Fund. . . . . . . . . . . .Borrower $— $1,182 1 4.34% $1,182 * Based on the number of days borrowings were outstanding for the period ended December 31, 2022. 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. Declared Paid Diversified Stock Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Quarterly Quarterly Special Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Annually Annually THB US Small Opportunities Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Quarterly Quarterly Strategic Allocation Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Quarterly Quarterly INCORE Fund for Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Monthly Monthly INCORE Investment Grade Convertible Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Quarterly Quarterly 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 Statement of Assets and Liabilities. The tax character of current year distributions paid and the tax basis of the current components of accumulated earnings (loss) will be determined at the end of the current tax year. As of tax year ended June 30, 2022, the Funds had net capital loss carryforwards as shown in the table below (amounts in thousands). It is unlikely that the Board will authorize a distribution of capital gains realized in the future until the capital loss carryforwards have been used.

Notes to Financial Statements — continued Victory Portfolios December 31, 2022 57 (Unaudited) Short-Term Amount Long-Term Amount Total THB US Small Opportunities Fund ......................................... $ (610) $ — $ (610) INCORE Fund for Income ............................................... (130,175) (248,828) (379,003) 9.Affiliated Securities: An affiliated security is a security in which a Fund has ownership of at least 5% of the security’s outstanding voting shares, an investment company managed by VCM, or an issuer under common control with a Fund or VCM. The Funds do not invest in affiliated securities for the purpose of exercising management or control. These securities are noted as affiliated on a Fund’s Schedule of Portfolio Investments. The financial statements of the underlying funds can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and are available for download from both the SEC’s as well as each respective underlying fund’s website. Transactions in affiliated securities during the six months ended December 31, 2022, were as follows (amounts in thousands): Fair Value 6/30/2022 Purchases at Cost Proceeds from Sales Realized Gains (Losses) Capital Gain Distribution Net Change in Unrealized Appreciation/ Depreciation Fair Value 12/31/2022 Dividend Income Strategic Allocation Fund Victory Global Energy Transition Fund, Class Y.............. $ 1,440 $ 17 $ — $ — $ — $ 125 $ 1,582 $ 17 Victory INCORE Investment Grade Convertible Fund, Class I ..... 1,524 22 (157) (31) 12 8 1,366 11 Victory INCORE Total Return Bond Fund, Class R6 ............. 2,600 5,124 (222) (39) — (6) 7,457 78 Victory Integrity Discovery Fund, Class Y .................. 919 52 (197) 33 43 (40) 767 18 Victory Market Neutral Income Fund, Class I .............. 5,288 66 (5,165) (305) — 116 — 66 Victory RS Global Fund, Class Y. . 6,484 81 (423) 113 — 74 6,329 81 Victory RS Partners Fund, Class Y. 926 64 (169) 44 57 (54) 811 6 Victory Sophus Emerging Markets Fund, Class R6 ............. 2,166 68 — — — (157) 2,077 68 Victory Trivalent International Small-Cap Fund, Class I ...... 1,383 16 (23) 4 — 24 1,404 16 VictoryShares U.S. Multi-Factor Minimum Volatility ETF ...... 1,779 — (238) 77 — (10) 1,608 19 $ 24,509 $ 5,510 $ (6,594) $ (104) $ 112 $ 80 $ 23,401 $ 380

Supplemental Information Victory Portfolios December 31, 2022 58 (Unaudited) Proxy Voting and Portfolio Holdings Information Proxy Voting: Information regarding the policies and procedures each Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 800-539-3863. The information is also included in the Funds' Statement of Additional Information, which is available on the SEC’s website at sec.gov. Information relating to how the Funds voted proxies relating to portfolio securities held during the most recent 12 months ended June 30 is available on the SEC’s website at sec.gov. Availability of Schedules of Portfolio Investments: The Trust files a complete list of Schedules of Portfolio Investments with the SEC for the first and third quarter of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s website at sec.gov. Expense Examples As a shareholder of the Funds, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases; and (2) ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022, through December 31, 2022. The Actual Expense figures in the table below provide information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period. The Hypothetical Expense figures in the table below provide information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds. Please note the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the hypothetical expenses in the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. Beginning Account Value 7/1/22 Actual Ending Account Value 12/31/22 Hypothetical Ending Account Value 12/31/22 Actual Expenses Paid During Period 7/1/22 - 12/31/22* Hypothetical Expenses Paid During Period 7/1/22 - 12/31/22* Annualized Expense Ratio During Period 7/1/22 - 12/31/22 Diversified Stock Fund Class A ............................... $1,000.00 $1,038.80 $1,019.76 $5.55 $5.50 1.08% Class C ............................... 1,000.00 1,034.20 1,015.02 10.36 10.26 2.02% Class I ............................... 1,000.00 1,040.20 1,021.02 4.27 4.23 0.83% Class R ............................... 1,000.00 1,037.50 1,018.35 6.98 6.92 1.36% Class R6 .............................. 1,000.00 1,040.40 1,021.27 4.01 3.97 0.78% Class Y ............................... 1,000.00 1,040.00 1,020.87 4.42 4.38 0.86% Special Value Fund Class A ............................... 1,000.00 1,036.50 1,018.80 6.52 6.46 1.27% Class C ............................... 1,000.00 1,032.20 1,014.62 10.76 10.66 2.10% Class I ............................... 1,000.00 1,038.20 1,019.91 5.39 5.35 1.05% Class R ............................... 1,000.00 1,035.00 1,017.14 8.21 8.13 1.60% Class Y ............................... 1,000.00 1,037.90 1,020.16 5.14 5.09 1.00% THB US Small Opportunities Fund Class A ............................... 1,000.00 1,025.10 1,016.64 8.68 8.64 1.70% Class I ............................... 1,000.00 1,027.80 1,018.90 6.39 6.36 1.25% Strategic Allocation Fund Class A ............................... 1,000.00 1,017.00 1,023.19 2.03 2.04 0.40% Class C ............................... 1,000.00 1,013.50 1,019.41 5.84 5.85 1.15% Class I ............................... 1,000.00 1,018.20 1,024.45 0.76 0.77 0.15% Class R ............................... 1,000.00 1,015.70 1,021.93 3.30 3.31 0.65%

Supplemental Information — continued Victory Portfolios December 31, 2022 59 (Unaudited) Beginning Account Value 7/1/22 Actual Ending Account Value 12/31/22 Hypothetical Ending Account Value 12/31/22 Actual Expenses Paid During Period 7/1/22 - 12/31/22* Hypothetical Expenses Paid During Period 7/1/22 - 12/31/22* Annualized Expense Ratio During Period 7/1/22 - 12/31/22 INCORE Fund for Income Class A ............................... 1,000.00 983.40 1,020.62 4.55 4.63 0.91% Class C ............................... 1,000.00 980.50 1,016.59 8.54 8.69 1.71% Class I ............................... 1,000.00 986.10 1,021.98 3.20 3.26 0.64% Class R ............................... 1,000.00 983.40 1,020.62 4.55 4.63 0.91% Class R6 .............................. 1,000.00 986.20 1,022.03 3.15 3.21 0.63% Class Y ............................... 1,000.00 985.70 1,021.63 3.55 3.62 0.71% Member Class .......................... 1,000.00 985.70 1,021.42 3.75 3.82 0.75% INCORE Investment Grade Convertible Fund Class A ............................... 1,000.00 996.50 1,019.26 5.94 6.01 1.18% Class I ............................... 1,000.00 997.80 1,020.62 4.58 4.63 0.91% Member Class .......................... 1,000.00 997.40 1,019.66 5.54 5.60 1.10% * Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Victory Portfolios 60 (Unaudited) Supplemental Information — continued December 31, 2022 Considerations of the Board in Continuing the Investment Advisory Agreements (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 6, 2022. The Board also considered information relating to the Funds and the Agreement provided throughout the year and, more specifically, at the meetings on October 18, 2022 and December 6, 2022. In considering whether to approve the Agreement, the Board requested, and the Adviser provided, information that the Board believed to be reasonably necessary to reach its conclusions. 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. In addition, the Independent Trustees considered a past review of their overall process for conducting the annual review of the Funds’ advisory arrangements by a consultant retained through their counsel. 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); • Whether the fee would be sufficient to enable the Adviser to attract and retain experienced personnel and continue to provide quality services to the Funds; • The fees paid by other clients of the Adviser whose accounts are managed in a similar investment style and any differences in the services provided to the other clients compared to those provided to the Funds; • The total expenses of each Fund; • Management’s commitment to operating the Funds at competitive expense levels; • The profitability of the Adviser (as reflected by comparing fees earned against an estimate of the Adviser’s costs) with respect to the Adviser’s relationship with the Funds; • Research and other service benefits received by the Adviser obtained through payment of client commissions for securities transactions; • Other indirect benefits received by the Adviser, and its affiliates, including revenues paid to the Adviser, or its affiliates, by the Funds for ad-ministration and fund accounting services, and distribution; • The capabilities and financial condition of the Adviser; • Current economic and industry trends; and • The historical relationship between each Fund and the Adviser. The Board reviewed each Fund’s current management fee, comprised of the advisory fee plus the administrative services fee paid to the Adviser, in the context of the Adviser’s profitability with respect to each Fund individually. 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 met with the consultant to review its inputs and methodologies, among other things. 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 with similar investment strategies selected by that consultant from the universe. The Board reviewed the factors and methodology used by the consultant 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. With respect to certain Funds, the Board also reviewed 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. For Funds with total net expense ratios that ranked within the fourth quartile (most expensive) in relation to their peers as evaluated by a consultant, the Board requested, and the Adviser provided, supplemental information about the level of fees and the nature of the services provided. The Adviser reviewed additional relevant circumstances, which included, among other things, specialized strategies, small or decreasing assets, or rapid or recent changes in peer expense ratios. 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.

