VICTORY RS MID CAP GROWTH FUND

CLASS A: RSMOX CLASS Y: RMOYX

Q2 // JUNE 30, 2025

FUND FACTS PERFORMANCE

Average Annual Total Returns (%)
Inception Expense Ratio: Since
Class Ticker As of June 30, 2025 Q2 2025 YTD 1 Year 3 Year 5 Year 10 Year
Date Gross Net Inception
A 07/12/95 RSMOX 1.45% 1.20% A Shares, without sales charge 18.82 5.16 21.24 15.09 6.15 7.38 8.99
C 05/21/07 RMOCX 4.03% 2.11%
A Shares, with sales charge
R6 11/15/16 RMORX 2.03% 0.94% 11.97 -0.87 14.27 12.83 4.90 6.74 8.77
(max. 5.75%)
Y 05/01/07 RMOYX 1.17% 0.95%
Y Shares 18.88 5.27 21.52 15.38 6.41 7.64 7.30

Net expense ratio reflects the contractual waiver Russell Midcap® Growth Index 18.20 9.79 26.49 21.46 12.65 12.13 10.33
and/or reimbursement of management fees through
April 30, 2026. Calendar Year Performance (%)
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Investment Style
Mid-Cap Growth A Shares, without sales charge
0.74 5.08 20.87 -7.37 28.06 34.47 4.68 -34.68 17.91 23.99
Investment Objective and Strategy
The Fund seeks long-term capital growth by A Shares, with sales charge (max. 5.75%)
investing in mid-cap companies that we -4.02 -0.98 13.93 -12.69 20.68 26.74 -1.33 -38.43 11.11 16.84
believe can outperform the broader market Y Shares
by taking market share in their respective 1.02 5.34 21.19 -7.15 28.36 34.84 4.96 -34.53 18.20 24.29
industries through innovation and strong Russell Midcap® Growth Index
execution. -0.20 7.33 25.27 -4.75 35.47 35.59 12.73 -26.72 25.87 22.10
About the Fund Past performance does not guarantee future results. The performance quoted represents past performance
• Targeted towards investors looking for a and current performance may be lower or higher. The investment return and principal value will fluctuate so
diversified allocation to dynamic, mid-cap that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain
growth companies that exhibit performance information current to the most recent month-end, visit www.vcm.com. Returns include
reinvestment of dividends and capital gains. Performance for periods greater than one year is annualized. Fee
sustainable earnings growth and the waivers and/or expense reimbursements were in place for some or all periods shown, without which, fund
potential to grow into large-cap performance would have been lower. Performance information for the Fund’s Class A and Class Y shares prior to
companies. July 30, 2016, reflects the historical performance of the Class A and Y shares of the RS Mid Cap Growth Fund, a
• At least 80% of the Fund is invested in series of RS Investment Trust (the predecessor to the Fund managed by RS Investment Management Co. LLC) (the
companies with a market cap of between “predecessor fund”). The Fund’s performance has not been restated to reflect any differences in expenses paid by
$1 billion and 120% of the market cap of the predecessor fund and those paid by the Fund. Since inception performance for Y shares reflects the
the largest company represented in the performance of the Fund’s Class A Shares, adjusted, where applicable and permitted, for differing fees and
expenses. High, double-digit returns are highly unusual and cannot be sustained. Investors should be aware that
Russell Midcap® Index utilizing a these returns were primarily achieved during favorable market conditions. Performance and expenses will differ for
research-intensive approach employing other share classes.
fundamental and qualitative analysis with
stringent risk management criteria. Growth of a Hypothetical $10,000 Investment
A Shares, without sales charge (06/30/2015–06/30/2025)
Portfolio Managers Ending Value $20,374
D. Scott Tracy, CFA. Since 2008. $25,000
Stephen Bishop. Since 2008.
$20,000
Melissa Chadwick-Dunn. Since 2008.
Paul Leung, CFA. Since 2018. $15,000
$10,000
$5,000
$0
MORNINGSTAR RATINGS AND RANKINGS 6/15 6/16 6/17 6/18 6/19 6/20 6/21 6/22 6/23 6/24 6/25
Overall 3 Year 5 Year 10 Year
Morningstar Rating ★★ ★★★ ★★ ★★
Morningstar Ranking (%) — 41 82 90
# of Funds 479 479 446 367
Morningstar Category: Mid-Cap Growth. Morningstar ratings and rankings are based on the A share class.
Ratings are based on past performance, which is no guarantee of future The Overall Morningstar Rating for a managed product is derived from a weighted
results. Star ratings do not reflect the effect of any applicable sales load. The average of the performance figures associated with its three-, five-, and 10-year (if
Morningstar Rating for funds, or “star rating,” is calculated for managed products applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for
(including mutual funds, variable annuity and variable life subaccounts, exchange- 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119
traded funds, closed-end funds, and separate accounts) with at least a three-year months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year
history. Exchange-traded funds and open-ended mutual funds are considered a single rating for 120 or more months of total returns. While the 10-year overall star rating
population for comparative purposes. It is calculated based on a Morningstar Risk- formula seems to give the most weight to the 10-year period, the most recent three-
Adjusted Return measure that accounts for variation in a managed product's monthly year period actually has the greatest impact because it is included in all three rating
excess performance, placing more emphasis on downward variations and rewarding periods. Victory Capital Management Inc. has paid a standard fee to Morningstar for
consistent performance. The top 10% of products in each product category receive 5 access to ratings data. Had fees not been waived and/or expenses reimbursed
stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% currently or in the past, the Morningstar ratings and rankings would have been lower.
receive 2 stars, and the bottom 10% receive 1 star. Ratings for other share classes may be lower.
Not FDIC Insured • May Lose Value • No Bank Guarantee
20250815-4701352
 PORTFOLIO INFORMATION As of June 30, 2025

