# EDGAR Filing Document

**Accession Number:** 0000802716
**File Stem:** 0001193125-25-250001
**Filing Date:** 2025-10
**Character Count:** 3387659
**Document Hash:** 8c7aa7b405a68ada46098af3d61ca580
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-250001.hdr.sgml**: 20251024

**ACCESSION NUMBER**: 0001193125-25-250001

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 321

**FILED AS OF DATE**: 20251024

**DATE AS OF CHANGE**: 20251024

**EFFECTIVENESS DATE**: 20251101

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VICTORY PORTFOLIOS
- **CENTRAL INDEX KEY:** 0000802716

**ORGANIZATION NAME:**
- **EIN:** 316364605
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04852
- **FILM NUMBER:** 251416430

**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
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VICTORY PORTFOLIOS
- **CENTRAL INDEX KEY:** 0000802716

**ORGANIZATION NAME:**
- **EIN:** 316364605
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-08982
- **FILM NUMBER:** 251416429

**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 Investment Grade Convertible Fund, formerly Victory INCORE Investment Grade Convertible Fund (Series ID: S000000786)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002332 | Class A      | SBFCX           |
| C000052112 | Class I      | VICIX           |
| C000219861 | Member Class | SBFMX           |

### Victory Diversified Stock Fund (Series ID: S000000787)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002333 | Class A      | SRVEX           |
| C000002336 | Class C      | VDSCX           |
| C000002337 | Class R      | GRINX           |
| C000052113 | Class I      | VDSIX           |
| C000111270 | Class Y      | VDSYX           |
| C000138365 | Class R6     | VDSRX           |

### Victory Sycamore Established Value Fund (Series ID: S000000788)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002334 | Class A      | VETAX           |
| C000002335 | Class R      | GETGX           |
| C000052114 | Class I      | VEVIX           |
| C000111271 | Class Y      | VEVYX           |
| C000138366 | Class R6     | VEVRX           |
| C000169232 | Class C      | VEVCX           |

### Victory Fund for Income, formerly Victory INCORE Fund for Income (Series ID: S000000792)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002344 | Class A      | IPFIX           |
| C000002345 | Class C      | VFFCX           |
| C000002346 | Class R      | GGIFX           |
| C000098399 | Class I      | VFFIX           |
| C000111273 | Class Y      | VFFYX           |
| C000155524 | Class R6     | VFFRX           |
| C000219862 | Member Class | VFFMX           |

### Victory Sycamore Small Company Opportunity Fund (Series ID: S000000800)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002356 | Class A      | SSGSX           |
| C000002357 | Class R      | GOGFX           |
| C000052116 | Class I      | VSOIX           |
| C000111275 | Class Y      | VSOYX           |
| C000164985 | Class R6     | VSORX           |

### Victory Core Bond Fund, formerly Victory Total Return Bond Fund (Series ID: S000046391)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000144969 | Class A      | MUCAX           |
| C000144970 | Class C      | MUCCX           |
| C000144971 | Class Y      | MUCYX           |
| C000155525 | Class R6     | MUCRX           |

### Victory Munder Mid-Cap Core Growth Fund (Series ID: S000046392)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000144972 | Class A      | MGOAX           |
| C000144973 | Class C      | MGOTX           |
| C000144975 | Class R6     | MGOSX           |
| C000144976 | Class Y      | MGOYX           |

### Victory Integrity Small-Cap Value Fund (Series ID: S000046393)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000144977 | Class A      | VSCVX           |
| C000144978 | Class C      | MCVSX           |
| C000144979 | Class R      | MRVSX           |
| C000144980 | Class R6     | MVSSX           |
| C000144981 | Class Y      | VSVIX           |

### Victory Munder Multi-Cap Fund (Series ID: S000046395)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000144984 | Class A      | MNNAX           |
| C000144985 | Class C      | MNNCX           |
| C000144987 | Class Y      | MNNYX           |

### Victory S&P 500 Index Fund (Series ID: S000046396)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000144988 | Class A      | MUXAX           |
| C000144989 | Class R      | MUXRX           |
| C000144990 | Class Y      | MUXYX           |

### Victory Integrity Mid-Cap Value Fund (Series ID: S000046397)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000144991 | Class A      | MAIMX           |
| C000144992 | Class Y      | MYIMX           |
| C000164741 | Class R6     | MRIMX           |
| C000217047 | Class C      | MCIMX           |
| C000219863 | Member Class | MMIJX           |

### Victory Integrity Small/Mid-Cap Value Fund (Series ID: S000046398)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000144993 | Class A      | MAISX           |
| C000144994 | Class Y      | MYISX           |
| C000155526 | Class R6     | MIRSX           |
| C000219864 | Member Class | MMMSX           |

### Victory Trivalent International Fund - Core Equity (Series ID: S000046399)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000144995 | Class A      | MAICX           |
| C000144997 | Class I      | MICIX           |
| C000144998 | Class Y      | MICYX           |
| C000155527 | Class R6     | MAIRX           |

### Victory Trivalent International Small-Cap Fund (Series ID: S000046400)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000144999 | Class A      | MISAX           |
| C000145000 | Class C      | MCISX           |
| C000145001 | Class I      | MISIX           |
| C000145002 | Class R6     | MSSIX           |
| C000145003 | Class Y      | MYSIX           |

### Victory Integrity Discovery Fund (Series ID: S000046401)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000145004 | Class A      | MMEAX           |
| C000145005 | Class C      | MMECX           |
| C000145007 | Class Y      | MMEYX           |
| C000219865 | Member Class | MMMMX           |

?xml version='1.0' encoding='ASCII'? 485BPOS

**Securities Act Registration No. 33-8982**

**Investment Company Act Registration No. 811-4852**

**As filed with the Securities and Exchange Commission on October 24, 2025**

------

**U.S. SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

------

**FORM N-1A**

**REGISTRATION STATEMENT**

**UNDER THE SECURITIES ACT OF 1933**

☒

**Pre-Effective Amendment No. ___**

**Post-Effective Amendment No. 206**

**And**

**REGISTRATION STATEMENT** 

***UNDER THE INVESTMENT COMPANY ACT OF 1940***

☒

**Amendment No. 207**

------

**Victory Portfolios**

**(Exact name of Registrant as Specified in Trust Instrument)**

------

**4900 Tiedeman Road, 4th Floor, Brooklyn, Ohio 44114**

**(Address of Principal Executive Offices)**

**(800) 539-3863**

**(Area Code and Telephone Number)**

------

**Copy to:** 

---

| | |
|:---|:---|
| **Thomas Dusenberry**<br> **Victory Portfolios**<br> **15935 La Cantera Parkway**<br> **San Antonio, Texas 78256**<br>| **Jay G. Baris**<br> **Matthew J. Kutner**<br> **Sidley Austin LLP**<br> **787 Seventh Avenue**<br> **New York, New York 10019**<br>|

---

**(Name and Address of Agent for Service)**

------

Approximate Date of Proposed Public Offering: As soon as practicable after this registration statement becomes effective.

It is proposed that this filing will become effective:

☐

Immediately upon filing pursuant to paragraph (b)

☒

On November 1, 2025 pursuant to paragraph (b)

☐

60 days after filing pursuant to paragraph (a)(1)

☐

On (May 1, 2025) pursuant to paragraph (a)(1)

☐

75 days after filing pursuant to paragraph (a)(2)

☐

On (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

☐

This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

------

![](imga2ae8ae21.gif)

**November 1, 2025**

Prospectus

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Victory Core Bond Fund | Victory Core Bond Fund | Victory Core Bond Fund | Victory Core Bond Fund | Victory Core Bond Fund | Victory Core Bond Fund | Victory Core Bond Fund |
|  | **Class A**  | **Class C**  | **Class I**  | **Class R**  | **Class R6**  | **Class Y**  |
|  | MUCAX | MUCCX | —  |  | MUCRX | MUCYX |

---

Effective December 22, 2025, the Fund will be liquidated.

The Securities and Exchange Commission has not approved or disapproved these securities or determined whether this Prospectus is accurate or complete. Any representation to the contrary is a criminal offense.

vcm.com

800-539-FUND (800-539-3863)

------

![](imga2ae8ae21.gif)

**Table of Contents**

---

| | |
|:---|:---|
| **[Fund Summary](#xx_63d009e6-ae7a-4f84-a2d6-813e14889a5d_1)** | 1  |
| [Investment Objective](#xx_63d009e6-ae7a-4f84-a2d6-813e14889a5d_1) | 1  |
| [Fund Fees and Expenses](#xx_63d009e6-ae7a-4f84-a2d6-813e14889a5d_1) | 1  |
| [Principal Investment Strategy](#xx_63d009e6-ae7a-4f84-a2d6-813e14889a5d_2) | 2  |
| [Principal Risks](#xx_63d009e6-ae7a-4f84-a2d6-813e14889a5d_3) | 3  |
| [Investment Performance](#xx_63d009e6-ae7a-4f84-a2d6-813e14889a5d_5) | 5  |
| [Management of the Fund](#xx_63d009e6-ae7a-4f84-a2d6-813e14889a5d_7) | 7  |
| [Purchase and Sale of Fund Shares](#xx_63d009e6-ae7a-4f84-a2d6-813e14889a5d_7) | 7  |
| [Tax Information](#xx_63d009e6-ae7a-4f84-a2d6-813e14889a5d_7) | 7  |
| [Payments to Broker-Dealers and Other Financial](#xx_63d009e6-ae7a-4f84-a2d6-813e14889a5d_7)<br> [Intermediaries](#xx_63d009e6-ae7a-4f84-a2d6-813e14889a5d_7)<br>| 7  |
| **[Additional Fund Information](#xx_fc652829-b1cd-4f8e-a41a-fc593e219ccd_1)** | 8  |
| [Investments](#xx_fc652829-b1cd-4f8e-a41a-fc593e219ccd_3) | 10  |
| [Risk Factors](#xx_fc652829-b1cd-4f8e-a41a-fc593e219ccd_5) | 12  |
| **[Organization and Management of the Fund](#xx_f9603ff2-e64c-4b52-8c9a-e18ab5638a9e_1)** | 18  |
| **[Investing with the Victory Funds](#xx_6c95ee39-3df4-4694-8127-0050233bef43_1)** | 19  |
| [Share Price](#xx_6c95ee39-3df4-4694-8127-0050233bef43_2) | 20  |
| [Choosing a Share Class](#xx_6c95ee39-3df4-4694-8127-0050233bef43_4) | 22  |
| [Information About Fees](#xx_6c95ee39-3df4-4694-8127-0050233bef43_11) | 29  |
| [How to Buy Shares](#xx_6c95ee39-3df4-4694-8127-0050233bef43_13) | 31  |
| [How to Exchange Shares](#xx_6c95ee39-3df4-4694-8127-0050233bef43_16) | 34  |
| [How to Sell Shares](#xx_6c95ee39-3df4-4694-8127-0050233bef43_18) | 36  |
| **[Distributions and Taxes](#xx_d994665f-1b32-4d37-bede-3a87e5c64ee8_1)** | 38  |
| **[Important Fund Policies](#xx_8ab85232-ba67-4105-8ffe-e3864f5001cf_1)** | 41  |
| **[Financial Highlights](#xx_d5425a06-802d-4f9f-9c3f-aae7a7a4c01f_1)** | 44  |
| **[Appendix A — Variations in Sales Charge Reductions and](#xx_27a5075e-90a1-4602-bf1a-da34be4d4ed3_1)**<br> **[Waivers Available Through Certain Intermediaries](#xx_27a5075e-90a1-4602-bf1a-da34be4d4ed3_1)**<br>| 49 |

---

------

**Victory Core Bond Fund Summary**

**Investment Objective**

The Victory Core Bond Fund (the "Fund") seeks to provide a high level of current income. Its secondary objective is capital appreciation.

**Fund Fees and Expenses**

The table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below**. You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $50,000 in the Victory Funds. More information about these and other discounts is available in *Investing with the Victory Funds* on page 19 of the Fund's Prospectus, in *Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries* and from your financial intermediary.

**Shareholder Fees**

(paid directly from your investment)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class R6** | **Class Y** |
| Maximum Sales Charge (Load) Imposed on Purchases<br> (as a percentage of offering price)<br>| 2.25% |  |  |  |
| Maximum Deferred Sales Charge (Load)<br> (as a percentage of the lower of purchase or sale price)<br>| None<sup>1</sup> <br>| 1.00%<sup>2</sup> <br>|  |  |

---

**Annual Fund Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Management Fees | 0.40% | 0.40% | 0.40% | 0.40% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% | 0.00% | 0.00% |
| Other Expenses | 0.75% | 13.65% | 0.31% | 0.41% |
| Total Annual Fund Operating Expenses | 1.40% | 15.05% | 0.71% | 0.81% |
| Fee Waiver/Expense Reimbursement<sup>3</sup> <br>| (0.55)% | (13.45)% | (0.13)% | (0.21)% |
| Total Annual Fund Operating Expenses After Fee Waiver <br> and/or Expense Reimbursement<sup>3</sup> <br>| 0.85% | 1.60% | 0.58% | 0.60% |

---

<sup>1</sup>

A contingent deferred sales charge of 0.75% may be imposed on Class A shares with respect to purchases of $250,000 or more that are redeemed within 18 months of purchase. For additional information, see the section titled *Choosing a Share Class.*

<sup>2</sup>

Applies to shares sold within 12 months of purchase.

<sup>3</sup>

Victory Capital Management Inc. (the "Adviser") has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 0.85%, 1.60%, 0.58%, and 0.60% of the Fund's Class A, Class C, Class R6, and Class Y shares, respectively, through at least October 31, 2026. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund's Board of Trustees.

**Example:**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. After eight years, Class C shares of the Fund generally will convert automatically to Class A shares of the Fund. The example for Class C shares reflects the conversion to

**1**

------

Victory Core Bond Fund Summary

Class A shares after eight years. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A | &nbsp;&nbsp;&nbsp; $310 | &nbsp;&nbsp;&nbsp; $605 | &nbsp;&nbsp;&nbsp; $922 | &nbsp;&nbsp;&nbsp; $1820 |
| Class C | &nbsp;&nbsp;&nbsp; $263 | &nbsp;&nbsp;&nbsp; $2970 | &nbsp;&nbsp;&nbsp; $5242 | &nbsp;&nbsp;&nbsp; $8005 |
| Class R6 | &nbsp;&nbsp;&nbsp; $59 | &nbsp;&nbsp;&nbsp; $214 | &nbsp;&nbsp;&nbsp; $382 | &nbsp;&nbsp;&nbsp; $870 |
| Class Y | &nbsp;&nbsp;&nbsp; $61 | &nbsp;&nbsp;&nbsp; $238 | &nbsp;&nbsp;&nbsp; $429 | &nbsp;&nbsp;&nbsp; $982 |

---

The following example makes the same assumptions as the example above, except that it assumes you do not sell your Class C shares at the end of the period.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class C | &nbsp;&nbsp;&nbsp; $163 | &nbsp;&nbsp;&nbsp; $2970 | &nbsp;&nbsp;&nbsp; $5242 | &nbsp;&nbsp;&nbsp; $8005 |

---

The example does not reflect sales charges (loads) on reinvested dividends and other distributions. If these sales charges (loads) were included, your costs would be higher.

**Portfolio Turnover:**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund's performance. For the most recent fiscal year, the Fund's portfolio turnover rate was 36% of the average value of its portfolio.

**Principal Investment Strategy**

The Adviser pursues the Fund's investment objectives by investing, under normal circumstances, at least 80% of the Fund's assets in a broad range of bonds.

The Adviser uses bond market sector allocation, yield curve positioning, and comprehensive credit analysis to select securities for the Fund. When making investment decisions for corporate bonds, in addition to considering traditional financial and non-financial factors, the Adviser also considers material Environmental, Social, and Governance ("ESG") related risks and opportunities, both positive and negative, that it believes have the potential to impact a company's financial performance over an investment's time horizon. In evaluating ESG factors, the Adviser seeks to quantify how ESG factors affect a corporate bond issuer's credit quality, but ESG is not a primary factor in the team's investment decision-making process. ESG factors can vary across companies and industries and may include, but are not limited to, environmental impact, corporate governance, ethical business practices, compliance with regulatory requirements, as well as the use of human, natural, and physical capital.

Under normal market conditions, the average duration of the Fund's portfolio is expected to be between three and seven years. Bonds, also known as fixed income securities, in which the Fund may invest include without limitation: U.S. government securities, including securities issued by agencies or instrumentalities of the U.S. government; long- and short-term corporate debt obligations; mortgage-backed securities, including collateralized mortgage obligations ("CMOs") and commercial mortgage-backed securities ("CMBS"); asset-backed securities, including collateralized debt obligations ("CDOs") and collateralized loan obligations ("CLOs"); convertible bonds and notes; and U.S. dollar-denominated obligations of foreign governments, corporations and banks (i.e., Yankee Bonds).

**2**

------

Victory Core Bond Fund Summary

The bonds in which the Fund will invest generally will be rated investment-grade or better (Baa3 and above by Moody's Investors Service, Inc. or BBB- and above by Standard & Poor's), or if unrated, have been determined by the Adviser to be of comparable quality. The Fund may invest up to 5% of its total assets in below-investment-grade debt securities, commonly known as "high yield" securities or "junk bonds."

The Fund may purchase or sell securities on a when-issued, to-be-announced ("TBA"), delayed delivery or forward commitment basis and may engage in short-term trading of portfolio securities. There is no limitation on the maturity of any specific security the Fund may purchase, and the Fund may sell any security before it matures.

The Fund may enter into exchange-traded or over-the-counter derivatives transactions of any kind, such as futures contracts (both long and short positions) and options on futures and swap contracts, including, for example, interest rate swaps and credit default swaps. The Fund also may enter into exchange-traded or over-the-counter foreign currency exchange transactions, including currency futures, forward, and options transactions. The Fund may enter into any of these transactions for a variety of purposes, including, but not limited to, hedging various risks such as credit risk, interest rate risk, currency risk, and liquidity risk; taking a net long or short position in certain investments or markets; providing liquidity in the Fund; equitizing cash; minimizing transaction costs; generating income; adjusting the Fund's sensitivity to interest rate risk, currency risk, or other risk; replicating certain direct investments; and asset and sector allocation. Some of these strategies may be considered speculative and involve additional risks.

The Fund may invest in investment companies, including exchange-traded funds ("ETFs"), for cash management purposes or to seek exposure to a particular asset class.

Although the Fund will primarily be invested in domestic securities, up to 20% of the Fund's assets may be invested in foreign debt securities issued in U.S. dollars.

The Adviser regularly reviews the Fund's investments and may sell investments when it believes they are no longer attractive due to valuation, changes in the fundamental outlook of the company or other investments are considered more attractive.

**Principal Risks** 

The Fund's investments are subject to the following principal risks:

**Debt Securities Risk** — The value of a debt security or other income-producing security changes in response to various factors, including, for example, market-related factors (such as changes in interest rates or changes in the risk appetite of investors generally) and changes in the actual or perceived ability of the issuer (or of issuers generally) to meet its (or their) obligations. Other factors that may affect the value of debt securities, include, among others, public health crises and responses by governments and companies to such crises. These and other events may affect the creditworthiness of the issuer of a debt security and may impair an issuer's ability to timely meet its debt obligations as they come due.

**General Market Risk** — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels, and other fiscal and monetary policy changes; cybersecurity incidents, pandemics, and other public health crises; imposition of tariffs; sanctions against a particular foreign country, its nationals, businesses, or industries; and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.

**3**

------

Victory Core Bond Fund Summary

**High-Yield/Junk Bond Risk** — Lower-quality debt securities can involve a substantially greater risk of default than higher-quality debt securities, and their values can decline significantly over short and longer periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about the issuer, or the market or economy in general.

**Mortgage- and Asset-Backed Securities Risk** — During periods of falling interest rates, mortgage- and asset-backed securities may be called or prepaid, which may result in the Fund having to reinvest proceeds in other investments at a lower interest rate. During periods of rising interest rates, the average life of mortgage- and asset-backed securities may extend, which may lock in a below-market interest rate, increase the security's duration, and reduce the value of the security. Enforcing rights against the underlying assets or collateral may be difficult, or the underlying assets or collateral may be insufficient if the issuer defaults.

**Interest Rate Risk** — Interest rates may rise or the rate of inflation may increase, impacting the value of investments in fixed income securities. A debt issuer's credit quality may be downgraded or an issuer may default. Interest rates may fluctuate due to changes in governmental fiscal policy initiatives and resulting market reaction to those initiatives.

**When-Issued, TBA and Delayed Delivery Risk** — The market value of a security issued on a when-issued, to-be-announced or delayed-delivery basis may change before the delivery date, which may adversely impact the Fund's net asset value. There is also the risk that a party fails to deliver the security on time or at all.

**Derivatives Risk** — Derivative instruments and strategies, including futures and selling securities short, may not perfectly replicate direct investment in the security. Derivatives also entail exposure to counterparty credit risk, the risk of mispricing or improper valuation, and the risk that small price movements can result in substantial gains or losses.

**Credit Derivatives Risk** — Credit default swaps can create investment leverage and may create additional investment risks that may subject the Fund to greater volatility than investments in more traditional securities.

**Foreign Securities Risk** — Foreign securities are subject to political, regulatory, and economic risks not present in domestic investments. Foreign securities could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing contracts. Compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may negatively affect an investment. Dividends and interest received by the Fund and capital gains recognized by the Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund's return.

**Liquidity Risk** — Lack of a ready market or restrictions on resale may limit the ability of the Fund to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in an investment that is large relative to the typical trading volume for that investment, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Illiquid investments and relatively less-liquid investments may also be difficult to value. Liquidity risk may also refer to the risk that the Fund may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund. Over recent years, the capacity of

**4**

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Victory Core Bond Fund Summary

dealers to make markets in fixed-income securities has been outpaced by the growth in the size of the fixed-income markets. Liquidity risk may be magnified in a rising interest rate environment or when investor redemptions from fixed-income funds may be higher than normal due to the increased supply in the market that would result from selling activity.

**Large Shareholder Risk** — Certain large shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund's shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund's distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund's shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.

**Investment Company Risk** — An investment company or similar vehicle (including an ETF) in which the Fund invests may not achieve its investment objective. Underlying investment vehicles are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities.

**Portfolio Turnover Risk** — Higher portfolio turnover ratios resulting from additional purchases and sales of portfolio securities generally will result in higher transaction costs, and Fund expenses and may result in the realization of taxable capital gains, including short-term capital gains, which generally are taxed to shareholders at ordinary income tax rates.

**Management Risk** — The portfolio managers may not execute the Fund's principal investment strategy effectively.

You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

**Investment Performance**

The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years. The table compares the Fund's average annual total returns of the Fund's share classes, including applicable maximum sales charges, over the same period to one or more broad measures of market performance. We assume reinvestment of dividends and distributions.

Performance data for the classes varies based on differences in their fee and expense structures and reflects any expense limitations in effect during the periods shown. The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund's website at vcm.com.

**5**

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Victory Core Bond Fund Summary

**Calendar Year Returns for Class Y Shares**

(The annual return in the bar chart is for the Fund's least expensive class of shares, Class Y shares.)

![](itrb.jpg)

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| | | |
|:---|:---|:---|
| **During the periods shown in the chart:** | **Returns** | **Quarter ended** |
| Highest Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.53% | December 31, 2023 |
| Lowest Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -5.74% | March 31, 2022 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| Year-to-date return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.91% | September 30, 2025 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**<br> **(For the Periods Ended December 31, 2024)**<br>| **1 Year** | **5 Years** | **10 Years**<br> **(or Life**<br> **of Class)**<br>|
| CLASS Y Before Taxes | &nbsp;&nbsp; 1.46% | &nbsp;&nbsp; -0.10% | &nbsp;&nbsp; 1.24% |
| CLASS Y After Taxes on Distributions | &nbsp;&nbsp; -0.13% | &nbsp;&nbsp; -1.34% | &nbsp;&nbsp; -0.10% |
| CLASS Y After Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; -0.58% | &nbsp;&nbsp; 0.37% |
| CLASS A Before Taxes | &nbsp;&nbsp; -1.02% | &nbsp;&nbsp; -0.80% | &nbsp;&nbsp; 0.76% |
| CLASS C Before Taxes | &nbsp;&nbsp; -0.47% | &nbsp;&nbsp; -1.11% | &nbsp;&nbsp; 0.39%<sup>1</sup> <br>|
| CLASS R6 Before Taxes | &nbsp;&nbsp; 1.49% | &nbsp;&nbsp; -0.11% | &nbsp;&nbsp; 1.16%<sup>2</sup> <br>|
| **Index** | **Index** | **Index** | **Index** |
| Bloomberg U.S. Aggregate Bond Index<br> reflects no deduction for fees, expenses, or taxes<br>| &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; -0.33% | &nbsp;&nbsp; 1.35% |

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Class C shares of the Fund will convert automatically into Class A shares in the month following the eight-year anniversary date of the purchase of the Class C shares. The 10-Year performance for Class C shares reflects the conversion to Class A shares after the first eight years of performance.

The inception date of Class R6 is March 3, 2015.

After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. In certain situations, the return after taxes on distributions and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only one share class. The after-tax returns for other classes will vary.

**6**

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Victory Core Bond Fund Summary

**Management of the Fund**

**Investment Adviser**

Victory Capital Management Inc. (the "Adviser") serves as the Fund's investment adviser. The portfolio managers jointly and primarily responsible for day-to-day management of the Fund are members of the Adviser's Victory Income Investors investment franchise.

**Portfolio Management** 

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| | | |
|:---|:---|:---|
|  | **Title** | **Tenure with the Fund** |
| James F. Jackson, Jr., CFA | &nbsp;&nbsp; Chief Investment Officer, Head of <br> Fixed Income Portfolio <br> Management, <br> and Senior Portfolio Manager<br>| September 2023 |
| Kurt Daum, J.D. | Senior Portfolio Manager | September 2023 |
| R. Neal Graves, CFA, CPA | Senior Portfolio Manager | September 2023 |

---

**Purchase and Sale of Fund Shares** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Minimums** | **Class A** | **Class C** | **Class R6** | **Class Y** |
| Minimum Initial Investment | &nbsp;&nbsp;&nbsp; $2500 | &nbsp;&nbsp;&nbsp; $2500 |  | &nbsp;&nbsp;&nbsp; $1000000 |
| Minimum Subsequent Investments | &nbsp;&nbsp;&nbsp; $50 | &nbsp;&nbsp;&nbsp; $50 |  |  |

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For Class A and Class C shares a $1,000 minimum initial purchase amount and a $50 minimum subsequent purchase amount apply for Individual Retirement Accounts ("IRAs"), gift/transfer to minor accounts, and purchases through automatic investment plans.

Certain broker-dealers and other financial intermediaries (such as a bank) may establish higher or lower minimum initial and subsequent investment amounts to which you may be subject if you invest through them.

You may redeem your shares on any day the Fund is open for business. Redemption requests may be made by telephone (with prior appropriate approval) or by mail.

When you buy and redeem shares, the Fund will price your transaction at the next-determined net asset value ("NAV") after the Fund receives your request in good order, which means that your request contains all the required documentation, and that all documents contain required signatures or signature guarantees from a financial institution.

**Tax Information**

The Fund's distributions may be taxable whether you receive them in cash, additional shares of the Fund, or you reinvest them in shares of another Victory Fund, and may be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Taxes may be imposed on withdrawals from tax-deferred arrangements.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services for investments in all classes except Class R6. These payments may create a conflict of interest by influencing the financial intermediary and its financial advisor to recommend the Fund over another investment. Ask your financial advisor or visit your financial intermediary's website for more information.

**7**

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Additional Fund Information

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&nbsp;&nbsp; Victory Capital Management Inc., which we refer to as the "Adviser" <br> throughout the Prospectus, manages the Fund.<br>

The Victory Core Bond Fund (the "Fund") is managed by the Adviser who also manages other funds, each having distinct investment management objectives, strategies, risks, and policies. Together, these funds are referred to in this Prospectus as the "Victory Funds" or, more simply, the "Funds."

The Fund's investment objective is non-fundamental. In addition, the policy to invest under normal market conditions at least 80% of its assets in a broad range of bonds is non-fundamental. The Board of Trustees (the "Board") may change Fund objectives or policies that are non-fundamental without shareholder approval upon at least 60 days' prior written notice to shareholders. For purposes of the Fund's 80% investment policy, "assets" means the Fund's net assets plus the amount of any borrowings for investment purposes. Any derivatives counted towards the Fund's 80% investment policy will be valued at market value.

The following section describes additional information about the principal investment strategy the Fund will use under normal market conditions to pursue its investment objective, as well as any secondary strategies the Fund may use, and the related risks. This Prospectus does not attempt to describe all of the various investment techniques and types of investments that the Adviser may use in managing the Fund. The Statement of Additional Information ("SAI") includes more information about the Fund, its investments, and the related risks.

Keep in mind that for temporary or emergency cash management purposes, the Fund may hold all or a portion of its assets in cash, short-term money market instruments, or shares of other investment companies. This may reduce the benefit from any upswing in the market, cause the Fund to fail to meet its investment objective, and increase the Fund's expenses.

The Adviser uses bond market sector allocation, yield curve positioning, and comprehensive credit analysis to select securities for the Fund.

When selecting corporate bonds for investment, in addition to considering traditional financial and non-financial factors, the Adviser also considers material Environmental, Social, and Governance ("ESG") related risks and opportunities, both positive and negative, that it believes have the potential to affect a company's financial performance over an investment's time horizon. The team's goal is to quantify the impact of ESG factors on a corporate bond issuer's credit quality. These factors can vary across companies and industries and may include, but are not limited to, environmental impact, corporate governance, ethical business practices, compliance with regulatory requirements, as well as the use of human, natural, and physical capital.

ESG considerations are not the primary factor in the investment decision-making process, nor is their consideration designed as exclusionary. Instead, the Adviser's ESG considerations are an important component of the team's broad analysis and assessment of credit quality and risk. Thus, no single factor, ESG-related or otherwise, necessarily disqualifies a company from investment, and no individual characteristic must be present prior to investment. The Adviser utilizes third-party data, and develops insights from publicly available information to identify and quantify material ESG exposures. The methodology rewards ESG leaders and those with improving profiles with an incrementally higher credit quality score, while laggards or those with deteriorating ESG profiles are penalized with incrementally lower credit quality scores. The Adviser may choose to invest during periods of controversy, assuming the risks and turnaround potential are appropriately analyzed and compensated for at the time of investment. The Adviser believes that the integration of ESG considerations is complementary to the investment process and assists in the broader investment objectives of delivering reasonable income while preserving capital.

**8**

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Additional Fund Information

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The Fund may consider various non-financial ratings or factors, where applicable, through quantitative models or qualitative assessment. The significance these considerations have on security selection varies widely, as the analysis is inherently subjective. Further, the consideration of such factors may not apply to certain instruments and the considerations of such factors is only a part of the investment process.

&nbsp;&nbsp; If you would like to receive additional copies of any materials, please call the Victory Funds <br> at 800-539-FUND (800-539-3863) or please visit VictoryFunds.com.<br>

**9**

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Investments

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**The following describes the types of securities the Fund may purchase under normal market conditions to achieve its principal investment strategy. The Fund will not necessarily buy all of the securities listed below.**

**Asset-Backed Securities**

Debt securities backed by loans or accounts receivable originated by banks, credit card companies, student loan issuers, or other providers of credit. These securities may be enhanced by a bank letter of credit or by insurance coverage provided by a third party.

**Corporate Debt Obligations**

Debt instruments issued by corporations. They may be secured or unsecured.

**Convertible or Exchangeable Obligations**

Debt instruments that may be exchanged or converted to other securities.

**International Bonds**

Debt instruments issued by non-domestic issuers, including those traded in U.S. dollars such as Yankee Bonds and Eurodollar Bonds.

**Mortgage-Backed Securities**

Mortgage-backed securities, including collateralized mortgage obligations and certain stripped mortgage-backed securities, represent a participation in, or are secured by, mortgage loans.

**When-Issued, To-Be-Announced ("TBA") and Delayed-Delivery Securities** 

Securities that are purchased or sold for delivery at a later time. In a TBA transaction, a seller generally agrees to deliver a mortgage-backed security meeting certain criteria at a future date.

**Zero-Coupon Bonds**

Debt instruments that are purchased at a discount from face value. The bond's face value is received at maturity, with no interest payments before then.

**Derivatives** 

Derivative instruments are financial contracts whose value is based on an underlying security or asset, a currency exchange rate, an interest rate or a market index. Many types of instruments representing a wide range of potential risks and rewards are derivatives, including credit default swap contracts, swaps, futures contracts (both short and long positions), options on futures contracts, options, and forward currency exchange contracts. The Fund may use derivatives for hedging (attempting to reduce risk by offsetting one investment position with another), for cash management (attempting to remain fully invested while maintaining liquidity), for managing certain risks (such as yield curve exposure, interest rate risk or credit risk), to generate income, to gain exposure to an investment in a manner other than investing in the asset directly or for any other permissible purpose. Hedging may relate to a specific investment, a group of investments, or the Fund's portfolio as a whole. Currently, some swaps may be negotiated bilaterally and others may be subject to mandatory clearing and exchange trading requirements. These requirements may decrease counterparty exposure and increase liquidity, but will not make swap transactions risk free.

**10**

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Investments

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**Investment Companies**

The Fund may invest in securities of other investment companies, including ETFs, if those companies invest in securities consistent with the Fund's investment objective and policies. ETFs are investment companies the shares of which are bought and sold on a securities exchange.

**<u>Additional Fund Strategies.</u> The Adviser may use other types of investment strategies in pursuing the Fund's overall investment objective. The following describes the types of securities or techniques that the Adviser may purchase or investment techniques the Adviser may employ that are not considered to be a part of the Fund's principal investment strategies. Additional securities and techniques are described in the Fund's SAI.**

**U.S. Government Securities**<sup>1</sup>

Notes and bonds issued or guaranteed by the U.S. government, its agencies or instrumentalities. Some are direct obligations of the U.S. Treasury; others are obligations only of the U.S. agency or instrumentality. There is no guarantee that the U.S. government will provide support to U.S. agencies or instrumentalities if they are unable to meet their obligations.

**U.S. Government Instrumentalities**<sup>1</sup>

Securities issued by U.S. government instrumentalities such as: the Student Loan Marketing Association ("SLMA" or Sallie Mae), Federal Farm Credit Banks ("FFCB"), and Federal Home Loan Banks. Certain instrumentalities are "wholly owned government corporations," such as the Tennessee Valley Authority ("TVA").

**Mortgage Dollar Rolls** 

Repurchase transactions in which the Fund may agree to sell a mortgage-backed security for settlement on one date and buy back the same security for settlement on a later date at a lower price.

**Securities Lending**

To enhance the return on its portfolio, the Fund may lend portfolio securities to brokers, dealers, and financial institutions to realize additional income under guidelines adopted by the Board. Each loan will be secured continuously by collateral in the form of cash, securities issued by the U.S. government or its agencies or instrumentalities.

<sup>1</sup>

Obligations of entities such as the GNMA are backed by the full faith and credit of the U.S. Treasury. Others, such as the FNMA, SLMA, FHLB, FHLMC, FMAC and TVA are supported by the right of the issuer to borrow from the U.S. Treasury. FFCB is supported only by the credit of the federal instrumentality. See the SAI for more information about investments in obligations of U.S. government instrumentalities and wholly owned government corporations.

**11**

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Risk Factors

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**The following provides additional information about the Fund's principal risks and supplements those risks discussed in the Fund's Summary section of this Prospectus.** 

&nbsp;&nbsp; By matching your investment objective with an acceptable level of risk, <br> you can create your own customized investment plan.<br>

**Active Trading Risk** — To the extent the Fund buys and sells securities actively, it could have higher expenses (which reduces returns to shareholders) and higher taxable distributions. While it is not an investment strategy to actively trade the Fund's portfolio, the Adviser may from time to time do so, generating portfolio turnover rates in excess of 100%.

**Credit Derivatives Risk** — Credit default swaps can create investment leverage and may create additional investment risks that may subject the Fund to greater volatility than investments in more traditional securities.

**Debt Securities Risks** — The value of a debt security or other income-producing security changes in response to various factors, including, for example, market-related factors (such as changes in interest rates, adverse economic or political conditions, tariffs and trade disruptions, inflation, or adverse investor sentiment generally) and changes in the actual or perceived ability of the issuer (or of issuers generally) to meet its (or their) obligations. Changes in value may occur sharply and unpredictably. Other factors that may affect the value of debt securities, include, among others, public health crises and responses by governments and issuers to such crises. These and other events may affect the creditworthiness of the issuer of a debt security and may impair an issuer's ability to timely meet its debt obligations as they come due.

<sup>◼</sup>

**Interest Rate Risk** — Fluctuations in interest rates can affect the value of debt instruments held by the Fund. When interest rates go up, the value of a debt security typically goes down. When interest rates go down, the value of a debt security typically goes up. Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. The longer the Fund's average portfolio duration, the more sensitive the Fund will be to changes in interest rates. In addition, during periods of increased market volatility, the market values of fixed-income securities may be more sensitive to changes in interest rates. Interest rates may rise or the rate of inflation may increase, impacting the value of investments in fixed-income securities. A debt issuer's credit quality may be downgraded or an issuer may default. Interest rates may fluctuate due to changes in governmental fiscal policy initiatives and resulting market reaction to those initiatives. Decisions by the Fed regarding interest rate and monetary policy can have a significant effect on the value of debt securities as well as the overall strength of the U.S. economy. Precise interest rate predictions are difficult to make, and interest rates may change unexpectedly and dramatically in response to extreme changes in market or economic conditions. The impact on various markets that interest rate or other significant policy changes may have is unknown.

<sup>◼</sup>

**Inflation Risk** — Inflation will erode the purchasing power of the cash flows generated by debt securities held by the Fund. Fixed-rate debt securities are more susceptible to this risk than floating-rate debt securities or equity securities that have a record of dividend growth.

<sup>◼</sup>

**Reinvestment Risk** — When interest rates are declining, the interest income and prepayments on a security the Fund receives will have to be reinvested at lower interest rates. Generally, interest rate risk and reinvestment risk tend to have offsetting effects, though not necessarily of the same magnitude.

<sup>◼</sup>

**Credit (or Default) Risk** — The issuer of a debt security may be unable to make timely payments of interest or principal. Credit risk is measured by nationally recognized statistical rating organizations ("NRSROs") such as S&P Global Ratings, Fitch Ratings, Inc., and Moody's Investors Service.

**12**

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Risk Factors

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<sup>◼</sup>

**Redemption Risk** — The Fund may experience periods of heavy shareholder redemptions that could cause the Fund to sell assets at inopportune times or at a loss or depressed value. Redemption risk is heightened during periods of declining or illiquid markets. Heavy redemptions could hurt the Fund's performance.

**Derivatives Risk** — The use of derivative instruments, such as futures contracts and credit default swaps, exposes the Fund to additional risks and transaction costs. Risks of derivative instruments include: (1) the risk that interest rates, securities prices, asset values, and currency markets will not move in the direction that a portfolio manager anticipates; (2) imperfect correlation between the price of derivative instruments and movements in the prices of the securities, assets, interest rates, or currencies being hedged; (3) the fact that skills needed to use these strategies are different than those needed to select portfolio securities; (4) the possible absence of a liquid secondary market for any particular instrument and possible exchange imposed price fluctuation limits, either of which may make it difficult or impossible to close out a position when desired; (5) the risk that adverse price movements in an instrument can result in a loss substantially greater than the Fund's initial investment in that instrument (in some cases, the potential loss is unlimited); (6) particularly in the case of privately negotiated instruments, the risk that the counterparty will not perform its obligations, which could leave the Fund worse off than if it had not entered into the position; and (7) the inability to close out certain hedged positions to avoid adverse tax consequences.

**Foreign Securities Risk** — Foreign investments involve certain special risks. For example, compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign stock exchanges, brokers, and listed companies. Foreign issuers may not be subject to the uniform accounting, auditing, and financial reporting standards and practices prevalent in the United States. Certain of these risks may also apply to some extent to U.S. investments that are denominated in foreign currencies and to investments in U.S. companies that have significant foreign operations. Investments in depositary receipts (such as American Depositary Receipts and Global Depositary Receipts) may also involve additional risks associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency risk and the risk of an illiquid market for depositary receipts.

<sup>◼</sup>

**Political Risk** — Foreign securities markets may be more volatile than their counterparts in the United States. Investments in foreign countries could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing contracts. Foreign settlement procedures may also involve additional risks, and foreign issuers can be impacted by changes to trade policies and trade disputes. These factors can make foreign investments more volatile than U.S. investments.

<sup>◼</sup>

**Legal Risk** — Legal remedies for investors in foreign countries may be more limited than the legal remedies available in the United States.

**General Market Risk** — Any investment involves risk, and there is no assurance that the Fund's investment objective will be achieved. Losing money is a risk of investing in the Fund. The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments, and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets, or general investor sentiment. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value. In addition, markets and market participants are increasingly reliant upon both publicly available and proprietary information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access, and similar circumstances may impair the performance of these systems and may have an adverse impact upon a single issuer, a group of issuers, or the market at large. In certain cases, an exchange or market may

**13**

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Risk Factors

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close or issue trading halts on either specific securities or even the entire market, which may result in the Fund being, among other things, unable to buy or sell certain securities or financial instruments or accurately price its investments.

Market turmoil may be reflected in perceptions of economic uncertainty, price volatility in the equity and debt markets, and fluctuating trading liquidity. In response, governments may adopt a variety of fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs, and changes in interest rates. An unexpected or quick reversal of these policies could increase volatility in the equity and debt markets. Market conditions and economic risks could have a significant effect on domestic and international economies and could add significantly to the risks of increased volatility for the Fund. Equity securities tend to be more volatile than debt securities.

◼

**Geopolitical/Natural Disaster Risk** — Global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely affect issuers in another country or region. Geopolitical and other risks, including war, economic sanctions, currency controls or other actions by countries or international bodies, terrorism, trade disputes, embargoes, political or economic dysfunction within some nations, public health crises and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, may add to instability in world economies and markets generally. Changes in trade policies and international trade agreements could affect the economies of many countries in unpredictable ways. Epidemics and/or pandemics, such as the coronavirus (or COVID-19), may result in, among other things, closing borders, disruptions to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and consumer activity, as well as general concern and uncertainty. The impact may be short-term or may last for extended periods.

◼

**Information Technology and Operational Risk** — Markets and market participants are increasingly reliant upon both publicly available and proprietary information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access, and similar circumstances may impair the performance of these systems and may have an adverse impact upon a single issuer, a group of issuers, or the market at large. The information technology and other operational systems upon which the Fund's service providers rely may be subject to cyber attack or other technological disruptions, and could otherwise disrupt the ability of these service providers to perform essential tasks for the Fund. In certain cases, an exchange or market may close or issue trading halts on either specific securities or even the entire market, which may result in the Fund being, among other things, unable to buy or sell certain securities or financial instruments or accurately price its investments.

**High-Yield/Junk Bond Risk** — Below-investment-grade securities (high-yield or "junk" bonds) are subject to certain risks in addition to those risks associated with higher-rated securities. Below-investment-grade securities generally offer higher yields than investment-grade securities with similar maturities because the financial condition of the issuers may not be as strong as issuers of investment-grade securities. For this reason, below-investment-grade securities may be considered speculative, which means that there is a higher risk that the Fund may lose a substantial portion or all of its investment in a particular below-investment-grade security. Below-investment-grade securities may be more susceptible to real or perceived adverse economic conditions, which may cause them to be downgraded or default, less liquid, and more difficult to evaluate than investment-grade securities.

**Investment Company Risk** — The Fund's ability to achieve its investment objective may be directly related to the ability of other investment companies (including ETFs) held by the Fund to meet their investment objectives. In addition, shareholders of the Fund will indirectly bear the fees and expenses of the underlying investment companies. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities.

**14**

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Risk Factors

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**Large Shareholder Risk** — The Fund, like all investment companies, pools the investments of many investors. Actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. For example, significant levels of new investments in the Fund by shareholders may cause the Fund to have more cash than would otherwise be the case, which might have a positive or negative impact on Fund performance. Similarly, redemption activity might cause the Fund to sell portfolio securities, which may increase transaction costs and might generate a capital gain or loss, or cause it to borrow funds on a short-term basis to cover redemptions, which would cause the Fund to incur costs that, in effect, would be borne by all shareholders and not just the redeeming shareholders. Shareholder purchase and redemption activity also may affect the per share amount of the Fund's distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund's shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.

**Liquidity Risk** — Liquidity risk exists when particular investments cannot be disposed of quickly in the normal course of business. Market values for illiquid investments may not be readily available, and there can be no assurance that any fair value assigned to an illiquid investment at any time will accurately reflect the price a Fund might receive upon the sale of that investment. The ability of the Fund to dispose of illiquid investments or other instruments at advantageous prices may be greatly limited, and the Fund may have to continue to hold such investments or instruments during periods when the Adviser would otherwise have sold them (in order, for example, to meet redemption requests or to take advantage of other investment opportunities). Adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer, including rising interest rates, may adversely affect the liquidity of the Fund's investments. Some securities held by the Fund may be restricted as to resale, and there is often no ready market for such securities. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in an investment that is large relative to the typical trading volume for that holding, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. It may also be the case that other market participants may be attempting to liquidate a position at the same time as the Fund is attempting to liquidate the same investment, causing increased supply in the market and contributing to liquidity risk and downward pricing pressure. In such cases the sale proceeds received by the Fund may be substantially less than if the Fund had been able to sell the securities in more-orderly transactions, and the sale price may be substantially lower than the price previously used by the Fund to value the securities for purposes of determining the Fund's net asset value. The capacity of dealers to make markets in fixed-income securities may not keep pace with the growth in the size of the fixed-income markets. Liquidity risk may be magnified in a rising interest rate environment or when investor redemptions from fixed-income funds may be higher than normal, due to the increased supply in the market that would result from selling activity.

**Management Risk** — The investment process used by the investment team may produce incorrect judgments about the value of a particular asset or the team may implement its investment strategy in a way that may not produce the desired results.

**Mortgage- and Asset-Backed Securities Risks —** 

<sup>◼</sup>

**Prepayment Risk** – During periods of falling interest rates, mortgage and asset-backed securities, which typically provide the issuer with the right to call or prepay the security prior to maturity, may be called or prepaid, which may result in the Fund having to reinvest the proceeds in other investments at a lower interest rate. As a result, mortgage and asset-backed securities may have less potential for capital appreciation during periods of declining interest

**15**

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Risk Factors

------

rates than other securities of comparable maturities, although they may have a similar risk of decline in market values during periods of rising interest rates. Prepayment rates are difficult to predict and the potential impact of prepayments on the value of a mortgage- or asset-backed security depends on the terms of the instrument and can result in significant volatility. Interest rate levels and other factors may affect the frequency of mortgage prepayments, which in turn can affect the average life of a pool of mortgage-related securities. In periods of rising interest rates, the prepayment rate tends to decrease, lengthening the average life of a pool of mortgage-related securities. In periods of falling interest rates, the prepayment rate tends to increase, shortening the average life of a pool of mortgage-related securities.

<sup>◼</sup>

**Extension Risk** – The rate of anticipated prepayments of principal may not occur, typically because of a rise in interest rates, and the expected maturity of the security will increase. During periods of rapidly rising interest rates, the effective average maturity of a security may be extended past what the Fund's portfolio manager anticipated that it would be. The market value of securities with longer maturities tends to be more volatile.

<sup>◼</sup>

**Underlying Collateral Risk** – The price of a mortgage- or asset-backed security also depends on the credit quality and adequacy of the underlying assets or collateral. Enforcing rights against the underlying assets or collateral may be difficult, or the underlying assets or collateral may be insufficient if the issuer defaults. Subprime mortgage loans, which typically are made to less creditworthy borrowers, have a higher risk of default than conventional mortgage loans. Some mortgage-backed securities are backed by the full faith and credit of the U.S. government while other mortgage-backed securities are backed only by the credit of the government them. Other mortgage-backed securities are issued by private entities and are not guaranteed by the U.S. government or any agency or instrumentality of the U.S. government.

**Portfolio Turnover Risk** — Portfolio turnover generally involves a number of direct and indirect costs and expenses to the Fund, including, for example, dealer mark-ups and bid/asked spreads and transaction costs on the sale of securities and reinvestment in other securities. Such costs are not reflected in the Fund's Total Annual Fund Operating Expenses set forth under "Fund Fees and Expenses" but do have the effect of reducing the Fund's investment return. Such sales may result in the realization of taxable capital gains, including short-term capital gains, which generally are taxed to shareholders at ordinary income tax rates.

**When-Issued, TBA, and Delayed-Delivery Securities Risk** — The market value of the security issued on a when-issued, TBA, or delayed-delivery basis may change before the delivery date, which may adversely impact the Fund's NAV. There is also the risk that a party fails to deliver the security on time or at all.

**<u>Additional Risk Factors.</u>** The Adviser may use several types of investment strategies in pursuing the Fund's overall investment objective. The following risks are those that the Adviser does not consider to be principal risks of the Fund. Additional risks are included in the Fund's SAI.

**Mortgage Dollar Roll Risk** — A dollar roll involves potential risks of loss that are different from those related to the securities underlying the transactions. The use of dollar rolls can increase the volatility of the Fund's share price, and it may adversely impact on performance unless the Adviser correctly predicts mortgage prepayments and interest rates. Since the counterparty in the transaction is required to deliver a similar, but not identical, security to the Fund, the security that the Fund is required to buy under the dollar roll may be worth less than an identical security. There is no assurance that the Fund's use of cash that it receives from a dollar roll will provide a return that exceeds borrowing costs. In addition, investment in mortgage dollar rolls may significantly increase the Fund's portfolio turnover rate, which can increase the Fund's expenses and decrease returns.

**16**

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Risk Factors

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**Securities Lending Risk** — The risk in lending portfolio securities, as with other extensions of credit, consists of the possibility of loss to the Fund due to (1) the inability of the borrower to return the securities, (2) a delay in receiving additional collateral to adequately cover any fluctuations in the value of securities on loan, (3) a delay in recovery of the securities, or (4) the loss of rights in the collateral should the borrower fail financially. These events could trigger adverse tax consequences for the Fund. In addition, the Fund is responsible for any loss that might result from its investment of the borrower's collateral. In determining whether to lend securities, the Adviser or the Fund's securities lending agent will consider relevant facts and circumstances, including the creditworthiness of the borrower.

&nbsp;&nbsp; An investment in the<br> Fund is not a complete<br> investment program.<br>

**17**

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Organization and Management of the Fund

------

The Fund's Board has the overall responsibility for overseeing the management of the Fund.

**The Investment Adviser**

The Adviser serves as the investment adviser to each of the Victory Funds pursuant to an investment advisory agreement and oversees the operations of the Fund according to investment policies and procedures adopted by the Board. The Adviser is a New York corporation that is registered as an investment adviser with the Securities and Exchange Commission ("SEC"). As of September 30, 2025, the Adviser managed and advised assets totaling in excess of $310.6 billion for individual and institutional clients. The Adviser's principal address is 15935 La Cantera Parkway, San Antonio, TX 78256.

A discussion regarding the basis of the Board's approval of the Fund's Advisory Agreement is available in the Fund's most recent Form N-CSRS filing for the period ended December 31, 2024.

The Adviser is a diversified global asset manager comprised of multiple investment teams, referred to as investment franchises, each of which employs an independent approach to investing. Victory Income Investors, a Victory Capital investment franchise, is responsible for the day-to-day investment management of the Fund.

Advisory fees to be paid annually, before waivers, will be equal to an annual rate of 0.40% of the average daily net assets of the Fund.

See "Fund Fees and Expenses" for information about any contractual agreement by the Adviser to waive fees and/or reimburse expenses with respect to the Fund. From time to time, the Adviser also may voluntarily waive fees and/or reimburse expenses in amounts exceeding those required to be waived or reimbursed under any contractual agreement that may be in place with respect to the Fund.

**Portfolio Management**

**James F. Jackson, Jr.,** CFA, Chief Investment Officer, Head of Fixed Income Portfolio Management, and Senior Portfolio Manager, Victory Income Investors, formerly known as USAA Investments, a Victory Capital Investment Franchise and was acquired by the Adviser's parent company in 2019, has co-managed the Fund since September 2023. Mr. Jackson has 23 years of investment management experience. Education: M.B.A. with High Distinction, Ross School of Business, University of Michigan; B.S., United States Naval Academy. He holds the CFA designation and is a member of the CFA Institute and the CFA Society of San Antonio.

**Kurt Daum,** J.D., Senior Portfolio Manager, Victory Income Investors, formerly known as USAA Investments, a Victory Capital Investment Franchise and was acquired by the Adviser's parent company in 2019, has co-managed the Fund since September 2023. Mr. Daum has 21 years of investment management experience. Education: B.B.A., University of Texas at Austin; J.D., University of Texas School of Law.

**R. Neal Graves,** CFA, CPA, Senior Portfolio Manager, Victory Income Investors, formerly known as USAA Investments, a Victory Capital Investment Franchise, and was acquired by the Adviser's parent company in 2019, has co-managed the Fund since September 2023. Mr. Graves has 28 years of finance related experience. Education: M.P.A, University of Texas at Austin; B.B.A., University of Texas at Austin. He holds the CFA designation and is a member of the CFA Institute and the CFA Society of San Antonio.

*The Fund's SAI provides additional information about the portfolio managers' method of compensation, other accounts they manage, and any ownership interests they may have in the Fund.*

**18**

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Investing with the Victory Funds

------

All you need to get started is to fill out an application.<br>

If you are looking for a convenient way to open an account or to add money to an existing account, we can help. The sections that follow will serve as a guide to your investment with the Victory Funds. These sections describe many of the share classes currently offered by the Victory Funds. The section *Choosing a Share Class* will help you decide which share class it may be to your advantage to buy.

Keep in mind that Class I, Class R, Class R6, and Class Y shares are available for purchase only by eligible shareholders. In addition, not all Victory Funds offer each class of shares described below, and therefore, certain classes may be discussed that are not necessarily offered by the Fund. The classes of shares that are offered by the Fund are those listed on the cover page designated with a ticker symbol. The Fund may also offer other share classes in different prospectuses. The Victory Funds may offer additional classes of shares in the future.

This section of the Prospectus also describes how to open an account, how to access information about your account, and how to buy, exchange, and sell shares of a Victory Fund. Note, this information may vary if you invest through a third party such as a brokerage firm and will be dependent on that firm's policies and practices. Consult your Investment Professional for specific details.

We want to make it simple for you to do business with us. If you have questions about any of this information, please call your Investment Professional or one of our customer service representatives at 800-539-FUND (800-539-3863). They will be happy to assist you.

&nbsp;&nbsp; An Investment Professional is an investment consultant, salesperson, financial planner, <br> investment adviser, or trust officer who provides you with investment information. <br> Your Investment Professional also can help you decide which share class is best for you. <br> Investment Professionals and other financial intermediaries may charge fees for their services.<br>

**19**

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Share Price

------

&nbsp;&nbsp; The daily NAV is useful to you as a shareholder because the NAV, <br> multiplied by the number of Fund shares you own, gives you the value of your investment.<br>

The Fund calculates its share price, called its net asset value ("NAV"), each business day as of the close of regular trading on the New York Stock Exchange, Inc. ("NYSE"), which is normally 4:00 p.m. Eastern Time. The NAV takes into account the expenses and fees of the Fund, including management, administration, and distribution fees (if any), which are accrued daily. In the event of an emergency or other disruption in trading on the NYSE, the Fund's share price will be determined based upon the close of the NYSE. You may buy, exchange, and sell your shares on any business day at a price that is based on the NAV that is next calculated after you place your order. A business day is a day on which the NYSE is open. The NYSE is closed on weekends, most national holidays, and Good Friday. Undistributed income and gain will be reflected in the Fund's NAV and, correspondingly, distributions of the Fund's income and gain will reduce the Fund's NAV. Undistributed income and gain, like all Fund assets, can fluctuate in value over time. Please see "Distributions and Taxes" for more information about the Fund's distribution policies, including the general frequency of distributions.

To the extent the Fund's investments include securities that are traded primarily in foreign markets, the value of those securities may change on days when shareholders are unable to purchase and redeem the Fund's shares, such as on weekends or other days when the Fund does not price its shares.

The Fund that invests primarily in fixed income securities reserves the right to close if the primary trading markets of the Fund's portfolio instruments are closed and the Fund's management believes that there is not an adequate market to meet purchase, redemption or exchange requests. In addition, if the Securities Industry and Financial Markets Association ("SIFMA") recommends that government securities dealers close before the close of regular trading on the NYSE (the "Alternative Closing Time"), the Fund reserves the right to refuse any purchase or redemption order received after the Alternative Closing Time. If the Fund closes at the Alternative Closing Time, its NAV will be calculated as of the Alternative Closing Time. You may not be able to buy or sell shares on Columbus Day and Veterans Day, or on holidays when the Federal Reserve system is closed, but the NYSE and other financial markets are open.

The Fund prices its investments based on market value when market quotations are readily available. When these quotations are not readily available, the Adviser will price the Fund's investments at fair value in accordance with applicable regulatory requirements. A security will be fair valued when:

◼

Trading in the security has been halted;

◼

The market quotation for the security is clearly erroneous due to a clerical error;

◼

The security's liquidity decreases such that, in the Adviser's opinion, the market quotation has become stale; or

◼

An event occurs after the close of the trading market (but before the Fund's NAV is calculated) that, in the Adviser's opinion, materially affects the value of the security.

The use of fair value pricing may minimize arbitrage opportunities that attempt to exploit the differences between a security's market quotation and its fair value. The use of fair value pricing may not, however, always reflect a security's actual market value in light of subsequent relevant information, and the security's opening price on the next trading day may be different from the fair value price assigned to the security.

**20**

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Share Price

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Each Victory Fund calculates the NAV of each share class by adding up the total value of the investments and other assets of that class, subtracting its liabilities, and then dividing that figure by the number of outstanding shares of the class.

---

| | |
|:---|:---|
| NAV= | Total Assets - Liabilities |
| NAV= | Number of Shares Outstanding |

---

The Fund's NAV is available by calling 800-539-FUND (800-539-3863) or by visiting the Fund's website at vcm.com.

**21**

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Choosing a Share Class

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**CLASS A**

◼

Front-end sales charge, as described in this section. There are several ways to reduce or eliminate this charge as discussed under *Sales Charge Reductions and Waivers for Class A Shares*.

◼

A contingent deferred sales charge ("CDSC") may be imposed if you sell your shares within 18 months of purchase. The CDSC may be waived or reduced in certain circumstances as discussed under *CDSC Reductions for Class A and Class C Shares.*

◼

Class A shares also pay ongoing distribution and/or service (12b-1) fees.

◼

Lower annual expenses than Class C or Class R shares.

**CLASS C**

◼

No front-end sales charge. All your money goes to work for you right away.

◼

A CDSC may be imposed if you sell your shares within 12 months of purchase. The CDSC may be waived or reduced in certain circumstances as discussed under *CDSC Reductions for Class A and Class C Shares*.

◼

Class C shares also pay ongoing distribution and/or service (12b-1) fees.

◼

Higher annual expenses than all other classes of shares.

**CLASS I**

◼

No front-end sales charge or CDSC. All your money goes to work for you right away.

◼

Class I shares do not pay any ongoing distribution and/or service (12b-1) fees.

◼

Class I shares are only available to certain investors.

◼

Typically lower annual expenses than all other classes of shares except Class R6 shares.

**CLASS R**

◼

No front-end sales charge or CDSC. All your money goes to work for you right away.

◼

Class R shares pay ongoing distribution and/or service (12b-1) fees.

◼

Class R shares are only available to certain investors.

◼

Higher annual expenses than all classes except Class C shares.

**CLASS R6**

◼

No front-end sales charge or CDSC. All your money goes to work for you right away.

◼

Class R6 shares do not pay any ongoing distribution and/or service (12b-1) fees.

◼

Class R6 shares are only available to certain investors.

◼

Typically lower annual expenses than all other classes of shares.

**CLASS Y**

◼

No front-end sales charge or CDSC. All your money goes to work for you right away.

◼

Class Y shares do not pay any ongoing distribution and/or service (12b-1) fees.

◼

Class Y shares are only available to certain investors.

◼

Typically lower annual expenses than Classes A, C, and R shares.

**22**

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Choosing a Share Class

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**Share Classes**

When you purchase shares of the Fund, you must choose a share class. The Victory Funds offer Class A, Class C, Class I, Class R, Class R6, and Class Y shares. Each share class represents an interest in the same portfolio of securities, but the classes differ in the sales charges, if any, and expenses that apply to your investment, allowing you and your Investment Professional to choose the class that best suits your investment needs.

Deciding which share class best suits your investment needs depends on a number of factors that you should discuss with your Investment Professional, including: how long you expect to hold your investment, how much you intend to invest, and the total expenses associated with each share class.

The Fund reserves the right to change the eligibility criteria for purchasing a particular share class. For example, a class of shares may be available to purchase only by retirement plans or by institutional investors. The Fund may also waive any applicable eligibility criteria or investment minimums at its discretion.

The Fund or any class may be closed at any time for failure to achieve an economical level of assets or for other reasons. Certain financial intermediaries who hold shares on behalf of their customers impose fees when the amount of shares of a particular class falls below a minimum threshold. To the extent that the amount of shares falls below that threshold, the Fund reserves the right to liquidate the shares held in accounts maintained by the financial intermediary.

**Calculation of Sales Charges for Class A Shares** 

&nbsp;&nbsp; For historical expense information, see the "Financial Highlights" <br> at the end of this Prospectus.<br>

Class A shares are sold at their public offering price, which is the net asset value ("NAV") plus any applicable initial sales charge, also referred to as the "front-end sales load." The sales charge may be reduced or eliminated for larger purchases, as detailed below or as described under *Sales Charge Reductions and Waivers for Class A Shares*. The investment levels required to obtain a reduced sales charge are commonly referred to as "breakpoints."

All Class A purchases are subject to the terms described herein except for those purchases made through an intermediary specified in *Appendix A - Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries*.

In order to obtain a breakpoint discount, you must inform the Victory Funds or your Investment Professional at the time you purchase shares of the existence of the other Victory accounts or purchases of Victory Funds that are eligible to be linked for the purpose of calculating the initial sales charge. The Fund or your Investment Professional may ask you for records or other information about other Victory Funds held in your Victory accounts and any linked accounts, such as accounts opened with a different financial intermediary.

The current sales charge rates and breakpoint levels for Class A shares of the Fund are listed below:

---

| | | |
|:---|:---|:---|
| **Your Investment in the Fund**  | **Sales** <br> **Charge**<br> **as a % of**<br> **Offering** <br> **Price** <br>| **Sales** <br> **Charge**<br> **as a % of**<br> **Your** <br> **Investment** <br>|
| Up to $99,999  | &nbsp;&nbsp; 2.25%  | &nbsp;&nbsp; 2.30%  |
| $100,000 up to $249,999  | &nbsp;&nbsp; 1.75%  | &nbsp;&nbsp; 1.78%  |

---

**23**

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Choosing a Share Class

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---

| | | |
|:---|:---|:---|
| **Your Investment in the Fund**  | **Sales** <br> **Charge**<br> **as a % of**<br> **Offering** <br> **Price** <br>| **Sales** <br> **Charge**<br> **as a % of**<br> **Your** <br> **Investment** <br>|
| $250,000 and above\* | &nbsp;&nbsp; 0.00%  | &nbsp;&nbsp; 0.00% |

---

\* A contingent deferred sales charge ("CDSC") of 0.75% may be imposed on certain redemptions of Class A shares purchased without an initial sales charge if any of those shares are redeemed within 18 months of purchase. This charge will be based on the current market value or the original cost of the shares you are selling, whichever is less. No CDSC is imposed on shares representing reinvested distributions. You may be eligible for a reduction or waiver of this CDSC under certain circumstances. See CDSC Reductions and Waivers for Class A Shares and Appendix A - Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries for details.

**Sales Charge Reductions and Waivers for Class A Shares** 

&nbsp;&nbsp; There are several ways you can combine multiple purchases of Class A shares of the Victory <br> Funds to take advantage of reduced sales charges or, in some cases, eliminate sales charges.<br>

There are a number of ways you can reduce or eliminate your sales charges, which we describe below. In order to obtain a Class A sales charge reduction or waiver, you must provide your financial intermediary or the Fund's transfer agent, at the time of purchase, with current information regarding shares of any Victory Funds held in other accounts. This information must include account statements or other records (including written representations from the intermediary holding the shares) that indicate any accounts (e.g., retirement accounts) established (i) with the Victory Funds and your Investment Professional; (ii) with other financial intermediaries; and (iii) in the name of immediate family household members (spouse or domestic partner and children under 21) with regard to Rights of Accumulation.

The availability of a sales charge reduction or waiver discussed below will depend upon whether you purchase your shares directly from the Fund or through a financial intermediary. If you are eligible for a sales charge reduction because you own shares of other Victory Funds, you must notify the Fund or your financial intermediary at the time of purchase of any relationship or other facts qualifying you for sales charge reductions or waivers. Some intermediaries impose different policies for sales charge waivers and reductions. These variations are described in *Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries.* Except as described with respect to the intermediaries specified in Appendix A, all Class A shares are subject to the terms stated below. In order to obtain waivers and discounts that are not available through your intermediary, you must purchase Fund shares directly from the Fund or through another intermediary.

You can find additional information regarding sales charges and their reductions, free of charge, at vcm.com/policies, by clicking on *Victory Funds Pricing Policies*.

You may reduce or eliminate the sales charge applicable to Class A shares in a number of ways:

◼

**Breakpoint** - Purchase a sufficient amount to reach a breakpoint (see *Calculation of Sales Charges for Class A Shares* above);

◼

**Letter of Intent** - If you anticipate purchasing $50,000 or more of Class A shares of the Fund, including any purchase of other Victory Funds of any share class (except money market funds and any assets held in group retirement plans), within a 13-month period, you may qualify for a sales charge breakpoint as though you were investing the total amount in one lump sum. In order to qualify for the reduced sales charge, you must submit a non-binding Letter of Intent (the "Letter") within 90 days of the start of the purchases. Each investment you make after signing the Letter will be entitled to the sales charge applicable to the total investment indicated in the Letter. You must start with a minimum initial investment of at least 5.00% of the total amount you intend to purchase. A portion of the shares purchased under the Letter will be held in escrow until the total investment has been completed. In the event you do not complete your commitment set forth

**24**

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Choosing a Share Class

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in the Letter in the time period specified, sufficient escrowed shares will be redeemed to pay any applicable front-end sales charges;

◼

**Right of Accumulation** - Whereas a Letter of Intent allows you to qualify for a discount by combining your current purchase amount with purchases you intend to make in the near future, a Right of Accumulation allows you to reduce the initial sales charge on a Class A investment by combining the amount of your current purchase with the current market value of prior investments made by you, your spouse (including domestic partner), and your children under age 21 in any class of shares of any Victory Fund (except money market funds and any assets held in group retirement plans). The value of eligible existing holdings will be calculated by using the greater of the current value or the original investment amount. To ensure that you receive a reduced price using the Fund's Right of Accumulation, you or your Investment Professional must inform the Funds that the Right applies each time shares are purchased and provide sufficient information to permit confirmation of qualification;

◼

**Reinstatement Privilege** - You may reinvest at NAV all or part of your redemption proceeds within 90 days of a redemption of Class A shares of the Fund;

◼

**Waiver** - The Victory Funds will completely waive the sales charge for Class A shares in the following cases:

<sup>◼</sup>

Purchases of at least $250,000 for certain Funds or $500,000 for others;

<sup>◼</sup>

Purchases by certain individuals associated with the Victory Funds or service providers (see "Eligibility of Individuals Associated with the Victory Funds and Fund Service Providers");

<sup>◼</sup>

Purchases by registered broker-dealers, financial intermediaries or their agents or affiliates who have agreements with the Fund's distributor (the "Distributor"), if the shares are purchased for their own account, purchased for retirement plans of their employees or sold to registered representatives or full-time employees (or their immediate families), provided that such purchase is for one of the foregoing types of accounts;

<sup>◼</sup>

Purchases for trust or other advisory accounts established with a financial institution and fee-based investment products or accounts;

<sup>◼</sup>

Reinvestment of proceeds from a liquidation distribution of Class A shares of a Victory Fund held in a deferred compensation plan, agency, trust, or custody account;

<sup>◼</sup>

Purchases by retirement plans, including Section 401 and 457 plans sponsored by a Section 501(c)(3) organization and certain non-qualified deferred compensation arrangements that operate in a similar manner to qualified plans. Investors nonetheless may be charged a fee if they effect transactions in Class A shares through a broker or agent;

<sup>◼</sup>

Purchases by participants in no transaction fee programs offered by certain broker-dealers (sometimes referred to as "supermarkets");

<sup>◼</sup>

Purchases by certain financial intermediaries who offer shares to self-directed investment brokerage accounts that may or may not charge a transaction fee to its customers;

<sup>◼</sup>

Shareholders investing directly with the Fund who do not have a third-party financial intermediary or registered representative assigned, or who invest directly in certain products sponsored by the Adviser or its affiliates; and

<sup>◼</sup>

Individuals who reinvest the proceeds of redemptions from Class I, Class R6, or Class Y shares of a Victory Fund within 60 days of redemption.

You should inform the Fund or your Investment Professional at the time of purchase of the sales charge waiver category which you believe applies.

**25**

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Choosing a Share Class

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**CDSC for Class A Shares**

A CDSC of 0.75% may be imposed on certain redemptions of Class A shares purchased without an initial sales charge if any of those shares are redeemed within 18 months of purchase. This charge will be based on the current market value or the original cost of the shares you are selling, whichever is less. No CDSC is imposed on shares representing reinvested distributions.

More information is available in *CDSC Reductions and Waivers for Class A and Class C Shares* and *Appendix A – Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries*. All Class A purchases are subject to the terms described herein except for those purchases made through the intermediaries specified in Appendix A.

**CDSC for Class C Shares**

You will pay a 1.00% CDSC on any Class C shares you sell within 12 months of purchase. The CDSC is calculated on the current market value or the original cost of the shares you are selling, whichever is less. There is no CDSC on shares you acquire by reinvesting your dividends or capital gains distributions. You may be eligible for reduction or waiver of this CDSC under certain circumstances. There is no CDSC imposed when you exchange your shares for Class C shares of another Victory Fund; however, your exchange is subject to the same CDSC schedule that applied to your original purchase.

An investor may, within 90 days of a redemption of Class C shares, reinvest all or part of the redemption proceeds in the Class C shares of any Victory Fund at the NAV next computed after receipt by the transfer agent of the reinvestment order. Class C share proceeds reinvested do not result in a refund of any CDSC paid by the shareholder, but the reinvested shares will be treated as CDSC exempt upon reinvestment. The shareholder must ask the Distributor for such privilege at the time of reinvestment.

To keep your CDSC as low as possible, each time you sell shares we will first sell shares in your account that are not subject to a CDSC. If there are not enough of these to meet your sale, we will sell the shares in the order they were purchased.

More information is available in *CDSC Reductions and Waivers for Class A and Class C Shares* and *Appendix A – Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries*.

**CDSC Reductions and Waivers for Class A and Class C Shares**

No CDSC is imposed on redemptions of Class A and Class C shares in the following circumstances:

◼

To the extent that the shares redeemed:

<sup>◼</sup>

are no longer subject to the holding period for such shares;

<sup>◼</sup>

resulted from reinvestment of distributions; or

<sup>◼</sup>

were exchanged for shares of another Victory Fund as allowed by the Prospectus, provided that the shares acquired in such exchange or subsequent exchanges will continue to remain subject to the CDSC, if applicable, calculated from the original date of purchase until the applicable holding period expires. In determining whether the CDSC applies to each redemption, shares not subject to a CDSC are redeemed first;

◼

Following the death or post-purchase disability of:

<sup>◼</sup>

a registered shareholder on an account; or

<sup>◼</sup>

a settlor of a living trust, of shares held in the account at the time of death or initial determination of post-purchase disability;

◼

Distributions from individual retirement accounts, Section 403(b), Section 457 and Section 401 qualified plans, where redemptions result from:

**26**

------

Choosing a Share Class

------

<sup>◼</sup>

required minimum distributions with respect to that portion of such contributions that does not exceed 12% annually;

<sup>◼</sup>

tax free returns of excess contributions or returns of excess deferral amounts;

<sup>◼</sup>

distributions on the death or disability of the account holder;

<sup>◼</sup>

distributions for the purpose of a loan or hardship withdrawal from a participant plan balance; or

<sup>◼</sup>

distributions as a result of separation of service;

◼

Distributions as a result of a Qualified Domestic Relations Order or Domestic Relations Order required by a court settlement;

◼

In instances where the investor's dealer or institution waived its commission in connection with the purchase and notifies the Distributor prior to the time of investment;

◼

When the redemption is made as part of a Systematic Withdrawal Plan (including dividends), up to an annual amount of 12% of the account value on a per fund basis, at the time the withdrawal plan is established; or

◼

Participant-initiated distributions from employee benefit plans or participant-initiated exchanges among investment choices in employee benefit plans.

