# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001193125-26-181440
**Filing Date:** 2026-4
**Character Count:** 28258
**Document Hash:** e6312279996fd5fedc6f4f56d2fe8e50
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-181440.hdr.sgml**: 20260427

**ACCESSION NUMBER**: 0001193125-26-181440

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260427

**DATE AS OF CHANGE**: 20260427

**EFFECTIVENESS DATE**: 20260427

**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:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-65572
- **FILM NUMBER:** 26899526

**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 Growth and Tax Strategy Fund (Formerly USAA Growth and Tax Strategy Fund) (Series ID: S000012897)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                                | Ticker Symbol | Class ID   |
| Victory Growth and Tax Strategy Fund Shares               | USBLX         | C000034866 |
| Victory Growth and Tax Strategy Fund Class C              | UGTCX         | C000220605 |
| Victory Growth and Tax Strategy Fund Institutional Shares | UGTIX         | C000220606 |
| Victory Growth and Tax Strategy Fund Class A              | UGTAX         | C000220607 |

---

### Victory Income Fund (Formerly USAA Income Fund) (Series ID: S000012899)

---

|  |  |  |
|:---|:---|:---|
| Class Name                               | Ticker Symbol | Class ID   |
| Victory Income Fund Shares               | USAIX         | C000034868 |
| Victory Income Fund Institutional Shares | UIINX         | C000066838 |
| Victory Income Fund Class R6             | URIFX         | C000175748 |
| Victory Income Fund Class A              | UINCX         | C000220609 |

---

### Victory Tax Exempt Intermediate-Term Fund (Formerly USAA Tax Exempt Intermediate-Term Fund) (Series ID: S000012901)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                                     | Ticker Symbol | Class ID   |
| Victory Tax Exempt Intermediate-Term Fund Shares               | USATX         | C000034870 |
| Victory Tax Exempt Intermediate-Term Fund Class A              | UTEIX         | C000220611 |
| Victory Tax Exempt Intermediate-Term Fund Institutional Shares | UITIX         | C000220612 |

---

### Victory Core Plus Intermediate Bond Fund (Formerly USAA Intermediate-Term Bond Fund) (Series ID: S000012902)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                                    | Ticker Symbol | Class ID   |
| Victory Core Plus Intermediate Bond Fund Shares               | USIBX         | C000034871 |
| Victory Core Plus Intermediate Bond Fund Institutional Shares | UIITX         | C000066840 |
| Victory Core Plus Intermediate Bond Fund Class R6             | URIBX         | C000175750 |
| Victory Core Plus Intermediate Bond Fund Class A              | UITBX         | C000220613 |
| Victory Core Plus Intermediate Bond Fund Class C              | UITCX         | C000220614 |

---

### Victory Tax Exempt Long-Term Fund (Formerly USAA Tax Exempt Long-Term Fund) (Series ID: S000012904)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                             | Ticker Symbol | Class ID   |
| Victory Tax Exempt Long-Term Fund Shares               | USTEX         | C000034873 |
| Victory Tax Exempt Long-Term Fund Class A              | UTELX         | C000220616 |
| Victory Tax Exempt Long-Term Fund Institutional Shares | ULTIX         | C000220617 |

---

### Victory Nasdaq-100 Index Fund (Formerly USAA Nasdaq-100 Index Fund) (Series ID: S000012907)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                         | Ticker Symbol | Class ID   |
| Victory Nasdaq-100 Index Fund Shares               | USNQX         | C000034876 |
| Victory Nasdaq-100 Index Fund Class R6             | URNQX         | C000179381 |
| Victory Nasdaq-100 Index Fund Class A              | UANQX         | C000220618 |
| Victory Nasdaq-100 Index Fund Institutional Shares | UINQX         | C000220619 |
| Victory Nasdaq-100 Index Fund Class C              | UCNQX         | C000220620 |

---

### Victory Precious Metals and Minerals Fund (Formerly USAA Precious Metals and Minerals Fund) (Series ID: S000012910)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                                     | Ticker Symbol | Class ID   |
| Victory Precious Metals and Minerals Fund Shares               | USAGX         | C000034879 |
| Victory Precious Metals and Minerals Fund Institutional Shares | UIPMX         | C000066842 |
| Victory Precious Metals and Minerals Fund Class A              | UPMMX         | C000220623 |