Supplemental Information — continued Victory Portfolios December 31, 2022 61 (Unaudited) The Board found that the gross annual management fee paid by each Fund was within the range of management fees paid by each Fund’s respective peer group. The Board noted that, except for the Strategic Allocation Fund, each Fund’s advisory fee structure contained at least one breakpoint. The Board also noted that the Adviser contractually agreed to waive the advisory fee payable by the Strategic Allocation Fund through October 31, 2023, and that any advisory fees charged under the Agreement are based on services provided that will be in addition to, rather than duplicative of, the services provided under the advisory contract of any fund in which the Strategic Allocation Fund invests. The Board also found that each Fund’s Class A net annual expense ratio, taking into account any shareholder servicing or distribution fees, was reasonable as compared with each Fund’s respective peer group. The Board considered the Adviser’s contractual agreement with each Fund to waive its fees and reimburse expenses of certain classes for a specified period of time, as described in the Fund’s prospectus. 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. 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. Special Value Fund: The Board compared the Fund’s Class A performance for the one-, three-, five- and ten-year periods ended June 30, 2022, to that of the median performance of the Fund’s peer group and benchmark index for the same periods and considered the fact that the Fund outperformed both the benchmark index and the peer group median for the one-year period, and underperformed both the benchmark index and the peer group median for the three-, five- and ten-year periods. The Board noted that the Fund’s portfolio management team changed in May 2017. Having considered, 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 one way the Adviser is addressing the Fund’s underperformance is through its change of the Fund’s portfolio management team; (4) that the Adviser’s willingness to limit the expenses of certain classes for a period of time would provide stability to the Fund’s expenses for those share classes during that period; and (5) the Fund’s performance during the periods reviewed, the Board concluded that the Agreement continued to be in the best interests of the Fund’s shareholders. THB US Small Opportunities Fund: The Board compared the Fund’s Class A performance for the one-, three-, five- and ten-year periods ended June 30, 2022, 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, underperformed the benchmark index for the ten-year period, underperformed the peer group median for the one-, five- and ten-year periods, and matched the performance of the peer group median for the three-year period. Having considered, 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 one way the Adviser is addressing the Fund’s underperformance is through its change of the Fund’s portfolio management team; (4) that the Adviser’s willingness to limit the expenses of certain classes for a period of time would provide stability to the Fund’s expenses for those share classes during that period; and (5) the Fund’s performance during the periods reviewed, the Board concluded that the Agreement continued to be in the best interests of the Fund’s shareholders. INCORE Fund for Income: The Board compared the Fund’s Class A performance for the one-, three-, five- and ten-year periods ended June 30, 2022, 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, matched the peer group median for the one-year period, underperformed the peer group median for the three-year period, and outperformed the peer group median for the five- and ten-year periods. Having considered, 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 would provide stability to the Fund’s expenses for those share classes during that period; and (4) the Fund’s performance during the periods reviewed, the Board concluded that the Agreement continued to be in the best interests of the Fund’s shareholders. Strategic Allocation Fund: The Board compared the Fund’s Class A performance for the one-, three-, five- and ten-year periods ended June 30, 2022, 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-year period, underperformed the benchmark index for the three-, five- and ten-year periods, and outperformed the peer group median for all of the periods reviewed. The Board noted that the Fund changed its investment strategy and its benchmark index in December 2015. Having considered, 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 would provide stability to the Fund’s expenses for those share classes during that period; and (4) the Fund’s performance during the periods reviewed, the Board concluded that the Agreement continued to be in the best interests of the Fund’s shareholders.

Supplemental Information — continued Victory Portfolios December 31, 2022 62 (Unaudited) INCORE Investment Grade Convertible Fund: The Board compared the Fund’s Class A performance for the one-, three-, five- and ten-year periods ended June 30, 2022, 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-year period, and underperformed the peer group median for the three-, five- and ten-year periods. The Board discussed with the Adviser how market conditions affected the Fund during periods of underperformance given the Fund’s investment strategy and fee and expense profile. Having considered, 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 would provide stability to the Fund’s expenses for those share classes during that period; and (4) the Fund’s performance during the periods reviewed, the Board concluded that the Agreement continued to be in the best interests of the Fund’s shareholders. Diversified Stock Fund: The Board compared the Fund’s Class A performance for the one-, three-, five- and ten-year periods ended June 30, 2022, 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 year period, underperformed the peer group median for the three-, five- and ten-year periods, 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. The Board noted that the Fund’s portfolio management team changed in May 2017. Having considered, 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 would provide stability to the Fund’s expenses for those share classes during that period; and (4) the Fund’s performance during the periods reviewed, 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 the 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 the Funds 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 the Funds; • The Adviser’s representations regarding its staffing and capabilities to manage the Funds, 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 (12/22)

December 31, 2022 Semi Annual Report Victory Sycamore Established Value Fund Victory Sycamore Small Company Opportunity Fund

TABLE OF CONTENTS Victory Portfolios 1 Investment Objectives and Portfolio Holdings 3 Schedules of Portfolio Investments Victory Sycamore Established Value Fund 5 Victory Sycamore Small Company Opportunity Fund 8 Financial Statements Statements of Assets and Liabilities 11 Statements of Operations 12 Statements of Changes in Net Assets 13 Financial Highlights 16 Notes to Financial Statements 22 Supplemental Information 29 Proxy Voting and Portfolio Holdings Information 29 Expense Examples 29 Advisory Contract Approval 30 Privacy Policy (inside back cover)

2 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

3 Victory Portfolios Victory Sycamore Established Value Fund December 31, 2022 Investment Objective and Portfolio Holdings: (Unaudited) The Fund seeks to provide long-term capital growth by investing primarily in common stocks. Top 10 Holdings*: December 31, 2022 (% of Net Assets) Sysco Corp. 2.1% The Progressive Corp. 2.0% Quest Diagnostics, Inc. 2.0% Alexandria Real Estate Equities, Inc. 1.9% Textron, Inc. 1.9% Flex Ltd. 1.9% AGCO Corp. 1.8% Yum! Brands, Inc. 1.8% The Toro Co. 1.8% Leidos Holdings, Inc. 1.7% Sector Allocation*: December 31, 2022 (% of Net Assets) Industrials 21.7% Financials 15.2% Exchange-Traded Funds 1.0% Communication Services 1.0% Energy 2.5% Utilities 3.2% Consumer Staples 3.9% Health Care 6.8% Real Estate 8.6% Consumer Discretionary 9.1% Materials 11.4% Information Technology 14.2% * Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. Percentages are of the net assets of the Fund and may not equal 100%. Refer to the Schedule of Portfolio Investments for a complete list of securities.

4 Victory Portfolios Victory Sycamore Small Company Opportunity Fund December 31, 2022 Investment Objective and Portfolio Holdings: (Unaudited) The Fund seeks to provide capital appreciation. Top 10 Holdings*: December 31, 2022 (% of Net Assets) Independent Bank Corp. 1.7% SouthState Corp. 1.6% Bank of Hawaii Corp. 1.6% UMB Financial Corp. 1.5% Wintrust Financial Corp. 1.4% Werner Enterprises, Inc. 1.4% Sonoco Products Co. 1.4% Littelfuse, Inc. 1.4% Columbia Sportswear Co. 1.4% PDC Energy, Inc. 1.4% Sector Allocation*: December 31, 2022 (% of Net Assets) Industrials 24.1% Financials 17.7% Exchange-Traded Funds 0.7% Communication Services 1.1% Energy 3.2% Health Care 3.5% Utilities 3.8% Consumer Staples 5.3% Real Estate 7.0% Consumer Discretionary 9.0% Materials 9.6% Information Technology 12.5% * Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned. Percentages are of the net assets of the Fund and may not equal 100%. Refer to the Schedule of Portfolio Investments for a complete list of securities.

Schedule of Portfolio Investments December 31, 2022 Victory Portfolios Victory Sycamore Established Value Fund 5 (Amounts in Thousands, Except for Shares) (Unaudited) See notes to financial statements. Security Description Shares Value Common Stocks (97.6%) Communication Services (1.0%): Live Nation Entertainment, Inc. (a) .......................................... 2,460,000 $ 171,560 Consumer Discretionary (9.1%): Aptiv PLC (a) ......................................................... 2,220,000 206,749 BorgWarner, Inc. ....................................................... 7,115,000 286,379 Darden Restaurants, Inc. ................................................. 755,000 104,439 Hilton Worldwide Holdings, Inc. ........................................... 1,575,000 199,017 Newell Brands, Inc. ..................................................... 10,241,000 133,952 Ross Stores, Inc. ....................................................... 2,476,500 287,447 Yum! Brands, Inc. ...................................................... 2,370,000 303,550 1,521,533 Consumer Staples (3.9%): Archer-Daniels-Midland Co. .............................................. 620,000 57,567 Sysco Corp. .......................................................... 4,600,000 351,670 Tyson Foods, Inc., Class A ................................................ 3,755,000 233,749 642,986 Energy (2.5%): Coterra Energy, Inc. ..................................................... 8,942,400 219,715 Devon Energy Corp. .................................................... 3,250,000 199,907 419,622 Financials (15.2%): American Financial Group, Inc. ............................................ 1,800,000 247,104 Everest Re Group Ltd. ................................................... 860,000 284,892 Huntington Bancshares, Inc. ............................................... 7,865,000 110,896 Old Republic International Corp. ........................................... 9,750,000 235,462 Prosperity Bancshares, Inc. ............................................... 3,545,000 257,651 T. Rowe Price Group, Inc. ................................................ 1,510,000 164,681 The Allstate Corp. ...................................................... 1,403,000 190,247 The Bank of New York Mellon Corp. ........................................ 5,900,000 268,568 The Progressive Corp. ................................................... 2,560,000 332,058 W.R. Berkley Corp. ..................................................... 2,405,000 174,531 Zions Bancorp NA ..................................................... 5,279,500 259,540 2,525,630 Health Care (6.8%): Hologic, Inc. (a)........................................................ 3,460,000 258,843 Molina Healthcare, Inc. (a) ................................................ 515,000 170,063 Quest Diagnostics, Inc. .................................................. 2,110,000 330,088 The Cooper Cos., Inc. ................................................... 830,000 274,456 Zimmer Biomet Holdings, Inc. ............................................. 840,000 107,100 1,140,550 Industrials (21.7%): AGCO Corp. ......................................................... 2,220,000 307,892 Alaska Air Group, Inc. (a)................................................. 4,700,000 201,818 Carrier Global Corp. .................................................... 2,660,000 109,725 Hubbell, Inc. .......................................................... 905,000 212,385 J.B. Hunt Transport Services, Inc. ........................................... 920,000 160,411 Landstar System, Inc. ................................................... 1,120,000 182,448 Leidos Holdings, Inc. ................................................... 2,755,000 289,799 Lincoln Electric Holdings, Inc. ............................................. 1,160,000 167,609 ManpowerGroup, Inc. ................................................... 2,105,000 175,157 Oshkosh Corp. ........................................................ 2,190,000 193,136 Owens Corning ........................................................ 2,010,000 171,453 Parker-Hannifin Corp. ................................................... 730,000 212,430 Republic Services, Inc. .................................................. 680,000 87,713 Textron, Inc. .......................................................... 4,446,300 314,798 The Middleby Corp. (a) .................................................. 1,855,000 248,385 The Toro Co. ......................................................... 2,630,000 297,716 United Rentals, Inc. (a)................................................... 165,000 58,644 Xylem, Inc. ........................................................... 2,025,000 223,904 3,615,423 Information Technology (14.2%): Amphenol Corp., Class A ................................................. 3,300,000 251,262