**Eligibility Requirements to Purchase Class I Shares**

Class I shares may only be purchased by:

◼

Institutional and individual retail investors with a minimum investment in Class I shares of $2,000,000 who purchase through certain broker-dealers or directly from the transfer agent;

◼

Investors who purchase through advisory programs with an approved financial intermediary in which the financial intermediary typically charges the investor a fee based upon the value of the account ("Advisory Programs"). Such transactions may be subject to additional rules or requirements of the applicable Advisory Program;

◼

Retirement plans, including Section 401 and 457 plans, Section 403 plans sponsored by a Section 501(c)(3) organization and certain non-qualified deferred compensation arrangements that operate in a similar manner to qualified plans; or

◼

Brokers (and their sales representatives) where those brokers have agreements with the Distributor to sell shares of a Fund.

The Fund may allow a lower initial investment if, in the opinion of the Distributor, the investor has the adequate intent and availability of assets to reach a future level of investment of $2,000,000.

**Eligibility Requirements to Purchase Class R Shares**

Class R shares may only be purchased by:

◼

Institutional investors;

◼

Retirement plans, including Section 401 and 457 plans, Section 403 plans sponsored by a Section 501(c)(3) organization and certain non-qualified deferred compensation arrangements that operate in a similar manner to qualified plans;

◼

IRAs that are rollovers from eligible retirement plans that offered one or more Class R share Victory Funds as investment options and to individual 401(k) plans; or

◼

Investors who purchase through Advisory Programs with an approved financial intermediary.

**27**

------

Choosing a Share Class

------

**Eligibility Requirements to Purchase Class R6 Shares**

Class R6 shares may only be purchased by:

◼

Registered investment companies;

◼

Retirement plans, including Section 401 and 457 plans, Section 403 plans sponsored by a Section 501(c)(3) organization, employer sponsored benefit plans (including health savings accounts) and certain non-qualified deferred compensation arrangements that operate in a similar manner to qualified plans;

◼

Endowments and foundations; or

◼

Investors who purchase through Advisory Programs with an approved financial intermediary.

**Eligibility Requirements to Purchase Class Y Shares**

Class Y shares may only be purchased by:

◼

Institutional and individual retail investors with a minimum investment in Class Y shares of $1,000,000 who purchase through certain broker-dealers or directly from the transfer agent;

◼

Clients of state-registered or federally registered investment advisors (RIAs), where such RIAs trade through institutional trading platforms approved by a Fund, who invest at least $2,500;

◼

Brokerage platforms of firms that have agreements with the Distributor to offer such shares solely when acting as an agent for the investor. An investor transacting in Class Y shares through these programs may be required to pay a commission and/or other forms of compensation to the broker;

◼

Pension, profit sharing, employee benefit and other similar plans and trusts that invest in a Fund;

◼

Investors who purchase through Advisory Programs with an approved financial intermediary;

◼

Investment advisory clients of the Adviser; or

◼

Investment advisors, consultants, broker-dealers and other financial intermediaries investing for their own accounts or for the accounts of their immediate family members.

The Fund may allow a lower initial investment if, in the opinion of the Distributor, the investor has the adequate intent and availability of assets to reach a future level of investment of $1,000,000.

**Eligibility of Individuals Associated with the Victory Funds and Fund Service Providers**

Current and retired Victory Fund trustees and the officers, directors, trustees, employees, and family members of employees of the Adviser or Affiliated Providers are eligible to purchase the lowest expense share class offered by the Fund. In the case of Class A shares, such purchases are not subject to a front-end sales charge. "Affiliated Providers" are affiliates of the Adviser and organizations that provide services to Victory Portfolios (the "Trust").

&nbsp;&nbsp; The Fund reserves the right to change the criteria for eligible investors and<br> the investment minimums.<br>

**28**

------

Information About Fees

------

**Distribution and Service Plans**

In accordance with Rule 12b-1 under the Investment Company Act of 1940, the Trust has adopted Distribution and Service Plans for Class A, Class C, and Class R shares.

Under the Class A Distribution and Service Plan, the Fund will pay to the Distributor a monthly fee at an annual rate of up to 0.25% of its average daily net assets of its Class A shares. Under the Class R Distribution and Service Plan, the Fund will pay to the Distributor a monthly fee at an annual rate of up to 0.50% of its average daily net assets of its Class R shares. The fee is paid for general distribution services and for providing personal services to shareholders. Distribution and selling services are provided by the Distributor or by agents of the Distributor and include those services intended to result in the sale of Fund shares. Personal services to shareholders are generally provided by broker-dealers or other intermediaries and consist of responding to inquiries, providing information to shareholders about their Fund accounts, establishing and maintaining accounts and records, providing dividend and distribution payments, arranging for bank wires, assisting in transactions and changing account information.

Under the Class C Distribution and Service Plan, the Fund will pay to the Distributor a monthly fee at an annual rate of 1.00% of the average daily net assets of its Class C shares. Of this amount, 0.75% of the Fund's Class C shares average daily net assets will be paid for general distribution services and for selling Class C shares. The Fund will pay 0.25% of its Class C shares average daily net assets to compensate financial institutions that provide personal services to Class C shareholders of the Fund. Distribution and selling services are provided by the Distributor or by agents of the Distributor and include those services intended to result in the sale of the Fund's Class C shares. Personal services to shareholders are generally provided by broker-dealers or other financial intermediaries and consist of responding to inquiries, providing information to shareholders about their Fund accounts, establishing and maintaining accounts and records, providing dividend and distribution payments, arranging for bank wires, assisting in transactions, and changing account information.

Because Rule 12b-1 fees are paid out of the Fund's assets and on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

**Other Payments to Financial Intermediaries**

Except with respect to Class R6 shares, if you purchase Fund shares through an Investment Professional, a broker-dealer, or other financial intermediary, the Fund may pay for sub-transfer agent, recordkeeping and/or similar administrative services. In addition, the Adviser (and its affiliates) may make substantial payments out of its own resources, including the profits from the advisory fees the Adviser receives from the Fund, to affiliated and unaffiliated dealers or other Investment Professionals and service providers for distribution, administrative and/or shareholder servicing activities. The Adviser also may reimburse the Distributor (or the Distributor's affiliates) for making these payments. Some of these distribution-related payments may be made to dealers or other Investment Professionals for marketing, promotional or related expenses; these payments are often referred to as "revenue sharing." The Adviser (and its affiliates) also may pay fixed fees for the listing of the Fund on a broker-dealer's or financial intermediary's system. Such payments are not considered to be revenue sharing payments.

In some circumstances, these types of payments may create an incentive for a dealer or Investment Professional or its representatives to recommend or offer shares of the Victory Funds to its customers. You should ask your dealer or Investment Professional for more details about any such payments it receives.

**29**

------

Information About Fees

------

No compensation, administrative payments, sub-transfer agency payments or service payments are paid to broker-dealers or other financial intermediaries from Fund assets, or from the resources of the Adviser or its affiliates on sales of or investments in Class R6 shares.

**30**

------

How to Buy Shares

------

**Opening an Account**

If you would like to open an account, you will first need to complete an Account Application.

You can obtain an Account Application by calling Victory Funds Customer Service at 800-539-FUND (800-539-3863). You can also download an Account Application by visiting the Victory Funds' website, VictoryFunds.com, and clicking on the Victory Funds Account Application link. Send the completed Account Application, along with a check made payable to the Victory Funds, at the following address:

**Victory Funds**

P.O. Box 182593

Columbus, OH 43218-2593

You can also obtain an Account Application by contacting your Investment Professional. When you invest through an Investment Professional, the procedures for buying, selling, and exchanging shares and the account features and policies may differ. In addition to any limitations described in this Prospectus, an Investment Professional or other intermediary may also place other limits on your ability to use the services of the Fund. Sometimes an Investment Professional will charge you for its services. This fee will be in addition to, and unrelated to, the fees and expenses charged by the Fund.

Mutual funds must obtain and verify information that identifies investors opening new accounts. If the Fund is unable to collect the required information, you may not be able to open your account. Additional details about the Fund's Customer Identification Program are available in the section "Important Fund Policies."

The Fund generally is available for purchase in the United States, Puerto Rico, Guam, American Samoa and the U.S. Virgin Islands. Except to the extent otherwise permitted by the Fund's Distributor, the Fund will only accept accounts from U.S. citizens with a U.S. address (including an APO or FPO address) or resident aliens with a U.S. address (including an APO or FPO address) and a U.S. taxpayer identification number.

If you participate in a retirement plan that offers one of the Victory Funds as an option, please consult your employer for information on how to purchase shares of the Victory Funds through the plan, including any restrictions or limitations that may apply.

**Paying for Your Initial Purchase**

If you wish to make an investment directly into the Victory Funds, make your check payable to the "Victory Funds." All checks must be drawn on U.S. banks. If your check is returned as uncollectible for any reason, you will be charged for any resulting fees and/or losses. The Fund does not accept cash, money orders, traveler's checks, credit card convenience checks, or third-party checks. Additionally, bank starter checks are not accepted for the shareholder's initial investment into the Fund. All payments must be denominated in U.S. dollars.

**Minimum Investments**

If you would like to buy Class A or Class C shares, the minimum investment required to open an account is $2,500 ($1,000 for IRA accounts), with additional investments of at least $50. If you would like to buy Class I, Class R, Class R6, or Class Y shares, you must be an Eligible Investor, as discussed in the section *Choosing a Share Class — Eligibility Requirements to Purchase*. Eligible Investors may be subject to a minimum investment amount as detailed in that section.

For Class C shares, individual purchases of $250,000 and above will be made automatically in Class A shares.

**31**

------

How to Buy Shares

------

If your account falls below the minimum investment amount, we may ask you to reestablish the minimum investment. If you do not do so within 60 days, we may close your account and send you the value of your account.

The minimum investment required to open an account may be waived or lowered for employees and immediate family members of the employees, of the Adviser, the Administrator, and their affiliates. In addition, the minimum investment required may be waived when the Fund is purchased through an Advisory Program, within qualified retirement plans or in other similar circumstances. Although the Fund may sometimes waive the minimum investment, when it does so, it always reserves the right to reject initial investments under the minimum at its discretion.

There is no minimum investment required to open an account or for additional investments in Victory Simple IRAs.

The Fund reserves the right to change the criteria for eligible investors and the investment minimums.

**Purchasing Additional Shares**

Once you have an existing account, you can make additional investments at any time in any amount (subject to any minimums) in the following ways:

◼

**By Mail**

To ensure that your additional investment is properly credited to your account, use the Investment Stub attached to your confirmation statement and send it with your check to the address indicated.

◼

**By Telephone**

If you have an existing account that has been set up to receive electronic transfers, you can buy additional shares by calling Victory Funds Customer Service at 800-539-FUND (800-539-3863) between 8:00 a.m. and 6:00 p.m. (Eastern Time), Monday through Friday.

◼

**By Exchange**

You may purchase shares of the Fund using the proceeds from the simultaneous redemption of shares of another Victory Fund if it is eligible for an exchange with your Fund. You may initiate an exchange online (if you are a registered user of VictoryFunds.com), by telephone, or by mail. See the section "Exchanging Shares."

◼

**Via the Internet**

If you are a registered user, you may request a purchase of shares through our website at VictoryFunds.com. Your account must be set up for Automated Clearing House ("ACH") payment in order to execute online purchases.

◼

**By ACH**

Your account must be set up for ACH payment in order to execute purchases online or by telephone. It takes about 15 days to set up an ACH account and only domestic member banks may be used. After your account is set up, your purchase amount can be transferred by ACH. Currently, the Fund does not charge a fee for ACH transfers but it reserves the right to charge for this service in the future. Your originating bank may charge a fee for ACH transfers.

◼

**By Wire**

You may buy Fund shares by bank wire transfer of same day funds. Please call Victory Funds Customer Service at 800-539-FUND (800-539-3863) between 8:00 a.m. and 6:00 p.m. (Eastern Time), Monday through Friday for wiring instructions. Any commercial bank can transfer same-day funds by wire.

**32**

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How to Buy Shares

------

Although the transfer agent does not currently charge you for receiving same-day funds, it reserves the right to charge for this service in the future. Your bank may charge you for wiring same-day funds. You cannot buy shares for tax-qualified retirement plans by wire transfer.

◼

**By Systematic Investment Plan**

To enroll in the Systematic Investment Plan, you should check this box on the Account Application or on the Account Maintenance Form. We will need your bank information and the amount ($50 or more) and frequency of your investment. You can select monthly, quarterly, semi annual, or annual investments. You should attach a voided personal check so the proper information can be obtained. You must first meet the minimum investment requirement before we will make automatic withdrawals from your bank account and invest it in shares of the Fund.

**Other Purchase Rules You Should Know**

The Fund reserves the right to refuse a purchase order for any reason, including if it believes that doing so would be in the best interest of the Fund or its shareholders. The Fund also reserves the right, without notice, to increase or decrease the minimum amount required to open, convert shares to, or maintain a Fund account, or to add to an existing Fund account.

Keep these addresses handy for purchases, exchanges, or redemptions.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **BY REGULAR U.S. MAIL** | &nbsp;&nbsp;&nbsp; Victory Funds <br> P.O. Box 182593 <br> Columbus, OH 43218-2593<br>|
| **BY OVERNIGHT MAIL** | &nbsp;&nbsp;&nbsp; Use the following address ONLY for overnight packages:<br> Victory Funds<br> c/o FIS TA Operations<br> 4249 Easton Way, Suite 400<br> Columbus, OH 43219<br> PHONE: 800-539-FUND (800-539-3863)<br>|
| **BY WIRE** | &nbsp;&nbsp;&nbsp; Call 800-539-FUND (800-539-3863) BEFORE wiring money to notify the <br> Fund that you intend to purchase shares by wire and to verify wire <br> instructions.<br>|
| **BY TELEPHONE** | 800-539-FUND (800-539-3863) |
| **ON THE INTERNET** | VictoryFunds.com |

---

**33**

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How to Exchange Shares

------

&nbsp;&nbsp; There may be limits on the ability to exchange between certain Victory Funds. <br> You can obtain a list of Victory Funds available for exchange by calling <br> 800-539-FUND (800-539-3863) or by visiting VictoryFunds.com<br>

The shares of any class of the Fund may be exchanged for the shares of any other class offered by the Fund or the same class of any other class of any Victory Fund, either through your Investment Professional or directly through the Fund, subject to the conditions described below:

◼

Exchanges are subject to any CDSC, minimum investment limitation, or eligibility requirements described in the applicable Prospectus and SAI. You may be required to provide sufficient information to establish eligibility to exchange into a new share class.

◼

To exchange with another Victory Fund, the other Victory Fund must be eligible for exchange with your Fund.

◼

Shares of the Victory Fund selected for exchange must be available for sale in your state of residence.

If you have questions about these, or any of the Fund's other exchange policies, please consult Victory Customer Service or your Investment Professional before requesting an exchange.

Before exchanging, you should read the Prospectus of the other Victory Fund you wish to exchange into, which may be subject to different risks, fees, and expenses.

**Class C Share Conversion**

Class C shares of the Fund will convert automatically to Class A shares in the month following the eight-year anniversary date of the purchase of the Class C shares. Your financial intermediary may have a conversion schedule that is shorter than eight years. Class C conversions will be effected at the relative NAV of each such class without the imposition of any sales charge, fee, or other charge.

You may be able to voluntarily convert your Class C shares before the stated anniversary to a different share class of the same Fund that has a lower total annual operating expense ratio provided certain conditions are met. This voluntary conversion feature is intended for shares held through a financial intermediary offering a fee-based or wrap fee program that has an agreement with the Adviser or the Distributor specific for this purpose. Generally, Class C shares are not eligible for conversion until the applicable CDSC period has expired. Please contact your financial intermediary for additional information.

**Processing Your Voluntary Exchange/Conversion**

If your exchange or conversion request is received and accepted by the Fund, an Investment Professional or other intermediary by the close of trading as described in the section titled, "Share Price," then your request will be processed the same day. If received after the close of trading, your request will be processed on the next business day. Please contact your financial intermediary regarding the tax consequences of any exchange or conversion.

Exchanges will occur at the respective NAVs of the Fund's share classes involved in the exchange next calculated after receipt and acceptance of your exchange request in good order, plus any applicable sales charge described in the Prospectus. Share class conversions will be based on the respective NAV of each class as of the trade date of the conversion. Consequently, you may receive fewer shares or more shares than originally owned, depending on that day's NAVs.

**34**

------

How to Exchange Shares

------

**Requesting an Exchange**

You can exchange shares of the Fund by telephone, by mail, or via the Internet. You cannot exchange into an account with a different registration or tax identification number.

◼

**By Telephone**

Unless you indicate otherwise on the account application, Victory Customer Service will be authorized to accept exchange instructions received by telephone.

◼

**By Mail**

Send a letter of instruction signed by all registered owners or their legal representatives to the Victory Funds.

◼

**Via the Internet**

You may also exchange shares via the Internet at VictoryFunds.com if you are a registered user.

**Other Exchange Rules You Should Know**

The Fund may refuse any exchange purchase request if the Adviser determines that the request is associated with a market timing strategy. The Fund may terminate or modify the exchange privilege at any time upon 60 days' notice to shareholders.

An exchange of Fund shares for shares of another Victory Fund constitutes a sale for tax purposes unless the exchange is made within an IRA or other tax-deferred account.

For information on how to exchange shares of the Fund that were purchased through your employer's retirement plan, including any restrictions and charges that the plan may impose, please consult your employer.

**35**

------

How to Sell Shares

------

There are a number of convenient ways to sell your shares.<br>

If your redemption request is received in good order by the close of trading on the NYSE, your redemption will be processed the same day. Your redemption will not be processed until the next business day if it is received after the close of trading on the NYSE. You cannot redeem your shares at VictoryFunds.com.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BY TELEPHONE**<br>

The easiest way to redeem shares is by calling 800-539-FUND (800-539-3863). When you fill out your original application, be sure to check the box marked "Telephone Authorization." You have the following options for receiving your redemption proceeds:

◼

Mail a check to the address of record;

◼

Wire funds to a previously designated domestic financial institution;

◼

Mail a check to a previously designated alternate address; or

◼

Electronically transfer your redemption via ACH to a previously designated domestic financial institution.

Victory Funds' transfer agent records all telephone calls for your protection and takes measures to verify the identity of the caller. If the transfer agent properly acts on telephone instructions and follows reasonable procedures to ensure against unauthorized transactions, none of the Trust, its servicing agents, the Adviser, or the transfer agent will be responsible for any losses. If the transfer agent does not follow these procedures, it may be liable to you for losses resulting from unauthorized instructions.

If there is an unusual amount of market activity and you cannot reach the transfer agent or your Investment Professional by telephone, consider placing your order by mail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BY MAIL**<br>

Use the regular U.S. mail or overnight mail address to redeem shares. You can use the same mailing addresses listed for purchases. Send us a letter of instruction indicating your Fund account number, amount of redemption, and where to send the proceeds. A Medallion signature guarantee is required for the following redemption requests:

◼

Your account registration has changed within the last 15 business days;

◼

The check is not being mailed to the address on your account;

◼

The check is not being made payable to the owner of the account;

◼

The redemption proceeds are being transferred to another Victory Fund account with a different registration; or

◼

The check or wire is being sent to a different bank account than was previously designated.

You can get a Medallion signature guarantee from a financial institution — such as a commercial bank, broker-dealer, credit union, clearing agency, or savings bank — that is a member of a Medallion signature guarantee program.

**BY WIRE**<br>

If you want to receive your proceeds by wire, you must establish a Fund account that will accommodate wire transactions. If you call before the close of trading on the NYSE, your funds will be wired on the next business day.

**BY ACH**<br>

You may transfer your proceeds by ACH to a domestic bank. Normally, your redemption will be processed on the same day if your request is received before the close of trading on the NYSE. If your request is received after the close of trading it will be processed on the next business day.

**36**

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How to Sell Shares

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**Systematic Withdrawal Plan**

If you check this box on the Account Application or on the Account Maintenance Form, we will send monthly, quarterly, semi-annual, or annual payments to the person you designate. The minimum withdrawal is $25, and you must have a balance of $5,000 or more at the time you establish the Systematic Withdrawal Plan. If the payment is to be sent to an account of yours, we will need a voided check to activate this feature. If the payment is to be made to an address different from your account address, we will need a Medallion signature guaranteed letter of instruction. You should be aware that each withdrawal may be a taxable transaction. Also, each withdrawal reduces your account balance, and eventually your account balance may be depleted. However, you cannot automatically close your account using the Systematic Withdrawal Plan. If your balance falls below the initial purchase minimum, we may ask you to bring the account back to the minimum balance. If you decide not to increase your account to the minimum balance, your account may be closed and the proceeds mailed to you.

**Additional Information About Redemptions**

◼

Redemption proceeds from the sale of Fund shares purchased by a check or through ACH will be held until the purchase check or ACH has cleared, which will take up to 10 business days.

◼

We typically expect to send the proceeds from your share redemption within one business day after we execute your order, but we may take up to seven business days to send redemption proceeds, regardless of payment type. When you sell shares through your financial intermediary, you can ask the intermediary to tell you when you can expect to receive the proceeds of your redemption.

◼

The Fund may suspend your right to redeem your shares in the following circumstances:

<sup>◼</sup>

During non-routine closings of the NYSE;

<sup>◼</sup>

When the SEC determines either that trading on the NYSE is restricted or that an emergency prevents the sale or valuation of the Fund's securities; or

<sup>◼</sup>

When the SEC orders a suspension to protect the Fund's shareholders.

◼

The Fund typically uses cash and cash equivalents held in its portfolio or sells portfolio assets to meet redemption requests. In unusual circumstances or under stressed market conditions, the Fund may use other methods to raise cash to meet redemption requests. For example, the Fund may draw funds from a line of credit or borrow available cash held by other Victory Funds under an "interfund lending program" in reliance on an exemptive order from the SEC.

◼

The Fund will pay redemptions by any one shareholder during any 90-day period in cash up to the lesser of $250,000 or 1.00% of the Fund's net assets. The Fund reserves the right to pay the remaining portion "in kind," that is, in portfolio securities rather than cash. Securities received pursuant to an in-kind redemption are subject to market risk until sold and may be subject to brokerage and other fees.

◼

If you choose to have your redemption proceeds mailed to you and either the U.S. Postal Service is unable to deliver the redemption check to you or the check remains outstanding for more than six months, the Fund reserves the right to reinvest the check in shares of the Fund at its then current NAV until you give the Fund different instructions. No interest will accrue on amounts represented by uncashed redemption checks.

**37**

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Distributions and Taxes

------

&nbsp;&nbsp; **Buying a dividend.** You should check the Fund's distribution schedule before you invest. <br> If you purchase shares when the Fund has undistributed income and gain, you will be <br> "buying a dividend" by paying a higher purchase price per share reflecting the <br> undistributed income and gain and then receiving a portion of the purchase price back <br> in the form of a taxable dividend unless you are investing through a tax-deferred account.<br>

The Fund ordinarily declares and pays dividends from net investment income, if any, monthly, and net realized capital gains, if any, annually. The Fund may make additional distributions, if necessary, to comply with U.S. federal tax requirements and avoid U.S. federal income or excise tax.

Each class of shares declares and pays dividends separately.

Distributions can be received in one of the following ways. Please check with your Investment Professional if you are unsure of which option is right for you.

**Reinvestment Option**

You can have distributions automatically reinvested in additional shares of your Fund. If you do not indicate another choice on your Account Application, you will be assigned this option automatically.

**Cash Option**

If you elect to receive your distributions by check, and the distribution amount is $25 or less, the amount will automatically be reinvested in the Fund. Otherwise, a check will be mailed to you no later than seven days after the dividend payment date. If you choose to have your distribution proceeds mailed to you and either the U.S. Postal Service is unable to deliver the distribution check to you or the check remains outstanding for at least six months, the distribution option on your account will default to the reinvestment option as described above. The Fund reserves the right to reinvest the check in shares of the Fund at its then current NAV until you give the Fund different instructions. No interest will accrue on amounts represented by uncashed distribution checks.

**Income Earned Option**

You can automatically reinvest your dividends in additional Fund shares and have your capital gains paid in cash, or reinvest capital gains and have your dividends paid in cash.

**Directed Distributions Option**

In most cases, you can automatically reinvest distributions in shares of another Victory Fund. If you reinvest your distributions in a different Victory Fund, you may pay a sales charge on the amount of reinvested distributions.

**Directed Bank Account Option**

In most cases, you can automatically transfer distributions to your bank checking or savings account. Under normal circumstances, the transfer agent will transfer your distributions within seven days of the dividend payment date. The bank account must have a registration identical to that of your Fund account.

&nbsp;&nbsp; Your choice of distribution should be set up on the original Account Application. <br> If you would like to change the option you selected, please call 800-539-FUND (800-539-3863).<br>

**38**

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Distributions and Taxes

------

**Important Information About Taxes** 

&nbsp;&nbsp; The tax information in this Prospectus is provided as general information. You <br> should review the more detailed discussion of federal income tax considerations <br> in the SAI and consult your tax adviser regarding the federal, state, local, or <br> foreign tax consequences resulting from your investment in the Fund.<br>

The Fund generally expects to pay no federal income tax on the earnings and capital gains it distributes to shareholders.

◼

Qualified dividend income received from the Fund by noncorporate shareholders generally will be taxed at long-term capital gain rates to the extent attributable to qualified dividend income received by the Fund, subject to certain holding period requirements. Nonqualified dividends, dividends received by corporate shareholders and dividends from the Fund's short-term capital gains are taxable as ordinary income. Dividends from the Fund's long-term capital gains generally are taxable as long-term capital gains.

◼

You will pay tax on dividends from the Fund whether you receive them in cash, additional shares of the Fund or you reinvest them in shares of another Victory Fund.

◼

Dividends from the Fund that are attributable to interest on certain U.S. government obligations, if any, may be exempt from certain state and local income taxes. The extent to which ordinary dividends are attributable to these U.S. government obligations will be provided on the tax statements you receive from the Fund.

◼

An exchange of the Fund's shares for shares of another Victory Fund will be treated as a sale. When you sell or exchange shares of the Fund, you generally will recognize any gain or loss.

◼

An exchange of one class of the Fund's shares for shares of another class of the same Fund generally constitutes a nontaxable exchange for federal income tax purposes.

◼

Distributions from the Fund and gains from the disposition of your shares may also be subject to state and local income tax.

◼

An additional 3.8% Medicare tax will be imposed on certain net investment income (which includes dividends and gain recognized on a disposition of shares) of certain U.S. individuals, estates, and trusts.

◼

Certain dividends paid to you in January will be taxable as if they had been paid to you the previous December.

◼

Tax statements will be mailed from the Fund by mid-February showing the amounts and tax status of distributions made to you in the prior calendar year.

◼

Because your tax treatment depends on your purchase price and tax position, you should keep your regular account statements for use in determining your tax.

◼

The Fund generally is required by law to provide you and the Internal Revenue Service with certain cost basis information related to the sale or redemption of any of your shares in the Fund acquired on or after January 1, 2012 (including distributions that are reinvested in additional shares of the Fund).

◼

The Fund may be required to withhold tax from dividends and redemption proceeds if you fail to give your correct social security or taxpayer identification number, fail to make required certifications, or the Fund is notified by the Internal Revenue Service that backup withholding is required.

◼

If you are a nonresident alien individual, foreign trust or estate, foreign corporation, or foreign partnership, the Fund's ordinary income dividends may be subject to a 30% U.S. withholding tax. See the section titled "TAXES—Foreign Shareholders" in the SAI for details.

**39**

------

Distributions and Taxes

------

◼

Under the "Foreign Account Tax Compliance Act," unless certain foreign entities comply with certain IRS requirements that generally require them to report information regarding U.S. persons investing in, or holding accounts with, such entities, a 30% U.S. withholding tax may apply to dividends paid by the Fund to such entities. See the section titled "TAXES—Foreign Shareholders" in the SAI for details.

◼

The Fund may provide estimated capital gain distribution information through the website at vcm.com.

**IRA Distribution Withholding Disclosure**

We generally must withhold federal income tax at a rate of 10% of the taxable portion of your distribution, and if you live in a state that requires state income tax withholding, at your state's tax rate. However, you may elect not to have withholding apply or to have income tax withheld at a higher rate. Any withholding election that you make will apply to any subsequent distribution unless and until you change or revoke the election. If you wish to make a withholding election, or change or revoke a prior withholding election, call 800-539-FUND (800-539-3863), and form W-4P (OMB No. 1545-0074 withholding certificate for pension or annuity payments) will be sent electronically.

If you do not have a withholding election in place by the date of a distribution, federal income tax will be withheld from the taxable portion of your distribution at a rate of 10%. If you must pay estimated taxes, you may be subject to estimated tax penalties if your estimated tax payments are not sufficient and sufficient tax is not withheld from your distribution.

The foregoing discussion summarizes some of the possible consequences under current federal tax law of an investment in the Fund. It is not a substitute for personal tax advice. The foregoing discussion also does not discuss any state, local, or non-U.S. tax consequences associated with an investment in the Fund. The tax information in this Prospectus is based on tax law in effect on the date of this Prospectus and it does not address any proposals to modify such tax laws. Consult your personal tax advisor about the potential tax consequences of an investment in the shares under all applicable tax laws.

For more specific information, please consult your tax adviser.

**40**

------

Important Fund Policies

------

**Customer Identification Program**

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens a new account, and to determine whether such person's name appears on government lists of known or suspected terrorists and terrorist organizations.

As a result, the Victory Funds must obtain the following information for each person who opens a new account:

◼

Name;

◼

Date of birth (for individuals);

◼

Residential or business street address (although post office boxes are still permitted for mailing); and

◼

Social security number, taxpayer identification number, or other identifying number.

You may also be asked for a copy of your driver's license, passport, or other identifying document in order to verify your identity. In addition, it may be necessary to verify your identity by cross-referencing your identification information with a consumer report or other electronic database. Additional information may be required to open accounts for corporations and other entities. Federal law prohibits the Victory Funds and other financial institutions from opening a new account unless they receive the minimum identifying information listed above. After an account is opened, the Victory Funds may restrict your ability to purchase additional shares until your identity is verified. The Victory Funds may close your account or take other appropriate action if it is unable to verify your identity within a reasonable time. If your account is closed for this reason, your shares will be redeemed at the NAV next calculated after the account is closed.

**Account Maintenance Information**

For the following non-financial transactions, the Victory Funds require proof that your signature authorizing a transaction is authentic. This verification can be provided in all cases by either a Signature Validation Program ("SVP") stamp or a Medallion signature guarantee ("MSG"). In some instances a Notary Public stamp is an acceptable alternative. As with an MSG, an SVP stamp can also be obtained from a financial institution that is a member of the SVP program.

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Notary** <br> **Public**<br>| **SVP** | **MSG** |
| Change of name  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Add/change banking instructions  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Add/change beneficiaries  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Add/change authorized account traders  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Adding a Power of Attorney | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Add/change Trustee  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Uniform Transfers to Minors Act/Uniform Gifts to Minors Act custodian <br> change <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |

---

**Market Timing**

The Victory Funds discourage frequent purchases and redemptions of Fund shares (market timing). Market timing allows investors to take advantage of market inefficiencies, sometimes to the disadvantage of other shareholders. Market timing increases Fund expenses to all shareholders by increasing portfolio turnover. In addition, market timing could potentially dilute share value for all other shareholders by requiring the Fund to hold more cash than it normally would.

**41**

------

Important Fund Policies

------

The Board has adopted policies and procedures with respect to market timing. In order to prevent or minimize market timing, the Fund (or the Adviser, as appropriate) will:

◼

Employ "fair value" pricing, as described in this Prospectus under Share Price, to minimize the discrepancies between a security's market quotation and its perceived market value, which often gives rise to market timing activity; and

◼

Monitor for suspected market timing based on "short-term transaction" activity, that is, a purchase or redemption of the Fund and, as applicable, a subsequent redemption or purchase of the same Fund, or an exchange of all or part of that same Fund.

In monitoring for market timing activity, we consider, among other things, the frequency of your trades and whether you acquired your Fund shares directly through the transfer agent or whether you combined your trades with a group of shareholders in an omnibus account or otherwise placed your order through a securities dealer or other financial intermediary.

Frequent trading by a shareholder is generally a characteristic of market timing. Therefore, any account in which Fund shares are acquired directly through the transfer agent, or where the Fund can adequately identify the shareholder, with a history of three short-term transactions within 90 days or less is suspected of market timing and the shareholder's trading privileges (other than redemption of Fund shares) will be suspended.

We may make exceptions to the "short-term transaction" policy for certain types of transactions if, in the opinion of the Adviser, under the oversight of the Board, the transactions do not represent short-term or excessive trading or are not abusive or harmful to the Fund, such as, but not limited to, systematic transactions, required minimum retirement distributions, transactions initiated by the Fund or administrator, and transactions by certain qualified funds-of-funds.

If you acquired shares through an omnibus account or otherwise placed your order through a securities dealer, or other financial intermediary (such as investment advisers, broker-dealers, third-party administrators, or insurance companies), and market timing is suspected, different purchase and exchange limitations may apply. We may rely upon a financial intermediary's policy to deter short-term or excessive trading (i) if we believe that the financial intermediary's policy is reasonably designed to detect and deter transactions that are not in the best interests of the Fund, or (ii) if we receive an undertaking from the financial intermediary to enforce short-term or excessive trading policies on behalf of the Fund that provide a substantially similar level of protection for the Fund against such transactions. If you hold your Fund shares through a financial intermediary, you are advised to consult the intermediary to determine what purchase and exchange limitations apply to your account.

We reserve the right to reject or cancel a purchase or exchange order for any reason without prior notice. We will deny your request to purchase or exchange your shares if we believe that the transaction is part of a market timing strategy.

The Fund's market timing policies and procedures may be modified or terminated at any time under the oversight of the Board.

**Portfolio Holdings Disclosure**

A description of the Fund's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund's SAI, which is available upon request and on the Fund's website at VictoryFunds.com.

**42**

------

Important Fund Policies

------

**Performance**

The Victory Funds may advertise the performance of the Fund by comparing it to other mutual funds with similar objectives and policies. Performance information also may appear in various publications. Any fees charged by Investment Professionals may not be reflected in these performance calculations.

Advertising information may include the average annual total return of the Fund calculated on a compounded basis for specified periods of time. Total return information will be calculated according to rules established by the SEC. Such information may include performance rankings and similar information from independent organizations and publications.

**Statements and Reports**

You will receive a periodic statement reflecting any transactions that affect the balance or registration of Fund shares in your account. You will receive a confirmation after any purchase, exchange, or redemption. If your account has been set up by an Investment Professional, Fund activity will be detailed in that account's statements. Share certificates are not issued. Twice a year, you will receive a financial report of the Fund. By February 15th of each year, you will be mailed an IRS form reporting distributions for the previous year, which also will be filed with the IRS.

**Shareholder Communications**

In order to eliminate duplicate mailings to an address at which two or more shareholders with the same last name reside, the Victory Funds may send only one copy of any shareholder reports, proxy statements, prospectuses and their supplements, unless you have instructed us to the contrary. You may request that the Victory Funds send these documents to each shareholder individually by calling the Victory Funds at 800-539-FUND (800-539-3863), and they will be delivered promptly.

While this Prospectus and the SAI of the Fund describe pertinent information about the Trust and the Fund, neither this Prospectus nor the SAI represents a contract between the Trust or the Fund and any shareholder.

**43**

------

Financial Highlights

------

The following financial highlights tables reflect historical information about shares of the Fund and are intended to help you understand the Fund's financial performance for the past five years, or, if shorter, the period of its operations. Certain information shows the results of an investment in one share of the Fund. To the extent the Fund invests in other funds, the Total Annual Operating Expenses included in the Fund's Fees and Expenses Table may not correlate to the ratio of expenses to average net assets in the financial highlights below. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).

The information presented has been audited by Cohen & Company, Ltd., the Fund's independent registered public accounting firm, whose report, along with the Fund's financial statements, are included in the Fund's most recent N-CSR filing to shareholders, which is available upon request.

**44**

------

**Victory Core Bond Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| ***For a Share Outstanding Throughout Each*** <br> ***Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/22**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/21**<br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp; $8.15 | &nbsp;&nbsp;&nbsp; $8.26 | &nbsp;&nbsp;&nbsp; $8.62 | &nbsp;&nbsp;&nbsp; $9.84 | &nbsp;&nbsp;&nbsp; $9.91 |
| **Investment Activities:** |  |  |  |  |  |
| Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp; (1.15) | &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp; (1.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp; (0.23) |
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp; (0.23) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $8.28 | &nbsp;&nbsp;&nbsp; $8.15 | &nbsp;&nbsp;&nbsp; $8.26 | &nbsp;&nbsp;&nbsp; $8.62 | &nbsp;&nbsp;&nbsp; $9.84 |
| Total Return(b) | &nbsp;&nbsp;&nbsp; 5.62% | &nbsp;&nbsp;&nbsp; 2.25% | &nbsp;&nbsp;&nbsp; (1.33)% | &nbsp;&nbsp;&nbsp; (10.48)% | &nbsp;&nbsp;&nbsp; 1.67% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net Expenses(c) | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 0.85% |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp; 3.63% | &nbsp;&nbsp;&nbsp; 3.35% | &nbsp;&nbsp;&nbsp; 2.32% | &nbsp;&nbsp;&nbsp; 1.34% | &nbsp;&nbsp;&nbsp; 1.51% |
| Gross Expenses(c) | &nbsp;&nbsp;&nbsp; 1.40% | &nbsp;&nbsp;&nbsp; 1.34% | &nbsp;&nbsp;&nbsp; 1.27% | &nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 1.16% |
| **Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (000's) | &nbsp;&nbsp;&nbsp; $5622 | &nbsp;&nbsp;&nbsp; $6267 | &nbsp;&nbsp;&nbsp; $6955 | &nbsp;&nbsp;&nbsp; $7507 | &nbsp;&nbsp;&nbsp; $9380 |
| Portfolio Turnover(d) | &nbsp;&nbsp;&nbsp; 36% | &nbsp;&nbsp;&nbsp; 142%(e) | &nbsp;&nbsp;&nbsp; 59% | &nbsp;&nbsp;&nbsp; 55% | &nbsp;&nbsp;&nbsp; 79% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return. Excludes any applicable sales charges, including contingent deferred sales charges. Total return would be reduced if sales charges were taken into account.

(c) Does not include acquired fund fees and expenses, if any.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

(e) Reflects increased trading activity due to a change in portfolio management and asset allocation shift.

**45**

------

Victory Core Bond Fund (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| ***For a Share Outstanding Throughout Each*** <br> ***Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/22**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/21**<br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp; $8.22 | &nbsp;&nbsp;&nbsp; $8.33 | &nbsp;&nbsp;&nbsp; $8.69 | &nbsp;&nbsp;&nbsp; $9.92 | &nbsp;&nbsp;&nbsp; $9.99 |
| **Investment Activities:** |  |  |  |  |  |
| Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp; (1.15) | &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp; (1.10) | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp; (0.16) |
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp; (0.16) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $8.35 | &nbsp;&nbsp;&nbsp; $8.22 | &nbsp;&nbsp;&nbsp; $8.33 | &nbsp;&nbsp;&nbsp; $8.69 | &nbsp;&nbsp;&nbsp; $9.92 |
| Total Return(b) | &nbsp;&nbsp;&nbsp; 4.71% | &nbsp;&nbsp;&nbsp; 1.58% | &nbsp;&nbsp;&nbsp; (2.03)% | &nbsp;&nbsp;&nbsp; (11.23)% | &nbsp;&nbsp;&nbsp; 0.91% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net Expenses(c) | &nbsp;&nbsp;&nbsp; 1.60% | &nbsp;&nbsp;&nbsp; 1.60% | &nbsp;&nbsp;&nbsp; 1.60% | &nbsp;&nbsp;&nbsp; 1.60% | &nbsp;&nbsp;&nbsp; 1.60% |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp; 2.89% | &nbsp;&nbsp;&nbsp; 2.56% | &nbsp;&nbsp;&nbsp; 1.54% | &nbsp;&nbsp;&nbsp; 0.56% | &nbsp;&nbsp;&nbsp; 0.80% |
| Gross Expenses(c) | &nbsp;&nbsp;&nbsp; 15.05% | &nbsp;&nbsp;&nbsp; 13.91% | &nbsp;&nbsp;&nbsp; 9.74% | &nbsp;&nbsp;&nbsp; 5.81% | &nbsp;&nbsp;&nbsp; 3.68% |
| **Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (000's) | &nbsp;&nbsp;&nbsp; $106 | &nbsp;&nbsp;&nbsp; $82 | &nbsp;&nbsp;&nbsp; $142 | &nbsp;&nbsp;&nbsp; $163 | &nbsp;&nbsp;&nbsp; $451 |
| Portfolio Turnover(d) | &nbsp;&nbsp;&nbsp; 36% | &nbsp;&nbsp;&nbsp; 142%(e) | &nbsp;&nbsp;&nbsp; 59% | &nbsp;&nbsp;&nbsp; 55% | &nbsp;&nbsp;&nbsp; 79% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return. Excludes any applicable sales charges, including contingent deferred sales charges. Total return would be reduced if sales charges were taken into account.

(c) Does not include acquired fund fees and expenses, if any.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

(e) Reflects increased trading activity due to a change in portfolio management and asset allocation shift.

**46**

------

Victory Core Bond Fund (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| ***For a Share Outstanding Throughout Each*** <br> ***Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/22**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/21**<br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp; $8.17 | &nbsp;&nbsp;&nbsp; $8.28 | &nbsp;&nbsp;&nbsp; $8.64 | &nbsp;&nbsp;&nbsp; $9.87 | &nbsp;&nbsp;&nbsp; $9.94 |
| **Investment Activities:** |  |  |  |  |  |
| Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp; (1.15) | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp; (1.00) | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp; (0.26) |
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp; (0.26) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $8.31 | &nbsp;&nbsp;&nbsp; $8.17 | &nbsp;&nbsp;&nbsp; $8.28 | &nbsp;&nbsp;&nbsp; $8.64 | &nbsp;&nbsp;&nbsp; $9.87 |
| Total Return(b) | &nbsp;&nbsp;&nbsp; 5.87% | &nbsp;&nbsp;&nbsp; 2.64% | &nbsp;&nbsp;&nbsp; (1.06)% | &nbsp;&nbsp;&nbsp; (10.30)% | &nbsp;&nbsp;&nbsp; 1.93% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net Expenses(c) | &nbsp;&nbsp;&nbsp; 0.58% | &nbsp;&nbsp;&nbsp; 0.58% | &nbsp;&nbsp;&nbsp; 0.58% | &nbsp;&nbsp;&nbsp; 0.58% | &nbsp;&nbsp;&nbsp; 0.58% |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp; 3.90% | &nbsp;&nbsp;&nbsp; 3.63% | &nbsp;&nbsp;&nbsp; 2.59% | &nbsp;&nbsp;&nbsp; 1.62% | &nbsp;&nbsp;&nbsp; 1.73% |
| Gross Expenses(c) | &nbsp;&nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp; 0.66% | &nbsp;&nbsp;&nbsp; 0.64% | &nbsp;&nbsp;&nbsp; 0.63% | &nbsp;&nbsp;&nbsp; 0.61% |
| **Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (000's) | &nbsp;&nbsp;&nbsp; $12911 | &nbsp;&nbsp;&nbsp; $25190 | &nbsp;&nbsp;&nbsp; $26311 | &nbsp;&nbsp;&nbsp; $23854 | &nbsp;&nbsp;&nbsp; $26970 |
| Portfolio Turnover(d) | &nbsp;&nbsp;&nbsp; 36% | &nbsp;&nbsp;&nbsp; 142%(e) | &nbsp;&nbsp;&nbsp; 59% | &nbsp;&nbsp;&nbsp; 55% | &nbsp;&nbsp;&nbsp; 79% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return.

(c) Does not include acquired fund fees and expenses, if any.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

(e) Reflects increased trading activity due to a change in portfolio management and asset allocation shift.

**47**

------

Victory Core Bond Fund (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| ***For a Share Outstanding Throughout Each*** <br> ***Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/22**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/21**<br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp; $8.17 | &nbsp;&nbsp;&nbsp; $8.28 | &nbsp;&nbsp;&nbsp; $8.64 | &nbsp;&nbsp;&nbsp; $9.87 | &nbsp;&nbsp;&nbsp; $9.94 |
| **Investment Activities:** |  |  |  |  |  |
| Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp; (1.15) | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp; (1.00) | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp; (0.26) |
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp; (0.26) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $8.31 | &nbsp;&nbsp;&nbsp; $8.17 | &nbsp;&nbsp;&nbsp; $8.28 | &nbsp;&nbsp;&nbsp; $8.64 | &nbsp;&nbsp;&nbsp; $9.87 |
| Total Return(b) | &nbsp;&nbsp;&nbsp; 5.84% | &nbsp;&nbsp;&nbsp; 2.62% | &nbsp;&nbsp;&nbsp; (1.08)% | &nbsp;&nbsp;&nbsp; (10.32)% | &nbsp;&nbsp;&nbsp; 1.91% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net Expenses(c) | &nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 0.60% |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp; 3.88% | &nbsp;&nbsp;&nbsp; 3.59% | &nbsp;&nbsp;&nbsp; 2.56% | &nbsp;&nbsp;&nbsp; 1.60% | &nbsp;&nbsp;&nbsp; 1.74% |
| Gross Expenses(c) | &nbsp;&nbsp;&nbsp; 0.81% | &nbsp;&nbsp;&nbsp; 0.72% | &nbsp;&nbsp;&nbsp; 0.67% | &nbsp;&nbsp;&nbsp; 0.65% | &nbsp;&nbsp;&nbsp; 0.64% |
| **Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (000's) | &nbsp;&nbsp;&nbsp; $17598 | &nbsp;&nbsp;&nbsp; $18906 | &nbsp;&nbsp;&nbsp; $29920 | &nbsp;&nbsp;&nbsp; $28539 | &nbsp;&nbsp;&nbsp; $31032 |
| Portfolio Turnover(d) | &nbsp;&nbsp;&nbsp; 36% | &nbsp;&nbsp;&nbsp; 142%(e) | &nbsp;&nbsp;&nbsp; 59% | &nbsp;&nbsp;&nbsp; 55% | &nbsp;&nbsp;&nbsp; 79% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return.

(c) Does not include acquired fund fees and expenses, if any.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

(e) Reflects increased trading activity due to a change in portfolio management and asset allocation shift.

**48**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

The availability of certain initial and contingent deferred sales charge reductions and waivers may depend on the particular financial intermediary or type of account through which you purchase or hold Fund shares. The following information about variations in sales charge reductions and waivers is applicable only to investors who purchase Fund shares through a Merrill Lynch, Ameriprise Financial, Morgan Stanley Wealth Management, Raymond James, Janney Montgomery Scott LLC, Edward D. Jones & Co., Oppenheimer & Co. Inc., Stifel, Nicolaus & Company, Incorporated, Robert W. Baird & Co., or J.P. Morgan Securities LLC platform or account.

In all instances, it is your responsibility to notify the Fund or your financial intermediary at the time of purchase of any relationship or other facts qualifying you for sales charge reductions or waivers. For reductions and waivers unavailable through a particular intermediary, shareholders will have to purchase Fund shares directly from the Fund or through another intermediary to receive those reductions and waivers.

**Ameriprise Financial**

**Front-end sales charge reductions on Class A shares purchased through Ameriprise Financial**

Shareholders purchasing Class A shares of the Fund through an Ameriprise Financial platform or account are eligible only for the following sales charge reductions, which may differ from those disclosed elsewhere in this prospectus or the SAI. Such shareholders can reduce their initial sales charge on the purchase of Class A shares as follows:

◼

Transaction size breakpoints, as described in this prospectus or the SAI.

◼

Rights of accumulation ("ROA"), as described in this prospectus or the SAI.

◼

Letter of intent, as described in this prospectus or the SAI.

**Front-end sales charge waivers on Class A shares purchased through Ameriprise Financial**

Shareholders purchasing Class A shares of the fund through an Ameriprise Financial platform or account are eligible only for the following sales charge waivers, which may differ from those disclosed elsewhere in this prospectus or the SAI. Such shareholders may purchase Class A shares at NAV without payment of a sales charge as follows:

◼

shares purchased by 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.

◼

shares purchased through reinvestment of capital gains and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the same fund family).

◼

shares exchanged from Class C shares of the same fund in the month of or following the seven-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load waived shares, that waiver will also apply to such exchanges.

◼

shares purchased by employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members.

◼

shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings

**49**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor's spouse, advisor's lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor's lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant.

◼

shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement).

**CDSC waivers on Class A and C shares purchased through Ameriprise Financial**

Fund shares purchased through an Ameriprise Financial platform or account are eligible only for the following CDSC waivers, which may differ from those disclosed elsewhere in this prospectus or the SAI:

◼

redemptions due to death or disability of the shareholder

◼

shares sold as part of a systematic withdrawal plan as described in this prospectus or the SAI

◼

redemptions made in connection with a return of excess contributions from an IRA account

◼

shares purchased through a Right of Reinstatement (as defined above)

◼

redemptions made as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code

**Edward D. Jones & Co ("Edward Jones")**

The following information supersedes prior information with respect to transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also referred to as "shareholders") purchasing fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the mutual fund prospectus or SAI or through another broker-dealer. In all instances, it is the shareholder's responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of the Victory Funds, or other facts qualifying the purchaser for discounts or waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if they have questions regarding their eligibility for these discounts and waivers.

***Breakpoints***

◼

Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.

***Rights of Accumulation ("ROA")*** 

◼

The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except certain money market funds and any assets held in group retirement plans) of the Victory Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations ("pricing groups"). If grouping assets as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a sales charge.

◼

The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or

**50**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

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.

◼

ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV).

***Letter of Intent ("LOI")*** 

◼

Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if the LOI is not met.

◼

If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer.

***Sales Charge Waivers***

Sales charges are waived for the following shareholders and in the following situations:

◼

Associates of Edward Jones and its affiliates and other accounts in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate's life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant to Edward Jones' policies and procedures.

◼

Shares purchased in an Edward Jones fee-based program.

◼

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

◼

Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: the proceeds are from the sale of shares within 60 days of the purchase, the sale and purchase are made from a share class that charges a front load and one of the following ("Right of Reinstatement"):

<sup>◼</sup>

The redemption and repurchase occur in the same account.

<sup>◼</sup>

The redemption proceeds are used to process an: IRA contribution, excess contributions, conversion, recharacterizing of contributions, or distribution, and the repurchase is done in an account within the same Edward Jones grouping for ROA.

<sup>◼</sup>

The Right of Reinstatement excludes systematic or automatic transactions including, but not limited to, purchases made through payroll deductions, liquidations to cover account fees, and reinvestments from non-mutual fund products.

◼

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 discretion of Edward Jones. Edward Jones 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 the prospectus.

◼

Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

**51**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

◼

Purchases of Class 529-A shares through a rollover from either another education savings plan or a security used for qualified distributions.

◼

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

**Contingent Deferred Sales Charge ("CDSC") Waivers** 

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is responsible to pay the CDSC except in the following conditions:

◼

The death or disability of the shareholder.

◼

Systematic withdrawals with up to 10% per year of account value.

◼

Return of excess contributions from an Individual Retirement Account (IRA).

◼

Shares redeemed as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

◼

Shares redeemed to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

◼

Shares exchanged in an Edward Jones fee-based program.

◼

Shares acquired through NAV reinstatement.

◼

Shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below.

**Other Important Information Regarding Transactions Through Edward Jones**

**Minimum Purchase Amounts** 

◼

Initial purchase minimum: $250

◼

Subsequent purchase minimum: none

**Minimum Balances** 

◼

Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

<sup>◼</sup>

A fee-based account held on an Edward Jones platform

<sup>◼</sup>

A 529 account held on an Edward Jones platform

<sup>◼</sup>

An account with an active systematic investment plan or LOI

**Exchanging Share Classes** 

◼

At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder's holdings in a fund to Class A shares of the same fund.

**Janney Montgomery Scott LLC ("Janney")**

Shareholders purchasing fund shares through a Janney brokerage account will be eligible only for the following load waivers (front-end sales charge waivers and CDSC, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund's Prospectus or SAI.

**Front-End Sales Charge Waivers on Class A shares available at Janney** 

◼

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

◼

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

◼

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and

**52**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Right of Reinstatement)

◼

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, SAR-SEPs or Keogh plans

◼

Shares acquired through a Right of Reinstatement

◼

Class C shares that are no longer subject to a CDSC and are converted to Class A shares of the same fund pursuant to Janney's policies and procedures

**CDSC Waivers on Class A and C shares available at Janney** 

◼

Shares sold upon the death or disability of the shareholder

◼

Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

◼

Shares purchased in connection with a 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 Internal Revenue Service regulations as described in a Fund's Prospectus

◼

Shares sold to pay Janney fees but only if the transaction is initiated by Janney

◼

Shares acquired through a Right of Reinstatement

◼

Shares exchanged into the same share class of a different fund

**Front-End Load Discounts available at Janney: Breakpoints, Rights of Accumulation and/or letters of intent**<sup>1</sup>

◼

Breakpoints as described in this Prospectus

◼

Rights of accumulation ("ROA"), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets

◼

Letters of intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets

<sup>1</sup> Also referred to as an "initial sales charge"

**J.P. Morgan Securities LLC**

If you purchase or hold fund shares through an applicable J.P. Morgan Securities LLC brokerage account, you will be eligible for the following sales charge waivers (front-end sales charge waivers and contingent deferred sales charge ("CDSC"), or back-end sales charge, waivers), share class conversion policy and discounts, which may differ from those disclosed elsewhere in this fund's prospectus or Statement of Additional Information.

**Front-End Sales Charge Waivers on Class A Shares available at J.P. Morgan Securities LLC**

◼

Shares exchanged from Class C (i.e. level-load) shares that are no longer subject to a CDSC and are exchanged into Class A shares of the same fund pursuant to J.P. Morgan Securities LLC's share class exchange policy.

◼

Qualified employer-sponsored defined contribution and defined benefit retirement plans, nonqualified deferred compensation plans, other employee benefit plans and trusts used to fund

**53**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

those plans. For purposes of this provision, such plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or 501(c)(3) accounts.

◼

Shares of funds purchased through J.P. Morgan Securities LLC Self-Directed Investing accounts.

◼

Shares purchased through rights of reinstatement.

◼

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

◼

Shares purchased by employees and registered representatives of J.P. Morgan Securities LLC or its affiliates and their spouse or financial dependent as defined by J.P. Morgan Securities LLC.

**Class C to Class A Share Conversion**

◼

A shareholder in the fund's Class C shares will have their shares converted to Class A shares (or the appropriate share class) of the same fund if the shares are no longer subject to a CDSC and the conversion is consistent with J.P. Morgan Securities LLC's policies and procedures.

**CDSC Waivers on Class A and C Shares available at J.P. Morgan Securities LLC**

◼

Shares sold upon the death or disability of the shareholder.

◼

Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus.

◼

Shares purchased in connection with a return of excess contributions from an IRA account.

◼

Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code.

◼

Shares acquired through a right of reinstatement.

**Front-end load Discounts Available at J.P. Morgan Securities LLC: Breakpoints, Rights of Accumulation & Letters of Intent** 

◼

Breakpoints as described in the Prospectus.

◼

Rights of Accumulation ("ROA") which entitle shareholders to breakpoint discounts as described in the fund's prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at J.P. Morgan Securities LLC. Eligible fund family assets not held at J.P. Morgan Securities LLC (including 529 program holdings, where applicable) may be included in the ROA calculation only if the shareholder notifies their financial advisor about such assets.

**Letters of Intent ("LOI"), which allow for breakpoint discounts based on anticipated purchases within a fund family, through J.P. Morgan Securities LLC, over a 13-month period of time (if applicable).**

**Merrill Lynch ("Merrill")**

Purchases or sales of front-end (i.e., Class A) or level-load (i.e., 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.

**54**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

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Additional information on waivers and discounts 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, SAR-SEPs 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 employees of Merrill or its affiliates and their family members who purchase shares in accounts within the employee's Merrill Household (as defined 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 22e(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

**55**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

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**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

◼

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

**Morgan Stanley Wealth Management**

Shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account are eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in the Fund's Prospectus or SAI.

**Front-end Sales Charge Waivers on Class A Shares available at Morgan Stanley** 

◼

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, SAR-SEPs or Keogh plans

◼

Morgan Stanley employee and employee-related accounts according to Morgan Stanley's account linking rules

◼

Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

◼

Shares purchased through a Morgan Stanley self-directed brokerage account

◼

Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management's share class conversion program

◼

Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge

**Oppenheimer & Co. Inc. ("OPCO")**

Shareholders purchasing Fund shares through an OPCO platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund's Prospectus or SAI.

**Front-End Sales Charge Waivers on Class A Shares available at OPCO** 

◼

Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan

◼

Shares purchased by or through a 529 Plan

◼

Shares purchased through an OPCO affiliated investment advisory program

**56**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

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◼

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

◼

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement)

◼

A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of OPCO

◼

Employees and registered representatives of OPCO or its affiliates and their family members

◼

Directors or Trustees of the Fund, and employees of the Fund's investment adviser or any of its affiliates, as described in this Prospectus

**CDSC Waivers on A and C Shares available at OPCO** 

◼

Death or disability of the shareholder

◼

Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

◼

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 as described in the prospectus

◼

Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO

◼

Shares acquired through a Right of Reinstatement

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

◼

Breakpoints as described in this Prospectus

◼

Rights of Accumulation ("ROA") which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at OPCO. Eligible fund family assets not held at OPCO may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets

**Raymond James & Associates, Inc., Raymond James Financial Services, Inc. and each entity's affiliates ("Raymond James")**

Shareholders purchasing fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund's Prospectus or SAI.

**Front-End Sales Charge Waivers on Class A Shares available at Raymond James** 

◼

Shares purchased in an investment advisory program

◼

Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions

◼

Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James

◼

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase

**57**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement)

◼

A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James

**CDSC Waivers on Classes A and C Shares available at Raymond James** 

◼

Death or disability of the shareholder

◼

Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

◼

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 as described in the Fund's prospectus

◼

Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James

◼

Shares acquired through a Right of Reinstatement

**Front-End Load Discounts Available at Raymond James: Breakpoints, Rights of Accumulation, and/or Letters of Intent** 

◼

Breakpoints as described in this Prospectus

◼

Rights of Accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial advisor about such assets

◼

Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets

**Robert W. Baird & Co. ("Baird")**

Shareholders purchasing fund shares through a Baird platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or the SAI.

**Front-End Sales Charge Waivers on Class A Shares available at Baird** 

◼

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund

◼

Shares purchased by employees and registered representatives of Baird or its affiliate and their family members as designated by Baird

◼

Shares purchased using the proceeds of redemptions from a Victory Fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same accounts, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as Rights of Reinstatement)

◼

A shareholder in the Funds Investor C Shares will have their share converted at net asset value to Investor A shares of the same fund if the shares are no longer subject to CDSC and the conversion is in line with the policies and procedures of Baird

◼

Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit

**58**

------

Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

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

**CDSC Waivers on Classes A and C Shares available at Baird**

◼

Shares sold due to death or disability of the shareholder

◼

Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

◼

Shares bought due to returns 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 Internal Revenue Service regulations as described in the Fund's Prospectus

◼

Shares sold to pay Baird fees but only if the transaction is initiated by Baird

◼

Shares acquired through a Right of Reinstatement

**Front-End Load Discounts Available at Baird: Breakpoints, Rights of Accumulation, and/or Letters of Intent** 

◼

Breakpoints as described in this Prospectus

◼

Rights of accumulations which entitles shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of Victory Funds assets held by accounts within the purchaser's household at Baird. Eligible Victory Funds assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets

◼

Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases of the Victory Funds through Baird, over a 13-month period of time

**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.

**59**

------

Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

**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 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.

**60**

------

Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

**Wells Fargo Advisors Financial Network, LLC (collectively, "Wells Fargo Advisors")**

**Wells Fargo Clearing Services, LLC operates a First Clearing business, but these rules are not intended to include First Clearing firms.**

Effective April 1, 2026, Clients of Wells Fargo Advisors purchasing fund shares through Wells Fargo Advisors are eligible for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the prospectus or statement of additional information ("SAI"). In all instances, it is the investor's responsibility to inform Wells Fargo Advisors at the time of purchase of any relationship, holdings, or other facts qualifying the investor for discounts or waivers. Wells Fargo Advisors can ask for documentation supporting the qualification.

**Wells Fargo Advisors Class A share front-end sales charge waivers information.**

Wells Fargo Advisors clients purchasing or converting to Class A shares of the fund in a Wells Fargo Advisors brokerage account are entitled to a waiver of the front-end load in the following circumstances:

◼

Wells Fargo Advisors employee and employee-related accounts according to Wells Fargo Advisor's employee account linking rules. Legacy accounts and positions receiving affiliate discounts prior to the effective date will continue to receive discounts. Going forward employees of affiliate businesses will not be offered NAV.

◼

Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund.

WellsTrade, the firm's online self-directed brokerage account, generally offers no-load share classes but there could be instances where a Class A share is offered without a front-end sales charge.

**Wells Fargo Advisors Class 529-A share front-end sales charge waivers information.**

Wells Fargo Advisors clients purchasing or converting to Class 529-A shares of the fund through Wells Fargo Advisors transactional brokerage accounts are entitled to a waiver of the front-end load in the following circumstances:

◼

Shares purchased through a rollover from another 529 plan.

◼

Recontribution(s) of distributed funds are only allowed during the NAV reinstatement period as dictated by the sponsor's specifications outlined by the plan.

Wells Fargo Advisors is not able to apply the NAV Reinstatement privilege for 529 Plan account purchases placed directly at the fund company. Investors wishing to utilize this privilege outside of Wells Fargo systems will need to do so directly with the Plan or a financial intermediary that supports this feature.

Unless specifically described above, other front-end load waivers are not available on mutual fund purchases through Wells Fargo Advisors.

**Wells Fargo Advisors Contingent Deferred Sales Charge information.**

◼

Contingent deferred sales charges (CDSC) imposed on fund redemptions will not be rebated based on future purchases.

**Wells Fargo Advisors Class A front-end load discounts**

Wells Fargo Advisors Clients purchasing Class A shares of the fund through Wells Fargo Advisors brokerage accounts will follow the following aggregation rules for breakpoint discounts:

◼

Effective April 1, 2026, SEP or SIMPLE IRAs will not be aggregated as a group plan. They will

**61**

------

Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

aggregate with the client's personal accounts based on Social Security Number. Previously established SEP and SIMPLE IRAs may still be aggregated as a group plan.

◼

Effective April 1, 2026, Employer-sponsored retirement plan (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans.

◼

Gift of shares will not be considered when determining breakpoint discounts

**62**

------

VF-ITRB-PRO (11/25)

**By mail:**

Victory Funds

P.O. Box 182593

Columbus, OH 43218-2593

![](img0a65817c2.gif)

P.O. Box 182593

Columbus, OH 43218-2593

**Statement of Additional Information ("SAI"):** The SAI contains more information about the Fund's operations, investment restrictions, policies and practices. The SAI is incorporated by reference into this Prospectus, which means that it is legally part of this Prospectus, even if you do not request a copy.

**Annual/Semi Annual Reports and Form N-CSR/Form N-CSRS:** Annual and semi annual reports contain more information about the Fund's investments and the market conditions and investment strategies that significantly affected the Fund's performance during the most recent fiscal period. The Funds' Form N-CSR and Form N-CSRS filings contain the Funds' annual and semi-annual financial statements.

**How to Obtain Information:** You may obtain a free copy of the SAI, annual and semi annual reports and other information such as Fund financial statements and ask questions about the Fund or your accounts, online at VictorySharesLiterature.com, by contacting the Fund at the following address or telephone number, or by contacting your financial intermediary.

**By telephone:**

Call Victory Funds at

800-539-FUND (800-539-3863)

You also can get information about the Fund (including the SAI, other reports and other information such as Fund financial statements) from the Securities and Exchange Commission (SEC) on the SEC's Edgar database at sec.gov, or after paying a duplicating fee, by electronic request sent to the following e-mail address: publicinfo@sec.gov.

Investment Company Act File Number 811-4852

------

![](imgad6cc0ce1.gif)

**November 1, 2025**

Prospectus

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Victory Integrity Discovery Fund | Victory Integrity Discovery Fund | Victory Integrity Discovery Fund | Victory Integrity Discovery Fund | Victory Integrity Discovery Fund | Victory Integrity Discovery Fund |
| **Class A**  | **Class C**  | **Class I**  | **Class R**  | **Class R6**  | **Class Y**  |
| MMEAX  | MMECX | —  |  | —  | MMEYX |
| Victory Integrity Mid-Cap Value Fund | Victory Integrity Mid-Cap Value Fund | Victory Integrity Mid-Cap Value Fund | Victory Integrity Mid-Cap Value Fund | Victory Integrity Mid-Cap Value Fund | Victory Integrity Mid-Cap Value Fund |
| **Class A**  | **Class C**  | **Class I**  | **Class R**  | **Class R6**  | **Class Y**  |
| MAIMX  | MCIMX  |  | —  | MRIMX  | MYIMX  |
| Victory Integrity Small-Cap Value Fund | Victory Integrity Small-Cap Value Fund | Victory Integrity Small-Cap Value Fund | Victory Integrity Small-Cap Value Fund | Victory Integrity Small-Cap Value Fund | Victory Integrity Small-Cap Value Fund |
| **Class A**  | **Class C**  | **Class I**  | **Class R**  | **Class R6**  | **Class Y**  |
| VSCVX  | MCVSX  |  | MRVSX | MVSSX | VSVIX  |
| Victory Integrity Small/Mid-Cap Value Fund | Victory Integrity Small/Mid-Cap Value Fund | Victory Integrity Small/Mid-Cap Value Fund | Victory Integrity Small/Mid-Cap Value Fund | Victory Integrity Small/Mid-Cap Value Fund | Victory Integrity Small/Mid-Cap Value Fund |
| **Class A**  | **Class C**  | **Class I**  | **Class R**  | **Class R6**  | **Class Y**  |
| MAISX  |  |  |  | MIRSX | MYISX |

---

The Securities and Exchange Commission has not approved or disapproved these securities or determined whether this Prospectus is accurate or complete. Any representation to the contrary is a criminal offense.

vcm.com

800-539-FUND (800-539-3863)

------

![](imgad6cc0ce1.gif)

**Table of Contents**

---

| | |
|:---|:---|
| **[Fund Summaries](#xx_fe1dfa93-63d3-4557-90b5-de493812b9d1_1)** | 1  |
| [Victory Integrity Discovery Fund](#xx_fe1dfa93-63d3-4557-90b5-de493812b9d1_1) | 1  |
| [Victory Integrity Mid-Cap Value Fund](#xx_b89d11e9-84f6-4ad8-80fc-2e94d13ce08d_1) | 8  |
| [Victory Integrity Small-Cap Value Fund](#xx_4326e7c6-a2e7-4877-8ba5-3961622e6190_1) | 15  |
| [Victory Integrity Small/Mid-Cap Value Fund](#xx_f9b19808-83c6-4e2a-99b0-4454fef998fb_1) | 22  |
| **[Additional Fund Information](#xx_11c5f611-3988-4ced-88cd-b9f8c2ca9179_1)** | 28  |
| [Investments](#xx_11c5f611-3988-4ced-88cd-b9f8c2ca9179_3) | 30  |
| [Risk Factors](#xx_11c5f611-3988-4ced-88cd-b9f8c2ca9179_4) | 31  |
| **[Organization and Management of the Funds](#xx_41ef9b20-abda-4677-8e5f-b4fee0f1cefd_1)** | 36  |
| **[Investing with the Victory Funds](#xx_2b6adfdf-b842-4314-90c2-c7f7e4cc123b_1)** | 38  |
| [Share Price](#xx_2b6adfdf-b842-4314-90c2-c7f7e4cc123b_2) | 39  |
| [Choosing a Share Class](#xx_2b6adfdf-b842-4314-90c2-c7f7e4cc123b_3) | 40  |
| [Information About Fees](#xx_2b6adfdf-b842-4314-90c2-c7f7e4cc123b_10) | 47  |
| [How to Buy Shares](#xx_2b6adfdf-b842-4314-90c2-c7f7e4cc123b_12) | 49  |
| [How to Exchange Shares](#xx_2b6adfdf-b842-4314-90c2-c7f7e4cc123b_15) | 52  |
| [How to Sell Shares](#xx_2b6adfdf-b842-4314-90c2-c7f7e4cc123b_17) | 54  |
| **[Distributions and Taxes](#xx_53f1d2f4-0e7b-41ca-84e3-8cc983445346_1)** | 56  |
| **[Important Fund Policies](#xx_f8b77204-268a-4bc8-a77b-6e9e9a7d2274_1)** | 59  |
| **[Financial Highlights](#xx_730a8823-b79e-43f2-aeb5-b5c42bf461d3_1)** | 62  |
| **[Appendix A — Variations in Sales Charge Reductions and](#xx_5a9067e9-6dd0-4033-9eea-24b8f62f4505_1)**<br> **[Waivers Available Through Certain Intermediaries](#xx_5a9067e9-6dd0-4033-9eea-24b8f62f4505_1)**<br>| 78 |

---

------

**Victory Integrity Discovery Fund Summary**

**Investment Objective**

The Victory Integrity Discovery Fund (the "Fund") seeks to provide capital appreciation.

**Fund Fees and Expenses**

The table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below**. You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $50,000 in the Victory Funds. More information about these and other discounts is available in *Investing with the Victory Funds* on page 38 of the Fund's Prospectus, in *Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries* and from your financial intermediary.

**Shareholder Fees**

(paid directly from your investment)

---

| | | | |
|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class Y** |
| Maximum Sales Charge (Load) Imposed on Purchases<br> (as a percentage of offering price)<br>| 5.75% |  |  |
| Maximum Deferred Sales Charge (Load)<br> (as a percentage of the lower of purchase or sale price)<br>| None<sup>1</sup> <br>| 1.00%<sup>2</sup> <br>|  |

---

**Annual Fund Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | | | |
|:---|:---|:---|:---|
| Management Fees | 1.00% | 1.00% | 1.00% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% | 0.00% |
| Other Expenses | 0.34% | 3.42% | 0.41% |
| Total Annual Fund Operating Expenses | 1.59% | 5.42% | 1.41% |
| Fee Waiver/Expense Reimbursement<sup>3</sup> <br>| 0.00% | (2.97)% | 0.00% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or <br> Expense Reimbursement<sup>3</sup> <br>| 1.59% | 2.45% | 1.41% |

---

<sup>1</sup>

A contingent deferred sales charge of 0.75% may be imposed on Class A shares with respect to purchases of $500,000 or more that are redeemed within 18 months of purchase. For additional information, see the section titled *Choosing a Share Class.*

<sup>2</sup>

Applies to shares sold within 12 months of purchase.

<sup>3</sup>

Victory Capital Management Inc. (the "Adviser") has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 1.66%, 2.45%, and 1.44% of the Fund's Class A, Class C, and Class Y shares, respectively, through at least October 31, 2026. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund's Board of Trustees.

**Example:**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. After eight years, Class C shares of the Fund generally will convert automatically to Class A shares of the Fund. The example for Class C shares reflects the conversion to

**1**

------

Victory Integrity Discovery Fund Summary

Class A shares after eight years. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A | &nbsp;&nbsp;&nbsp; $727 | &nbsp;&nbsp;&nbsp; $1048 | &nbsp;&nbsp;&nbsp; $1391 | &nbsp;&nbsp;&nbsp; $2356 |
| Class C | &nbsp;&nbsp;&nbsp; $348 | &nbsp;&nbsp;&nbsp; $1355 | &nbsp;&nbsp;&nbsp; $2453 | &nbsp;&nbsp;&nbsp; $4410 |
| Class Y | &nbsp;&nbsp;&nbsp; $144 | &nbsp;&nbsp;&nbsp; $446 | &nbsp;&nbsp;&nbsp; $771 | &nbsp;&nbsp;&nbsp; $1691 |

---

The following example makes the same assumptions as the example above, except that it assumes you do not sell your Class C shares at the end of the period.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class C | &nbsp;&nbsp;&nbsp; $248 | &nbsp;&nbsp;&nbsp; $1355 | &nbsp;&nbsp;&nbsp; $2453 | &nbsp;&nbsp;&nbsp; $4410 |

---

The example does not reflect sales charges (loads) on reinvested dividends and other distributions. If these sales charges (loads) were included, your costs would be higher.

**Portfolio Turnover:**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund's performance. For the most recent fiscal year, the Fund's portfolio turnover rate was 33% of the average value of its portfolio.

**Principal Investment Strategy**

The Adviser pursues the Fund's investment objective by investing, under normal circumstances, at least 80% of the Fund's assets in equity securities of micro-capitalization companies. Micro-capitalization companies are those companies with market capitalizations at the time of purchase lower than the largest company in the bottom 75% (based on index weightings) of the Russell 2000<sup>®</sup> Index, which as of September 30, 2025, included companies with market capitalizations below $25.0 billion. The size of companies in the index changes with market conditions and the composition of the index.

When selecting securities for a Fund, the Adviser seeks out companies that appear to be undervalued according to certain financial measurements of their intrinsic net worth or business prospects. The Adviser employs a value-oriented approach that focuses on securities that offer value with improving investor sentiment.

The Fund focuses on undiscovered, micro-capitalization companies in its attempt to provide investors with potentially higher returns than a fund that invests primarily in larger, more established companies. Since micro-capitalization companies generally are not as well known to investors and have less of an investor following than larger companies, the Adviser believes these inefficiencies in the marketplace may provide higher returns.