---

### Victory Science & Technology Fund (Formerly USAA Science & Technology Fund) (Series ID: S000012911)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                | Ticker Symbol | Class ID   |
| Victory Science & Technology Fund Shares  | USSCX         | C000034880 |
| Victory Science & Technology Fund Class A | USTCX         | C000220624 |

---

### Victory Tax Exempt Short-Term Fund (Formerly USAA Tax Exempt Short-Term Fund) (Series ID: S000012912)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                              | Ticker Symbol | Class ID   |
| Victory Tax Exempt Short-Term Fund Shares               | USSTX         | C000034881 |
| Victory Tax Exempt Short-Term Fund Class A              | UTESX         | C000220625 |
| Victory Tax Exempt Short-Term Fund Institutional Shares | USTIX         | C000220626 |

---

### Victory Short-Term Bond Fund (Formerly USAA Short-Term Bond Fund) (Series ID: S000012913)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                        | Ticker Symbol | Class ID   |
| Victory Short-Term Bond Fund Shares               | USSBX         | C000034882 |
| Victory Short-Term Bond Fund Institutional Shares | UISBX         | C000066843 |
| Victory Short-Term Bond Fund Class R6             | URSBX         | C000175751 |
| Victory Short-Term Bond Fund Class A              | UASBX         | C000220627 |

---

### Victory California Bond Fund (Formerly USAA California Bond Fund) (Series ID: S000012916)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                        | Ticker Symbol | Class ID   |
| Victory California Bond Fund Shares               | USCBX         | C000034886 |
| Victory California Bond Fund Class A              | UXABX         | C000220628 |
| Victory California Bond Fund Institutional Shares | UCBIX         | C000220629 |

---

### Victory Virginia Bond Fund (Formerly USAA Virginia Bond Fund) (Series ID: S000012921)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                      | Ticker Symbol | Class ID   |
| Victory Virginia Bond Fund Shares               | USVAX         | C000034891 |
| Victory Virginia Bond Fund Class A              | UVABX         | C000220631 |
| Victory Virginia Bond Fund Institutional Shares | UVAIX         | C000220632 |

---

### Victory Sustainable World Fund (Formerly USAA Sustainable World Fund) (Series ID: S000012923)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                          | Ticker Symbol | Class ID   |
| Victory Sustainable World Fund Shares               | USAWX         | C000034893 |
| Victory Sustainable World Fund Institutional Shares | UIWGX         | C000159208 |
| Victory Sustainable World Fund Class A              | USWGX         | C000220633 |

---

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

---

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

---

## Series and Classes Contracts Data

### Victory Growth and Tax Strategy Fund (Formerly USAA Growth and Tax Strategy Fund) (Series ID: S000012897)

| Class ID   | Class Name                                                | Ticker Symbol   |
|:---|:---|:---|
| C000034866 | Victory Growth and Tax Strategy Fund Shares               | USBLX           |
| C000220605 | Victory Growth and Tax Strategy Fund Class C              | UGTCX           |
| C000220606 | Victory Growth and Tax Strategy Fund Institutional Shares | UGTIX           |
| C000220607 | Victory Growth and Tax Strategy Fund Class A              | UGTAX           |

### Victory Income Fund (Formerly USAA Income Fund) (Series ID: S000012899)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000034868 | Victory Income Fund Shares               | USAIX           |
| C000066838 | Victory Income Fund Institutional Shares | UIINX           |
| C000175748 | Victory Income Fund Class R6             | URIFX           |
| C000220609 | Victory Income Fund Class A              | UINCX           |

### Victory Tax Exempt Intermediate-Term Fund (Formerly USAA Tax Exempt Intermediate-Term Fund) (Series ID: S000012901)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000034870 | Victory Tax Exempt Intermediate-Term Fund Shares               | USATX           |
| C000220611 | Victory Tax Exempt Intermediate-Term Fund Class A              | UTEIX           |
| C000220612 | Victory Tax Exempt Intermediate-Term Fund Institutional Shares | UITIX           |

### Victory Core Plus Intermediate Bond Fund (Formerly USAA Intermediate-Term Bond Fund) (Series ID: S000012902)

| Class ID   | Class Name                                                    | Ticker Symbol   |
|:---|:---|:---|
| C000034871 | Victory Core Plus Intermediate Bond Fund Shares               | USIBX           |
| C000066840 | Victory Core Plus Intermediate Bond Fund Institutional Shares | UIITX           |
| C000175750 | Victory Core Plus Intermediate Bond Fund Class R6             | URIBX           |
| C000220613 | Victory Core Plus Intermediate Bond Fund Class A              | UITBX           |
| C000220614 | Victory Core Plus Intermediate Bond Fund Class C              | UITCX           |

