# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001683863-25-005604
**Filing Date:** 2025-7
**Character Count:** 22102
**Document Hash:** a90779609928932d55963eec3e7b6347
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683863-25-005604.hdr.sgml**: 20250703

**ACCESSION NUMBER**: 0001683863-25-005604

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250703

**DATE AS OF CHANGE**: 20250703

**EFFECTIVENESS DATE**: 20250703

**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:** 251105992

**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 Aggressive Growth Fund (Formerly USAA Aggressive Growth Fund) (Series ID: S000012894)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                          | Ticker Symbol | Class ID   |
| Victory Aggressive Growth Fund Shares               | USAUX         | C000034863 |
| Victory Aggressive Growth Fund Institutional Shares | UIAGX         | C000066835 |

---

### Victory Growth Fund (Formerly USAA Growth Fund) (Series ID: S000012895)

---

|  |  |  |
|:---|:---|:---|
| Class Name                               | Ticker Symbol | Class ID   |
| Victory Growth Fund Shares               | USAAX         | C000034864 |
| Victory Growth Fund Institutional Shares | UIGRX         | C000066836 |

---

### Victory Growth & Income Fund (Formerly USAA Growth & Income Fund) (Series ID: S000012896)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                        | Ticker Symbol | Class ID   |
| Victory Growth & Income Fund Shares               | USGRX         | C000034865 |
| Victory Growth & Income Fund Institutional Shares | UIGIX         | C000159207 |

---

### Victory High Income Fund (Formerly USAA High Income Fund) (Series ID: S000012898)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                    | Ticker Symbol | Class ID   |
| Victory High Income Fund Shares               | USHYX         | C000034867 |
| Victory High Income Fund Institutional Shares | UIHIX         | C000066837 |
| Victory High Income Fund Class R6             | URHIX         | C000175747 |

---

### 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 Income Stock Fund (Formerly USAA Income Stock Fund) (Series ID: S000012900)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                     | Ticker Symbol | Class ID   |
| Victory Income Stock Fund Shares               | USISX         | C000034869 |
| Victory Income Stock Fund Institutional Shares | UIISX         | C000066839 |

---

### 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 Money Market Fund (Formerly USAA Money Market Fund) (Series ID: S000012906)

---

|  |  |  |
|:---|:---|:---|
| Class Name                | Ticker Symbol | Class ID   |
| Victory Money Market Fund | USAXX         | C000034875 |

---

### 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 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 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 Small Cap Stock Fund (Formerly USAA Small Cap Stock Fund) (Series ID: S000012914)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                        | Ticker Symbol | Class ID   |
| Victory Small Cap Stock Fund Shares               | USCAX         | C000034883 |
| Victory Small Cap Stock Fund Institutional Shares | UISCX         | C000066844 |

---

### Victory 500 Index Fund (Formerly USAA 500 Index Fund) (Series ID: S000012915)

---

|  |  |  |
|:---|:---|:---|
| Class Name                           | Ticker Symbol | Class ID   |
| Victory 500 Index Fund Member Shares | USSPX         | C000034884 |
| Victory 500 Index Fund Reward Shares | USPRX         | C000034885 |

---

### Victory Value Fund (Formerly USAA Value Fund) (Series ID: S000012920)

---

|  |  |  |
|:---|:---|:---|
| Class Name                              | Ticker Symbol | Class ID   |
| Victory Value Fund Shares               | UVALX         | C000034890 |
| Victory Value Fund Institutional Shares | UIVAX         | C000066845 |

---

### Victory Capital Growth Fund (Formerly USAA Capital Growth Fund) (Series ID: S000012925)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                       | Ticker Symbol | Class ID   |
| Victory Capital Growth Fund Shares               | USCGX         | C000034895 |
| Victory Capital Growth Fund Institutional Shares | UICGX         | C000159209 |

---

### Victory Extended Market Index Fund (Formerly USAA Extended Market Index Fund) (Series ID: S000012941)

---

|  |  |  |
|:---|:---|:---|
| Class Name                         | Ticker Symbol | Class ID   |
| Victory Extended Market Index Fund | USMIX         | C000034943 |

---

### Victory Global Managed Volatility Fund (Formerly USAA Global Managed Volatility Fund) (Series ID: S000022882)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                                  | Ticker Symbol | Class ID   |
| Victory Global Managed Volatility Fund Institutional Shares | UGOFX         | C000066372 |
| Victory Global Managed Volatility Fund Shares               | UGMVX         | C000129296 |

---

### 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 Aggressive Growth Fund (Formerly USAA Aggressive Growth Fund) (Series ID: S000012894)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000034863 | Victory Aggressive Growth Fund Shares               | USAUX           |
| C000066835 | Victory Aggressive Growth Fund Institutional Shares | UIAGX           |

### Victory Growth Fund (Formerly USAA Growth Fund) (Series ID: S000012895)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000034864 | Victory Growth Fund Shares               | USAAX           |
| C000066836 | Victory Growth Fund Institutional Shares | UIGRX           |

### Victory Growth & Income Fund (Formerly USAA Growth & Income Fund) (Series ID: S000012896)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000034865 | Victory Growth & Income Fund Shares               | USGRX           |
| C000159207 | Victory Growth & Income Fund Institutional Shares | UIGIX           |

### Victory High Income Fund (Formerly USAA High Income Fund) (Series ID: S000012898)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000034867 | Victory High Income Fund Shares               | USHYX           |
| C000066837 | Victory High Income Fund Institutional Shares | UIHIX           |
| C000175747 | Victory High Income Fund Class R6             | URHIX           |