Although the Fund will be invested primarily in domestic securities, up to 25% of the Fund's assets may be invested in foreign securities, including depositary receipts such as American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs").

From time to time, due to changes in sector weights of the benchmark index, the Fund's investments can be more focused in companies in one or more economic sectors, such as the financials and industrial sectors.

**2**

------

Victory Integrity Discovery Fund Summary

**Principal Risks** 

The Fund's investments are subject to the following principal risks:

**Equity Securities Risk** — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company's earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer's bankruptcy.

**General Market Risk** — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels, and other fiscal and monetary policy changes; cybersecurity incidents, pandemics, and other public health crises; imposition of tariffs; sanctions against a particular foreign country, its nationals, businesses, or industries; and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.

**Micro-Capitalization Stock Risk** – Micro-sized companies tend to be less seasoned and may lose market share or profits to a greater extent than larger, more established companies. Since micro-sized company stocks typically have narrower markets and are traded in lower volumes than larger company stocks, they may be more difficult to purchase and sell. Micro-capitalization companies may have limited markets, product lines, or financial resources and lack management experience and may experience higher failure rates than larger companies.

**Foreign Securities Risk** — Foreign securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. Foreign securities could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing contracts. Compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts. Depositary receipts may have additional risks, including creditworthiness of the depositary bank and the risk of an illiquid market. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may negatively affect an investment. Dividends and interest received by the Fund and capital gains recognized by the Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund's return.

**Sector Focus Risk** — To the extent the Fund focuses in one or more sectors, such as the financials and industrials sectors, market or economic factors impacting those sectors could have a significant effect on the value of the Fund's investments and could make the Fund's performance more volatile.

<sup>◼</sup>

**Financials Sector Risk** — Companies in the financials sector are subject to extensive government regulation, which may limit both the amounts and types of loans and other financial commitments that companies in this sector can make, and the interest rates and fees that these companies can charge. Profitability can be largely dependent on the availability and cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate

**3**

------

Victory Integrity Discovery Fund Summary

significantly when interest rates change. Financial difficulties of borrowers can negatively affect the financials sector. Insurance companies can be subject to severe price competition. The financials sector can be subject to relatively rapid change as distinctions between financial service segments become increasingly blurred.

<sup>◼</sup>

**Industrials Sector Risk** — Companies in the industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events, and economic conditions also affect the performance of investments in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies. Transportation companies may experience occasional sharp price movements, which may result from changes in the economy, fuel prices, labor agreements, and insurance costs.

**Investment Style Risk** — Different types of investment styles, for example growth or value, tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. As a result, the Fund's performance may at times be worse than the performance of other mutual funds that invest more broadly or that have different investment styles.

**Liquidity Risk** — Lack of a ready market or restrictions on resale may limit the ability of the Fund to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in an investment that is large relative to the typical trading volume for that investment, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Illiquid investments and relatively less-liquid investments may also be difficult to value. Liquidity risk may also refer to the risk that the Fund may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund.

**Large Shareholder Risk** — Certain large shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund's shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund's distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund's shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.

**Management Risk** — The portfolio managers may not execute the Fund's principal investment strategy effectively.

You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

**4**

------

Victory Integrity Discovery Fund Summary

**Investment Performance**

The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years. The table compares the Fund's average annual total returns of the Fund's share classes, including applicable maximum sales charges, over the same period to one or more broad measures of market performance. The S&P 500<sup>®</sup> Index serves as the Fund's regulatory broad-based securities market index. We assume reinvestment of dividends and distributions.

Performance data for the classes varies based on differences in their fee and expense structures and reflects any expense limitations in effect during the periods shown. The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund's website at vcm.com.

**Calendar Year Returns for Class Y Shares**

(The annual return in the bar chart is for the Fund's least expensive class of shares, Class Y shares.)

![](id.jpg)

---

| | | |
|:---|:---|:---|
| **During the periods shown in the chart:** | **Returns** | **Quarter ended** |
| Highest Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38.24% | December 31, 2020 |
| Lowest Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -41.89% | March 31, 2020 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Year-to-date return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.59% | September 30, 2025 |

---

**5**

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Victory Integrity Discovery Fund Summary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**<br> **(For the Periods Ended December 31, 2024)**<br>| **1 Year** | **5 Years** | **10 Years** |
| CLASS Y Before Taxes | &nbsp;&nbsp; 11.43% | &nbsp;&nbsp; 8.81% | &nbsp;&nbsp; 8.38% |
| CLASS Y After Taxes on Distributions | &nbsp;&nbsp; 9.35% | &nbsp;&nbsp; 7.66% | &nbsp;&nbsp; 6.84% |
| CLASS Y After Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp; 8.17% | &nbsp;&nbsp; 6.81% | &nbsp;&nbsp; 6.38% |
| CLASS A Before Taxes | &nbsp;&nbsp; 4.86% | &nbsp;&nbsp; 7.31% | &nbsp;&nbsp; 7.50% |
| CLASS C Before Taxes | &nbsp;&nbsp; 9.32% | &nbsp;&nbsp; 7.66% | &nbsp;&nbsp; 7.43%<sup>1</sup> <br>|
| **Indices** | **Indices** | **Indices** | **Indices** |
| S&P 500<sup>®</sup> Index<br> reflects no deduction for fees, expenses, or taxes<br>| &nbsp;&nbsp; 25.02% | &nbsp;&nbsp; 14.53% | &nbsp;&nbsp; 13.10% |
| Russell Microcap<sup>®</sup> Value Index<br> reflects no deduction for fees, expenses, or taxes<br>| &nbsp;&nbsp; 9.16% | &nbsp;&nbsp; 7.25% | &nbsp;&nbsp; 7.48% |

---

Class C shares of the Fund will convert automatically into Class A shares in the month following the eight-year anniversary date of the purchase of the Class C shares. The 10-Year performance for Class C shares reflects the conversion to Class A shares after the first eight years of performance.

After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. In certain situations, the return after taxes on distributions and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only one share class. The after-tax returns for other classes will vary.

**Management of the Fund**

**Investment Adviser**

Victory Capital Management Inc. (the "Adviser") serves as the Fund's investment adviser. The portfolio managers jointly and primarily responsible for day-to-day management of the Fund are members of the Adviser's Integrity Asset Management ("Integrity") investment franchise.

**Portfolio Management** 

---

| | | |
|:---|:---|:---|
|  | **Title**  | **Tenure with the Fund**  |
| Daniel J. DeMonica, CFA  | Senior Portfolio Manager  | Since 2011 |
| Mirsat Nikovic | Portfolio Manager  | Since 2011 |
| Sean A. Burke | Portfolio Manager | Since 2015 |
| Michael P. Wayton | Portfolio Manager  | Since 2018 |

---

**Purchase and Sale of Fund Shares** 

---

| | | | |
|:---|:---|:---|:---|
| **Investment Minimums** | **Class A** | **Class C** | **Class Y** |
| Minimum Initial Investment | &nbsp;&nbsp;&nbsp; $2500 | &nbsp;&nbsp;&nbsp; $2500 | &nbsp;&nbsp;&nbsp; $1000000 |
| Minimum Subsequent Investments | &nbsp;&nbsp;&nbsp; $50 | &nbsp;&nbsp;&nbsp; $50 |  |

---

For Class A and Class C shares a $1,000 minimum initial purchase amount and a $50 minimum subsequent purchase amount apply for Individual Retirement Accounts ("IRAs"), gift/transfer to minor accounts, and purchases through automatic investment plans.

**6**

------

Victory Integrity Discovery Fund Summary

Certain broker-dealers and other financial intermediaries (such as a bank) may establish higher or lower minimum initial and subsequent investment amounts to which you may be subject if you invest through them.

You may redeem your shares on any day the Fund is open for business. Redemption requests may be made by telephone (with prior appropriate approval) or by mail.

When you buy and redeem shares, the Fund will price your transaction at the next-determined net asset value ("NAV") after the Fund receives your request in good order, which means that your request contains all the required documentation, and that all documents contain required signatures or signature guarantees from a financial institution.

**Tax Information**

The Fund's distributions may be taxable whether you receive them in cash, additional shares of the Fund, or you reinvest them in shares of another Victory Fund, and may be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Taxes may be imposed on withdrawals from tax-deferred arrangements.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the financial intermediary and its financial advisor to recommend the Fund over another investment. Ask your financial advisor or visit your financial intermediary's website for more information.

**7**

------

**Victory Integrity Mid-Cap Value Fund Summary**

**Investment Objective**

The Victory Integrity Mid-Cap Value Fund (the "Fund") seeks to provide capital appreciation.

**Fund Fees and Expenses**

The table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below**. You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $50,000 in the Victory Funds. More information about these and other discounts is available in *Investing with the Victory Funds* on page 38 of the Fund's Prospectus, in *Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries* and from your financial intermediary.

**Shareholder Fees**

(paid directly from your investment)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class R6** | **Class Y** |
| Maximum Sales Charge (Load) Imposed on Purchases<br> (as a percentage of offering price)<br>| 5.75% |  |  |  |
| Maximum Deferred Sales Charge (Load)<br> (as a percentage of the lower of purchase or sale price)<br>| None<sup>1</sup> <br>| 1.00%<sup>2</sup> <br>|  |  |

---

**Annual Fund Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Management Fees | 0.75% | 0.75% | 0.75% | 0.75% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% | 0.00% | 0.00% |
| Other Expenses | 0.33% | 13.80% | 0.11% | 0.25% |
| Total Annual Fund Operating Expenses | 1.33% | 15.55% | 0.86% | 1.00% |
| Fee Waiver/Expense Reimbursement<sup>3</sup> <br>| (0.33)% | (13.80)% | (0.26)% | (0.25)% |
| Total Annual Fund Operating Expenses After Fee Waiver <br> and/or Expense Reimbursement<sup>3</sup> <br>| 1.00% | 1.75% | 0.60% | 0.75% |

---

<sup>1</sup>

A contingent deferred sales charge of 0.75% may be imposed on Class A shares with respect to purchases of $500,000 or more that are redeemed within 18 months of purchase. For additional information, see the section titled *Choosing a Share Class.*

<sup>2</sup>

Applies to shares sold within 12 months of purchase.

<sup>3</sup>

Victory Capital Management Inc. (the "Adviser") has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 1.00%, 1.75%, 0.60%, and 0.75% of the Fund's Class A, Class C, Class R6, and Class Y shares, respectively, through at least October 31, 2026. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund's Board of Trustees.

**Example:**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. After eight years, Class C shares of the Fund generally will convert automatically to Class A shares of the Fund. The example for Class C shares reflects the conversion to

**8**

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Victory Integrity Mid-Cap Value Fund Summary

Class A shares after eight years. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A | &nbsp;&nbsp;&nbsp; $671 | &nbsp;&nbsp;&nbsp; $942 | &nbsp;&nbsp;&nbsp; $1232 | &nbsp;&nbsp;&nbsp; $2057 |
| Class C | &nbsp;&nbsp;&nbsp; $278 | &nbsp;&nbsp;&nbsp; $3059 | &nbsp;&nbsp;&nbsp; $5364 | &nbsp;&nbsp;&nbsp; $8119 |
| Class R6 | &nbsp;&nbsp;&nbsp; $61 | &nbsp;&nbsp;&nbsp; $248 | &nbsp;&nbsp;&nbsp; $451 | &nbsp;&nbsp;&nbsp; $1037 |
| Class Y | &nbsp;&nbsp;&nbsp; $77 | &nbsp;&nbsp;&nbsp; $294 | &nbsp;&nbsp;&nbsp; $528 | &nbsp;&nbsp;&nbsp; $1202 |

---

The following example makes the same assumptions as the example above, except that it assumes you do not sell your Class C shares at the end of the period.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class C | &nbsp;&nbsp;&nbsp; $178 | &nbsp;&nbsp;&nbsp; $3059 | &nbsp;&nbsp;&nbsp; $5364 | &nbsp;&nbsp;&nbsp; $8119 |

---

The example does not reflect sales charges (loads) on reinvested dividends and other distributions. If these sales charges (loads) were included, your costs would be higher.

**Portfolio Turnover:**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund's performance. For the most recent fiscal year, the Fund's portfolio turnover rate was 49% of the average value of its portfolio.

**Principal Investment Strategy**

The Adviser pursues the Fund's investment objective by investing, under normal circumstances, at least 80% of the Fund's assets in equity securities of mid-capitalization companies.

Mid-capitalization companies are those companies with market capitalizations at the time of purchase within the range of companies included in the Russell Midcap<sup>®</sup> Index ($1.1 billion to $127.6 billion as of September 30, 2025). The size of companies in the index changes with market conditions and the composition of the index. The Fund may invest up to 25% of its assets in foreign securities, including depositary receipts such as American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs").

When selecting securities for a Fund, the Adviser seeks out companies that appear to be undervalued according to certain financial measurements of their intrinsic net worth or business prospects. The Adviser employs a value-oriented approach that focuses on securities that offer value with improving investor sentiment.

From time to time, the Fund may focus its investments in companies in one or more economic sectors, including the industrials sector.

**Principal Risks** 

The Fund's investments are subject to the following principal risks:

**Equity Securities Risk** — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company's earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or

**9**

------

Victory Integrity Mid-Cap Value Fund Summary

other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer's bankruptcy.

**General Market Risk** — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels, and other fiscal and monetary policy changes; cybersecurity incidents, pandemics, and other public health crises; imposition of tariffs; sanctions against a particular foreign country, its nationals, businesses, or industries; and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.

**Mid-Capitalization Stock Risk** — Mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss.

**Foreign Securities Risk** — Foreign securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. Foreign securities could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing contracts. Compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts. Depositary receipts may have additional risks, including creditworthiness of the depositary bank and the risk of an illiquid market. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may negatively affect an investment. Dividends and interest received by the Fund and capital gains recognized by the Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund's return.

**Sector Focus Risk** — To the extent the Fund focuses in one or more sectors, such as the financials and industrials sectors, market or economic factors impacting those sectors could have a significant effect on the value of the Fund's investments and could make the Fund's performance more volatile.

<sup>◼</sup>

**Financials Sector Risk** — Companies in the financials sector are subject to extensive government regulation, which may limit both the amounts and types of loans and other financial commitments that companies in this sector can make, and the interest rates and fees that these companies can charge. Profitability can be largely dependent on the availability and cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate significantly when interest rates change. Financial difficulties of borrowers can negatively affect the financials sector. Insurance companies can be subject to severe price competition. The financials sector can be subject to relatively rapid change as distinctions between financial service segments become increasingly blurred.

<sup>◼</sup>

**Industrials Sector Risk** — Companies in the industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events, and economic conditions also affect the performance of investments in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies. Transportation companies may experience occasional sharp price movements, which may result from changes in the economy, fuel prices, labor agreements, and insurance costs.

**10**

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Victory Integrity Mid-Cap Value Fund Summary

**Investment Style Risk** — Different types of investment styles, for example growth or value, tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. As a result, the Fund's performance may at times be worse than the performance of other mutual funds that invest more broadly or that have different investment styles.

**Liquidity Risk** — Lack of a ready market or restrictions on resale may limit the ability of the Fund to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in an investment that is large relative to the typical trading volume for that investment, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Illiquid investments and relatively less-liquid investments may also be difficult to value. Liquidity risk may also refer to the risk that the Fund may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund.

**Large Shareholder Risk** — Certain large shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund's shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund's distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund's shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.

**Management Risk** — The portfolio managers may not execute the Fund's principal investment strategy effectively.

You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

**Investment Performance**

The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years. The table compares the Fund's average annual total returns of the Fund's share classes, including applicable maximum sales charges, over the same period to one or more broad measures of market performance. The S&P 500<sup>®</sup> Index serves as the Fund's regulatory broad-based securities market index. We assume reinvestment of dividends and distributions.

Performance data for the classes varies based on differences in their fee and expense structures and reflects any expense limitations in effect during the periods shown. The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund's website at vcm.com.

**11**

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Victory Integrity Mid-Cap Value Fund Summary

**Calendar Year Returns for Class Y Shares**

(The annual return in the bar chart is for the Fund's least expensive class of shares, Class Y shares.)

![](imcv.jpg)

---

| | | |
|:---|:---|:---|
| **During the periods shown in the chart:** | **Returns** | **Quarter ended** |
| Highest Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23.94% | December 31, 2020 |
| Lowest Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -33.92% | March 31, 2020 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Year-to-date return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.42% | September 30, 2025 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**<br> **(For the Periods Ended December 31, 2024)**<br>| **1 Year** | **5 Years** | **10 Years**<br> **(or Life**<br> **of Class)**<br>|
| CLASS Y Before Taxes | &nbsp;&nbsp; 12.09% | &nbsp;&nbsp; 9.82% | &nbsp;&nbsp; 8.60% |
| CLASS Y After Taxes on Distributions | &nbsp;&nbsp; 7.88% | &nbsp;&nbsp; 8.13% | &nbsp;&nbsp; 7.38% |
| CLASS Y After Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp; 9.76% | &nbsp;&nbsp; 7.58% | &nbsp;&nbsp; 6.77% |
| CLASS A Before Taxes | &nbsp;&nbsp; 5.37% | &nbsp;&nbsp; 8.26% | &nbsp;&nbsp; 7.68% |
| CLASS C Before Taxes | &nbsp;&nbsp; 10.00% | &nbsp;&nbsp; 8.73% | &nbsp;&nbsp; 9.22%<sup>1,2</sup> <br>|
| CLASS R6 Before Taxes | &nbsp;&nbsp; 12.23% | &nbsp;&nbsp; 9.98% | &nbsp;&nbsp; 10.65%<sup>3</sup> <br>|
| **Indices** | **Indices** | **Indices** | **Indices** |
| S&P 500<sup>®</sup> Index<br> reflects no deduction for fees, expenses, or taxes<br>| &nbsp;&nbsp; 25.02% | &nbsp;&nbsp; 14.53% | &nbsp;&nbsp; 13.10% |
| Russell Midcap<sup>®</sup> Value Index<br> reflects no deduction for fees, expenses or taxes<br>| &nbsp;&nbsp; 13.07% | &nbsp;&nbsp; 8.59% | &nbsp;&nbsp; 8.10% |

---

Inception date of Class C is November 4, 2019.

Class C shares of the Fund will convert automatically into Class A shares in the month following the eight-year anniversary date of the purchase of the Class C shares. The 10-Year performance for Class C shares reflects the conversion to Class A shares after the first eight years of performance.

Inception date of Class R6 is December 14, 2015.

**12**

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Victory Integrity Mid-Cap Value Fund Summary

After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. In certain situations, the return after taxes on distributions and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only one share class. The after-tax returns for other classes will vary.

**Management of the Fund**

**Investment Adviser**

Victory Capital Management Inc. (the "Adviser") serves as the Fund's investment adviser. The portfolio managers jointly and primarily responsible for day-to-day management of the Fund are members of the Adviser's Integrity Asset Management ("Integrity") investment franchise.

**Portfolio Management** 

---

| | | |
|:---|:---|:---|
|  | **Title**  | **Tenure with the Fund**  |
| Daniel G. Bandi, CFA | Chief Investment Officer | Since 2011 |
| Daniel J. DeMonica, CFA  | Senior Portfolio Manager  | Since 2011 |
| Adam I. Friedman | Senior Portfolio Manager | Since 2011 |
| Joe A. Gilbert, CFA | Portfolio Manager  | Since 2011 |
| J. Bryan Tinsley, CFA | Portfolio Manager | Since 2011 |
| Michael P. Wayton | Portfolio Manager  | Since 2018 |

---

**Purchase and Sale of Fund Shares** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Minimums** | **Class A** | **Class C** | **Class R6** | **Class Y** |
| Minimum Initial Investment | &nbsp;&nbsp;&nbsp; $2500 | &nbsp;&nbsp;&nbsp; $2500 |  | &nbsp;&nbsp;&nbsp; $1000000 |
| Minimum Subsequent Investments | &nbsp;&nbsp;&nbsp; $50 | &nbsp;&nbsp;&nbsp; $50 |  |  |

---

For Class A and Class C shares a $1,000 minimum initial purchase amount and a $50 minimum subsequent purchase amount apply for Individual Retirement Accounts ("IRAs"), gift/transfer to minor accounts, and purchases through automatic investment plans.

Certain broker-dealers and other financial intermediaries (such as a bank) may establish higher or lower minimum initial and subsequent investment amounts to which you may be subject if you invest through them.

You may redeem your shares on any day the Fund is open for business. Redemption requests may be made by telephone (with prior appropriate approval) or by mail.

When you buy and redeem shares, the Fund will price your transaction at the next-determined net asset value ("NAV") after the Fund receives your request in good order, which means that your request contains all the required documentation, and that all documents contain required signatures or signature guarantees from a financial institution.

**13**

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Victory Integrity Mid-Cap Value Fund Summary

**Tax Information**

The Fund's distributions may be taxable whether you receive them in cash, additional shares of the Fund, or you reinvest them in shares of another Victory Fund, and may be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Taxes may be imposed on withdrawals from tax-deferred arrangements.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services for investments in all classes except Class R6. These payments may create a conflict of interest by influencing the financial intermediary and its financial advisor to recommend the Fund over another investment. Ask your financial advisor or visit your financial intermediary's website for more information.

**14**

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**Victory Integrity Small-Cap Value Fund Summary**

**Investment Objective**

The Victory Integrity Small-Cap Value Fund (the "Fund") seeks to provide long-term capital growth.

**Fund Fees and Expenses**

The table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below**. You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $50,000 in the Victory Funds. More information about these and other discounts is available in *Investing with the Victory Funds* on page 38 of the Fund's Prospectus, in *Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries* and from your financial intermediary.

**Shareholder Fees**

(paid directly from your investment)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class R** | **Class R6** | **Class Y** |
| Maximum Sales Charge (Load) Imposed on <br> Purchases<br> (as a percentage of offering price)<br>| 5.75% |  |  |  |  |
| Maximum Deferred Sales Charge (Load)<br> (as a percentage of the lower of purchase or <br> sale price)<br>| None<sup>1</sup> <br>| 1.00%<sup>2</sup> <br>|  |  |  |

---

**Annual Fund Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Management Fees | 0.86% | 0.86% | 0.86% | 0.86% | 0.86% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% | 0.50% | 0.00% | 0.00% |
| Other Expenses | 0.32% | 0.81% | 0.61% | 0.10% | 0.20% |
| Total Annual Fund Operating Expenses | 1.43% | 2.67% | 1.97% | 0.96% | 1.06% |
| Fee Waiver/Expense Reimbursement | 0.00%<sup>3</sup> <br>| (0.32)%<sup>3</sup> <br>| (0.22)%<sup>3</sup> <br>| 0.00% | 0.00% |
| Total Annual Fund Operating Expenses After <br> Fee Waiver and/or Expense Reimbursement<br>| 1.43%<sup>3</sup> <br>| 2.35%<sup>3</sup> <br>| 1.75%<sup>3</sup> <br>| 0.96% | 1.06% |

---

<sup>1</sup>

A contingent deferred sales charge of 0.75% may be imposed on Class A shares with respect to purchases of $500,000 or more that are redeemed within 18 months of purchase. For additional information, see the section titled *Choosing a Share Class.*

<sup>2</sup>

Applies to shares sold within 12 months of purchase.

<sup>3</sup>

Victory Capital Management Inc. (the "Adviser") has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 1.50%, 2.35%, and 1.75% of the Fund's Class A, Class C, and Class R shares, respectively, through at least October 31, 2026. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund's Board of Trustees.

**Example:**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in

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Victory Integrity Small-Cap Value Fund Summary

place through its expiration date. After eight years, Class C shares of the Fund generally will convert automatically to Class A shares of the Fund. The example for Class C shares reflects the conversion to Class A shares after eight years. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A | &nbsp;&nbsp;&nbsp; $712 | &nbsp;&nbsp;&nbsp; $1001 | &nbsp;&nbsp;&nbsp; $1312 | &nbsp;&nbsp;&nbsp; $2190 |
| Class C | &nbsp;&nbsp;&nbsp; $338 | &nbsp;&nbsp;&nbsp; $799 | &nbsp;&nbsp;&nbsp; $1387 | &nbsp;&nbsp;&nbsp; $2677 |
| Class R | &nbsp;&nbsp;&nbsp; $178 | &nbsp;&nbsp;&nbsp; $597 | &nbsp;&nbsp;&nbsp; $1042 | &nbsp;&nbsp;&nbsp; $2278 |
| Class R6 | &nbsp;&nbsp;&nbsp; $98 | &nbsp;&nbsp;&nbsp; $306 | &nbsp;&nbsp;&nbsp; $531 | &nbsp;&nbsp;&nbsp; $1178 |
| Class Y | &nbsp;&nbsp;&nbsp; $108 | &nbsp;&nbsp;&nbsp; $337 | &nbsp;&nbsp;&nbsp; $585 | &nbsp;&nbsp;&nbsp; $1294 |

---

The following example makes the same assumptions as the example above, except that it assumes you do not sell your Class C shares at the end of the period.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class C | &nbsp;&nbsp;&nbsp; $238 | &nbsp;&nbsp;&nbsp; $799 | &nbsp;&nbsp;&nbsp; $1387 | &nbsp;&nbsp;&nbsp; $2677 |

---

The example does not reflect sales charges (loads) on reinvested dividends and other distributions. If these sales charges (loads) were included, your costs would be higher.

**Portfolio Turnover:**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund's performance. For the most recent fiscal year, the Fund's portfolio turnover rate was 44% of the average value of its portfolio.

**Principal Investment Strategy**

The Adviser pursues the Fund's investment objective by investing, under normal circumstances, at least 80% of the Fund's assets in equity securities of small-capitalization companies.

Small-capitalization companies are those companies with market capitalizations at the time of purchase within the range of companies included in the Russell 2000<sup>®</sup> Index ($22.4 million to $25.0 billion as of September 30, 2025). The size of companies in the index changes with market conditions and the composition of the index.

When selecting securities for a Fund, the Adviser seeks out companies that appear to be undervalued according to certain financial measurements of their intrinsic net worth or business prospects. The Adviser employs a value-oriented approach that focuses on securities that offer value with improving investor sentiment.

The Fund may invest up to 25% of its assets in foreign securities, including depositary receipts such as American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs").

From time to time, the Fund may focus its investments in companies in one or more economic sectors, including the financials sector.

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Victory Integrity Small-Cap Value Fund Summary

**Principal Risks** 

The Fund's investments are subject to the following principal risks:

**Equity Securities Risk** — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company's earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer's bankruptcy.

**General Market Risk** — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels, and other fiscal and monetary policy changes; cybersecurity incidents, pandemics, and other public health crises; imposition of tariffs; sanctions against a particular foreign country, its nationals, businesses, or industries; and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.

**Small-Capitalization Stock Risk** — Small-sized companies are subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss. Smaller companies may have limited markets, product lines, or financial resources and lack management experience and may experience higher failure rates than larger companies.

**Foreign Securities Risk** — Foreign securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. Foreign securities could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing contracts. Compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts. Depositary receipts may have additional risks, including creditworthiness of the depositary bank and the risk of an illiquid market. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may negatively affect an investment. Dividends and interest received by the Fund and capital gains recognized by the Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund's return.

**Sector Focus Risk** — To the extent the Fund focuses in one or more sectors, such as the financials sector, market or economic factors impacting those sectors could have a significant effect on the value of the Fund's investments and could make the Fund's performance more volatile.

<sup>◼</sup>

**Financials Sector Risk** — Companies in the financials sector are subject to extensive government regulation, which may limit both the amounts and types of loans and other financial commitments that companies in this sector can make, and the interest rates and fees that these companies can charge. Profitability can be largely dependent on the availability and cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate

**17**

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Victory Integrity Small-Cap Value Fund Summary

significantly when interest rates change. Financial difficulties of borrowers can negatively affect the financials sector. Insurance companies can be subject to severe price competition. The financials sector can be subject to relatively rapid change as distinctions between financial service segments become increasingly blurred.

**Investment Style Risk** — Different types of investment styles, for example growth or value, tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. As a result, the Fund's performance may at times be worse than the performance of other mutual funds that invest more broadly or that have different investment styles.

**Liquidity Risk** — Lack of a ready market or restrictions on resale may limit the ability of the Fund to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in an investment that is large relative to the typical trading volume for that investment, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Illiquid investments and relatively less-liquid investments may also be difficult to value. Liquidity risk may also refer to the risk that the Fund may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund.

**Large Shareholder Risk** — Certain large shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund's shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund's distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund's shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.

**Management Risk** — The portfolio managers may not execute the Fund's principal investment strategy effectively.

You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

**Investment Performance**

The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years. The table compares the Fund's average annual total returns of the Fund's share classes, including applicable maximum sales charges, over the same period to one or more broad measures of market performance. The Russell 3000<sup>®</sup> Index serves as the Fund's regulatory broad-based securities market index. We assume reinvestment of dividends and distributions.

**18**

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Victory Integrity Small-Cap Value Fund Summary

Performance data for the classes varies based on differences in their fee and expense structures and reflects any expense limitations in effect during the periods shown. The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund's website at vcm.com.

**Calendar Year Returns for Class A Shares**

(Applicable sales loads or account fees are not reflected in the bar chart. If these amounts were reflected, returns would be less than those shown.)

![](iscv.jpg)

---

| | | |
|:---|:---|:---|
| **During the periods shown in the chart:** | **Returns** | **Quarter ended** |
| Highest Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39.66% | December 31, 2020 |
| Lowest Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -40.51% | March 31, 2020 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Year-to-date return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.53% | September 30, 2025 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**<br> **(For the Periods Ended December 31, 2024)**<br>| **1 Year** | **5 Years** | **10 Years** |
| CLASS A Before Taxes | &nbsp;&nbsp; -1.54% | &nbsp;&nbsp; 7.31% | &nbsp;&nbsp; 6.21% |
| CLASS A After Taxes on Distributions | &nbsp;&nbsp; -5.58% | &nbsp;&nbsp; 4.32% | &nbsp;&nbsp; 4.20% |
| CLASS A After Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp; 1.44% | &nbsp;&nbsp; 5.33% | &nbsp;&nbsp; 4.61% |
| CLASS C Before Taxes | &nbsp;&nbsp; 2.60% | &nbsp;&nbsp; 7.66% | &nbsp;&nbsp; 6.22%<sup>1</sup> <br>|
| CLASS R Before Taxes | &nbsp;&nbsp; 4.09% | &nbsp;&nbsp; 8.28% | &nbsp;&nbsp; 6.56% |
| CLASS R6 Before Taxes | &nbsp;&nbsp; 4.90% | &nbsp;&nbsp; 9.13% | &nbsp;&nbsp; 7.39% |
| CLASS Y Before Taxes | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp; 9.02% | &nbsp;&nbsp; 7.25% |
| **Indices** | **Indices** | **Indices** | **Indices** |
| Russell 3000<sup>®</sup> Index<br> reflects no deduction for fees, expenses, or taxes<br>| &nbsp;&nbsp; 23.81% | &nbsp;&nbsp; 13.86% | &nbsp;&nbsp; 12.55% |
| Russell 2000<sup>®</sup> Value Index<br> reflects no deduction for fees, expenses or taxes<br>| &nbsp;&nbsp; 8.05% | &nbsp;&nbsp; 7.29% | &nbsp;&nbsp; 7.14% |

---

Class C shares of the Fund will convert automatically into Class A shares in the month following the eight-year anniversary date of the purchase of the Class C shares. The 10-Year performance for Class C shares reflects the conversion to Class A shares after the first eight years of performance.

**19**

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Victory Integrity Small-Cap Value Fund Summary

After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. In certain situations, the return after taxes on distributions and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only one share class. The after-tax returns for other classes will vary.

**Management of the Fund**

**Investment Adviser**

Victory Capital Management Inc. (the "Adviser") serves as the Fund's investment adviser. The portfolio managers jointly and primarily responsible for day-to-day management of the Fund are members of the Adviser's Integrity Asset Management ("Integrity") investment franchise.

**Portfolio Management** 

---

| | | |
|:---|:---|:---|
|  | **Title**  | **Tenure with the Fund**  |
| Daniel G. Bandi, CFA | Chief Investment Officer | Since 2011 |
| Daniel J. DeMonica, CFA  | Senior Portfolio Manager  | Since 2011 |
| Adam I. Friedman | Senior Portfolio Manager | Since 2011 |
| Joe A. Gilbert, CFA | Portfolio Manager  | Since 2011 |
| J. Bryan Tinsley, CFA | Portfolio Manager | Since 2011 |
| Michael P. Wayton | Portfolio Manager  | Since 2018 |

---

**Purchase and Sale of Fund Shares** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Minimums** | **Class A** | **Class C** | **Class R** | **Class R6** | **Class Y** |
| Minimum Initial Investment | &nbsp;&nbsp;&nbsp; $2500 | &nbsp;&nbsp;&nbsp; $2500 |  |  | &nbsp;&nbsp;&nbsp; $1000000 |
| Minimum Subsequent Investments | &nbsp;&nbsp;&nbsp; $50 | &nbsp;&nbsp;&nbsp; $50 |  |  |  |

---

For Class A and Class C shares a $1,000 minimum initial purchase amount and a $50 minimum subsequent purchase amount apply for Individual Retirement Accounts ("IRAs"), gift/transfer to minor accounts, and purchases through automatic investment plans.

Certain broker-dealers and other financial intermediaries (such as a bank) may establish higher or lower minimum initial and subsequent investment amounts to which you may be subject if you invest through them.

You may redeem your shares on any day the Fund is open for business. Redemption requests may be made by telephone (with prior appropriate approval) or by mail.

When you buy and redeem shares, the Fund will price your transaction at the next-determined net asset value ("NAV") after the Fund receives your request in good order, which means that your request contains all the required documentation, and that all documents contain required signatures or signature guarantees from a financial institution.

**20**

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Victory Integrity Small-Cap Value Fund Summary

**Tax Information**

The Fund's distributions may be taxable whether you receive them in cash, additional shares of the Fund, or you reinvest them in shares of another Victory Fund, and may be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Taxes may be imposed on withdrawals from tax-deferred arrangements.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services for investments in all classes except Class R6. These payments may create a conflict of interest by influencing the financial intermediary and its financial advisor to recommend the Fund over another investment. Ask your financial advisor or visit your financial intermediary's website for more information.

**21**

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**Victory Integrity Small/Mid-Cap Value Fund Summary**

**Investment Objective**

The Victory Integrity Small/Mid-Cap Value Fund (the "Fund") seeks to provide capital appreciation.

**Fund Fees and Expenses**

The table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below**. You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $50,000 in the Victory Funds. More information about these and other discounts is available in *Investing with the Victory Funds* on page 38 of the Fund's Prospectus, in *Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries* and from your financial intermediary.

**Shareholder Fees**

(paid directly from your investment)

---

| | | | |
|:---|:---|:---|:---|
|  | **Class A** | **Class R6** | **Class Y** |
| Maximum Sales Charge (Load) Imposed on Purchases<br> (as a percentage of offering price)<br>| 5.75% |  |  |
| Maximum Deferred Sales Charge (Load)<br> (as a percentage of the lower of purchase or sale price)<br>| None<sup>1</sup> <br>|  |  |

---

**Annual Fund Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | | | |
|:---|:---|:---|:---|
| Management Fees | 0.80% | 0.80% | 0.80% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 0.00% | 0.00% |
| Other Expenses | 0.42% | 0.10% | 0.22% |
| Total Annual Fund Operating Expenses | 1.47% | 0.90% | 1.02% |
| Fee Waiver/Expense Reimbursement<sup>2</sup> <br>| (0.34)% | (0.07)% | (0.14)% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or <br> Expense Reimbursement<sup>2</sup> <br>| 1.13% | 0.83% | 0.88% |

---

<sup>1</sup>

A contingent deferred sales charge of 0.75% may be imposed on Class A shares with respect to purchases of $500,000 or more that are redeemed within 18 months of purchase. For additional information, see the section titled *Choosing a Share Class.*

<sup>2</sup>

Victory Capital Management Inc. (the "Adviser") has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 1.13%, 0.83%, and 0.88% of the Fund's Class A, Class R6, and Class Y shares, respectively, through at least October 31, 2026. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund's Board of Trustees.

**Example:**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in

**22**

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Victory Integrity Small/Mid-Cap Value Fund Summary

place through its expiration date. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A | &nbsp;&nbsp;&nbsp; $684 | &nbsp;&nbsp;&nbsp; $982 | &nbsp;&nbsp;&nbsp; $1301 | &nbsp;&nbsp;&nbsp; $2204 |
| Class R6 | &nbsp;&nbsp;&nbsp; $85 | &nbsp;&nbsp;&nbsp; $280 | &nbsp;&nbsp;&nbsp; $492 | &nbsp;&nbsp;&nbsp; $1100 |
| Class Y | &nbsp;&nbsp;&nbsp; $90 | &nbsp;&nbsp;&nbsp; $311 | &nbsp;&nbsp;&nbsp; $550 | &nbsp;&nbsp;&nbsp; $1235 |

---

The example does not reflect sales charges (loads) on reinvested dividends and other distributions. If these sales charges (loads) were included, your costs would be higher.

**Portfolio Turnover:**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund's performance. For the most recent fiscal year, the Fund's portfolio turnover rate was 47% of the average value of its portfolio.

**Principal Investment Strategy**

The Adviser pursues the Fund's investment objective by investing, under normal circumstances, at least 80% of the Fund's assets in equity securities of small- to mid-capitalization companies. Small- to mid-capitalization companies are those companies with market capitalizations at the time of purchase within the range of companies included in the Russell 2500™ Index ($22.4 million to $32.3 billion as of September 30, 2025). The size of companies in the index changes with market conditions and the composition of the index.

When selecting securities for a Fund, the Adviser seeks out companies that appear to be undervalued according to certain financial measurements of their intrinsic net worth or business prospects. The Adviser employs a value-oriented approach that focuses on securities that offer value with improving investor sentiment.

The Fund may invest up to 25% of its assets in foreign securities, including depositary receipts such as American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs").

From time to time, the Fund may focus its investments in companies in one or more economic sectors, including the financials and industrials sectors.

**Principal Risks** 

The Fund's investments are subject to the following principal risks:

**Equity Securities Risk** — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company's earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer's bankruptcy.

**General Market Risk** — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels, and other fiscal and monetary policy changes; cybersecurity incidents, pandemics, and other public health crises; imposition of tariffs; sanctions against a particular foreign country, its

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Victory Integrity Small/Mid-Cap Value Fund Summary

nationals, businesses, or industries; and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.

**Smaller-Capitalization Stock Risk** — Small- and mid-sized companies are subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss. Smaller companies may have limited markets, product lines, or financial resources and lack management experience and may experience higher failure rates than larger companies.

**Foreign Securities Risk** — Foreign securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. Foreign securities could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing contracts. Compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts. Depositary receipts may have additional risks, including creditworthiness of the depositary bank and the risk of an illiquid market. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may negatively affect an investment. Dividends and interest received by the Fund and capital gains recognized by the Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund's return.

**Sector Focus Risk** — To the extent the Fund focuses in one or more sectors, such as the financials and industrials sectors, market or economic factors impacting those sectors could have a significant effect on the value of the Fund's investments and could make the Fund's performance more volatile.

<sup>◼</sup>

**Financials Sector Risk** — Companies in the financials sector are subject to extensive government regulation, which may limit both the amounts and types of loans and other financial commitments that companies in this sector can make, and the interest rates and fees that these companies can charge. Profitability can be largely dependent on the availability and cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate significantly when interest rates change. Financial difficulties of borrowers can negatively affect the financials sector. Insurance companies can be subject to severe price competition. The financials sector can be subject to relatively rapid change as distinctions between financial service segments become increasingly blurred.

<sup>◼</sup>

**Industrials Sector Risk** — Companies in the industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events, and economic conditions also affect the performance of investments in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies. Transportation companies may experience occasional sharp price movements, which may result from changes in the economy, fuel prices, labor agreements, and insurance costs.

**Investment Style Risk** — Different types of investment styles, for example growth or value, tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. As a result, the Fund's performance may at times be worse than the performance of other mutual funds that invest more broadly or that have different investment styles.

**24**

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Victory Integrity Small/Mid-Cap Value Fund Summary

**Liquidity Risk** — Lack of a ready market or restrictions on resale may limit the ability of the Fund to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in an investment that is large relative to the typical trading volume for that investment, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Illiquid investments and relatively less-liquid investments may also be difficult to value. Liquidity risk may also refer to the risk that the Fund may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund.

**Large Shareholder Risk** — Certain large shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund's shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund's distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund's shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.

**Management Risk** — The portfolio managers may not execute the Fund's principal investment strategy effectively.

You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

**Investment Performance**

The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years. The table compares the Fund's average annual total returns of the Fund's share classes, including applicable maximum sales charges, over the same period to one or more broad measures of market performance. The Russell 3000<sup>®</sup> Index serves as the Fund's regulatory broad-based securities market index. We assume reinvestment of dividends and distributions.

Performance data for the classes varies based on differences in their fee and expense structures and reflects any expense limitations in effect during the periods shown. The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund's website at vcm.com.

**25**

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Victory Integrity Small/Mid-Cap Value Fund Summary

**Calendar Year Returns for Class Y Shares**

(The annual return in the bar chart is for the Fund's least expensive class of shares, Class Y shares.)

![](ismcv.jpg)

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| | | |
|:---|:---|:---|
| **During the periods shown in the chart:** | **Returns** | **Quarter ended** |
| Highest Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32.78% | December 31, 2020 |
| Lowest Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -37.14% | March 31, 2020 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Year-to-date return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.67% | September 30, 2025 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**<br> **(For the Periods Ended December 31, 2024)**<br>| **1 Year** | **5 Years** | **10 Years**<br> **(or Life**<br> **of Class)**<br>|
| CLASS Y Before Taxes | &nbsp;&nbsp; 9.64% | &nbsp;&nbsp; 10.06% | &nbsp;&nbsp; 8.21% |
| CLASS Y After Taxes on Distributions | &nbsp;&nbsp; 7.00% | &nbsp;&nbsp; 8.50% | &nbsp;&nbsp; 7.25% |
| CLASS Y After Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp; 7.45% | &nbsp;&nbsp; 7.80% | &nbsp;&nbsp; 6.54% |
| CLASS A Before Taxes | &nbsp;&nbsp; 3.09% | &nbsp;&nbsp; 8.50% | &nbsp;&nbsp; 7.30% |
| CLASS R6 Before Taxes | &nbsp;&nbsp; 9.74% | &nbsp;&nbsp; 10.12% | &nbsp;&nbsp; 8.20%<sup>1</sup> <br>|
| **Indices** | **Indices** | **Indices** | **Indices** |
| Russell 3000<sup>®</sup> Index<br> reflects no deduction for fees, expenses, or taxes<br>| &nbsp;&nbsp; 23.81% | &nbsp;&nbsp; 13.86% | &nbsp;&nbsp; 12.55% |
| Russell 2500™ Value Index<br> reflects no deduction for fees, expenses or taxes<br>| &nbsp;&nbsp; 10.98% | &nbsp;&nbsp; 8.44% | &nbsp;&nbsp; 7.81% |

---

Inception date of Class R6 shares is March 3, 2015.

After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. In certain situations, the return after taxes on distributions and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only one share class. The after-tax returns for other classes will vary.

**26**

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Victory Integrity Small/Mid-Cap Value Fund Summary

**Management of the Fund**

**Investment Adviser**

Victory Capital Management Inc. (the "Adviser") serves as the Fund's investment adviser. The portfolio managers jointly and primarily responsible for day-to-day management of the Fund are members of the Adviser's Integrity Asset Management ("Integrity") investment franchise.

**Portfolio Management** 

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| | | |
|:---|:---|:---|
|  | **Title**  | **Tenure with the Fund**  |
| Daniel G. Bandi, CFA | Chief Investment Officer | Since 2011 |
| Daniel J. DeMonica, CFA  | Senior Portfolio Manager  | Since 2011 |
| Adam I. Friedman | Senior Portfolio Manager | Since 2011 |
| Joe A. Gilbert, CFA | Portfolio Manager  | Since 2011 |
| J. Bryan Tinsley, CFA | Portfolio Manager | Since 2011 |
| Michael P. Wayton | Portfolio Manager  | Since 2018 |

---

**Purchase and Sale of Fund Shares** 

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| | | | |
|:---|:---|:---|:---|
| **Investment Minimums** | **Class A** | **Class R6** | **Class Y** |
| Minimum Initial Investment | &nbsp;&nbsp;&nbsp; $2500 |  | &nbsp;&nbsp;&nbsp; $1000000 |
| Minimum Subsequent Investments | &nbsp;&nbsp;&nbsp; $50 |  |  |

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For Class A shares a $1,000 minimum initial purchase amount and a $50 minimum subsequent purchase amount apply for Individual Retirement Accounts ("IRAs"), gift/transfer to minor accounts, and purchases through automatic investment plans.

Certain broker-dealers and other financial intermediaries (such as a bank) may establish higher or lower minimum initial and subsequent investment amounts to which you may be subject if you invest through them.

You may redeem your shares on any day the Fund is open for business. Redemption requests may be made by telephone (with prior appropriate approval) or by mail.

When you buy and redeem shares, the Fund will price your transaction at the next-determined net asset value ("NAV") after the Fund receives your request in good order, which means that your request contains all the required documentation, and that all documents contain required signatures or signature guarantees from a financial institution.

**Tax Information**

The Fund's distributions may be taxable whether you receive them in cash, additional shares of the Fund, or you reinvest them in shares of another Victory Fund, and may be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Taxes may be imposed on withdrawals from tax-deferred arrangements.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services for investments in all classes except Class R6. These payments may create a conflict of interest by influencing the financial intermediary and its financial advisor to recommend the Fund over another investment. Ask your financial advisor or visit your financial intermediary's website for more information.

**27**

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Additional Fund Information

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&nbsp;&nbsp; Victory Capital Management Inc., which we refer to as the "Adviser" <br> throughout the Prospectus, manages each Fund.<br>

The Victory Integrity Discovery Fund, Victory Integrity Mid-Cap Value Fund, Victory Integrity Small-Cap Value Fund, and Victory Integrity Small/Mid-Cap Value Fund (the "Funds") are each managed by the Adviser who also manages other funds, each having distinct investment management objectives, strategies, risks, and policies. Together, these funds are referred to in this Prospectus as the "Victory Funds" or, more simply, the "Funds."

Each Fund's investment objective is non-fundamental. The Victory Integrity Discovery Fund's policy to invest under normal circumstances at least 80% of the Fund's assets in equity securities of micro-capitalization companies, the Victory Integrity Mid-Cap Value Fund's policy to invest under normal circumstances at least 80% of the Fund's assets in equity securities of mid-capitalization companies, the Victory Integrity Small-Cap Value Fund's policy to invest under normal circumstances at least 80% of the Fund's assets in equity securities of small-capitalization companies, and the Victory Integrity Small/Mid-Cap Value Fund's policy to invest under normal circumstances at least 80% of the Fund's assets in equity securities of small- to mid-capitalization companies are non-fundamental. The Board of Trustees (the "Board") may change Fund objectives or policies that are non-fundamental without shareholder approval upon at least 60 days' prior written notice to shareholders. For purposes of a Fund's 80% investment policy, "assets" means the Fund's net assets plus the amount of any borrowings for investment purposes, but exclusive of any collateral held from securities lending.

The following section describes additional information about the principal investment strategy the Funds will use under normal market conditions to pursue their investment objective, as well as any secondary strategies the Funds may use, and the related risks. This Prospectus does not attempt to describe all of the various investment techniques and types of investments that the Adviser may use in managing the Funds. The Statement of Additional Information ("SAI") includes more information about the Funds, their investments, and the related risks.

Under adverse, unstable, or abnormal market conditions, a Fund may be unable to pursue or achieve its investment objective and, for temporary purposes, may invest some or all of its assets in a variety of instruments or assets, including high-quality fixed-income securities, cash, and cash equivalents. For cash management purposes, each Fund may hold all or a portion of its assets in cash, short-term money market instruments, or shares of other investment companies. These positions may reduce the benefit from any upswing in the market, cause a Fund to fail to meet its investment objective, and increase a Fund's expenses.

When selecting securities for a Fund, the Adviser seeks out companies that appear to be undervalued according to certain financial measurements of their intrinsic net worth or business prospects. The Adviser employs a value-oriented approach that focuses on securities that offer value with improving investor sentiment. The Adviser finds these value-oriented investments by, among other things: (1) rigorously analyzing the company's financial characteristics and assessing the quality of the company's management; (2) considering comparative price-to-book, price-to-sales, and price-to-cash flow ratios; and (3) analyzing cash flows to identify stocks with the most attractive potential returns.

The Adviser regularly reviews each Fund's investments and will sell securities when the Adviser believes the securities are no longer attractive because (1) a deterioration in rank of the security in accordance with the Adviser's process, (2) of price appreciation, (3) of a change in the fundamental outlook of the company or (4) other investments available are considered to be more attractive.

**28**

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Additional Fund Information

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Each Fund may consider various non-financial ratings or factors, where applicable, through quantitative models or qualitative assessment. The significance these considerations have on security selection varies widely, as the analysis is inherently subjective. Further, the consideration of such factors may not apply to certain instruments, and the considerations of such factors is only a part of the investment process.

&nbsp;&nbsp; If you would like to receive additional copies of any materials, please call the Victory Funds <br> at 800-539-FUND (800-539-3863) or please visit VictoryFunds.com.<br>

**29**

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Investments

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**The following describes the types of securities each Fund may purchase under normal market conditions to achieve its principal investment strategy. The Funds will not necessarily buy all of the securities listed below.**

**U.S. Equity Securities**

Can include common stock, preferred stock, and securities that are convertible or exchangeable into common stock of U.S. corporations.

**Foreign Securities**

Can include common stock and convertible preferred stock of non-U.S. companies. Also may include American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs"), which are receipts issued by a bank or trust company and evidence ownership of underlying securities issued by foreign companies, and exchange-traded funds ("ETFs") that invest in foreign companies.

**<u>Additional Fund Strategies.</u> The Adviser may use other types of investment strategies in pursuing each Fund's overall investment objective. The following describes the types of securities or techniques that the Adviser may purchase or investment techniques the Adviser may employ that are not considered to be a part of the Funds' principal investment strategies. Additional securities and techniques are described in the Funds' SAI.**

**Derivatives**

From time to time, the Fund may enter into futures contracts and write covered call options. Derivative instruments are financial contracts whose value is based on an underlying security or asset, a currency exchange rate, an interest rate or a market index. Many types of instruments representing a wide range of potential risks and rewards are derivatives, including futures contracts, options on futures contracts, options, and forward currency exchange contracts. The Fund may, but is not required to, use derivatives for hedging (attempting to reduce risk by offsetting one investment position with another), for cash management (attempting to remain fully invested while maintaining liquidity) or to gain exposure to an investment in a manner other than investing in the asset directly. Hedging may relate to a specific investment, a group of investments, or a Fund's portfolio as a whole. The Fund will not use derivatives for speculative purposes.

**Initial Public Offerings ("IPOs")** 

The Funds may at times have the opportunity to invest in securities offered in IPOs. If a Fund's portfolio manager believes that a particular IPO is very likely to increase in value immediately after the initial offering, it is possible (although it will not necessarily be the case) that the Fund will invest in the IPO, even if the security is one in which the Fund might not typically otherwise invest. It is possible, however, that a Fund will lose money on an investment in an IPO, even in such a case.

**Investment Companies**

Each Fund may invest in securities of other investment companies, including ETFs, if those companies invest in securities consistent with the Fund's investment objective and policies. ETFs are investment companies the shares of which are bought and sold on a securities exchange.

**Securities Lending**

To enhance the return on its portfolio, a Fund may lend portfolio securities to brokers, dealers, and financial institutions to realize additional income under guidelines adopted by the Board. Each loan will be secured continuously by collateral in the form of cash, securities issued by the U.S. government or its agencies or instrumentalities.

**30**

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Risk Factors

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**The following provides additional information about the Funds' principal risks and supplements those risks discussed in each Fund's Summary section of this Prospectus.** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Integrity Discovery**  | **Integrity Mid-Cap Value**  | **Integrity Small-Cap Value**  | **Integrity Small/Mid-Cap Value** |
| Equity Securities Risk | X | X | X | X |
| Foreign Securities Risk | X | X | X | X |
| General Market Risk | X | X | X | X |
| Investment Style Risk | X | X | X | X |
| Large Shareholder Risk | X | X | X | X |
| Liquidity Risk | X | X | X | X |
| Management Risk | X | X | X | X |
| Sector Focus Risk | X | X | X | X |
| Smaller-Company Stock Risk | X | X | X | X |

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**Equity Securities Risk** — The market prices of equity securities, which may include common stocks and other stock-related securities such as preferred stocks, convertible securities, and rights and warrants may fluctuate, sometimes rapidly or unpredictably. A Fund may continue to accept new subscriptions and to make additional investments in equity securities even under general market conditions that a Fund's investment team views as unfavorable for equity securities. The value of a security may decline for reasons that directly relate to the issuer, such as management performance, financial leverage, and reduced demand for the issuer's goods or services or due to general market conditions, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment generally. Unlike debt securities, which have preference to a company's assets in case of liquidation, common stock, are entitled to the residual value after the company meets its other obligations. Unlike common stock, preferred stock generally pays a fixed dividend from a company's earnings and may have a preference over common stock on the distribution of a company's assets in the event of bankruptcy or liquidation. Preferred stockholders' liquidation rights are subordinate to the company's debt holders and creditors. If interest rates rise, the fixed dividend on preferred stocks may be less attractive and the price of preferred stocks may decline. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Convertible securities may gain or lose value due to changes in the issuer's operating results, financial condition, credit rating, and changes in interest rates, and other general economic, industry, and market conditions. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer's bankruptcy. Rights and warrants can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of warrants and rights do not necessarily move in tandem with the prices of the underlying securities and therefore are highly volatile and speculative investments.

**Foreign Securities Risk** — Foreign investments involve certain special risks. For example, compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign stock exchanges, brokers, and listed companies. Foreign issuers may not be subject to the uniform accounting, auditing, and financial reporting standards and practices prevalent in the United States. Certain of these risks may also apply to some extent to U.S. investments that are denominated in foreign currencies and to investments in U.S. companies that have significant foreign operations. Investments in depositary receipts (such as American Depositary Receipts and Global Depositary Receipts) may also involve additional risks associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency risk and the risk of an illiquid market for depositary receipts.

<sup>◼</sup>

**Political Risk** — Foreign securities markets may be more volatile than their counterparts in the United States. Investments in foreign countries could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing

**31**

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Risk Factors

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contracts. Foreign settlement procedures may also involve additional risks, and foreign issuers can be impacted by changes to trade policies and trade disputes. These factors can make foreign investments more volatile than U.S. investments.

<sup>◼</sup>

**Currency Risk** — Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment. Adverse changes in exchange rates, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may erode or reverse any gains produced by investments denominated in foreign currencies and may widen any losses.

<sup>◼</sup>

**Legal Risk** — Legal remedies for investors in foreign countries may be more limited than the legal remedies available in the United States.

<sup>◼</sup>

**Tax Risk** — The value of a Fund's foreign investments may also be affected by foreign tax laws, special U.S. tax considerations and restrictions on receiving the investment proceeds from a foreign country. Dividends and interest received by a Fund and capital gains recognized by a Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund's return.

**General Market Risk** — Stock market risk refers to the fact that the prices of equity securities and other exchange traded investments typically fluctuate more than the values of debt and other types of securities, typically in response to changes in the particular company's financial condition and factors affecting the market in general. Over time, the stock market tends to move in cycles, with periods when stock prices rise, and periods when stock prices decline. A slower-growth or recessionary economic environment could have an adverse effect on stock prices. Consequently, a broad-based market drop may also cause a stock's price to fall. Portfolio securities may also decline in value due to factors affecting securities markets generally, such as real or perceived adverse economic, political, or regulatory conditions, inflation, changes in interest or currency rates or adverse investor sentiment, or due to factors affecting particular industries represented in the securities markets, such as competitive conditions. Changes in the financial condition of a single issuer can impact a market as a whole, and adverse market conditions may be prolonged and may not have the same impact on all types of securities. In addition, the markets may not favor a particular kind of security, including equity securities. Values of securities may fall due to factors affecting a particular issuer, industry, or the securities market as a whole.

Market turmoil may be reflected in perceptions of economic uncertainty, price volatility in the equity and debt markets, and fluctuating trading liquidity. In response, governments may adopt a variety of fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs, and changes in interest rates. These policies may not be successful and any unexpected or quick reversal of these policies could increase volatility in the equity and debt markets. Market conditions and economic risks could have a significant effect on domestic and international economies and could add significantly to the risks of increased volatility and decreased liquidity for a Fund's portfolio.

<sup>◼</sup>

**Geopolitical/Natural Disaster Risk** — Global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely affect issuers in another country or region. Geopolitical and other risks, including war, economic sanctions, currency controls or other actions by countries or international bodies, terrorism, trade disputes, embargoes, political or economic dysfunction within some nations, public health crises and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, may add to instability in world economies and markets generally. Changes in trade policies and international trade agreements could affect the economies of many countries in unpredictable ways. Epidemics and/or pandemics, such as

**32**

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Risk Factors

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COVID-19, may result in, among other things, closing borders, disruptions to health care service preparation and delivery, quarantines, cancellations, disruptions to supply chains and consumer activity, as well as general concern and uncertainty. The impact may last for extended periods.

<sup>◼</sup>

**Information Technology and Operational Risk** — Markets and market participants are increasingly reliant upon both publicly available and proprietary information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access, and similar circumstances may impair the performance of these systems and may have an adverse impact upon a single issuer, a group of issuers, or the market at large. The information technology and other operational systems upon which a Fund's service providers rely may be subject to cyber-attack or other technological disruptions, and could otherwise disrupt the ability of these service providers to perform essential tasks for a Fund. In certain cases, an exchange or market may close or issue trading halts on either specific securities or even the entire market, which may result in a Fund being, among other things, unable to buy or sell certain securities or financial instruments or accurately price its investments.

**Investment Style Risk** — Different types of investment styles, for example growth or value, tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. "Value" investments, as a category, or entire industries or sectors associated with such investments, may lose favor with investors as compared to those that are more "growth" oriented. As a result, a Fund's performance may at times be worse than the performance of other mutual funds that invest more broadly or that have different investment styles.

**Large Shareholder Risk** — The Funds, like all investment companies, pool the investments of many investors. Actions by one shareholder or multiple shareholders may have an impact on the Funds and, therefore, indirectly on other shareholders. For example, significant levels of new investments in the Funds by shareholders may cause the Funds to have more cash than would otherwise be the case, which might have a positive or negative impact on Fund performance. Similarly, redemption activity might cause the Funds to sell portfolio securities, which may increase transaction costs and might generate a capital gain or loss, or cause it to borrow funds on a short-term basis to cover redemptions, which would cause the Funds to incur costs that, in effect, would be borne by all shareholders and not just the redeeming shareholders. Shareholder purchase and redemption activity also may affect the per share amount of the Funds' distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Funds' shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Funds to make taxable distributions to its shareholders earlier than the Funds otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Funds, the Funds may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Funds.

**Liquidity Risk** — Liquidity risk exists when particular investments cannot be disposed of quickly in the normal course of business. Market values for illiquid investments may not be readily available, and there can be no assurance that any fair value assigned to an illiquid investment at any time will accurately reflect the price a Fund might receive upon the sale of that investment. The ability of a Fund to dispose of illiquid investments or other instruments at advantageous prices may be greatly limited, and the Fund may have to continue to hold such investments or instruments during periods when the Adviser would otherwise have sold them (in order, for example, to meet redemption requests or to take advantage of other investment opportunities). Adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer, including rising interest rates, may adversely affect the liquidity of a Fund's investments. Some securities held by a Fund may be restricted as to resale, and there is often no ready market for such securities. In

**33**

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Risk Factors

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addition, a Fund, by itself or together with other accounts managed by the Adviser, may hold a position in an investment that is large relative to the typical trading volume for that holding, which can make it difficult for a Fund to dispose of the position at an advantageous time or price. It may also be the case that other market participants may be attempting to liquidate a position at the same time as a Fund is attempting to liquidate the same investment, causing increased supply in the market, and contributing to liquidity risk and downward pricing pressure. In such cases the sale proceeds received by a Fund may be substantially less than if a Fund had been able to sell the securities in more-orderly transactions, and the sale price may be substantially lower than the price previously used by the Fund to value the securities for purposes of determining a Fund's net asset value.

**Management Risk** — The investment process used by the investment team may produce incorrect judgments about the value of a particular asset or the team may implement its investment strategy in a way that may not produce the desired results.

**Sector Focus Risk** — To the extent a Fund focuses in one or more sectors, market or economic factors impacting those sectors could have a significant effect on the value of the Fund's investments. Additionally, a Fund's performance may be more volatile when the Fund's investments are focused in a particular sector.

<sup>◼</sup>

**Financials Sector Risk** — Companies in the financials sector are subject to extensive governmental regulation, which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business, or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.

<sup>◼</sup>

**Industrials Sector Risk** — Stock prices of issuers in the industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events and economic conditions will also affect the performance of investments in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies because companies involved in this industry rely to a significant extent on U.S. and other government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by government defense spending policies, which typically are under pressure from efforts to control government spending budgets. Transportation companies, another component of the industrials sector, are subject to cyclical performance and, therefore, investment in such companies may experience occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements, and insurance costs.

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Risk Factors

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**Smaller-Capitalization Stock Risk** — Small- or mid-sized companies often have more limited managerial and financial resources than larger, more established companies and, therefore, may be more susceptible to market downturns or changing economic conditions. In addition, such companies may have been recently organized and have little or no track record of success. Also, the Adviser may not have had an opportunity to evaluate such newer companies' performance in adverse or fluctuating market conditions. The securities of smaller-sized companies may trade less frequently and in smaller volume than more widely held securities. Prices of small- or mid-sized companies tend to be more volatile than those of larger companies and small- or mid-sized issuers may be subject to greater degrees of changes in their earnings and prospects. Since smaller-company stocks typically have narrower markets and are traded in lower volumes than larger-company stocks, they may be often more difficult to purchase and sell.

**<u>Additional Risk Factors.</u>** The Adviser may use several types of investment strategies in pursuing each Fund's overall investment objective. The following risks are those that the Adviser does not consider to be principal risks of the Funds. Additional risks are included in the Funds' SAI.

**Derivatives Risk** — Derivatives, such as forward currency contracts, futures contracts and options on futures contracts, are subject to the risk that small price movements can result in substantial gains or losses. Derivatives also entail exposure to counterparty risk, the risk of mispricing or improper valuation and the risk that changes in value of the derivative may not correlate perfectly with the relevant securities, assets, or indices. The use of derivatives may cause the Fund to incur losses greater than those that would have occurred had derivatives not been used.

**IPO Risk** — Investments in IPOs may result in increased transaction costs and expenses and the realization of short-term capital gains and distributions. In addition, in the period immediately following an IPO, investments may be subject to more extreme price volatility than that of other equity investments. A Fund may lose all or part of its investment if the companies making their IPOs fail and their product lines fail to achieve an adequate level of market recognition or acceptance. IPOs may not be available to a Fund at all times, and a Fund may not always invest in IPOs offered to it. Investments in IPOs may have a substantial beneficial effect on a Fund's investment performance. A Fund's investment return earned during a period of substantial investment in IPOs may not be sustained during other periods when the Fund makes more limited, or no, investments in IPOs.

**Investment Company Risk** — A Fund's ability to achieve its investment objective may be directly related to the ability of other investment companies (including ETFs) held by the Fund to meet their investment objectives. In addition, shareholders of the Fund will indirectly bear the fees and expenses of the underlying investment companies. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities.

**Securities Lending Risk** — The risk in lending portfolio securities, as with other extensions of credit, consists of the possibility of loss to a Fund due to (1) the inability of the borrower to return the securities, (2) a delay in receiving additional collateral to adequately cover any fluctuations in the value of securities on loan, (3) a delay in recovery of the securities, or (4) the loss of rights in the collateral should the borrower fail financially. These events could trigger adverse tax consequences for a Fund. In addition, a Fund is responsible for any loss that might result from its investment of the borrower's collateral. In determining whether to lend securities, the Adviser or a Fund's securities lending agent will consider relevant facts and circumstances, including the creditworthiness of the borrower.

&nbsp;&nbsp; An investment in a<br> Fund is not a complete<br> investment program.<br>

**35**

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Organization and Management of the Funds

------

The Funds' Board has the overall responsibility for overseeing the management of each Fund.

**The Investment Adviser**

The Adviser serves as the investment adviser to each of the Victory Funds pursuant to an investment advisory agreement and oversees the operations of the Funds according to investment policies and procedures adopted by the Board. The Adviser is a New York corporation that is registered as an investment adviser with the Securities and Exchange Commission ("SEC"). As of September 30, 2025, the Adviser managed and advised assets totaling in excess of $310.6 billion for individual and institutional clients. The Adviser's principal address is 15935 La Cantera Parkway, San Antonio, TX 78256.

A discussion regarding the basis of the Board's approval of the Funds' Advisory Agreement is available in the Funds' most recent Form N-CSRS filing for the period ended December 31, 2024.

The Adviser is a diversified global asset manager comprised of multiple investment teams, referred to as investment franchises, each of which employs an independent approach to investing. Integrity Asset Management ("Integrity") is the investment franchise responsible for the management of the Funds.

Advisory fees to be paid annually, before waivers, will be equal to the following:

---

| | |
|:---|:---|
| **Fund**  | **Advisory Fee**  |
| Victory Integrity Discovery Fund  | &nbsp;&nbsp; 1.00%  |
| Victory Integrity Mid-Cap Value Fund | &nbsp;&nbsp; 0.75%  |
| Victory Integrity Small-Cap Value Fund  | &nbsp;&nbsp; 0.86%  |
| Victory Integrity Small/Mid-Cap Value Fund | &nbsp;&nbsp; 0.80% |

---

See "Fund Fees and Expenses" for information about any contractual agreement by the Adviser to waive fees and/or reimburse expenses with respect to a Fund. From time to time, the Adviser also may voluntarily waive fees and/or reimburse expenses in amounts exceeding those required to be waived or reimbursed under any contractual agreement that may be in place with respect to a Fund.

**Portfolio Management**

**Daniel G. Bandi** is the Chief Investment Officer of Integrity and has been with the Adviser since 2014 when the Adviser acquired Integrity Asset Management, LLC. From 2003-2014, Mr. Bandi was the Chief Investment Officer and a Principal of Integrity Asset Management, LLC. He has been a member of the portfolio management teams of the **Victory Integrity Small-Cap Value Fund, Victory Integrity Mid-Cap Value Fund, and Victory Integrity Small/Mid-Cap Value Fund** since their inceptions. Mr. Bandi is a CFA charterholder.

**Sean Burke** is a Portfolio Manager of Integrity and has been with the Adviser since 2014. Prior to that, Mr. Burke was an Equity Analyst with Integrity Asset Management, LLC from 2011-2014 and held other positions with Integrity from 2006-2011. He has been a member of the portfolio management team of the **Victory Integrity Discovery Fund** since 2015.

**Daniel J. DeMonica** is a Senior Portfolio Manager of Integrity and has been with the Adviser since 2014. From 2003-2014, Mr. DeMonica was a Senior Portfolio Manager and a Principal of Integrity Asset Management LLC. He has been a Co-Lead Portfolio Manager of the **Victory Integrity Discovery Fund** since 2011 and a member of the portfolio management teams of the **Victory Integrity Small-Cap Value Fund, Victory Integrity Mid-Cap Value Fund, and Victory Integrity Small/ Mid-Cap Value Fund** since their inception. Mr. DeMonica is a CFA charterholder.

**36**

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Organization and Management of the Funds

------

**Adam I. Friedman** is a Senior Portfolio Manager of Integrity and has been with the Adviser since 2014. From 2003-2014, Mr. Friedman was a Senior Portfolio Manager and a Principal of Integrity Asset Management, LLC. He has been a member of the portfolio management teams of the **Victory Integrity Small-Cap Value Fund, Victory Integrity Mid-Cap Value Fund, and Victory Integrity Small/ Mid-Cap Value Fund** since their inceptions.

**Joe A. Gilbert** is a Portfolio Manager of Integrity and has been with the Adviser since 2014. From 2003-2014, Mr. Gilbert was a Portfolio Manager of Integrity Asset Management, LLC. He has been a member of the portfolio management teams of the **Victory Integrity Small-Cap Value Fund, Victory Integrity Mid-Cap Value Fund, and Victory Integrity Small/Mid-Cap Value Fund** since their inceptions. Mr. Gilbert is a CFA charterholder.

**Mirsat Nikovic** is a Portfolio Manager of Integrity and has been with the Adviser since 2014. From 2007-2014, Mr. Nikovic was a Portfolio Manager of Integrity Asset Management, LLC. He has been a Co-Lead Portfolio Manager of the **Victory Integrity Discovery Fund** since 2013.

**J. Bryan Tinsley** is a Portfolio Manager of Integrity and has been with the Adviser since 2014. From 2003-2014, Mr. Tinsley was a Portfolio Manager of Integrity Asset Management, LLC. He has been a member of the portfolio management teams of the **Victory Integrity Small-Cap Value Fund, Victory Integrity Mid-Cap Value Fund, and Victory Integrity Small/Mid-Cap Value Fund** since their inceptions. Mr. Tinsley is a CFA charterholder.

**Michael P. Wayton** is a Portfolio Manager of Integrity and has been with the Adviser since 2014. From 2013-2014, Mr. Wayton was a Portfolio Manager of Integrity Asset Management, LLC. He has been a member of the portfolio management teams of the **Victory Integrity Discovery Fund, Victory Integrity Small-Cap Value Fund, Victory Integrity Mid-Cap Value Fund, and Victory Integrity Small/Mid-Cap Value Fund** since November 2018.

*The Funds' SAI provides additional information about the portfolio managers' method of compensation, other accounts they manage, and any ownership interests they may have in the Funds.*

**37**

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Investing with the Victory Funds

------

All you need to get started is to fill out an application.<br>

If you are looking for a convenient way to open an account or to add money to an existing account, we can help. The sections that follow will serve as a guide to your investment with the Victory Funds. These sections describe many of the share classes currently offered by the Victory Funds. The section *Choosing a Share Class* will help you decide which share class it may be to your advantage to buy.

Keep in mind that Class I, Class R, Class R6, and Class Y shares are available for purchase only by eligible shareholders. In addition, not all Victory Funds offer each class of shares described below, and therefore, certain classes may be discussed that are not necessarily offered by a Fund. The classes of shares that are offered by a Fund are those listed on the cover page designated with a ticker symbol. A Fund may also offer other share classes in different prospectuses. The Victory Funds may offer additional classes of shares in the future.

This section of the Prospectus also describes how to open an account, how to access information about your account, and how to buy, exchange, and sell shares of a Victory Fund. Note, this information may vary if you invest through a third party such as a brokerage firm and will be dependent on that firm's policies and practices. Consult your Investment Professional for specific details.

We want to make it simple for you to do business with us. If you have questions about any of this information, please call your Investment Professional or one of our customer service representatives at 800-539-FUND (800-539-3863). They will be happy to assist you.

&nbsp;&nbsp; An Investment Professional is an investment consultant, salesperson, financial planner, <br> investment adviser, or trust officer who provides you with investment information. <br> Your Investment Professional also can help you decide which share class is best for you. <br> Investment Professionals and other financial intermediaries may charge fees for their services.<br>

**38**

------

Share Price

------

&nbsp;&nbsp; The daily NAV is useful to you as a shareholder because the NAV, <br> multiplied by the number of Fund shares you own, gives you the value of your investment.<br>

Each Victory Fund calculates its share price, called its net asset value ("NAV"), each business day as of the close of regular trading on the New York Stock Exchange, Inc. ("NYSE"), which is normally 4:00 p.m. Eastern Time. The NAV takes into account the expenses and fees of a Fund, including management, administration, and distribution fees (if any), which are accrued daily. In the event of an emergency or other disruption in trading on the NYSE, a Fund's share price will be determined based upon the close of the NYSE. You may buy, exchange, and sell your shares on any business day at a price that is based on the NAV that is next calculated after you place your order. A business day is a day on which the NYSE is open. The NYSE is closed on weekends, most national holidays, and Good Friday. Undistributed income and gain will be reflected in the Fund's NAV and, correspondingly, distributions of the Fund's income and gain will reduce the Fund's NAV. Undistributed income and gain, like all Fund assets, can fluctuate in value over time. Please see "Distributions and Taxes" for more information about the Fund's distribution policies, including the general frequency of distributions.

To the extent a Fund's investments include securities that are traded primarily in foreign markets, the value of those securities may change on days when shareholders are unable to purchase and redeem a Fund's shares, such as on weekends or other days when the Fund does not price its shares.

Each Fund prices its investments based on market value when market quotations are readily available. When these quotations are not readily available, the Adviser will price a Fund's investments at fair value in accordance with applicable regulatory requirements. A security will be fair valued when:

◼

Trading in the security has been halted;

◼

The market quotation for the security is clearly erroneous due to a clerical error;

◼

The security's liquidity decreases such that, in the Adviser's opinion, the market quotation has become stale; or

◼

An event occurs after the close of the trading market (but before the Fund's NAV is calculated) that, in the Adviser's opinion, materially affects the value of the security.

