# EDGAR Filing Document

**Accession Number:** 0000802716
**File Stem:** 0001683863-23-000203
**Filing Date:** 2023-1
**Character Count:** 3058
**Document Hash:** d39dd5991b35cb8f31034474c8e90de7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683863-23-000203.hdr.sgml**: 20230123

**ACCESSION NUMBER**: 0001683863-23-000203

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230123

**DATE AS OF CHANGE**: 20230123

**EFFECTIVENESS DATE**: 20230123

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VICTORY PORTFOLIOS
- **CENTRAL INDEX KEY:** 0000802716
- **IRS NUMBER:** 316364605
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-08982
- **FILM NUMBER:** 23542684

**BUSINESS ADDRESS:**
- **STREET 1:** 4900 TIEDEMAN ROAD
- **CITY:** BROOKLYN
- **STATE:** OH
- **ZIP:** 44144
- **BUSINESS PHONE:** 6144708000

**MAIL ADDRESS:**
- **STREET 1:** 4900 TIEDEMAN ROAD
- **CITY:** BROOKLYN
- **STATE:** OH
- **ZIP:** 44144

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SOCIETY FUNDS
- **DATE OF NAME CHANGE:** 19940906

## Series and Classes Contracts Data

### Victory Tax-Exempt Fund (Series ID: S000053573)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000168378 | Class A      | GUTEX           |
| C000168379 | Class C      | RETCX           |
| C000168380 | Class Y      | RSTYX           |

**Victory Funds**

**Victory Tax-Exempt Fund**

**Supplement dated January 23, 2023, to the Summary Prospectus and Prospectus each dated May 1, 2022**

After 30 years in the investment industry, effective June 1, 2023, Regina G. Conklin plans to retire as a portfolio manager with USAA Investments, a Victory Capital Management Inc. Investment Franchise. At that time, Andrew Hattman will be named Head of Municipal Bond Portfolio Management and continue managing the tax-exempt mutual funds along with Lauren Spalten. The following changes will be effective June 1, 2023.

**The following disclosure replaces the section titled "Management of the Fund – Investment Adviser" of the Summary Prospectus and Prospectus.**

---

| | | |
|:---|:---|:---|
| **Investment Team**<br>| <br>**Title** | <br>**Tenure with the Fund** |
|  | Senior Portfolio Manager, Head of |  |
| &nbsp;&nbsp;Andrew Hattman, CFA, CAIA | Municipal Bond Portfolio Management | Since 2019 |
| &nbsp;&nbsp;Lauren Spalten | Portfolio Manager | Since 2021 |

---

**The disclosure referencing Regina G. Conklin under "Portfolio Management" on page 41 of the Prospectus is deleted and the disclosure referencing Andrew Hattman is replaced with the following:**

Andrew Hattman, CFA, CAIA, Victory Capital Senior Portfolio Manager and Head of Municipal bond Portfolio Management–USAA Investments, a Victory Capital Investment Franchise, has co-managed the Funds since 2019. Mr. Hattman has 11 years of investment management experience, eight years of which were with AMCO, which was acquired by the Adviser's parent company in 2019. Mr. Hattman holds CFA and CAIA designations.

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

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