Victory Portfolios Victory Sycamore Established Value Fund 6 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value DXC Technology Co. (a) ................................................. 6,020,000 $ 159,530 Flex Ltd. (a) .......................................................... 14,570,000 312,672 Genpact Ltd. .......................................................... 6,038,900 279,722 Global Payments, Inc. ................................................... 2,115,000 210,062 Hewlett Packard Enterprise Co. ............................................ 10,765,000 171,809 Maximus, Inc. (b)....................................................... 3,830,000 280,854 MKS Instruments, Inc. ................................................... 2,565,000 217,332 Motorola Solutions, Inc. ................................................. 700,000 180,397 Skyworks Solutions, Inc. ................................................. 2,355,000 214,611 Western Digital Corp. (a) ................................................. 2,685,000 84,712 2,362,963 Materials (11.4%): AptarGroup, Inc. ....................................................... 2,100,000 230,958 Avery Dennison Corp. ................................................... 1,335,900 241,798 Corteva, Inc. .......................................................... 980,000 57,604 Crown Holdings, Inc. ................................................... 2,760,000 226,900 Franco-Nevada Corp. ................................................... 1,635,000 223,145 Packaging Corp. ....................................................... 1,860,000 237,913 Reliance Steel & Aluminum Co. ............................................ 825,000 167,013 RPM International, Inc. .................................................. 1,935,000 188,566 Steel Dynamics, Inc. .................................................... 1,235,000 120,659 Westlake Corp. ........................................................ 2,080,000 213,283 1,907,839 Real Estate (8.6%): Alexandria Real Estate Equities, Inc. ......................................... 2,225,000 324,116 American Homes 4 Rent, Class A ........................................... 4,730,000 142,562 Camden Property Trust .................................................. 1,740,000 194,671 Equity LifeStyle Properties, Inc. ............................................ 3,530,000 228,038 Lamar Advertising Co., Class A ............................................ 2,880,000 271,872 National Retail Properties, Inc. ............................................. 5,775,000 264,264 1,425,523 Utilities (3.2%): Alliant Energy Corp. .................................................... 4,700,000 259,487 Xcel Energy, Inc. ....................................................... 3,825,000 268,171 527,658 Total Common Stocks (Cost $13,522,209) a a a 16,261,287 Exchange-Traded Funds (1.0%) iShares Russell Mid-Cap Value ETF (c) ....................................... 1,540,000 162,224 Total Exchange-Traded Funds (Cost $108,285) a a a 162,224 Collateral for Securities Loaned (0.0%)^(d) Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.14% (e) ....... 315,900 316 HSBC U.S. Government Money Market Fund, Institutional Shares, 4.13% (e)............ 315,900 316 Invesco Government & Agency Portfolio, Institutional Shares, 4.22% (e) ............... 315,900 316 Morgan Stanley Institutional Liquidity Government Portfolio, Institutional Shares, 4.08% (e). 315,900 316 Total Collateral for Securities Loaned (Cost $1,264) a a a 1,264 Total Investments (Cost $13,631,758) — 98.6% 16,424,775 Other assets in excess of liabilities — 1.4% 241,370 NET ASSETS - 100.00% $ 16,666,145 ^ Purchased with cash collateral from securities on loan. (a) Non-income producing security. (b) Affiliated security (See Note 9 in the Notes to Financial Statements) (c) All or a portion of this security is on loan. (d) Amount represents less than 0.05% of net assets. (e) Rate disclosed is the daily yield on December 31, 2022.

Victory Portfolios Victory Sycamore Established Value Fund 7 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. ETF—Exchange-Traded Fund PLC—Public Limited Company

Schedule of Portfolio Investments December 31, 2022 Victory Portfolios Victory Sycamore Small Company Opportunity Fund 8 (Amounts in Thousands, Except for Shares) (Unaudited) See notes to financial statements. Security Description Shares Value Common Stocks (96.8%) Communication Services (1.1%): The E.W. Scripps Co. Class A, Class A (a)(b) ................................... 5,375,000 $ 70,896 Consumer Discretionary (9.0%): Carter's, Inc. .......................................................... 854,908 63,785 Choice Hotels International, Inc. ............................................ 435,000 48,998 Columbia Sportswear Co. ................................................ 980,000 85,829 Helen of Troy Ltd. (a).................................................... 322,000 35,713 Hyatt Hotels Corp., Class A (a) ............................................. 570,000 51,557 LCI Industries ......................................................... 365,000 33,744 Mattel, Inc. (a)......................................................... 3,800,000 67,792 Murphy USA, Inc. ...................................................... 72,000 20,127 Signet Jewelers Ltd. .................................................... 945,000 64,260 Texas Roadhouse, Inc. ................................................... 235,000 21,373 Visteon Corp. (a) ....................................................... 600,000 78,498 571,676 Consumer Staples (5.3%): Casey's General Stores, Inc. ............................................... 328,000 73,587 Central Garden & Pet Co., Class A (a) ........................................ 1,645,000 58,891 Ingredion, Inc. ........................................................ 825,000 80,792 Lancaster Colony Corp. .................................................. 235,000 46,365 Performance Food Group Co. (a)............................................ 1,345,000 78,535 338,170 Energy (3.2%): Delek U.S. Holdings, Inc. ................................................ 1,465,000 39,555 Magnolia Oil & Gas Corp., Class A ......................................... 3,345,000 78,440 PDC Energy, Inc. ...................................................... 1,350,000 85,698 203,693 Financials (17.7%): AMERISAFE, Inc. (b) ................................................... 1,012,600 52,625 Bank of Hawaii Corp. ................................................... 1,275,000 98,889 Cohen & Steers, Inc. .................................................... 915,000 59,072 Eagle Bancorp, Inc. ..................................................... 800,000 35,256 First American Financial Corp. ............................................. 1,000,000 52,340 Independent Bank Corp. ................................................. 1,290,000 108,915 Lakeland Financial Corp. ................................................. 698,000 50,933 Pinnacle Financial Partners, Inc. ............................................ 460,000 33,764 Primerica, Inc. ........................................................ 385,000 54,601 Renasant Corp. ........................................................ 1,090,000 40,973 Ryan Specialty Holdings, Inc. (a)............................................ 995,000 41,303 Safety Insurance Group, Inc. .............................................. 482,000 40,613 Selective Insurance Group, Inc. ............................................ 725,000 64,242 SouthState Corp. ....................................................... 1,309,500 99,994 Stewart Information Services Corp. ......................................... 980,000 41,875 The Hanover Insurance Group, Inc. .......................................... 510,000 68,916 UMB Financial Corp. ................................................... 1,110,000 92,707 Wintrust Financial Corp. ................................................. 1,065,000 90,014 1,127,032 Health Care (3.5%): AngioDynamics, Inc. (a)(b)................................................ 3,130,000 43,100 Charles River Laboratories International, Inc. (a) ................................ 230,000 50,117 Chemed Corp. ......................................................... 151,000 77,075 Integer Holdings Corp. (a) ................................................ 800,000 54,768 225,060 Industrials (24.1%): ABM Industries, Inc. .................................................... 1,405,000 62,410 Alamo Group, Inc. ..................................................... 510,000 72,216 Applied Industrial Technologies, Inc. ........................................ 510,000 64,275 Astec Industries, Inc. (b).................................................. 1,325,000 53,874 CBIZ, Inc. (a) ......................................................... 1,180,000 55,283 Columbus McKinnon Corp. ............................................... 980,000 31,821 Core & Main, Inc., Class A (a) ............................................. 3,000,000 57,930 Crane Holdings Co. ..................................................... 475,000 47,714