The use of fair value pricing may minimize arbitrage opportunities that attempt to exploit the differences between a security's market quotation and its fair value. The use of fair value pricing may not, however, always reflect a security's actual market value in light of subsequent relevant information, and the security's opening price on the next trading day may be different from the fair value price assigned to the security.

Each Victory Fund calculates the NAV of each share class by adding up the total value of the investments and other assets of that class, subtracting its liabilities, and then dividing that figure by the number of outstanding shares of the class.

---

| | |
|:---|:---|
| NAV= | Total Assets - Liabilities |
| NAV= | Number of Shares Outstanding |

---

A Fund's NAV is available by calling 800-539-FUND (800-539-3863) or by visiting the Funds' website at vcm.com.

**39**

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Choosing a Share Class

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**CLASS A**

◼

Front-end sales charge, as described in this section. There are several ways to reduce or eliminate this charge as discussed under *Sales Charge Reductions and Waivers for Class A Shares*.

◼

A contingent deferred sales charge ("CDSC") may be imposed if you sell your shares within 18 months of purchase. The CDSC may be waived or reduced in certain circumstances as discussed under *CDSC Reductions for Class A and Class C Shares.*

◼

Class A shares also pay ongoing distribution and/or service (12b-1) fees.

◼

Lower annual expenses than Class C or Class R shares.

**CLASS C**

◼

No front-end sales charge. All your money goes to work for you right away.

◼

A CDSC may be imposed if you sell your shares within 12 months of purchase. The CDSC may be waived or reduced in certain circumstances as discussed under *CDSC Reductions for Class A and Class C Shares*.

◼

Class C shares also pay ongoing distribution and/or service (12b-1) fees.

◼

Higher annual expenses than all other classes of shares.

**CLASS I**

◼

No front-end sales charge or CDSC. All your money goes to work for you right away.

◼

Class I shares do not pay any ongoing distribution and/or service (12b-1) fees.

◼

Class I shares are only available to certain investors.

◼

Typically lower annual expenses than all other classes of shares except Class R6 shares.

**CLASS R**

◼

No front-end sales charge or CDSC. All your money goes to work for you right away.

◼

Class R shares pay ongoing distribution and/or service (12b-1) fees.

◼

Class R shares are only available to certain investors.

◼

Higher annual expenses than all classes except Class C shares.

**CLASS R6**

◼

No front-end sales charge or CDSC. All your money goes to work for you right away.

◼

Class R6 shares do not pay any ongoing distribution and/or service (12b-1) fees.

◼

Class R6 shares are only available to certain investors.

◼

Typically lower annual expenses than all other classes of shares.

**CLASS Y**

◼

No front-end sales charge or CDSC. All your money goes to work for you right away.

◼

Class Y shares do not pay any ongoing distribution and/or service (12b-1) fees.

◼

Class Y shares are only available to certain investors.

◼

Typically lower annual expenses than Classes A, C, and R shares.

**40**

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Choosing a Share Class

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**Share Classes**

When you purchase shares of a Fund, you must choose a share class. The Victory Funds offer Class A, Class C, Class I, Class R, Class R6, and Class Y shares. The Discovery, Mid Cap Value, and Small-Mid Cap Value Funds offer Member Class shares in a separate prospectus. Each share class represents an interest in the same portfolio of securities, but the classes differ in the sales charges, if any, and expenses that apply to your investment, allowing you and your Investment Professional to choose the class that best suits your investment needs.

Deciding which share class best suits your investment needs depends on a number of factors that you should discuss with your Investment Professional, including: how long you expect to hold your investment, how much you intend to invest, and the total expenses associated with each share class.

The Funds reserve the right to change the eligibility criteria for purchasing a particular share class. For example, a class of shares may be available to purchase only by retirement plans or by institutional investors. The Funds may also waive any applicable eligibility criteria or investment minimums at its discretion.

A Fund or any class may be closed at any time for failure to achieve an economical level of assets or for other reasons. Certain financial intermediaries who hold shares on behalf of their customers impose fees when the amount of shares of a particular class falls below a minimum threshold. To the extent that the amount of shares falls below that threshold, the Funds reserve the right to liquidate the shares held in accounts maintained by the financial intermediary.

**Calculation of Sales Charges for Class A Shares** 

&nbsp;&nbsp; For historical expense information, see the "Financial Highlights" <br> at the end of this Prospectus.<br>

Class A shares are sold at their public offering price, which is the net asset value ("NAV") plus any applicable initial sales charge, also referred to as the "front-end sales load." The sales charge may be reduced or eliminated for larger purchases, as detailed below or as described under *Sales Charge Reductions and Waivers for Class A Shares*. The investment levels required to obtain a reduced sales charge are commonly referred to as "breakpoints."

All Class A purchases are subject to the terms described herein except for those purchases made through an intermediary specified in *Appendix A - Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries*.

In order to obtain a breakpoint discount, you must inform the Victory Funds or your Investment Professional at the time you purchase shares of the existence of the other Victory accounts or purchases of Victory Funds that are eligible to be linked for the purpose of calculating the initial sales charge. The Fund or your Investment Professional may ask you for records or other information about other Victory Funds held in your Victory accounts and any linked accounts, such as accounts opened with a different financial intermediary.

The current sales charge rates and breakpoint levels for Class A shares of the Funds are listed below:

---

| | | |
|:---|:---|:---|
| **Your Investment in the Fund**  | **Sales** <br> **Charge**<br> **as a % of**<br> **Offering** <br> **Price** <br>| **Sales** <br> **Charge**<br> **as a % of**<br> **Your** <br> **Investment** <br>|
| Up to $49,999  | &nbsp;&nbsp; 5.75%  | &nbsp;&nbsp; 6.10%  |
| $50,000 up to $99,999  | &nbsp;&nbsp; 4.50%  | &nbsp;&nbsp; 4.71%  |
| $100,000 up to $249,999  | &nbsp;&nbsp; 3.50%  | &nbsp;&nbsp; 3.63%  |

---

**41**

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Choosing a Share Class

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---

| | | |
|:---|:---|:---|
| **Your Investment in the Fund**  | **Sales** <br> **Charge**<br> **as a % of**<br> **Offering** <br> **Price** <br>| **Sales** <br> **Charge**<br> **as a % of**<br> **Your** <br> **Investment** <br>|
| $250,000 up to $499,999  | &nbsp;&nbsp; 2.50%  | &nbsp;&nbsp; 2.56%  |
| $500,000 and above<sup>1</sup> <br>| &nbsp;&nbsp; 0.00%  | &nbsp;&nbsp; 0.00% |

---

<sup>1</sup> A contingent deferred sales charge ("CDSC") of 0.75% may be imposed on certain redemptions of Class A shares purchased without an initial sales charge if any of those shares are redeemed within 18 months of purchase. This charge will be based on the current market value or the original cost of the shares you are selling, whichever is less. No CDSC is imposed on shares representing reinvested distributions. You may be eligible for a reduction or waiver of this CDSC under certain circumstances. *See CDSC Reductions for Class A and Class C Shares* and *Appendix A - Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries* for details.

**Sales Charge Reductions and Waivers for Class A Shares** 

&nbsp;&nbsp; There are several ways you can combine multiple purchases of Class A shares of the Victory <br> Funds to take advantage of reduced sales charges or, in some cases, eliminate sales charges.<br>

There are a number of ways you can reduce or eliminate your sales charges, which we describe below. In order to obtain a Class A sales charge reduction or waiver, you must provide your financial intermediary or the Funds' transfer agent, at the time of purchase, with current information regarding shares of any Victory Funds held in other accounts. This information must include account statements or other records (including written representations from the intermediary holding the shares) that indicate any accounts (e.g., retirement accounts) established (i) with the Victory Funds and your Investment Professional; (ii) with other financial intermediaries; and (iii) in the name of immediate family household members (spouse or domestic partner and children under 21) with regard to Rights of Accumulation.

The availability of a sales charge reduction or waiver discussed below will depend upon whether you purchase your shares directly from the Funds or through a financial intermediary. If you are eligible for a sales charge reduction because you own shares of other Victory Funds, you must notify the Funds or your financial intermediary at the time of purchase of any relationship or other facts qualifying you for sales charge reductions or waivers. Some intermediaries impose different policies for sales charge waivers and reductions. These variations are described in *Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries.* Except as described with respect to the intermediaries specified in Appendix A, all Class A shares are subject to the terms stated below. In order to obtain waivers and discounts that are not available through your intermediary, you must purchase Fund shares directly from the Funds or through another intermediary.

You can find additional information regarding sales charges and their reductions, free of charge, at vcm.com/policies, by clicking on *Victory Funds Pricing Policies*.

You may reduce or eliminate the sales charge applicable to Class A shares in a number of ways:

◼

**Breakpoint** - Purchase a sufficient amount to reach a breakpoint (see *Calculation of Sales Charges for Class A Shares* above);

◼

**Letter of Intent** - If you anticipate purchasing $50,000 or more of Class A shares of the Fund, including any purchase of other Victory Funds of any share class (except money market funds and any assets held in group retirement plans), within a 13-month period, you may qualify for a sales charge breakpoint as though you were investing the total amount in one lump sum. In order to qualify for the reduced sales charge, you must submit a non-binding Letter of Intent (the "Letter") within 90 days of the start of the purchases. Each investment you make after signing the Letter will be entitled to the sales charge applicable to the total investment indicated in the Letter. You must start with a minimum initial investment of at least 5.00% of the total amount you intend to purchase. A portion of the shares purchased under the Letter will be held in escrow until the

**42**

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Choosing a Share Class

------

total investment has been completed. In the event you do not complete your commitment set forth in the Letter in the time period specified, sufficient escrowed shares will be redeemed to pay any applicable front-end sales charges;

◼

**Right of Accumulation** - Whereas a Letter of Intent allows you to qualify for a discount by combining your current purchase amount with purchases you intend to make in the near future, a Right of Accumulation allows you to reduce the initial sales charge on a Class A investment by combining the amount of your current purchase with the current market value of prior investments made by you, your spouse (including domestic partner), and your children under age 21 in any class of shares of any Victory Fund (except money market funds and any assets held in group retirement plans). The value of eligible existing holdings will be calculated by using the greater of the current value or the original investment amount. To ensure that you receive a reduced price using the Fund's Right of Accumulation, you or your Investment Professional must inform the Funds that the Right applies each time shares are purchased and provide sufficient information to permit confirmation of qualification;

◼

**Reinstatement Privilege** - You may reinvest at NAV all or part of your redemption proceeds within 90 days of a redemption of Class A shares of a Fund;

◼

**Waiver** - The Victory Funds will completely waive the sales charge for Class A shares in the following cases:

<sup>◼</sup>

Purchases of at least $250,000 for certain Funds or $500,000 for others;

<sup>◼</sup>

Purchases by certain individuals associated with the Victory Funds or service providers (see "Eligibility of Individuals Associated with the Victory Funds and Fund Service Providers");

<sup>◼</sup>

Purchases by registered broker-dealers, financial intermediaries or their agents or affiliates who have agreements with the Funds' distributor (the "Distributor"), if the shares are purchased for their own account, purchased for retirement plans of their employees or sold to registered representatives or full-time employees (or their immediate families), provided that such purchase is for one of the foregoing types of accounts;

<sup>◼</sup>

Purchases for trust or other advisory accounts established with a financial institution and fee-based investment products or accounts;

<sup>◼</sup>

Reinvestment of proceeds from a liquidation distribution of Class A shares of a Victory Fund held in a deferred compensation plan, agency, trust, or custody account;

<sup>◼</sup>

Purchases by retirement plans, including Section 401 and 457 plans sponsored by a Section 501(c)(3) organization and certain non-qualified deferred compensation arrangements that operate in a similar manner to qualified plans. Investors nonetheless may be charged a fee if they effect transactions in Class A shares through a broker or agent;

<sup>◼</sup>

Purchases by participants in no transaction fee programs offered by certain broker-dealers (sometimes referred to as "supermarkets");

<sup>◼</sup>

Purchases by certain financial intermediaries who offer shares to self-directed investment brokerage accounts that may or may not charge a transaction fee to its customers;

<sup>◼</sup>

Shareholders investing directly with the Fund who do not have a third-party financial intermediary or registered representative assigned, or who invest directly in certain products sponsored by the Adviser or its affiliates; and

<sup>◼</sup>

Individuals who reinvest the proceeds of redemptions from Class I, Class R6, or Class Y shares of a Victory Fund within 60 days of redemption.

You should inform the Fund or your Investment Professional at the time of purchase of the sales charge waiver category which you believe applies.

**43**

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Choosing a Share Class

------

**CDSC for Class A Shares**

A CDSC of 0.75% may be imposed on certain redemptions of Class A shares purchased without an initial sales charge if any of those shares are redeemed within 18 months of purchase. This charge will be based on the current market value or the original cost of the shares you are selling, whichever is less. No CDSC is imposed on shares representing reinvested distributions.

More information is available in *CDSC Reductions and Waivers for Class A and Class C Shares* and *Appendix A – Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries*. All Class A purchases are subject to the terms described herein except for those purchases made through the intermediaries specified in Appendix A.

**CDSC for Class C Shares**

You will pay a 1.00% CDSC on any Class C shares you sell within 12 months of purchase. The CDSC is calculated on the current market value or the original cost of the shares you are selling, whichever is less. There is no CDSC on shares you acquire by reinvesting your dividends or capital gains distributions. You may be eligible for reduction or waiver of this CDSC under certain circumstances. There is no CDSC imposed when you exchange your shares for Class C shares of another Victory Fund; however, your exchange is subject to the same CDSC schedule that applied to your original purchase.

An investor may, within 90 days of a redemption of Class C shares, reinvest all or part of the redemption proceeds in the Class C shares of any Victory Fund at the NAV next computed after receipt by the transfer agent of the reinvestment order. Class C share proceeds reinvested do not result in a refund of any CDSC paid by the shareholder, but the reinvested shares will be treated as CDSC exempt upon reinvestment. The shareholder must ask the Distributor for such privilege at the time of reinvestment.

To keep your CDSC as low as possible, each time you sell shares we will first sell shares in your account that are not subject to a CDSC. If there are not enough of these to meet your sale, we will sell the shares in the order they were purchased.

More information is available in *CDSC Reductions and Waivers for Class A and Class C Shares* and *Appendix A – Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries*.

**CDSC Reductions and Waivers for Class A and Class C Shares**

No CDSC is imposed on redemptions of Class A and Class C shares in the following circumstances:

◼

To the extent that the shares redeemed:

<sup>◼</sup>

are no longer subject to the holding period for such shares;

<sup>◼</sup>

resulted from reinvestment of distributions; or

<sup>◼</sup>

were exchanged for shares of another Victory Fund as allowed by the Prospectus, provided that the shares acquired in such exchange or subsequent exchanges will continue to remain subject to the CDSC, if applicable, calculated from the original date of purchase until the applicable holding period expires. In determining whether the CDSC applies to each redemption, shares not subject to a CDSC are redeemed first;

◼

Following the death or post-purchase disability of:

<sup>◼</sup>

a registered shareholder on an account; or

<sup>◼</sup>

a settlor of a living trust, of shares held in the account at the time of death or initial determination of post-purchase disability;

◼

Distributions from individual retirement accounts, Section 403(b), Section 457 and Section 401 qualified plans, where redemptions result from:

**44**

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Choosing a Share Class

------

<sup>◼</sup>

required minimum distributions with respect to that portion of such contributions that does not exceed 12% annually;

<sup>◼</sup>

tax free returns of excess contributions or returns of excess deferral amounts;

<sup>◼</sup>

distributions on the death or disability of the account holder;

<sup>◼</sup>

distributions for the purpose of a loan or hardship withdrawal from a participant plan balance; or

<sup>◼</sup>

distributions as a result of separation of service;

◼

Distributions as a result of a Qualified Domestic Relations Order or Domestic Relations Order required by a court settlement;

◼

In instances where the investor's dealer or institution waived its commission in connection with the purchase and notifies the Distributor prior to the time of investment;

◼

When the redemption is made as part of a Systematic Withdrawal Plan (including dividends), up to an annual amount of 12% of the account value on a per fund basis, at the time the withdrawal plan is established; or

◼

Participant-initiated distributions from employee benefit plans or participant-initiated exchanges among investment choices in employee benefit plans.

**Eligibility Requirements to Purchase Class I Shares**

Class I shares may only be purchased by:

◼

Institutional and individual retail investors with a minimum investment in Class I shares of $2,000,000 who purchase through certain broker-dealers or directly from the transfer agent;

◼

Investors who purchase through advisory programs with an approved financial intermediary in which the financial intermediary typically charges the investor a fee based upon the value of the account ("Advisory Programs"). Such transactions may be subject to additional rules or requirements of the applicable Advisory Program;

◼

Retirement plans, including Section 401 and 457 plans, Section 403 plans sponsored by a Section 501(c)(3) organization and certain non-qualified deferred compensation arrangements that operate in a similar manner to qualified plans; or

◼

Brokers (and their sales representatives) where those brokers have agreements with the Distributor to sell shares of a Fund.

A Fund may allow a lower initial investment if, in the opinion of the Distributor, the investor has the adequate intent and availability of assets to reach a future level of investment of $2,000,000.

**Eligibility Requirements to Purchase Class R Shares**

Class R shares may only be purchased by:

◼

Institutional investors;

◼

Retirement plans, including Section 401 and 457 plans, Section 403 plans sponsored by a Section 501(c)(3) organization and certain non-qualified deferred compensation arrangements that operate in a similar manner to qualified plans;

◼

IRAs that are rollovers from eligible retirement plans that offered one or more Class R share Victory Funds as investment options and to individual 401(k) plans; or

◼

Investors who purchase through Advisory Programs with an approved financial intermediary.

**45**

------

Choosing a Share Class

------

**Eligibility Requirements to Purchase Class R6 Shares**

Class R6 shares may only be purchased by:

◼

Registered investment companies;

◼

Retirement plans, including Section 401 and 457 plans, Section 403 plans sponsored by a Section 501(c)(3) organization, employer sponsored benefit plans (including health savings accounts) and certain non-qualified deferred compensation arrangements that operate in a similar manner to qualified plans;

◼

Endowments and foundations; or

◼

Investors who purchase through Advisory Programs with an approved financial intermediary.

**Eligibility Requirements to Purchase Class Y Shares**

Class Y shares may only be purchased by:

◼

Institutional and individual retail investors with a minimum investment in Class Y shares of $1,000,000 who purchase through certain broker-dealers or directly from the transfer agent;

◼

Clients of state-registered or federally registered investment advisors (RIAs), where such RIAs trade through institutional trading platforms approved by a Fund, who invest at least $2,500;

◼

Brokerage platforms of firms that have agreements with the Distributor to offer such shares solely when acting as an agent for the investor. An investor transacting in Class Y shares through these programs may be required to pay a commission and/or other forms of compensation to the broker;

◼

Pension, profit sharing, employee benefit and other similar plans and trusts that invest in a Fund;

◼

Investors who purchase through Advisory Programs with an approved financial intermediary;

◼

Investment advisory clients of the Adviser; or

◼

Investment advisors, consultants, broker-dealers and other financial intermediaries investing for their own accounts or for the accounts of their immediate family members.

A Fund may allow a lower initial investment if, in the opinion of the Distributor, the investor has the adequate intent and availability of assets to reach a future level of investment of $1,000,000.

**Eligibility of Individuals Associated with the Victory Funds and Fund Service Providers**

Current and retired Victory Fund trustees and the officers, directors, trustees, employees, and family members of employees of the Adviser or Affiliated Providers are eligible to purchase the lowest expense share class offered by a Fund. In the case of Class A shares, such purchases are not subject to a front-end sales charge. "Affiliated Providers" are affiliates of the Adviser and organizations that provide services to Victory Portfolios (the "Trust").

&nbsp;&nbsp; A Fund reserves the right to change the criteria for eligible investors and<br> the investment minimums.<br>

**46**

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Information About Fees

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**Distribution and Service Plans**

In accordance with Rule 12b-1 under the Investment Company Act of 1940, the Trust has adopted Distribution and Service Plans for Class A, Class C, and Class R shares.

Under the Class A Distribution and Service Plan, a Fund will pay to the Distributor a monthly fee at an annual rate of up to 0.25% of its average daily net assets of Class A shares. Under the Class R Distribution and Service Plan, a Fund will pay to the Distributor a monthly fee at an annual rate of up to 0.50% of its average daily net assets of Class R shares. The fee is paid for general distribution services, for selling Class A and Class R shares of the Fund and, as applicable, for providing personal services to shareholders of the Fund. Distribution and selling services are provided by the Distributor or by agents of the Distributor and include those services intended to result in the sale of Fund shares. Personal services to shareholders are generally provided by broker-dealers or other intermediaries and consist of responding to inquiries, providing information to shareholders about their Fund accounts, establishing and maintaining accounts and records, providing dividend and distribution payments, arranging for bank wires, assisting in transactions and changing account information.

Under the Class C Distribution and Service Plan, a Fund will pay to the Distributor a monthly fee at an annual rate of 1.00% of the average daily net assets of its Class C shares. Of this amount, 0.75% of the Fund's Class C shares average daily net assets will be paid for general distribution services and for selling Class C shares. The Fund will pay 0.25% of its Class C shares average daily net assets to compensate financial institutions that provide personal services to Class C shareholders of the Fund. Distribution and selling services are provided by the Distributor or by agents of the Distributor and include those services intended to result in the sale of the Fund's Class C shares. Personal services to shareholders are generally provided by broker-dealers or other financial intermediaries and consist of responding to inquiries, providing information to shareholders about their Fund accounts, establishing and maintaining accounts and records, providing dividend and distribution payments, arranging for bank wires, assisting in transactions, and changing account information.

Because Rule 12b-1 fees are paid out of a Fund's assets and on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

**Other Payments to Financial Intermediaries**

Except with respect to Class R6 shares, if you purchase Fund shares through an Investment Professional, a broker-dealer, or other financial intermediary, the Fund may pay for sub-transfer agent, recordkeeping and/or similar administrative services. In addition, the Adviser (and its affiliates) may make substantial payments out of its own resources, including the profits from the advisory fees the Adviser receives from the Funds, to affiliated and unaffiliated dealers or other Investment Professionals and service providers for distribution, administrative and/or shareholder servicing activities. The Adviser also may reimburse the Distributor (or the Distributor's affiliates) for making these payments. Some of these distribution-related payments may be made to dealers or other Investment Professionals for marketing, promotional or related expenses; these payments are often referred to as "revenue sharing." The Adviser (and its affiliates) also may pay fixed fees for the listing of a Fund on a broker-dealer's or financial intermediary's system. Such payments are not considered to be revenue sharing payments.

In some circumstances, these types of payments may create an incentive for a dealer or Investment Professional or its representatives to recommend or offer shares of the Victory Funds to its customers. You should ask your dealer or Investment Professional for more details about any such payments it receives.

**47**

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Information About Fees

------

No compensation, administrative payments, sub-transfer agency payments or service payments are paid to broker-dealers or other financial intermediaries from Fund assets, or from the resources of the Adviser or its affiliates on sales of or investments in Class R6 shares.

**48**

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How to Buy Shares

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**Opening an Account**

If you would like to open an account, you will first need to complete an Account Application.

You can obtain an Account Application by calling Victory Funds Customer Service at 800-539-FUND (800-539-3863). You can also download an Account Application by visiting the Victory Funds' website, VictoryFunds.com, and clicking on the Victory Funds Account Application link. Send the completed Account Application, along with a check made payable to the Victory Funds, at the following address:

**Victory Funds**

P.O. Box 182593

Columbus, OH 43218-2593

You can also obtain an Account Application by contacting your Investment Professional. When you invest through an Investment Professional, the procedures for buying, selling, and exchanging shares and the account features and policies may differ. In addition to any limitations described in this Prospectus, an Investment Professional or other intermediary may also place other limits on your ability to use the services of a Fund. Sometimes an Investment Professional will charge you for its services. This fee will be in addition to, and unrelated to, the fees and expenses charged by the Funds.

Mutual funds must obtain and verify information that identifies investors opening new accounts. If the Funds are unable to collect the required information, you may not be able to open your account. Additional details about the Funds' Customer Identification Program are available in the section "Important Fund Policies."

The Fund generally is available for purchase in the United States, Puerto Rico, Guam, American Samoa and the U.S. Virgin Islands. Except to the extent otherwise permitted by the Fund's Distributor, the Fund will only accept accounts from U.S. citizens with a U.S. address (including an APO or FPO address) or resident aliens with a U.S. address (including an APO or FPO address) and a U.S. taxpayer identification number.

If you participate in a retirement plan that offers one of the Victory Funds as an option, please consult your employer for information on how to purchase shares of the Victory Funds through the plan, including any restrictions or limitations that may apply.

**Paying for Your Initial Purchase**

If you wish to make an investment directly into the Victory Funds, make your check payable to the "Victory Funds." All checks must be drawn on U.S. banks. If your check is returned as uncollectible for any reason, you will be charged for any resulting fees and/or losses. The Fund does not accept cash, money orders, traveler's checks, credit card convenience checks, or third-party checks. Additionally, bank starter checks are not accepted for the shareholder's initial investment into the Funds. All payments must be denominated in U.S. dollars.

**Minimum Investments**

If you would like to buy Class A or Class C shares, the minimum investment required to open an account is $2,500 ($1,000 for IRA accounts), with additional investments of at least $50. If you would like to buy Class I, Class R, Class R6, or Class Y shares, you must be an Eligible Investor, as discussed in the section *Choosing a Share Class — Eligibility Requirements to Purchase*. Eligible Investors may be subject to a minimum investment amount as detailed in that section.

For Class C shares, individual purchases of $500,000 and above will be made automatically in Class A shares.

**49**

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How to Buy Shares

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If your account falls below the minimum investment amount, we may ask you to reestablish the minimum investment. If you do not do so within 60 days, we may close your account and send you the value of your account.

The minimum investment required to open an account may be waived or lowered for employees and immediate family members of the employees, of the Adviser, the Administrator, and their affiliates. In addition, the minimum investment required may be waived when a Fund is purchased through an Advisory Program, within qualified retirement plans or in other similar circumstances. Although the Funds may sometimes waive the minimum investment, when they do so, they always reserve the right to reject initial investments under the minimum at their discretion.

There is no minimum investment required to open an account or for additional investments in Victory Simple IRAs.

A Fund reserves the right to change the criteria for eligible investors and the investment minimums.

**Purchasing Additional Shares**

Once you have an existing account, you can make additional investments at any time in any amount (subject to any minimums) in the following ways:

◼

**By Mail**

To ensure that your additional investment is properly credited to your account, use the Investment Stub attached to your confirmation statement and send it with your check to the address indicated.

◼

**By Telephone**

If you have an existing account that has been set up to receive electronic transfers, you can buy additional shares by calling Victory Funds Customer Service at 800-539-FUND (800-539-3863) between 8:00 a.m. and 6:00 p.m. (Eastern Time), Monday through Friday.

◼

**By Exchange**

You may purchase shares of a Fund using the proceeds from the simultaneous redemption of shares of another Victory Fund if it is eligible for an exchange with your Fund. You may initiate an exchange online (if you are a registered user of VictoryFunds.com), by telephone, or by mail. See the section "Exchanging Shares."

◼

**Via the Internet**

If you are a registered user, you may request a purchase of shares through our website at VictoryFunds.com. Your account must be set up for Automated Clearing House ("ACH") payment in order to execute online purchases.

◼

**By ACH**

Your account must be set up for ACH payment in order to execute purchases online or by telephone. It takes about 15 days to set up an ACH account and only domestic member banks may be used. After your account is set up, your purchase amount can be transferred by ACH. Currently, the Funds do not charge a fee for ACH transfers but they reserve the right to charge for this service in the future. Your originating bank may charge a fee for ACH transfers.

◼

**By Wire**

You may buy Fund shares by bank wire transfer of same day funds. Please call Victory Funds Customer Service at 800-539-FUND (800-539-3863) between 8:00 a.m. and 6:00 p.m. (Eastern Time), Monday through Friday for wiring instructions. Any commercial bank can transfer same-day funds by wire.

**50**

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How to Buy Shares

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Although the transfer agent does not currently charge you for receiving same-day funds, it reserves the right to charge for this service in the future. Your bank may charge you for wiring same-day funds. You cannot buy shares for tax-qualified retirement plans by wire transfer.

◼

**By Systematic Investment Plan**

To enroll in the Systematic Investment Plan, you should check this box on the Account Application or on the Account Maintenance Form. We will need your bank information and the amount ($50 or more) and frequency of your investment. You can select monthly, quarterly, semi annual, or annual investments. You should attach a voided personal check so the proper information can be obtained. You must first meet the minimum investment requirement before we will make automatic withdrawals from your bank account and invest it in shares of a Fund.

**Other Purchase Rules You Should Know**

The Funds reserve the right to refuse a purchase order for any reason, including if they believe that doing so would be in the best interest of a Fund or its shareholders. The Funds also reserve the right, without notice, to increase or decrease the minimum amount required to open, convert shares to, or maintain a Fund account, or to add to an existing Fund account.

Keep these addresses handy for purchases, exchanges, or redemptions.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **BY REGULAR U.S. MAIL** | &nbsp;&nbsp;&nbsp; Victory Funds <br> P.O. Box 182593 <br> Columbus, OH 43218-2593<br>|
| **BY OVERNIGHT MAIL** | &nbsp;&nbsp;&nbsp; Use the following address ONLY for overnight packages:<br> Victory Funds<br> c/o FIS TA Operations<br> 4249 Easton Way, Suite 400<br> Columbus, OH 43219<br> PHONE: 800-539-FUND (800-539-3863)<br>|
| **BY WIRE** | &nbsp;&nbsp;&nbsp; Call 800-539-FUND (800-539-3863) BEFORE wiring money to notify the <br> Fund that you intend to purchase shares by wire and to verify wire <br> instructions.<br>|
| **BY TELEPHONE** | 800-539-FUND (800-539-3863) |
| **ON THE INTERNET** | VictoryFunds.com |

---

**51**

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How to Exchange Shares

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&nbsp;&nbsp; There may be limits on the ability to exchange between certain Victory Funds. <br> You can obtain a list of Victory Funds available for exchange by calling <br> 800-539-FUND (800-539-3863) or by visiting VictoryFunds.com<br>

The shares of any class of a Fund may be exchanged for the shares of any other class offered by the Fund or the same class of any other class of any Victory Fund, either through your Investment Professional or directly through the Fund, subject to the conditions described below:

◼

Exchanges are subject to any CDSC, minimum investment limitation, or eligibility requirements described in the applicable Prospectus and SAI. You may be required to provide sufficient information to establish eligibility to exchange into a new share class.

◼

To exchange with another Victory Fund, the other Victory Fund must be eligible for exchange with your Fund.

◼

Shares of the Victory Fund selected for exchange must be available for sale in your state of residence.

If you have questions about these, or any of the Funds' other exchange policies, please consult Victory Customer Service or your Investment Professional before requesting an exchange.

Before exchanging, you should read the Prospectus of the other Victory Fund you wish to exchange into, which may be subject to different risks, fees, and expenses.

**Class C Share Conversion**

Class C shares of the Fund will convert automatically to Class A shares in the month following the eight-year anniversary date of the purchase of the Class C shares. Your financial intermediary may have a conversion schedule that is shorter than eight years. Class C conversions will be effected at the relative NAV of each such class without the imposition of any sales charge, fee, or other charge.

You may be able to voluntarily convert your Class C shares before the stated anniversary to a different share class of the same Fund that has a lower total annual operating expense ratio provided certain conditions are met. This voluntary conversion feature is intended for shares held through a financial intermediary offering a fee-based or wrap fee program that has an agreement with the Adviser or the Distributor specific for this purpose. Generally, Class C shares are not eligible for conversion until the applicable CDSC period has expired. Please contact your financial intermediary for additional information.

**Processing Your Voluntary Exchange/Conversion**

If your exchange or conversion request is received and accepted by the Funds, an Investment Professional or other intermediary by the close of trading as described in the section titled, "Share Price," then your request will be processed the same day. If received after the close of trading, your request will be processed on the next business day. Please contact your financial intermediary regarding the tax consequences of any exchange or conversion.

Exchanges will occur at the respective NAVs of the Funds' share classes involved in the exchange next calculated after receipt and acceptance of your exchange request in good order, plus any applicable sales charge described in the Prospectus. Share class conversions will be based on the respective NAV of each class as of the trade date of the conversion. Consequently, you may receive fewer shares or more shares than originally owned, depending on that day's NAVs.

**52**

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How to Exchange Shares

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**Requesting an Exchange**

You can exchange shares of the Funds by telephone, by mail, or via the Internet. You cannot exchange into an account with a different registration or tax identification number.

◼

**By Telephone**

Unless you indicate otherwise on the account application, Victory Customer Service will be authorized to accept exchange instructions received by telephone.

◼

**By Mail**

Send a letter of instruction signed by all registered owners or their legal representatives to the Victory Funds.

◼

**Via the Internet**

You may also exchange shares via the Internet at VictoryFunds.com if you are a registered user.

**Other Exchange Rules You Should Know**

The Funds may refuse any exchange purchase request if the Adviser determines that the request is associated with a market timing strategy. The Funds may terminate or modify the exchange privilege at any time upon 60 days' notice to shareholders.

An exchange of Fund shares for shares of another Victory Fund constitutes a sale for tax purposes unless the exchange is made within an IRA or other tax-deferred account.

For information on how to exchange shares of a Fund that were purchased through your employer's retirement plan, including any restrictions and charges that the plan may impose, please consult your employer.

**53**

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How to Sell Shares

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There are a number of convenient ways to sell your shares.<br>

If your redemption request is received in good order by the close of trading on the NYSE, your redemption will be processed the same day. Your redemption will not be processed until the next business day if it is received after the close of trading on the NYSE. You cannot redeem your shares at VictoryFunds.com.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BY TELEPHONE**<br>

The easiest way to redeem shares is by calling 800-539-FUND (800-539-3863). When you fill out your original application, be sure to check the box marked "Telephone Authorization." You have the following options for receiving your redemption proceeds:

◼

Mail a check to the address of record;

◼

Wire funds to a previously designated domestic financial institution;

◼

Mail a check to a previously designated alternate address; or

◼

Electronically transfer your redemption via ACH to a previously designated domestic financial institution.

Victory Funds' transfer agent records all telephone calls for your protection and takes measures to verify the identity of the caller. If the transfer agent properly acts on telephone instructions and follows reasonable procedures to ensure against unauthorized transactions, none of the Trust, its servicing agents, the Adviser, or the transfer agent will be responsible for any losses. If the transfer agent does not follow these procedures, it may be liable to you for losses resulting from unauthorized instructions.

If there is an unusual amount of market activity and you cannot reach the transfer agent or your Investment Professional by telephone, consider placing your order by mail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BY MAIL**<br>

Use the regular U.S. mail or overnight mail address to redeem shares. You can use the same mailing addresses listed for purchases. Send us a letter of instruction indicating your Fund account number, amount of redemption, and where to send the proceeds. A Medallion signature guarantee is required for the following redemption requests:

◼

Your account registration has changed within the last 15 business days;

◼

The check is not being mailed to the address on your account;

◼

The check is not being made payable to the owner of the account;

◼

The redemption proceeds are being transferred to another Victory Fund account with a different registration; or

◼

The check or wire is being sent to a different bank account than was previously designated.

You can get a Medallion signature guarantee from a financial institution — such as a commercial bank, broker-dealer, credit union, clearing agency, or savings bank — that is a member of a Medallion signature guarantee program.

**BY WIRE**<br>

If you want to receive your proceeds by wire, you must establish a Fund account that will accommodate wire transactions. If you call before the close of trading on the NYSE, your funds will be wired on the next business day.

**BY ACH**<br>

You may transfer your proceeds by ACH to a domestic bank. Normally, your redemption will be processed on the same day if your request is received before the close of trading on the NYSE. If your request is received after the close of trading it will be processed on the next business day.

**54**

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How to Sell Shares

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**Systematic Withdrawal Plan**

If you check this box on the Account Application or on the Account Maintenance Form, we will send monthly, quarterly, semi-annual, or annual payments to the person you designate. The minimum withdrawal is $25, and you must have a balance of $5,000 or more at the time you establish the Systematic Withdrawal Plan. If the payment is to be sent to an account of yours, we will need a voided check to activate this feature. If the payment is to be made to an address different from your account address, we will need a Medallion signature guaranteed letter of instruction. You should be aware that each withdrawal may be a taxable transaction. Also, each withdrawal reduces your account balance, and eventually your account balance may be depleted. However, you cannot automatically close your account using the Systematic Withdrawal Plan. If your balance falls below the initial purchase minimum, we may ask you to bring the account back to the minimum balance. If you decide not to increase your account to the minimum balance, your account may be closed and the proceeds mailed to you.

**Additional Information About Redemptions**

◼

Redemption proceeds from the sale of Fund shares purchased by a check or through ACH will be held until the purchase check or ACH has cleared, which will take up to 10 business days.

◼

We typically expect to send the proceeds from your share redemption within one business day after we execute your order, but we may take up to seven business days to send redemption proceeds, regardless of payment type. When you sell shares through your financial intermediary, you can ask the intermediary to tell you when you can expect to receive the proceeds of your redemption.

◼

A Fund may suspend your right to redeem your shares in the following circumstances:

<sup>◼</sup>

During non-routine closings of the NYSE;

<sup>◼</sup>

When the SEC determines either that trading on the NYSE is restricted or that an emergency prevents the sale or valuation of the Fund's securities; or

<sup>◼</sup>

When the SEC orders a suspension to protect the Fund's shareholders.

◼

A Fund typically uses cash and cash equivalents held in its portfolio or sells portfolio assets to meet redemption requests. In unusual circumstances or under stressed market conditions, the Fund may use other methods to raise cash to meet redemption requests. For example, the Fund may draw funds from a line of credit or borrow available cash held by other Victory Funds under an "interfund lending program" in reliance on an exemptive order from the SEC.

◼

A Fund will pay redemptions by any one shareholder during any 90-day period in cash up to the lesser of $250,000 or 1.00% of the Fund's net assets. The Funds reserve the right to pay the remaining portion "in kind," that is, in portfolio securities rather than cash. Securities received pursuant to an in-kind redemption are subject to market risk until sold and may be subject to brokerage and other fees.

◼

If you choose to have your redemption proceeds mailed to you and either the U.S. Postal Service is unable to deliver the redemption check to you or the check remains outstanding for more than six months, the Funds reserve the right to reinvest the check in shares of the Fund at its then current NAV until you give the Fund different instructions. No interest will accrue on amounts represented by uncashed redemption checks.

**55**

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Distributions and Taxes

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&nbsp;&nbsp; **Buying a dividend.** You should check the Funds' distribution schedule before you invest. <br> If you purchase shares when a Fund has undistributed income and gain, you will be <br> "buying a dividend" by paying a higher purchase price per share reflecting the <br> undistributed income and gain and then receiving a portion of the purchase price back <br> in the form of a taxable dividend unless you are investing through a tax-deferred account.<br>

Each Fund ordinarily declares and pays dividends from net investment income, if any, annually, and net realized capital gains, if any, annually. Each Fund may make additional distributions, if necessary, to comply with U.S. federal tax requirements and avoid U.S. federal income or excise tax.

Each class of shares declares and pays dividends separately.

Distributions can be received in one of the following ways. Please check with your Investment Professional if you are unsure of which option is right for you.

&nbsp;&nbsp; Your choice of distribution should be set up on the original Account Application. <br> If you would like to change the option you selected, please call 800-539-FUND (800-539-3863).<br>

**Reinvestment Option**

You can have distributions automatically reinvested in additional shares of your Fund. If you do not indicate another choice on your Account Application, you will be assigned this option automatically.

**Cash Option**

If you elect to receive your distributions by check, and the distribution amount is $25 or less, the amount will automatically be reinvested in the same Fund. Otherwise, a check will be mailed to you no later than seven days after the dividend payment date. If you choose to have your distribution proceeds mailed to you and either the U.S. Postal Service is unable to deliver the distribution check to you or the check remains outstanding for at least six months, the distribution option on your account will default to the reinvestment option as described above. Each Fund reserves the right to reinvest the check in shares of the Fund at its then current NAV until you give the Fund different instructions. No interest will accrue on amounts represented by uncashed distribution checks.

**Income Earned Option**

You can automatically reinvest your dividends in additional Fund shares and have your capital gains paid in cash, or reinvest capital gains and have your dividends paid in cash.

**Directed Distributions Option**

In most cases, you can automatically reinvest distributions in shares of another Victory Fund. If you reinvest your distributions in a different Victory Fund, you may pay a sales charge on the amount of reinvested distributions.

**Directed Bank Account Option**

In most cases, you can automatically transfer distributions to your bank checking or savings account. Under normal circumstances, the transfer agent will transfer your distributions within seven days of the dividend payment date. The bank account must have a registration identical to that of your Fund account.

**56**

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Distributions and Taxes

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**Important Information About Taxes** 

&nbsp;&nbsp; The tax information in this Prospectus is provided as general information. You <br> should review the more detailed discussion of federal income tax considerations <br> in the SAI and consult your tax adviser regarding the federal, state, local, or <br> foreign tax consequences resulting from your investment in a Fund.<br>

Each Fund generally expects to pay no federal income tax on the earnings and capital gains it distributes to shareholders.

◼

Qualified dividend income received from a Fund by noncorporate shareholders generally will be taxed at long-term capital gain rates to the extent attributable to qualified dividend income received by the Fund, subject to certain holding period requirements. Nonqualified dividends, dividends received by corporate shareholders and dividends from a Fund's short-term capital gains are taxable as ordinary income. Dividends from a Fund's long-term capital gains generally are taxable as long-term capital gains.

◼

You will pay tax on dividends from a Fund whether you receive them in cash, additional shares of the Fund or you reinvest them in shares of another Victory Fund.

◼

Dividends from a Fund that are attributable to interest on certain U.S. government obligations, if any, may be exempt from certain state and local income taxes. The extent to which ordinary dividends are attributable to these U.S. government obligations will be provided on the tax statements you receive from a Fund.

◼

An exchange of a Fund's shares for shares of another Victory Fund will be treated as a sale. When you sell or exchange shares of a Fund, you generally will recognize any gain or loss.

◼

An exchange of one class of a Fund's shares for shares of another class of the same Fund generally constitutes a nontaxable exchange for federal income tax purposes.

◼

Distributions from a Fund and gains from the disposition of your shares may also be subject to state and local income tax.

◼

An additional 3.8% Medicare tax will be imposed on certain net investment income (which includes dividends and gain recognized on a disposition of shares) of certain U.S. individuals, estates, and trusts.

◼

Certain dividends paid to you in January will be taxable as if they had been paid to you the previous December.

◼

Tax statements will be mailed from each Fund by mid-February showing the amounts and tax status of distributions made to you in the prior calendar year.

◼

Because your tax treatment depends on your purchase price and tax position, you should keep your regular account statements for use in determining your tax.

◼

A Fund generally is required by law to provide you and the Internal Revenue Service with certain cost basis information related to the sale or redemption of any of your shares in the Fund acquired on or after January 1, 2012 (including distributions that are reinvested in additional shares of the Fund).

◼

A Fund may be required to withhold tax from dividends and redemption proceeds if you fail to give your correct social security or taxpayer identification number, fail to make required certifications, or the Fund is notified by the Internal Revenue Service that backup withholding is required.

◼

If you are a nonresident alien individual, foreign trust or estate, foreign corporation, or foreign partnership, a Fund's ordinary income dividends may be subject to a 30% U.S. withholding tax. See the section titled "TAXES—Foreign Shareholders" in the SAI for details.

**57**

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Distributions and Taxes

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◼

Under the "Foreign Account Tax Compliance Act," unless certain foreign entities comply with certain IRS requirements that generally require them to report information regarding U.S. persons investing in, or holding accounts with, such entities, a 30% U.S. withholding tax may apply to dividends paid by a Fund to such entities. See the section titled "TAXES—Foreign Shareholders" in the SAI for details.

◼

The Funds may provide estimated capital gain distribution information through the website at vcm.com.

**IRA Distribution Withholding Disclosure**

We generally must withhold federal income tax at a rate of 10% of the taxable portion of your distribution, and if you live in a state that requires state income tax withholding, at your state's tax rate. However, you may elect not to have withholding apply or to have income tax withheld at a higher rate. Any withholding election that you make will apply to any subsequent distribution unless and until you change or revoke the election. If you wish to make a withholding election, or change or revoke a prior withholding election, call 800-539-FUND (800-539-3863), and form W-4P (OMB No. 1545-0074 withholding certificate for pension or annuity payments) will be sent electronically.

If you do not have a withholding election in place by the date of a distribution, federal income tax will be withheld from the taxable portion of your distribution at a rate of 10%. If you must pay estimated taxes, you may be subject to estimated tax penalties if your estimated tax payments are not sufficient and sufficient tax is not withheld from your distribution.

The foregoing discussion summarizes some of the possible consequences under current federal tax law of an investment in the Fund. It is not a substitute for personal tax advice. The foregoing discussion also does not discuss any state, local, or non-U.S. tax consequences associated with an investment in the Fund. The tax information in this Prospectus is based on tax law in effect on the date of this Prospectus and it does not address any proposals to modify such tax laws. Consult your personal tax advisor about the potential tax consequences of an investment in the shares under all applicable tax laws.

For more specific information, please consult your tax adviser.

**58**

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Important Fund Policies

------

**Customer Identification Program**

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens a new account, and to determine whether such person's name appears on government lists of known or suspected terrorists and terrorist organizations.

As a result, the Victory Funds must obtain the following information for each person who opens a new account:

◼

Name;

◼

Date of birth (for individuals);

◼

Residential or business street address (although post office boxes are still permitted for mailing); and

◼

Social security number, taxpayer identification number, or other identifying number.

You may also be asked for a copy of your driver's license, passport, or other identifying document in order to verify your identity. In addition, it may be necessary to verify your identity by cross-referencing your identification information with a consumer report or other electronic database. Additional information may be required to open accounts for corporations and other entities. Federal law prohibits the Victory Funds and other financial institutions from opening a new account unless they receive the minimum identifying information listed above. After an account is opened, the Victory Funds may restrict your ability to purchase additional shares until your identity is verified. The Victory Funds may close your account or take other appropriate action if it is unable to verify your identity within a reasonable time. If your account is closed for this reason, your shares will be redeemed at the NAV next calculated after the account is closed.

**Account Maintenance Information**

For the following non-financial transactions, the Victory Funds require proof that your signature authorizing a transaction is authentic. This verification can be provided in all cases by either a Signature Validation Program ("SVP") stamp or a Medallion signature guarantee ("MSG"). In some instances a Notary Public stamp is an acceptable alternative. As with an MSG, an SVP stamp can also be obtained from a financial institution that is a member of the SVP program.

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Notary** <br> **Public**<br>| **SVP** | **MSG** |
| Change of name  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Add/change banking instructions  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Add/change beneficiaries  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Add/change authorized account traders  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Adding a Power of Attorney | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Add/change Trustee  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Uniform Transfers to Minors Act/Uniform Gifts to Minors Act custodian <br> change <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |

---

**Market Timing**

The Victory Funds discourage frequent purchases and redemptions of Fund shares (market timing). Market timing allows investors to take advantage of market inefficiencies, sometimes to the disadvantage of other shareholders. Market timing increases Fund expenses to all shareholders by increasing portfolio turnover. In addition, market timing could potentially dilute share value for all other shareholders by requiring the Fund to hold more cash than it normally would.

**59**

------

Important Fund Policies

------

The Board has adopted policies and procedures with respect to market timing. In order to prevent or minimize market timing, the Funds (or the Adviser, as appropriate) will:

◼

Employ "fair value" pricing, as described in this Prospectus under Share Price, to minimize the discrepancies between a security's market quotation and its perceived market value, which often gives rise to market timing activity; and

◼

Monitor for suspected market timing based on "short-term transaction" activity, that is, a purchase or redemption of a Fund and, as applicable, a subsequent redemption or purchase of the same Fund, or an exchange of all or part of that same Fund.

In monitoring for market timing activity, we consider, among other things, the frequency of your trades and whether you acquired your Fund shares directly through the transfer agent or whether you combined your trades with a group of shareholders in an omnibus account or otherwise placed your order through a securities dealer or other financial intermediary.

Frequent trading by a shareholder is generally a characteristic of market timing. Therefore, any account in which Fund shares are acquired directly through the transfer agent, or where the Fund can adequately identify the shareholder, with a history of three short-term transactions within 90 days or less is suspected of market timing and the shareholder's trading privileges (other than redemption of Fund shares) will be suspended.

We may make exceptions to the "short-term transaction" policy for certain types of transactions if, in the opinion of the Adviser, under the oversight of the Board, the transactions do not represent short-term or excessive trading or are not abusive or harmful to the Funds, such as, but not limited to, systematic transactions, required minimum retirement distributions, transactions initiated by the Funds or administrator, and transactions by certain qualified funds-of-funds.

If you acquired shares through an omnibus account or otherwise placed your order through a securities dealer, or other financial intermediary (such as investment advisers, broker-dealers, third-party administrators, or insurance companies), and market timing is suspected, different purchase and exchange limitations may apply. We may rely upon a financial intermediary's policy to deter short-term or excessive trading (i) if we believe that the financial intermediary's policy is reasonably designed to detect and deter transactions that are not in the best interests of the Funds, or (ii) if we receive an undertaking from the financial intermediary to enforce short-term or excessive trading policies on behalf of the Funds that provide a substantially similar level of protection for the Funds against such transactions. If you hold your Fund shares through a financial intermediary, you are advised to consult the intermediary to determine what purchase and exchange limitations apply to your account.

We reserve the right to reject or cancel a purchase or exchange order for any reason without prior notice. We will deny your request to purchase or exchange your shares if we believe that the transaction is part of a market timing strategy.

The Funds' market timing policies and procedures may be modified or terminated at any time under the oversight of the Board.

**Portfolio Holdings Disclosure**

A description of each Fund's policies and procedures with respect to the disclosure of the Funds' portfolio securities is available in the Funds' SAI, which is available upon request and on the Funds' website at VictoryFunds.com.

**60**

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Important Fund Policies

------

**Performance**

The Victory Funds may advertise the performance of a Fund by comparing it to other mutual funds with similar objectives and policies. Performance information also may appear in various publications. Any fees charged by Investment Professionals may not be reflected in these performance calculations.

Advertising information may include the average annual total return of the Funds calculated on a compounded basis for specified periods of time. Total return information will be calculated according to rules established by the SEC. Such information may include performance rankings and similar information from independent organizations and publications.

**Statements and Reports**

You will receive a periodic statement reflecting any transactions that affect the balance or registration of Fund shares in your account. You will receive a confirmation after any purchase, exchange, or redemption. If your account has been set up by an Investment Professional, Fund activity will be detailed in that account's statements. Share certificates are not issued. Twice a year, you will receive a financial report of the Fund. By February 15th of each year, you will be mailed an IRS form reporting distributions for the previous year, which also will be filed with the IRS.

**Shareholder Communications**

In order to eliminate duplicate mailings to an address at which two or more shareholders with the same last name reside, the Victory Funds may send only one copy of any shareholder reports, proxy statements, prospectuses and their supplements, unless you have instructed us to the contrary. You may request that the Victory Funds send these documents to each shareholder individually by calling the Victory Funds at 800-539-FUND (800-539-3863), and they will be delivered promptly.

While this Prospectus and the SAI of the Trust describe pertinent information about the Trust and the Funds, neither this Prospectus nor the SAI represents a contract between the Trust or the Funds and any shareholder.

**61**

------

Financial Highlights

------

The following financial highlights tables reflect historical information about shares of the Funds and are intended to help you understand each Fund's financial performance for the past five years, or, if shorter, the period of its operations. Certain information shows the results of an investment in one share of a Fund. To the extent a Fund invests in other funds, the Total Annual Operating Expenses included in a Fund's Fees and Expenses Table may not correlate to the ratio of expenses to average net assets in the financial highlights below. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in each Fund (assuming reinvestment of all dividends and distributions).

The information presented has been audited by Cohen & Company, Ltd., the Funds' independent registered public accounting firm, whose report, along with the Funds' financial statements, are included in the Funds' most recent N-CSR filing to shareholders, which is available upon request.

**62**

------

**Victory Integrity Discovery Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| ***For a Share Outstanding Throughout Each*** <br> ***Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/22**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/21**<br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp; $39.81 | &nbsp;&nbsp;&nbsp; $35.60 | &nbsp;&nbsp;&nbsp; $36.72 | &nbsp;&nbsp;&nbsp; $45.53 | &nbsp;&nbsp;&nbsp; $24.03 |
| **Investment Activities:** |  |  |  |  |  |
| Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp; (0.07) |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;4.90 | &nbsp;&nbsp;&nbsp;&nbsp;4.73 | &nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp; (6.57) | &nbsp;&nbsp;&nbsp;&nbsp;21.57 |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp;4.93 | &nbsp;&nbsp;&nbsp;&nbsp;4.76 | &nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp; (6.67) | &nbsp;&nbsp;&nbsp;&nbsp;21.50 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net realized gains | &nbsp;&nbsp;&nbsp; (3.82) | &nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp; (3.41) | &nbsp;&nbsp;&nbsp; (2.14) | &nbsp;&nbsp;&nbsp; — |
| Total Distributions | &nbsp;&nbsp;&nbsp; (3.84) | &nbsp;&nbsp;&nbsp; (0.55) | &nbsp;&nbsp;&nbsp; (3.41) | &nbsp;&nbsp;&nbsp; (2.14) | &nbsp;&nbsp;&nbsp; — |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $40.90 | &nbsp;&nbsp;&nbsp; $39.81 | &nbsp;&nbsp;&nbsp; $35.60 | &nbsp;&nbsp;&nbsp; $36.72 | &nbsp;&nbsp;&nbsp; $45.53 |
| Total Return(b) | &nbsp;&nbsp;&nbsp; 11.99% | &nbsp;&nbsp;&nbsp; 13.43% | &nbsp;&nbsp;&nbsp; 6.11% | &nbsp;&nbsp;&nbsp; (15.25)% | &nbsp;&nbsp;&nbsp; 89.47% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net Expenses(c) | &nbsp;&nbsp;&nbsp; 1.59% | &nbsp;&nbsp;&nbsp; 1.60% | &nbsp;&nbsp;&nbsp; 1.59% | &nbsp;&nbsp;&nbsp; 1.57% | &nbsp;&nbsp;&nbsp; 1.62% |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp; 0.08% | &nbsp;&nbsp;&nbsp; 0.07% | &nbsp;&nbsp;&nbsp; 0.37% | &nbsp;&nbsp;&nbsp; (0.23)% | &nbsp;&nbsp;&nbsp; (0.20)% |
| Gross Expenses(c) | &nbsp;&nbsp;&nbsp; 1.59% | &nbsp;&nbsp;&nbsp; 1.60% | &nbsp;&nbsp;&nbsp; 1.59% | &nbsp;&nbsp;&nbsp; 1.57% | &nbsp;&nbsp;&nbsp; 1.62% |
| **Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (000's) | &nbsp;&nbsp;&nbsp; $30992 | &nbsp;&nbsp;&nbsp; $32732 | &nbsp;&nbsp;&nbsp; $33409 | &nbsp;&nbsp;&nbsp; $35308 | &nbsp;&nbsp;&nbsp; $45073 |
| Portfolio Turnover(d) | &nbsp;&nbsp;&nbsp; 33% | &nbsp;&nbsp;&nbsp; 37% | &nbsp;&nbsp;&nbsp; 35% | &nbsp;&nbsp;&nbsp; 36% | &nbsp;&nbsp;&nbsp; 41% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return. Excludes any applicable sales charges, including contingent deferred sales charges. Total return would be reduced if sales charges were taken into account.

(c) Does not include acquired fund fees and expenses, if any.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**63**

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Victory Integrity Discovery Fund (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| ***For a Share Outstanding Throughout Each*** <br> ***Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/22**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/21**<br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp; $24.12 | &nbsp;&nbsp;&nbsp; $21.80 | &nbsp;&nbsp;&nbsp; $23.91 | &nbsp;&nbsp;&nbsp; $30.67 | &nbsp;&nbsp;&nbsp; $16.32 |
| **Investment Activities:** |  |  |  |  |  |
| Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp; (0.19)(b) | &nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp; (0.21) |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;3.02 | &nbsp;&nbsp;&nbsp;&nbsp;2.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp; (4.30) | &nbsp;&nbsp;&nbsp;&nbsp;14.56 |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;&nbsp;2.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp; (4.62) | &nbsp;&nbsp;&nbsp;&nbsp;14.35 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net realized gains | &nbsp;&nbsp;&nbsp; (3.82) | &nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp; (3.41) | &nbsp;&nbsp;&nbsp; (2.14) | &nbsp;&nbsp;&nbsp; — |
| Total Distributions | &nbsp;&nbsp;&nbsp; (3.82) | &nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp; (3.41) | &nbsp;&nbsp;&nbsp; (2.14) | &nbsp;&nbsp;&nbsp; — |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $23.13 | &nbsp;&nbsp;&nbsp; $24.12 | &nbsp;&nbsp;&nbsp; $21.80 | &nbsp;&nbsp;&nbsp; $23.91 | &nbsp;&nbsp;&nbsp; $30.67 |
| Total Return(c) | &nbsp;&nbsp;&nbsp; 11.01% | &nbsp;&nbsp;&nbsp; 12.50% | &nbsp;&nbsp;&nbsp; 5.17% | &nbsp;&nbsp;&nbsp; (15.98)% | &nbsp;&nbsp;&nbsp; 87.93% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net Expenses(d) | &nbsp;&nbsp;&nbsp; 2.45% | &nbsp;&nbsp;&nbsp; 2.45% | &nbsp;&nbsp;&nbsp; 2.45% | &nbsp;&nbsp;&nbsp; 2.45% | &nbsp;&nbsp;&nbsp; 2.45% |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp; (0.79)% | &nbsp;&nbsp;&nbsp; (0.80)% | &nbsp;&nbsp;&nbsp; (0.51)% | &nbsp;&nbsp;&nbsp; (1.11)% | &nbsp;&nbsp;&nbsp; (0.95)% |
| Gross Expenses(d) | &nbsp;&nbsp;&nbsp; 5.42% | &nbsp;&nbsp;&nbsp; 4.27% | &nbsp;&nbsp;&nbsp; 3.41% | &nbsp;&nbsp;&nbsp; 3.02% | &nbsp;&nbsp;&nbsp; 2.87% |
| **Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (000's) | &nbsp;&nbsp;&nbsp; $374 | &nbsp;&nbsp;&nbsp; $619 | &nbsp;&nbsp;&nbsp; $831 | &nbsp;&nbsp;&nbsp; $1227 | &nbsp;&nbsp;&nbsp; $2079 |
| Portfolio Turnover(e) | &nbsp;&nbsp;&nbsp; 33% | &nbsp;&nbsp;&nbsp; 37% | &nbsp;&nbsp;&nbsp; 35% | &nbsp;&nbsp;&nbsp; 36% | &nbsp;&nbsp;&nbsp; 41% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) The amount shown for a share outstanding throughout the period may not correlate with the Statements of Operations for the period due to the class level expenses recognized.

(c) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return. Excludes any applicable sales charges, including contingent deferred sales charges. Total return would be reduced if sales charges were taken into account.

(d) Does not include acquired fund fees and expenses, if any.

(e) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**64**

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Victory Integrity Discovery Fund (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| ***For a Share Outstanding Throughout Each*** <br> ***Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/22**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/21**<br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp; $45.22 | &nbsp;&nbsp;&nbsp; $40.34 | &nbsp;&nbsp;&nbsp; $41.12 | &nbsp;&nbsp;&nbsp; $50.63 | &nbsp;&nbsp;&nbsp; $26.64 |
| **Investment Activities:** |  |  |  |  |  |
| Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;5.55 | &nbsp;&nbsp;&nbsp;&nbsp;5.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp; (7.34) | &nbsp;&nbsp;&nbsp;&nbsp;23.96 |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp;5.67 | &nbsp;&nbsp;&nbsp;&nbsp;5.48 | &nbsp;&nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp; (7.37) | &nbsp;&nbsp;&nbsp;&nbsp;23.99 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net realized gains | &nbsp;&nbsp;&nbsp; (3.82) | &nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp; (3.41) | &nbsp;&nbsp;&nbsp; (2.14) | &nbsp;&nbsp;&nbsp; — |
| Total Distributions | &nbsp;&nbsp;&nbsp; (3.91) | &nbsp;&nbsp;&nbsp; (0.60) | &nbsp;&nbsp;&nbsp; (3.41) | &nbsp;&nbsp;&nbsp; (2.14) | &nbsp;&nbsp;&nbsp; — |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $46.98 | &nbsp;&nbsp;&nbsp; $45.22 | &nbsp;&nbsp;&nbsp; $40.34 | &nbsp;&nbsp;&nbsp; $41.12 | &nbsp;&nbsp;&nbsp; $50.63 |
| Total Return(b) | &nbsp;&nbsp;&nbsp; 12.17% | &nbsp;&nbsp;&nbsp; 13.67% | &nbsp;&nbsp;&nbsp; 6.29% | &nbsp;&nbsp;&nbsp; (15.09)% | &nbsp;&nbsp;&nbsp; 90.05% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net Expenses(c) | &nbsp;&nbsp;&nbsp; 1.41% | &nbsp;&nbsp;&nbsp; 1.44% | &nbsp;&nbsp;&nbsp; 1.40% | &nbsp;&nbsp;&nbsp; 1.38% | &nbsp;&nbsp;&nbsp; 1.31% |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp; 0.26% | &nbsp;&nbsp;&nbsp; 0.24% | &nbsp;&nbsp;&nbsp; 0.57% | &nbsp;&nbsp;&nbsp; (0.05)% | &nbsp;&nbsp;&nbsp; 0.07% |
| Gross Expenses(c) | &nbsp;&nbsp;&nbsp; 1.41% | &nbsp;&nbsp;&nbsp; 1.45% | &nbsp;&nbsp;&nbsp; 1.40% | &nbsp;&nbsp;&nbsp; 1.38% | &nbsp;&nbsp;&nbsp; 1.31% |
| **Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (000's) | &nbsp;&nbsp;&nbsp; $23616 | &nbsp;&nbsp;&nbsp; $24439 | &nbsp;&nbsp;&nbsp; $21471 | &nbsp;&nbsp;&nbsp; $24479 | &nbsp;&nbsp;&nbsp; $40600 |
| Portfolio Turnover(d) | &nbsp;&nbsp;&nbsp; 33% | &nbsp;&nbsp;&nbsp; 37% | &nbsp;&nbsp;&nbsp; 35% | &nbsp;&nbsp;&nbsp; 36% | &nbsp;&nbsp;&nbsp; 41% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return.

(c) Does not include acquired fund fees and expenses, if any.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**65**

------

**Victory Integrity Mid-Cap Value Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| ***For a Share Outstanding Throughout Each*** <br> ***Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/22**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/21**<br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp; $24.66 | &nbsp;&nbsp;&nbsp; $22.73 | &nbsp;&nbsp;&nbsp; $21.11 | &nbsp;&nbsp;&nbsp; $23.72 | &nbsp;&nbsp;&nbsp; $15.30 |
| **Investment Activities:** |  |  |  |  |  |
| Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp;&nbsp; (1.66) | &nbsp;&nbsp;&nbsp;&nbsp;8.74 |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp;&nbsp; (1.45) | &nbsp;&nbsp;&nbsp;&nbsp;8.87 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.37) |
| Net realized gains | &nbsp;&nbsp;&nbsp; (3.55) | &nbsp;&nbsp;&nbsp; (0.58) | &nbsp;&nbsp;&nbsp; (0.96) | &nbsp;&nbsp;&nbsp; (1.16) | &nbsp;&nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.08) |
| Total Distributions | &nbsp;&nbsp;&nbsp; (3.85) | &nbsp;&nbsp;&nbsp; (0.67) | &nbsp;&nbsp;&nbsp; (1.24) | &nbsp;&nbsp;&nbsp; (1.16) | &nbsp;&nbsp;&nbsp; (0.45) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $22.77 | &nbsp;&nbsp;&nbsp; $24.66 | &nbsp;&nbsp;&nbsp; $22.73 | &nbsp;&nbsp;&nbsp; $21.11 | &nbsp;&nbsp;&nbsp; $23.72 |
| Total Return(b) | &nbsp;&nbsp;&nbsp; 7.78% | &nbsp;&nbsp;&nbsp; 11.72% | &nbsp;&nbsp;&nbsp; 13.83% | &nbsp;&nbsp;&nbsp; (6.56)% | &nbsp;&nbsp;&nbsp; 58.66% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net Expenses(c) | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 1.00% |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp; 0.81% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.64% |
| Gross Expenses(c) | &nbsp;&nbsp;&nbsp; 1.33% | &nbsp;&nbsp;&nbsp; 1.37% | &nbsp;&nbsp;&nbsp; 1.35% | &nbsp;&nbsp;&nbsp; 1.42% | &nbsp;&nbsp;&nbsp; 1.37% |
| **Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (000's) | &nbsp;&nbsp;&nbsp; $25436 | &nbsp;&nbsp;&nbsp; $25867 | &nbsp;&nbsp;&nbsp; $25184 | &nbsp;&nbsp;&nbsp; $19898 | &nbsp;&nbsp;&nbsp; $12542 |
| Portfolio Turnover(d) | &nbsp;&nbsp;&nbsp; 49% | &nbsp;&nbsp;&nbsp; 75% | &nbsp;&nbsp;&nbsp; 57% | &nbsp;&nbsp;&nbsp; 70% | &nbsp;&nbsp;&nbsp; 67% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return. Excludes any applicable sales charges, including contingent deferred sales charges. Total return would be reduced if sales charges were taken into account.

(c) Does not include acquired fund fees and expenses, if any.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**66**

------

Victory Integrity Mid-Cap Value Fund (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| ***For a Share Outstanding Throughout Each*** <br> ***Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/22**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/21**<br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp; $24.46 | &nbsp;&nbsp;&nbsp; $22.63 | &nbsp;&nbsp;&nbsp; $21.03 | &nbsp;&nbsp;&nbsp; $23.81 | &nbsp;&nbsp;&nbsp; $15.37 |
| **Investment Activities:** |  |  |  |  |  |
| Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp; (0.05) |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;2.66 | &nbsp;&nbsp;&nbsp; (1.65) | &nbsp;&nbsp;&nbsp;&nbsp;8.82 |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp; (1.62) | &nbsp;&nbsp;&nbsp;&nbsp;8.77 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.27) |
| Net realized gains | &nbsp;&nbsp;&nbsp; (3.55) | &nbsp;&nbsp;&nbsp; (0.58) | &nbsp;&nbsp;&nbsp; (0.96) | &nbsp;&nbsp;&nbsp; (1.16) | &nbsp;&nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.06) |
| Total Distributions | &nbsp;&nbsp;&nbsp; (3.73) | &nbsp;&nbsp;&nbsp; (0.58) | &nbsp;&nbsp;&nbsp; (1.08) | &nbsp;&nbsp;&nbsp; (1.16) | &nbsp;&nbsp;&nbsp; (0.33) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $22.49 | &nbsp;&nbsp;&nbsp; $24.46 | &nbsp;&nbsp;&nbsp; $22.63 | &nbsp;&nbsp;&nbsp; $21.03 | &nbsp;&nbsp;&nbsp; $23.81 |
| Total Return(b) | &nbsp;&nbsp;&nbsp; 6.94% | &nbsp;&nbsp;&nbsp; 10.90% | &nbsp;&nbsp;&nbsp; 12.98% | &nbsp;&nbsp;&nbsp; (7.26)% | &nbsp;&nbsp;&nbsp; 57.43% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net Expenses(c) | &nbsp;&nbsp;&nbsp; 1.75% | &nbsp;&nbsp;&nbsp; 1.75% | &nbsp;&nbsp;&nbsp; 1.75% | &nbsp;&nbsp;&nbsp; 1.75% | &nbsp;&nbsp;&nbsp; 1.75% |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp; 0.32% | &nbsp;&nbsp;&nbsp; 0.06% | &nbsp;&nbsp;&nbsp; 0.11% | &nbsp;&nbsp;&nbsp; 0.14% | &nbsp;&nbsp;&nbsp; (0.25)% |
| Gross Expenses(c) | &nbsp;&nbsp;&nbsp; 15.55% | &nbsp;&nbsp;&nbsp; 15.97% | &nbsp;&nbsp;&nbsp; 13.08% | &nbsp;&nbsp;&nbsp; 2.82% | &nbsp;&nbsp;&nbsp; 16.27% |
| **Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (000's) | &nbsp;&nbsp;&nbsp; $123 | &nbsp;&nbsp;&nbsp; $98 | &nbsp;&nbsp;&nbsp; $99 | &nbsp;&nbsp;&nbsp; $83 | &nbsp;&nbsp;&nbsp; $78 |
| Portfolio Turnover(d) | &nbsp;&nbsp;&nbsp; 49% | &nbsp;&nbsp;&nbsp; 75% | &nbsp;&nbsp;&nbsp; 57% | &nbsp;&nbsp;&nbsp; 70% | &nbsp;&nbsp;&nbsp; 67% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return. Excludes any applicable sales charges, including contingent deferred sales charges. Total return would be reduced if sales charges were taken into account.

(c) Does not include acquired fund fees and expenses, if any.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**67**

------

Victory Integrity Mid-Cap Value Fund (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| ***For a Share Outstanding Throughout Each*** <br> ***Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/22**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/21**<br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp; $25.06 | &nbsp;&nbsp;&nbsp; $23.07 | &nbsp;&nbsp;&nbsp; $21.40 | &nbsp;&nbsp;&nbsp; $23.99 | &nbsp;&nbsp;&nbsp; $15.47 |
| **Investment Activities:** |  |  |  |  |  |
| Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;2.71 | &nbsp;&nbsp;&nbsp; (1.69) | &nbsp;&nbsp;&nbsp;&nbsp;8.85 |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;2.75 | &nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp; (1.38) | &nbsp;&nbsp;&nbsp;&nbsp;9.04 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp; (0.43) |
| Net realized gains | &nbsp;&nbsp;&nbsp; (3.55) | &nbsp;&nbsp;&nbsp; (0.58) | &nbsp;&nbsp;&nbsp; (0.96) | &nbsp;&nbsp;&nbsp; (1.16) | &nbsp;&nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.09) |
| Total Distributions | &nbsp;&nbsp;&nbsp; (3.94) | &nbsp;&nbsp;&nbsp; (0.76) | &nbsp;&nbsp;&nbsp; (1.32) | &nbsp;&nbsp;&nbsp; (1.21) | &nbsp;&nbsp;&nbsp; (0.52) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $23.20 | &nbsp;&nbsp;&nbsp; $25.06 | &nbsp;&nbsp;&nbsp; $23.07 | &nbsp;&nbsp;&nbsp; $21.40 | &nbsp;&nbsp;&nbsp; $23.99 |
| Total Return(b) | &nbsp;&nbsp;&nbsp; 8.18% | &nbsp;&nbsp;&nbsp; 12.20% | &nbsp;&nbsp;&nbsp; 14.29% | &nbsp;&nbsp;&nbsp; (6.21)% | &nbsp;&nbsp;&nbsp; 59.24% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net Expenses(c) | &nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 0.60% |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp; 1.44% | &nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 1.26% | &nbsp;&nbsp;&nbsp; 1.28% | &nbsp;&nbsp;&nbsp; 0.94% |
| Gross Expenses(c) | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.88% |
| **Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (000's) | &nbsp;&nbsp;&nbsp; $218063 | &nbsp;&nbsp;&nbsp; $212708 | &nbsp;&nbsp;&nbsp; $232401 | &nbsp;&nbsp;&nbsp; $207959 | &nbsp;&nbsp;&nbsp; $226652 |
| Portfolio Turnover(d) | &nbsp;&nbsp;&nbsp; 49% | &nbsp;&nbsp;&nbsp; 75% | &nbsp;&nbsp;&nbsp; 57% | &nbsp;&nbsp;&nbsp; 70% | &nbsp;&nbsp;&nbsp; 67% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return.

(c) Does not include acquired fund fees and expenses, if any.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**68**

------

Victory Integrity Mid-Cap Value Fund (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| ***For a Share Outstanding Throughout Each*** <br> ***Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/22**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/21**<br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp; $25.00 | &nbsp;&nbsp;&nbsp; $23.03 | &nbsp;&nbsp;&nbsp; $21.36 | &nbsp;&nbsp;&nbsp; $23.95 | &nbsp;&nbsp;&nbsp; $15.44 |
| **Investment Activities:** |  |  |  |  |  |
| Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;2.44 | &nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp; (1.70) | &nbsp;&nbsp;&nbsp;&nbsp;8.94 |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp; (1.42) | &nbsp;&nbsp;&nbsp;&nbsp;9.00 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; (0.41) |
| Net realized gains | &nbsp;&nbsp;&nbsp; (3.55) | &nbsp;&nbsp;&nbsp; (0.58) | &nbsp;&nbsp;&nbsp; (0.96) | &nbsp;&nbsp;&nbsp; (1.16) | &nbsp;&nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.08) |
| Total Distributions | &nbsp;&nbsp;&nbsp; (3.91) | &nbsp;&nbsp;&nbsp; (0.72) | &nbsp;&nbsp;&nbsp; (1.28) | &nbsp;&nbsp;&nbsp; (1.17) | &nbsp;&nbsp;&nbsp; (0.49) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $23.14 | &nbsp;&nbsp;&nbsp; $25.00 | &nbsp;&nbsp;&nbsp; $23.03 | &nbsp;&nbsp;&nbsp; $21.36 | &nbsp;&nbsp;&nbsp; $23.95 |
| Total Return(b) | &nbsp;&nbsp;&nbsp; 8.03% | &nbsp;&nbsp;&nbsp; 11.98% | &nbsp;&nbsp;&nbsp; 14.14% | &nbsp;&nbsp;&nbsp; (6.35)% | &nbsp;&nbsp;&nbsp; 59.03% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net Expenses(c) | &nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp; 0.75% |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp; 1.29% | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp; 0.29% |
| Gross Expenses(c) | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp; 1.04% | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp; 1.08% |
| **Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (000's) | &nbsp;&nbsp;&nbsp; $65424 | &nbsp;&nbsp;&nbsp; $62417 | &nbsp;&nbsp;&nbsp; $59183 | &nbsp;&nbsp;&nbsp; $45535 | &nbsp;&nbsp;&nbsp; $25003 |
| Portfolio Turnover(d) | &nbsp;&nbsp;&nbsp; 49% | &nbsp;&nbsp;&nbsp; 75% | &nbsp;&nbsp;&nbsp; 57% | &nbsp;&nbsp;&nbsp; 70% | &nbsp;&nbsp;&nbsp; 67% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return.