Top Ten Holdings Symbol % Fund Sector Allocation %

Natera, Inc. NTRA 2.66

18.41
Consumer Discretionary
Royal Caribbean Group RCL 2.43 22.86

Burlington Stores, Inc. BURL 2.21 1.67

Consumer Staples
1.77
Axon Enterprise Inc AXON 2.20
2.57
Roblox Corp. Class A RBLX 2.20 Energy
2.43

Vistra Corp. VST 2.19 14.42

Financial Services
14.60
Cloudflare Inc Class A NET 2.18

Howmet Aerospace Inc. HWM 2.01 14.03

Health Care
13.49
Ameriprise Financial, Inc. AMP 2.00
3.79
Materials & Processing
Carvana Co. Class A CVNA 1.93 5.77

Total 22.02 13.99

Producer Durables
11.74
Holdings are subject to change and should not be construed as investment advice
or a recommendation to buy, sell, or hold any security. 25.64
Technology
23.62
Russell Midcap
Fund Statistics Fund
Growth Index 3.19
Utilities
Active Share 53.7% - 3.49

Weighted Average Market Capitalization ($) 34.5B 35.6B 0.99

Cash
0.23
Alpha* -5.85 -
1.30
Other
Beta* 1.02 1.00 0.00

R-Squared* 95.18 100.00

Victory RS Mid Cap Growth Fund Russell Midcap Growth Index
Information Ratio* -1.36 -
Sector allocations are subject to change.
Sharpe Ratio* 0.15 0.47

Portfolio Turnover Ratio - LTM 116.3% 25.5%

Total Number of Holdings 87 276

Assets ($) 71.9M -

*Data is for the A share class for the five-year period ended 6/30/25. Subject to
change.

Carefully consider a fund's investment objectives, risks, charges and value represents the percentage difference between fund and benchmark.
expenses before investing. To obtain a prospectus or summary prospectus Market Capitalization is the total dollar value of all outstanding shares
containing this and other important information, visit computed as number of shares times current market price. Alpha is the excess
www.vcm.com/prospectus. Read it carefully before investing. return of a fund relative to the return of a benchmark index. Beta is a measure of
Not all share classes are available to all investors. the volatility, or systematic risk, of a security or portfolio relative to the market or
a benchmark. R-squared is a statistical measure that represents the percentage
All investing involves risk, including the potential loss of principal.
of a fund’s or security’s movements that can be explained by movements in a
Investments in mid-cap companies typically exhibit higher volatility.
benchmark index. Information Ratio is a measure of the value added per unit of
International investments may involve risk of capital loss from unfavorable
active risk by a manager over the benchmark. Sharpe Ratio is the average
fluctuation in currency values, from differences in generally accepted accounting
return earned in excess of the risk-free rate per unit of volatility or total risk.
principles or from economic or political instability in other nations.
Portfolio Turnover Ratio – LTM measures trading activity in a portfolio for the
Investments concentrated in an industry or group of industries may face more
past year, indicating how often investments are bought and sold.
risks and exhibit higher volatility than investments that are more broadly
diversified over industries or sectors. The Russell Midcap® Growth Index is a market- capitalization-weighted index
Investments in companies in the industrials sector, including producers of that measures the performance of those companies in the Russell Midcap®
durable goods and companies that process raw materials, may be adversely Index with higher price-to-book ratios and higher forecasted growth values.
affected by changes in supply and demand for products and services, The Morningstar percentile ranking is based on a fund's average annual total
governmental regulation and changes in spending policies, world events and return (excluding sales charges) relative to all funds in the same category. The
economic conditions. highest (most favorable) percentile rank is 1%, and the lowest (least favorable)
Information technology companies are particularly vulnerable to rapid changes in percentile rank is 100%.
technological product cycles, severe competition and government regulation. The following copyright pertains only to the Morningstar information. ©2025
The Fund may frequently change its holdings, resulting in higher fees, lower Morningstar, Inc. All rights reserved. The Morningstar information contained
returns, and more capital gains. herein: (1) is proprietary to Morningstar; (2) may not be copied; and (3) is not
The value of your investment is also subject to geopolitical risks such as wars, warranted to be accurate, complete or timely. Neither Morningstar nor its content
terrorism, trade disputes, environmental disasters, and public health crises; the providers are responsible for any damages or losses arising from any use of this
risk of technology malfunctions or disruptions; and the responses to such events information.
by governments and/or individual companies. Distributed by Victory Capital Services, Inc.
Diversification does not promise any level of performance or guarantee against
loss of principal. ©2025 Victory Capital Management Inc.
V17.186 // 2Q 2025 RS Mid Cap GRO Fund FS
WWW.VCM.COM
20250815-4701352