Victory Portfolios Victory Sycamore Small Company Opportunity Fund 9 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value EMCOR Group, Inc. .................................................... 425,000 $ 62,947 Forward Air Corp. ...................................................... 420,000 44,054 Gibraltar Industries, Inc. (a) ............................................... 980,000 44,962 Hayward Holdings, Inc. (a)................................................ 2,475,000 23,265 Hexcel Corp. ......................................................... 1,405,000 82,684 Hillenbrand, Inc. ....................................................... 1,150,000 49,070 Hub Group, Inc., Class A (a) ............................................... 775,000 61,605 ICF International, Inc. ................................................... 615,000 60,916 Kennametal, Inc. ....................................................... 2,025,000 48,721 Marten Transport Ltd. ................................................... 3,304,200 65,357 McGrath RentCorp ..................................................... 740,000 73,068 Mercury Systems, Inc. (a)................................................. 1,095,000 48,990 Mueller Industries, Inc. .................................................. 730,000 43,070 MYR Group, Inc. (a) .................................................... 440,000 40,511 UFP Industries, Inc. ..................................................... 955,000 75,684 UniFirst Corp. ......................................................... 350,000 67,546 Viad Corp. (a)(b) ....................................................... 1,499,100 36,563 Watts Water Technologies, Inc., Class A ...................................... 507,000 74,139 Werner Enterprises, Inc. .................................................. 2,210,000 88,975 1,537,650 Information Technology (12.5%): Advanced Energy Industries, Inc. ........................................... 905,000 77,631 Avnet, Inc. ........................................................... 830,000 34,511 Belden, Inc. .......................................................... 880,000 63,272 Ciena Corp. (a) ........................................................ 1,170,000 59,646 Cohu, Inc. (a).......................................................... 2,255,000 72,273 Fabrinet (a) ........................................................... 590,000 75,650 Kulicke & Soffa Industries, Inc. ............................................ 1,515,000 67,054 Littelfuse, Inc. ......................................................... 395,000 86,979 Maximus, Inc. ......................................................... 975,000 71,497 NETGEAR, Inc. (a)(b) ................................................... 1,926,500 34,889 Plexus Corp. (a)........................................................ 430,000 44,260 ScanSource, Inc. (a)(b) ................................................... 1,310,000 38,278 Verint Systems, Inc. (a)................................................... 2,035,000 73,830 799,770 Materials (9.6%): Eagle Materials, Inc. .................................................... 520,000 69,082 Innospec, Inc. ......................................................... 760,000 78,174 Kaiser Aluminum Corp. (b)................................................ 1,036,300 78,717 Minerals Technologies, Inc. ............................................... 900,000 54,648 Silgan Holdings, Inc. .................................................... 1,595,000 82,685 Sonoco Products Co. .................................................... 1,435,000 87,119 Summit Materials, Inc., Class A (a) .......................................... 1,435,000 40,740 TriMas Corp. (b) ....................................................... 2,364,900 65,602 Worthington Industries, Inc. ............................................... 1,155,000 57,415 614,182 Real Estate (7.0%): Apple Hospitality REIT, Inc. .............................................. 4,175,000 65,881 Colliers International Group, Inc. ........................................... 424,000 39,025 Corporate Office Properties Trust ........................................... 2,998,900 77,791 Cushman & Wakefield PLC (a) ............................................. 3,145,000 39,187 First Industrial Realty Trust, Inc. ........................................... 1,145,000 55,258 Four Corners Property Trust, Inc. ........................................... 3,235,000 83,884 Rayonier, Inc. ......................................................... 2,525,000 83,224 444,250 Utilities (3.8%): ALLETE, Inc. ......................................................... 758,600 48,937 IDACORP, Inc. ........................................................ 445,000 47,993 MGE Energy, Inc. ...................................................... 515,000 36,256 NorthWestern Corp. ..................................................... 1,145,000 67,945 ONE Gas, Inc. ........................................................ 560,000 42,403 243,534 Total Common Stocks (Cost $5,335,448) a a a 6,175,913

Victory Portfolios Victory Sycamore Small Company Opportunity Fund 10 (Amounts in Thousands, Except for Shares) (Unaudited) Schedule of Portfolio Investments — continued December 31, 2022 See notes to financial statements. Security Description Shares Value Exchange-Traded Funds (0.7%) iShares Russell 2000 Value ETF ............................................ 320,000 $ 44,374 Total Exchange-Traded Funds (Cost $36,379) a a a 44,374 Total Investments (Cost $5,371,827) — 97.5% 6,220,287 Other assets in excess of liabilities — 2.5% 161,252 NET ASSETS - 100.00% $ 6,381,539 (a) Non-income producing security. (b) Affiliated security (See Note 8 in the Notes to Financial Statements) ETF—Exchange-Traded Fund PLC—Public Limited Company REIT—Real Estate Investment Trust

Statements of Assets and Liabilities December 31, 2022 11 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 $244,950 and $536,151) $ 280,854 $ 474,544 Unaffiliated investments, at value (Cost $13,386,808 and $4,835,676) 16,143,921(a) 5,745,743 Cash 252,585 182,880 Receivables: Interest and dividends 19,923 5,994 From affiliate on interfund lending 4,834 — Capital shares issued 21,396 12,263 Investments sold 83,347 24,747 Prepaid expenses 247 118 Total Assets 16,807,107 6,446,289 Liabilities: Payables: Collateral received on loaned securities 1,264 — Investments purchased 94,925 37,359 Capital shares redeemed 35,421 22,096 Accrued expenses and other payables: Investment advisory fees 6,462 4,160 Administration fees 777 297 Custodian fees 174 68 Transfer agent fees 1,128 403 Compliance fees 13 5 Trustees' fees 94 37 12b-1 fees 379 86 Other accrued expenses 325 239 Total Liabilities 140,962 64,750 Net Assets: Capital 13,673,612 5,433,110 Total accumulated earnings/(loss) 2,992,533 948,429 Net Assets $ 16,666,145 $ 6,381,539 Net Assets Class A $ 1,655,139 $ 331,384 Class C 54,018 — Class I 4,958,092 3,303,313 Class R 791,983 226,115 Class R6 8,490,050 2,487,419 Class Y 716,863 33,308 Total $ 16,666,145 $ 6,381,539 Shares (unlimited number of shares authorized with a par value of $0.001 per share): Class A 37,031 7,244 Class C 1,245 — Class I 110,842 71,231 Class R 18,044 5,417 Class R6 189,710 53,743 Class Y 16,028 724 Total 372,900 138,359 Net asset value, offering (except Class A) and redemption price per share: (b) Class A $ 44.70 $ 45.75 Class C (c) 43.38 — Class I 44.73 46.38 Class R 43.89 41.74 Class R6 44.75 46.28 Class Y 44.73 45.98 Maximum Sales Charge — Class A 5.75% 5.75% Maximum offering price (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) per share — Class A $ 47.43 $ 48.54 (a) Includes $1,232 thousand of securities on loan. (b) Per share amount may not recalculate due to rounding of net assets and/or shares outstanding. (c) Redemption price per share varies by the length of time shares are held.

Statements of Operations For the Six Months Ended December 31, 2022 12 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 $ 2,052 $ 6,525 Dividends from unaffiliated investments 168,800 47,211 Interest from unaffiliated investments 2,078 820 Interfund lending 210 — Securities lending (net of fees) 2 11 Foreign tax withholding (135) (9) Total Income 173,007 54,558 Expenses: Investment advisory fees 36,652 23,911 Administration fees 4,452 1,732 Sub-Administration fees 9 9 12b-1 fees — Class A 2,030 432 12b-1 fees — Class C 281 — 12b-1 fees — Class R 2,039 557 Custodian fees 337 130 Transfer agent fees — Class A 976 284 Transfer agent fees — Class C 30 — Transfer agent fees — Class I 1,282 895 Transfer agent fees — Class R 292 83 Transfer agent fees — Class R6 101 24 Transfer agent fees — Class Y 367 13 Trustees' fees 401 157 Compliance fees 72 28 Legal and audit fees 305 117 State registration and filing fees 198 87 Other expenses 773 357 Total Expenses 50,597 28,816 Net Expenses 50,597 28,816 Net Investment Income (Loss) 122,410 25,742 Realized/Unrealized Gains (Losses) from Investments: Net realized gains (losses) from affiliated investment securities — (10,239) Net realized gains (losses) from unaffiliated investment securities 505,953 184,075 Net change in unrealized appreciation/depreciation on affiliated investment securities 42,487 (7,897) Net change in unrealized appreciation/depreciation on unaffiliated investment securities 731,204 308,287 Net realized/unrealized gains (losses) on investments 1,279,644 474,226 Change in net assets resulting from operations $ 1,402,054 $ 499,968

13 (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, 2022 (Unaudited) Eight Months Ended June 30, 2022 Year Ended October 31, 2021 Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022 Year Ended October 31, 2021 From Investment Activities: Operations: Net Investment Income (Loss) $ 122,410 $ 197,214 $ 230,697 $ 25,742 $ 22,840 $ 25,280 Net realized gains (losses) 505,953 807,625 1,200,711 173,836 296,749 891,810 Net change in unrealized appreciation/ depreciation 773,691 (2,292,300) 4,048,780 300,390 (1,050,009) 1,501,409 Change in net assets resulting from operations 1,402,054 (1,287,461) 5,480,188 499,968 (730,420) 2,418,499 Distributions to Shareholders: Class A (113,775) (133,887) (82,155) (18,364) (47,738) (2,698) Class C (3,689) (4,853) (2,825) — — — Class I (353,372) (417,771) (215,656) (187,305) (441,801) (30,516) Class R (55,474) (70,658) (38,781) (12,849) (31,189) (1,442) Class R6 (596,651) (605,531) (304,092) (139,713) (301,383) (20,349) Class Y (49,729) (65,807) (38,108) (1,880) (3,832) (228) Change in net assets resulting from distributions to shareholders (1,172,690) (1,298,507) (681,617) (360,111) (825,943) (55,233) Change in net assets resulting from capital transactions 1,313,360 1,178,947 1,258,292 351,734 372,862 (135,276) Change in net assets 1,542,724 (1,407,021) 6,056,863 491,591 (1,183,501) 2,227,990 Net Assets: Beginning of period 15,123,421 16,530,442 10,473,579 5,889,948 7,073,449 4,845,459 End of period $ 16,666,145 $ 15,123,421 $ 16,530,442 $ 6,381,539 $ 5,889,948 $ 7,073,449