(c) Does not include acquired fund fees and expenses, if any.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**69**

------

**Victory Integrity Small-Cap Value Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| ***For a Share Outstanding Throughout Each*** <br> ***Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/22**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/21**<br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp; $33.07 | &nbsp;&nbsp;&nbsp; $33.19 | &nbsp;&nbsp;&nbsp; $32.51 | &nbsp;&nbsp;&nbsp; $43.97 | &nbsp;&nbsp;&nbsp; $24.40 |
| **Investment Activities:** |  |  |  |  |  |
| Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp; (0.01) |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp; (0.72) | &nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;4.82 | &nbsp;&nbsp;&nbsp; (4.51) | &nbsp;&nbsp;&nbsp;&nbsp;19.61 |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp; (0.42) | &nbsp;&nbsp;&nbsp;&nbsp;3.33 | &nbsp;&nbsp;&nbsp;&nbsp;5.06 | &nbsp;&nbsp;&nbsp; (4.48) | &nbsp;&nbsp;&nbsp;&nbsp;19.60 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.48) | &nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; (0.03) |
| Net realized gains | &nbsp;&nbsp;&nbsp; (5.02) | &nbsp;&nbsp;&nbsp; (3.14) | &nbsp;&nbsp;&nbsp; (4.33) | &nbsp;&nbsp;&nbsp; (6.94) | &nbsp;&nbsp;&nbsp; — |
| Total Distributions | &nbsp;&nbsp;&nbsp; (5.50) | &nbsp;&nbsp;&nbsp; (3.45) | &nbsp;&nbsp;&nbsp; (4.38) | &nbsp;&nbsp;&nbsp; (6.98) | &nbsp;&nbsp;&nbsp; (0.03) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $27.15 | &nbsp;&nbsp;&nbsp; $33.07 | &nbsp;&nbsp;&nbsp; $33.19 | &nbsp;&nbsp;&nbsp; $32.51 | &nbsp;&nbsp;&nbsp; $43.97 |
| Total Return(b) | &nbsp;&nbsp;&nbsp; (3.31)% | &nbsp;&nbsp;&nbsp; 10.42% | &nbsp;&nbsp;&nbsp; 16.23% | &nbsp;&nbsp;&nbsp; (12.11)% | &nbsp;&nbsp;&nbsp; 80.37% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net Expenses(c) | &nbsp;&nbsp;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp; 1.44% | &nbsp;&nbsp;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp; 1.50% | &nbsp;&nbsp;&nbsp; 1.50% |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp; 0.08% | &nbsp;&nbsp;&nbsp; (0.02)% |
| Gross Expenses(c) | &nbsp;&nbsp;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp; 1.44% | &nbsp;&nbsp;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp; 1.50% | &nbsp;&nbsp;&nbsp; 1.50% |
| **Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (000's) | &nbsp;&nbsp;&nbsp; $57886 | &nbsp;&nbsp;&nbsp; $67444 | &nbsp;&nbsp;&nbsp; $71905 | &nbsp;&nbsp;&nbsp; $69687 | &nbsp;&nbsp;&nbsp; $91203 |
| Portfolio Turnover(d) | &nbsp;&nbsp;&nbsp; 44% | &nbsp;&nbsp;&nbsp; 62%(e) | &nbsp;&nbsp;&nbsp; 61% | &nbsp;&nbsp;&nbsp; 58% | &nbsp;&nbsp;&nbsp; 56% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return. Excludes any applicable sales charges, including contingent deferred sales charges. Total return would be reduced if sales charges were taken into account.

(c) Does not include acquired fund fees and expenses, if any.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

(e) Excludes impact of in-kind transactions.

**70**

------

Victory Integrity Small-Cap Value Fund (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| ***For a Share Outstanding Throughout Each*** <br> ***Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/22**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/21**<br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp; $25.01 | &nbsp;&nbsp;&nbsp; $25.89 | &nbsp;&nbsp;&nbsp; $26.39 | &nbsp;&nbsp;&nbsp; $37.22 | &nbsp;&nbsp;&nbsp; $20.81 |
| **Investment Activities:** |  |  |  |  |  |
| Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp; (0.26) |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp; (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;3.88 | &nbsp;&nbsp;&nbsp; (3.67) | &nbsp;&nbsp;&nbsp;&nbsp;16.67 |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;3.83 | &nbsp;&nbsp;&nbsp; (3.89) | &nbsp;&nbsp;&nbsp;&nbsp;16.41 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net realized gains | &nbsp;&nbsp;&nbsp; (5.02) | &nbsp;&nbsp;&nbsp; (3.14) | &nbsp;&nbsp;&nbsp; (4.33) | &nbsp;&nbsp;&nbsp; (6.94) | &nbsp;&nbsp;&nbsp; — |
| Total Distributions | &nbsp;&nbsp;&nbsp; (5.30) | &nbsp;&nbsp;&nbsp; (3.22) | &nbsp;&nbsp;&nbsp; (4.33) | &nbsp;&nbsp;&nbsp; (6.94) | &nbsp;&nbsp;&nbsp; — |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $19.33 | &nbsp;&nbsp;&nbsp; $25.01 | &nbsp;&nbsp;&nbsp; $25.89 | &nbsp;&nbsp;&nbsp; $26.39 | &nbsp;&nbsp;&nbsp; $37.22 |
| Total Return(b) | &nbsp;&nbsp;&nbsp; (4.24)% | &nbsp;&nbsp;&nbsp; 9.41% | &nbsp;&nbsp;&nbsp; 15.23% | &nbsp;&nbsp;&nbsp; (12.77)% | &nbsp;&nbsp;&nbsp; 78.86% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net Expenses(c) | &nbsp;&nbsp;&nbsp; 2.35% | &nbsp;&nbsp;&nbsp; 2.35% | &nbsp;&nbsp;&nbsp; 2.29% | &nbsp;&nbsp;&nbsp; 2.25% | &nbsp;&nbsp;&nbsp; 2.34% |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp; 0.07% | &nbsp;&nbsp;&nbsp; (0.08)% | &nbsp;&nbsp;&nbsp; (0.17)% | &nbsp;&nbsp;&nbsp; (0.67)% | &nbsp;&nbsp;&nbsp; (0.89)% |
| Gross Expenses(c) | &nbsp;&nbsp;&nbsp; 2.67% | &nbsp;&nbsp;&nbsp; 2.38% | &nbsp;&nbsp;&nbsp; 2.29% | &nbsp;&nbsp;&nbsp; 2.25% | &nbsp;&nbsp;&nbsp; 2.34% |
| **Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (000's) | &nbsp;&nbsp;&nbsp; $2082 | &nbsp;&nbsp;&nbsp; $2889 | &nbsp;&nbsp;&nbsp; $4746 | &nbsp;&nbsp;&nbsp; $5667 | &nbsp;&nbsp;&nbsp; $7578 |
| Portfolio Turnover(d) | &nbsp;&nbsp;&nbsp; 44% | &nbsp;&nbsp;&nbsp; 62%(e) | &nbsp;&nbsp;&nbsp; 61% | &nbsp;&nbsp;&nbsp; 58% | &nbsp;&nbsp;&nbsp; 56% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return. Excludes any applicable sales charges, including contingent deferred sales charges. Total return would be reduced if sales charges were taken into account.

(c) Does not include acquired fund fees and expenses, if any.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

(e) Excludes impact of in-kind transactions.

**71**

------

Victory Integrity Small-Cap Value Fund (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| ***For a Share Outstanding Throughout Each*** <br> ***Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/22**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/21**<br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp; $31.09 | &nbsp;&nbsp;&nbsp; $31.43 | &nbsp;&nbsp;&nbsp; $31.04 | &nbsp;&nbsp;&nbsp; $42.35 | &nbsp;&nbsp;&nbsp; $23.53 |
| **Investment Activities:** |  |  |  |  |  |
| Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp; (0.10) |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp; (0.64) | &nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp;&nbsp;&nbsp;4.60 | &nbsp;&nbsp;&nbsp; (4.30) | &nbsp;&nbsp;&nbsp;&nbsp;18.92 |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp; (0.46) | &nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp;&nbsp;4.72 | &nbsp;&nbsp;&nbsp; (4.37) | &nbsp;&nbsp;&nbsp;&nbsp;18.82 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.42) | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net realized gains | &nbsp;&nbsp;&nbsp; (5.02) | &nbsp;&nbsp;&nbsp; (3.14) | &nbsp;&nbsp;&nbsp; (4.33) | &nbsp;&nbsp;&nbsp; (6.94) | &nbsp;&nbsp;&nbsp; — |
| Total Distributions | &nbsp;&nbsp;&nbsp; (5.44) | &nbsp;&nbsp;&nbsp; (3.39) | &nbsp;&nbsp;&nbsp; (4.33) | &nbsp;&nbsp;&nbsp; (6.94) | &nbsp;&nbsp;&nbsp; — |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $25.19 | &nbsp;&nbsp;&nbsp; $31.09 | &nbsp;&nbsp;&nbsp; $31.43 | &nbsp;&nbsp;&nbsp; $31.04 | &nbsp;&nbsp;&nbsp; $42.35 |
| Total Return(b) | &nbsp;&nbsp;&nbsp; (3.63)% | &nbsp;&nbsp;&nbsp; 10.06% | &nbsp;&nbsp;&nbsp; 15.86% | &nbsp;&nbsp;&nbsp; (12.32)% | &nbsp;&nbsp;&nbsp; 79.91% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net Expenses(c) | &nbsp;&nbsp;&nbsp; 1.75% | &nbsp;&nbsp;&nbsp; 1.75% | &nbsp;&nbsp;&nbsp; 1.75% | &nbsp;&nbsp;&nbsp; 1.75% | &nbsp;&nbsp;&nbsp; 1.75% |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp; 0.63% | &nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 0.39% | &nbsp;&nbsp;&nbsp; (0.18)% | &nbsp;&nbsp;&nbsp; (0.29)% |
| Gross Expenses(c) | &nbsp;&nbsp;&nbsp; 1.97% | &nbsp;&nbsp;&nbsp; 1.98% | &nbsp;&nbsp;&nbsp; 1.99% | &nbsp;&nbsp;&nbsp; 1.99% | &nbsp;&nbsp;&nbsp; 1.95% |
| **Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (000's) | &nbsp;&nbsp;&nbsp; $5604 | &nbsp;&nbsp;&nbsp; $5689 | &nbsp;&nbsp;&nbsp; $4538 | &nbsp;&nbsp;&nbsp; $4605 | &nbsp;&nbsp;&nbsp; $7099 |
| Portfolio Turnover(d) | &nbsp;&nbsp;&nbsp; 44% | &nbsp;&nbsp;&nbsp; 62%(e) | &nbsp;&nbsp;&nbsp; 61% | &nbsp;&nbsp;&nbsp; 58% | &nbsp;&nbsp;&nbsp; 56% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return.

(c) Does not include acquired fund fees and expenses, if any.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

(e) Excludes impact of in-kind transactions.

**72**

------

Victory Integrity Small-Cap Value Fund (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| ***For a Share Outstanding Throughout Each*** <br> ***Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/22**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/21**<br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp; $35.34 | &nbsp;&nbsp;&nbsp; $35.21 | &nbsp;&nbsp;&nbsp; $34.24 | &nbsp;&nbsp;&nbsp; $45.91 | &nbsp;&nbsp;&nbsp; $25.43 |
| **Investment Activities:** |  |  |  |  |  |
| Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp; (0.82) | &nbsp;&nbsp;&nbsp;&nbsp;3.26 | &nbsp;&nbsp;&nbsp;&nbsp;5.09 | &nbsp;&nbsp;&nbsp; (4.75) | &nbsp;&nbsp;&nbsp;&nbsp;20.47 |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;3.73 | &nbsp;&nbsp;&nbsp;&nbsp;5.51 | &nbsp;&nbsp;&nbsp; (4.49) | &nbsp;&nbsp;&nbsp;&nbsp;20.65 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.62) | &nbsp;&nbsp;&nbsp; (0.46) | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp; (0.17) |
| Net realized gains | &nbsp;&nbsp;&nbsp; (5.02) | &nbsp;&nbsp;&nbsp; (3.14) | &nbsp;&nbsp;&nbsp; (4.33) | &nbsp;&nbsp;&nbsp; (6.94) | &nbsp;&nbsp;&nbsp; — |
| Total Distributions | &nbsp;&nbsp;&nbsp; (5.64) | &nbsp;&nbsp;&nbsp; (3.60) | &nbsp;&nbsp;&nbsp; (4.54) | &nbsp;&nbsp;&nbsp; (7.18) | &nbsp;&nbsp;&nbsp; (0.17) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $29.36 | &nbsp;&nbsp;&nbsp; $35.34 | &nbsp;&nbsp;&nbsp; $35.21 | &nbsp;&nbsp;&nbsp; $34.24 | &nbsp;&nbsp;&nbsp; $45.91 |
| Total Return(b) | &nbsp;&nbsp;&nbsp; (2.86)% | &nbsp;&nbsp;&nbsp; 10.94% | &nbsp;&nbsp;&nbsp; 16.78% | &nbsp;&nbsp;&nbsp; (11.63)% | &nbsp;&nbsp;&nbsp; 81.42% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net Expenses(c) | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.96% |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp; 1.45% | &nbsp;&nbsp;&nbsp; 1.34% | &nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp;&nbsp; 0.61% | &nbsp;&nbsp;&nbsp; 0.52% |
| Gross Expenses(c) | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.96% |
| **Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (000's) | &nbsp;&nbsp;&nbsp; $533941 | &nbsp;&nbsp;&nbsp; $668753 | &nbsp;&nbsp;&nbsp; $771075 | &nbsp;&nbsp;&nbsp; $716271 | &nbsp;&nbsp;&nbsp; $1145953 |
| Portfolio Turnover(d) | &nbsp;&nbsp;&nbsp; 44% | &nbsp;&nbsp;&nbsp; 62%(e) | &nbsp;&nbsp;&nbsp; 61% | &nbsp;&nbsp;&nbsp; 58% | &nbsp;&nbsp;&nbsp; 56% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return.

(c) Does not include acquired fund fees and expenses, if any.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

(e) Excludes impact of in-kind transactions.

**73**

------

Victory Integrity Small-Cap Value Fund (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| ***For a Share Outstanding Throughout Each*** <br> ***Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/22**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/21**<br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp; $34.99 | &nbsp;&nbsp;&nbsp; $34.90 | &nbsp;&nbsp;&nbsp; $33.98 | &nbsp;&nbsp;&nbsp; $45.62 | &nbsp;&nbsp;&nbsp; $25.27 |
| **Investment Activities:** |  |  |  |  |  |
| Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp; (0.80) | &nbsp;&nbsp;&nbsp;&nbsp;3.23 | &nbsp;&nbsp;&nbsp;&nbsp;5.05 | &nbsp;&nbsp;&nbsp; (4.71) | &nbsp;&nbsp;&nbsp;&nbsp;20.34 |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp;&nbsp;&nbsp;5.43 | &nbsp;&nbsp;&nbsp; (4.50) | &nbsp;&nbsp;&nbsp;&nbsp;20.47 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.58) | &nbsp;&nbsp;&nbsp; (0.42) | &nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp; (0.12) |
| Net realized gains | &nbsp;&nbsp;&nbsp; (5.02) | &nbsp;&nbsp;&nbsp; (3.14) | &nbsp;&nbsp;&nbsp; (4.33) | &nbsp;&nbsp;&nbsp; (6.94) | &nbsp;&nbsp;&nbsp; — |
| Total Distributions | &nbsp;&nbsp;&nbsp; (5.60) | &nbsp;&nbsp;&nbsp; (3.56) | &nbsp;&nbsp;&nbsp; (4.51) | &nbsp;&nbsp;&nbsp; (7.14) | &nbsp;&nbsp;&nbsp; (0.12) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $29.03 | &nbsp;&nbsp;&nbsp; $34.99 | &nbsp;&nbsp;&nbsp; $34.90 | &nbsp;&nbsp;&nbsp; $33.98 | &nbsp;&nbsp;&nbsp; $45.62 |
| Total Return(b) | &nbsp;&nbsp;&nbsp; (2.96)% | &nbsp;&nbsp;&nbsp; 10.84% | &nbsp;&nbsp;&nbsp; 16.65% | &nbsp;&nbsp;&nbsp; (11.72)% | &nbsp;&nbsp;&nbsp; 81.13% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net Expenses(c) | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp; 1.08% |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp; 1.33% | &nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp; 0.51% | &nbsp;&nbsp;&nbsp; 0.36% |
| Gross Expenses(c) | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp; 1.08% |
| **Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (000's) | &nbsp;&nbsp;&nbsp; $411363 | &nbsp;&nbsp;&nbsp; $463850 | &nbsp;&nbsp;&nbsp; $724723 | &nbsp;&nbsp;&nbsp; $606277 | &nbsp;&nbsp;&nbsp; $765951 |
| Portfolio Turnover(d) | &nbsp;&nbsp;&nbsp; 44% | &nbsp;&nbsp;&nbsp; 62%(e) | &nbsp;&nbsp;&nbsp; 61% | &nbsp;&nbsp;&nbsp; 58% | &nbsp;&nbsp;&nbsp; 56% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return.

(c) Does not include acquired fund fees and expenses, if any.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

(e) Excludes impact of in-kind transactions.

**74**

------

**Victory Integrity Small/Mid-Cap Value Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| ***For a Share Outstanding Throughout Each*** <br> ***Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/22**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/21**<br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp; $22.15 | &nbsp;&nbsp;&nbsp; $20.65 | &nbsp;&nbsp;&nbsp; $19.70 | &nbsp;&nbsp;&nbsp; $22.98 | &nbsp;&nbsp;&nbsp; $13.46 |
| **Investment Activities:** |  |  |  |  |  |
| Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp; (1.99) | &nbsp;&nbsp;&nbsp;&nbsp;9.73 |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp;&nbsp; (1.84) | &nbsp;&nbsp;&nbsp;&nbsp;9.78 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp; (0.26) |
| Net realized gains | &nbsp;&nbsp;&nbsp; (2.09) | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp; (1.75) | &nbsp;&nbsp;&nbsp; (1.39) | &nbsp;&nbsp;&nbsp; — |
| Total Distributions | &nbsp;&nbsp;&nbsp; (2.28) | &nbsp;&nbsp;&nbsp; (0.46) | &nbsp;&nbsp;&nbsp; (1.91) | &nbsp;&nbsp;&nbsp; (1.44) | &nbsp;&nbsp;&nbsp; (0.26) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $20.68 | &nbsp;&nbsp;&nbsp; $22.15 | &nbsp;&nbsp;&nbsp; $20.65 | &nbsp;&nbsp;&nbsp; $19.70 | &nbsp;&nbsp;&nbsp; $22.98 |
| Total Return(b) | &nbsp;&nbsp;&nbsp; 2.95% | &nbsp;&nbsp;&nbsp; 9.62% | &nbsp;&nbsp;&nbsp; 15.08% | &nbsp;&nbsp;&nbsp; (8.64)% | &nbsp;&nbsp;&nbsp; 73.21% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net Expenses(c) | &nbsp;&nbsp;&nbsp; 1.13% | &nbsp;&nbsp;&nbsp; 1.13% | &nbsp;&nbsp;&nbsp; 1.13% | &nbsp;&nbsp;&nbsp; 1.13% | &nbsp;&nbsp;&nbsp; 1.13% |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.67% | &nbsp;&nbsp;&nbsp; 0.27% |
| Gross Expenses(c) | &nbsp;&nbsp;&nbsp; 1.47% | &nbsp;&nbsp;&nbsp; 1.51% | &nbsp;&nbsp;&nbsp; 1.51% | &nbsp;&nbsp;&nbsp; 1.50% | &nbsp;&nbsp;&nbsp; 1.68% |
| **Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (000's) | &nbsp;&nbsp;&nbsp; $9115 | &nbsp;&nbsp;&nbsp; $8764 | &nbsp;&nbsp;&nbsp; $8049 | &nbsp;&nbsp;&nbsp; $7149 | &nbsp;&nbsp;&nbsp; $6589 |
| Portfolio Turnover(d) | &nbsp;&nbsp;&nbsp; 47% | &nbsp;&nbsp;&nbsp; 75% | &nbsp;&nbsp;&nbsp; 55% | &nbsp;&nbsp;&nbsp; 63% | &nbsp;&nbsp;&nbsp; 61% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return. Excludes any applicable sales charges, including contingent deferred sales charges. Total return would be reduced if sales charges were taken into account.

(c) Does not include acquired fund fees and expenses, if any.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**75**

------

Victory Integrity Small/Mid-Cap Value Fund (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| ***For a Share Outstanding Throughout Each*** <br> ***Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/22**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/21**<br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp; $22.55 | &nbsp;&nbsp;&nbsp; $21.01 | &nbsp;&nbsp;&nbsp; $20.00 | &nbsp;&nbsp;&nbsp; $23.30 | &nbsp;&nbsp;&nbsp; $13.64 |
| **Investment Activities:** |  |  |  |  |  |
| Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp; (2.02) | &nbsp;&nbsp;&nbsp;&nbsp;9.82 |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;2.98 | &nbsp;&nbsp;&nbsp; (1.80) | &nbsp;&nbsp;&nbsp;&nbsp;9.96 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp; (0.30) |
| Net realized gains | &nbsp;&nbsp;&nbsp; (2.09) | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp; (1.75) | &nbsp;&nbsp;&nbsp; (1.39) | &nbsp;&nbsp;&nbsp; — |
| Total Distributions | &nbsp;&nbsp;&nbsp; (2.34) | &nbsp;&nbsp;&nbsp; (0.51) | &nbsp;&nbsp;&nbsp; (1.97) | &nbsp;&nbsp;&nbsp; (1.50) | &nbsp;&nbsp;&nbsp; (0.30) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $21.11 | &nbsp;&nbsp;&nbsp; $22.55 | &nbsp;&nbsp;&nbsp; $21.01 | &nbsp;&nbsp;&nbsp; $20.00 | &nbsp;&nbsp;&nbsp; $23.30 |
| Total Return(b) | &nbsp;&nbsp;&nbsp; 3.26% | &nbsp;&nbsp;&nbsp; 9.98% | &nbsp;&nbsp;&nbsp; 15.47% | &nbsp;&nbsp;&nbsp; (8.38)% | &nbsp;&nbsp;&nbsp; 73.68% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net Expenses(c) | &nbsp;&nbsp;&nbsp; 0.83% | &nbsp;&nbsp;&nbsp; 0.83% | &nbsp;&nbsp;&nbsp; 0.83% | &nbsp;&nbsp;&nbsp; 0.83% | &nbsp;&nbsp;&nbsp; 0.83% |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp; 1.36% | &nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp; 0.72% |
| Gross Expenses(c) | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp; 0.94% |
| **Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (000's) | &nbsp;&nbsp;&nbsp; $264947 | &nbsp;&nbsp;&nbsp; $256829 | &nbsp;&nbsp;&nbsp; $191098 | &nbsp;&nbsp;&nbsp; $151752 | &nbsp;&nbsp;&nbsp; $143273 |
| Portfolio Turnover(d) | &nbsp;&nbsp;&nbsp; 47% | &nbsp;&nbsp;&nbsp; 75% | &nbsp;&nbsp;&nbsp; 55% | &nbsp;&nbsp;&nbsp; 63% | &nbsp;&nbsp;&nbsp; 61% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return.

(c) Does not include acquired fund fees and expenses, if any.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**76**

------

Victory Integrity Small/Mid-Cap Value Fund (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| ***For a Share Outstanding Throughout Each*** <br> ***Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/22**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/21**<br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp; $22.46 | &nbsp;&nbsp;&nbsp; $20.93 | &nbsp;&nbsp;&nbsp; $19.93 | &nbsp;&nbsp;&nbsp; $23.23 | &nbsp;&nbsp;&nbsp; $13.60 |
| **Investment Activities:** |  |  |  |  |  |
| Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp; (2.02) | &nbsp;&nbsp;&nbsp;&nbsp;9.81 |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp;&nbsp; (1.81) | &nbsp;&nbsp;&nbsp;&nbsp;9.93 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp; (0.30) |
| Net realized gains | &nbsp;&nbsp;&nbsp; (2.09) | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp; (1.75) | &nbsp;&nbsp;&nbsp; (1.39) | &nbsp;&nbsp;&nbsp; — |
| Total Distributions | &nbsp;&nbsp;&nbsp; (2.33) | &nbsp;&nbsp;&nbsp; (0.51) | &nbsp;&nbsp;&nbsp; (1.96) | &nbsp;&nbsp;&nbsp; (1.49) | &nbsp;&nbsp;&nbsp; (0.30) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $21.00 | &nbsp;&nbsp;&nbsp; $22.46 | &nbsp;&nbsp;&nbsp; $20.93 | &nbsp;&nbsp;&nbsp; $19.93 | &nbsp;&nbsp;&nbsp; $23.23 |
| Total Return(b) | &nbsp;&nbsp;&nbsp; 3.18% | &nbsp;&nbsp;&nbsp; 9.88% | &nbsp;&nbsp;&nbsp; 15.42% | &nbsp;&nbsp;&nbsp; (8.45)% | &nbsp;&nbsp;&nbsp; 73.61% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net Expenses(c) | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.88% |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp; 1.29% | &nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.66% |
| Gross Expenses(c) | &nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp; 0.98% |
| **Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (000's) | &nbsp;&nbsp;&nbsp; $31254 | &nbsp;&nbsp;&nbsp; $34469 | &nbsp;&nbsp;&nbsp; $47787 | &nbsp;&nbsp;&nbsp; $46579 | &nbsp;&nbsp;&nbsp; $56537 |
| Portfolio Turnover(d) | &nbsp;&nbsp;&nbsp; 47% | &nbsp;&nbsp;&nbsp; 75% | &nbsp;&nbsp;&nbsp; 55% | &nbsp;&nbsp;&nbsp; 63% | &nbsp;&nbsp;&nbsp; 61% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return.

(c) Does not include acquired fund fees and expenses, if any.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**77**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

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The availability of certain initial and contingent deferred sales charge reductions and waivers may depend on the particular financial intermediary or type of account through which you purchase or hold Fund shares. The following information about variations in sales charge reductions and waivers is applicable only to investors who purchase Fund shares through a Merrill Lynch, Ameriprise Financial, Morgan Stanley Wealth Management, Raymond James, Janney Montgomery Scott LLC, Edward D. Jones & Co., Oppenheimer & Co. Inc., Stifel, Nicolaus & Company, Incorporated, Robert W. Baird & Co., or J.P. Morgan Securities LLC platform or account.

In all instances, it is your responsibility to notify the Fund or your financial intermediary at the time of purchase of any relationship or other facts qualifying you for sales charge reductions or waivers. For reductions and waivers unavailable through a particular intermediary, shareholders will have to purchase Fund shares directly from the Fund or through another intermediary to receive those reductions and waivers.

**Ameriprise Financial**

**Front-end sales charge reductions on Class A shares purchased through Ameriprise Financial**

Shareholders purchasing Class A shares of the Fund through an Ameriprise Financial platform or account are eligible only for the following sales charge reductions, which may differ from those disclosed elsewhere in this prospectus or the SAI. Such shareholders can reduce their initial sales charge on the purchase of Class A shares as follows:

◼

Transaction size breakpoints, as described in this prospectus or the SAI.

◼

Rights of accumulation ("ROA"), as described in this prospectus or the SAI.

◼

Letter of intent, as described in this prospectus or the SAI.

**Front-end sales charge waivers on Class A shares purchased through Ameriprise Financial**

Shareholders purchasing Class A shares of the fund through an Ameriprise Financial platform or account are eligible only for the following sales charge waivers, which may differ from those disclosed elsewhere in this prospectus or the SAI. Such shareholders may purchase Class A shares at NAV without payment of a sales charge as follows:

◼

shares purchased by 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.

◼

shares purchased through reinvestment of capital gains and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the same fund family).

◼

shares exchanged from Class C shares of the same fund in the month of or following the seven-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load waived shares, that waiver will also apply to such exchanges.

◼

shares purchased by employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members.

◼

shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings

**78**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor's spouse, advisor's lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor's lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant.

◼

shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement).

**CDSC waivers on Class A and C shares purchased through Ameriprise Financial**

Fund shares purchased through an Ameriprise Financial platform or account are eligible only for the following CDSC waivers, which may differ from those disclosed elsewhere in this prospectus or the SAI:

◼

redemptions due to death or disability of the shareholder

◼

shares sold as part of a systematic withdrawal plan as described in this prospectus or the SAI

◼

redemptions made in connection with a return of excess contributions from an IRA account

◼

shares purchased through a Right of Reinstatement (as defined above)

◼

redemptions made as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code

**Edward D. Jones & Co ("Edward Jones")**

The following information supersedes prior information with respect to transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also referred to as "shareholders") purchasing fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the mutual fund prospectus or SAI or through another broker-dealer. In all instances, it is the shareholder's responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of the Victory Funds, or other facts qualifying the purchaser for discounts or waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if they have questions regarding their eligibility for these discounts and waivers.

***Breakpoints***

◼

Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.

***Rights of Accumulation ("ROA")*** 

◼

The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except certain money market funds and any assets held in group retirement plans) of the Victory Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations ("pricing groups"). If grouping assets as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a sales charge.

◼

The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or

**79**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

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.

◼

ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV).

***Letter of Intent ("LOI")*** 

◼

Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if the LOI is not met.

◼

If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer.

***Sales Charge Waivers***

Sales charges are waived for the following shareholders and in the following situations:

◼

Associates of Edward Jones and its affiliates and other accounts in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate's life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant to Edward Jones' policies and procedures.

◼

Shares purchased in an Edward Jones fee-based program.

◼

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

◼

Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: the proceeds are from the sale of shares within 60 days of the purchase, the sale and purchase are made from a share class that charges a front load and one of the following ("Right of Reinstatement"):

<sup>◼</sup>

The redemption and repurchase occur in the same account.

<sup>◼</sup>

The redemption proceeds are used to process an: IRA contribution, excess contributions, conversion, recharacterizing of contributions, or distribution, and the repurchase is done in an account within the same Edward Jones grouping for ROA.

<sup>◼</sup>

The Right of Reinstatement excludes systematic or automatic transactions including, but not limited to, purchases made through payroll deductions, liquidations to cover account fees, and reinvestments from non-mutual fund products.

◼

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 discretion of Edward Jones. Edward Jones 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 the prospectus.

◼

Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

**80**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

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◼

Purchases of Class 529-A shares through a rollover from either another education savings plan or a security used for qualified distributions.

◼

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

**Contingent Deferred Sales Charge ("CDSC") Waivers** 

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is responsible to pay the CDSC except in the following conditions:

◼

The death or disability of the shareholder.

◼

Systematic withdrawals with up to 10% per year of account value.

◼

Return of excess contributions from an Individual Retirement Account (IRA).

◼

Shares redeemed as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

◼

Shares redeemed to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

◼

Shares exchanged in an Edward Jones fee-based program.

◼

Shares acquired through NAV reinstatement.

◼

Shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below.

**Other Important Information Regarding Transactions Through Edward Jones**

**Minimum Purchase Amounts** 

◼

Initial purchase minimum: $250

◼

Subsequent purchase minimum: none

**Minimum Balances** 

◼

Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

<sup>◼</sup>

A fee-based account held on an Edward Jones platform

<sup>◼</sup>

A 529 account held on an Edward Jones platform

<sup>◼</sup>

An account with an active systematic investment plan or LOI

**Exchanging Share Classes** 

◼

At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder's holdings in a fund to Class A shares of the same fund.

**Janney Montgomery Scott LLC ("Janney")**

Shareholders purchasing fund shares through a Janney brokerage account will be eligible only for the following load waivers (front-end sales charge waivers and CDSC, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund's Prospectus or SAI.

**Front-End Sales Charge Waivers on Class A shares available at Janney** 

◼

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

◼

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

◼

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and

**81**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Right of Reinstatement)

◼

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, SAR-SEPs or Keogh plans

◼

Shares acquired through a Right of Reinstatement

◼

Class C shares that are no longer subject to a CDSC and are converted to Class A shares of the same fund pursuant to Janney's policies and procedures

**CDSC Waivers on Class A and C shares available at Janney** 

◼

Shares sold upon the death or disability of the shareholder

◼

Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

◼

Shares purchased in connection with a 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 Internal Revenue Service regulations as described in a Fund's Prospectus

◼

Shares sold to pay Janney fees but only if the transaction is initiated by Janney

◼

Shares acquired through a Right of Reinstatement

◼

Shares exchanged into the same share class of a different fund

**Front-End Load Discounts available at Janney: Breakpoints, Rights of Accumulation and/or letters of intent**<sup>1</sup>

◼

Breakpoints as described in this Prospectus

◼

Rights of accumulation ("ROA"), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets

◼

Letters of intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets

<sup>1</sup> Also referred to as an "initial sales charge"

**J.P. Morgan Securities LLC**

If you purchase or hold fund shares through an applicable J.P. Morgan Securities LLC brokerage account, you will be eligible for the following sales charge waivers (front-end sales charge waivers and contingent deferred sales charge ("CDSC"), or back-end sales charge, waivers), share class conversion policy and discounts, which may differ from those disclosed elsewhere in this fund's prospectus or Statement of Additional Information.

**Front-End Sales Charge Waivers on Class A Shares available at J.P. Morgan Securities LLC**

◼

Shares exchanged from Class C (i.e. level-load) shares that are no longer subject to a CDSC and are exchanged into Class A shares of the same fund pursuant to J.P. Morgan Securities LLC's share class exchange policy.

◼

Qualified employer-sponsored defined contribution and defined benefit retirement plans, nonqualified deferred compensation plans, other employee benefit plans and trusts used to fund

**82**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

those plans. For purposes of this provision, such plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or 501(c)(3) accounts.

◼

Shares of funds purchased through J.P. Morgan Securities LLC Self-Directed Investing accounts.

◼

Shares purchased through rights of reinstatement.

◼

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

◼

Shares purchased by employees and registered representatives of J.P. Morgan Securities LLC or its affiliates and their spouse or financial dependent as defined by J.P. Morgan Securities LLC.

**Class C to Class A Share Conversion**

◼

A shareholder in the fund's Class C shares will have their shares converted to Class A shares (or the appropriate share class) of the same fund if the shares are no longer subject to a CDSC and the conversion is consistent with J.P. Morgan Securities LLC's policies and procedures.

**CDSC Waivers on Class A and C Shares available at J.P. Morgan Securities LLC**

◼

Shares sold upon the death or disability of the shareholder.

◼

Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus.

◼

Shares purchased in connection with a return of excess contributions from an IRA account.

◼

Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code.

◼

Shares acquired through a right of reinstatement.

**Front-end load Discounts Available at J.P. Morgan Securities LLC: Breakpoints, Rights of Accumulation & Letters of Intent** 

◼

Breakpoints as described in the Prospectus.

◼

Rights of Accumulation ("ROA") which entitle shareholders to breakpoint discounts as described in the fund's prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at J.P. Morgan Securities LLC. Eligible fund family assets not held at J.P. Morgan Securities LLC (including 529 program holdings, where applicable) may be included in the ROA calculation only if the shareholder notifies their financial advisor about such assets.

**Letters of Intent ("LOI"), which allow for breakpoint discounts based on anticipated purchases within a fund family, through J.P. Morgan Securities LLC, over a 13-month period of time (if applicable).**

**Merrill Lynch ("Merrill")**

Purchases or sales of front-end (i.e., Class A) or level-load (i.e., 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.

**83**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

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Additional information on waivers and discounts 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, SAR-SEPs 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 employees of Merrill or its affiliates and their family members who purchase shares in accounts within the employee's Merrill Household (as defined 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 22e(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

**84**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

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**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

◼

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

**Morgan Stanley Wealth Management**

Shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account are eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in the Fund's Prospectus or SAI.

**Front-end Sales Charge Waivers on Class A Shares available at Morgan Stanley** 

◼

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, SAR-SEPs or Keogh plans

◼

Morgan Stanley employee and employee-related accounts according to Morgan Stanley's account linking rules

◼

Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

◼

Shares purchased through a Morgan Stanley self-directed brokerage account

◼

Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management's share class conversion program

◼

Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge

**Oppenheimer & Co. Inc. ("OPCO")**

Shareholders purchasing Fund shares through an OPCO platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund's Prospectus or SAI.

**Front-End Sales Charge Waivers on Class A Shares available at OPCO** 

◼

Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan

◼

Shares purchased by or through a 529 Plan

◼

Shares purchased through an OPCO affiliated investment advisory program

**85**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

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◼

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

◼

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement)

◼

A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of OPCO

◼

Employees and registered representatives of OPCO or its affiliates and their family members

◼

Directors or Trustees of the Fund, and employees of the Fund's investment adviser or any of its affiliates, as described in this Prospectus

**CDSC Waivers on A and C Shares available at OPCO** 

◼

Death or disability of the shareholder

◼

Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

◼

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 as described in the prospectus

◼

Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO

◼

Shares acquired through a Right of Reinstatement

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

◼

Breakpoints as described in this Prospectus

◼

Rights of Accumulation ("ROA") which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at OPCO. Eligible fund family assets not held at OPCO may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets

**Raymond James & Associates, Inc., Raymond James Financial Services, Inc. and each entity's affiliates ("Raymond James")**

Shareholders purchasing fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund's Prospectus or SAI.

**Front-End Sales Charge Waivers on Class A Shares available at Raymond James** 

◼

Shares purchased in an investment advisory program

◼

Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions

◼

Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James

◼

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase

**86**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement)

◼

A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James

**CDSC Waivers on Classes A and C Shares available at Raymond James** 

◼

Death or disability of the shareholder

◼

Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

◼

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 as described in the Fund's prospectus

◼

Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James

◼

Shares acquired through a Right of Reinstatement

**Front-End Load Discounts Available at Raymond James: Breakpoints, Rights of Accumulation, and/or Letters of Intent** 

◼

Breakpoints as described in this Prospectus

◼

Rights of Accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial advisor about such assets

◼

Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets

**Robert W. Baird & Co. ("Baird")**

Shareholders purchasing fund shares through a Baird platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or the SAI.

**Front-End Sales Charge Waivers on Class A Shares available at Baird** 

◼

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund

◼

Shares purchased by employees and registered representatives of Baird or its affiliate and their family members as designated by Baird

◼

Shares purchased using the proceeds of redemptions from a Victory Fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same accounts, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as Rights of Reinstatement)

◼

A shareholder in the Funds Investor C Shares will have their share converted at net asset value to Investor A shares of the same fund if the shares are no longer subject to CDSC and the conversion is in line with the policies and procedures of Baird

◼

Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit

**87**

------

Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

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

**CDSC Waivers on Classes A and C Shares available at Baird**

◼

Shares sold due to death or disability of the shareholder

◼

Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

◼

Shares bought due to returns 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 Internal Revenue Service regulations as described in the Fund's Prospectus

◼

Shares sold to pay Baird fees but only if the transaction is initiated by Baird

◼

Shares acquired through a Right of Reinstatement

**Front-End Load Discounts Available at Baird: Breakpoints, Rights of Accumulation, and/or Letters of Intent** 

◼

Breakpoints as described in this Prospectus

◼

Rights of accumulations which entitles shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of Victory Funds assets held by accounts within the purchaser's household at Baird. Eligible Victory Funds assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets

◼

Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases of the Victory Funds through Baird, over a 13-month period of time

**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.

**88**

------

Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

**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 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.

**89**

------

Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

**Wells Fargo Advisors Financial Network, LLC (collectively, "Wells Fargo Advisors")**

**Wells Fargo Clearing Services, LLC operates a First Clearing business, but these rules are not intended to include First Clearing firms.**

Effective April 1, 2026, Clients of Wells Fargo Advisors purchasing fund shares through Wells Fargo Advisors are eligible for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the prospectus or statement of additional information ("SAI"). In all instances, it is the investor's responsibility to inform Wells Fargo Advisors at the time of purchase of any relationship, holdings, or other facts qualifying the investor for discounts or waivers. Wells Fargo Advisors can ask for documentation supporting the qualification.

**Wells Fargo Advisors Class A share front-end sales charge waivers information.**

Wells Fargo Advisors clients purchasing or converting to Class A shares of the fund in a Wells Fargo Advisors brokerage account are entitled to a waiver of the front-end load in the following circumstances:

◼

Wells Fargo Advisors employee and employee-related accounts according to Wells Fargo Advisor's employee account linking rules. Legacy accounts and positions receiving affiliate discounts prior to the effective date will continue to receive discounts. Going forward employees of affiliate businesses will not be offered NAV.

◼

Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund.

WellsTrade, the firm's online self-directed brokerage account, generally offers no-load share classes but there could be instances where a Class A share is offered without a front-end sales charge.

**Wells Fargo Advisors Class 529-A share front-end sales charge waivers information.**

Wells Fargo Advisors clients purchasing or converting to Class 529-A shares of the fund through Wells Fargo Advisors transactional brokerage accounts are entitled to a waiver of the front-end load in the following circumstances:

◼

Shares purchased through a rollover from another 529 plan.

◼

Recontribution(s) of distributed funds are only allowed during the NAV reinstatement period as dictated by the sponsor's specifications outlined by the plan.

Wells Fargo Advisors is not able to apply the NAV Reinstatement privilege for 529 Plan account purchases placed directly at the fund company. Investors wishing to utilize this privilege outside of Wells Fargo systems will need to do so directly with the Plan or a financial intermediary that supports this feature.

Unless specifically described above, other front-end load waivers are not available on mutual fund purchases through Wells Fargo Advisors.

**Wells Fargo Advisors Contingent Deferred Sales Charge information.**

◼

Contingent deferred sales charges (CDSC) imposed on fund redemptions will not be rebated based on future purchases.

**Wells Fargo Advisors Class A front-end load discounts**

Wells Fargo Advisors Clients purchasing Class A shares of the fund through Wells Fargo Advisors brokerage accounts will follow the following aggregation rules for breakpoint discounts:

◼

Effective April 1, 2026, SEP or SIMPLE IRAs will not be aggregated as a group plan. They will

**90**

------

Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

aggregate with the client's personal accounts based on Social Security Number. Previously established SEP and SIMPLE IRAs may still be aggregated as a group plan.

◼

Effective April 1, 2026, Employer-sponsored retirement plan (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans.

◼

Gift of shares will not be considered when determining breakpoint discounts

**91**

------

VF-INT-PRO (11/25)

**By mail:**

Victory Funds

P.O. Box 182593

Columbus, OH 43218-2593

![](imgbc946fa02.gif)

P.O. Box 182593

Columbus, OH 43218-2593

**Statement of Additional Information ("SAI"):** The SAI contains more information about the Funds' operations, investment restrictions, policies and practices. The SAI is incorporated by reference into this Prospectus, which means that it is legally part of this Prospectus, even if you do not request a copy.

**Annual/Semi Annual Reports and Form N-CSR/Form N-CSRS:** Annual and semi annual reports contain more information about the Funds' investments and the market conditions and investment strategies that significantly affected the Funds' performance during the most recent fiscal period. The Funds' Form N-CSR and Form N-CSRS filings contain the Funds' annual and semi-annual financial statements.

**How to Obtain Information:** You may obtain a free copy of the SAI, annual and semi annual reports and other information such as Fund financial statements and ask questions about the Funds or your accounts, online at VictorySharesLiterature.com, by contacting the Funds at the following address or telephone number, or by contacting your financial intermediary.

**By telephone:**

Call Victory Funds at

800-539-FUND (800-539-3863)

You also can get information about the Funds (including the SAI, other reports and other information such as Fund financial statements) from the Securities and Exchange Commission (SEC) on the SEC's Edgar database at sec.gov, or after paying a duplicating fee, by electronic request sent to the following e-mail address: publicinfo@sec.gov.

Investment Company Act File Number 811-4852

------

![](img12687ecf1.gif)

**November 1, 2025**

Prospectus

---

| | |
|:---|:---|
| Victory Integrity Discovery Fund | Victory Integrity Discovery Fund |
|  | **Member Class** |
|  | MMMMX |
| Victory Integrity Mid-Cap Value Fund | Victory Integrity Mid-Cap Value Fund |
|  | **Member Class** |
|  | MMIJX |
| Victory Integrity Small/Mid-Cap Value Fund | Victory Integrity Small/Mid-Cap Value Fund |
|  | **Member Class** |
|  | MMMSX |

---

The Securities and Exchange Commission has not approved or disapproved these securities or determined whether this Prospectus is accurate or complete. Any representation to the contrary is a criminal offense.

vcm.com

800-235-8396

------

![](img12687ecf1.gif)

**Table of Contents**

---

| | |
|:---|:---|
| **[Fund Summaries](#xx_bcf05ca1-166d-418e-af0b-e7c4e3283ff4_1)** | 1  |
| [Victory Integrity Discovery Fund](#xx_bcf05ca1-166d-418e-af0b-e7c4e3283ff4_1) | 1  |
| [Victory Integrity Mid-Cap Value Fund](#xx_0e6a5393-737e-45b7-b322-ad0fa31c1ce3_1) | 7  |
| [Victory Integrity Small/Mid-Cap Value Fund](#xx_ac0cc588-d255-4b9e-9a02-937d882cd4b6_1) | 13  |
| **[Additional Fund Information](#xx_7a44e3db-41c3-4cbf-a645-7e25a68e72f8_1)** | 19  |
| [Investments](#xx_7a44e3db-41c3-4cbf-a645-7e25a68e72f8_2) | 20  |
| [Risk Factors](#xx_7a44e3db-41c3-4cbf-a645-7e25a68e72f8_3) | 21  |
| **[Organization and Management of the Funds](#xx_63f9fc19-099e-4084-b36a-b334c6016e3b_1)** | 26  |
| **[Investing with the Victory Funds](#xx_afd0749c-828f-41c1-b4b3-dabc2c7dcf4a_1)** | 28  |
| [Share Price](#xx_afd0749c-828f-41c1-b4b3-dabc2c7dcf4a_2) | 29  |
| [Investing in Member Class](#xx_afd0749c-828f-41c1-b4b3-dabc2c7dcf4a_3)[Shares](#xx_afd0749c-828f-41c1-b4b3-dabc2c7dcf4a_3) | 30  |
| [Information About Fees](#xx_afd0749c-828f-41c1-b4b3-dabc2c7dcf4a_4) | 31  |
| [How to Buy Shares](#xx_afd0749c-828f-41c1-b4b3-dabc2c7dcf4a_5) | 32  |
| [How to Exchange Shares](#xx_afd0749c-828f-41c1-b4b3-dabc2c7dcf4a_8) | 35  |
| [How to Sell Shares](#xx_afd0749c-828f-41c1-b4b3-dabc2c7dcf4a_10) | 37  |
| **[Distributions and Taxes](#xx_36e7024b-f4c7-437e-8682-e3ab8279afac_1)** | 39  |
| **[Important Fund Policies](#xx_f76ea00b-f892-4e4e-9ef7-33e6c07979d2_1)** | 42  |
| **[Financial Highlights](#xx_13ca5389-b935-4c78-becc-d88529ff5552_1)** | 45 |

---

------

**Victory Integrity Discovery Fund Summary**

**Investment Objective**

The Victory Integrity Discovery Fund (the "Fund") seeks to provide capital appreciation.

**Fund Fees and Expenses**

The table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees to financial intermediaries, which are not reflected in the table and examples below.**

**Shareholder Fees**

(paid directly from your investment)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Member** <br> **Class**<br>|
| Maximum Sales Charge (Load) Imposed on Purchases<br> (as a percentage of offering price)<br>| None |
| Maximum Deferred Sales Charge (Load)<br> (as a percentage of the lower of purchase or sale price)<br>| None |

---

**Annual Fund Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| Management Fees | 1.00% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses | 0.93% |
| Total Annual Fund Operating Expenses | 1.93% |
| Fee Waiver/Expense Reimbursement<sup>1</sup> <br>| (0.43)% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>1</sup> <br>| 1.50% |

---

<sup>1</sup>

Victory Capital Management Inc. (the "Adviser") has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 1.50% of the Fund's Member Class shares through at least October 31, 2026. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund's Board of Trustees.

**Example:**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Member Class | &nbsp;&nbsp;&nbsp; $153 | &nbsp;&nbsp;&nbsp; $564 | &nbsp;&nbsp;&nbsp; $1002 | &nbsp;&nbsp;&nbsp; $2219 |

---

**1**

------

Victory Integrity Discovery Fund Summary

**Portfolio Turnover:**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund's performance. For the most recent fiscal year, the Fund's portfolio turnover rate was 33% of the average value of its portfolio.

**Principal Investment Strategy**

The Adviser pursues the Fund's investment objective by investing, under normal circumstances, at least 80% of the Fund's assets in equity securities of micro-capitalization companies. Micro-capitalization companies are those companies with market capitalizations at the time of purchase lower than the largest company in the bottom 75% (based on index weightings) of the Russell 2000<sup>®</sup> Index, which as of September 30, 2025, included companies with market capitalizations below $25.0 billion. The size of companies in the index changes with market conditions and the composition of the index.

When selecting securities for a Fund, the Adviser seeks out companies that appear to be undervalued according to certain financial measurements of their intrinsic net worth or business prospects. The Adviser employs a value-oriented approach that focuses on securities that offer value with improving investor sentiment.

The Fund focuses on undiscovered, micro-capitalization companies in its attempt to provide investors with potentially higher returns than a fund that invests primarily in larger, more established companies. Since micro-capitalization companies generally are not as well known to investors and have less of an investor following than larger companies, the Adviser believes these inefficiencies in the marketplace may provide higher returns.

Although the Fund will be invested primarily in domestic securities, up to 25% of the Fund's assets may be invested in foreign securities, including depositary receipts such as American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs").

From time to time, due to changes in sector weights of the benchmark index, the Fund's investments can be more focused in companies in one or more economic sectors, such as the financials and industrial sectors.

**Principal Risks** 

The Fund's investments are subject to the following principal risks:

**Equity Securities Risk** — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company's earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer's bankruptcy.

**General Market Risk** — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels, and other fiscal and monetary policy changes; cybersecurity incidents, pandemics, and other public health crises; imposition of tariffs; sanctions against a particular foreign country, its nationals, businesses, or industries; and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and

**2**

------

Victory Integrity Discovery Fund Summary

financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.

**Micro-Capitalization Stock Risk** – Micro-sized companies tend to be less seasoned and may lose market share or profits to a greater extent than larger, more established companies. Since micro-sized company stocks typically have narrower markets and are traded in lower volumes than larger company stocks, they may be more difficult to purchase and sell. Micro-capitalization companies may have limited markets, product lines, or financial resources and lack management experience and may experience higher failure rates than larger companies.

**Foreign Securities Risk** — Foreign securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. Foreign securities could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing contracts. Compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts. Depositary receipts may have additional risks, including creditworthiness of the depositary bank and the risk of an illiquid market. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may negatively affect an investment. Dividends and interest received by the Fund and capital gains recognized by the Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund's return.

**Sector Focus Risk** — To the extent the Fund focuses in one or more sectors, such as the financials and industrials sectors, market or economic factors impacting those sectors could have a significant effect on the value of the Fund's investments and could make the Fund's performance more volatile.

<sup>◼</sup>

**Financials Sector Risk** — Companies in the financials sector are subject to extensive government regulation, which may limit both the amounts and types of loans and other financial commitments that companies in this sector can make, and the interest rates and fees that these companies can charge. Profitability can be largely dependent on the availability and cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate significantly when interest rates change. Financial difficulties of borrowers can negatively affect the financials sector. Insurance companies can be subject to severe price competition. The financials sector can be subject to relatively rapid change as distinctions between financial service segments become increasingly blurred.

<sup>◼</sup>

**Industrials Sector Risk** — Companies in the industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events, and economic conditions also affect the performance of investments in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies. Transportation companies may experience occasional sharp price movements, which may result from changes in the economy, fuel prices, labor agreements, and insurance costs.

**Investment Style Risk** — Different types of investment styles, for example growth or value, tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. As a result, the Fund's performance may at times be worse than the performance of other mutual funds that invest more broadly or that have different investment styles.

**3**

------

Victory Integrity Discovery Fund Summary

**Liquidity Risk** — Lack of a ready market or restrictions on resale may limit the ability of the Fund to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in an investment that is large relative to the typical trading volume for that investment, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Illiquid investments and relatively less-liquid investments may also be difficult to value. Liquidity risk may also refer to the risk that the Fund may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund.

**Large Shareholder Risk** — Certain large shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund's shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund's distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund's shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.

**Management Risk** — The portfolio managers may not execute the Fund's principal investment strategy effectively.

You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

**Investment Performance**

The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The information presented is for that of the Fund's Member Class shares. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years. The table compares the average annual total returns of the Fund's Member Class shares over the same period to one or more broad measures of market performance. The S&P 500<sup>®</sup> Index serves as the Fund's regulatory broad-based securities market index. We assume reinvestment of dividends and distributions.

Member Class shares commenced operations on November 3, 2020. As a result, the returns in the bar chart and table that follow show the actual performance of Member Class shares from November 3, 2020, through December 31, 2024. Returns shown for prior periods reflect the returns for the Fund's Class Y shares, which are not offered by this prospectus. The performance for Member Class shares would have been substantially similar to the performance of Class Y shares in prior periods because Member Class shares and Class Y shares invest in the same portfolio and differ only with respect to certain class-specific expenses. The actual returns of Member Class shares would have been lower than those of Class Y shares because Member Class shares have higher overall expenses than Class Y shares. Performance reflects any expense limitations in effect during the periods shown.

**4**

------

Victory Integrity Discovery Fund Summary

The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund's website at vcm.com.

**Calendar Year Returns for Member Class Shares**

(The annual returns in the bar chart are for the Fund's Class Y shares for all years prior to 2021. Member Class returns are presented for years after 2020.)

![](idmem.jpg)

---

| | | |
|:---|:---|:---|
| **During the periods shown in the chart:** | **Returns** | **Quarter ended** |
| Highest Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25.72% | March 31, 2021 |
| Lowest Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -14.56% | June 30, 2022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Year-to-date return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.46% | September 30, 2025 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**<br> **(For the Periods Ended December 31, 2024)**<br>| **1 Year** | **5 Years** | **10 Years** |
| MEMBER CLASS Before Taxes | &nbsp;&nbsp; 11.31% | &nbsp;&nbsp; 8.81% | &nbsp;&nbsp; 8.38% |
| MEMBER CLASS After Taxes on Distributions | &nbsp;&nbsp; 8.99% | &nbsp;&nbsp; 7.66% | &nbsp;&nbsp; 6.84% |
| MEMBER CLASS After Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp; 8.28% | &nbsp;&nbsp; 6.81% | &nbsp;&nbsp; 6.38% |
| **Indices** | **Indices** | **Indices** | **Indices** |
| S&P 500<sup>®</sup> Index<br> reflects no deduction for fees, expenses, or taxes<br>| &nbsp;&nbsp; 25.02% | &nbsp;&nbsp; 14.53% | &nbsp;&nbsp; 13.10% |
| Russell Microcap<sup>®</sup> Value Index<br> reflects no deduction for fees, expenses or taxes<br>| &nbsp;&nbsp; 9.16% | &nbsp;&nbsp; 7.25% | &nbsp;&nbsp; 7.48% |

---

After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. In certain situations, the return after taxes on distributions and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only one share class. The after-tax returns for other classes will vary.

**5**

------

Victory Integrity Discovery Fund Summary

**Management of the Fund**

**Investment Adviser**

Victory Capital Management Inc. (the "Adviser") serves as the Fund's investment adviser. The portfolio managers jointly and primarily responsible for day-to-day management of the Fund are members of the Adviser's Integrity Asset Management ("Integrity") investment franchise.

**Portfolio Management** 

---

| | | |
|:---|:---|:---|
|  | **Title**  | **Tenure with the Fund**  |
| Daniel J. DeMonica, CFA  | Senior Portfolio Manager  | Since 2011 |
| Mirsat Nikovic | Portfolio Manager  | Since 2011 |
| Sean A. Burke | Portfolio Manager | Since 2015 |
| Michael P. Wayton | Portfolio Manager  | Since 2018 |

---

**Purchase and Sale of Fund Shares** 

---

| | |
|:---|:---|
| **Investment Minimums** | &nbsp;&nbsp; **Member**<br> **Class**<br>|
| Minimum Initial Investment | &nbsp;&nbsp;&nbsp; $3000 |
| Minimum Subsequent Investments | &nbsp;&nbsp;&nbsp; $50 |

---

You may redeem your shares on any day the Fund is open for business. Redemption requests may be made by telephone (with prior appropriate approval) or by mail.

When you buy and redeem shares, the Fund will price your transaction at the next-determined net asset value ("NAV") after the Fund receives your request in good order, which means that your request contains all the required documentation, and that all documents contain required signatures or signature guarantees from a financial institution.

**Tax Information**

The Fund's distributions may be taxable whether you receive them in cash, additional shares of the Fund, or you reinvest them in shares of another Victory Fund, and may be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Taxes may be imposed on withdrawals from tax-deferred arrangements.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the financial intermediary and its financial advisor to recommend the Fund over another investment. Ask your financial advisor or visit your financial intermediary's website for more information.

**6**

------

**Victory Integrity Mid-Cap Value Fund Summary**

**Investment Objective**

The Victory Integrity Mid-Cap Value Fund (the "Fund") seeks to provide capital appreciation.

**Fund Fees and Expenses**

The table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees to financial intermediaries, which are not reflected in the table and examples below.**

**Shareholder Fees**

(paid directly from your investment)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Member** <br> **Class**<br>|
| Maximum Sales Charge (Load) Imposed on Purchases<br> (as a percentage of offering price)<br>| None |
| Maximum Deferred Sales Charge (Load)<br> (as a percentage of the lower of purchase or sale price)<br>| None |

---

**Annual Fund Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| Management Fees | 0.75% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses | 0.68% |
| Total Annual Fund Operating Expenses | 1.43% |
| Fee Waiver/Expense Reimbursement<sup>1</sup> <br>| (0.58)% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>1</sup> <br>| 0.85% |

---

<sup>1</sup>

Victory Capital Management Inc. (the "Adviser") has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 0.85% of the Fund's Member Class shares through at least October 31, 2026. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund's Board of Trustees.

**Example:**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Member Class | &nbsp;&nbsp;&nbsp; $87 | &nbsp;&nbsp;&nbsp; $395 | &nbsp;&nbsp;&nbsp; $726 | &nbsp;&nbsp;&nbsp; $1663 |

---

**7**

------

Victory Integrity Mid-Cap Value Fund Summary

**Portfolio Turnover:**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund's performance. For the most recent fiscal year, the Fund's portfolio turnover rate was 49% of the average value of its portfolio.

**Principal Investment Strategy**

The Adviser pursues the Fund's investment objective by investing, under normal circumstances, at least 80% of the Fund's assets in equity securities of mid-capitalization companies.

Mid-capitalization companies are those companies with market capitalizations at the time of purchase within the range of companies included in the Russell Midcap<sup>®</sup> Index ($1.1 billion to $127.6 billion as of September 30, 2025). The size of companies in the index changes with market conditions and the composition of the index. The Fund may invest up to 25% of its assets in foreign securities, including depositary receipts such as American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs").

When selecting securities for a Fund, the Adviser seeks out companies that appear to be undervalued according to certain financial measurements of their intrinsic net worth or business prospects. The Adviser employs a value-oriented approach that focuses on securities that offer value with improving investor sentiment.

From time to time, the Fund may focus its investments in companies in one or more economic sectors, including the industrials sector.

**Principal Risks** 

The Fund's investments are subject to the following principal risks:

**Equity Securities Risk** — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company's earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer's bankruptcy.

**General Market Risk** — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels, and other fiscal and monetary policy changes; cybersecurity incidents, pandemics, and other public health crises; imposition of tariffs; sanctions against a particular foreign country, its nationals, businesses, or industries; and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.

**Mid-Capitalization Stock Risk** — Mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss.

**8**

------

Victory Integrity Mid-Cap Value Fund Summary

**Foreign Securities Risk** — Foreign securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. Foreign securities could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing contracts. Compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts. Depositary receipts may have additional risks, including creditworthiness of the depositary bank and the risk of an illiquid market. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may negatively affect an investment. Dividends and interest received by the Fund and capital gains recognized by the Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund's return.

**Sector Focus Risk** — To the extent the Fund focuses in one or more sectors, such as the financials and industrials sectors, market or economic factors impacting those sectors could have a significant effect on the value of the Fund's investments and could make the Fund's performance more volatile.

<sup>◼</sup>

**Financials Sector Risk** — Companies in the financials sector are subject to extensive government regulation, which may limit both the amounts and types of loans and other financial commitments that companies in this sector can make, and the interest rates and fees that these companies can charge. Profitability can be largely dependent on the availability and cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate significantly when interest rates change. Financial difficulties of borrowers can negatively affect the financials sector. Insurance companies can be subject to severe price competition. The financials sector can be subject to relatively rapid change as distinctions between financial service segments become increasingly blurred.

<sup>◼</sup>

**Industrials Sector Risk** — Companies in the industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events, and economic conditions also affect the performance of investments in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies. Transportation companies may experience occasional sharp price movements, which may result from changes in the economy, fuel prices, labor agreements, and insurance costs.

**Investment Style Risk** — Different types of investment styles, for example growth or value, tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. As a result, the Fund's performance may at times be worse than the performance of other mutual funds that invest more broadly or that have different investment styles.

**Liquidity Risk** — Lack of a ready market or restrictions on resale may limit the ability of the Fund to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in an investment that is large relative to the typical trading volume for that investment, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Illiquid investments and relatively less-liquid investments may also be difficult to value. Liquidity risk may also refer to the risk that the Fund may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund.

**9**

------

Victory Integrity Mid-Cap Value Fund Summary

**Large Shareholder Risk** — Certain large shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund's shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund's distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund's shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.

**Management Risk** — The portfolio managers may not execute the Fund's principal investment strategy effectively.

You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

**Investment Performance**

The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The information presented is for that of the Fund's Member Class shares. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years. The table compares the average annual total returns of the Fund's Member Class shares over the same period to one or more broad measures of market performance. The S&P 500<sup>®</sup> Index serves as the Fund's regulatory broad-based securities market index. We assume reinvestment of dividends and distributions.

Member Class shares commenced operations on November 3, 2020. As a result, the returns in the bar chart and table that follow show the actual performance of Member Class shares from November 3, 2020, through December 31, 2024. Returns shown for prior periods reflect the returns for the Fund's Class Y shares, which are not offered by this prospectus. The performance for Member Class shares would have been substantially similar to the performance of Class Y shares in prior periods because Member Class shares and Class Y shares invest in the same portfolio and differ only with respect to certain class-specific expenses. The actual returns of Member Class shares would have been lower than those of Class Y shares because Member Class shares have higher overall expenses than Class Y shares. Performance reflects any expense limitations in effect during the periods shown.

The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund's website at vcm.com.

**10**

------

Victory Integrity Mid-Cap Value Fund Summary

**Calendar Year Returns for Member Class Shares**

(The annual returns in the bar chart are for the Fund's Class Y shares for all years prior to 2021. Member Class returns are presented for years after 2020.)

![](imcvmem.jpg)

---

| | | |
|:---|:---|:---|
| **During the periods shown in the chart:** | **Returns** | **Quarter ended** |
| Highest Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.32% | March 31, 2021 |
| Lowest Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -14.80% | June 30, 2022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Year-to-date return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.36% | September 30, 2025 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**<br> **(For the Periods Ended December 31, 2024)**<br>| **1 Year** | **5 Years** | **10 Years** |
| MEMBER CLASS Before Taxes | &nbsp;&nbsp; 11.97% | &nbsp;&nbsp; 9.82% | &nbsp;&nbsp; 8.60% |
| MEMBER CLASS After Taxes on Distributions | &nbsp;&nbsp; 7.83% | &nbsp;&nbsp; 8.13% | &nbsp;&nbsp; 7.38% |
| MEMBER CLASS After Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp; 9.67% | &nbsp;&nbsp; 7.58% | &nbsp;&nbsp; 6.77% |
| **Indices** | **Indices** | **Indices** | **Indices** |
| S&P 500<sup>®</sup> Index<br> reflects no deduction for fees, expenses, or taxes<br>| &nbsp;&nbsp; 25.02% | &nbsp;&nbsp; 14.53% | &nbsp;&nbsp; 13.10% |
| Russell Midcap<sup>®</sup> Value Index<br> reflects no deduction for fees, expenses or taxes<br>| &nbsp;&nbsp; 13.07% | &nbsp;&nbsp; 8.59% | &nbsp;&nbsp; 8.10% |

---

After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. In certain situations, the return after taxes on distributions and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only one share class. The after-tax returns for other classes will vary.

**11**

------

Victory Integrity Mid-Cap Value Fund Summary

**Management of the Fund**

**Investment Adviser**

Victory Capital Management Inc. (the "Adviser") serves as the Fund's investment adviser. The portfolio managers jointly and primarily responsible for day-to-day management of the Fund are members of the Adviser's Integrity Asset Management ("Integrity") investment franchise.

**Portfolio Management** 

---

| | | |
|:---|:---|:---|
|  | **Title**  | **Tenure with the Fund**  |
| Daniel G. Bandi, CFA | Chief Investment Officer | Since 2011 |
| Daniel J. DeMonica, CFA  | Senior Portfolio Manager  | Since 2011 |
| Adam I. Friedman | Senior Portfolio Manager | Since 2011 |
| Joe A. Gilbert, CFA | Portfolio Manager  | Since 2011 |
| J. Bryan Tinsley, CFA | Portfolio Manager | Since 2011 |
| Michael P. Wayton | Portfolio Manager  | Since 2018 |

---

**Purchase and Sale of Fund Shares** 

---

| | |
|:---|:---|
| **Investment Minimums** | &nbsp;&nbsp; **Member**<br> **Class**<br>|
| Minimum Initial Investment | &nbsp;&nbsp;&nbsp; $3000 |
| Minimum Subsequent Investments | &nbsp;&nbsp;&nbsp; $50 |

---

You may redeem your shares on any day the Fund is open for business. Redemption requests may be made by telephone (with prior appropriate approval) or by mail.

When you buy and redeem shares, the Fund will price your transaction at the next-determined net asset value ("NAV") after the Fund receives your request in good order, which means that your request contains all the required documentation, and that all documents contain required signatures or signature guarantees from a financial institution.

**Tax Information**

The Fund's distributions may be taxable whether you receive them in cash, additional shares of the Fund, or you reinvest them in shares of another Victory Fund, and may be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Taxes may be imposed on withdrawals from tax-deferred arrangements.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the financial intermediary and its financial advisor to recommend the Fund over another investment. Ask your financial advisor or visit your financial intermediary's website for more information.

**12**

------

**Victory Integrity Small/Mid-Cap Value Fund Summary**

**Investment Objective**

The Victory Integrity Small/Mid-Cap Value Fund (the "Fund") seeks to provide capital appreciation.

**Fund Fees and Expenses**

The table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees to financial intermediaries, which are not reflected in the table and examples below.**

**Shareholder Fees**

(paid directly from your investment)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Member** <br> **Class**<br>|
| Maximum Sales Charge (Load) Imposed on Purchases<br> (as a percentage of offering price)<br>| None |
| Maximum Deferred Sales Charge (Load)<br> (as a percentage of the lower of purchase or sale price)<br>| None |

---

**Annual Fund Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| Management Fees | 0.80% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses | 0.58% |
| Total Annual Fund Operating Expenses | 1.38% |
| Fee Waiver/Expense Reimbursement<sup>1</sup> <br>| (0.43)% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>1</sup> <br>| 0.95% |

---

<sup>1</sup>

Victory Capital Management Inc. (the "Adviser") has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 0.95% of the Fund's Member Class shares through at least October 31, 2026. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund's Board of Trustees.

**Example:**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Member Class | &nbsp;&nbsp;&nbsp; $97 | &nbsp;&nbsp;&nbsp; $395 | &nbsp;&nbsp;&nbsp; $714 | &nbsp;&nbsp;&nbsp; $1620 |

---

**13**

------

Victory Integrity Small/Mid-Cap Value Fund Summary

**Portfolio Turnover:**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund's performance. For the most recent fiscal year, the Fund's portfolio turnover rate was 47% of the average value of its portfolio.

**Principal Investment Strategy**

The Adviser pursues the Fund's investment objective by investing, under normal circumstances, at least 80% of the Fund's assets in equity securities of small- to mid-capitalization companies. Small- to mid-capitalization companies are those companies with market capitalizations at the time of purchase within the range of companies included in the Russell 2500™ Index ($22.4 million to $32.3 billion as of September 30, 2025). The size of companies in the index changes with market conditions and the composition of the index.

When selecting securities for a Fund, the Adviser seeks out companies that appear to be undervalued according to certain financial measurements of their intrinsic net worth or business prospects. The Adviser employs a value-oriented approach that focuses on securities that offer value with improving investor sentiment.

The Fund may invest up to 25% of its assets in foreign securities, including depositary receipts such as American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs").

From time to time, the Fund may focus its investments in companies in one or more economic sectors, including the financials and industrials sectors.

**Principal Risks** 

The Fund's investments are subject to the following principal risks:

**Equity Securities Risk** — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company's earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer's bankruptcy.

**General Market Risk** — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels, and other fiscal and monetary policy changes; cybersecurity incidents, pandemics, and other public health crises; imposition of tariffs; sanctions against a particular foreign country, its nationals, businesses, or industries; and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.

**Smaller-Capitalization Stock Risk** — Small- and mid-sized companies are subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss. Smaller companies may have limited markets, product lines, or financial resources and lack management experience and may experience higher failure rates than larger companies.

**14**

------

Victory Integrity Small/Mid-Cap Value Fund Summary

**Foreign Securities Risk** — Foreign securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. Foreign securities could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing contracts. Compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts. Depositary receipts may have additional risks, including creditworthiness of the depositary bank and the risk of an illiquid market. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may negatively affect an investment. Dividends and interest received by the Fund and capital gains recognized by the Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund's return.

**Sector Focus Risk** — To the extent the Fund focuses in one or more sectors, such as the financials and industrials sectors, market or economic factors impacting those sectors could have a significant effect on the value of the Fund's investments and could make the Fund's performance more volatile.

<sup>◼</sup>

**Financials Sector Risk** — Companies in the financials sector are subject to extensive government regulation, which can limit both the amounts and types of loans and other financial commitments that companies in this sector can make, and the interest rates and fees that these companies can charge. Profitability can be largely dependent on the availability and cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate significantly when interest rates change. Financial difficulties of borrowers can negatively affect the financials sector. Insurance companies can be subject to severe price competition. The financials sector can be subject to relatively rapid change as distinctions between financial service segments become increasingly blurred.

<sup>◼</sup>

**Industrials Sector Risk** — Companies in the industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events, and economic conditions also affect the performance of investments in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies. Transportation companies may experience occasional sharp price movements, which may result from changes in the economy, fuel prices, labor agreements, and insurance costs.

**Investment Style Risk** — Different types of investment styles, for example growth or value, tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. As a result, the Fund's performance may at times be worse than the performance of other mutual funds that invest more broadly or that have different investment styles.

**Liquidity Risk** — Lack of a ready market or restrictions on resale may limit the ability of the Fund to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in an investment that is large relative to the typical trading volume for that investment, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Illiquid investments and relatively less-liquid investments may also be difficult to value. Liquidity risk may also refer to the risk that the Fund may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund.

**15**

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Victory Integrity Small/Mid-Cap Value Fund Summary

**Large Shareholder Risk** — Certain large shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund's shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund's distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund's shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.

**Management Risk** — The portfolio managers may not execute the Fund's principal investment strategy effectively.

You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

**Investment Performance**

The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The information presented is for that of the Fund's Member Class shares. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years. The table compares the average annual total returns of the Fund's Member Class shares over the same period to one or more broad measures of market performance. The Russell 3000<sup>®</sup> Index serves as the Fund's regulatory broad-based securities market index. We assume reinvestment of dividends and distributions.

