# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001193125-25-300012
**Filing Date:** 2025-11
**Character Count:** 27336
**Document Hash:** 19593a682a477b59485ae43118c46ead
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-300012.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001193125-25-300012

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**EFFECTIVENESS DATE**: 20251126

**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:** 251528820

**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**

**Supplement dated November 26, 2025**

**to the Prospectuses dated July 1, 2025 ("Prospectuses")**

**The following disclosure replaces in its entirety the existing information related to Stifel, Nicolaus & Company, Incorporated ("Stifel") under Appendix A in the above-named Prospectuses.**

**Waivers Specific to Stifel, Nicolaus & Company, Incorporated ("Stifel")**

Shareholders purchasing or holding Victory Fund shares, including existing fund shareholders, through a Stifel or affiliated platform that provides trade execution, clearance, and/or custody services, will be eligible for the following sales charge load waivers (including front-end sales charge waivers and contingent deferred, or back-end, ("CDSC") sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or the Fund's SAI.

**Class A Shares**

As described elsewhere in this prospectus, Stifel may receive compensation out of the front-end sales charge if you purchase Class A shares through Stifel.

**Rights of accumulation**

Rights of accumulation ("ROA") that entitle shareholders to breakpoint discounts on front-end sales charges will be calculated by Stifel based on the aggregated holding of eligible assets in the Victory Funds held by accounts within the purchaser's household at Stifel. Ineligible assets include Class A Money Market Funds not assessed a sales charge. Fund Family assets not held at Stifel may be included in the calculation of ROA only if the shareholder notifies his or her financial advisor about such assets.

The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.

**Front-end sales charge waivers on Class A shares available at Stifel**

■Class C shares that have been held for more than seven (7) years may be converted to Class A shares or other front-end share class(es) of the same fund pursuant to Stifel's policies and procedures. To the extent that this prospectus elsewhere provides for a waiver with respect to the exchange or conversion of such shares following a shorter holding period, those provisions shall continue to apply.

■Shares purchased by employees and registered representatives of Stifel or its affiliates and their family members as designated by Stifel.

■Shares purchased in a Stifel fee-based advisory program, often referred to as a "wrap" program.

■Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same or other fund within the Victory Funds.

■Shares purchased from the proceeds of redeemed shares of Victory Funds so long as the proceeds are from the sale of shares from an account with the same owner/beneficiary within 90 days of the purchase. For the absence of doubt, automated transactions (i.e. systematic purchases, including salary deferral transactions and

withdrawals) and purchases made after shares are sold to cover Stifel Nicolaus' account maintenance fees are not eligible for rights of reinstatement.

■Shares from rollovers into Stifel from retirement plans to IRAs.

■Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the direction of Stifel. Stifel is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in this prospectus.

■Purchases of Class 529-A shares through a rollover from another 529 plan.

■Purchases of Class 529-A shares made for reinvestment of refunded amounts.

■Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

■Charitable organizations and foundations, notably 501(c)(3) organizations.

**Contingent Deferred Sales Charges Waivers on Class A and C Shares**

■Death or disability of the shareholder or, in the case of 529 plans, the account beneficiary.

■Shares sold as part of a systematic withdrawal plan not to exceed 12% annually.

■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 shareholder reaching the qualified age based on applicable IRS regulations.

■Shares acquired through a right of reinstatement.

■Shares sold to pay Stifel fees or costs in such cases where the transaction is initiated by Stifel.

■Shares exchanged or sold in a Stifel fee-based program.

**Share Class Conversions in Advisory Accounts**

■Stifel continually looks to provide our clients with the lowest cost share class available based on account type. Stifel reserves the right to convert shares to the lowest cost share class available at Stifel upon transfer of shares into an advisory program.

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

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

**34254-00-1125**

**Victory Portfolios III**

**Victory Income Fund**

**Victory Short-Term Bond Fund**

**Victory Science & Technology Fund**

**Victory Core Plus Intermediate Bond Fund**

**Victory Nasdaq-100 Index Fund**

**Victory Ultra Short-Term Bond Fund**

**Supplement dated November 26, 2025**

**to the Prospectuses dated September 1, 2025 ("Prospectuses")**

**The following disclosure replaces in its entirety the existing information related to Stifel, Nicolaus & Company, Incorporated ("Stifel") under Appendix A in the above-named Prospectuses.**

**Waivers Specific to Stifel, Nicolaus & Company, Incorporated ("Stifel")**

Shareholders purchasing or holding Victory Fund shares, including existing fund shareholders, through a Stifel or affiliated platform that provides trade execution, clearance, and/or custody services, will be eligible for the following sales charge load waivers (including front-end sales charge waivers and contingent deferred, or back-end, ("CDSC") sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or the Fund's SAI.

**Class A Shares**

As described elsewhere in this prospectus, Stifel may receive compensation out of the front-end sales charge if you purchase Class A shares through Stifel.

**Rights of accumulation**

Rights of accumulation ("ROA") that entitle shareholders to breakpoint discounts on front-end sales charges will be calculated by Stifel based on the aggregated holding of eligible assets in the Victory Funds held by accounts within the purchaser's household at Stifel. Ineligible assets include Class A Money Market Funds not assessed a sales charge. Fund Family assets not held at Stifel may be included in the calculation of ROA only if the shareholder notifies his or her financial advisor about such assets.

The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.

**Front-end sales charge waivers on Class A shares available at Stifel**

■Class C shares that have been held for more than seven (7) years may be converted to Class A shares or other front-end share class(es) of the same fund pursuant to Stifel's policies and procedures. To the extent that this prospectus elsewhere provides for a waiver with respect to the exchange or conversion of such shares following a shorter holding period, those provisions shall continue to apply.

■Shares purchased by employees and registered representatives of Stifel or its affiliates and their family members as designated by Stifel.

■Shares purchased in a Stifel fee-based advisory program, often referred to as a "wrap" program.

■Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same or other fund within the Victory Funds.

■Shares purchased from the proceeds of redeemed shares of Victory Funds so long as the proceeds are from the sale of shares from an account with the same owner/beneficiary within 90 days of the purchase. For the absence of doubt, automated transactions (i.e. systematic purchases, including salary deferral transactions and withdrawals) and purchases made after shares are sold to cover Stifel Nicolaus' account maintenance fees are not eligible for rights of reinstatement.

■Shares from rollovers into Stifel from retirement plans to IRAs.

■Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the direction of Stifel. Stifel is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in this prospectus.

■Purchases of Class 529-A shares through a rollover from another 529 plan.

■Purchases of Class 529-A shares made for reinvestment of refunded amounts.

■Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

■Charitable organizations and foundations, notably 501(c)(3) organizations.

**Contingent Deferred Sales Charges Waivers on Class A and C Shares**

■Death or disability of the shareholder or, in the case of 529 plans, the account beneficiary.

■Shares sold as part of a systematic withdrawal plan not to exceed 12% annually.

■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 shareholder reaching the qualified age based on applicable IRS regulations.

■Shares acquired through a right of reinstatement.

■Shares sold to pay Stifel fees or costs in such cases where the transaction is initiated by Stifel.

■Shares exchanged or sold in a Stifel fee-based program.

**Share Class Conversions in Advisory Accounts**

■Stifel continually looks to provide our clients with the lowest cost share class available based on account type. Stifel reserves the right to convert shares to the lowest cost share class available at Stifel upon transfer of shares into an advisory program.

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

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

**34255-00-1125**