14 (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, 2022 (Unaudited) Eight Months Ended June 30, 2022 Year Ended October 31, 2021 Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022 Year Ended October 31, 2021 Capital Transactions: Class A Proceeds from shares issued $ 150,264 $ 245,246 $ 316,369 $ 29,409 $ 44,532 $ 91,245 Distributions reinvested 97,137 113,795 69,394 15,363 39,941 2,255 Cost of shares redeemed (156,250) (340,316) (578,155) (51,283) (90,673) (161,535) Total Class A $ 91,151 $ 18,725 $ (192,392) $ (6,511) $ (6,200) $ (68,035) Class C Proceeds from shares issued $ 560 $ 592 $ 1,691 $ — $ — $ — Distributions reinvested 3,649 4,723 2,735 — — — Cost of shares redeemed (6,807) (7,323) (14,289) — — — Total Class C $ (2,598) $ (2,008) $ (9,863) $ — $ — $ — Class I Proceeds from shares issued $ 529,042 $ 766,087 $ 1,448,698 $ 261,864 $ 369,880 $ 753,269 Distributions reinvested 299,178 353,839 184,882 176,102 415,540 28,267 Cost of shares redeemed (753,876) (808,277) (1,151,120) (423,455) (579,228) (917,576) Total Class I $ 74,344 $ 311,649 $ 482,460 $ 14,511 $ 206,192 $ (136,040) Class R Proceeds from shares issued $ 58,194 $ 111,462 $ 184,333 $ 19,780 $ 23,918 $ 45,316 Distributions reinvested 54,813 69,760 38,246 12,798 30,913 1,426 Cost of shares redeemed (117,055) (197,799) (206,480) (20,000) (45,240) (83,973) Total Class R $ (4,048) $ (16,577) $ 16,099 $ 12,578 $ 9,591 $ (37,231) Class R6 Proceeds from shares issued $ 1,117,539 $ 1,550,645 $ 2,058,418 $ 414,920 $ 470,668 $ 696,838 Distributions reinvested 584,017 593,853 298,880 134,920 289,072 19,320 Cost of shares redeemed (668,816) (1,107,054) (1,400,472) (227,465) (593,800) (617,635) Total Class R6 $ 1,032,740 $ 1,037,444 $ 956,826 $ 322,375 $ 165,940 $ 98,523 Class Y Proceeds from shares issued $ 129,987 $ 179,349 $ 367,701 $ 10,310 $ 3,483 $ 15,804 Distributions reinvested 45,376 61,791 36,208 1,749 3,515 207 Cost of shares redeemed (53,592) (411,426) (398,747) (3,278) (9,659) (8,504) Total Class Y $ 121,771 $ (170,286) $ 5,162 $ 8,781 $ (2,661) $ 7,507 Change in net assets resulting from capital transactions $ 1,313,360 $ 1,178,947 $ 1,258,292 $ 351,734 $ 372,862 $ (135,276)

15 (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, 2022 (Unaudited) Eight Months Ended June 30, 2022 Year Ended October 31, 2021 Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022 Year Ended October 31, 2021 Share Transactions: Class A Issued 3,258 5,021 6,696 624 885 1,750 Reinvested 2,121 2,352 1,666 327 797 49 Redeemed (3,393) (6,968) (12,340) (1,101) (1,799) (3,154) Total Class A 1,986 405 (3,978) (150) (117) (1,355) Class C Issued 12 13 37 — — — Reinvested 82 100 69 — — — Redeemed (154) (155) (315) — — — Total Class C (60) (42) (209) — — — Class I Issued 11,494 15,699 30,624 5,430 7,249 14,282 Reinvested 6,525 7,313 4,393 3,690 8,163 605 Redeemed (16,435) (16,639) (24,567) (8,891) (11,418) (17,329) Total Class I 1,584 6,373 10,450 229 3,994 (2,442) Class R Issued 1,293 2,308 4,046 465 517 918 Reinvested 1,219 1,466 935 299 673 33 Redeemed (2,546) (4,128) (4,524) (461) (982) (1,751) Total Class R (34) (354) 457 303 208 (800) Class R6 Issued 24,166 31,742 43,452 8,768 9,073 12,955 Reinvested 12,729 12,274 7,091 2,832 5,687 414 Redeemed (14,540) (22,709) (30,224) (4,739) (11,893) (11,730) Total Class R6 22,355 21,307 20,319 6,861 2,867 1,639 Class Y Issued 2,789 3,648 7,724 228 69 320 Reinvested 990 1,275 861 37 70 4 Redeemed (1,167) (8,422) (8,452) (71) (194) (160) Total Class Y 2,612 (3,499) 133 194 (55) 164 Change in Shares 28,443 24,190 27,172 7,437 6,897 (2,794)

Victory Portfolios Financial Highlights For a Share Outstanding Throughout Each Period 16 See notes to financial statements. Victory Sycamore Established Value Fund Class A Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022(a) Year Ended October 31, 2021 Year Ended October 31, 2020 Year Ended October 31, 2019 Year Ended October 31, 2018 Net Asset Value, Beginning of Period $43.91 $51.62 $35.75 $40.09 $39.52 $40.01 Investment Activities: Net investment income (loss)(b) 0.29 0.49 0.62 0.48 0.40 0.35 Net realized and unrealized gains (losses) 3.77 (4.29) 17.44 (2.44) 3.61 0.48 Total from Investment Activities 4.06 (3.80) 18.06 (1.96) 4.01 0.83 Distributions to Shareholders From: Net investment income (0.33) (0.60) (0.52) (0.48) (0.39) (0.33) Net realized gains from investments (2.94) (3.31) (1.67) (1.90) (3.05) (0.99) Total Distributions (3.27) (3.91) (2.19) (2.38) (3.44) (1.32) Net Asset Value, End of Period $44.70 $43.91 $51.62 $35.75 $40.09 $39.52 Total Return (excludes sales charge)(c) 9.12% (7.99)% 52.05% (5.22)% 11.96% 2.01% Ratios to Average Net Assets: Net Expenses (d)(e) 0.90% 0.90% 0.90% 0.92% 0.92% 0.89% Net Investment Income (Loss) (d) 1.23% 1.52% 1.32% 1.34% 1.06% 0.85% Gross Expenses (d)(e) 0.90% 0.90% 0.90% 0.92% 0.92% 0.89% Supplemental Data: Net Assets at end of period (000's) $1,655,139 $1,538,933 $1,788,115 $1,380,509 $1,802,034 $2,008,143 Portfolio Turnover (c)(f) 14% 24% 32% 44% 34% 36% Victory Sycamore Established Value Fund Class C Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022(a) Year Ended October 31, 2021 Year Ended October 31, 2020 Year Ended October 31, 2019 Year Ended October 31, 2018 Net Asset Value, Beginning of Period $42.71 $50.28 $34.89 $39.16 $38.69 $39.22 Investment Activities: Net investment income (loss)(b) 0.10 0.24 0.26 0.20 0.11 0.03 Net realized and unrealized gains (losses) 3.66 (4.16) 17.00 (2.35) 3.53 0.46 Total from Investment Activities 3.76 (3.92) 17.26 (2.15) 3.64 0.49 Distributions to Shareholders From: Net investment income (0.15) (0.34) (0.20) (0.22) (0.12) (0.03) Net realized gains from investments (2.94) (3.31) (1.67) (1.90) (3.05) (0.99) Total Distributions (3.09) (3.65) (1.87) (2.12) (3.17) (1.02) Net Asset Value, End of Period $43.38 $42.71 $50.28 $34.89 $39.16 $38.69 Total Return (excludes contingent deferred sales charge)(c) 8.68% (8.44)% 50.91% (5.93)% 11.10% 1.19% Ratios to Average Net Assets: Net Expenses (d)(e) 1.66% 1.66% 1.66% 1.69% 1.68% 1.68% Net Investment Income (Loss) (d) 0.46% 0.75% 0.56% 0.58% 0.30% 0.07% Gross Expenses (d)(e) 1.66% 1.66% 1.66% 1.69% 1.68% 1.68% Supplemental Data: Net Assets at end of period (000's) $54,018 $55,720 $67,718 $54,271 $79,066 $90,128 Portfolio Turnover (c)(f) 14% 24% 32% 44% 34% 36%

17 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, 2022 (Unaudited) Eight Months Ended June 30, 2022(a) Year Ended October 31, 2021 Year Ended October 31, 2020 Year Ended October 31, 2019 Year Ended October 31, 2018 Net Asset Value, Beginning of Period $43.94 $51.66 $35.77 $40.12 $39.55 $40.04 Investment Activities: Net investment income (loss)(b) 0.36 0.60 0.77 0.59 0.52 0.47 Net realized and unrealized gains (losses) 3.77 (4.30) 17.44 (2.45) 3.62 0.48 Total from Investment Activities 4.13 (3.70) 18.21 (1.86) 4.14 0.95 Distributions to Shareholders From: Net investment income (0.40) (0.71) (0.65) (0.59) (0.52) (0.45) Net realized gains from investments (2.94) (3.31) (1.67) (1.90) (3.05) (0.99) Total Distributions (3.34) (4.02) (2.32) (2.49) (3.57) (1.44) Net Asset Value, End of Period $44.73 $43.94 $51.66 $35.77 $40.12 $39.55 Total Return(c) 9.28% (7.80)% 52.54% (4.92)% 12.31% 2.30% Ratios to Average Net Assets: Net Expenses (d)(e) 0.58% 0.58% 0.58% 0.60% 0.60% 0.59% Net Investment Income (Loss) (d) 1.54% 1.84% 1.63% 1.64% 1.37% 1.14% Gross Expenses (d)(e) 0.58% 0.58% 0.58% 0.60% 0.60% 0.59% Supplemental Data: Net Assets at end of period (000's) $4,958,092 $4,801,212 $5,315,482 $3,306,226 $3,501,630 $3,509,093 Portfolio Turnover (c)(f) 14% 24% 32% 44% 34% 36% Victory Sycamore Established Value Fund Class R Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022(a) Year Ended October 31, 2021 Year Ended October 31, 2020 Year Ended October 31, 2019 Year Ended October 31, 2018 Net Asset Value, Beginning of Period $43.18 $50.81 $35.23 $39.54 $39.03 $39.54 Investment Activities: Net investment income (loss)(b) 0.23 0.42 0.52 0.40 0.31 0.26 Net realized and unrealized gains (losses) 3.70 (4.21) 17.16 (2.40) 3.57 0.48 Total from Investment Activities 3.93 (3.79) 17.68 (2.00) 3.88 0.74 Distributions to Shareholders From: Net investment income (0.28) (0.53) (0.43) (0.41) (0.32) (0.26) Net realized gains from investments (2.94) (3.31) (1.67) (1.90) (3.05) (0.99) Total Distributions (3.22) (3.84) (2.10) (2.31) (3.37) (1.25) Net Asset Value, End of Period $43.89 $43.18 $50.81 $35.23 $39.54 $39.03 Total Return(c) 8.98% (8.11)% 51.74% (5.41)% 11.72% 1.80% Ratios to Average Net Assets: Net Expenses (d)(e) 1.10% 1.11% 1.11% 1.12% 1.13% 1.10% Net Investment Income (Loss) (d) 1.02% 1.31% 1.11% 1.14% 0.84% 0.65% Gross Expenses (d)(e) 1.10% 1.11% 1.11% 1.12% 1.13% 1.10% Supplemental Data: Net Assets at end of period (000's) $791,983 $780,556 $936,593 $633,244 $823,796 $897,277 Portfolio Turnover (c)(f) 14% 24% 32% 44% 34% 36%