Member Class shares commenced operations on November 3, 2020. As a result, the returns in the bar chart and table that follow show the actual performance of Member Class shares from November 3, 2020, through December 31, 2024. Returns shown for prior periods reflect the returns for the Fund's Class Y shares, which are not offered by this prospectus. The performance for Member Class shares would have been substantially similar to the performance of Class Y shares in prior periods because Member Class shares and Class Y shares invest in the same portfolio and differ only with respect to certain class-specific expenses. The actual returns of Member Class shares would have been lower than those of Class Y shares because Member Class shares have higher overall expenses than Class Y shares. Performance reflects any expense limitations in effect during the periods shown.

The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund's website at vcm.com.

**16**

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Victory Integrity Small/Mid-Cap Value Fund Summary

**Calendar Year Returns for Member Class Shares**

(The annual returns in the bar chart are for the Fund's Class Y shares for all years prior to 2021. Member Class returns are presented for years after 2020.)

![](ismcvmem.jpg)

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| | | |
|:---|:---|:---|
| **During the periods shown in the chart:** | **Returns** | **Quarter ended** |
| Highest Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.64% | March 31, 2021 |
| Lowest Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -15.81% | June 30, 2022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Year-to-date return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.64% | September 30, 2025 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**<br> **(For the Periods Ended December 31, 2024)**<br>| **1 Year** | **5 Years** | **10 Years** |
| MEMBER CLASS Before Taxes | &nbsp;&nbsp; 9.55% | &nbsp;&nbsp; 10.06% | &nbsp;&nbsp; 8.21% |
| MEMBER CLASS After Taxes on Distributions | &nbsp;&nbsp; 6.93% | &nbsp;&nbsp; 8.50% | &nbsp;&nbsp; 7.25% |
| MEMBER CLASS After Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp; 7.40% | &nbsp;&nbsp; 7.80% | &nbsp;&nbsp; 6.54% |
| **Indices** | **Indices** | **Indices** | **Indices** |
| Russell 3000<sup>®</sup> Index<br> reflects no deduction for fees, expenses, or taxes<br>| &nbsp;&nbsp; 23.81% | &nbsp;&nbsp; 13.86% | &nbsp;&nbsp; 12.55% |
| Russell 2500™ Value Index<br> reflects no deduction for fees, expenses or taxes<br>| &nbsp;&nbsp; 10.98% | &nbsp;&nbsp; 8.44% | &nbsp;&nbsp; 7.81% |

---

After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. In certain situations, the return after taxes on distributions and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only one share class. The after-tax returns for other classes will vary.

**17**

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Victory Integrity Small/Mid-Cap Value Fund Summary

**Management of the Fund**

**Investment Adviser**

Victory Capital Management Inc. (the "Adviser") serves as the Fund's investment adviser. The portfolio managers jointly and primarily responsible for day-to-day management of the Fund are members of the Adviser's Integrity Asset Management ("Integrity") investment franchise.

**Portfolio Management** 

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| | | |
|:---|:---|:---|
|  | **Title**  | **Tenure with the Fund**  |
| Daniel G. Bandi, CFA | Chief Investment Officer | Since 2011 |
| Daniel J. DeMonica, CFA  | Senior Portfolio Manager  | Since 2011 |
| Adam I. Friedman | Senior Portfolio Manager | Since 2011 |
| Joe A. Gilbert, CFA | Portfolio Manager  | Since 2011 |
| J. Bryan Tinsley, CFA | Portfolio Manager | Since 2011 |
| Michael P. Wayton | Portfolio Manager  | Since 2018 |

---

**Purchase and Sale of Fund Shares** 

---

| | |
|:---|:---|
| **Investment Minimums** | &nbsp;&nbsp; **Member**<br> **Class**<br>|
| Minimum Initial Investment | &nbsp;&nbsp;&nbsp; $3000 |
| Minimum Subsequent Investments | &nbsp;&nbsp;&nbsp; $50 |

---

You may redeem your shares on any day the Fund is open for business. Redemption requests may be made by telephone (with prior appropriate approval) or by mail.

When you buy and redeem shares, the Fund will price your transaction at the next-determined net asset value ("NAV") after the Fund receives your request in good order, which means that your request contains all the required documentation, and that all documents contain required signatures or signature guarantees from a financial institution.

**Tax Information**

The Fund's distributions may be taxable whether you receive them in cash, additional shares of the Fund, or you reinvest them in shares of another Victory Fund, and may be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Taxes may be imposed on withdrawals from tax-deferred arrangements.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the financial intermediary and its financial advisor to recommend the Fund over another investment. Ask your financial advisor or visit your financial intermediary's website for more information.

**18**

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Additional Fund Information

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&nbsp;&nbsp; Victory Capital Management Inc., which we refer to as the "Adviser" <br> throughout the Prospectus, manages each Fund.<br>

The Victory Integrity Discovery Fund, Victory Integrity Mid-Cap Value Fund, and Victory Integrity Small/Mid-Cap Value Fund (the "Funds") are each managed by the Adviser who also manages other funds, each having distinct investment management objectives, strategies, risks, and policies. Together, these funds are referred to in this Prospectus as the "Victory Funds" or, more simply, the "Funds."

Each Fund's investment objective is non-fundamental. The Victory Integrity Discovery Fund's policy to invest under normal circumstances at least 80% of the Fund's assets in equity securities of micro-capitalization companies, the Victory Integrity Mid-Cap Value Fund's policy to invest under normal circumstances at least 80% of the Fund's assets in equity securities of mid-capitalization companies, and the Victory Integrity Small/Mid-Cap Value Fund's policy to invest under normal circumstances at least 80% of the Fund's assets in equity securities of small- to mid-capitalization companies are non-fundamental. The Board of Trustees (the "Board") may change Fund objectives or policies that are non-fundamental without shareholder approval upon at least 60 days' prior written notice to shareholders. For purposes of a Fund's 80% investment policy, "assets" means the Fund's net assets plus the amount of any borrowings for investment purposes, but exclusive of any collateral held from securities lending.

The following section describes additional information about the principal investment strategy the Funds will use under normal market conditions to pursue their investment objective, as well as any secondary strategies the Funds may use, and the related risks. This Prospectus does not attempt to describe all of the various investment techniques and types of investments that the Adviser may use in managing the Funds. The Statement of Additional Information ("SAI") includes more information about the Funds, their investments, and the related risks.

Under adverse, unstable or abnormal market conditions, a Fund may be unable to pursue or achieve its investment objective and, for temporary purposes, may invest some or all of its assets in a variety of instruments or assets, including high-quality fixed-income securities, cash and cash equivalents. For cash management purposes, each Fund may hold all or a portion of its assets in cash, short-term money market instruments, or shares of other investment companies. These positions may reduce the benefit from any upswing in the market, cause a Fund to fail to meet its investment objective, and increase a Fund's expenses.

When selecting securities for a Fund, the Adviser seeks out companies that appear to be undervalued according to certain financial measurements of their intrinsic net worth or business prospects. The Adviser employs a value-oriented approach that focuses on securities that offer value with improving investor sentiment. The Adviser finds these value-oriented investments by, among other things: (1) rigorously analyzing the company's financial characteristics and assessing the quality of the company's management; (2) considering comparative price-to-book, price-to-sales, and price-to-cash flow ratios; and (3) analyzing cash flows to identify stocks with the most attractive potential returns.

The Adviser regularly reviews each Fund's investments and will sell securities when the Adviser believes the securities are no longer attractive because (1) a deterioration in rank of the security in accordance with the Adviser's process, (2) of price appreciation, (3) of a change in the fundamental outlook of the company or (4) other investments available are considered to be more attractive.

&nbsp;&nbsp; If you would like to receive additional copies of any materials, please call the Victory Funds <br> at 800-235-8396 or please visit VictoryFunds.com.<br>

**19**

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Investments

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**The following describes the types of securities each Fund may purchase under normal market conditions to achieve its principal investment strategy. The Funds will not necessarily buy all of the securities listed below.**

**U.S. Equity Securities**

Can include common stock, preferred stock, and securities that are convertible or exchangeable into common stock of U.S. corporations.

**Foreign Securities**

Can include common stock and convertible preferred stock of non-U.S. companies. Also may include American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs"), which are receipts issued by a bank or trust company and evidence ownership of underlying securities issued by foreign companies, and exchange-traded funds ("ETFs") that invest in foreign companies.

**<u>Additional Fund Strategies.</u> The Adviser may use other types of investment strategies in pursuing each Fund's overall investment objective. The following describes the types of securities or techniques that the Adviser may purchase or investment techniques the Adviser may employ that are not considered to be a part of the Funds' principal investment strategies. Additional securities and techniques are described in the Funds' SAI.**

**Derivatives**

From time to time, the Fund may enter into futures contracts and write covered call options. Derivative instruments are financial contracts whose value is based on an underlying security or asset, a currency exchange rate, an interest rate or a market index. Many types of instruments representing a wide range of potential risks and rewards are derivatives, including futures contracts, options on futures contracts, options, and forward currency exchange contracts. The Fund may, but is not required to, use derivatives for hedging (attempting to reduce risk by offsetting one investment position with another), for cash management (attempting to remain fully invested while maintaining liquidity) or to gain exposure to an investment in a manner other than investing in the asset directly. Hedging may relate to a specific investment, a group of investments, or a Fund's portfolio as a whole. The Fund will not use derivatives for speculative purposes.

**Initial Public Offerings ("IPOs")** 

The Funds may at times have the opportunity to invest in securities offered in IPOs. If a Fund's portfolio manager believes that a particular IPO is very likely to increase in value immediately after the initial offering, it is possible (although it will not necessarily be the case) that the Fund will invest in the IPO, even if the security is one in which the Fund might not typically otherwise invest. It is possible, however, that a Fund will lose money on an investment in an IPO, even in such a case.

**Investment Companies**

Each Fund may invest in securities of other investment companies, including ETFs, if those companies invest in securities consistent with the Fund's investment objective and policies. ETFs are investment companies the shares of which are bought and sold on a securities exchange.

**Securities Lending**

To enhance the return on its portfolio, a Fund may lend portfolio securities to brokers, dealers, and financial institutions to realize additional income under guidelines adopted by the Board. Each loan will be secured continuously by collateral in the form of cash, securities issued by the U.S. government or its agencies or instrumentalities.

**20**

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Risk Factors

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**The following provides additional information about the Funds' principal risks and supplements those risks discussed in each Fund's Summary section of this Prospectus.** 

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| | | | |
|:---|:---|:---|:---|
|  | **Integrity Discovery**  | **Integrity Mid-Cap Value**  | **Integrity Small/Mid-Cap Value** |
| Equity Securities Risk | X | X | X |
| Foreign Securities Risk | X | X | X |
| General Market Risk | X | X | X |
| Investment Style Risk | X | X | X |
| Large Shareholder Risk | X | X | X |
| Liquidity Risk | X | X | X |
| Management Risk | X | X | X |
| Sector Focus Risk | X | X | X |
| Smaller-Company Stock Risk | X | X | X |

---

**Equity Securities Risk** — The market prices of equity securities, which may include common stocks and other stock-related securities such as preferred stocks, convertible securities, and rights and warrants may fluctuate, sometimes rapidly or unpredictably. A Fund may continue to accept new subscriptions and to make additional investments in equity securities even under general market conditions that a Fund's investment team views as unfavorable for equity securities. The value of a security may decline for reasons that directly relate to the issuer, such as management performance, financial leverage, and reduced demand for the issuer's goods or services or due to general market conditions, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment generally. Unlike debt securities, which have preference to a company's assets in case of liquidation, common stock, are entitled to the residual value after the company meets its other obligations. Unlike common stock, preferred stock generally pays a fixed dividend from a company's earnings and may have a preference over common stock on the distribution of a company's assets in the event of bankruptcy or liquidation. Preferred stockholders' liquidation rights are subordinate to the company's debt holders and creditors. If interest rates rise, the fixed dividend on preferred stocks may be less attractive and the price of preferred stocks may decline. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Convertible securities may gain or lose value due to changes in the issuer's operating results, financial condition, credit rating, and changes in interest rates, and other general economic, industry, and market conditions. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer's bankruptcy. Rights and warrants can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of warrants and rights do not necessarily move in tandem with the prices of the underlying securities and therefore are highly volatile and speculative investments.

**Foreign Securities Risk** — Foreign investments involve certain special risks. For example, compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign stock exchanges, brokers, and listed companies. Foreign issuers may not be subject to the uniform accounting, auditing, and financial reporting standards and practices prevalent in the United States. Certain of these risks may also apply to some extent to U.S. investments that are denominated in foreign currencies and to investments in U.S. companies that have significant foreign operations. Investments in depositary receipts (such as American Depositary Receipts and Global Depositary Receipts) may also involve additional risks associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency risk and the risk of an illiquid market for depositary receipts.

<sup>◼</sup>

**Political Risk** — Foreign securities markets may be more volatile than their counterparts in the United States. Investments in foreign countries could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing

**21**

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Risk Factors

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contracts. Foreign settlement procedures may also involve additional risks, and foreign issuers can be impacted by changes to trade policies and trade disputes. These factors can make foreign investments more volatile than U.S. investments.

<sup>◼</sup>

**Currency Risk** — Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment. Adverse changes in exchange rates, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may erode or reverse any gains produced by investments denominated in foreign currencies and may widen any losses.

<sup>◼</sup>

**Legal Risk** — Legal remedies for investors in foreign countries may be more limited than the legal remedies available in the United States.

<sup>◼</sup>

**Tax Risk** — The value of a Fund's foreign investments may also be affected by foreign tax laws, special U.S. tax considerations and restrictions on receiving the investment proceeds from a foreign country. Dividends and interest received by a Fund and capital gains recognized by a Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund's return.

**General Market Risk** — Stock market risk refers to the fact that the prices of equity securities and other exchange traded investments typically fluctuate more than the values of debt and other types of securities, typically in response to changes in the particular company's financial condition and factors affecting the market in general. Over time, the stock market tends to move in cycles, with periods when stock prices rise, and periods when stock prices decline. A slower-growth or recessionary economic environment could have an adverse effect on stock prices. Consequently, a broad-based market drop may also cause a stock's price to fall. Portfolio securities may also decline in value due to factors affecting securities markets generally, such as real or perceived adverse economic, political, or regulatory conditions, inflation, changes in interest or currency rates or adverse investor sentiment, or due to factors affecting particular industries represented in the securities markets, such as competitive conditions. Changes in the financial condition of a single issuer can impact a market as a whole, and adverse market conditions may be prolonged and may not have the same impact on all types of securities. In addition, the markets may not favor a particular kind of security, including equity securities. Values of securities may fall due to factors affecting a particular issuer, industry, or the securities market as a whole.

Market turmoil may be reflected in perceptions of economic uncertainty, price volatility in the equity and debt markets, and fluctuating trading liquidity. In response, governments may adopt a variety of fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs, and changes in interest rates. These policies may not be successful and any unexpected or quick reversal of these policies could increase volatility in the equity and debt markets. Market conditions and economic risks could have a significant effect on domestic and international economies and could add significantly to the risks of increased volatility and decreased liquidity for a Fund's portfolio.

<sup>◼</sup>

**Geopolitical/Natural Disaster Risk** — Global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely affect issuers in another country or region. Geopolitical and other risks, including war, economic sanctions, currency controls or other actions by countries or international bodies, terrorism, trade disputes, embargoes, political or economic dysfunction within some nations, public health crises and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, may add to instability in world economies and markets generally. Changes in trade policies and international trade agreements could affect the economies of many countries in unpredictable ways. Epidemics and/or pandemics, such as

**22**

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Risk Factors

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COVID-19, may result in, among other things, closing borders, disruptions to health care service preparation and delivery, quarantines, cancellations, disruptions to supply chains and consumer activity, as well as general concern and uncertainty. The impact may last for extended periods.

<sup>◼</sup>

**Information Technology and Operational Risk** — Markets and market participants are increasingly reliant upon both publicly available and proprietary information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access, and similar circumstances may impair the performance of these systems and may have an adverse impact upon a single issuer, a group of issuers, or the market at large. The information technology and other operational systems upon which a Fund's service providers rely may be subject to cyber-attack or other technological disruptions, and could otherwise disrupt the ability of these service providers to perform essential tasks for a Fund. In certain cases, an exchange or market may close or issue trading halts on either specific securities or even the entire market, which may result in a Fund being, among other things, unable to buy or sell certain securities or financial instruments or accurately price its investments.

**Investment Style Risk** — Different types of investment styles, for example growth or value, tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. "Value" investments, as a category, or entire industries or sectors associated with such investments, may lose favor with investors as compared to those that are more "growth" oriented. As a result, a Fund's performance may at times be worse than the performance of other mutual funds that invest more broadly or that have different investment styles.

**Large Shareholder Risk** — The Funds, like all investment companies, pool the investments of many investors. Actions by one shareholder or multiple shareholders may have an impact on the Funds and, therefore, indirectly on other shareholders. For example, significant levels of new investments in the Funds by shareholders may cause the Funds to have more cash than would otherwise be the case, which might have a positive or negative impact on Fund performance. Similarly, redemption activity might cause the Funds to sell portfolio securities, which may increase transaction costs and might generate a capital gain or loss, or cause it to borrow funds on a short-term basis to cover redemptions, which would cause the Funds to incur costs that, in effect, would be borne by all shareholders and not just the redeeming shareholders. Shareholder purchase and redemption activity also may affect the per share amount of the Funds' distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Funds' shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Funds to make taxable distributions to its shareholders earlier than the Funds otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Funds, the Funds may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Funds.

**Liquidity Risk** — Liquidity risk exists when particular investments cannot be disposed of quickly in the normal course of business. Market values for illiquid investments may not be readily available, and there can be no assurance that any fair value assigned to an illiquid investment at any time will accurately reflect the price a Fund might receive upon the sale of that investment. The ability of a Fund to dispose of illiquid investments or other instruments at advantageous prices may be greatly limited, and the Fund may have to continue to hold such investments or instruments during periods when the Adviser would otherwise have sold them (in order, for example, to meet redemption requests or to take advantage of other investment opportunities). Adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer, including rising interest rates, may adversely affect the liquidity of a Fund's investments. Some securities held by a Fund may be restricted as to resale, and there is often no ready market for such securities. In

**23**

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Risk Factors

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addition, a Fund, by itself or together with other accounts managed by the Adviser, may hold a position in an investment that is large relative to the typical trading volume for that holding, which can make it difficult for a Fund to dispose of the position at an advantageous time or price. It may also be the case that other market participants may be attempting to liquidate a position at the same time as a Fund is attempting to liquidate the same investment, causing increased supply in the market, and contributing to liquidity risk and downward pricing pressure. In such cases the sale proceeds received by a Fund may be substantially less than if a Fund had been able to sell the securities in more-orderly transactions, and the sale price may be substantially lower than the price previously used by the Fund to value the securities for purposes of determining a Fund's net asset value.

**Management Risk** — The investment process used by the investment team may produce incorrect judgments about the value of a particular asset or the team may implement its investment strategy in a way that may not produce the desired results.

**Sector Focus Risk** — To the extent a Fund focuses in one or more sectors, market or economic factors impacting those sectors could have a significant effect on the value of the Fund's investments. Additionally, a Fund's performance may be more volatile when the Fund's investments are focused in a particular sector.

<sup>◼</sup>

**Financials Sector Risk** — Companies in the financials sector are subject to extensive governmental regulation, which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business, or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.

<sup>◼</sup>

**Industrials Sector Risk** — Stock prices of issuers in the industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events and economic conditions will also affect the performance of investments in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies because companies involved in this industry rely to a significant extent on U.S. and other government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by government defense spending policies, which typically are under pressure from efforts to control government spending budgets. Transportation companies, another component of the industrials sector, are subject to cyclical performance and, therefore, investment in such companies may experience occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements, and insurance costs.

**24**

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Risk Factors

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**Smaller-Capitalization Stock Risk** — Small- or mid-sized companies often have more limited managerial and financial resources than larger, more established companies and, therefore, may be more susceptible to market downturns or changing economic conditions. In addition, such companies may have been recently organized and have little or no track record of success. Also, the Adviser may not have had an opportunity to evaluate such newer companies' performance in adverse or fluctuating market conditions. The securities of smaller-sized companies may trade less frequently and in smaller volume than more widely held securities. Prices of small- or mid-sized companies tend to be more volatile than those of larger companies and small- or mid-sized issuers may be subject to greater degrees of changes in their earnings and prospects. Since smaller-company stocks typically have narrower markets and are traded in lower volumes than larger-company stocks, they may be often more difficult to purchase and sell.

**<u>Additional Risk Factors.</u>** The Adviser may use several types of investment strategies in pursuing each Fund's overall investment objective. The following risks are those that the Adviser does not consider to be principal risks of the Funds. Additional risks are included in the Funds' SAI.

**Derivatives Risk** — Derivatives, such as forward currency contracts, futures contracts and options on futures contracts, are subject to the risk that small price movements can result in substantial gains or losses. Derivatives also entail exposure to counterparty risk, the risk of mispricing or improper valuation and the risk that changes in value of the derivative may not correlate perfectly with the relevant securities, assets, or indices. The use of derivatives may cause the Fund to incur losses greater than those that would have occurred had derivatives not been used.

**IPO Risk** — Investments in IPOs may result in increased transaction costs and expenses and the realization of short-term capital gains and distributions. In addition, in the period immediately following an IPO, investments may be subject to more extreme price volatility than that of other equity investments. A Fund may lose all or part of its investment if the companies making their IPOs fail and their product lines fail to achieve an adequate level of market recognition or acceptance. IPOs may not be available to a Fund at all times, and a Fund may not always invest in IPOs offered to it. Investments in IPOs may have a substantial beneficial effect on a Fund's investment performance. A Fund's investment return earned during a period of substantial investment in IPOs may not be sustained during other periods when the Fund makes more limited, or no, investments in IPOs.

**Investment Company Risk** — A Fund's ability to achieve its investment objective may be directly related to the ability of other investment companies (including ETFs) held by the Fund to meet their investment objectives. In addition, shareholders of the Fund will indirectly bear the fees and expenses of the underlying investment companies. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities.

**Securities Lending Risk** — The risk in lending portfolio securities, as with other extensions of credit, consists of the possibility of loss to a Fund due to (1) the inability of the borrower to return the securities, (2) a delay in receiving additional collateral to adequately cover any fluctuations in the value of securities on loan, (3) a delay in recovery of the securities, or (4) the loss of rights in the collateral should the borrower fail financially. These events could trigger adverse tax consequences for a Fund. In addition, a Fund is responsible for any loss that might result from its investment of the borrower's collateral. In determining whether to lend securities, the Adviser or a Fund's securities lending agent will consider relevant facts and circumstances, including the creditworthiness of the borrower.

&nbsp;&nbsp; An investment in a<br> Fund is not a complete<br> investment program.<br>

**25**

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Organization and Management of the Funds

------

The Funds' Board has the overall responsibility for overseeing the management of each Fund.

**The Investment Adviser**

The Adviser serves as the investment adviser to each of the Victory Funds pursuant to an investment advisory agreement and oversees the operations of the Funds according to investment policies and procedures adopted by the Board. The Adviser is a New York corporation that is registered as an investment adviser with the Securities and Exchange Commission ("SEC"). As of September 30, 2025, the Adviser managed and advised assets totaling in excess of $310.6 billion for individual and institutional clients. The Adviser's principal address is 15935 La Cantera Parkway, San Antonio, TX 78256.

A discussion regarding the basis of the Board's approval of the Funds' Advisory Agreement is available in the Funds' most recent Form N-CSRS filing for the period ended December 31, 2024.

The Adviser is a diversified global asset manager comprised of multiple investment teams, referred to as investment franchises, each of which employs an independent approach to investing. Integrity Asset Management ("Integrity") is the investment franchise responsible for the management of the Funds.

Advisory fees to be paid annually, before waivers, will be equal to the following:

---

| | |
|:---|:---|
| **Fund**  | **Advisory Fee**  |
| Victory Integrity Discovery Fund  | &nbsp;&nbsp; 1.00%  |
| Victory Integrity Mid-Cap Value Fund | &nbsp;&nbsp; 0.75%  |
| Victory Integrity Small/Mid-Cap Value Fund | &nbsp;&nbsp; 0.80% |

---

See "Fund Fees and Expenses" for information about any contractual agreement by the Adviser to waive fees and/or reimburse expenses with respect to a Fund. From time to time, the Adviser also may voluntarily waive fees and/or reimburse expenses in amounts exceeding those required to be waived or reimbursed under any contractual agreement that may be in place with respect to a Fund.

**Portfolio Management**

**Daniel G. Bandi** is the Chief Investment Officer of Integrity and has been with the Adviser since 2014 when the Adviser acquired Integrity Asset Management, LLC. From 2003-2014, Mr. Bandi was the Chief Investment Officer and a Principal of Integrity Asset Management, LLC. He has been a member of the portfolio management teams of the **Victory Integrity Mid-Cap Value Fund and Victory Integrity Small/Mid-Cap Value Fund** since their inceptions. Mr. Bandi is a CFA charterholder.

**Sean Burke** is a Portfolio Manager of Integrity and has been with the Adviser since 2014. Prior to that, Mr. Burke was an Equity Analyst with Integrity Asset Management, LLC from 2011-2014 and held other positions with Integrity from 2006-2011. He has been a member of the portfolio management team of the **Victory Integrity Discovery Fund** since 2015.

**Daniel J. DeMonica** is a Senior Portfolio Manager of Integrity and has been with the Adviser since 2014. From 2003-2014, Mr. DeMonica was a Senior Portfolio Manager and a Principal of Integrity Asset Management LLC. He has been a Co-Lead Portfolio Manager of the **Victory Integrity Discovery Fund** since 2011 and a member of the portfolio management teams of the **Victory Integrity Mid-Cap Value Fund and Victory Integrity Small/ Mid-Cap Value Fund** since their inception. Mr. DeMonica is a CFA charterholder.

**26**

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Organization and Management of the Funds

------

**Adam I. Friedman** is a Senior Portfolio Manager of Integrity and has been with the Adviser since 2014. From 2003-2014, Mr. Friedman was a Senior Portfolio Manager and a Principal of Integrity Asset Management, LLC. He has been a member of the portfolio management teams of the **Victory Integrity Mid-Cap Value Fund and Victory Integrity Small/ Mid-Cap Value Fund** since their inceptions.

**Joe A. Gilbert** is a Portfolio Manager of Integrity and has been with the Adviser since 2014. From 2003-2014, Mr. Gilbert was a Portfolio Manager of Integrity Asset Management, LLC. He has been a member of the portfolio management teams of the **Victory Integrity Mid-Cap Value Fund and Victory Integrity Small/Mid-Cap Value Fund** since their inceptions. Mr. Gilbert is a CFA charterholder.

**Mirsat Nikovic** is a Portfolio Manager of Integrity and has been with the Adviser since 2014. From 2007-2014, Mr. Nikovic was a Portfolio Manager of Integrity Asset Management, LLC. He has been a Co-Lead Portfolio Manager of the **Victory Integrity Discovery Fund** since 2013.

**J. Bryan Tinsley** is a Portfolio Manager of Integrity and has been with the Adviser since 2014. From 2003-2014, Mr. Tinsley was a Portfolio Manager of Integrity Asset Management, LLC. He has been a member of the portfolio management teams of the **Victory Integrity Mid-Cap Value Fund and Victory Integrity Small/Mid-Cap Value Fund** since their inceptions. Mr. Tinsley is a CFA charterholder.

**Michael P. Wayton** is a Portfolio Manager of Integrity and has been with the Adviser since 2014. From 2013-2014, Mr. Wayton was a Portfolio Manager of Integrity Asset Management, LLC. He has been a member of the portfolio management teams of the **Victory Integrity Discovery Fund, Victory Integrity Mid-Cap Value Fund, and Victory Integrity Small/Mid-Cap Value Fund** since November 2018.

*The Funds' SAI provides additional information about the portfolio managers' method of compensation, other accounts they manage, and any ownership interests they may have in the Funds.*

**27**

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Investing with the Victory Funds

------

All you need to do to get started is to fill out an application.<br>

If you are looking for a convenient way to open an account or to add money to an existing account, we can help. The sections that follow will serve as a guide to your investments with the Victory Funds. The following sections describe how to open an account, how to access information about your account, and how to buy, exchange, and sell shares of a Victory Fund.

Only Member Class shares are offered in this Prospectus. Member Class shares are available for purchase only by eligible shareholders. The Funds offer other share classes in different prospectuses.

We want to make it simple for you to do business with us. If you have questions about any of this information, please call your Investment Professional or one of our customer service representatives at 800-235-8396. They will be happy to assist you.

&nbsp;&nbsp; An Investment Professional is an investment consultant, salesperson, financial planner, <br> investment adviser, or trust officer who provides you with investment information. <br> Your Investment Professional also can help you decide which share class is best for you. <br> Investment Professionals and other intermediaries may charge fees for their services.<br>

**28**

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Share Price

------

&nbsp;&nbsp; The daily NAV is useful to you as a shareholder because the NAV, <br> multiplied by the number of Fund shares you own, gives you the value of your investment.<br>

Each Victory Fund calculates its share price, called its net asset value ("NAV"), each business day as of the close of regular trading on the New York Stock Exchange, Inc. ("NYSE"), which is normally 4:00 p.m. Eastern Time. The NAV takes into account the expenses and fees of a Fund, including management, administration, and distribution fees (if any), which are accrued daily. In the event of an emergency or other disruption in trading on the NYSE, a Fund's share price will be determined based upon the close of the NYSE. You may buy, exchange, and sell your shares on any business day at a price that is based on the NAV that is next calculated after you place your order. A business day is a day on which the NYSE is open. The NYSE is closed on weekends, most national holidays, and Good Friday. Undistributed income and gain will be reflected in the Fund's NAV and, correspondingly, distributions of the Fund's income and gain will reduce the Fund's NAV. Undistributed income and gain, like all Fund assets, can fluctuate in value over time. Please see "Distributions and Taxes" for more information about the Fund's distribution policies, including the general frequency of distributions.

To the extent a Fund's investments include securities that are traded primarily in foreign markets, the value of those securities may change on days when shareholders are unable to purchase and redeem a Fund's shares, such as on weekends or other days when the Fund does not price its shares.

Each Fund prices its investments based on market value when market quotations are readily available. When these quotations are not readily available, the Adviser will price a Fund's investments at fair value in accordance with applicable regulatory requirements. A security will be fair valued when:

◼

Trading in the security has been halted;

◼

The market quotation for the security is clearly erroneous due to a clerical error;

◼

The security's liquidity decreases such that, in the Adviser's opinion, the market quotation has become stale; or

◼

An event occurs after the close of the trading market (but before the Fund's NAV is calculated) that, in the Adviser's opinion, materially affects the value of the security.

The use of fair value pricing may minimize arbitrage opportunities that attempt to exploit the differences between a security's market quotation and its fair value. The use of fair value pricing may not, however, always reflect a security's actual market value in light of subsequent relevant information, and the security's opening price on the next trading day may be different from the fair value price assigned to the security.

Each Victory Fund calculates the NAV of each share class by adding up the total value of the investments and other assets of that class, subtracting its liabilities, and then dividing that figure by the number of outstanding shares of the class.

---

| | |
|:---|:---|
| NAV= | Total Assets - Liabilities |
| NAV= | Number of Shares Outstanding |

---

A Fund's NAV is available by calling 800-235-8396 or by visiting the Funds' website at vcm.com.

**29**

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Investing in Member Class Shares

------

This Prospectus offers Member Class shares of the Funds. The Funds offer other classes of shares in a separate prospectus.

When you purchase shares of a Fund, you must choose a share class. Each share class represents an interest in the same portfolio of securities, but the classes differ in the sales charges, if any, and expenses that apply to your investment, allowing you and your Investment Professional to choose the class that best suits your investment needs. Not all Victory Funds offer all classes of shares, and some classes of shares are available for purchase only by eligible shareholders. The Victory Funds may offer additional classes of shares in the future.

The Funds reserve the right to change the eligibility criteria for purchasing a particular share class. The Funds may also waive any applicable eligibility criteria or investment minimums at its discretion.

Any Fund or share class may be closed at any time for failure to achieve an economical level of assets or for other reasons.

**MEMBER CLASS SHARES**

◼

No front-end sales charge or contingent deferred sales charge ("CDSC"). All your money goes to work for you right away.

◼

Member Class shares are only available to certain investors.

◼

Member Class shares do not pay any ongoing distribution and/or service (12b-1) fees.

**Eligibility Requirements to Purchase Member Class Shares**

Member Class shares may only be purchased by shareholders investing directly with the Fund who have a Victory Investor Number or directly in certain products sponsored by the Adviser or its affiliates, or if pursuant to an agreement.

**Eligibility of Individuals Associated with the Victory Funds and Fund Service Providers**

Current and retired Victory Fund trustees and the officers, directors, trustees, employees, and family members of employees of the Adviser or Affiliated Providers are eligible to purchase the lowest expense share class offered by a Fund. "Affiliated Providers" are affiliates of the Adviser and organizations that provide services to the Trust.

**30**

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Information About Fees

------

Member Class shares are primarily intended for purchase directly from the Victory Funds. In the event you purchase the Fund or hold your shares through an Investment Professional, a broker-dealer, or other financial intermediary, the Fund may pay for sub-transfer agent, recordkeeping and/or similar administrative services. In addition, the Adviser (and its affiliates) may make substantial payments out of its own resources, including the profits from the advisory fees the Adviser receives from the Funds, to affiliated and unaffiliated dealers or other Investment Professionals and service providers for distribution, administrative and/or shareholder servicing activities. The Adviser also may reimburse the Distributor (or the Distributor's affiliates) for making these payments. Some of these distribution-related payments may be made to dealers or other Investment Professionals for marketing, promotional or related expenses; these payments are often referred to as "revenue sharing."

In some circumstances, these types of payments may create an incentive for a dealer or Investment Professional or its representatives to recommend or offer shares of the Victory Funds to its customers. You should ask your dealer or Investment Professional for more details about any such payments it receives.

**31**

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How to Buy Shares

------

**Opening an Account**

If you would like to open an account, you will first need to complete an Account Application.

You can obtain an Account Application by calling Victory Funds Customer Service at 800-235-8396. You can also download an Account Application by visiting the Victory Funds' website, VictoryFunds.com, and clicking on the Victory Funds Account Application link. Send the completed Account Application, along with a check made payable to the Victory Funds, at the following address:

**Victory Funds**

P.O. Box 182903

Columbus, OH 43218-2903

You can also obtain an Account Application by contacting your Investment Professional. When you invest through an Investment Professional, the procedures for buying, selling, and exchanging shares and the account features and policies may differ. In addition to any limitations described in this Prospectus, an Investment Professional or other intermediary may also place other limits on your ability to use the services of a Fund. Sometimes an Investment Professional will charge you for its services. This fee will be in addition to, and unrelated to, the fees and expenses charged by the Funds.

Mutual funds must obtain and verify information that identifies investors opening new accounts. If the Funds are unable to collect the required information, you may not be able to open your account. Additional details about the Funds' Customer Identification Program are available in the section "Important Fund Policies."

The Fund generally is available for purchase in the United States, Puerto Rico, Guam, American Samoa and the U.S. Virgin Islands. Except to the extent otherwise permitted by the Fund's Distributor, the Fund will only accept accounts from U.S. citizens with a U.S. address (including an APO or FPO address) or resident aliens with a U.S. address (including an APO or FPO address) and a U.S. taxpayer identification number.

If you participate in a retirement plan that offers one of the Victory Funds as an option, please consult your employer for information on how to purchase shares of the Victory Funds through the plan, including any restrictions or limitations that may apply.

**Paying for Your Initial Purchase**

If you wish to make an investment directly into the Victory Funds, make your check payable to the "Victory Funds." All checks must be drawn on U.S. banks. If your check is returned as uncollectible for any reason, you will be charged for any resulting fees and/or losses. If unclear or no instructions are provided with your check as to which fund the purchase was intended, we will make every effort to contact you to receive proper instructions. However, if we are unable to reach you within three business days of receipt of your check, we will deposit the funds in an existing or new Victory Treasury Money Market Trust account matching your existing registration. If we cannot locate an existing account matching your registration, the check will be returned within three business days. The Fund does not accept cash, money orders, traveler's checks, credit card convenience checks, or third-party checks. Additionally, bank starter checks are not accepted for the shareholder's initial investment into the Funds. All payments must be denominated in U.S. dollars.

**Minimum Investments**

If you would like to buy Member Class shares, you must first be an Eligible Investor, as discussed in the section *Investing in Member Class Shares — Eligibility Requirements to Purchase*. There is a $3,000 minimum investment amount required for Member Class shares beyond those set forth in the *Eligibility Requirements to Purchase*.

**32**

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How to Buy Shares

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If your account falls below the minimum investment amount, we may ask you to reestablish the minimum investment. If you do not do so within 60 days, we may close your account and send you the value of your account.

The minimum investment required to open an account may be waived or lowered for employees and immediate family members of the employees, of the Adviser, the Administrator, and their affiliates. In addition, the minimum investment required may be waived when a Fund is purchased through an Advisory Program, within qualified retirement plans or in other similar circumstances. Although the Funds may sometimes waive the minimum investment, when they do so, they always reserve the right to reject initial investments under the minimum at their discretion.

There is no minimum investment required to open an account or for additional investments in Victory Simple IRAs.

A Fund reserves the right to change the criteria for eligible investors and the investment minimums.

**Purchasing Additional Shares**

Once you have an existing account, you can make additional investments at any time in any amount (subject to any minimums) in the following ways:

◼

**By Mail**

To ensure that your additional investment is properly credited to your account, use the Investment Stub attached to your confirmation statement and send it with your check to the address indicated.

◼

**By Telephone**

If you have an existing account that has been set up to receive electronic transfers, you can buy additional shares by calling Victory Funds Customer Service at 800-235-8396 between 8:00 a.m. and 6:00 p.m. (Eastern Time), Monday through Friday.

◼

**By Exchange**

You may purchase shares of a Fund using the proceeds from the simultaneous redemption of shares of another Victory Fund if it is eligible for an exchange with your Fund. You may initiate an exchange online (if you are a registered user of VictoryFunds.com), by telephone, or by mail. See the section "Exchanging Shares."

◼

**Via the Internet**

If you are a registered user, you may request a purchase of shares through our website at VictoryFunds.com. Your account must be set up for Automated Clearing House ("ACH") payment in order to execute online purchases.

◼

**By ACH**

Your account must be set up for ACH payment in order to execute purchases online or by telephone. It takes about 15 days to set up an ACH account and only domestic member banks may be used. After your account is set up, your purchase amount can be transferred by ACH. Currently, the Funds do not charge a fee for ACH transfers but they reserve the right to charge for this service in the future. Your originating bank may charge a fee for ACH transfers.

◼

**By Wire**

You may buy Fund shares by bank wire transfer of same day funds. Please call Victory Funds Customer Service at 800-235-8396 between 8:00 a.m. and 6:00 p.m. (Eastern Time), Monday through Friday for wiring instructions. Any commercial bank can transfer same-day funds by wire.

**33**

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How to Buy Shares

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Although the transfer agent does not currently charge you for receiving same-day funds, it reserves the right to charge for this service in the future. Your bank may charge you for wiring same-day funds. You cannot buy shares for tax-qualified retirement plans by wire transfer.

◼

**By Systematic Investment Plan**

To enroll in the Systematic Investment Plan, you should check this box on the Account Application or on the Account Maintenance Form. We will need your bank information and the amount ($50 or more) and frequency of your investment. You can select monthly, quarterly, semi annual, or annual investments. You should attach a voided personal check so the proper information can be obtained. You must first meet the minimum investment requirement before we will make automatic withdrawals from your bank account and invest it in shares of a Fund.

**Other Purchase Rules You Should Know**

The Funds reserve the right to refuse a purchase order for any reason, including if they believe that doing so would be in the best interest of a Fund or its shareholders. The Funds also reserve the right, without notice, to increase or decrease the minimum amount required to open, convert shares to, or maintain a Fund account, or to add to an existing Fund account.

Keep these addresses handy for purchases, exchanges, or redemptions.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **BY REGULAR U.S. MAIL** | &nbsp;&nbsp;&nbsp; Victory Funds <br> P.O. Box 182903 <br> Columbus, OH 43218-2903<br>|
| **BY OVERNIGHT MAIL** | &nbsp;&nbsp;&nbsp; Use the following address ONLY for overnight packages:<br> Victory Funds<br> c/o FIS TA Operations<br> 4249 Easton Way, Suite 400<br> Columbus, OH 43219<br> PHONE: 800-235-8396<br>|
| **BY WIRE** | &nbsp;&nbsp;&nbsp; Call 800-235-8396 BEFORE wiring money to notify the Fund that you intend <br> to purchase shares by wire and to verify wire instructions.<br>|
| **BY TELEPHONE** | 800-235-8396 |
| **ON THE INTERNET** | VictoryFunds.com |

---

**34**

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How to Exchange Shares

------

&nbsp;&nbsp; There may be limits on the ability to exchange between certain Victory Funds. <br> You can obtain a list of Victory Funds available for exchange by calling <br> 800-235-8396 or by visiting VictoryFunds.com<br>

The shares of any class of a Fund may be exchanged for the shares of any other class offered by the Fund or the same class of any other class of any Victory Fund, either through your Investment Professional or directly through the Fund, subject to the conditions described below:

◼

Exchanges are subject to any CDSC, minimum investment limitation, or eligibility requirements described in the applicable Prospectus and SAI. You may be required to provide sufficient information to establish eligibility to exchange into a new share class.

◼

To exchange with another Victory Fund, the other Victory Fund must be eligible for exchange with your Fund.

◼

Shares of the Victory Fund selected for exchange must be available for sale in your state of residence.

If you have questions about these, or any of the Funds' other exchange policies, please consult Victory Customer Service or your Investment Professional before requesting an exchange.

Before exchanging, you should read the Prospectus of the other Victory Fund you wish to exchange into, which may be subject to different risks, fees, and expenses.

**Processing Your Voluntary Exchange/Conversion**

If your exchange or conversion request is received and accepted by the Funds, an Investment Professional or other intermediary by the close of trading as described in the section titled, "Share Price," then your request will be processed the same day. If received after the close of trading, your request will be processed on the next business day. Please contact your financial intermediary regarding the tax consequences of any exchange or conversion.

Exchanges will occur at the respective NAVs of the Funds' share classes involved in the exchange next calculated after receipt and acceptance of your exchange request in good order, plus any applicable sales charge described in the Prospectus. Share class conversions will be based on the respective NAV of each class as of the trade date of the conversion. Consequently, you may receive fewer shares or more shares than originally owned, depending on that day's NAVs.

**Requesting an Exchange**

You can exchange shares of the Funds by telephone, by mail, or via the Internet. You cannot exchange into an account with a different registration or tax identification number.

◼

**By Telephone**

Unless you indicate otherwise on the account application, Victory Customer Service will be authorized to accept exchange instructions received by telephone.

◼

**By Mail**

Send a letter of instruction signed by all registered owners or their legal representatives to the Victory Funds.

◼

**Via the Internet**

You may also exchange shares via the Internet at VictoryFunds.com if you are a registered user.

**35**

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How to Exchange Shares

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**Other Exchange Rules You Should Know**

The Funds may refuse any exchange purchase request if the Adviser determines that the request is associated with a market timing strategy. The Funds may terminate or modify the exchange privilege at any time upon 60 days' notice to shareholders.

An exchange of Fund shares for shares of another Victory Fund constitutes a sale for tax purposes unless the exchange is made within an IRA or other tax-deferred account.

For information on how to exchange shares of a Fund that were purchased through your employer's retirement plan, including any restrictions and charges that the plan may impose, please consult your employer.

**36**

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How to Sell Shares

------

There are a number of convenient ways to sell your shares.<br>

If your redemption request is received in good order by the close of trading on the NYSE, your redemption will be processed the same day. Your redemption will not be processed until the next business day if it is received after the close of trading on the NYSE. You cannot redeem your shares at VictoryFunds.com.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BY TELEPHONE**<br>

The easiest way to redeem shares is by calling 800-235-8396. When you fill out your original application, be sure to check the box marked "Telephone Authorization." You have the following options for receiving your redemption proceeds:

◼

Mail a check to the address of record;

◼

Wire funds to a previously designated domestic financial institution;

◼

Mail a check to a previously designated alternate address; or

◼

Electronically transfer your redemption via ACH to a previously designated domestic financial institution.

Victory Funds' transfer agent records all telephone calls for your protection and takes measures to verify the identity of the caller. If the transfer agent properly acts on telephone instructions and follows reasonable procedures to ensure against unauthorized transactions, none of the Trust, its servicing agents, the Adviser, or the transfer agent will be responsible for any losses. If the transfer agent does not follow these procedures, it may be liable to you for losses resulting from unauthorized instructions.

If there is an unusual amount of market activity and you cannot reach the transfer agent or your Investment Professional by telephone, consider placing your order by mail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BY MAIL**<br>

Use the regular U.S. mail or overnight mail address to redeem shares. You can use the same mailing addresses listed for purchases. Send us a letter of instruction indicating your Fund account number, amount of redemption, and where to send the proceeds. A Medallion signature guarantee is required for the following redemption requests:

◼

Your account registration has changed within the last 15 business days;

◼

The check is not being mailed to the address on your account;

◼

The check is not being made payable to the owner of the account;

◼

The redemption proceeds are being transferred to another Victory Fund account with a different registration; or

◼

The check or wire is being sent to a different bank account than was previously designated.

You can get a Medallion signature guarantee from a financial institution — such as a commercial bank, broker-dealer, credit union, clearing agency, or savings bank — that is a member of a Medallion signature guarantee program.

**BY WIRE**<br>

If you want to receive your proceeds by wire, you must establish a Fund account that will accommodate wire transactions. If you call before the close of trading on the NYSE, your funds will be wired on the next business day.

**BY ACH**<br>

You may transfer your proceeds by ACH to a domestic bank. Normally, your redemption will be processed on the same day if your request is received before the close of trading on the NYSE. If your request is received after the close of trading it will be processed on the next business day.

**37**

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How to Sell Shares

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**Systematic Withdrawal Plan**

If you own shares in a single investment account (accounts in different Victory Funds offering Member Class shares cannot be aggregated for this purpose), you may request that enough shares to produce a fixed amount of money be liquidated from the account monthly, quarterly, or annually. The amount of each withdrawal must be at least $50. Using the electronic funds transfer service, you may choose to have withdrawals electronically deposited at your bank or other financial institution. You also may elect to have such withdrawals invested in another Victory Fund offering Member Class shares. You should be aware that each withdrawal may be a taxable transaction. Also, each withdrawal reduces your account balance, and eventually your account balance may be depleted. However, you cannot automatically close your account using the Systematic Withdrawal Plan. If your balance falls below the initial purchase minimum, we may ask you to bring the account back to the minimum balance. If you decide not to increase your account to the minimum balance, your account may be closed and the proceeds mailed to you.

**Additional Information About Redemptions**

◼

Redemption proceeds from the sale of Fund shares purchased by a check or through ACH will be held until the purchase check or ACH has cleared, which will take up to 10 business days.

◼

We typically expect to send the proceeds from your share redemption within one business day after we execute your order, but we may take up to seven business days to send redemption proceeds, regardless of payment type. When you sell shares through your financial intermediary, you can ask the intermediary to tell you when you can expect to receive the proceeds of your redemption.

◼

A Fund may suspend your right to redeem your shares in the following circumstances:

<sup>◼</sup>

During non-routine closings of the NYSE;

<sup>◼</sup>

When the SEC determines either that trading on the NYSE is restricted or that an emergency prevents the sale or valuation of the Fund's securities; or

<sup>◼</sup>

When the SEC orders a suspension to protect the Fund's shareholders.

◼

A Fund typically uses cash and cash equivalents held in its portfolio or sells portfolio assets to meet redemption requests. In unusual circumstances or under stressed market conditions, the Fund may use other methods to raise cash to meet redemption requests. For example, the Fund may draw funds from a line of credit or borrow available cash held by other Victory Funds under an "interfund lending program" in reliance on an exemptive order from the SEC.

◼

A Fund will pay redemptions by any one shareholder during any 90-day period in cash up to the lesser of $250,000 or 1.00% of the Fund's net assets. The Funds reserve the right to pay the remaining portion "in kind," that is, in portfolio securities rather than cash. Securities received pursuant to an in-kind redemption are subject to market risk until sold and may be subject to brokerage and other fees.

◼

If you choose to have your redemption proceeds mailed to you and either the U.S. Postal Service is unable to deliver the redemption check to you or the check remains outstanding for more than six months, the Funds reserve the right to reinvest the check in shares of the Fund at its then current NAV until you give the Fund different instructions. No interest will accrue on amounts represented by uncashed redemption checks.

**38**

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Distributions and Taxes

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&nbsp;&nbsp; **Buying a dividend.** You should check the Funds' distribution schedule before you invest. <br> If you purchase shares when a Fund has undistributed income and gain, you will be <br> "buying a dividend" by paying a higher purchase price per share reflecting the <br> undistributed income and gain and then receiving a portion of the purchase price back <br> in the form of a taxable dividend unless you are investing through a tax-deferred account.<br>

Each Fund ordinarily declares and pays dividends from net investment income, if any, annually, and net realized capital gains, if any, annually. Each Fund may make additional distributions, if necessary, to comply with U.S. federal tax requirements and avoid U.S. federal income or excise tax.

Each class of shares declares and pays dividends separately.

Distributions can be received in one of the following ways. Please check with your Investment Professional if you are unsure of which option is right for you.

&nbsp;&nbsp; Your choice of distribution should be set up on the original Account Application. <br> If you would like to change the option you selected, please call 800-235-8396.<br>

**Reinvestment Option**

You can have distributions automatically reinvested in additional shares of your Fund. If you do not indicate another choice on your Account Application, you will be assigned this option automatically.

**Cash Option**

If you elect to receive your distributions by check, and the distribution amount is $25 or less, the amount will automatically be reinvested in the same Fund. Otherwise, a check will be mailed to you no later than seven days after the dividend payment date. If you choose to have your distribution proceeds mailed to you and either the U.S. Postal Service is unable to deliver the distribution check to you or the check remains outstanding for at least six months, the distribution option on your account will default to the reinvestment option as described above. Each Fund reserves the right to reinvest the check in shares of the Fund at its then current NAV until you give the Fund different instructions. No interest will accrue on amounts represented by uncashed distribution checks.

**Income Earned Option**

You can automatically reinvest your dividends in additional Fund shares and have your capital gains paid in cash, or reinvest capital gains and have your dividends paid in cash.

**Directed Distributions Option**

In most cases, you can automatically reinvest distributions in shares of another Victory Fund. If you reinvest your distributions in a different Victory Fund, you may pay a sales charge on the amount of reinvested distributions.

**Directed Bank Account Option**

In most cases, you can automatically transfer distributions to your bank checking or savings account. Under normal circumstances, the transfer agent will transfer your distributions within seven days of the dividend payment date. The bank account must have a registration identical to that of your Fund account.

**39**

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Distributions and Taxes

------

**Important Information About Taxes** 

&nbsp;&nbsp; The tax information in this Prospectus is provided as general information. You <br> should review the more detailed discussion of federal income tax considerations <br> in the SAI and consult your tax adviser regarding the federal, state, local, or <br> foreign tax consequences resulting from your investment in a Fund.<br>

Each Fund generally expects to pay no federal income tax on the earnings and capital gains it distributes to shareholders.

◼

Qualified dividend income received from a Fund by noncorporate shareholders generally will be taxed at long-term capital gain rates to the extent attributable to qualified dividend income received by the Fund, subject to certain holding period requirements. Nonqualified dividends, dividends received by corporate shareholders and dividends from a Fund's short-term capital gains are taxable as ordinary income. Dividends from a Fund's long-term capital gains generally are taxable as long-term capital gains.

◼

You will pay tax on dividends from a Fund whether you receive them in cash, additional shares of the Fund or you reinvest them in shares of another Victory Fund.

◼

Dividends from a Fund that are attributable to interest on certain U.S. government obligations, if any, may be exempt from certain state and local income taxes. The extent to which ordinary dividends are attributable to these U.S. government obligations will be provided on the tax statements you receive from a Fund.

◼

An exchange of a Fund's shares for shares of another Victory Fund will be treated as a sale. When you sell or exchange shares of a Fund, you generally will recognize any gain or loss.

◼

An exchange of one class of a Fund's shares for shares of another class of the same Fund generally constitutes a nontaxable exchange for federal income tax purposes.

◼

Distributions from a Fund and gains from the disposition of your shares may also be subject to state and local income tax.

◼

An additional 3.8% Medicare tax will be imposed on certain net investment income (which includes dividends and gain recognized on a disposition of shares) of certain U.S. individuals, estates, and trusts.

◼

Certain dividends paid to you in January will be taxable as if they had been paid to you the previous December.

◼

Tax statements will be mailed from each Fund by mid-February showing the amounts and tax status of distributions made to you in the prior calendar year.

◼

Because your tax treatment depends on your purchase price and tax position, you should keep your regular account statements for use in determining your tax.

◼

A Fund generally is required by law to provide you and the Internal Revenue Service with certain cost basis information related to the sale or redemption of any of your shares in the Fund acquired on or after January 1, 2012 (including distributions that are reinvested in additional shares of the Fund).

◼

A Fund may be required to withhold tax from dividends and redemption proceeds if you fail to give your correct social security or taxpayer identification number, fail to make required certifications, or the Fund is notified by the Internal Revenue Service that backup withholding is required.

◼

If you are a nonresident alien individual, foreign trust or estate, foreign corporation, or foreign partnership, a Fund's ordinary income dividends may be subject to a 30% U.S. withholding tax. See the section titled "TAXES—Foreign Shareholders" in the SAI for details.

**40**

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Distributions and Taxes

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◼

Under the "Foreign Account Tax Compliance Act," unless certain foreign entities comply with certain IRS requirements that generally require them to report information regarding U.S. persons investing in, or holding accounts with, such entities, a 30% U.S. withholding tax may apply to dividends paid by a Fund to such entities. See the section titled "TAXES—Foreign Shareholders" in the SAI for details.

◼

The Funds may provide estimated capital gain distribution information through the website at vcm.com.

**IRA Distribution Withholding Disclosure**

We generally must withhold federal income tax at a rate of 10% of the taxable portion of your distribution, and if you live in a state that requires state income tax withholding, at your state's tax rate. However, you may elect not to have withholding apply or to have income tax withheld at a higher rate. Any withholding election that you make will apply to any subsequent distribution unless and until you change or revoke the election. If you wish to make a withholding election, or change or revoke a prior withholding election, call 800-235-8396, and form W-4P (OMB No. 1545-0074 withholding certificate for pension or annuity payments) will be sent electronically.

If you do not have a withholding election in place by the date of a distribution, federal income tax will be withheld from the taxable portion of your distribution at a rate of 10%. If you must pay estimated taxes, you may be subject to estimated tax penalties if your estimated tax payments are not sufficient and sufficient tax is not withheld from your distribution.

The foregoing discussion summarizes some of the possible consequences under current federal tax law of an investment in the Fund. It is not a substitute for personal tax advice. The foregoing discussion also does not discuss any state, local, or non-U.S. tax consequences associated with an investment in the Fund. The tax information in this Prospectus is based on tax law in effect on the date of this Prospectus and it does not address any proposals to modify such tax laws. Consult your personal tax advisor about the potential tax consequences of an investment in the shares under all applicable tax laws.

For more specific information, please consult your tax adviser.

**41**

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Important Fund Policies

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**Customer Identification Program**

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens a new account, and to determine whether such person's name appears on government lists of known or suspected terrorists and terrorist organizations.

As a result, the Victory Funds must obtain the following information for each person who opens a new account:

◼

Name;

◼

Date of birth (for individuals);

◼

Residential or business street address (although post office boxes are still permitted for mailing); and

◼

Social security number, taxpayer identification number, or other identifying number.

You may also be asked for a copy of your driver's license, passport, or other identifying document in order to verify your identity. In addition, it may be necessary to verify your identity by cross-referencing your identification information with a consumer report or other electronic database. Additional information may be required to open accounts for corporations and other entities. Federal law prohibits the Victory Funds and other financial institutions from opening a new account unless they receive the minimum identifying information listed above. After an account is opened, the Victory Funds may restrict your ability to purchase additional shares until your identity is verified. The Victory Funds may close your account or take other appropriate action if it is unable to verify your identity within a reasonable time. If your account is closed for this reason, your shares will be redeemed at the NAV next calculated after the account is closed.

**Account Maintenance Information**

For the following non-financial transactions, the Victory Funds require proof that your signature authorizing a transaction is authentic. This verification can be provided in all cases by either a Signature Validation Program ("SVP") stamp or a Medallion signature guarantee ("MSG"). In some instances a Notary Public stamp is an acceptable alternative. As with an MSG, an SVP stamp can also be obtained from a financial institution that is a member of the SVP program.

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Notary** <br> **Public**<br>| **SVP** | **MSG** |
| Change of name  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Add/change banking instructions  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Add/change beneficiaries  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Add/change authorized account traders  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Adding a Power of Attorney | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Add/change Trustee  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Uniform Transfers to Minors Act/Uniform Gifts to Minors Act custodian <br> change <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |

---

**Market Timing**

The Victory Funds discourage frequent purchases and redemptions of Fund shares (market timing). Market timing allows investors to take advantage of market inefficiencies, sometimes to the disadvantage of other shareholders. Market timing increases Fund expenses to all shareholders by increasing portfolio turnover. In addition, market timing could potentially dilute share value for all other shareholders by requiring the Fund to hold more cash than it normally would.

**42**

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Important Fund Policies

------

The Board has adopted policies and procedures with respect to market timing. In order to prevent or minimize market timing, the Funds (or the Adviser, as appropriate) will:

◼

Employ "fair value" pricing, as described in this Prospectus under Share Price, to minimize the discrepancies between a security's market quotation and its perceived market value, which often gives rise to market timing activity; and

◼

Monitor for suspected market timing based on "short-term transaction" activity, that is, a purchase or redemption of a Fund and, as applicable, a subsequent redemption or purchase of the same Fund, or an exchange of all or part of that same Fund.

In monitoring for market timing activity, we consider, among other things, the frequency of your trades and whether you acquired your Fund shares directly through the transfer agent or whether you combined your trades with a group of shareholders in an omnibus account or otherwise placed your order through a securities dealer or other financial intermediary.

Frequent trading by a shareholder is generally a characteristic of market timing. Therefore, any account in which Fund shares are acquired directly through the transfer agent, or where the Fund can adequately identify the shareholder, with a history of three short-term transactions within 90 days or less is suspected of market timing and the shareholder's trading privileges (other than redemption of Fund shares) will be suspended.

We may make exceptions to the "short-term transaction" policy for certain types of transactions if, in the opinion of the Adviser, under the oversight of the Board, the transactions do not represent short-term or excessive trading or are not abusive or harmful to the Funds, such as, but not limited to, systematic transactions, required minimum retirement distributions, transactions initiated by the Funds or administrator, and transactions by certain qualified funds-of-funds.

If you acquired shares through an omnibus account or otherwise placed your order through a securities dealer, or other financial intermediary (such as investment advisers, broker-dealers, third-party administrators, or insurance companies), and market timing is suspected, different purchase and exchange limitations may apply. We may rely upon a financial intermediary's policy to deter short-term or excessive trading (i) if we believe that the financial intermediary's policy is reasonably designed to detect and deter transactions that are not in the best interests of the Funds, or (ii) if we receive an undertaking from the financial intermediary to enforce short-term or excessive trading policies on behalf of the Funds that provide a substantially similar level of protection for the Funds against such transactions. If you hold your Fund shares through a financial intermediary, you are advised to consult the intermediary to determine what purchase and exchange limitations apply to your account.

We reserve the right to reject or cancel a purchase or exchange order for any reason without prior notice. We will deny your request to purchase or exchange your shares if we believe that the transaction is part of a market timing strategy.

The Funds' market timing policies and procedures may be modified or terminated at any time under the oversight of the Board.

**Portfolio Holdings Disclosure**

A description of each Fund's policies and procedures with respect to the disclosure of the Funds' portfolio securities is available in the Funds' SAI, which is available upon request and on the Funds' website at VictoryFunds.com.

**43**

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Important Fund Policies

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**Performance**

The Victory Funds may advertise the performance of a Fund by comparing it to other mutual funds with similar objectives and policies. Performance information also may appear in various publications. Any fees charged by Investment Professionals may not be reflected in these performance calculations.

Advertising information may include the average annual total return of the Funds calculated on a compounded basis for specified periods of time. Total return information will be calculated according to rules established by the SEC. Such information may include performance rankings and similar information from independent organizations and publications.

**Statements and Reports**

You will receive a periodic statement reflecting any transactions that affect the balance or registration of Fund shares in your account. You will receive a confirmation after any purchase, exchange, or redemption. If your account has been set up by an Investment Professional, Fund activity will be detailed in that account's statements. Share certificates are not issued. Twice a year, you will receive a financial report of the Fund. By February 15th of each year, you will be mailed an IRS form reporting distributions for the previous year, which also will be filed with the IRS.

**Shareholder Communications**

In order to eliminate duplicate mailings to an address at which two or more shareholders with the same last name reside, the Victory Funds may send only one copy of any shareholder reports, proxy statements, prospectuses and their supplements, unless you have instructed us to the contrary. You may request that the Victory Funds send these documents to each shareholder individually by calling the Victory Funds at 800-235-8396, and they will be delivered promptly.

While this Prospectus and the SAI of the Trust describe pertinent information about the Trust and the Funds, neither this Prospectus nor the SAI represents a contract between the Trust or the Funds and any shareholder.

**44**

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Financial Highlights

------

The following financial highlights tables reflect historical information about shares of the Funds and are intended to help you understand each Fund's financial performance for the past five years, or, if shorter, the period of its operations. Certain information shows the results of an investment in one share of a Fund. To the extent a Fund invests in other funds, the Total Annual Operating Expenses included in a Fund's Fees and Expenses Table may not correlate to the ratio of expenses to average net assets in the financial highlights below. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in each Fund (assuming reinvestment of all dividends and distributions).

The information presented has been audited by Cohen & Company, Ltd., the Funds' independent registered public accounting firm, whose report, along with the Funds' financial statements, are included in the Funds' most recent N-CSR filing to shareholders, which is available upon request.

**45**

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**Victory Integrity Discovery Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Member Class** | **Member Class** | **Member Class** | **Member Class** | **Member Class** |
| ***For a Share Outstanding Throughout Each*** <br> ***Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/22**<br>| &nbsp;&nbsp; **11/3/20(a)**<br> **through**<br> **6/30/21**<br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp; $39.93 | &nbsp;&nbsp;&nbsp; $35.70 | &nbsp;&nbsp;&nbsp; $36.80 | &nbsp;&nbsp;&nbsp; $45.58 | &nbsp;&nbsp;&nbsp; $26.37 |
| **Investment Activities:** |  |  |  |  |  |
| Net investment income (loss)(b) | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; (0.30) |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;4.88 | &nbsp;&nbsp;&nbsp;&nbsp;4.76 | &nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp; (6.60) | &nbsp;&nbsp;&nbsp;&nbsp;19.51 |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp;4.95 | &nbsp;&nbsp;&nbsp;&nbsp;4.83 | &nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp; (6.64) | &nbsp;&nbsp;&nbsp;&nbsp;19.21 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net realized gains | &nbsp;&nbsp;&nbsp; (3.82) | &nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp; (3.41) | &nbsp;&nbsp;&nbsp; (2.14) | &nbsp;&nbsp;&nbsp; — |
| Total Distributions | &nbsp;&nbsp;&nbsp; (3.87) | &nbsp;&nbsp;&nbsp; (0.60) | &nbsp;&nbsp;&nbsp; (3.41) | &nbsp;&nbsp;&nbsp; (2.14) | &nbsp;&nbsp;&nbsp; — |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $41.01 | &nbsp;&nbsp;&nbsp; $39.93 | &nbsp;&nbsp;&nbsp; $35.70 | &nbsp;&nbsp;&nbsp; $36.80 | &nbsp;&nbsp;&nbsp; $45.58 |
| Total Return(c),(d) | &nbsp;&nbsp;&nbsp; 12.00% | &nbsp;&nbsp;&nbsp; 13.58% | &nbsp;&nbsp;&nbsp; 6.15% | &nbsp;&nbsp;&nbsp; (15.17)% | &nbsp;&nbsp;&nbsp; 72.85% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net Expenses(e),(f) | &nbsp;&nbsp;&nbsp; 1.50% | &nbsp;&nbsp;&nbsp; 1.50% | &nbsp;&nbsp;&nbsp; 1.50% | &nbsp;&nbsp;&nbsp; 1.50% | &nbsp;&nbsp;&nbsp; 1.50% |
| Net Investment Income (Loss)(e) | &nbsp;&nbsp;&nbsp; 0.17% | &nbsp;&nbsp;&nbsp; 0.17% | &nbsp;&nbsp;&nbsp; 0.46% | &nbsp;&nbsp;&nbsp; (0.10)% | &nbsp;&nbsp;&nbsp; (1.04)% |
| Gross Expenses(e),(f) | &nbsp;&nbsp;&nbsp; 1.93% | &nbsp;&nbsp;&nbsp; 1.88% | &nbsp;&nbsp;&nbsp; 1.82% | &nbsp;&nbsp;&nbsp; 1.99% | &nbsp;&nbsp;&nbsp; 5.05% |
| **Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (000's) | &nbsp;&nbsp;&nbsp; $3140 | &nbsp;&nbsp;&nbsp; $3397 | &nbsp;&nbsp;&nbsp; $3377 | &nbsp;&nbsp;&nbsp; $3232 | &nbsp;&nbsp;&nbsp; $2172 |
| Portfolio Turnover(c),(g) | &nbsp;&nbsp;&nbsp; 33% | &nbsp;&nbsp;&nbsp; 37% | &nbsp;&nbsp;&nbsp; 35% | &nbsp;&nbsp;&nbsp; 36% | &nbsp;&nbsp;&nbsp; 41% |

---

(a) Commencement of operations.

(b) Per share net investment income (loss) has been calculated using the average daily shares method.

(c) Not annualized for periods less than one year.

(d) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return.

(e) Annualized for periods less than one year.

(f) Does not include acquired fund fees and expenses, if any.

(g) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**46**

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**Victory Integrity Mid-Cap Value Fund** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Member Class** | **Member Class** | **Member Class** | **Member Class** | **Member Class** |
| ***For a Share Outstanding Throughout Each*** <br> ***Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/22**<br>| &nbsp;&nbsp; **11/3/20(a)**<br> **through**<br> **6/30/21**<br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp; $25.14 | &nbsp;&nbsp;&nbsp; $23.15 | &nbsp;&nbsp;&nbsp; $21.47 | &nbsp;&nbsp;&nbsp; $24.08 | &nbsp;&nbsp;&nbsp; $16.94 |
| **Investment Activities:** |  |  |  |  |  |
| Net investment income (loss)(b) | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp; (0.26) |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp; (1.72) | &nbsp;&nbsp;&nbsp;&nbsp;7.58 |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp; (1.45) | &nbsp;&nbsp;&nbsp;&nbsp;7.32 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.17) |
| Net realized gains | &nbsp;&nbsp;&nbsp; (3.55) | &nbsp;&nbsp;&nbsp; (0.58) | &nbsp;&nbsp;&nbsp; (0.96) | &nbsp;&nbsp;&nbsp; (1.16) | &nbsp;&nbsp;&nbsp; — |
| Return of capital | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01) |
| Total Distributions | &nbsp;&nbsp;&nbsp; (3.89) | &nbsp;&nbsp;&nbsp; (0.70) | &nbsp;&nbsp;&nbsp; (1.27) | &nbsp;&nbsp;&nbsp; (1.16) | &nbsp;&nbsp;&nbsp; (0.18) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $23.28 | &nbsp;&nbsp;&nbsp; $25.14 | &nbsp;&nbsp;&nbsp; $23.15 | &nbsp;&nbsp;&nbsp; $21.47 | &nbsp;&nbsp;&nbsp; $24.08 |
| Total Return(c),(d) | &nbsp;&nbsp;&nbsp; 7.89% | &nbsp;&nbsp;&nbsp; 11.91% | &nbsp;&nbsp;&nbsp; 14.02% | &nbsp;&nbsp;&nbsp; (6.46)% | &nbsp;&nbsp;&nbsp; 43.46% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net Expenses(e),(f) | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 0.85% |
| Net Investment Income (Loss)(e) | &nbsp;&nbsp;&nbsp; 1.23% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.04% | &nbsp;&nbsp;&nbsp; 1.11% | &nbsp;&nbsp;&nbsp; (1.69)% |
| Gross Expenses(e),(f) | &nbsp;&nbsp;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp; 1.42% | &nbsp;&nbsp;&nbsp; 1.53% | &nbsp;&nbsp;&nbsp; 1.97% | &nbsp;&nbsp;&nbsp; 8.67% |
| **Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (000's) | &nbsp;&nbsp;&nbsp; $4933 | &nbsp;&nbsp;&nbsp; $3962 | &nbsp;&nbsp;&nbsp; $3719 | &nbsp;&nbsp;&nbsp; $2385 | &nbsp;&nbsp;&nbsp; $845 |
| Portfolio Turnover(c),(g) | &nbsp;&nbsp;&nbsp; 49% | &nbsp;&nbsp;&nbsp; 75% | &nbsp;&nbsp;&nbsp; 57% | &nbsp;&nbsp;&nbsp; 70% | &nbsp;&nbsp;&nbsp; 67% |

---

(a) Commencement of operations.

(b) Per share net investment income (loss) has been calculated using the average daily shares method.

(c) Not annualized for periods less than one year.

(d) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return.

(e) Annualized for periods less than one year.

(f) Does not include acquired fund fees and expenses, if any.

(g) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**47**

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**Victory Integrity Small/Mid-Cap Value Fund** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Member Class** | **Member Class** | **Member Class** | **Member Class** | **Member Class** |
| ***For a Share Outstanding Throughout Each*** <br> ***Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/22**<br>| &nbsp;&nbsp; **11/3/20(a)**<br> **through**<br> **6/30/21**<br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp; $22.39 | &nbsp;&nbsp;&nbsp; $20.86 | &nbsp;&nbsp;&nbsp; $19.87 | &nbsp;&nbsp;&nbsp; $23.18 | &nbsp;&nbsp;&nbsp; $14.86 |
| **Investment Activities:** |  |  |  |  |  |
| Net investment income (loss)(b) | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp; (0.27) |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp; (2.04) | &nbsp;&nbsp;&nbsp;&nbsp;8.73 |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp; (1.83) | &nbsp;&nbsp;&nbsp;&nbsp;8.46 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp; (0.14) |
| Net realized gains | &nbsp;&nbsp;&nbsp; (2.09) | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp; (1.75) | &nbsp;&nbsp;&nbsp; (1.39) | &nbsp;&nbsp;&nbsp; — |
| Total Distributions | &nbsp;&nbsp;&nbsp; (2.32) | &nbsp;&nbsp;&nbsp; (0.49) | &nbsp;&nbsp;&nbsp; (1.95) | &nbsp;&nbsp;&nbsp; (1.48) | &nbsp;&nbsp;&nbsp; (0.14) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $20.93 | &nbsp;&nbsp;&nbsp; $22.39 | &nbsp;&nbsp;&nbsp; $20.86 | &nbsp;&nbsp;&nbsp; $19.87 | &nbsp;&nbsp;&nbsp; $23.18 |
| Total Return(c),(d) | &nbsp;&nbsp;&nbsp; 3.13% | &nbsp;&nbsp;&nbsp; 9.84% | &nbsp;&nbsp;&nbsp; 15.28% | &nbsp;&nbsp;&nbsp; (8.50)% | &nbsp;&nbsp;&nbsp; 57.17% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net Expenses(e),(f) | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% |
| Net Investment Income (Loss)(e) | &nbsp;&nbsp;&nbsp; 1.26% | &nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp; 1.08% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; (1.84)% |
| Gross Expenses(e),(f) | &nbsp;&nbsp;&nbsp; 1.38% | &nbsp;&nbsp;&nbsp; 1.38% | &nbsp;&nbsp;&nbsp; 1.40% | &nbsp;&nbsp;&nbsp; 1.59% | &nbsp;&nbsp;&nbsp; 4.39% |
| **Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (000's) | &nbsp;&nbsp;&nbsp; $7041 | &nbsp;&nbsp;&nbsp; $5858 | &nbsp;&nbsp;&nbsp; $6040 | &nbsp;&nbsp;&nbsp; $5054 | &nbsp;&nbsp;&nbsp; $2388 |
| Portfolio Turnover(c),(g) | &nbsp;&nbsp;&nbsp; 47% | &nbsp;&nbsp;&nbsp; 75% | &nbsp;&nbsp;&nbsp; 55% | &nbsp;&nbsp;&nbsp; 63% | &nbsp;&nbsp;&nbsp; 61% |

---

(a) Commencement of operations.

(b) Per share net investment income (loss) has been calculated using the average daily shares method.

(c) Not annualized for periods less than one year.

(d) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return.

(e) Annualized for periods less than one year.

(f) Does not include acquired fund fees and expenses, if any.

(g) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**48**

------

VF-INT-MEM-PRO (11/25)

**By mail:**

Victory Funds

P.O. Box 182903

Columbus, OH 43218-2903

![](imgbb632e172.gif)

P.O. Box 182903

Columbus, OH 43218-2903

**Statement of Additional Information ("SAI"):** The SAI contains more information about the Funds' operations, investment restrictions, policies and practices. The SAI is incorporated by reference into this Prospectus, which means that it is legally part of this Prospectus, even if you do not request a copy.