### 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 Income Stock Fund (Formerly USAA Income Stock Fund) (Series ID: S000012900)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000034869 | Victory Income Stock Fund Shares               | USISX           |
| C000066839 | Victory Income Stock Fund Institutional Shares | UIISX           |

### 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 Money Market Fund (Formerly USAA Money Market Fund) (Series ID: S000012906)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000034875 | Victory Money Market Fund | USAXX           |

### 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 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 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 Small Cap Stock Fund (Formerly USAA Small Cap Stock Fund) (Series ID: S000012914)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000034883 | Victory Small Cap Stock Fund Shares               | USCAX           |
| C000066844 | Victory Small Cap Stock Fund Institutional Shares | UISCX           |

### Victory 500 Index Fund (Formerly USAA 500 Index Fund) (Series ID: S000012915)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000034884 | Victory 500 Index Fund Member Shares | USSPX           |
| C000034885 | Victory 500 Index Fund Reward Shares | USPRX           |

### Victory Value Fund (Formerly USAA Value Fund) (Series ID: S000012920)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000034890 | Victory Value Fund Shares               | UVALX           |
| C000066845 | Victory Value Fund Institutional Shares | UIVAX           |

### Victory Capital Growth Fund (Formerly USAA Capital Growth Fund) (Series ID: S000012925)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000034895 | Victory Capital Growth Fund Shares               | USCGX           |
| C000159209 | Victory Capital Growth Fund Institutional Shares | UICGX           |

### Victory Extended Market Index Fund (Formerly USAA Extended Market Index Fund) (Series ID: S000012941)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000034943 | Victory Extended Market Index Fund | USMIX           |

### Victory Global Managed Volatility Fund (Formerly USAA Global Managed Volatility Fund) (Series ID: S000022882)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000066372 | Victory Global Managed Volatility Fund Institutional Shares | UGOFX           |
| C000129296 | Victory Global Managed Volatility Fund Shares               | UGMVX           |

### 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 Aggressive Growth Fund**

**(the "Fund")**

**Supplement dated July 3, 2025, to the Fund's**

**Summary Prospectus and Prospectus dated September 1, 2024, as Supplemented**

Effective immediately, NewBridge Asset Management ("NewBridge") will no longer manage a portion of the Fund. Therefore, all references to NewBridge in the Summary Prospectus and Prospectus are hereby deleted.

In connection with the change described herein, the Fund could experience higher portfolio turnover and higher transaction costs than normal as the portfolio management teams realign the Fund's portfolio to reflect the investment techniques and philosophy. This realignment could take place during a disadvantageous time and also could result in higher capital gains and distributions, which could affect the tax efficiency of the Fund negatively. In addition, the Fund may not be fully invested under its investment program while the realignment takes place, which may negatively impact the Fund's performance.

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

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

------

**Victory Portfolios III**

**Victory Capital Growth Fund**

**(the "Fund")**

**Supplement dated July 3, 2025, to the Fund's**

**Summary Prospectus and Prospectus dated September 1, 2024, as Supplemented**

Effective immediately, Sophus Capital ("Sophus") will no longer manage a portion of the Fund. Therefore, all references to Sophus in the Summary Prospectus and Prospectus are hereby deleted.

In connection with the change described herein, the Fund could experience higher portfolio turnover and higher transaction costs than normal as the portfolio management teams realign the Fund's portfolio to reflect the investment techniques and philosophy. This realignment could take place during a disadvantageous time and also could result in higher capital gains and distributions, which could affect the tax efficiency of the Fund negatively. In addition, the Fund may not be fully invested under its investment program while the realignment takes place, which may negatively impact the Fund's performance.

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

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

------

**Victory Portfolios III**

**Victory Small Cap Stock Fund**

**(the "Fund")**

**Supplement dated July 3, 2025, to the Fund's**

**Summary Prospectus and Prospectus dated September 1, 2024, as Supplemented**

Effective immediately, THB Asset Management ("THB") will no longer manage a portion of the Fund. Therefore, all references to THB in the Summary Prospectus and Prospectus are hereby deleted.

In connection with the change described herein, the Fund could experience higher portfolio turnover and higher transaction costs than normal as the portfolio management teams realign the Fund's portfolio to reflect the investment techniques and philosophy. This realignment could take place during a disadvantageous time and also could result in higher capital gains and distributions, which could affect the tax efficiency of the Fund negatively. In addition, the Fund may not be fully invested under its investment program while the realignment takes place, which may negatively impact the Fund's performance.

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

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

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Victory Portfolios III** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Victory Portfolios III** |
| **Victory Aggressive Growth Fund** | **Victory Science & Technology Fund** |
| **Victory Capital Growth Fund** | **Victory Short-Term Bond Fund** |
| **Victory Growth Fund** | **Victory Small Cap Stock Fund** |
| **Victory Growth & Income Fund** | **Victory Value Fund** |
| **Victory Income Fund** | **Victory Extended Market Index Fund** |
| **Victory Income Stock Fund** | **Victory 500 Index Fund** |
| **Victory Core Plus Intermediate Bond Fund** | **Victory Nasdaq-100 Index Fund** |
| **Victory High Income Fund** | **Victory Global Managed Volatility Fund** |
| **Victory Money Market Fund** | **Victory Ultra Short-Term Bond Fund** |

---

**Supplement dated July 3, 2025, to the**

**Statement of Additional Information ("SAI") dated September 1, 2024, as supplemented**

Effective immediately, NewBridge Asset Management ("NewBridge"), Sophus Capital ("Sophus"), and THB Asset Management ("THB") will no longer be franchises. Therefore, all references to Newbridge, Sophus, and THB in the SAI are hereby deleted.

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

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

------