### Victory Tax Exempt Long-Term Fund (Formerly USAA Tax Exempt Long-Term Fund) (Series ID: S000012904)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000034873 | Victory Tax Exempt Long-Term Fund Shares               | USTEX           |
| C000220616 | Victory Tax Exempt Long-Term Fund Class A              | UTELX           |
| C000220617 | Victory Tax Exempt Long-Term Fund Institutional Shares | ULTIX           |

### Victory Nasdaq-100 Index Fund (Formerly USAA Nasdaq-100 Index Fund) (Series ID: S000012907)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000034876 | Victory Nasdaq-100 Index Fund Shares               | USNQX           |
| C000179381 | Victory Nasdaq-100 Index Fund Class R6             | URNQX           |
| C000220618 | Victory Nasdaq-100 Index Fund Class A              | UANQX           |
| C000220619 | Victory Nasdaq-100 Index Fund Institutional Shares | UINQX           |
| C000220620 | Victory Nasdaq-100 Index Fund Class C              | UCNQX           |

### Victory Precious Metals and Minerals Fund (Formerly USAA Precious Metals and Minerals Fund) (Series ID: S000012910)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000034879 | Victory Precious Metals and Minerals Fund Shares               | USAGX           |
| C000066842 | Victory Precious Metals and Minerals Fund Institutional Shares | UIPMX           |
| C000220623 | Victory Precious Metals and Minerals Fund Class A              | UPMMX           |

### Victory Science & Technology Fund (Formerly USAA Science & Technology Fund) (Series ID: S000012911)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000034880 | Victory Science & Technology Fund Shares  | USSCX           |
| C000220624 | Victory Science & Technology Fund Class A | USTCX           |

### Victory Tax Exempt Short-Term Fund (Formerly USAA Tax Exempt Short-Term Fund) (Series ID: S000012912)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000034881 | Victory Tax Exempt Short-Term Fund Shares               | USSTX           |
| C000220625 | Victory Tax Exempt Short-Term Fund Class A              | UTESX           |
| C000220626 | Victory Tax Exempt Short-Term Fund Institutional Shares | USTIX           |

### Victory Short-Term Bond Fund (Formerly USAA Short-Term Bond Fund) (Series ID: S000012913)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000034882 | Victory Short-Term Bond Fund Shares               | USSBX           |
| C000066843 | Victory Short-Term Bond Fund Institutional Shares | UISBX           |
| C000175751 | Victory Short-Term Bond Fund Class R6             | URSBX           |
| C000220627 | Victory Short-Term Bond Fund Class A              | UASBX           |

### Victory California Bond Fund (Formerly USAA California Bond Fund) (Series ID: S000012916)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000034886 | Victory California Bond Fund Shares               | USCBX           |
| C000220628 | Victory California Bond Fund Class A              | UXABX           |
| C000220629 | Victory California Bond Fund Institutional Shares | UCBIX           |

### Victory Virginia Bond Fund (Formerly USAA Virginia Bond Fund) (Series ID: S000012921)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000034891 | Victory Virginia Bond Fund Shares               | USVAX           |
| C000220631 | Victory Virginia Bond Fund Class A              | UVABX           |
| C000220632 | Victory Virginia Bond Fund Institutional Shares | UVAIX           |

### Victory Sustainable World Fund (Formerly USAA Sustainable World Fund) (Series ID: S000012923)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000034893 | Victory Sustainable World Fund Shares               | USAWX           |
| C000159208 | Victory Sustainable World Fund Institutional Shares | UIWGX           |
| C000220633 | Victory Sustainable World Fund Class A              | USWGX           |

### 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 California Bond Fund**

**Victory Virginia Bond Fund**

**Victory Tax Exempt Long-Term Fund**

**Victory Tax Exempt Intermediate-Term Fund**

**Victory Tax Exempt Short-Term Fund Victory Growth and Tax Strategy Fund Victory Precious Metals and Minerals Fund Victory Sustainable World Fund**

**(each a "Fund" and together, the "Funds)**

**Supplement dated April 27, 2026**

**to each Fund's Prospectus dated July 1, 2025, as in effect and as may be amended from time to time**

**The following disclosure replaces in its entirety the existing information related to Merrill Lynch under Appendix A in each Fund's Prospectus.**

**Merrill Lynch ("Merrill")**

Purchases or sales of front-end (for example, Class A) or level-load (for example, Class C) mutual fund shares through a Merrill platform or account will be eligible only for the following sales load waivers (front-end, contingent deferred, or back- end waivers) and discounts, which differ from those disclosed elsewhere in this Fund's prospectus. Purchasers will have to buy mutual fund shares directly from the mutual fund company or through another intermediary to be eligible for waivers or discounts not listed below.