**Annual/Semi Annual Reports and Form N-CSR/Form N-CSRS:** Annual and semi annual reports contain more information about the Funds' investments and the market conditions and investment strategies that significantly affected the Funds' performance during the most recent fiscal period. The Funds' Form N-CSR and Form N-CSRS filings contain the Funds' annual and semi-annual financial statements.

**How to Obtain Information:** You may obtain a free copy of the SAI, annual and semi annual reports and other information such as Fund financial statements and ask questions about the Funds or your accounts, online at VictorySharesLiterature.com, by contacting the Funds at the following address or telephone number, or by contacting your financial intermediary.

**By telephone:**

Call Victory Funds at

800-235-8396

You also can get information about the Funds (including the SAI, other reports and other information such as Fund financial statements) from the Securities and Exchange Commission (SEC) on the SEC's Edgar database at sec.gov, or after paying a duplicating fee, by electronic request sent to the following e-mail address: publicinfo@sec.gov.

Investment Company Act File Number 811-4852

------

![](imgb81296881.gif)

**November 1, 2025**

Prospectus

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Victory Mid-Cap Core Growth Fund<br> (formerly Victory Munder Mid-Cap Core Growth Fund) | Victory Mid-Cap Core Growth Fund<br> (formerly Victory Munder Mid-Cap Core Growth Fund) | Victory Mid-Cap Core Growth Fund<br> (formerly Victory Munder Mid-Cap Core Growth Fund) | Victory Mid-Cap Core Growth Fund<br> (formerly Victory Munder Mid-Cap Core Growth Fund) | Victory Mid-Cap Core Growth Fund<br> (formerly Victory Munder Mid-Cap Core Growth Fund) | Victory Mid-Cap Core Growth Fund<br> (formerly Victory Munder Mid-Cap Core Growth Fund) |
| **Class A**  | **Class C**  | **Class I**  | **Class R**  | **Class R6**  | **Class Y**  |
| MGOAX  | MGOTX | —  |  | MGOSX | MGOYX |
| Victory Multi-Cap Fund<br> (formerly Victory Munder Multi-Cap Fund) | Victory Multi-Cap Fund<br> (formerly Victory Munder Multi-Cap Fund) | Victory Multi-Cap Fund<br> (formerly Victory Munder Multi-Cap Fund) | Victory Multi-Cap Fund<br> (formerly Victory Munder Multi-Cap Fund) | Victory Multi-Cap Fund<br> (formerly Victory Munder Multi-Cap Fund) | Victory Multi-Cap Fund<br> (formerly Victory Munder Multi-Cap Fund) |
| **Class A**  | **Class C**  | **Class I**  | **Class R**  | **Class R6**  | **Class Y**  |
| MNNAX  | MNNCX  |  | —  |  | MNNYX |

---

The Securities and Exchange Commission has not approved or disapproved these securities or determined whether this Prospectus is accurate or complete. Any representation to the contrary is a criminal offense.

vcm.com

800-539-FUND (800-539-3863)

------

![](imgb81296881.gif)

**Table of Contents**

---

| | |
|:---|:---|
| **[Fund Summaries](#xx_71f0467d-a3e0-42cc-861b-eaf089e4458c_1)** | 1  |
| [Victory Mid-Cap Core Growth Fund](#xx_71f0467d-a3e0-42cc-861b-eaf089e4458c_1) | 1  |
| [Victory Multi-Cap Fund](#xx_a2ac88d3-f636-4f35-be5d-0543a5cefd44_1) | 8  |
| **[Additional Fund Information](#xx_89b96863-6e91-404b-af67-6c1ed3f80937_1)** | 15  |
| [Investments](#xx_89b96863-6e91-404b-af67-6c1ed3f80937_2) | 16  |
| [Risk Factors](#xx_89b96863-6e91-404b-af67-6c1ed3f80937_4) | 18  |
| **[Organization and Management of the Funds](#xx_07c313a2-c655-46c4-b589-5d89b0bd00aa_1)** | 25  |
| **[Investing with the Victory Funds](#xx_c72749d5-02c1-4ee0-a281-acf7cf43370f_1)** | 26  |
| [Share Price](#xx_c72749d5-02c1-4ee0-a281-acf7cf43370f_2) | 27  |
| [Choosing a Share Class](#xx_c72749d5-02c1-4ee0-a281-acf7cf43370f_3) | 28  |
| [Information About Fees](#xx_c72749d5-02c1-4ee0-a281-acf7cf43370f_10) | 35  |
| [How to Buy Shares](#xx_c72749d5-02c1-4ee0-a281-acf7cf43370f_12) | 37  |
| [How to Exchange Shares](#xx_c72749d5-02c1-4ee0-a281-acf7cf43370f_15) | 40  |
| [How to Sell Shares](#xx_c72749d5-02c1-4ee0-a281-acf7cf43370f_17) | 42  |
| **[Distributions and Taxes](#xx_7675a016-7199-4346-aaa8-5da1aea48057_1)** | 44  |
| **[Important Fund Policies](#xx_d34ea4d8-0659-4f53-9535-384cae352180_1)** | 47  |
| **[Financial Highlights](#xx_7beb244a-58ec-4f44-adab-4a7f1ef460c6_1)** | 50  |
| **[Appendix A — Variations in Sales Charge Reductions and](#xx_13680f1b-ca3f-4551-b577-2dd6fda3ee60_1)**<br> **[Waivers Available Through Certain Intermediaries](#xx_13680f1b-ca3f-4551-b577-2dd6fda3ee60_1)**<br>| 58 |

---

------

**Victory Mid-Cap Core Growth Fund Summary**

**Investment Objective**

The Victory Mid-Cap Core Growth Fund (the "Fund") seeks to provide long-term capital appreciation.

**Fund Fees and Expenses**

The table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below**. You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $50,000 in the Victory Funds. More information about these and other discounts is available in *Investing with the Victory Funds* on page 26 of the Fund's Prospectus, in *Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries* and from your financial intermediary.

**Shareholder Fees**

(paid directly from your investment)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class R6** | **Class Y** |
| Maximum Sales Charge (Load) Imposed on Purchases<br> (as a percentage of offering price)<br>| 5.75% |  |  |  |
| Maximum Deferred Sales Charge (Load)<br> (as a percentage of the lower of purchase or sale price)<br>| None<sup>1</sup> <br>| 1.00%<sup>2</sup> <br>|  |  |

---

**Annual Fund Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Management Fees | 0.75% | 0.75% | 0.75% | 0.75% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% | 0.00% | 0.00% |
| Other Expenses | 0.28% | 1.20% | 0.13% | 0.25% |
| Total Annual Fund Operating Expenses | 1.28% | 2.95% | 0.88% | 1.00% |
| Fee Waiver/Expense Reimbursement | 0.00%<sup>3</sup> <br>| (0.83)%<sup>3</sup> <br>| 0.00% | 0.00% |
| Total Annual Fund Operating Expenses After Fee Waiver <br> and/or Expense Reimbursement<br>| 1.28%<sup>3</sup> <br>| 2.12%<sup>3</sup> <br>| 0.88% | 1.00% |

---

<sup>1</sup>

A contingent deferred sales charge of 0.75% may be imposed on Class A shares with respect to purchases of $500,000 or more that are redeemed within 18 months of purchase. For additional information, see the section titled *Choosing a Share Class.*

<sup>2</sup>

Applies to shares sold within 12 months of purchase.

<sup>3</sup>

Victory Capital Management Inc. (the "Adviser") has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 1.32% and 2.12% of the Fund's Class A and Class C shares, respectively, through at least October 31, 2026. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund's Board of Trustees.

**Example:**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. After eight years, Class C shares of the Fund generally will convert automatically to Class A shares of the Fund. The example for Class C shares reflects the conversion to

**1**

------

Victory Mid-Cap Core Growth Fund Summary

Class A shares after eight years. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A | &nbsp;&nbsp;&nbsp; $698 | &nbsp;&nbsp;&nbsp; $958 | &nbsp;&nbsp;&nbsp; $1237 | &nbsp;&nbsp;&nbsp; $2031 |
| Class C | &nbsp;&nbsp;&nbsp; $315 | &nbsp;&nbsp;&nbsp; $835 | &nbsp;&nbsp;&nbsp; $1480 | &nbsp;&nbsp;&nbsp; $2813 |
| Class R6 | &nbsp;&nbsp;&nbsp; $90 | &nbsp;&nbsp;&nbsp; $281 | &nbsp;&nbsp;&nbsp; $488 | &nbsp;&nbsp;&nbsp; $1084 |
| Class Y | &nbsp;&nbsp;&nbsp; $102 | &nbsp;&nbsp;&nbsp; $318 | &nbsp;&nbsp;&nbsp; $552 | &nbsp;&nbsp;&nbsp; $1225 |

---

The following example makes the same assumptions as the example above, except that it assumes you do not sell your Class C shares at the end of the period.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class C | &nbsp;&nbsp;&nbsp; $215 | &nbsp;&nbsp;&nbsp; $835 | &nbsp;&nbsp;&nbsp; $1480 | &nbsp;&nbsp;&nbsp; $2813 |

---

The example does not reflect sales charges (loads) on reinvested dividends and other distributions. If these sales charges (loads) were included, your costs would be higher.

**Portfolio Turnover:**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund's performance. For the most recent fiscal year, the Fund's portfolio turnover rate was 89% of the average value of its portfolio.

**Principal Investment Strategy**

The Adviser pursues the Fund's objective by investing, under normal circumstances, at least 80% of the Fund's assets in equity securities of mid-capitalization companies.

Mid-capitalization companies are those companies with market capitalizations at the time of purchase within the range of companies included in the S&P MidCap 400<sup>®</sup> Index ($942.3 million to $29.0 billion as of September 30, 2025) or within the range of companies included in the Russell Midcap<sup>®</sup> Index ($1.1 billion to $127.6 billion as of September 30, 2025). The size of companies in an index changes with market conditions and the composition of the index.

The Adviser employs a quantitative investment process that identifies equity securities of companies across mid-cap companies. The Adviser uses a disciplined approach that combines value, momentum, quality, and growth factors to construct a diversified portfolio.

The Adviser's quantitative methodology looks at investment fundamentals to evaluate potential investments from a broad universe of securities. The quantitative analysis focuses on, among other things:

◼

**Quality:** Financial strength and earnings stability

◼

**Value:** Securities trading below intrinsic value based on fundamental metrics

◼

**Momentum:** Price trends indicating positive market recognition

◼

**Growth:** Companies with increasing earnings growth trends

The Adviser's quantitative approach is designed to diversify the Fund's holdings and optimize risk-adjusted returns The Adviser attempts to manages portfolio risks by limiting exposure to particular industry sectors and stocks of individual issuers.

**2**

------

Victory Mid-Cap Core Growth Fund Summary

The Fund generally will sell portfolio holdings when quantitative factors signal that a stock's value is likely to deteriorate materially, when more attractive opportunities are identified, or to manage risks within identified parameters.

Although the Fund will be invested primarily in domestic securities, up to 10% of the Fund's assets may be invested in foreign securities, including depositary receipts such as American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs").

**Principal Risks** 

The Fund's investments are subject to the following principal risks:

**Equity Securities Risk** — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company's earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer's bankruptcy.

**General Market Risk** — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels, and other fiscal and monetary policy changes; cybersecurity incidents, pandemics, and other public health crises; imposition of tariffs; sanctions against a particular foreign country, its nationals, businesses, or industries; and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.

**Mid-Capitalization Stock Risk** — Mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss.

**Foreign Securities Risk** — Foreign securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. Foreign securities could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing contracts. Compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts. Depositary receipts may have additional risks, including creditworthiness of the depositary bank and the risk of an illiquid market. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may negatively affect an investment. Dividends and interest received by the Fund and capital gains recognized by the Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund's return.

**Sector Focus Risk** — To the extent the Fund focuses in one or more sectors, such as the financials sector, market or economic factors impacting those sectors could have a significant effect on the value of the Fund's investments and could make the Fund's performance more volatile.

**3**

------

Victory Mid-Cap Core Growth Fund Summary

<sup>◼</sup>

**Financials Sector Risk** — Companies in the financials sector are subject to extensive government regulation, which can limit both the amounts and types of loans and other financial commitments that companies in this sector can make, and the interest rates and fees that these companies can charge. Profitability can be largely dependent on the availability and cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate significantly when interest rates change. Financial difficulties of borrowers can negatively affect the financials sector. Insurance companies can be subject to severe price competition. The financials sector can be subject to relatively rapid change as distinctions between financial service segments become increasingly blurred.

**Investment Style Risk** — Different types of investment styles, for example growth or value, tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. As a result, the Fund's performance may at times be worse than the performance of other mutual funds that invest more broadly or that have different investment styles.

**Liquidity Risk** — Lack of a ready market or restrictions on resale may limit the ability of the Fund to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in an investment that is large relative to the typical trading volume for that investment, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Illiquid investments and relatively less-liquid investments may also be difficult to value. Liquidity risk may also refer to the risk that the Fund may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund.

**Large Shareholder Risk** — Certain large shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund's shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund's distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund's shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.

**Management Risk** — The portfolio managers may not execute the Fund's principal investment strategy effectively.

You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

**4**

------

Victory Mid-Cap Core Growth Fund Summary

**Investment Performance**

The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years. The table compares the Fund's average annual total returns of the Fund's share classes, including applicable maximum sales charges, over the same period to one or more broad measures of market performance. The S&P 500<sup>®</sup> Index serves as the Fund's regulatory broad-based securities market index. We assume reinvestment of dividends and distributions.

Performance data for the classes varies based on differences in their fee and expense structures and reflects any expense limitations in effect during the periods shown. The Fund's investment team changed on November 1, 2025. The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund's website at vcm.com.

**Calendar Year Returns for Class Y Shares**

(The annual return in the bar chart is for the Fund's least expensive class of shares, Class Y shares.)

![](mccg.jpg)

---

| | | |
|:---|:---|:---|
| **During the periods shown in the chart:** | **Returns** | **Quarter ended** |
| Highest Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22.62% | June 30, 2020 |
| Lowest Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -23.80% | March 31, 2020 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Year-to-date return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.49% | September 30, 2025 |

---

**5**

------

Victory Mid-Cap Core Growth Fund Summary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**<br> **(For the Periods Ended December 31, 2024)**<br>| **1 Year** | **5 Years** | **10 Years** |
| CLASS Y Before Taxes | &nbsp;&nbsp; 11.04% | &nbsp;&nbsp; 8.79% | &nbsp;&nbsp; 7.83% |
| CLASS Y After Taxes on Distributions | &nbsp;&nbsp; 7.57% | &nbsp;&nbsp; 5.15% | &nbsp;&nbsp; 3.21% |
| CLASS Y After Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp; 9.20% | &nbsp;&nbsp; 6.45% | &nbsp;&nbsp; 5.18% |
| CLASS A Before Taxes | &nbsp;&nbsp; 4.44% | &nbsp;&nbsp; 7.19% | &nbsp;&nbsp; 6.90% |
| CLASS C Before Taxes | &nbsp;&nbsp; 8.99% | &nbsp;&nbsp; 7.57% | &nbsp;&nbsp; 6.92%<sup>1</sup> <br>|
| CLASS R6 Before Taxes | &nbsp;&nbsp; 11.26% | &nbsp;&nbsp; 8.92% | &nbsp;&nbsp; 7.99% |
| **Indices** | **Indices** | **Indices** | **Indices** |
| S&P 500<sup>®</sup> Index<br> reflects no deduction for fees, expenses, or taxes<br>| &nbsp;&nbsp; 25.02% | &nbsp;&nbsp; 14.53% | &nbsp;&nbsp; 13.10% |
| Russell Midcap<sup>®</sup> Index<br> reflects no deduction for fees, expenses or taxes<br>| &nbsp;&nbsp; 15.34% | &nbsp;&nbsp; 9.92% | &nbsp;&nbsp; 9.63% |
| Russell Midcap<sup>®</sup> Growth Index<br> reflects no deduction for fees, expenses, or taxes<br>| &nbsp;&nbsp; 22.10% | &nbsp;&nbsp; 11.47% | &nbsp;&nbsp; 11.54% |

---

Class C shares of the Fund will convert automatically into Class A shares in the month following the eight-year anniversary date of the purchase of the Class C shares. The 10-Year performance for Class C shares reflects the conversion to Class A shares after the first eight years of performance.

After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. In certain situations, the return after taxes on distributions and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only one share class. The after-tax returns for other classes will vary.

**Management of the Fund**

**Investment Adviser**

Victory Capital Management Inc. (the "Adviser") serves as the Fund's investment adviser. The portfolio managers jointly and primarily responsible for day-to-day management of the Fund are members of the Adviser's Victory Solutions platform .

**Portfolio Management** 

---

| | | |
|:---|:---|:---|
|  | **Title**  | **Tenure with the Fund**  |
| Lance Humphrey, CFA | &nbsp;&nbsp; Senior Portfolio Manager and <br> Head of Portfolio Management, <br> Victory Solutions<br>| Since November 2025 |
| Elie J. Masri | &nbsp;&nbsp; Portfolio Manager, Victory <br> Solutions<br>| Since November 2025 |

---

**6**

------

Victory Mid-Cap Core Growth Fund Summary

**Purchase and Sale of Fund Shares** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Minimums** | **Class A** | **Class C** | **Class R6** | **Class Y** |
| Minimum Initial Investment | &nbsp;&nbsp;&nbsp; $2500 | &nbsp;&nbsp;&nbsp; $2500 |  | &nbsp;&nbsp;&nbsp; $1000000 |
| Minimum Subsequent Investments | &nbsp;&nbsp;&nbsp; $50 | &nbsp;&nbsp;&nbsp; $50 |  |  |

---

For Class A and Class C shares a $1,000 minimum initial purchase amount and a $50 minimum subsequent purchase amount apply for Individual Retirement Accounts ("IRAs"), gift/transfer to minor accounts, and purchases through automatic investment plans.

Certain broker-dealers and other financial intermediaries (such as a bank) may establish higher or lower minimum initial and subsequent investment amounts to which you may be subject if you invest through them.

You may redeem your shares on any day the Fund is open for business. Redemption requests may be made by telephone (with prior appropriate approval) or by mail.

When you buy and redeem shares, the Fund will price your transaction at the next-determined net asset value ("NAV") after the Fund receives your request in good order, which means that your request contains all the required documentation, and that all documents contain required signatures or signature guarantees from a financial institution.

**Tax Information**

The Fund's distributions may be taxable whether you receive them in cash, additional shares of the Fund, or you reinvest them in shares of another Victory Fund, and may be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Taxes may be imposed on withdrawals from tax-deferred arrangements.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services for investments in all classes except Class R6. These payments may create a conflict of interest by influencing the financial intermediary and its financial advisor to recommend the Fund over another investment. Ask your financial advisor or visit your financial intermediary's website for more information.

**7**

------

**Victory Multi-Cap Fund Summary**

**Investment Objective**

The Victory Multi-Cap Fund (the "Fund") seeks to provide long-term capital appreciation.

**Fund Fees and Expenses**

The table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below**. You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $50,000 in the Victory Funds. More information about these and other discounts is available in *Investing with the Victory Funds* on page 26 of the Fund's Prospectus, in *Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries* and from your financial intermediary.

**Shareholder Fees**

(paid directly from your investment)

---

| | | | |
|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class Y** |
| Maximum Sales Charge (Load) Imposed on Purchases<br> (as a percentage of offering price)<br>| 5.75% |  |  |
| Maximum Deferred Sales Charge (Load)<br> (as a percentage of the lower of purchase or sale price)<br>| None<sup>1</sup> <br>| 1.00%<sup>2</sup> <br>|  |

---

**Annual Fund Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | | | |
|:---|:---|:---|:---|
| Management Fees | 0.75% | 0.75% | 0.75% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% | 0.00% |
| Other Expenses | 0.24% | 0.68% | 0.20% |
| Total Annual Fund Operating Expenses | 1.24% | 2.43% | 0.95% |
| Fee Waiver/Expense Reimbursement | 0.00% | (0.27)%<sup>3</sup> <br>| 0.00% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or <br> Expense Reimbursement<br>| 1.24% | 2.16%<sup>3</sup> <br>| 0.95% |

---

<sup>1</sup>

A contingent deferred sales charge of 0.75% may be imposed on Class A shares with respect to purchases of $500,000 or more that are redeemed within 18 months of purchase. For additional information, see the section titled *Choosing a Share Class.*

<sup>2</sup>

Applies to shares sold within 12 months of purchase.

<sup>3</sup>

Victory Capital Management Inc. (the "Adviser") has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 2.16% of the Fund's Class C Shares through at least October 31, 2026. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund's Board of Trustees.

**Example:**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. After eight years, Class C shares of the Fund generally will convert automatically to Class A shares of the Fund. The example for Class C shares reflects the conversion to

**8**

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Victory Multi-Cap Fund Summary

Class A shares after eight years. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A | &nbsp;&nbsp;&nbsp; $694 | &nbsp;&nbsp;&nbsp; $946 | &nbsp;&nbsp;&nbsp; $1217 | &nbsp;&nbsp;&nbsp; $1989 |
| Class C | &nbsp;&nbsp;&nbsp; $319 | &nbsp;&nbsp;&nbsp; $732 | &nbsp;&nbsp;&nbsp; $1271 | &nbsp;&nbsp;&nbsp; $2450 |
| Class Y | &nbsp;&nbsp;&nbsp; $97 | &nbsp;&nbsp;&nbsp; $303 | &nbsp;&nbsp;&nbsp; $525 | &nbsp;&nbsp;&nbsp; $1166 |

---

The following example makes the same assumptions as the example above, except that it assumes you do not sell your Class C shares at the end of the period.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class C | &nbsp;&nbsp;&nbsp; $219 | &nbsp;&nbsp;&nbsp; $732 | &nbsp;&nbsp;&nbsp; $1271 | &nbsp;&nbsp;&nbsp; $2450 |

---

The example does not reflect sales charges (loads) on reinvested dividends and other distributions. If these sales charges (loads) were included, your costs would be higher.

**Portfolio Turnover:**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund's performance. For the most recent fiscal year, the Fund's portfolio turnover rate was 88% of the average value of its portfolio.

**Principal Investment Strategy**

The Adviser employs a quantitative investment process that identifies equity securities of companies across all market capitalizations. The Adviser uses a disciplined approach that combines value, momentum, quality, and growth factors to construct a diversified portfolio.

The Adviser's quantitative methodology looks at investment fundamentals to evaluate potential investments from a broad universe of securities. The quantitative analysis focuses on, among other things:

◼

**Quality:** Financial strength and earnings stability

◼

**Value:** Securities trading below intrinsic value based on fundamental metrics

◼

**Momentum:** Price trends indicating positive market recognition

◼

**Growth:** Companies with increasing earnings growth trends

The Adviser's quantitative approach is designed to diversify the Fund's holdings and optimize risk-adjusted returns The Adviser attempts to manages portfolio risks by limiting exposure to particular industry sectors and stocks of individual issuers.

The Fund generally will sell portfolio holdings when quantitative factors signal that a stock's value is likely to deteriorate materially, when more attractive opportunities are identified, or to manage risks within identified parameters.

Although the Fund will be invested primarily in domestic securities, up to 10% of the Fund's assets may be invested in foreign securities, including depositary receipts such as American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs").

**9**

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Victory Multi-Cap Fund Summary

**Principal Risks** 

The Fund's investments are subject to the following principal risks:

**Equity Securities Risk** — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company's earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer's bankruptcy.

**General Market Risk** — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels, and other fiscal and monetary policy changes; cybersecurity incidents, pandemics, and other public health crises; imposition of tariffs; sanctions against a particular foreign country, its nationals, businesses, or industries; and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.

**Smaller-Capitalization Stock Risk** — Small- and mid-sized companies are subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss. Smaller companies may have limited markets, product lines, or financial resources and lack management experience and may experience higher failure rates than larger companies.

**Large-Capitalization Stock Risk** — The securities of large-sized companies may underperform the securities of smaller-sized companies or the market as a whole. The growth rate of larger, more established companies may lag those of smaller companies, especially during periods of economic expansion.

**Foreign Securities Risk** — Foreign securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. Foreign securities could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing contracts. Compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts. Depositary receipts may have additional risks, including creditworthiness of the depositary bank and the risk of an illiquid market. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may negatively affect an investment. Dividends and interest received by the Fund and capital gains recognized by the Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund's return.

**Sector Focus Risk** — To the extent the Fund focuses in one or more sectors, such as the information technology sector, market or economic factors impacting those sectors could have a significant effect on the value of the Fund's investments and could make the Fund's performance more volatile.

<sup>◼</sup>

**Information Technology Sector Risk** — Companies in the information technology sector face intense competition, both domestically and internationally. These companies may be smaller or

**10**

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Victory Multi-Cap Fund Summary

newer and may have limited product lines, markets, financial resources, or personnel. The products of companies in the information technology sector may face product obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates, and competition for the services of qualified personnel. These companies may be developing or marketing new products or services for which markets are not yet established and may never become established.

**Investment Style Risk** — Different types of investment styles, for example growth or value, tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. As a result, the Fund's performance may at times be worse than the performance of other mutual funds that invest more broadly or that have different investment styles.

**Portfolio Turnover Risk** — Higher portfolio turnover ratios resulting from additional purchases and sales of portfolio securities generally will result in higher transaction costs, and Fund expenses and may result in the realization of taxable capital gains, including short-term capital gains, which generally are taxed to shareholders at ordinary income tax rates.

**Liquidity Risk** — Lack of a ready market or restrictions on resale may limit the ability of the Fund to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in an investment that is large relative to the typical trading volume for that investment, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Illiquid investments and relatively less-liquid investments may also be difficult to value. Liquidity risk may also refer to the risk that the Fund may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund.

**Large Shareholder Risk** — Certain large shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund's shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund's distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund's shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.

**Management Risk** — The portfolio managers may not execute the Fund's principal investment strategy effectively.

You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

**11**

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Victory Multi-Cap Fund Summary

**Investment Performance**

The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years. The table compares the Fund's average annual total returns of the Fund's share classes, including applicable maximum sales charges, over the same period to one or more broad measures of market performance. We assume reinvestment of dividends and distributions.

Performance data for the classes varies based on differences in their fee and expense structures and reflects any expense limitations in effect during the periods shown. The Fund's investment team changed on November 1, 2025. The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund's website at vcm.com.

**Calendar Year Returns for Class Y Shares**

(The annual return in the bar chart is for the Fund's least expensive class of shares, Class Y shares.)

![](mmc.jpg)

---

| | | |
|:---|:---|:---|
| **During the periods shown in the chart:** | **Returns** | **Quarter ended** |
| Highest Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23.79% | June 30, 2020 |
| Lowest Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -25.65% | March 31, 2020 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Year-to-date return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.31% | September 30, 2025 |

---

**12**

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Victory Multi-Cap Fund Summary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**<br> **(For the Periods Ended December 31, 2024)**<br>| **1 Year** | **5 Years** | **10 Years** |
| CLASS Y Before Taxes | &nbsp;&nbsp; 25.94% | &nbsp;&nbsp; 14.14% | &nbsp;&nbsp; 11.69% |
| CLASS Y After Taxes on Distributions | &nbsp;&nbsp; 23.63% | &nbsp;&nbsp; 12.26% | &nbsp;&nbsp; 9.54% |
| CLASS Y After Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp; 16.63% | &nbsp;&nbsp; 10.94% | &nbsp;&nbsp; 8.81% |
| CLASS A Before Taxes | &nbsp;&nbsp; 18.34% | &nbsp;&nbsp; 12.43% | &nbsp;&nbsp; 10.64% |
| CLASS C Before Taxes | &nbsp;&nbsp; 23.42% | &nbsp;&nbsp; 12.78% | &nbsp;&nbsp; 10.57%<sup>1</sup> <br>|
| **Indices** | **Indices** | **Indices** | **Indices** |
| Russell 3000<sup>®</sup> Index<br> reflects no deduction for fees, expenses, or taxes<br>| &nbsp;&nbsp; 23.81% | &nbsp;&nbsp; 13.86% | &nbsp;&nbsp; 12.55% |
| S&P 500<sup>®</sup> Index<br> reflects no deduction for fees, expenses, or taxes<br>| &nbsp;&nbsp; 25.02% | &nbsp;&nbsp; 14.53% | &nbsp;&nbsp; 13.10% |

---

Class C shares of the Fund will convert automatically into Class A shares in the month following the eight-year anniversary date of the purchase of the Class C shares. The 10-Year performance for Class C shares reflects the conversion to Class A shares after the first eight years of performance.

After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. In certain situations, the return after taxes on distributions and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only one share class. The after-tax returns for other classes will vary.

**Management of the Fund**

**Investment Adviser**

Victory Capital Management Inc. (the "Adviser") serves as the Fund's investment adviser. The portfolio managers jointly and primarily responsible for day-to-day management of the Fund are members of the Adviser's Victory Solutions platform .

**Portfolio Management** 

---

| | | |
|:---|:---|:---|
|  | **Title**  | **Tenure with the Fund**  |
| Lance Humphrey, CFA | &nbsp;&nbsp; Senior Portfolio Manager and <br> Head of Portfolio Management, <br> VictoryShares and Solutions<br>| Since November 2025 |
| Elie J. Masri | &nbsp;&nbsp; Portfolio Manager, VictoryShares <br> and Solutions<br>| Since November 2025 |

---

**13**

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Victory Multi-Cap Fund Summary

**Purchase and Sale of Fund Shares** 

---

| | | | |
|:---|:---|:---|:---|
| **Investment Minimums** | **Class A** | **Class C** | **Class Y** |
| Minimum Initial Investment | &nbsp;&nbsp;&nbsp; $2500 | &nbsp;&nbsp;&nbsp; $2500 | &nbsp;&nbsp;&nbsp; $1000000 |
| Minimum Subsequent Investments | &nbsp;&nbsp;&nbsp; $50 | &nbsp;&nbsp;&nbsp; $50 |  |

---

For Class A and Class C shares a $1,000 minimum initial purchase amount and a $50 minimum subsequent purchase amount apply for Individual Retirement Accounts ("IRAs"), gift/transfer to minor accounts, and purchases through automatic investment plans.

Certain broker-dealers and other financial intermediaries (such as a bank) may establish higher or lower minimum initial and subsequent investment amounts to which you may be subject if you invest through them.

You may redeem your shares on any day the Fund is open for business. Redemption requests may be made by telephone (with prior appropriate approval) or by mail.

When you buy and redeem shares, the Fund will price your transaction at the next-determined net asset value ("NAV") after the Fund receives your request in good order, which means that your request contains all the required documentation, and that all documents contain required signatures or signature guarantees from a financial institution.

**Tax Information**

The Fund's distributions may be taxable whether you receive them in cash, additional shares of the Fund, or you reinvest them in shares of another Victory Fund, and may be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Taxes may be imposed on withdrawals from tax-deferred arrangements.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the financial intermediary and its financial advisor to recommend the Fund over another investment. Ask your financial advisor or visit your financial intermediary's website for more information.

**14**

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Additional Fund Information

------

&nbsp;&nbsp; Victory Capital Management Inc., which we refer to as the "Adviser" <br> throughout the Prospectus, manages each Fund.<br>

The Victory Mid-Cap Core Growth Fund and Victory Multi-Cap Fund (the "Funds") are each managed by the Adviser who also manages other funds, each having distinct investment management objectives, strategies, risks, and policies. Together, these funds are referred to in this Prospectus as the "Victory Funds" or, more simply, the "Funds."

Each Fund's investment objective is non-fundamental. The Victory Mid-Cap Core Growth Fund's

policy to invest under normal circumstances at least 80% of its assets in equity securities of mid-capitalization companies is non-fundamental. The Board of Trustees (the "Board") may change Fund objectives or policies that are non-fundamental without shareholder approval upon at least 60 days' prior written notice to shareholders. For purposes of the Victory Mid-Cap Core Growth Fund's 80% investment policy, "assets" means the Fund's net assets plus the amount of any borrowings for investment purposes, but exclusive of any collateral held from securities lending.

The following section describes additional information about the principal investment strategy the Funds will use under normal market conditions to pursue their investment objective, as well as any secondary strategies the Funds may use, and the related risks. This Prospectus does not attempt to describe all of the various investment techniques and types of investments that the Adviser may use in managing the Funds. The Statement of Additional Information ("SAI") includes more information about the Funds, their investments, and the related risks.

Under adverse, unstable, or abnormal market conditions, a Fund may be unable to pursue or achieve its investment objective and, for temporary purposes, may invest some or all of its assets in a variety of instruments or assets, including high-quality fixed-income securities, cash, and cash equivalents. For cash management purposes, each Fund may hold all or a portion of its assets in cash, short-term money market instruments, or shares of other investment companies. These positions may reduce the benefit from any upswing in the market, cause a Fund to fail to meet its investment objective, and increase a Fund's expenses.

Each Fund may consider various non-financial ratings or factors, where applicable, through quantitative models or qualitative assessment. The significance these considerations have on security selection varies widely, as the analysis is inherently subjective. Further, the consideration of such factors may not apply to certain instruments, and the considerations of such factors is only a part of the investment process.

&nbsp;&nbsp; If you would like to receive additional copies of any materials, please call the Victory Funds <br> at 800-539-FUND (800-539-3863) or please visit VictoryFunds.com.<br>

**15**

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Investments

------

**The following describes the types of securities each Fund may purchase under normal market conditions to achieve its principal investment strategy. The Funds will not necessarily buy all of the securities listed below.**

**U.S. Equity Securities**

Can include common stock, preferred stock, and securities that are convertible or exchangeable into common stock of U.S. corporations.

**Foreign Securities**

Can include common stock and convertible preferred stock of non-U.S. companies. Also may include American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs"), which are receipts issued by a bank or trust company and evidence ownership of underlying securities issued by foreign companies, and exchange-traded funds ("ETFs") that invest in foreign companies.

**<u>Additional Fund Strategies.</u> The Adviser may use other types of investment strategies in pursuing each Fund's overall investment objective. The following describes the types of securities or techniques that the Adviser may purchase or investment techniques the Adviser may employ that are not considered to be a part of the Funds' principal investment strategies. Additional securities and techniques are described in the Funds' SAI.**

**Derivatives** 

Derivative instruments are financial contracts whose value is based on an underlying security or asset, a currency exchange rate, an interest rate or a market index. Many types of instruments representing a wide range of potential risks and rewards are derivatives, including credit default swap contracts, swaps, futures contracts (both short and long positions), options on futures contracts, options, and forward currency exchange contracts. A Fund may use derivatives for hedging (attempting to reduce risk by offsetting one investment position with another), for cash management (attempting to remain fully invested while maintaining liquidity), for managing certain risks (such as yield curve exposure, interest rate risk or credit risk), to generate income, to gain exposure to an investment in a manner other than investing in the asset directly or for any other permissible purpose. Hedging may relate to a specific investment, a group of investments, or a Fund's portfolio as a whole. Currently, some swaps may be negotiated bilaterally and others may be subject to mandatory clearing and exchange trading requirements. These requirements may decrease counterparty exposure and increase liquidity, but will not make swap transactions risk free.

**Emerging Markets**

A part of a Fund's investments in foreign securities may be in companies from emerging market countries, which are developing countries in the early stages of adopting capitalism. Emerging market countries include, without limitation, portions of Asia, Latin America, Eastern Europe, and the Middle East/Africa, such as China, India, Malaysia, Brazil, Mexico, Poland, Russia and South Africa.

**Initial Public Offerings ("IPOs")** 

The Funds may at times have the opportunity to invest in securities offered in IPOs. If a Fund's portfolio manager believes that a particular IPO is very likely to increase in value immediately after the initial offering, it is possible (although it will not necessarily be the case) that the Fund will invest in the IPO, even if the security is one in which the Fund might not typically otherwise invest. It is possible, however, that a Fund will lose money on an investment in an IPO, even in such a case.

**16**

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Investments

------

**Investment Companies**

Each Fund may invest in securities of other investment companies, including ETFs, if those companies invest in securities consistent with the Fund's investment objective and policies. ETFs are investment companies the shares of which are bought and sold on a securities exchange.

**Securities Lending**

To enhance the return on its portfolio, a Fund may lend portfolio securities to brokers, dealers, and financial institutions to realize additional income under guidelines adopted by the Board. Each loan will be secured continuously by collateral in the form of cash, securities issued by the U.S. government or its agencies or instrumentalities.

**17**

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Risk Factors

------

**The following provides additional information about the Funds' principal risks and supplements those risks discussed in each Fund's Summary section of this Prospectus.** 

&nbsp;&nbsp; By matching your investment objective with an acceptable level of risk, <br> you can create your own customized investment plan.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Mid-Cap Core Growth**  | **Multi-Cap**  |
| Equity Securities Risk | X | X |
| Foreign Securities Risk | X | X |
| General Market Risk | X | X |
| Investment Style Risk | X | X |
| Large-Capitalization Stock Risk |  | X |
| Large Shareholder Risk | X | X |
| Liquidity Risk | X | X |
| Management Risk | X | X |
| Portfolio Turnover Risk |  | X |
| Sector Focus Risk  | X | X |
| Smaller-Company Stock Risk | X | X |

---

**Equity Securities Risk** — The market prices of equity securities, which may include common stocks and other stock-related securities such as preferred stocks, convertible securities, and rights and warrants may fluctuate, sometimes rapidly or unpredictably. A Fund may continue to accept new subscriptions and to make additional investments in equity securities even under general market conditions that a Fund's investment team views as unfavorable for equity securities. The value of a security may decline for reasons that directly relate to the issuer, such as management performance, financial leverage, and reduced demand for the issuer's goods or services or due to general market conditions, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment generally. Unlike debt securities, which have preference to a company's assets in case of liquidation, common stock, are entitled to the residual value after the company meets its other obligations. Unlike common stock, preferred stock generally pays a fixed dividend from a company's earnings and may have a preference over common stock on the distribution of a company's assets in the event of bankruptcy or liquidation. Preferred stockholders' liquidation rights are subordinate to the company's debt holders and creditors. If interest rates rise, the fixed dividend on preferred stocks may be less attractive and the price of preferred stocks may decline. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Convertible securities may gain or lose value due to changes in the issuer's operating results, financial condition, credit rating, and changes in interest rates, and other general economic, industry, and market conditions. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer's bankruptcy. Rights and warrants can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of warrants and rights do not necessarily move in tandem with the prices of the underlying securities and therefore are highly volatile and speculative investments.

**Foreign Securities Risk** — Foreign investments involve certain special risks. For example, compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign stock exchanges, brokers, and listed companies. Foreign issuers may not be subject to the uniform accounting, auditing, and financial reporting standards and practices prevalent in the United States. Certain of these risks may also apply to some extent to U.S. investments that are denominated in foreign currencies and to investments in U.S. companies that have significant foreign operations. Investments in depositary receipts (such as American Depositary Receipts and Global Depositary Receipts) may also involve additional risks associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to

**18**

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Risk Factors

------

the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency risk and the risk of an illiquid market for depositary receipts.

<sup>◼</sup>

**Political Risk** — Foreign securities markets may be more volatile than their counterparts in the United States. Investments in foreign countries could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing contracts. Foreign settlement procedures may also involve additional risks, and foreign issuers can be impacted by changes to trade policies and trade disputes. These factors can make foreign investments more volatile than U.S. investments.

<sup>◼</sup>

**Currency Risk** — Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment. Adverse changes in exchange rates, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may erode or reverse any gains produced by investments denominated in foreign currencies and may widen any losses.

<sup>◼</sup>

**Legal Risk** — Legal remedies for investors in foreign countries may be more limited than the legal remedies available in the United States.

**General Market Risk** — Stock market risk refers to the fact that the prices of equity securities and other exchange traded investments typically fluctuate more than the values of debt and other types of securities, typically in response to changes in the particular company's financial condition and factors affecting the market in general. Over time, the stock market tends to move in cycles, with periods when stock prices rise, and periods when stock prices decline. A slower-growth or recessionary economic environment could have an adverse effect on stock prices. Consequently, a broad-based market drop may also cause a stock's price to fall. Portfolio securities may also decline in value due to factors affecting securities markets generally, such as real or perceived adverse economic, political, or regulatory conditions, inflation, changes in interest or currency rates or adverse investor sentiment, or due to factors affecting particular industries represented in the securities markets, such as competitive conditions. Changes in the financial condition of a single issuer can impact a market as a whole, and adverse market conditions may be prolonged and may not have the same impact on all types of securities. In addition, the markets may not favor a particular kind of security, including equity securities. Values of securities may fall due to factors affecting a particular issuer, industry, or the securities market as a whole.

Market turmoil may be reflected in perceptions of economic uncertainty, price volatility in the equity and debt markets, and fluctuating trading liquidity. In response, governments may adopt a variety of fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs, and changes in interest rates. These policies may not be successful and any unexpected or quick reversal of these policies could increase volatility in the equity and debt markets. Market conditions and economic risks could have a significant effect on domestic and international economies and could add significantly to the risks of increased volatility and decreased liquidity for a Fund's portfolio.

<sup>◼</sup>

**Geopolitical/Natural Disaster Risk** — Global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely affect issuers in another country or region. Geopolitical and other risks, including war, economic sanctions, currency controls or other actions by countries or international bodies, terrorism, trade disputes, embargoes, political or economic dysfunction within some nations, public health crises and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, may add to instability in world economies and markets generally. Changes in trade policies and international trade agreements could affect the economies of many countries in unpredictable ways. Epidemics and/or pandemics, such as COVID-19, may result in, among other things, closing borders, disruptions to health care service preparation and delivery, quarantines, cancellations, disruptions to supply chains and consumer activity, as well as general concern and uncertainty. The impact may last for

**19**

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Risk Factors

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extended periods.

**20**

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Risk Factors

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<sup>◼</sup>

**Information Technology and Operational Risk** — Markets and market participants are increasingly reliant upon both publicly available and proprietary information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access, and similar circumstances may impair the performance of these systems and may have an adverse impact upon a single issuer, a group of issuers, or the market at large. The information technology and other operational systems upon which a Fund's service providers rely may be subject to cyber-attack or other technological disruptions, and could otherwise disrupt the ability of these service providers to perform essential tasks for a Fund. In certain cases, an exchange or market may close or issue trading halts on either specific securities or even the entire market, which may result in a Fund being, among other things, unable to buy or sell certain securities or financial instruments or accurately price its investments.

**Investment Style Risk** — Different types of investment styles, for example growth or value, tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. "Growth" investments, as a category, or entire industries or sectors associated with such investments, may lose favor with investors as compared to those that are more "value" oriented. As a result, a Fund's performance may at times be worse than the performance of other mutual funds that invest more broadly or that have different investment styles.

**Large-Capitalization Stock Risk** — Large-sized companies tend to compete in mature product markets and do not typically experience the level of sustained growth of smaller companies and companies competing in less mature product markets. Large-sized companies may be unable to respond as quickly as smaller companies to competitive challenges or changes in business, product, financial, or other market conditions. For these and other reasons, investments in large-capitalization companies may underperform other stock funds such as funds that focus on the stocks of small- and medium-sized companies.

**Large Shareholder Risk** — The Funds, like all investment companies, pool the investments of many investors. Actions by one shareholder or multiple shareholders may have an impact on the Funds and, therefore, indirectly on other shareholders. For example, significant levels of new investments in the Funds by shareholders may cause the Funds to have more cash than would otherwise be the case, which might have a positive or negative impact on Fund performance. Similarly, redemption activity might cause the Funds to sell portfolio securities, which may increase transaction costs and might generate a capital gain or loss, or cause it to borrow funds on a short-term basis to cover redemptions, which would cause the Funds to incur costs that, in effect, would be borne by all shareholders and not just the redeeming shareholders. Shareholder purchase and redemption activity also may affect the per share amount of the Funds' distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Funds' shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Funds to make taxable distributions to its shareholders earlier than the Funds otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Funds, the Funds may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Funds.

**Liquidity Risk** — Liquidity risk exists when particular investments cannot be disposed of quickly in the normal course of business. Market values for illiquid investments may not be readily available, and there can be no assurance that any fair value assigned to an illiquid investment at any time will accurately reflect the price a Fund might receive upon the sale of that investment. The ability of a Fund to dispose of illiquid investments or other instruments at advantageous prices may be greatly limited, and the Fund may have to continue to hold such investments or instruments during periods when the Adviser would otherwise have sold them (in order, for example, to meet redemption requests or to take advantage of other investment opportunities). Adverse market or economic conditions

**21**

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Risk Factors

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independent of any specific adverse changes in the conditions of a particular issuer, including rising interest rates, may adversely affect the liquidity of a Fund's investments. Some securities held by a Fund may be restricted as to resale, and there is often no ready market for such securities. In addition, a Fund, by itself or together with other accounts managed by the Adviser, may hold a position in an investment that is large relative to the typical trading volume for that holding, which can make it difficult for a Fund to dispose of the position at an advantageous time or price. It may also be the case that other market participants may be attempting to liquidate a position at the same time as a Fund is attempting to liquidate the same investment, causing increased supply in the market, and contributing to liquidity risk and downward pricing pressure. In such cases the sale proceeds received by a Fund may be substantially less than if a Fund had been able to sell the securities in more-orderly transactions, and the sale price may be substantially lower than the price previously used by the Fund to value the securities for purposes of determining a Fund's net asset value.

**Management Risk** — The investment process used by the investment team may produce incorrect judgments about the value of a particular asset or the team may implement its investment strategy in a way that may not produce the desired results.

**Portfolio Turnover Risk** — Portfolio turnover generally involves a number of direct and indirect costs and expenses to a Fund, including, for example, dealer mark-ups and bid/asked spreads and transaction costs on the sale of securities and reinvestment in other securities. Such costs are not reflected in the Funds' Total Annual Fund Operating Expenses set forth under "Fund Fees and Expenses" but do have the effect of reducing a Fund's investment return. Such sales may result in the realization of taxable capital gains, including short-term capital gains, which generally are taxed to shareholders at ordinary income tax rates.

**Sector Focus Risk** — To the extent a Fund focuses in one or more sectors, market or economic factors impacting those sectors could have a significant effect on the value of the Fund's investments. Additionally, a Fund's performance may be more volatile when the Fund's investments are focused in a particular sector.

<sup>◼</sup>

**Financials Sector Risk** — Companies in the financials sector are subject to extensive governmental regulation, which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business, or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.

<sup>◼</sup>

**Information Technology Sector Risk** — Information technology companies tend to significantly rely on technological events or advances in their product development, production, or operations and are particularly vulnerable to rapid changes in technological product cycles, government regulation, and competition. Information technology companies may be smaller and less experienced companies, with limited product lines, markets, or financial resources and fewer experienced management or marketing personnel. Information technology company stocks, especially those which are internet-related, have experienced extreme price and volume fluctuations that are often unrelated to their operating performance.

**22**

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Risk Factors

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**Smaller-Capitalization Stock Risk** — Small- or mid-sized companies often have more limited managerial and financial resources than larger, more established companies and, therefore, may be more susceptible to market downturns or changing economic conditions. In addition, such companies may have been recently organized and have little or no track record of success. Also, the Adviser may not have had an opportunity to evaluate such newer companies' performance in adverse or fluctuating market conditions. The securities of smaller-sized companies may trade less frequently and in smaller volume than more widely held securities. Prices of small- or mid-sized companies tend to be more volatile than those of larger companies and small- or mid-sized issuers may be subject to greater degrees of changes in their earnings and prospects. Since smaller-company stocks typically have narrower markets and are traded in lower volumes than larger-company stocks, they may be often more difficult to purchase and sell.

**<u>Additional Risk Factors.</u>** The Adviser may use several types of investment strategies in pursuing each Fund's overall investment objective. The following risks are those that the Adviser does not consider to be principal risks of the Funds. Additional risks are included in the Funds' SAI.

**Derivatives Risk** — Derivatives, such as forward currency contracts, futures contracts and options on futures contracts, are subject to the risk that small price movements can result in substantial gains or losses. Derivatives also entail exposure to counterparty risk, the risk of mispricing or improper valuation and the risk that changes in value of the derivative may not correlate perfectly with the relevant securities, assets, or indices. The use of derivatives may cause the Fund to incur losses greater than those that would have occurred had derivatives not been used.

**Emerging Markets Risk —** There are greater risks involved in investing in emerging market countries than those associated with investment in developed foreign markets. The risks of investing in foreign securities generally are amplified for investments in emerging markets securities. Generally, markets in emerging market countries are less diverse and mature than those of developed countries and their political systems are less stable. In addition, recordkeeping, accounting, financial and other reporting may be less extensive and less frequent. There are risks also associated with share registration, custody, and foreign investment structures. Further, due to the smaller securities markets, limited reliable access to capital, market manipulation concerns, lower trading volumes and less government regulation of securities markets (including limitations on the available rights and remedies) in emerging market countries compared to those in developed countries, investments in emerging market securities generally are more illiquid and volatile and subject to a higher risk of settlement disruptions than investments in securities of issuers in developed countries. Consequently, emerging market securities may be subject to relatively more abrupt and severe price declines.

**IPO Risk** — Investments in IPOs may result in increased transaction costs and expenses and the realization of short-term capital gains and distributions. In addition, in the period immediately following an IPO, investments may be subject to more extreme price volatility than that of other equity investments. A Fund may lose all or part of its investment if the companies making their IPOs fail and their product lines fail to achieve an adequate level of market recognition or acceptance. IPOs may not be available to a Fund at all times, and a Fund may not always invest in IPOs offered to it. Investments in IPOs may have a substantial beneficial effect on a Fund's investment performance. A Fund's investment return earned during a period of substantial investment in IPOs may not be sustained during other periods when the Fund makes more limited, or no, investments in IPOs.

**Investment Company Risk** — A Fund's ability to achieve its investment objective may be directly related to the ability of other investment companies (including ETFs) held by the Fund to meet their investment objectives. In addition, shareholders of the Fund will indirectly bear the fees and expenses of the underlying investment companies. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities.

**23**

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Risk Factors

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**Securities Lending Risk** — The risk in lending portfolio securities, as with other extensions of credit, consists of the possibility of loss to a Fund due to (1) the inability of the borrower to return the securities, (2) a delay in receiving additional collateral to adequately cover any fluctuations in the value of securities on loan, (3) a delay in recovery of the securities, or (4) the loss of rights in the collateral should the borrower fail financially. These events could trigger adverse tax consequences for a Fund. In addition, a Fund is responsible for any loss that might result from its investment of the borrower's collateral. In determining whether to lend securities, the Adviser or a Fund's securities lending agent will consider relevant facts and circumstances, including the creditworthiness of the borrower.

&nbsp;&nbsp; An investment in a<br> Fund is not a complete<br> investment program.<br>

**24**

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Organization and Management of the Funds

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The Funds' Board has the overall responsibility for overseeing the management of each Fund.

**The Investment Adviser**

The Adviser serves as the investment adviser to each of the Victory Funds pursuant to an investment advisory agreement and oversees the operations of the Funds according to investment policies and procedures adopted by the Board. The Adviser is a New York corporation that is registered as an investment adviser with the Securities and Exchange Commission ("SEC"). As of September 30, 2025, the Adviser managed and advised assets totaling in excess of $310.6 billion for individual and institutional clients. The Adviser's principal address is 15935 La Cantera Parkway, San Antonio, TX 78256.

A discussion regarding the basis of the Board's approval of the Funds' Advisory Agreement is available in the Funds' most recent Form N-CSRS filing for the period ended December 31, 2024.

The Adviser is a diversified global asset manager comprised of multiple investment teams, referred to as investment franchises, each of which employs an independent approach to investing. The Victory Solutions platform is responsible for the management of the Funds.

Advisory fees to be paid annually, before waivers, will be equal to the following:

---

| | |
|:---|:---|
| **Fund**  | **Advisory Fee**  |
| Victory Mid-Cap Core Growth Fund  | &nbsp;&nbsp; 0.75%  |
| Victory Multi-Cap Fund  | &nbsp;&nbsp; 0.75% |

---

See "Fund Fees and Expenses" for information about any contractual agreement by the Adviser to waive fees and/or reimburse expenses with respect to a Fund. From time to time, the Adviser also may voluntarily waive fees and/or reimburse expenses in amounts exceeding those required to be waived or reimbursed under any contractual agreement that may be in place with respect to a Fund.

**Portfolio Management**

**Lance Humphrey**, CFA, Senior Portfolio Manager and Head of Portfolio Management, Victory Solutions, has co-managed the Funds since November 2025. Mr. Humphrey has 17 years of investment management experience, 12 of which were with USAA Asset Management Company ("AMCO"), which Victory Capital acquired in 2019. He holds the Chartered Financial Analyst ("CFA") designation and is a member of the CFA Society of San Antonio.

**Elie Masri**, Portfolio Manager, Victory Solutions, has co-managed the Funds since November 2025. Mr. Masri joined Victory Capital in 2008 from Deutsche Asset Management and has over 20 years of investment experience. Education: B.B.A. in finance from Baruch College and an M.S. in quantitative methods and modeling from the Zicklin School of Business at Baruch College.

*The Funds' SAI provides additional information about the portfolio managers' method of compensation, other accounts they manage, and any ownership interests they may have in the Funds.*

**25**

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Investing with the Victory Funds

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All you need to get started is to fill out an application.<br>

If you are looking for a convenient way to open an account or to add money to an existing account, we can help. The sections that follow will serve as a guide to your investment with the Victory Funds. These sections describe many of the share classes currently offered by the Victory Funds. The section *Choosing a Share Class* will help you decide which share class it may be to your advantage to buy.

Keep in mind that Class I, Class R, Class R6, and Class Y shares are available for purchase only by eligible shareholders. In addition, not all Victory Funds offer each class of shares described below, and therefore, certain classes may be discussed that are not necessarily offered by a Fund. The classes of shares that are offered by a Fund are those listed on the cover page designated with a ticker symbol. A Fund may also offer other share classes in different prospectuses. The Victory Funds may offer additional classes of shares in the future.

This section of the Prospectus also describes how to open an account, how to access information about your account, and how to buy, exchange, and sell shares of a Victory Fund. Note, this information may vary if you invest through a third party such as a brokerage firm and will be dependent on that firm's policies and practices. Consult your Investment Professional for specific details.

We want to make it simple for you to do business with us. If you have questions about any of this information, please call your Investment Professional or one of our customer service representatives at 800-539-FUND (800-539-3863). They will be happy to assist you.

&nbsp;&nbsp; An Investment Professional is an investment consultant, salesperson, financial planner, <br> investment adviser, or trust officer who provides you with investment information. <br> Your Investment Professional also can help you decide which share class is best for you. <br> Investment Professionals and other financial intermediaries may charge fees for their services.<br>

**26**

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Share Price

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&nbsp;&nbsp; The daily NAV is useful to you as a shareholder because the NAV, <br> multiplied by the number of Fund shares you own, gives you the value of your investment.<br>

Each Victory Fund calculates its share price, called its net asset value ("NAV"), each business day as of the close of regular trading on the New York Stock Exchange, Inc. ("NYSE"), which is normally 4:00 p.m. Eastern Time. The NAV takes into account the expenses and fees of a Fund, including management, administration, and distribution fees (if any), which are accrued daily. In the event of an emergency or other disruption in trading on the NYSE, a Fund's share price will be determined based upon the close of the NYSE. You may buy, exchange, and sell your shares on any business day at a price that is based on the NAV that is next calculated after you place your order. A business day is a day on which the NYSE is open. The NYSE is closed on weekends, most national holidays, and Good Friday. Undistributed income and gain will be reflected in the Fund's NAV and, correspondingly, distributions of the Fund's income and gain will reduce the Fund's NAV. Undistributed income and gain, like all Fund assets, can fluctuate in value over time. Please see "Distributions and Taxes" for more information about the Fund's distribution policies, including the general frequency of distributions.

To the extent a Fund's investments include securities that are traded primarily in foreign markets, the value of those securities may change on days when shareholders are unable to purchase and redeem a Fund's shares, such as on weekends or other days when the Fund does not price its shares.

Each Fund prices its investments based on market value when market quotations are readily available. When these quotations are not readily available, the Adviser will price a Fund's investments at fair value in accordance with applicable regulatory requirements. A security will be fair valued when:

◼

Trading in the security has been halted;

◼

The market quotation for the security is clearly erroneous due to a clerical error;

◼

The security's liquidity decreases such that, in the Adviser's opinion, the market quotation has become stale; or

◼

An event occurs after the close of the trading market (but before the Fund's NAV is calculated) that, in the Adviser's opinion, materially affects the value of the security.

The use of fair value pricing may minimize arbitrage opportunities that attempt to exploit the differences between a security's market quotation and its fair value. The use of fair value pricing may not, however, always reflect a security's actual market value in light of subsequent relevant information, and the security's opening price on the next trading day may be different from the fair value price assigned to the security.

Each Victory Fund calculates the NAV of each share class by adding up the total value of the investments and other assets of that class, subtracting its liabilities, and then dividing that figure by the number of outstanding shares of the class.

---

| | |
|:---|:---|
| NAV= | Total Assets - Liabilities |
| NAV= | Number of Shares Outstanding |

---

A Fund's NAV is available by calling 800-539-FUND (800-539-3863) or by visiting the Funds' website at vcm.com.

**27**

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Choosing a Share Class

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**CLASS A**

◼

Front-end sales charge, as described in this section. There are several ways to reduce or eliminate this charge as discussed under *Sales Charge Reductions and Waivers for Class A Shares*.

◼

A contingent deferred sales charge ("CDSC") may be imposed if you sell your shares within 18 months of purchase. The CDSC may be waived or reduced in certain circumstances as discussed under *CDSC Reductions for Class A and Class C Shares.*

◼

Class A shares also pay ongoing distribution and/or service (12b-1) fees.

◼

Lower annual expenses than Class C or Class R shares.

**CLASS C**

◼

No front-end sales charge. All your money goes to work for you right away.

◼

A CDSC may be imposed if you sell your shares within 12 months of purchase. The CDSC may be waived or reduced in certain circumstances as discussed under *CDSC Reductions for Class A and Class C Shares*.

◼

Class C shares also pay ongoing distribution and/or service (12b-1) fees.

◼

Higher annual expenses than all other classes of shares.

**CLASS I**

◼

No front-end sales charge or CDSC. All your money goes to work for you right away.

◼

Class I shares do not pay any ongoing distribution and/or service (12b-1) fees.

◼

Class I shares are only available to certain investors.

◼

Typically lower annual expenses than all other classes of shares except Class R6 shares.

**CLASS R**

◼

No front-end sales charge or CDSC. All your money goes to work for you right away.

◼

Class R shares pay ongoing distribution and/or service (12b-1) fees.

◼

Class R shares are only available to certain investors.

◼

Higher annual expenses than all classes except Class C shares.

**CLASS R6**

◼

No front-end sales charge or CDSC. All your money goes to work for you right away.

◼

Class R6 shares do not pay any ongoing distribution and/or service (12b-1) fees.

◼

Class R6 shares are only available to certain investors.

◼

Typically lower annual expenses than all other classes of shares.

**CLASS Y**

◼

No front-end sales charge or CDSC. All your money goes to work for you right away.

◼

Class Y shares do not pay any ongoing distribution and/or service (12b-1) fees.

◼

Class Y shares are only available to certain investors.

◼

Typically lower annual expenses than Classes A, C, and R shares.

**28**

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Choosing a Share Class

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**Share Classes**

When you purchase shares of a Fund, you must choose a share class. The Victory Funds offer Class A, Class C, Class I, Class R, Class R6, and Class Y shares. Each share class represents an interest in the same portfolio of securities, but the classes differ in the sales charges, if any, and expenses that apply to your investment, allowing you and your Investment Professional to choose the class that best suits your investment needs.

Deciding which share class best suits your investment needs depends on a number of factors that you should discuss with your Investment Professional, including: how long you expect to hold your investment, how much you intend to invest, and the total expenses associated with each share class.

The Funds reserve the right to change the eligibility criteria for purchasing a particular share class. For example, a class of shares may be available to purchase only by retirement plans or by institutional investors. The Funds may also waive any applicable eligibility criteria or investment minimums at its discretion.

A Fund or any class may be closed at any time for failure to achieve an economical level of assets or for other reasons. Certain financial intermediaries who hold shares on behalf of their customers impose fees when the amount of shares of a particular class falls below a minimum threshold. To the extent that the amount of shares falls below that threshold, the Funds reserve the right to liquidate the shares held in accounts maintained by the financial intermediary.

**Calculation of Sales Charges for Class A Shares** 

&nbsp;&nbsp; For historical expense information, see the "Financial Highlights" <br> at the end of this Prospectus.<br>

Class A shares are sold at their public offering price, which is the net asset value ("NAV") plus any applicable initial sales charge, also referred to as the "front-end sales load." The sales charge may be reduced or eliminated for larger purchases, as detailed below or as described under *Sales Charge Reductions and Waivers for Class A Shares*. The investment levels required to obtain a reduced sales charge are commonly referred to as "breakpoints."

All Class A purchases are subject to the terms described herein except for those purchases made through an intermediary specified in *Appendix A - Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries*.

In order to obtain a breakpoint discount, you must inform the Victory Funds or your Investment Professional at the time you purchase shares of the existence of the other Victory accounts or purchases of Victory Funds that are eligible to be linked for the purpose of calculating the initial sales charge. The Fund or your Investment Professional may ask you for records or other information about other Victory Funds held in your Victory accounts and any linked accounts, such as accounts opened with a different financial intermediary.

The current sales charge rates and breakpoint levels for Class A shares of the Funds are listed below:

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| | | |
|:---|:---|:---|
| **Your Investment in the Fund**  | **Sales** <br> **Charge**<br> **as a % of**<br> **Offering** <br> **Price** <br>| **Sales** <br> **Charge**<br> **as a % of**<br> **Your** <br> **Investment** <br>|
| Up to $49,999  | &nbsp;&nbsp; 5.75%  | &nbsp;&nbsp; 6.10%  |
| $50,000 up to $99,999  | &nbsp;&nbsp; 4.50%  | &nbsp;&nbsp; 4.71%  |
| $100,000 up to $249,999  | &nbsp;&nbsp; 3.50%  | &nbsp;&nbsp; 3.63%  |
| $250,000 up to $499,999  | &nbsp;&nbsp; 2.50%  | &nbsp;&nbsp; 2.56%  |

---

**29**

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Choosing a Share Class

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---

| | | |
|:---|:---|:---|
| **Your Investment in the Fund**  | **Sales** <br> **Charge**<br> **as a % of**<br> **Offering** <br> **Price** <br>| **Sales** <br> **Charge**<br> **as a % of**<br> **Your** <br> **Investment** <br>|
| $500,000 and above<sup>1</sup> <br>| &nbsp;&nbsp; 0.00%  | &nbsp;&nbsp; 0.00% |

---

<sup>1</sup> A contingent deferred sales charge ("CDSC") of 0.75% may be imposed on certain redemptions of Class A shares purchased without an initial sales charge if any of those shares are redeemed within 18 months of purchase. This charge will be based on the current market value or the original cost of the shares you are selling, whichever is less. No CDSC is imposed on shares representing reinvested distributions. You may be eligible for a reduction or waiver of this CDSC under certain circumstances. *See CDSC Reductions for Class A and Class C Shares* and *Appendix A - Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries* for details.

**Sales Charge Reductions and Waivers for Class A Shares** 

&nbsp;&nbsp; There are several ways you can combine multiple purchases of Class A shares of the Victory <br> Funds to take advantage of reduced sales charges or, in some cases, eliminate sales charges.<br>

There are a number of ways you can reduce or eliminate your sales charges, which we describe below. In order to obtain a Class A sales charge reduction or waiver, you must provide your financial intermediary or the Funds' transfer agent, at the time of purchase, with current information regarding shares of any Victory Funds held in other accounts. This information must include account statements or other records (including written representations from the intermediary holding the shares) that indicate any accounts (e.g., retirement accounts) established (i) with the Victory Funds and your Investment Professional; (ii) with other financial intermediaries; and (iii) in the name of immediate family household members (spouse or domestic partner and children under 21) with regard to Rights of Accumulation.

The availability of a sales charge reduction or waiver discussed below will depend upon whether you purchase your shares directly from the Funds or through a financial intermediary. If you are eligible for a sales charge reduction because you own shares of other Victory Funds, you must notify the Funds or your financial intermediary at the time of purchase of any relationship or other facts qualifying you for sales charge reductions or waivers. Some intermediaries impose different policies for sales charge waivers and reductions. These variations are described in *Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries.* Except as described with respect to the intermediaries specified in Appendix A, all Class A shares are subject to the terms stated below. In order to obtain waivers and discounts that are not available through your intermediary, you must purchase Fund shares directly from the Funds or through another intermediary.

You can find additional information regarding sales charges and their reductions, free of charge, at vcm.com/policies, by clicking on *Victory Funds Pricing Policies*.

You may reduce or eliminate the sales charge applicable to Class A shares in a number of ways:

◼

**Breakpoint** - Purchase a sufficient amount to reach a breakpoint (see *Calculation of Sales Charges for Class A Shares* above);

◼

**Letter of Intent** - If you anticipate purchasing $50,000 or more of Class A shares of the Fund, including any purchase of other Victory Funds of any share class (except money market funds and any assets held in group retirement plans), within a 13-month period, you may qualify for a sales charge breakpoint as though you were investing the total amount in one lump sum. In order to qualify for the reduced sales charge, you must submit a non-binding Letter of Intent (the "Letter") within 90 days of the start of the purchases. Each investment you make after signing the Letter will be entitled to the sales charge applicable to the total investment indicated in the Letter. You must start with a minimum initial investment of at least 5.00% of the total amount you intend to purchase. A portion of the shares purchased under the Letter will be held in escrow until the total investment has been completed. In the event you do not complete your commitment set forth

**30**

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Choosing a Share Class

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in the Letter in the time period specified, sufficient escrowed shares will be redeemed to pay any applicable front-end sales charges;

◼

**Right of Accumulation** - Whereas a Letter of Intent allows you to qualify for a discount by combining your current purchase amount with purchases you intend to make in the near future, a Right of Accumulation allows you to reduce the initial sales charge on a Class A investment by combining the amount of your current purchase with the current market value of prior investments made by you, your spouse (including domestic partner), and your children under age 21 in any class of shares of any Victory Fund (except money market funds and any assets held in group retirement plans). The value of eligible existing holdings will be calculated by using the greater of the current value or the original investment amount. To ensure that you receive a reduced price using the Fund's Right of Accumulation, you or your Investment Professional must inform the Funds that the Right applies each time shares are purchased and provide sufficient information to permit confirmation of qualification;

◼

**Reinstatement Privilege** - You may reinvest at NAV all or part of your redemption proceeds within 90 days of a redemption of Class A shares of a Fund;

◼

**Waiver** - The Victory Funds will completely waive the sales charge for Class A shares in the following cases:

<sup>◼</sup>

Purchases of at least $250,000 for certain Funds or $500,000 for others;

<sup>◼</sup>

Purchases by certain individuals associated with the Victory Funds or service providers (see "Eligibility of Individuals Associated with the Victory Funds and Fund Service Providers");

<sup>◼</sup>

Purchases by registered broker-dealers, financial intermediaries or their agents or affiliates who have agreements with the Funds' distributor (the "Distributor"), if the shares are purchased for their own account, purchased for retirement plans of their employees or sold to registered representatives or full-time employees (or their immediate families), provided that such purchase is for one of the foregoing types of accounts;

<sup>◼</sup>

Purchases for trust or other advisory accounts established with a financial institution and fee-based investment products or accounts;

<sup>◼</sup>

Reinvestment of proceeds from a liquidation distribution of Class A shares of a Victory Fund held in a deferred compensation plan, agency, trust, or custody account;

<sup>◼</sup>

Purchases by retirement plans, including Section 401 and 457 plans sponsored by a Section 501(c)(3) organization and certain non-qualified deferred compensation arrangements that operate in a similar manner to qualified plans. Investors nonetheless may be charged a fee if they effect transactions in Class A shares through a broker or agent;

<sup>◼</sup>

Purchases by participants in no transaction fee programs offered by certain broker-dealers (sometimes referred to as "supermarkets");

<sup>◼</sup>

Purchases by certain financial intermediaries who offer shares to self-directed investment brokerage accounts that may or may not charge a transaction fee to its customers;

<sup>◼</sup>

Shareholders investing directly with the Fund who do not have a third-party financial intermediary or registered representative assigned, or who invest directly in certain products sponsored by the Adviser or its affiliates; and

<sup>◼</sup>

Individuals who reinvest the proceeds of redemptions from Class I, Class R6, or Class Y shares of a Victory Fund within 60 days of redemption.

You should inform the Fund or your Investment Professional at the time of purchase of the sales charge waiver category which you believe applies.

**31**

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Choosing a Share Class

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**CDSC for Class A Shares**

A CDSC of 0.75% may be imposed on certain redemptions of Class A shares purchased without an initial sales charge if any of those shares are redeemed within 18 months of purchase. This charge will be based on the current market value or the original cost of the shares you are selling, whichever is less. No CDSC is imposed on shares representing reinvested distributions.

More information is available in *CDSC Reductions and Waivers for Class A and Class C Shares* and *Appendix A – Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries*. All Class A purchases are subject to the terms described herein except for those purchases made through the intermediaries specified in Appendix A.

**CDSC for Class C Shares**

You will pay a 1.00% CDSC on any Class C shares you sell within 12 months of purchase. The CDSC is calculated on the current market value or the original cost of the shares you are selling, whichever is less. There is no CDSC on shares you acquire by reinvesting your dividends or capital gains distributions. You may be eligible for reduction or waiver of this CDSC under certain circumstances. There is no CDSC imposed when you exchange your shares for Class C shares of another Victory Fund; however, your exchange is subject to the same CDSC schedule that applied to your original purchase.

An investor may, within 90 days of a redemption of Class C shares, reinvest all or part of the redemption proceeds in the Class C shares of any Victory Fund at the NAV next computed after receipt by the transfer agent of the reinvestment order. Class C share proceeds reinvested do not result in a refund of any CDSC paid by the shareholder, but the reinvested shares will be treated as CDSC exempt upon reinvestment. The shareholder must ask the Distributor for such privilege at the time of reinvestment.

To keep your CDSC as low as possible, each time you sell shares we will first sell shares in your account that are not subject to a CDSC. If there are not enough of these to meet your sale, we will sell the shares in the order they were purchased.

More information is available in *CDSC Reductions and Waivers for Class A and Class C Shares* and *Appendix A – Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries*.

**CDSC Reductions and Waivers for Class A and Class C Shares**

No CDSC is imposed on redemptions of Class A and Class C shares in the following circumstances:

◼

To the extent that the shares redeemed:

<sup>◼</sup>

are no longer subject to the holding period for such shares;

<sup>◼</sup>

resulted from reinvestment of distributions; or

<sup>◼</sup>

were exchanged for shares of another Victory Fund as allowed by the Prospectus, provided that the shares acquired in such exchange or subsequent exchanges will continue to remain subject to the CDSC, if applicable, calculated from the original date of purchase until the applicable holding period expires. In determining whether the CDSC applies to each redemption, shares not subject to a CDSC are redeemed first;

◼

Following the death or post-purchase disability of:

<sup>◼</sup>

a registered shareholder on an account; or

<sup>◼</sup>

a settlor of a living trust, of shares held in the account at the time of death or initial determination of post-purchase disability;

◼

Distributions from individual retirement accounts, Section 403(b), Section 457 and Section 401 qualified plans, where redemptions result from:

**32**

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Choosing a Share Class

------

<sup>◼</sup>

required minimum distributions with respect to that portion of such contributions that does not exceed 12% annually;

<sup>◼</sup>

tax free returns of excess contributions or returns of excess deferral amounts;

<sup>◼</sup>

distributions on the death or disability of the account holder;

<sup>◼</sup>

distributions for the purpose of a loan or hardship withdrawal from a participant plan balance; or

<sup>◼</sup>

distributions as a result of separation of service;

◼

Distributions as a result of a Qualified Domestic Relations Order or Domestic Relations Order required by a court settlement;

◼

In instances where the investor's dealer or institution waived its commission in connection with the purchase and notifies the Distributor prior to the time of investment;

◼

When the redemption is made as part of a Systematic Withdrawal Plan (including dividends), up to an annual amount of 12% of the account value on a per fund basis, at the time the withdrawal plan is established; or

◼

Participant-initiated distributions from employee benefit plans or participant-initiated exchanges among investment choices in employee benefit plans.

**Eligibility Requirements to Purchase Class I Shares**

Class I shares may only be purchased by:

◼

Institutional and individual retail investors with a minimum investment in Class I shares of $2,000,000 who purchase through certain broker-dealers or directly from the transfer agent;

◼

Investors who purchase through advisory programs with an approved financial intermediary in which the financial intermediary typically charges the investor a fee based upon the value of the account ("Advisory Programs"). Such transactions may be subject to additional rules or requirements of the applicable Advisory Program;

◼

Retirement plans, including Section 401 and 457 plans, Section 403 plans sponsored by a Section 501(c)(3) organization and certain non-qualified deferred compensation arrangements that operate in a similar manner to qualified plans; or

◼

Brokers (and their sales representatives) where those brokers have agreements with the Distributor to sell shares of a Fund.

A Fund may allow a lower initial investment if, in the opinion of the Distributor, the investor has the adequate intent and availability of assets to reach a future level of investment of $2,000,000.