Victory Portfolios Financial Highlights — continued For a Share Outstanding Throughout Each Period 18 See notes to financial statements. Victory Sycamore Established Value Fund Class R6 Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022(a) Year Ended October 31, 2021 Year Ended October 31, 2020 Year Ended October 31, 2019 Year Ended October 31, 2018 Net Asset Value, Beginning of Period $43.96 $51.69 $35.78 $40.13 $39.55 $40.05 Investment Activities: Net investment income (loss)(b) 0.37 0.61 0.80 0.60 0.52 0.49 Net realized and unrealized gains (losses) 3.77 (4.31) 17.45 (2.45) 3.63 0.48 Total from Investment Activities 4.14 (3.70) 18.25 (1.85) 4.15 0.97 Distributions to Shareholders From: Net investment income (0.41) (0.72) (0.67) (0.60) (0.52) (0.48) Net realized gains from investments (2.94) (3.31) (1.67) (1.90) (3.05) (0.99) Total Distributions (3.35) (4.03) (2.34) (2.50) (3.57) (1.47) Net Asset Value, End of Period $44.75 $43.96 $51.69 $35.78 $40.13 $39.55 Total Return(c) 9.30% (7.77)% 52.62% (4.89)% 12.35% 2.34% Ratios to Average Net Assets: Net Expenses (d)(e) 0.54% 0.54% 0.54% 0.57% 0.58% 0.57% Net Investment Income (Loss) (d) 1.60% 1.88% 1.68% 1.68% 1.38% 1.19% Gross Expenses (d)(e) 0.54% 0.54% 0.54% 0.57% 0.58% 0.57% Supplemental Data: Net Assets at end of period (000's) $8,490,050 $7,357,481 $7,548,781 $4,499,129 $4,762,844 $3,822,378 Portfolio Turnover (c)(f) 14% 24% 32% 44% 34% 36% Victory Sycamore Established Value Fund Class Y Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022(a) Year Ended October 31, 2021 Year Ended October 31, 2020 Year Ended October 31, 2019 Year Ended October 31, 2018 Net Asset Value, Beginning of Period $43.94 $51.66 $35.76 $40.11 $39.54 $40.04 Investment Activities: Net investment income (loss)(b) 0.35 0.58 0.77 0.58 0.50 0.46 Net realized and unrealized gains (losses) 3.77 (4.30) 17.45 (2.45) 3.63 0.48 Total from Investment Activities 4.12 (3.72) 18.22 (1.87) 4.13 0.94 Distributions to Shareholders From: Net investment income (0.39) (0.69) (0.65) (0.58) (0.51) (0.45) Net realized gains from investments (2.94) (3.31) (1.67) (1.90) (3.05) (0.99) Total Distributions (3.33) (4.00) (2.32) (2.48) (3.56) (1.44) Net Asset Value, End of Period $44.73 $43.94 $51.66 $35.76 $40.11 $39.54 Total Return(c) 9.25% (7.82)% 52.49% (4.92)% 12.28% 2.27% Ratios to Average Net Assets: Net Expenses (d)(e) 0.64% 0.61% 0.61% 0.63% 0.63% 0.62% Net Investment Income (Loss) (d) 1.50% 1.77% 1.62% 1.63% 1.32% 1.13% Gross Expenses (d)(e) 0.64% 0.61% 0.61% 0.63% 0.63% 0.62% Supplemental Data: Net Assets at end of period (000's) $716,863 $589,519 $873,753 $600,200 $659,111 $448,543 Portfolio Turnover (c)(f) 14% 24% 32% 44% 34% 36% (a) The Fund’s fiscal year-end changed from October 31 to June 30. See Note 1 in the Notes to Financial Statements. (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) 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.

19 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, 2022 (Unaudited) Eight Months Ended June 30, 2022(a) Year Ended October 31, 2021 Year Ended October 31, 2020 Year Ended October 31, 2019 Year Ended October 31, 2018 Net Asset Value, Beginning of Period $44.57 $56.52 $37.91 $45.16 $45.91 $48.23 Investment Activities: Net investment income (loss)(b) 0.11 0.06 0.04 0.17 0.22 0.22 Net realized and unrealized gains (losses) 3.66 (5.54) 18.89 (5.14) 4.22 (0.09) Total from Investment Activities 3.77 (5.48) 18.93 (4.97) 4.44 0.13 Distributions to Shareholders From: Net investment income (0.13) (0.05) (0.17) (0.20) (0.10) (0.21) Net realized gains from investments (2.46) (6.42) (0.15) (2.08) (5.09) (2.24) Total Distributions (2.59) (6.47) (0.32) (2.28) (5.19) (2.45) Net Asset Value, End of Period $45.75 $44.57 $56.52 $37.91 $45.16 $45.91 Total Return (excludes sales charge)(c) 8.32% (10.95)% 50.11% (11.80)% 12.10% 0.17% Ratios to Average Net Assets: Net Expenses (d)(e) 1.25% 1.25% 1.24% 1.26% 1.25% 1.22% Net Investment Income (Loss) (d) 0.47% 0.18% 0.07% 0.43% 0.51% 0.46% Gross Expenses (d)(e) 1.25% 1.25% 1.24% 1.26% 1.25% 1.22% Supplemental Data: Net Assets at end of period (000's) $331,384 $329,556 $424,496 $336,083 $451,310 $486,622 Portfolio Turnover (c)(f) 17% 22% 41% 37% 34% 43% Victory Sycamore Small Company Opportunity Fund Class I Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022(a) Year Ended October 31, 2021 Year Ended October 31, 2020 Year Ended October 31, 2019 Year Ended October 31, 2018 Net Asset Value, Beginning of Period $45.22 $57.31 $38.40 $45.71 $46.43 $48.75 Investment Activities: Net investment income (loss)(b) 0.20 0.18 0.22 0.31 0.35 0.37 Net realized and unrealized gains (losses) 3.72 (5.63) 19.13 (5.20) 4.28 (0.09) Total from Investment Activities 3.92 (5.45) 19.35 (4.89) 4.63 0.28 Distributions to Shareholders From: Net investment income (0.30) (0.23) (0.29) (0.34) (0.26) (0.36) Net realized gains from investments (2.46) (6.41) (0.15) (2.08) (5.09) (2.24) Total Distributions (2.76) (6.64) (0.44) (2.42) (5.35) (2.60) Net Asset Value, End of Period $46.38 $45.22 $57.31 $38.40 $45.71 $46.43 Total Return(c) 8.52% (10.75)% 50.66% (11.51)% 12.49% 0.49% Ratios to Average Net Assets: Net Expenses (d)(e) 0.89% 0.89% 0.89% 0.93% 0.92% 0.88% Net Investment Income (Loss) (d) 0.83% 0.53% 0.41% 0.78% 0.82% 0.76% Gross Expenses (d)(e) 0.89% 0.89% 0.89% 0.93% 0.92% 0.88% Supplemental Data: Net Assets at end of period (000's) $3,303,313 $3,211,022 $3,840,013 $2,666,852 $4,584,086 $4,127,411 Portfolio Turnover (c)(f) 17% 22% 41% 37% 34% 43%

Victory Portfolios Financial Highlights — continued For a Share Outstanding Throughout Each Period 20 See notes to financial statements. Victory Sycamore Small Company Opportunity Fund Class R Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022(a) Year Ended October 31, 2021 Year Ended October 31, 2020 Year Ended October 31, 2019 Year Ended October 31, 2018 Net Asset Value, Beginning of Period $40.87 $52.37 $35.16 $42.05 $43.13 $45.47 Investment Activities: Net investment income (loss)(b) 0.07 —(g) (0.05) 0.09 0.13 0.10 Net realized and unrealized gains (losses) 3.35 (5.08) 17.52 (4.76) 3.91 (0.08) Total from Investment Activities 3.42 (5.08) 17.47 (4.67) 4.04 0.02 Distributions to Shareholders From: Net investment income (0.09) — (0.11) (0.14) (0.03) (0.12) Net realized gains from investments (2.46) (6.42) (0.15) (2.08) (5.09) (2.24) Total Distributions (2.55) (6.42) (0.26) (2.22) (5.12) (2.36) Net Asset Value, End of Period $41.74 $40.87 $52.37 $35.16 $42.05 $43.13 Total Return(c) 8.21% (11.05)% 49.85% (11.94)% 11.89% (0.06)% Ratios to Average Net Assets: Net Expenses (d)(e) 1.42% 1.42% 1.42% 1.44% 1.44% 1.44% Net Investment Income (Loss) (d) 0.31% —%(h) (0.11)% 0.25% 0.32% 0.23% Gross Expenses (d)(e) 1.42% 1.42% 1.42% 1.44% 1.44% 1.44% Supplemental Data: Net Assets at end of period (000's) $226,115 $209,007 $256,938 $200,617 $279,090 $286,480 Portfolio Turnover (c)(f) 17% 22% 41% 37% 34% 43% Victory Sycamore Small Company Opportunity Fund Class R6 Six Months Ended December 31, 2022 (Unaudited) Eight Months Ended June 30, 2022(a) Year Ended October 31, 2021 Year Ended October 31, 2020 Year Ended October 31, 2019 Year Ended October 31, 2018 Net Asset Value, Beginning of Period $45.15 $57.22 $38.37 $45.66 $46.38 $48.69 Investment Activities: Net investment income (loss)(b) 0.21 0.19 0.24 0.19 0.36 0.30 Net realized and unrealized gains (losses) 3.70 (5.60) 19.10 (5.03) 4.28 —(g) Total from Investment Activities 3.91 (5.41) 19.34 (4.84) 4.64 0.30 Distributions to Shareholders From: Net investment income (0.32) (0.24) (0.34) (0.37) (0.27) (0.37) Net realized gains from investments (2.46) (6.42) (0.15) (2.08) (5.09) (2.24) Total Distributions (2.78) (6.66) (0.49) (2.45) (5.36) (2.61) Net Asset Value, End of Period $46.28 $45.15 $57.22 $38.37 $45.66 $46.38 Total Return(c) 8.53% (10.72)% 50.71% (11.43)% 12.52% 0.52% Ratios to Average Net Assets: Net Expenses (d)(e) 0.85% 0.86% 0.85% 0.86% 0.87% 0.87% Net Investment Income (Loss) (d) 0.89% 0.57% 0.44% 0.48% 0.84% 0.62% Gross Expenses (d)(e) 0.85% 0.86% 0.85% 0.86% 0.87% 0.87% Supplemental Data: Net Assets at end of period (000's) $2,487,419 $2,116,606 $2,518,726 $1,625,853 $277,218 $195,360 Portfolio Turnover (c)(f) 17% 22% 41% 37% 34% 43%