It is the client's responsibility to notify Merrill at the time of purchase or sale of any relationship or other facts that qualify the transaction for a waiver or discount. A Merrill representative may ask for reasonable documentation of such facts and Merrill may condition the granting of a waiver or discount on the timely receipt of such documentation.

Additional information on waivers, discounts, and share class exchanges is available in the Merrill Sales Load Waiver and Discounts Supplement (the "Merrill SLWD Supplement") and in the Mutual Fund Investing at Merrill pamphlet at ml.com/funds. Clients are encouraged to review these documents and speak with their financial advisor to determine whether a transaction is eligible for a waiver or discount.

**Front-end Load Waivers Available at Merrill**

■Shares of mutual funds available for purchase by employer-sponsored retirement, deferred compensation, and employee benefit plans (including health savings accounts) and trusts used to fund those plans provided the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SARSEPs, or Keogh plans

■Shares purchased through a Merrill investment advisory program

■Brokerage class shares exchanged from advisory class shares due to the holdings moving from a Merrill investment advisory program to a Merrill brokerage account

■Shares purchased through the Merrill Edge Self-Directed platform

■Shares purchased through the systematic reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same mutual fund in the same account

■Shares exchanged from level-load shares to front-end load shares of the same mutual fund in accordance with the description in the Merrill SLWD Supplement

■Shares purchased by eligible persons associated with the fund as defined in this prospectus (e.g. the fund's officers or trustees)

■Shares purchased from the proceeds of a mutual fund redemption in front-end load shares provided (1) the repurchase is in a mutual fund within the same fund family; (2) the repurchase occurs within 90 calendar days from the redemption trade date, and (3) the redemption and purchase occur in the same account (known as Rights of Reinstatement). Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill's account maintenance fees are not eligible for Rights of Reinstatement

**Contingent Deferred Sales Charge ("CDSC") Waivers on Front-end, Back-end, and Level-Load Shares Available at Merrill**

■Shares sold due to the client's death or disability (as defined by Internal Revenue Code Section 22(e)(3))

■Shares sold pursuant to a systematic withdrawal program subject to Merrill's maximum systematic withdrawal limits as described in the Merrill SLWD Supplement

■Shares sold due to return of excess contributions from an IRA account

■Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the investor reaching the qualified age based on applicable IRS regulation

■Front-end or level-load shares held in commission-based, non-taxable retirement brokerage accounts (e.g. traditional, Roth, rollover, SEP IRAs, Simple IRAs, SAR-SEPs, or Keogh plans) that are transferred to fee-based accounts or platforms and exchanged for a lower cost share class of the same mutual fund

**Front-end Load Discounts Available at Merrill: Breakpoints, Rights of Accumulation & Letters of Intent**

■Breakpoint discounts, as described in this prospectus, where the sales load is at or below the maximum sales load that Merrill permits to be assessed to a front-end load purchase, as described in the Merrill SLWD Supplement

■Rights of Accumulation (ROA), as described in the Merrill SLWD Supplement, which entitle clients to breakpoint discounts based on the aggregated holdings of mutual fund family assets held in accounts in their Merrill Household

■On or about May 1, 2026, assets not held at Merrill will no longer be included in the ROA calculation. For more detail on the timing and calculation lease refer to the Merrill SLWD Supplement.

■Letters of Intent (LOI), which allow for breakpoint discounts on eligible new purchases based on anticipated future eligible purchases within a fund family at Merrill, in accounts within your Merrill Household, as further described in the Merrill SLWD Supplement

■On or about May 1, 2026, Merrill will no longer accept new LOIs. For more detail on the timing, please refer to the Merrill SLWD Supplement.

If you wish to obtain more information, please call the Victory Funds at 800 235-8396.

