# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001683863-25-007225
**Filing Date:** 2025-9
**Character Count:** 3182
**Document Hash:** cc69c6207519d8b6c7195c937c12eb10
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683863-25-007225.hdr.sgml**: 20250902

**ACCESSION NUMBER**: 0001683863-25-007225

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250902

**DATE AS OF CHANGE**: 20250902

**EFFECTIVENESS DATE**: 20250902

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VICTORY PORTFOLIOS III
- **CENTRAL INDEX KEY:** 0000908695

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-65572
- **FILM NUMBER:** 251284789

**BUSINESS ADDRESS:**
- **STREET 1:** 15935 LA CANTERA PARKWAY
- **STREET 2:** BUILDING TWO
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78256
- **BUSINESS PHONE:** 210-697-3625

**MAIL ADDRESS:**
- **STREET 1:** 15935 LA CANTERA PARKWAY
- **STREET 2:** BUILDING TWO
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78256

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** USAA MUTUAL FUNDS TRUST
- **DATE OF NAME CHANGE:** 20060420

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** USAA STATE TAX FREE TRUST
- **DATE OF NAME CHANGE:** 19940325

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** USAA STATE TAX EXEMPT TRUST
- **DATE OF NAME CHANGE:** 19930707

## Series and Classes Contracts Data

### Victory Ultra Short-Term Bond Fund (Formerly USAA Ultra Short-Term Bond Fund) (Series ID: S000030169)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000092834 | Victory Ultra Short-Term Bond Fund Shares               | UUSTX           |
| C000130753 | Victory Ultra Short-Term Bond Fund Institutional Shares | UUSIX           |
| C000179382 | Victory Ultra Short-Term Bond Fund Class R6             | URUSX           |
| C000220636 | Victory Ultra Short-Term Bond Fund Class A              | USBAX           |

**Victory Portfolios III**

**Victory Ultra Short-Term Bond Fund**

**(the "Fund")**

**Supplement dated September 2, 2025**

**to the Summary Prospectus and Prospectus dated September 1, 2025**

**Important Notice Regarding Change in Investment Policy**

**Effective November 1, 2025, the first sentence under Principal Investment Strategy on page 2 of the Summary Prospectus and Prospectus is revised as follows:**

The Fund's principal investment strategy is to invest, under normal circumstances, at least 80% of the Fund's assets in investment-grade debt securities and in derivatives and other instruments that have similar economic characteristics. The effective duration of the Fund is generally one year or less.

**The first sentence of the third paragraph under Additional Fund Information on page 8 of the Prospectus is revised as follows:**

Under normal circumstances, the Fund invests at least 80% of its assets in investment-grade debt securities and in derivatives and other instruments that have similar economic characteristics. The effective duration of the Fund is generally one year or less.

**If you wish to obtain more information, please call the Victory Funds at 800-539-3863.**

**PLEASE RETAIN THIS SUPPLEMENT FOR YOUR FUTURE REFERENCE.**