21 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, 2022 (Unaudited) Eight Months Ended June 30, 2022(a) Year Ended October 31, 2021 Year Ended October 31, 2020 Year Ended October 31, 2019 Year Ended October 31, 2018 Net Asset Value, Beginning of Period $44.86 $56.88 $38.10 $45.39 $46.13 $48.33 Investment Activities: Net investment income (loss)(b) 0.20 0.17 0.16 0.24 0.30 0.29 Net realized and unrealized gains (losses) 3.66 (5.58) 19.00 (5.16) 4.24 (0.09) Total from Investment Activities 3.86 (5.41) 19.16 (4.92) 4.54 0.20 Distributions to Shareholders From: Net investment income (0.28) (0.19) (0.23) (0.29) (0.19) (0.16) Net realized gains from investments (2.46) (6.42) (0.15) (2.08) (5.09) (2.24) Total Distributions (2.74) (6.61) (0.38) (2.37) (5.28) (2.40) Net Asset Value, End of Period $45.98 $44.86 $56.88 $38.10 $45.39 $46.13 Total Return(c) 8.46% (10.78)% 50.55% (11.65)% 12.31% 0.33% Ratios to Average Net Assets: Net Expenses (d)(e) 0.96% 0.95% 0.95% 1.08% 1.07% 1.06% Net Investment Income (Loss) (d) 0.82% 0.50% 0.31% 0.62% 0.69% 0.61% Gross Expenses (d)(e) 0.96% 0.95% 0.95% 1.08% 1.07% 1.06% Supplemental Data: Net Assets at end of period (000's) $33,308 $23,757 $33,276 $16,054 $31,016 $32,592 Portfolio Turnover (c)(f) 17% 22% 41% 37% 34% 43% (a) The Fund’s fiscal year-end changed from October 31 to June 30. See Note 1 in the Notes to Financial Statements. (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) 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) Amount is less than $0.005 per share. (h) Amount is less than 0.005%.

Notes to Financial Statements Victory Portfolios December 31, 2022 22 (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 37 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. 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 * 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. On May 19, 2022, the Board of Trustees (the “Board”) approved the fiscal year-end change for the Funds from October 31 to June 30. The accompanying financial statements reflect this change in fiscal year-end. 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 Trust in the preparation of its 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 management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Funds follow the specialized accounting and reporting requirements under GAAP that are applicable to investment companies under Accounting Standards Codification Topic 946. Investment Valuation: The Funds record investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques described below maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Funds' investments are summarized in the three broad levels listed below: • Level 1 — quoted prices (unadjusted) in active markets for identical securities • Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, or credit spreads, applicable to those securities, etc.) • Level 3 — 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 risk associated with entering into those investments. The Adviser, appointed as the valuation designee by the Trust's Board of Trustees' (the “Board”), has established the Pricing and Liquidity Committee (the “Committee”), and subject to Board oversight, the Committee administers and oversees the Funds' valuation policies and procedures, which are approved by the Board. Portfolio securities listed or traded on securities exchanges, including Exchange-Traded Funds (“ETFs”), and American Depositary Receipts (“ADRs”), are valued at the closing 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 last available bid quotation on the exchange or system where the security is principally traded. In each of these situations, valuations are typically categorized as Level 1 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.

Notes to Financial Statements — continued Victory Portfolios December 31, 2022 23 (Unaudited) 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 2 or Level 3 in the fair value hierarchy, based on the observability of inputs used to determine the fair value. The effect of fair value pricing is that securities may not be priced on the basis of quotations from the primary market in which they are traded and the actual price realized from the sale of a security may differ materially from the fair value price. Valuing these securities at fair value is intended to cause the Fund’s NAV to be more reliable than it otherwise would be. A summary of the valuations as of December 31, 2022, 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 1 Level 2 Level 3 Total Sycamore Established Value Fund Common Stocks............................................... $16,261,287 $— $— $16,261,287 Exchange-Traded Funds ......................................... 162,224 — — 162,224 Collateral for Securities Loaned ................................... 1,264 — — 1,264 Total ....................................................... $16,424,775 $— $— $16,424,775 Sycamore Small Company Opportunity Fund Common Stocks............................................... 6,175,913 — — 6,175,913 Exchange-Traded Funds ......................................... 44,374 — — 44,374 Total ....................................................... $6,220,287 $— $— $6,220,287 As of December 31, 2022, there were no 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 during the year are recorded as realized gains or return of capital as estimated by the Funds or when such information becomes known. 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 of foreign market index. The Funds may purchase shares of ETFs for a variety of purposes, including in connection with pursuing their investment programs to temporarily gain exposure to a portion of the U.S. or a foreign market, and for cash management and other purposes. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are 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 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. 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-

Notes to Financial Statements — continued Victory Portfolios December 31, 2022 24 (Unaudited) 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 (amounts in thousands) is a summary of the Funds' securities lending transactions as of December 31, 2022. Value of Securities on Loan Non-Cash Collateral Cash Collateral Sycamore Established Value Fund ..................................... $ 1,232 $— $ 1,264 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, 2022, 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. 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, 2022, were as follows (amounts in thousands): Excluding U.S. Government Securities Purchases Sales Sycamore Established Value Fund .............................................................. $ 2,634,963 $ 2,234,740 Sycamore Small Company Opportunity Fund ...................................................... 1,043,278 1,030,412 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 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.

Notes to Financial Statements — continued Victory Portfolios December 31, 2022 25 (Unaudited) 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% Amounts incurred and paid to VCM for the six months ended December 31, 2022, 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 entitled to receive fees based on a percentage of the average daily net assets of the Trust, Victory Variable Insurance Funds and Victory Portfolios II. The tiered rates at which VCM is paid by the Funds are shown in the table below: Net Assets Up to $15 billion $15 billion — $30 billion Over $30 billion 0.08%, plus 0.05%, plus 0.04% Amounts incurred for the six months ended December 31, 2022, 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, 2022, are reflected on the Statements of Operations as Sub-Administration fees. The Funds (as part of the Trust) have entered into an agreement with the Adviser to provide compliance services, pursuant to which the Adviser furnishes its compliance personnel, including the services of the Chief Compliance Officer (“CCO”), and other resources reasonably necessary to provide the Trust with compliance oversight services related to the design, administration, and oversight of a compliance program for the Trust in accordance with Rule 38a-1 under the 1940 Act. The CCO is an employee of the Adviser, which pays the compensation of the CCO and support staff. The funds in the Trust, Victory Variable Insurance Funds, Victory Portfolios II and USAA Mutual Funds (collectively, the “Victory Funds Complex”), in aggregate, compensate the Adviser for these services. Amounts incurred for the six months ended December 31, 2022, 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, 2022, are reflected on the Statements of Operations as 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: 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% The distribution and service fees paid to the Distributor may be used by the Distributor to pay for activities primarily intended to result in the sale of Class A, Class C, and Class R. Amounts incurred for the six months ended December 31, 2022, are reflected on the Statements of Operations as 12b-1 fees. In addition, the Distributor is entitled to receive commissions in connection with sales of the Class A. For the six months ended December 31, 2022, the Distributor received approximately $4 thousand from commissions earned in connection with sales of Class A. 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, 2022, are reflected on the Statements of Operations as Custodian fees. Sidley Austin LLP provides legal services to the Trust. The Adviser has entered into expense limitation agreements with the Funds. Under the terms of the agreements, the Adviser has agreed to waive fees or reimburse certain expenses to the extent that ordinary operating expenses incurred by certain classes of a Fund in any fiscal year

Notes to Financial Statements — continued Victory Portfolios December 31, 2022 26 (Unaudited) exceed the expense limit for such classes of the Fund. 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 Fund’s business are excluded from the expense limits. As of December 31, 2022, the expense limits (excluding voluntary waivers) are as follows: In effect until February 28, 2023 Class C Class Y Sycamore Established Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.84% N/A Sycamore Small Company Opportunity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N/A 1.15% Under the terms of the expense limitation agreements, 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. As of December 31, 2022, the Funds had no amounts available to be repaid to the Adviser. The Funds have not recorded any amounts available to be repaid as a liability due to an assessment that such repayments are not probable at December 31, 2022. The Adviser may voluntarily waive or reimburse additional fees to assist the Funds in maintaining competitive expense ratios. Voluntary waivers and reimbursements applicable to the Funds are not available to be recouped at a future time. There were no voluntary waivers or reimbursements for the six months ended December 31, 2022. Certain officers and/or interested trustees of the Funds are also officers and/or employees of the Adviser, administrator, fund accountant, sub-administrator, sub-fund accountant, custodian, legal counsel, and Distributor. 5. Risks: The Funds may be subject to other risks in addition to these identified risks. Equity Risk — The value of the equity securities in which the Funds invest may decline in response to developments affecting individual companies and/or general, economic conditions in the United States or abroad. A company’s earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Market Risk — Overall market risks may affect the value of the Funds. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels and other fiscal and monetary policy changes, cybersecurity incidents, pandemics and other public health crises, 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. Small-Capitalization Stock Risk — Small-capitalization 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. 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. The Line of Credit agreement with Citibank was renewed on June 27, 2022, with a termination date of June 26, 2023. Under the agreement with Citibank, the Victory Funds Complex 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, 2022, 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. Prior to June 28, 2022, interest was based on the one-month London Interbank Offered Rate (“LIBOR”) plus one percent. Effective with the renewal, June 27, 2022, interest was based on the one-month Secured Overnight Financing Rate (SOFR) plus 1.10 percent. The Funds did not experience a material financial impact transitioning from LIBOR to SOFR. Interest charged to each Fund during the period, if applicable, is reflected on the Statements of Operations under Line of credit fees.