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

**34285-00-0426**

**Victory Portfolios III**

**Victory Income Fund**

**Victory Short-Term Bond Fund**

**Victory Core Plus Intermediate Bond Fund**

**Victory Nasdaq-100 Index Fund**

**Victory Science and Technology Fund Victory Ultra Short–Term Bond Fund (each a "Fund" and together, the "Funds")**

**Supplement dated April 27, 2026**

**to each Fund's Prospectus dated September 1, 2025, as in effect and as may be amended from time to time**

**The following disclosure replaces in its entirety the existing information related to Merrill Lynch under Appendix A in each Fund's Prospectus.**

**Merrill Lynch ("Merrill")**

Purchases or sales of front-end (for example, Class A) or level-load (for example, Class C) mutual fund shares through a Merrill platform or account will be eligible only for the following sales load waivers (front-end, contingent deferred, or back- end waivers) and discounts, which differ from those disclosed elsewhere in this Fund's prospectus. Purchasers will have to buy mutual fund shares directly from the mutual fund company or through another intermediary to be eligible for waivers or discounts not listed below.

It is the client's responsibility to notify Merrill at the time of purchase or sale of any relationship or other facts that qualify the transaction for a waiver or discount. A Merrill representative may ask for reasonable documentation of such facts and Merrill may condition the granting of a waiver or discount on the timely receipt of such documentation.

Additional information on waivers, discounts, and share class exchanges is available in the Merrill Sales Load Waiver and Discounts Supplement (the "Merrill SLWD Supplement") and in the Mutual Fund Investing at Merrill pamphlet at ml.com/funds. Clients are encouraged to review these documents and speak with their financial advisor to determine whether a transaction is eligible for a waiver or discount.

**Front-end Load Waivers Available at Merrill**

■Shares of mutual funds available for purchase by employer-sponsored retirement, deferred compensation, and employee benefit plans (including health savings accounts) and trusts used to fund those plans provided the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SARSEPs, or Keogh plans

■Shares purchased through a Merrill investment advisory program

■Brokerage class shares exchanged from advisory class shares due to the holdings moving from a Merrill investment advisory program to a Merrill brokerage account

■Shares purchased through the Merrill Edge Self-Directed platform

■Shares purchased through the systematic reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same mutual fund in the same account

■Shares exchanged from level-load shares to front-end load shares of the same mutual fund in accordance with the description in the Merrill SLWD Supplement

■Shares purchased by eligible persons associated with the fund as defined in this prospectus (e.g. the fund's officers or trustees)

■Shares purchased from the proceeds of a mutual fund redemption in front-end load shares provided (1) the repurchase is in a mutual fund within the same fund family; (2) the repurchase occurs within 90 calendar days from the redemption trade date, and (3) the redemption and purchase occur in the same account (known as Rights of Reinstatement). Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill's account maintenance fees are not eligible for Rights of Reinstatement

**Contingent Deferred Sales Charge ("CDSC") Waivers on Front-end, Back-end, and Level-Load Shares Available at Merrill**

■Shares sold due to the client's death or disability (as defined by Internal Revenue Code Section 22(e)(3))

■Shares sold pursuant to a systematic withdrawal program subject to Merrill's maximum systematic withdrawal limits as described in the Merrill SLWD Supplement

■Shares sold due to return of excess contributions from an IRA account

■Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the investor reaching the qualified age based on applicable IRS regulation

■Front-end or level-load shares held in commission-based, non-taxable retirement brokerage accounts (e.g. traditional, Roth, rollover, SEP IRAs, Simple IRAs, SAR-SEPs, or Keogh plans) that are transferred to fee-based accounts or platforms and exchanged for a lower cost share class of the same mutual fund

**Front-end Load Discounts Available at Merrill: Breakpoints, Rights of Accumulation & Letters of Intent**

■Breakpoint discounts, as described in this prospectus, where the sales load is at or below the maximum sales load that Merrill permits to be assessed to a front-end load purchase, as described in the Merrill SLWD Supplement

■Rights of Accumulation (ROA), as described in the Merrill SLWD Supplement, which entitle clients to breakpoint discounts based on the aggregated holdings of mutual fund family assets held in accounts in their Merrill Household

■On or about May 1, 2026, assets not held at Merrill will no longer be included in the ROA calculation. For more detail on the timing and calculation lease refer to the Merrill SLWD Supplement.

■Letters of Intent (LOI), which allow for breakpoint discounts on eligible new purchases based on anticipated future eligible purchases within a fund family at Merrill, in accounts within your Merrill Household, as further described in the Merrill SLWD Supplement

■On or about May 1, 2026, Merrill will no longer accept new LOIs. For more detail on the timing, please refer to the Merrill SLWD Supplement.

If you wish to obtain more information, please call the Victory Funds at 800 235-8396.

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

**34286-00-0426**