Notes to Financial Statements — continued Victory Portfolios December 31, 2022 27 (Unaudited) The Funds had no borrowings under the Line of Credit agreement during the six months ended December 31, 2022. 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, interest charged to each Fund, if any, during the period, is reflected on the Statements of Operations under Interfund lending fees. As a Lender, 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, 2022, were as follows (amounts in thousands): Borrower or Lender Amount Outstanding December 31, 2022 Average Borrowing* Days Borrowing Outstanding Average Interest Rate* Maximum Borrowing During the Period Sycamore Established Value Fund . . . . . . . . . . . . . . Lender $4,834 $17,724 133 3.65% $65,250 * Based on the number of days borrowings were outstanding for the period ended December 31, 2022. 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. Declared Paid Sycamore Established Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Quarterly Quarterly Sycamore Small Company Opportunity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Annually Annually 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 Statement of Assets and Liabilities. The tax character of current year distributions paid and the tax basis of the current components of accumulated earnings (loss) will be determined at the end of the current tax year. At the tax year ended June 30, 2022, 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 security’s outstanding voting shares, an investment company managed by VCM, or an issuer under common control with a Fund or VCM. The Funds do not invest in affiliated securities for the purpose of exercising management or control. These securities are noted as affiliated on a Fund’s Schedule of Portfolio Investments. Transactions in affiliated securities during the six months ended December 31, 2022, were as follows (amounts in thousands): Fair Value 6/30/2022 Purchases at Cost Proceeds from Sales Realized Gains (Losses) Capital Gain Distribution Net Change in Unrealized Appreciation/ Depreciation Fair Value 12/31/2022 Dividend Income Sycamore Established Value Fund Maximus, Inc. ............... $ 218,785 $ 19,582 $ — $ — $ — $ 42,487 $ 280,854 $ 2,052

Notes to Financial Statements — continued Victory Portfolios December 31, 2022 28 (Unaudited) Fair Value 6/30/2022 Purchases at Cost Proceeds from Sales Realized Gains (Losses) Capital Gain Distribution Net Change in Unrealized Appreciation/ Depreciation Fair Value 12/31/2022 Dividend Income Sycamore Small Company Opportunity Fund AMERISAFE, Inc............. $ 51,230 $ 1,291 $ — $ — $ — $ 104 $ 52,625 $ 4,670 AngioDynamics, Inc. .......... 40,345 15,609 — — — (12,854) 43,100 — Astec Industries, Inc. .......... 43,431 10,264 — — — 179 53,874 287 Kaiser Aluminum Corp. ........ 56,945 25,948 (3,398) (941) — 163 78,717 1,382 NETGEAR, Inc. ............. 39,262 — (4,991) (2,571) — 3,189 34,889 — ScanSource, Inc. ............. 43,596 — (2,875) 17 — (2,460) 38,278 — The E.W. Scripps Co. Class A .... 49,232 20,102 — — — 1,562 70,896 — TriMas Corp. ................ 61,887 3,758 — — — (43) 65,602 186 Viad Corp................... 48,891 885 (8,732) (6,744) — 2,263 36,563 — $ 434,819 $ 77,857 $ (19,996) $ (10,239) $ — $ (7,897) $ 474,544 $ 6,525

Supplemental Information Victory Portfolios December 31, 2022 29 (Unaudited) Proxy Voting and Portfolio Holdings Information Proxy Voting: Information regarding the policies and procedures each Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 800-539-3863. The information is also included in the Funds' Statement of Additional Information, which is available on the SEC’s website at sec.gov. Information relating to how the Funds voted proxies relating to portfolio securities held during the most recent 12 months ended June 30 is available on the SEC’s website at sec.gov. Availability of Schedules of Portfolio Investments: The Trust files a complete list of Schedules of Portfolio Investments with the SEC for the first and third quarter of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s website at sec.gov. Expense Examples As a shareholder of the Funds, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases; and (2) ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022, through December 31, 2022. The Actual Expense figures in the table below provide information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period. The Hypothetical Expense figures in the table below provide information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds. Please note the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the hypothetical expenses in the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. Beginning Account Value 7/1/22 Actual Ending Account Value 12/31/22 Hypothetical Ending Account Value 12/31/22 Actual Expenses Paid During Period 7/1/22 - 12/31/22* Hypothetical Expenses Paid During Period 7/1/22 - 12/31/22* Annualized Expense Ratio During Period 7/1/22 - 12/31/22 Sycamore Established Value Class A ............................... $1,000.00 $1,091.20 $1,020.67 $4.74 $4.58 0.90% Class C ............................... 1,000.00 1,086.80 1,016.84 8.73 8.44 1.66% Class I ............................... 1,000.00 1,092.80 1,022.28 3.06 2.96 0.58% Class R ............................... 1,000.00 1,089.80 1,019.66 5.79 5.60 1.10% Class R6 .............................. 1,000.00 1,093.00 1,022.48 2.85 2.75 0.54% Class Y ............................... 1,000.00 1,092.50 1,021.98 3.38 3.26 0.64% Sycamore Small Company Opportunity Class A ............................... 1,000.00 1,083.20 1,018.90 6.56 6.36 1.25% Class I ............................... 1,000.00 1,085.20 1,020.72 4.68 4.53 0.89% Class R ............................... 1,000.00 1,082.10 1,018.05 7.45 7.22 1.42% Class R6 .............................. 1,000.00 1,085.30 1,020.92 4.47 4.33 0.85% Class Y ............................... 1,000.00 1,084.60 1,020.37 5.04 4.89 0.96% * Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Victory Portfolios 30 (Unaudited) Supplemental Information — continued December 31, 2022 Considerations of the Board in Continuing the Investment Advisory Agreements (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 6, 2022. The Board also considered information relating to the Funds and the Agreement provided throughout the year and, more specifically, at the meetings on October 18, 2022 and December 6, 2022. In considering whether to approve the Agreement, the Board requested, and the Adviser provided, information that the Board believed to be reasonably necessary to reach its conclusions. 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. In addition, the Independent Trustees considered a past review of their overall process for conducting the annual review of the Funds’ advisory arrangements by a consultant retained through their counsel. 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); • Whether the fee would be sufficient to enable the Adviser to attract and retain experienced personnel and continue to provide quality services to the Funds; • The fees paid by other clients of the Adviser whose accounts are managed in a similar investment style and any differences in the services provided to the other clients compared to those provided to the Funds; • The total expenses of each Fund; • Management’s commitment to operating the Funds at competitive expense levels; • The profitability of the Adviser (as reflected by comparing fees earned against an estimate of the Adviser’s costs) with respect to the Adviser’s relationship with the Funds; • Research and other service benefits received by the Adviser obtained through payment of client commissions for securities transactions; • Other indirect benefits received by the Adviser, and its affiliates, including revenues paid to the Adviser, or its affiliates, by the Funds for ad-ministration and fund accounting services, and distribution; • The capabilities and financial condition of the Adviser; • Current economic and industry trends; and • The historical relationship between each Fund and the Adviser. The Board reviewed each Fund’s current management fee, comprised of the advisory fee plus the administrative services fee paid to the Adviser, in the context of the Adviser’s profitability with respect to each Fund individually. 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 met with the consultant to review its inputs and methodologies, among other things. 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 with similar investment strategies selected by that consultant from the universe. The Board reviewed the factors and methodology used by the consultant 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. With respect to certain Funds, the Board also reviewed 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. 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 found that the gross annual management fee paid by each Fund was within the range of management fees paid by each Fund’s respective peer group. The Board noted that each Fund’s advisory fee structure contained at least one breakpoint. The Board also found that each Fund’s Class A net annual expense ratio, taking into account any shareholder servicing or distribution fees, was reasonable as compared with each Fund’s respective peer group. The Board considered the Adviser’s contractual agreement with each Fund to waive its fees and reimburse expenses of certain classes for a specified period of time, as described in the Fund’s prospectus.

Supplemental Information — continued Victory Portfolios December 31, 2022 31 (Unaudited) 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. 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: The Board compared the Fund’s Class A performance for the one-, three-, five- and ten-year periods ended June 30, 2022, to that of the median performance of the Fund’s peer group and benchmark index for the same periods and considered the fact that the Fund outperformed both the benchmark index and the peer group median for all of the periods reviewed. Having considered, 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 would provide stability to the Fund’s expenses for those share classes during that period; and (4) the Fund’s performance during the periods reviewed, the Board concluded that the Agreement continued to be in the best interests of the Fund’s shareholders. Sycamore Small Company Opportunity Fund: The Board compared the Fund’s Class A performance for the one-, three-, five- and ten-year periods ended June 30, 2022, to that of the median performance of the Fund’s peer group and benchmark index for the same periods and considered the fact that the Fund outperformed both the benchmark index and the peer group median for all of the periods reviewed. Having considered, 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 would provide stability to the Fund’s expenses for those share classes during that period; and (4) the Fund’s performance during the periods reviewed, 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 the 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 the Funds 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 the Funds; • The Adviser’s representations regarding its staffing and capabilities to manage the Funds, 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 (12/22)

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

(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 these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR 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 Investment Company Act of 1940 (17 CFR 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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

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.

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/ Allan Shaer
	Allan Shaer, Principal Financial Officer

By (Signature and Title)*	/s/ Christopher K. Dyer
	Christopher K. Dyer, Principal Executive Officer