**Eligibility Requirements to Purchase Class R Shares**

Class R shares may only be purchased by:

◼

Institutional investors;

◼

Retirement plans, including Section 401 and 457 plans, Section 403 plans sponsored by a Section 501(c)(3) organization and certain non-qualified deferred compensation arrangements that operate in a similar manner to qualified plans;

◼

IRAs that are rollovers from eligible retirement plans that offered one or more Class R share Victory Funds as investment options and to individual 401(k) plans; or

◼

Investors who purchase through Advisory Programs with an approved financial intermediary.

**33**

------

Choosing a Share Class

------

**Eligibility Requirements to Purchase Class R6 Shares**

Class R6 shares may only be purchased by:

◼

Registered investment companies;

◼

Retirement plans, including Section 401 and 457 plans, Section 403 plans sponsored by a Section 501(c)(3) organization, employer sponsored benefit plans (including health savings accounts) and certain non-qualified deferred compensation arrangements that operate in a similar manner to qualified plans;

◼

Endowments and foundations; or

◼

Investors who purchase through Advisory Programs with an approved financial intermediary.

**Eligibility Requirements to Purchase Class Y Shares**

Class Y shares may only be purchased by:

◼

Institutional and individual retail investors with a minimum investment in Class Y shares of $1,000,000 who purchase through certain broker-dealers or directly from the transfer agent;

◼

Clients of state-registered or federally registered investment advisors (RIAs), where such RIAs trade through institutional trading platforms approved by a Fund, who invest at least $2,500;

◼

Brokerage platforms of firms that have agreements with the Distributor to offer such shares solely when acting as an agent for the investor. An investor transacting in Class Y shares through these programs may be required to pay a commission and/or other forms of compensation to the broker;

◼

Pension, profit sharing, employee benefit and other similar plans and trusts that invest in a Fund;

◼

Investors who purchase through Advisory Programs with an approved financial intermediary;

◼

Investment advisory clients of the Adviser; or

◼

Investment advisors, consultants, broker-dealers and other financial intermediaries investing for their own accounts or for the accounts of their immediate family members.

A Fund may allow a lower initial investment if, in the opinion of the Distributor, the investor has the adequate intent and availability of assets to reach a future level of investment of $1,000,000.

**Eligibility of Individuals Associated with the Victory Funds and Fund Service Providers**

Current and retired Victory Fund trustees and the officers, directors, trustees, employees, and family members of employees of the Adviser or Affiliated Providers are eligible to purchase the lowest expense share class offered by a Fund. In the case of Class A shares, such purchases are not subject to a front-end sales charge. "Affiliated Providers" are affiliates of the Adviser and organizations that provide services to Victory Portfolios (the "Trust").

&nbsp;&nbsp; A Fund reserves the right to change the criteria for eligible investors and<br> the investment minimums.<br>

**34**

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Information About Fees

------

**Distribution and Service Plans**

In accordance with Rule 12b-1 under the Investment Company Act of 1940, the Trust has adopted Distribution and Service Plans for Class A, Class C, and Class R shares.

Under the Class A Distribution and Service Plan, a Fund will pay to the Distributor a monthly fee at an annual rate of up to 0.25% of its average daily net assets of Class A shares. Under the Class R Distribution and Service Plan, a Fund will pay to the Distributor a monthly fee at an annual rate of up to 0.50% of its average daily net assets of Class R shares. The fee is paid for general distribution services, for selling Class A and Class R shares of the Fund and, as applicable, for providing personal services to shareholders of the Fund. Distribution and selling services are provided by the Distributor or by agents of the Distributor and include those services intended to result in the sale of Fund shares. Personal services to shareholders are generally provided by broker-dealers or other intermediaries and consist of responding to inquiries, providing information to shareholders about their Fund accounts, establishing and maintaining accounts and records, providing dividend and distribution payments, arranging for bank wires, assisting in transactions and changing account information.

Under the Class C Distribution and Service Plan, a Fund will pay to the Distributor a monthly fee at an annual rate of 1.00% of the average daily net assets of its Class C shares. Of this amount, 0.75% of the Fund's Class C shares average daily net assets will be paid for general distribution services and for selling Class C shares. The Fund will pay 0.25% of its Class C shares average daily net assets to compensate financial institutions that provide personal services to Class C shareholders of the Fund. Distribution and selling services are provided by the Distributor or by agents of the Distributor and include those services intended to result in the sale of the Fund's Class C shares. Personal services to shareholders are generally provided by broker-dealers or other financial intermediaries and consist of responding to inquiries, providing information to shareholders about their Fund accounts, establishing and maintaining accounts and records, providing dividend and distribution payments, arranging for bank wires, assisting in transactions, and changing account information.

Because Rule 12b-1 fees are paid out of a Fund's assets and on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

**Other Payments to Financial Intermediaries**

Except with respect to Class R6 shares, if you purchase Fund shares through an Investment Professional, a broker-dealer, or other financial intermediary, the Fund may pay for sub-transfer agent, recordkeeping and/or similar administrative services. In addition, the Adviser (and its affiliates) may make substantial payments out of its own resources, including the profits from the advisory fees the Adviser receives from the Funds, to affiliated and unaffiliated dealers or other Investment Professionals and service providers for distribution, administrative and/or shareholder servicing activities. The Adviser also may reimburse the Distributor (or the Distributor's affiliates) for making these payments. Some of these distribution-related payments may be made to dealers or other Investment Professionals for marketing, promotional or related expenses; these payments are often referred to as "revenue sharing." The Adviser (and its affiliates) also may pay fixed fees for the listing of a Fund on a broker-dealer's or financial intermediary's system. Such payments are not considered to be revenue sharing payments.

In some circumstances, these types of payments may create an incentive for a dealer or Investment Professional or its representatives to recommend or offer shares of the Victory Funds to its customers. You should ask your dealer or Investment Professional for more details about any such payments it receives.

**35**

------

Information About Fees

------

No compensation, administrative payments, sub-transfer agency payments or service payments are paid to broker-dealers or other financial intermediaries from Fund assets, or from the resources of the Adviser or its affiliates on sales of or investments in Class R6 shares.

**36**

------

How to Buy Shares

------

**Opening an Account**

If you would like to open an account, you will first need to complete an Account Application.

You can obtain an Account Application by calling Victory Funds Customer Service at 800-539-FUND (800-539-3863). You can also download an Account Application by visiting the Victory Funds' website, VictoryFunds.com, and clicking on the Victory Funds Account Application link. Send the completed Account Application, along with a check made payable to the Victory Funds, at the following address:

**Victory Funds**

P.O. Box 182593

Columbus, OH 43218-2593

You can also obtain an Account Application by contacting your Investment Professional. When you invest through an Investment Professional, the procedures for buying, selling, and exchanging shares and the account features and policies may differ. In addition to any limitations described in this Prospectus, an Investment Professional or other intermediary may also place other limits on your ability to use the services of a Fund. Sometimes an Investment Professional will charge you for its services. This fee will be in addition to, and unrelated to, the fees and expenses charged by the Funds.

Mutual funds must obtain and verify information that identifies investors opening new accounts. If the Funds are unable to collect the required information, you may not be able to open your account. Additional details about the Funds' Customer Identification Program are available in the section "Important Fund Policies."

The Fund generally is available for purchase in the United States, Puerto Rico, Guam, American Samoa and the U.S. Virgin Islands. Except to the extent otherwise permitted by the Fund's Distributor, the Fund will only accept accounts from U.S. citizens with a U.S. address (including an APO or FPO address) or resident aliens with a U.S. address (including an APO or FPO address) and a U.S. taxpayer identification number.

If you participate in a retirement plan that offers one of the Victory Funds as an option, please consult your employer for information on how to purchase shares of the Victory Funds through the plan, including any restrictions or limitations that may apply.

**Paying for Your Initial Purchase**

If you wish to make an investment directly into the Victory Funds, make your check payable to the "Victory Funds." All checks must be drawn on U.S. banks. If your check is returned as uncollectible for any reason, you will be charged for any resulting fees and/or losses. The Fund does not accept cash, money orders, traveler's checks, credit card convenience checks, or third-party checks. Additionally, bank starter checks are not accepted for the shareholder's initial investment into the Funds. All payments must be denominated in U.S. dollars.

**Minimum Investments**

If you would like to buy Class A or Class C shares, the minimum investment required to open an account is $2,500 ($1,000 for IRA accounts), with additional investments of at least $50. If you would like to buy Class I, Class R, Class R6, or Class Y shares, you must be an Eligible Investor, as discussed in the section *Choosing a Share Class — Eligibility Requirements to Purchase*. Eligible Investors may be subject to a minimum investment amount as detailed in that section.

For Class C shares, individual purchases of $500,000 and above will be made automatically in Class A shares.

**37**

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How to Buy Shares

------

If your account falls below the minimum investment amount, we may ask you to reestablish the minimum investment. If you do not do so within 60 days, we may close your account and send you the value of your account.

The minimum investment required to open an account may be waived or lowered for employees and immediate family members of the employees, of the Adviser, the Administrator, and their affiliates. In addition, the minimum investment required may be waived when a Fund is purchased through an Advisory Program, within qualified retirement plans or in other similar circumstances. Although the Funds may sometimes waive the minimum investment, when they do so, they always reserve the right to reject initial investments under the minimum at their discretion.

There is no minimum investment required to open an account or for additional investments in Victory Simple IRAs.

A Fund reserves the right to change the criteria for eligible investors and the investment minimums.

**Purchasing Additional Shares**

Once you have an existing account, you can make additional investments at any time in any amount (subject to any minimums) in the following ways:

◼

**By Mail**

To ensure that your additional investment is properly credited to your account, use the Investment Stub attached to your confirmation statement and send it with your check to the address indicated.

◼

**By Telephone**

If you have an existing account that has been set up to receive electronic transfers, you can buy additional shares by calling Victory Funds Customer Service at 800-539-FUND (800-539-3863) between 8:00 a.m. and 6:00 p.m. (Eastern Time), Monday through Friday.

◼

**By Exchange**

You may purchase shares of a Fund using the proceeds from the simultaneous redemption of shares of another Victory Fund if it is eligible for an exchange with your Fund. You may initiate an exchange online (if you are a registered user of VictoryFunds.com), by telephone, or by mail. See the section "Exchanging Shares."

◼

**Via the Internet**

If you are a registered user, you may request a purchase of shares through our website at VictoryFunds.com. Your account must be set up for Automated Clearing House ("ACH") payment in order to execute online purchases.

◼

**By ACH**

Your account must be set up for ACH payment in order to execute purchases online or by telephone. It takes about 15 days to set up an ACH account and only domestic member banks may be used. After your account is set up, your purchase amount can be transferred by ACH. Currently, the Funds do not charge a fee for ACH transfers but they reserve the right to charge for this service in the future. Your originating bank may charge a fee for ACH transfers.

◼

**By Wire**

You may buy Fund shares by bank wire transfer of same day funds. Please call Victory Funds Customer Service at 800-539-FUND (800-539-3863) between 8:00 a.m. and 6:00 p.m. (Eastern Time), Monday through Friday for wiring instructions. Any commercial bank can transfer same-day funds by wire.

**38**

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How to Buy Shares

------

Although the transfer agent does not currently charge you for receiving same-day funds, it reserves the right to charge for this service in the future. Your bank may charge you for wiring same-day funds. You cannot buy shares for tax-qualified retirement plans by wire transfer.

◼

**By Systematic Investment Plan**

To enroll in the Systematic Investment Plan, you should check this box on the Account Application or on the Account Maintenance Form. We will need your bank information and the amount ($50 or more) and frequency of your investment. You can select monthly, quarterly, semi annual, or annual investments. You should attach a voided personal check so the proper information can be obtained. You must first meet the minimum investment requirement before we will make automatic withdrawals from your bank account and invest it in shares of a Fund.

**Other Purchase Rules You Should Know**

The Funds reserve the right to refuse a purchase order for any reason, including if they believe that doing so would be in the best interest of a Fund or its shareholders. The Funds also reserve the right, without notice, to increase or decrease the minimum amount required to open, convert shares to, or maintain a Fund account, or to add to an existing Fund account.

Keep these addresses handy for purchases, exchanges, or redemptions.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **BY REGULAR U.S. MAIL** | &nbsp;&nbsp;&nbsp; Victory Funds <br> P.O. Box 182593 <br> Columbus, OH 43218-2593<br>|
| **BY OVERNIGHT MAIL** | &nbsp;&nbsp;&nbsp; Use the following address ONLY for overnight packages:<br> Victory Funds<br> c/o FIS TA Operations<br> 4249 Easton Way, Suite 400<br> Columbus, OH 43219<br> PHONE: 800-539-FUND (800-539-3863)<br>|
| **BY WIRE** | &nbsp;&nbsp;&nbsp; Call 800-539-FUND (800-539-3863) BEFORE wiring money to notify the <br> Fund that you intend to purchase shares by wire and to verify wire <br> instructions.<br>|
| **BY TELEPHONE** | 800-539-FUND (800-539-3863) |
| **ON THE INTERNET** | VictoryFunds.com |

---

**39**

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How to Exchange Shares

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&nbsp;&nbsp; There may be limits on the ability to exchange between certain Victory Funds. <br> You can obtain a list of Victory Funds available for exchange by calling <br> 800-539-FUND (800-539-3863) or by visiting VictoryFunds.com<br>

The shares of any class of a Fund may be exchanged for the shares of any other class offered by the Fund or the same class of any other class of any Victory Fund, either through your Investment Professional or directly through the Fund, subject to the conditions described below:

◼

Exchanges are subject to any CDSC, minimum investment limitation, or eligibility requirements described in the applicable Prospectus and SAI. You may be required to provide sufficient information to establish eligibility to exchange into a new share class.

◼

To exchange with another Victory Fund, the other Victory Fund must be eligible for exchange with your Fund.

◼

Shares of the Victory Fund selected for exchange must be available for sale in your state of residence.

If you have questions about these, or any of the Funds' other exchange policies, please consult Victory Customer Service or your Investment Professional before requesting an exchange.

Before exchanging, you should read the Prospectus of the other Victory Fund you wish to exchange into, which may be subject to different risks, fees, and expenses.

**Class C Share Conversion**

Class C shares of the Fund will convert automatically to Class A shares in the month following the eight-year anniversary date of the purchase of the Class C shares. Your financial intermediary may have a conversion schedule that is shorter than eight years. Class C conversions will be effected at the relative NAV of each such class without the imposition of any sales charge, fee, or other charge.

You may be able to voluntarily convert your Class C shares before the stated anniversary to a different share class of the same Fund that has a lower total annual operating expense ratio provided certain conditions are met. This voluntary conversion feature is intended for shares held through a financial intermediary offering a fee-based or wrap fee program that has an agreement with the Adviser or the Distributor specific for this purpose. Generally, Class C shares are not eligible for conversion until the applicable CDSC period has expired. Please contact your financial intermediary for additional information.

**Processing Your Voluntary Exchange/Conversion**

If your exchange or conversion request is received and accepted by the Funds, an Investment Professional or other intermediary by the close of trading as described in the section titled, "Share Price," then your request will be processed the same day. If received after the close of trading, your request will be processed on the next business day. Please contact your financial intermediary regarding the tax consequences of any exchange or conversion.

Exchanges will occur at the respective NAVs of the Funds' share classes involved in the exchange next calculated after receipt and acceptance of your exchange request in good order, plus any applicable sales charge described in the Prospectus. Share class conversions will be based on the respective NAV of each class as of the trade date of the conversion. Consequently, you may receive fewer shares or more shares than originally owned, depending on that day's NAVs.

**40**

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How to Exchange Shares

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**Requesting an Exchange**

You can exchange shares of the Funds by telephone, by mail, or via the Internet. You cannot exchange into an account with a different registration or tax identification number.

◼

**By Telephone**

Unless you indicate otherwise on the account application, Victory Customer Service will be authorized to accept exchange instructions received by telephone.

◼

**By Mail**

Send a letter of instruction signed by all registered owners or their legal representatives to the Victory Funds.

◼

**Via the Internet**

You may also exchange shares via the Internet at VictoryFunds.com if you are a registered user.

**Other Exchange Rules You Should Know**

The Funds may refuse any exchange purchase request if the Adviser determines that the request is associated with a market timing strategy. The Funds may terminate or modify the exchange privilege at any time upon 60 days' notice to shareholders.

An exchange of Fund shares for shares of another Victory Fund constitutes a sale for tax purposes unless the exchange is made within an IRA or other tax-deferred account.

For information on how to exchange shares of a Fund that were purchased through your employer's retirement plan, including any restrictions and charges that the plan may impose, please consult your employer.

**41**

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How to Sell Shares

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There are a number of convenient ways to sell your shares.<br>

If your redemption request is received in good order by the close of trading on the NYSE, your redemption will be processed the same day. Your redemption will not be processed until the next business day if it is received after the close of trading on the NYSE. You cannot redeem your shares at VictoryFunds.com.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BY TELEPHONE**<br>

The easiest way to redeem shares is by calling 800-539-FUND (800-539-3863). When you fill out your original application, be sure to check the box marked "Telephone Authorization." You have the following options for receiving your redemption proceeds:

◼

Mail a check to the address of record;

◼

Wire funds to a previously designated domestic financial institution;

◼

Mail a check to a previously designated alternate address; or

◼

Electronically transfer your redemption via ACH to a previously designated domestic financial institution.

Victory Funds' transfer agent records all telephone calls for your protection and takes measures to verify the identity of the caller. If the transfer agent properly acts on telephone instructions and follows reasonable procedures to ensure against unauthorized transactions, none of the Trust, its servicing agents, the Adviser, or the transfer agent will be responsible for any losses. If the transfer agent does not follow these procedures, it may be liable to you for losses resulting from unauthorized instructions.

If there is an unusual amount of market activity and you cannot reach the transfer agent or your Investment Professional by telephone, consider placing your order by mail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BY MAIL**<br>

Use the regular U.S. mail or overnight mail address to redeem shares. You can use the same mailing addresses listed for purchases. Send us a letter of instruction indicating your Fund account number, amount of redemption, and where to send the proceeds. A Medallion signature guarantee is required for the following redemption requests:

◼

Your account registration has changed within the last 15 business days;

◼

The check is not being mailed to the address on your account;

◼

The check is not being made payable to the owner of the account;

◼

The redemption proceeds are being transferred to another Victory Fund account with a different registration; or

◼

The check or wire is being sent to a different bank account than was previously designated.

You can get a Medallion signature guarantee from a financial institution — such as a commercial bank, broker-dealer, credit union, clearing agency, or savings bank — that is a member of a Medallion signature guarantee program.

**BY WIRE**<br>

If you want to receive your proceeds by wire, you must establish a Fund account that will accommodate wire transactions. If you call before the close of trading on the NYSE, your funds will be wired on the next business day.

**BY ACH**<br>

You may transfer your proceeds by ACH to a domestic bank. Normally, your redemption will be processed on the same day if your request is received before the close of trading on the NYSE. If your request is received after the close of trading it will be processed on the next business day.

**42**

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How to Sell Shares

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**Systematic Withdrawal Plan**

If you check this box on the Account Application or on the Account Maintenance Form, we will send monthly, quarterly, semi-annual, or annual payments to the person you designate. The minimum withdrawal is $25, and you must have a balance of $5,000 or more at the time you establish the Systematic Withdrawal Plan. If the payment is to be sent to an account of yours, we will need a voided check to activate this feature. If the payment is to be made to an address different from your account address, we will need a Medallion signature guaranteed letter of instruction. You should be aware that each withdrawal may be a taxable transaction. Also, each withdrawal reduces your account balance, and eventually your account balance may be depleted. However, you cannot automatically close your account using the Systematic Withdrawal Plan. If your balance falls below the initial purchase minimum, we may ask you to bring the account back to the minimum balance. If you decide not to increase your account to the minimum balance, your account may be closed and the proceeds mailed to you.

**Additional Information About Redemptions**

◼

Redemption proceeds from the sale of Fund shares purchased by a check or through ACH will be held until the purchase check or ACH has cleared, which will take up to 10 business days.

◼

We typically expect to send the proceeds from your share redemption within one business day after we execute your order, but we may take up to seven business days to send redemption proceeds, regardless of payment type. When you sell shares through your financial intermediary, you can ask the intermediary to tell you when you can expect to receive the proceeds of your redemption.

◼

A Fund may suspend your right to redeem your shares in the following circumstances:

<sup>◼</sup>

During non-routine closings of the NYSE;

<sup>◼</sup>

When the SEC determines either that trading on the NYSE is restricted or that an emergency prevents the sale or valuation of the Fund's securities; or

<sup>◼</sup>

When the SEC orders a suspension to protect the Fund's shareholders.

◼

A Fund typically uses cash and cash equivalents held in its portfolio or sells portfolio assets to meet redemption requests. In unusual circumstances or under stressed market conditions, the Fund may use other methods to raise cash to meet redemption requests. For example, the Fund may draw funds from a line of credit or borrow available cash held by other Victory Funds under an "interfund lending program" in reliance on an exemptive order from the SEC.

◼

A Fund will pay redemptions by any one shareholder during any 90-day period in cash up to the lesser of $250,000 or 1.00% of the Fund's net assets. The Funds reserve the right to pay the remaining portion "in kind," that is, in portfolio securities rather than cash. Securities received pursuant to an in-kind redemption are subject to market risk until sold and may be subject to brokerage and other fees.

◼

If you choose to have your redemption proceeds mailed to you and either the U.S. Postal Service is unable to deliver the redemption check to you or the check remains outstanding for more than six months, the Funds reserve the right to reinvest the check in shares of the Fund at its then current NAV until you give the Fund different instructions. No interest will accrue on amounts represented by uncashed redemption checks.

**43**

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Distributions and Taxes

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&nbsp;&nbsp; **Buying a dividend.** You should check the Funds' distribution schedule before you invest. <br> If you purchase shares when a Fund has undistributed income and gain, you will be <br> "buying a dividend" by paying a higher purchase price per share reflecting the <br> undistributed income and gain and then receiving a portion of the purchase price back <br> in the form of a taxable dividend unless you are investing through a tax-deferred account.<br>

Each Fund ordinarily declares and pays dividends from net investment income, if any, annually, and net realized capital gains, if any, annually. Each Fund may make additional distributions, if necessary, to comply with U.S. federal tax requirements and avoid U.S. federal income or excise tax.

Each class of shares declares and pays dividends separately.

Distributions can be received in one of the following ways. Please check with your Investment Professional if you are unsure of which option is right for you.

&nbsp;&nbsp; Your choice of distribution should be set up on the original Account Application. <br> If you would like to change the option you selected, please call 800-539-FUND (800-539-3863).<br>

**Reinvestment Option**

You can have distributions automatically reinvested in additional shares of your Fund. If you do not indicate another choice on your Account Application, you will be assigned this option automatically.

**Cash Option**

If you elect to receive your distributions by check, and the distribution amount is $25 or less, the amount will automatically be reinvested in the same Fund. Otherwise, a check will be mailed to you no later than seven days after the dividend payment date. If you choose to have your distribution proceeds mailed to you and either the U.S. Postal Service is unable to deliver the distribution check to you or the check remains outstanding for at least six months, the distribution option on your account will default to the reinvestment option as described above. Each Fund reserves the right to reinvest the check in shares of the Fund at its then current NAV until you give the Fund different instructions. No interest will accrue on amounts represented by uncashed distribution checks.

**Income Earned Option**

You can automatically reinvest your dividends in additional Fund shares and have your capital gains paid in cash, or reinvest capital gains and have your dividends paid in cash.

**Directed Distributions Option**

In most cases, you can automatically reinvest distributions in shares of another Victory Fund. If you reinvest your distributions in a different Victory Fund, you may pay a sales charge on the amount of reinvested distributions.

**Directed Bank Account Option**

In most cases, you can automatically transfer distributions to your bank checking or savings account. Under normal circumstances, the transfer agent will transfer your distributions within seven days of the dividend payment date. The bank account must have a registration identical to that of your Fund account.

**44**

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Distributions and Taxes

------

**Important Information About Taxes** 

&nbsp;&nbsp; The tax information in this Prospectus is provided as general information. You <br> should review the more detailed discussion of federal income tax considerations <br> in the SAI and consult your tax adviser regarding the federal, state, local, or <br> foreign tax consequences resulting from your investment in a Fund.<br>

Each Fund generally expects to pay no federal income tax on the earnings and capital gains it distributes to shareholders.

◼

Qualified dividend income received from a Fund by noncorporate shareholders generally will be taxed at long-term capital gain rates to the extent attributable to qualified dividend income received by the Fund, subject to certain holding period requirements. Nonqualified dividends, dividends received by corporate shareholders and dividends from a Fund's short-term capital gains are taxable as ordinary income. Dividends from a Fund's long-term capital gains generally are taxable as long-term capital gains.

◼

You will pay tax on dividends from a Fund whether you receive them in cash, additional shares of the Fund or you reinvest them in shares of another Victory Fund.

◼

Dividends from a Fund that are attributable to interest on certain U.S. government obligations, if any, may be exempt from certain state and local income taxes. The extent to which ordinary dividends are attributable to these U.S. government obligations will be provided on the tax statements you receive from a Fund.

◼

An exchange of a Fund's shares for shares of another Victory Fund will be treated as a sale. When you sell or exchange shares of a Fund, you generally will recognize any gain or loss.

◼

An exchange of one class of a Fund's shares for shares of another class of the same Fund generally constitutes a nontaxable exchange for federal income tax purposes.

◼

Distributions from a Fund and gains from the disposition of your shares may also be subject to state and local income tax.

◼

An additional 3.8% Medicare tax will be imposed on certain net investment income (which includes dividends and gain recognized on a disposition of shares) of certain U.S. individuals, estates, and trusts.

◼

Certain dividends paid to you in January will be taxable as if they had been paid to you the previous December.

◼

Tax statements will be mailed from each Fund by mid-February showing the amounts and tax status of distributions made to you in the prior calendar year.

◼

Because your tax treatment depends on your purchase price and tax position, you should keep your regular account statements for use in determining your tax.

◼

A Fund generally is required by law to provide you and the Internal Revenue Service with certain cost basis information related to the sale or redemption of any of your shares in the Fund acquired on or after January 1, 2012 (including distributions that are reinvested in additional shares of the Fund).

◼

A Fund may be required to withhold tax from dividends and redemption proceeds if you fail to give your correct social security or taxpayer identification number, fail to make required certifications, or the Fund is notified by the Internal Revenue Service that backup withholding is required.

◼

If you are a nonresident alien individual, foreign trust or estate, foreign corporation, or foreign partnership, a Fund's ordinary income dividends may be subject to a 30% U.S. withholding tax. See the section titled "TAXES—Foreign Shareholders" in the SAI for details.

**45**

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Distributions and Taxes

------

◼

Under the "Foreign Account Tax Compliance Act," unless certain foreign entities comply with certain IRS requirements that generally require them to report information regarding U.S. persons investing in, or holding accounts with, such entities, a 30% U.S. withholding tax may apply to dividends paid by a Fund to such entities. See the section titled "TAXES—Foreign Shareholders" in the SAI for details.

◼

The Funds may provide estimated capital gain distribution information through the website at vcm.com.

◼

Dividends and interest received by a Fund and capital gains recognized by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. You may be able to claim a credit or take a deduction for foreign taxes paid by a Fund if certain requirements are met.

**IRA Distribution Withholding Disclosure**

We generally must withhold federal income tax at a rate of 10% of the taxable portion of your distribution, and if you live in a state that requires state income tax withholding, at your state's tax rate. However, you may elect not to have withholding apply or to have income tax withheld at a higher rate. Any withholding election that you make will apply to any subsequent distribution unless and until you change or revoke the election. If you wish to make a withholding election, or change or revoke a prior withholding election, call 800-539-FUND (800-539-3863), and form W-4P (OMB No. 1545-0074 withholding certificate for pension or annuity payments) will be sent electronically.

If you do not have a withholding election in place by the date of a distribution, federal income tax will be withheld from the taxable portion of your distribution at a rate of 10%. If you must pay estimated taxes, you may be subject to estimated tax penalties if your estimated tax payments are not sufficient and sufficient tax is not withheld from your distribution.

The foregoing discussion summarizes some of the possible consequences under current federal tax law of an investment in the Fund. It is not a substitute for personal tax advice. The foregoing discussion also does not discuss any state, local, or non-U.S. tax consequences associated with an investment in the Fund. The tax information in this Prospectus is based on tax law in effect on the date of this Prospectus and it does not address any proposals to modify such tax laws. Consult your personal tax advisor about the potential tax consequences of an investment in the shares under all applicable tax laws.

For more specific information, please consult your tax adviser.

**46**

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Important Fund Policies

------

**Customer Identification Program**

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens a new account, and to determine whether such person's name appears on government lists of known or suspected terrorists and terrorist organizations.

As a result, the Victory Funds must obtain the following information for each person who opens a new account:

◼

Name;

◼

Date of birth (for individuals);

◼

Residential or business street address (although post office boxes are still permitted for mailing); and

◼

Social security number, taxpayer identification number, or other identifying number.

You may also be asked for a copy of your driver's license, passport, or other identifying document in order to verify your identity. In addition, it may be necessary to verify your identity by cross-referencing your identification information with a consumer report or other electronic database. Additional information may be required to open accounts for corporations and other entities. Federal law prohibits the Victory Funds and other financial institutions from opening a new account unless they receive the minimum identifying information listed above. After an account is opened, the Victory Funds may restrict your ability to purchase additional shares until your identity is verified. The Victory Funds may close your account or take other appropriate action if it is unable to verify your identity within a reasonable time. If your account is closed for this reason, your shares will be redeemed at the NAV next calculated after the account is closed.

**Account Maintenance Information**

For the following non-financial transactions, the Victory Funds require proof that your signature authorizing a transaction is authentic. This verification can be provided in all cases by either a Signature Validation Program ("SVP") stamp or a Medallion signature guarantee ("MSG"). In some instances a Notary Public stamp is an acceptable alternative. As with an MSG, an SVP stamp can also be obtained from a financial institution that is a member of the SVP program.

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Notary** <br> **Public**<br>| **SVP** | **MSG** |
| Change of name  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Add/change banking instructions  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Add/change beneficiaries  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Add/change authorized account traders  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Adding a Power of Attorney | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Add/change Trustee  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Uniform Transfers to Minors Act/Uniform Gifts to Minors Act custodian <br> change <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |

---

**Market Timing**

The Victory Funds discourage frequent purchases and redemptions of Fund shares (market timing). Market timing allows investors to take advantage of market inefficiencies, sometimes to the disadvantage of other shareholders. Market timing increases Fund expenses to all shareholders by increasing portfolio turnover. In addition, market timing could potentially dilute share value for all other shareholders by requiring the Fund to hold more cash than it normally would.

**47**

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Important Fund Policies

------

The Board has adopted policies and procedures with respect to market timing. In order to prevent or minimize market timing, the Funds (or the Adviser, as appropriate) will:

◼

Employ "fair value" pricing, as described in this Prospectus under Share Price, to minimize the discrepancies between a security's market quotation and its perceived market value, which often gives rise to market timing activity; and

◼

Monitor for suspected market timing based on "short-term transaction" activity, that is, a purchase or redemption of a Fund and, as applicable, a subsequent redemption or purchase of the same Fund, or an exchange of all or part of that same Fund.

In monitoring for market timing activity, we consider, among other things, the frequency of your trades and whether you acquired your Fund shares directly through the transfer agent or whether you combined your trades with a group of shareholders in an omnibus account or otherwise placed your order through a securities dealer or other financial intermediary.

Frequent trading by a shareholder is generally a characteristic of market timing. Therefore, any account in which Fund shares are acquired directly through the transfer agent, or where the Fund can adequately identify the shareholder, with a history of three short-term transactions within 90 days or less is suspected of market timing and the shareholder's trading privileges (other than redemption of Fund shares) will be suspended.

We may make exceptions to the "short-term transaction" policy for certain types of transactions if, in the opinion of the Adviser, under the oversight of the Board, the transactions do not represent short-term or excessive trading or are not abusive or harmful to the Funds, such as, but not limited to, systematic transactions, required minimum retirement distributions, transactions initiated by the Funds or administrator, and transactions by certain qualified funds-of-funds.

If you acquired shares through an omnibus account or otherwise placed your order through a securities dealer, or other financial intermediary (such as investment advisers, broker-dealers, third-party administrators, or insurance companies), and market timing is suspected, different purchase and exchange limitations may apply. We may rely upon a financial intermediary's policy to deter short-term or excessive trading (i) if we believe that the financial intermediary's policy is reasonably designed to detect and deter transactions that are not in the best interests of the Funds, or (ii) if we receive an undertaking from the financial intermediary to enforce short-term or excessive trading policies on behalf of the Funds that provide a substantially similar level of protection for the Funds against such transactions. If you hold your Fund shares through a financial intermediary, you are advised to consult the intermediary to determine what purchase and exchange limitations apply to your account.

We reserve the right to reject or cancel a purchase or exchange order for any reason without prior notice. We will deny your request to purchase or exchange your shares if we believe that the transaction is part of a market timing strategy.

The Funds' market timing policies and procedures may be modified or terminated at any time under the oversight of the Board.

**Portfolio Holdings Disclosure**

A description of each Fund's policies and procedures with respect to the disclosure of the Funds' portfolio securities is available in the Funds' SAI, which is available upon request and on the Funds' website at VictoryFunds.com.

**48**

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Important Fund Policies

------

**Performance**

The Victory Funds may advertise the performance of a Fund by comparing it to other mutual funds with similar objectives and policies. Performance information also may appear in various publications. Any fees charged by Investment Professionals may not be reflected in these performance calculations.

Advertising information may include the average annual total return of the Funds calculated on a compounded basis for specified periods of time. Total return information will be calculated according to rules established by the SEC. Such information may include performance rankings and similar information from independent organizations and publications.

**Statements and Reports**

You will receive a periodic statement reflecting any transactions that affect the balance or registration of Fund shares in your account. You will receive a confirmation after any purchase, exchange, or redemption. If your account has been set up by an Investment Professional, Fund activity will be detailed in that account's statements. Share certificates are not issued. Twice a year, you will receive a financial report of the Fund. By February 15th of each year, you will be mailed an IRS form reporting distributions for the previous year, which also will be filed with the IRS.

**Shareholder Communications**

In order to eliminate duplicate mailings to an address at which two or more shareholders with the same last name reside, the Victory Funds may send only one copy of any shareholder reports, proxy statements, prospectuses and their supplements, unless you have instructed us to the contrary. You may request that the Victory Funds send these documents to each shareholder individually by calling the Victory Funds at 800-539-FUND (800-539-3863), and they will be delivered promptly.

While this Prospectus and the SAI of the Trust describe pertinent information about the Trust and the Funds, neither this Prospectus nor the SAI represents a contract between the Trust or the Funds and any shareholder.

**49**

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Financial Highlights

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The following financial highlights tables reflect historical information about shares of the Funds and are intended to help you understand each Fund's financial performance for the past five years, or, if shorter, the period of its operations. Certain information shows the results of an investment in one share of a Fund. To the extent a Fund invests in other funds, the Total Annual Operating Expenses included in a Fund's Fees and Expenses Table may not correlate to the ratio of expenses to average net assets in the financial highlights below. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in each Fund (assuming reinvestment of all dividends and distributions).

The information presented has been audited by Cohen & Company, Ltd., the Funds' independent registered public accounting firm, whose report, along with the Funds' financial statements, are included in the Funds' most recent N-CSR filing to shareholders, which is available upon request.

**50**

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**Victory Mid-Cap Core Growth Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| ***For a Share Outstanding Throughout Each*** <br> ***Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/22**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/21**<br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp; $9.57 | &nbsp;&nbsp;&nbsp; $9.14 | &nbsp;&nbsp;&nbsp; $9.53 | &nbsp;&nbsp;&nbsp; $15.41 | &nbsp;&nbsp;&nbsp; $11.76 |
| **Investment Activities:** |  |  |  |  |  |
| Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp; (0.09) |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp; (1.67) | &nbsp;&nbsp;&nbsp;&nbsp;5.40 |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp; (1.72) | &nbsp;&nbsp;&nbsp;&nbsp;5.31 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —(b) | &nbsp;&nbsp;&nbsp; — |
| Net realized gains | &nbsp;&nbsp;&nbsp; (1.94) | &nbsp;&nbsp;&nbsp; (0.58) | &nbsp;&nbsp;&nbsp; (1.43) | &nbsp;&nbsp;&nbsp; (4.16) | &nbsp;&nbsp;&nbsp; (1.66) |
| Total Distributions | &nbsp;&nbsp;&nbsp; (1.94) | &nbsp;&nbsp;&nbsp; (0.58) | &nbsp;&nbsp;&nbsp; (1.43) | &nbsp;&nbsp;&nbsp; (4.16) | &nbsp;&nbsp;&nbsp; (1.66) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $8.85 | &nbsp;&nbsp;&nbsp; $9.57 | &nbsp;&nbsp;&nbsp; $9.14 | &nbsp;&nbsp;&nbsp; $9.53 | &nbsp;&nbsp;&nbsp; $15.41 |
| Total Return(c) | &nbsp;&nbsp;&nbsp; 13.31% | &nbsp;&nbsp;&nbsp; 11.53% | &nbsp;&nbsp;&nbsp; 11.33% | &nbsp;&nbsp;&nbsp; (16.84)% | &nbsp;&nbsp;&nbsp; 47.52% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net Expenses(d) | &nbsp;&nbsp;&nbsp; 1.28% | &nbsp;&nbsp;&nbsp; 1.27% | &nbsp;&nbsp;&nbsp; 1.28% | &nbsp;&nbsp;&nbsp; 1.26% | &nbsp;&nbsp;&nbsp; 1.27% |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp; (0.20)% | &nbsp;&nbsp;&nbsp; (0.41)% | &nbsp;&nbsp;&nbsp; (0.27)% | &nbsp;&nbsp;&nbsp; (0.35)% | &nbsp;&nbsp;&nbsp; (0.62)% |
| Gross Expenses(d) | &nbsp;&nbsp;&nbsp; 1.28% | &nbsp;&nbsp;&nbsp; 1.27% | &nbsp;&nbsp;&nbsp; 1.28% | &nbsp;&nbsp;&nbsp; 1.26% | &nbsp;&nbsp;&nbsp; 1.27% |
| **Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (000's) | &nbsp;&nbsp;&nbsp; $135654 | &nbsp;&nbsp;&nbsp; $147194 | &nbsp;&nbsp;&nbsp; $147859 | &nbsp;&nbsp;&nbsp; $157570 | &nbsp;&nbsp;&nbsp; $216453 |
| Portfolio Turnover(e) | &nbsp;&nbsp;&nbsp; 89% | &nbsp;&nbsp;&nbsp; 53% | &nbsp;&nbsp;&nbsp; 60% | &nbsp;&nbsp;&nbsp; 80% | &nbsp;&nbsp;&nbsp; 103% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Amount is less than $0.005 per share.

(c) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return. Excludes any applicable sales charges, including contingent deferred sales charges. Total return would be reduced if sales charges were taken into account.

(d) Does not include acquired fund fees and expenses, if any.

(e) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**51**

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Victory Mid-Cap Core Growth Fund (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| ***For a Share Outstanding*** <br> ***Throughout Each Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25(a)**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24(a)**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23(a)**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/22(a)**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/21(a)**<br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp; $9.41 | &nbsp;&nbsp;&nbsp; $9.06 | &nbsp;&nbsp;&nbsp; $9.54 | &nbsp;&nbsp;&nbsp; $47.25 | &nbsp;&nbsp;&nbsp; $44.12 |
| **Investment Activities:** |  |  |  |  |  |
| Net investment income (loss)(b) | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp; (0.63) |
| Net realized and unrealized gains <br> (losses)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp; —(c) | &nbsp;&nbsp;&nbsp;&nbsp;18.70 |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;18.07 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —(c) | &nbsp;&nbsp;&nbsp; — |
| Net realized gains | &nbsp;&nbsp;&nbsp; (1.94) | &nbsp;&nbsp;&nbsp; (0.58) | &nbsp;&nbsp;&nbsp; (1.43) | &nbsp;&nbsp;&nbsp; (37.44) | &nbsp;&nbsp;&nbsp; (14.94) |
| Total Distributions | &nbsp;&nbsp;&nbsp; (1.94) | &nbsp;&nbsp;&nbsp; (0.58) | &nbsp;&nbsp;&nbsp; (1.43) | &nbsp;&nbsp;&nbsp; (37.44) | &nbsp;&nbsp;&nbsp; (14.94) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $8.57 | &nbsp;&nbsp;&nbsp; $9.41 | &nbsp;&nbsp;&nbsp; $9.06 | &nbsp;&nbsp;&nbsp; $9.54 | &nbsp;&nbsp;&nbsp; $47.25 |
| Total Return(d) | &nbsp;&nbsp;&nbsp; 12.15% | &nbsp;&nbsp;&nbsp; 10.71% | &nbsp;&nbsp;&nbsp; 10.29% | &nbsp;&nbsp;&nbsp; (17.53)% | &nbsp;&nbsp;&nbsp; 46.51% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net Expenses(e) | &nbsp;&nbsp;&nbsp; 2.12% | &nbsp;&nbsp;&nbsp; 2.12% | &nbsp;&nbsp;&nbsp; 2.12% | &nbsp;&nbsp;&nbsp; 2.12% | &nbsp;&nbsp;&nbsp; 2.06% |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp; (1.10)% | &nbsp;&nbsp;&nbsp; (1.28)% | &nbsp;&nbsp;&nbsp; (1.11)% | &nbsp;&nbsp;&nbsp; (1.23)% | &nbsp;&nbsp;&nbsp; (1.40)% |
| Gross Expenses(e) | &nbsp;&nbsp;&nbsp; 2.95% | &nbsp;&nbsp;&nbsp; 2.51% | &nbsp;&nbsp;&nbsp; 2.28% | &nbsp;&nbsp;&nbsp; 2.15% | &nbsp;&nbsp;&nbsp; 2.06% |
| **Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (000's) | &nbsp;&nbsp;&nbsp; $1014 | &nbsp;&nbsp;&nbsp; $2009 | &nbsp;&nbsp;&nbsp; $3775 | &nbsp;&nbsp;&nbsp; $4714 | &nbsp;&nbsp;&nbsp; $9806 |
| Portfolio Turnover(f) | &nbsp;&nbsp;&nbsp; 89% | &nbsp;&nbsp;&nbsp; 53% | &nbsp;&nbsp;&nbsp; 60% | &nbsp;&nbsp;&nbsp; 80% | &nbsp;&nbsp;&nbsp; 103% |

---

(a) Per share amounts adjusted for a 1:9 reverse stock split.

(b) Per share net investment income (loss) has been calculated using the average daily shares method.

(c) Amount is less than $0.005 per share.

(d) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return. Excludes any applicable sales charges, including contingent deferred sales charges. Total return would be reduced if sales charges were taken into account.

(e) Does not include acquired fund fees and expenses, if any.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**52**

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Victory Mid-Cap Core Growth Fund (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| ***For a Share Outstanding Throughout Each*** <br> ***Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/22**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/21**<br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp; $14.47 | &nbsp;&nbsp;&nbsp; $13.48 | &nbsp;&nbsp;&nbsp; $13.38 | &nbsp;&nbsp;&nbsp; $19.99 | &nbsp;&nbsp;&nbsp; $14.80 |
| **Investment Activities:** |  |  |  |  |  |
| Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp; 0.03(b) | &nbsp;&nbsp;&nbsp; (—)(c) | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; (0.04) |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp; (2.44) | &nbsp;&nbsp;&nbsp;&nbsp;6.89 |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp; (2.43) | &nbsp;&nbsp;&nbsp;&nbsp;6.85 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; — |
| Net realized gains | &nbsp;&nbsp;&nbsp; (1.94) | &nbsp;&nbsp;&nbsp; (0.58) | &nbsp;&nbsp;&nbsp; (1.43) | &nbsp;&nbsp;&nbsp; (4.16) | &nbsp;&nbsp;&nbsp; (1.66) |
| Total Distributions | &nbsp;&nbsp;&nbsp; (1.94) | &nbsp;&nbsp;&nbsp; (0.58) | &nbsp;&nbsp;&nbsp; (1.43) | &nbsp;&nbsp;&nbsp; (4.18) | &nbsp;&nbsp;&nbsp; (1.66) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $14.45 | &nbsp;&nbsp;&nbsp; $14.47 | &nbsp;&nbsp;&nbsp; $13.48 | &nbsp;&nbsp;&nbsp; $13.38 | &nbsp;&nbsp;&nbsp; $19.99 |
| Total Return(d) | &nbsp;&nbsp;&nbsp; 13.66% | &nbsp;&nbsp;&nbsp; 11.98% | &nbsp;&nbsp;&nbsp; 11.75% | &nbsp;&nbsp;&nbsp; (16.53)% | &nbsp;&nbsp;&nbsp; 48.19% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net Expenses(e) | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.87% |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp; (0.03)% | &nbsp;&nbsp;&nbsp; 0.13% | &nbsp;&nbsp;&nbsp; 0.04% | &nbsp;&nbsp;&nbsp; (0.21)% |
| Gross Expenses(e) | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.87% |
| **Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (000's) | &nbsp;&nbsp;&nbsp; $65182 | &nbsp;&nbsp;&nbsp; $64842 | &nbsp;&nbsp;&nbsp; $68898 | &nbsp;&nbsp;&nbsp; $70577 | &nbsp;&nbsp;&nbsp; $98852 |
| Portfolio Turnover(f) | &nbsp;&nbsp;&nbsp; 89% | &nbsp;&nbsp;&nbsp; 53% | &nbsp;&nbsp;&nbsp; 60% | &nbsp;&nbsp;&nbsp; 80% | &nbsp;&nbsp;&nbsp; 103% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) The amount shown for a share outstanding throughout the period may not correlate with the Statements of Operations for the period due to the class level expenses recognized.

(c) Amount is less than $0.005 per share.

(d) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return.

(e) Does not include acquired fund fees and expenses, if any.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**53**

------

Victory Mid-Cap Core Growth Fund (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| ***For a Share Outstanding Throughout Each*** <br> ***Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/22**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/21**<br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp; $13.41 | &nbsp;&nbsp;&nbsp; $12.54 | &nbsp;&nbsp;&nbsp; $12.55 | &nbsp;&nbsp;&nbsp; $19.00 | &nbsp;&nbsp;&nbsp; $14.15 |
| **Investment Activities:** |  |  |  |  |  |
| Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp; 0.01(b) | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; —(c) | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; (0.05) |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;6.56 |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp; (2.29) | &nbsp;&nbsp;&nbsp;&nbsp;6.51 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net realized gains | &nbsp;&nbsp;&nbsp; (1.94) | &nbsp;&nbsp;&nbsp; (0.58) | &nbsp;&nbsp;&nbsp; (1.43) | &nbsp;&nbsp;&nbsp; (4.16) | &nbsp;&nbsp;&nbsp; (1.66) |
| Total Distributions | &nbsp;&nbsp;&nbsp; (1.94) | &nbsp;&nbsp;&nbsp; (0.58) | &nbsp;&nbsp;&nbsp; (1.43) | &nbsp;&nbsp;&nbsp; (4.16) | &nbsp;&nbsp;&nbsp; (1.66) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $13.23 | &nbsp;&nbsp;&nbsp; $13.41 | &nbsp;&nbsp;&nbsp; $12.54 | &nbsp;&nbsp;&nbsp; $12.55 | &nbsp;&nbsp;&nbsp; $19.00 |
| Total Return(d) | &nbsp;&nbsp;&nbsp; 13.55% | &nbsp;&nbsp;&nbsp; 11.92% | &nbsp;&nbsp;&nbsp; 11.64% | &nbsp;&nbsp;&nbsp; (16.64)% | &nbsp;&nbsp;&nbsp; 48.00% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net Expenses(e) | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 0.98% |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp; 0.07% | &nbsp;&nbsp;&nbsp; (0.14)% | &nbsp;&nbsp;&nbsp; 0.04% | &nbsp;&nbsp;&nbsp; (0.10)% | &nbsp;&nbsp;&nbsp; (0.33)% |
| Gross Expenses(e) | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 0.98% |
| **Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (000's) | &nbsp;&nbsp;&nbsp; $83811 | &nbsp;&nbsp;&nbsp; $104856 | &nbsp;&nbsp;&nbsp; $119188 | &nbsp;&nbsp;&nbsp; $122169 | &nbsp;&nbsp;&nbsp; $242860 |
| Portfolio Turnover(f) | &nbsp;&nbsp;&nbsp; 89% | &nbsp;&nbsp;&nbsp; 53% | &nbsp;&nbsp;&nbsp; 60% | &nbsp;&nbsp;&nbsp; 80% | &nbsp;&nbsp;&nbsp; 103% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) The amount shown for a share outstanding throughout the period may not correlate with the Statements of Operations for the period due to the class level expenses recognized.

(c) Amount is less than $0.005 per share.

(d) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return.

(e) Does not include acquired fund fees and expenses, if any.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**54**

------

**Victory Multi-Cap Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| ***For a Share Outstanding Throughout Each*** <br> ***Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/22**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/21**<br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp; $54.75 | &nbsp;&nbsp;&nbsp; $46.61 | &nbsp;&nbsp;&nbsp; $43.96 | &nbsp;&nbsp;&nbsp; $53.57 | &nbsp;&nbsp;&nbsp; $38.28 |
| **Investment Activities:** |  |  |  |  |  |
| Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; —(b) | &nbsp;&nbsp;&nbsp; (0.09) |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;9.11 | &nbsp;&nbsp;&nbsp;&nbsp;10.48 | &nbsp;&nbsp;&nbsp;&nbsp;8.74 | &nbsp;&nbsp;&nbsp; (3.48) | &nbsp;&nbsp;&nbsp;&nbsp;15.41 |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp;8.91 | &nbsp;&nbsp;&nbsp;&nbsp;10.34 | &nbsp;&nbsp;&nbsp;&nbsp;8.75 | &nbsp;&nbsp;&nbsp; (3.48) | &nbsp;&nbsp;&nbsp;&nbsp;15.32 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; —(b) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.03) |
| Net realized gains | &nbsp;&nbsp;&nbsp; (4.77) | &nbsp;&nbsp;&nbsp; (2.19) | &nbsp;&nbsp;&nbsp; (6.10) | &nbsp;&nbsp;&nbsp; (6.13) | &nbsp;&nbsp;&nbsp; — |
| Total Distributions | &nbsp;&nbsp;&nbsp; (4.77) | &nbsp;&nbsp;&nbsp; (2.20) | &nbsp;&nbsp;&nbsp; (6.10) | &nbsp;&nbsp;&nbsp; (6.13) | &nbsp;&nbsp;&nbsp; (0.03) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $58.89 | &nbsp;&nbsp;&nbsp; $54.75 | &nbsp;&nbsp;&nbsp; $46.61 | &nbsp;&nbsp;&nbsp; $43.96 | &nbsp;&nbsp;&nbsp; $53.57 |
| Total Return(c) | &nbsp;&nbsp;&nbsp; 16.61% | &nbsp;&nbsp;&nbsp; 23.03% | &nbsp;&nbsp;&nbsp; 21.82% | &nbsp;&nbsp;&nbsp; (8.71)% | &nbsp;&nbsp;&nbsp; 40.04% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net Expenses(d) | &nbsp;&nbsp;&nbsp; 1.24% | &nbsp;&nbsp;&nbsp; 1.26% | &nbsp;&nbsp;&nbsp; 1.29% | &nbsp;&nbsp;&nbsp; 1.28% | &nbsp;&nbsp;&nbsp; 1.35% |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp; (0.36)% | &nbsp;&nbsp;&nbsp; (0.28)% | &nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp; 0.00%(e) | &nbsp;&nbsp;&nbsp; (0.20)% |
| Gross Expenses(d) | &nbsp;&nbsp;&nbsp; 1.24% | &nbsp;&nbsp;&nbsp; 1.26% | &nbsp;&nbsp;&nbsp; 1.29% | &nbsp;&nbsp;&nbsp; 1.28% | &nbsp;&nbsp;&nbsp; 1.35% |
| **Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (000's) | &nbsp;&nbsp;&nbsp; $446858 | &nbsp;&nbsp;&nbsp; $425370 | &nbsp;&nbsp;&nbsp; $373676 | &nbsp;&nbsp;&nbsp; $332533 | &nbsp;&nbsp;&nbsp; $393769 |
| Portfolio Turnover(f) | &nbsp;&nbsp;&nbsp; 88% | &nbsp;&nbsp;&nbsp; 75% | &nbsp;&nbsp;&nbsp; 83% | &nbsp;&nbsp;&nbsp; 64% | &nbsp;&nbsp;&nbsp; 70% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Amount is less than $0.005 per share.

(c) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return. Excludes any applicable sales charges, including contingent deferred sales charges. Total return would be reduced if sales charges were taken into account.

(d) Does not include acquired fund fees and expenses, if any.

(e) Amount is less than 0.005%.

(f) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**55**

------

Victory Multi-Cap Fund (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| ***For a Share Outstanding Throughout Each*** <br> ***Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/22**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/21**<br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp; $36.07 | &nbsp;&nbsp;&nbsp; $31.69 | &nbsp;&nbsp;&nbsp; $31.96 | &nbsp;&nbsp;&nbsp; $40.76 | &nbsp;&nbsp;&nbsp; $29.35 |
| **Investment Activities:** |  |  |  |  |  |
| Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp; (0.46) | &nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp; (0.35) |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;5.89 | &nbsp;&nbsp;&nbsp;&nbsp;6.96 | &nbsp;&nbsp;&nbsp;&nbsp;6.10 | &nbsp;&nbsp;&nbsp; (2.32) | &nbsp;&nbsp;&nbsp;&nbsp;11.76 |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp;5.43 | &nbsp;&nbsp;&nbsp;&nbsp;6.57 | &nbsp;&nbsp;&nbsp;&nbsp;5.83 | &nbsp;&nbsp;&nbsp; (2.67) | &nbsp;&nbsp;&nbsp;&nbsp;11.41 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —(b) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net realized gains | &nbsp;&nbsp;&nbsp; (4.77) | &nbsp;&nbsp;&nbsp; (2.19) | &nbsp;&nbsp;&nbsp; (6.10) | &nbsp;&nbsp;&nbsp; (6.13) | &nbsp;&nbsp;&nbsp; — |
| Total Distributions | &nbsp;&nbsp;&nbsp; (4.77) | &nbsp;&nbsp;&nbsp; (2.19) | &nbsp;&nbsp;&nbsp; (6.10) | &nbsp;&nbsp;&nbsp; (6.13) | &nbsp;&nbsp;&nbsp; — |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $36.73 | &nbsp;&nbsp;&nbsp; $36.07 | &nbsp;&nbsp;&nbsp; $31.69 | &nbsp;&nbsp;&nbsp; $31.96 | &nbsp;&nbsp;&nbsp; $40.76 |
| Total Return(c) | &nbsp;&nbsp;&nbsp; 15.53% | &nbsp;&nbsp;&nbsp; 21.92% | &nbsp;&nbsp;&nbsp; 20.78% | &nbsp;&nbsp;&nbsp; (9.53)% | &nbsp;&nbsp;&nbsp; 38.88% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net Expenses(d) | &nbsp;&nbsp;&nbsp; 2.16% | &nbsp;&nbsp;&nbsp; 2.16% | &nbsp;&nbsp;&nbsp; 2.16% | &nbsp;&nbsp;&nbsp; 2.16% | &nbsp;&nbsp;&nbsp; 2.16% |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp; (1.28)% | &nbsp;&nbsp;&nbsp; (1.19)% | &nbsp;&nbsp;&nbsp; (0.85)% | &nbsp;&nbsp;&nbsp; (0.88)% | &nbsp;&nbsp;&nbsp; (1.00)% |
| Gross Expenses(d) | &nbsp;&nbsp;&nbsp; 2.43% | &nbsp;&nbsp;&nbsp; 2.76% | &nbsp;&nbsp;&nbsp; 2.38% | &nbsp;&nbsp;&nbsp; 2.37% | &nbsp;&nbsp;&nbsp; 2.32% |
| **Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (000's) | &nbsp;&nbsp;&nbsp; $3909 | &nbsp;&nbsp;&nbsp; $3244 | &nbsp;&nbsp;&nbsp; $2625 | &nbsp;&nbsp;&nbsp; $3287 | &nbsp;&nbsp;&nbsp; $4339 |
| Portfolio Turnover(e) | &nbsp;&nbsp;&nbsp; 88% | &nbsp;&nbsp;&nbsp; 75% | &nbsp;&nbsp;&nbsp; 83% | &nbsp;&nbsp;&nbsp; 64% | &nbsp;&nbsp;&nbsp; 70% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Amount is less than $0.005 per share.

(c) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return. Excludes any applicable sales charges, including contingent deferred sales charges. Total return would be reduced if sales charges were taken into account.

(d) Does not include acquired fund fees and expenses, if any.

(e) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**56**

------

Victory Multi-Cap Fund (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| ***For a Share Outstanding Throughout Each*** <br> ***Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/22**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/21**<br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp; $62.37 | &nbsp;&nbsp;&nbsp; $52.76 | &nbsp;&nbsp;&nbsp; $48.98 | &nbsp;&nbsp;&nbsp; $58.88 | &nbsp;&nbsp;&nbsp; $42.05 |
| **Investment Activities:** |  |  |  |  |  |
| Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;10.41 | &nbsp;&nbsp;&nbsp;&nbsp;11.92 | &nbsp;&nbsp;&nbsp;&nbsp;9.83 | &nbsp;&nbsp;&nbsp; (3.96) | &nbsp;&nbsp;&nbsp;&nbsp;16.93 |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp;10.37 | &nbsp;&nbsp;&nbsp;&nbsp;11.93 | &nbsp;&nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;&nbsp; (3.77) | &nbsp;&nbsp;&nbsp;&nbsp;17.01 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.18) |
| Net realized gains | &nbsp;&nbsp;&nbsp; (4.77) | &nbsp;&nbsp;&nbsp; (2.19) | &nbsp;&nbsp;&nbsp; (6.10) | &nbsp;&nbsp;&nbsp; (6.13) | &nbsp;&nbsp;&nbsp; — |
| Total Distributions | &nbsp;&nbsp;&nbsp; (4.77) | &nbsp;&nbsp;&nbsp; (2.32) | &nbsp;&nbsp;&nbsp; (6.22) | &nbsp;&nbsp;&nbsp; (6.13) | &nbsp;&nbsp;&nbsp; (0.18) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $67.97 | &nbsp;&nbsp;&nbsp; $62.37 | &nbsp;&nbsp;&nbsp; $52.76 | &nbsp;&nbsp;&nbsp; $48.98 | &nbsp;&nbsp;&nbsp; $58.88 |
| Total Return(b) | &nbsp;&nbsp;&nbsp; 16.94% | &nbsp;&nbsp;&nbsp; 23.42% | &nbsp;&nbsp;&nbsp; 22.20% | &nbsp;&nbsp;&nbsp; (8.41)% | &nbsp;&nbsp;&nbsp; 40.51% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net Expenses(c) | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.99% |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp; (0.07)% | &nbsp;&nbsp;&nbsp; 0.02% | &nbsp;&nbsp;&nbsp; 0.34% | &nbsp;&nbsp;&nbsp; 0.32% | &nbsp;&nbsp;&nbsp; 0.16% |
| Gross Expenses(c) | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.99% |
| **Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (000's) | &nbsp;&nbsp;&nbsp; $45959 | &nbsp;&nbsp;&nbsp; $41472 | &nbsp;&nbsp;&nbsp; $36911 | &nbsp;&nbsp;&nbsp; $35063 | &nbsp;&nbsp;&nbsp; $40374 |
| Portfolio Turnover(d) | &nbsp;&nbsp;&nbsp; 88% | &nbsp;&nbsp;&nbsp; 75% | &nbsp;&nbsp;&nbsp; 83% | &nbsp;&nbsp;&nbsp; 64% | &nbsp;&nbsp;&nbsp; 70% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return.

(c) Does not include acquired fund fees and expenses, if any.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**57**

------

Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

The availability of certain initial and contingent deferred sales charge reductions and waivers may depend on the particular financial intermediary or type of account through which you purchase or hold Fund shares. The following information about variations in sales charge reductions and waivers is applicable only to investors who purchase Fund shares through a Merrill Lynch, Ameriprise Financial, Morgan Stanley Wealth Management, Raymond James, Janney Montgomery Scott LLC, Edward D. Jones & Co., Oppenheimer & Co. Inc., Stifel, Nicolaus & Company, Incorporated, Robert W. Baird & Co., or J.P. Morgan Securities LLC platform or account.

In all instances, it is your responsibility to notify the Fund or your financial intermediary at the time of purchase of any relationship or other facts qualifying you for sales charge reductions or waivers. For reductions and waivers unavailable through a particular intermediary, shareholders will have to purchase Fund shares directly from the Fund or through another intermediary to receive those reductions and waivers.

**Ameriprise Financial**

**Front-end sales charge reductions on Class A shares purchased through Ameriprise Financial**

Shareholders purchasing Class A shares of the Fund through an Ameriprise Financial platform or account are eligible only for the following sales charge reductions, which may differ from those disclosed elsewhere in this prospectus or the SAI. Such shareholders can reduce their initial sales charge on the purchase of Class A shares as follows:

◼

Transaction size breakpoints, as described in this prospectus or the SAI.

◼

Rights of accumulation ("ROA"), as described in this prospectus or the SAI.

◼

Letter of intent, as described in this prospectus or the SAI.

**Front-end sales charge waivers on Class A shares purchased through Ameriprise Financial**

Shareholders purchasing Class A shares of the fund through an Ameriprise Financial platform or account are eligible only for the following sales charge waivers, which may differ from those disclosed elsewhere in this prospectus or the SAI. Such shareholders may purchase Class A shares at NAV without payment of a sales charge as follows:

◼

shares purchased by 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.

◼

shares purchased through reinvestment of capital gains and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the same fund family).

◼

shares exchanged from Class C shares of the same fund in the month of or following the seven-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load waived shares, that waiver will also apply to such exchanges.

◼

shares purchased by employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members.

◼

shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings

**58**

------

Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor's spouse, advisor's lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor's lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant.

◼

shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement).

**CDSC waivers on Class A and C shares purchased through Ameriprise Financial**

Fund shares purchased through an Ameriprise Financial platform or account are eligible only for the following CDSC waivers, which may differ from those disclosed elsewhere in this prospectus or the SAI:

◼

redemptions due to death or disability of the shareholder

◼

shares sold as part of a systematic withdrawal plan as described in this prospectus or the SAI

◼

redemptions made in connection with a return of excess contributions from an IRA account

◼

shares purchased through a Right of Reinstatement (as defined above)

◼

redemptions made as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code

**Edward D. Jones & Co ("Edward Jones")**

The following information supersedes prior information with respect to transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also referred to as "shareholders") purchasing fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the mutual fund prospectus or SAI or through another broker-dealer. In all instances, it is the shareholder's responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of the Victory Funds, or other facts qualifying the purchaser for discounts or waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if they have questions regarding their eligibility for these discounts and waivers.

***Breakpoints***

◼

Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.

***Rights of Accumulation ("ROA")*** 

◼

The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except certain money market funds and any assets held in group retirement plans) of the Victory Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations ("pricing groups"). If grouping assets as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a sales charge.

◼

The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or

**59**

------

Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

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.

◼

ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV).

***Letter of Intent ("LOI")*** 

◼

Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if the LOI is not met.

◼

If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer.

***Sales Charge Waivers***

Sales charges are waived for the following shareholders and in the following situations:

◼

Associates of Edward Jones and its affiliates and other accounts in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate's life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant to Edward Jones' policies and procedures.

◼

Shares purchased in an Edward Jones fee-based program.

◼

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

◼

Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: the proceeds are from the sale of shares within 60 days of the purchase, the sale and purchase are made from a share class that charges a front load and one of the following ("Right of Reinstatement"):

<sup>◼</sup>

The redemption and repurchase occur in the same account.

<sup>◼</sup>

The redemption proceeds are used to process an: IRA contribution, excess contributions, conversion, recharacterizing of contributions, or distribution, and the repurchase is done in an account within the same Edward Jones grouping for ROA.

<sup>◼</sup>

The Right of Reinstatement excludes systematic or automatic transactions including, but not limited to, purchases made through payroll deductions, liquidations to cover account fees, and reinvestments from non-mutual fund products.

◼

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 discretion of Edward Jones. Edward Jones 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 the prospectus.

◼

Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

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◼

Purchases of Class 529-A shares through a rollover from either another education savings plan or a security used for qualified distributions.

◼

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

**Contingent Deferred Sales Charge ("CDSC") Waivers** 

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is responsible to pay the CDSC except in the following conditions:

◼

The death or disability of the shareholder.

◼

Systematic withdrawals with up to 10% per year of account value.

◼

Return of excess contributions from an Individual Retirement Account (IRA).

◼

Shares redeemed as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

◼

Shares redeemed to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

◼

Shares exchanged in an Edward Jones fee-based program.

◼

Shares acquired through NAV reinstatement.

◼

Shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below.

**Other Important Information Regarding Transactions Through Edward Jones**

**Minimum Purchase Amounts** 

◼

Initial purchase minimum: $250

◼

Subsequent purchase minimum: none

**Minimum Balances** 

◼

Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

<sup>◼</sup>

A fee-based account held on an Edward Jones platform

<sup>◼</sup>

A 529 account held on an Edward Jones platform

<sup>◼</sup>

An account with an active systematic investment plan or LOI

**Exchanging Share Classes** 

◼

At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder's holdings in a fund to Class A shares of the same fund.

**Janney Montgomery Scott LLC ("Janney")**

Shareholders purchasing fund shares through a Janney brokerage account will be eligible only for the following load waivers (front-end sales charge waivers and CDSC, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund's Prospectus or SAI.

**Front-End Sales Charge Waivers on Class A shares available at Janney** 

◼

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

◼

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

◼

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and

**61**

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purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Right of Reinstatement)

◼

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, SAR-SEPs or Keogh plans

◼

Shares acquired through a Right of Reinstatement

◼

Class C shares that are no longer subject to a CDSC and are converted to Class A shares of the same fund pursuant to Janney's policies and procedures

**CDSC Waivers on Class A and C shares available at Janney** 

◼

Shares sold upon the death or disability of the shareholder

◼

Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

◼

Shares purchased in connection with a 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 Internal Revenue Service regulations as described in a Fund's Prospectus

◼

Shares sold to pay Janney fees but only if the transaction is initiated by Janney

◼

Shares acquired through a Right of Reinstatement

◼

Shares exchanged into the same share class of a different fund

**Front-End Load Discounts available at Janney: Breakpoints, Rights of Accumulation and/or letters of intent**<sup>1</sup>

◼

Breakpoints as described in this Prospectus

◼

Rights of accumulation ("ROA"), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets

◼

Letters of intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets

<sup>1</sup> Also referred to as an "initial sales charge"

**J.P. Morgan Securities LLC**

If you purchase or hold fund shares through an applicable J.P. Morgan Securities LLC brokerage account, you will be eligible for the following sales charge waivers (front-end sales charge waivers and contingent deferred sales charge ("CDSC"), or back-end sales charge, waivers), share class conversion policy and discounts, which may differ from those disclosed elsewhere in this fund's prospectus or Statement of Additional Information.

**Front-End Sales Charge Waivers on Class A Shares available at J.P. Morgan Securities LLC**

◼

Shares exchanged from Class C (i.e. level-load) shares that are no longer subject to a CDSC and are exchanged into Class A shares of the same fund pursuant to J.P. Morgan Securities LLC's share class exchange policy.

◼

Qualified employer-sponsored defined contribution and defined benefit retirement plans, nonqualified deferred compensation plans, other employee benefit plans and trusts used to fund

**62**

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those plans. For purposes of this provision, such plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or 501(c)(3) accounts.

◼

Shares of funds purchased through J.P. Morgan Securities LLC Self-Directed Investing accounts.

◼

Shares purchased through rights of reinstatement.

◼

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

◼

Shares purchased by employees and registered representatives of J.P. Morgan Securities LLC or its affiliates and their spouse or financial dependent as defined by J.P. Morgan Securities LLC.

**Class C to Class A Share Conversion**

◼

A shareholder in the fund's Class C shares will have their shares converted to Class A shares (or the appropriate share class) of the same fund if the shares are no longer subject to a CDSC and the conversion is consistent with J.P. Morgan Securities LLC's policies and procedures.

**CDSC Waivers on Class A and C Shares available at J.P. Morgan Securities LLC**

◼

Shares sold upon the death or disability of the shareholder.

◼

Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus.

◼

Shares purchased in connection with a return of excess contributions from an IRA account.

◼

Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code.

◼

Shares acquired through a right of reinstatement.

**Front-end load Discounts Available at J.P. Morgan Securities LLC: Breakpoints, Rights of Accumulation & Letters of Intent** 

◼

Breakpoints as described in the Prospectus.

◼

Rights of Accumulation ("ROA") which entitle shareholders to breakpoint discounts as described in the fund's prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at J.P. Morgan Securities LLC. Eligible fund family assets not held at J.P. Morgan Securities LLC (including 529 program holdings, where applicable) may be included in the ROA calculation only if the shareholder notifies their financial advisor about such assets.

**Letters of Intent ("LOI"), which allow for breakpoint discounts based on anticipated purchases within a fund family, through J.P. Morgan Securities LLC, over a 13-month period of time (if applicable).**

**Merrill Lynch ("Merrill")**

Purchases or sales of front-end (i.e., Class A) or level-load (i.e., 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.

**63**

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Additional information on waivers and discounts 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, SAR-SEPs 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 employees of Merrill or its affiliates and their family members who purchase shares in accounts within the employee's Merrill Household (as defined 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 22e(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

**64**

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**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

◼

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

**Morgan Stanley Wealth Management**

Shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account are eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in the Fund's Prospectus or SAI.

**Front-end Sales Charge Waivers on Class A Shares available at Morgan Stanley** 

◼

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, SAR-SEPs or Keogh plans

◼

Morgan Stanley employee and employee-related accounts according to Morgan Stanley's account linking rules

◼

Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

◼

Shares purchased through a Morgan Stanley self-directed brokerage account

◼

Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management's share class conversion program

◼

Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge

**Oppenheimer & Co. Inc. ("OPCO")**

Shareholders purchasing Fund shares through an OPCO platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund's Prospectus or SAI.

**Front-End Sales Charge Waivers on Class A Shares available at OPCO** 

◼

Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan

◼

Shares purchased by or through a 529 Plan

◼

Shares purchased through an OPCO affiliated investment advisory program

**65**

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◼

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

◼

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement)

◼

A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of OPCO

◼

Employees and registered representatives of OPCO or its affiliates and their family members

◼

Directors or Trustees of the Fund, and employees of the Fund's investment adviser or any of its affiliates, as described in this Prospectus

**CDSC Waivers on A and C Shares available at OPCO** 

◼

Death or disability of the shareholder

◼

Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

◼

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 as described in the prospectus

◼

Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO

◼

Shares acquired through a Right of Reinstatement

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

◼

Breakpoints as described in this Prospectus

◼

Rights of Accumulation ("ROA") which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at OPCO. Eligible fund family assets not held at OPCO may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets

**Raymond James & Associates, Inc., Raymond James Financial Services, Inc. and each entity's affiliates ("Raymond James")**

Shareholders purchasing fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund's Prospectus or SAI.

**Front-End Sales Charge Waivers on Class A Shares available at Raymond James** 

◼

Shares purchased in an investment advisory program

◼

Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions

◼

Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James

◼

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase

**66**

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occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement)

◼

A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James

**CDSC Waivers on Classes A and C Shares available at Raymond James** 

◼

Death or disability of the shareholder

◼

Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

◼

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 as described in the Fund's prospectus

◼

Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James

◼

Shares acquired through a Right of Reinstatement

**Front-End Load Discounts Available at Raymond James: Breakpoints, Rights of Accumulation, and/or Letters of Intent** 

◼

Breakpoints as described in this Prospectus

◼

Rights of Accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial advisor about such assets

◼

Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets

**Robert W. Baird & Co. ("Baird")**

Shareholders purchasing fund shares through a Baird platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or the SAI.

**Front-End Sales Charge Waivers on Class A Shares available at Baird** 

◼

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund

◼

Shares purchased by employees and registered representatives of Baird or its affiliate and their family members as designated by Baird

◼

Shares purchased using the proceeds of redemptions from a Victory Fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same accounts, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as Rights of Reinstatement)

◼

A shareholder in the Funds Investor C Shares will have their share converted at net asset value to Investor A shares of the same fund if the shares are no longer subject to CDSC and the conversion is in line with the policies and procedures of Baird

◼

Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit

**67**

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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

**CDSC Waivers on Classes A and C Shares available at Baird**

◼

Shares sold due to death or disability of the shareholder

◼

Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

◼

Shares bought due to returns 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 Internal Revenue Service regulations as described in the Fund's Prospectus

◼

Shares sold to pay Baird fees but only if the transaction is initiated by Baird

◼

Shares acquired through a Right of Reinstatement

**Front-End Load Discounts Available at Baird: Breakpoints, Rights of Accumulation, and/or Letters of Intent** 

◼

Breakpoints as described in this Prospectus

◼

Rights of accumulations which entitles shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of Victory Funds assets held by accounts within the purchaser's household at Baird. Eligible Victory Funds assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets

◼

Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases of the Victory Funds through Baird, over a 13-month period of time

**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.

**68**

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**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 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.

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**Wells Fargo Advisors Financial Network, LLC (collectively, "Wells Fargo Advisors")**

**Wells Fargo Clearing Services, LLC operates a First Clearing business, but these rules are not intended to include First Clearing firms.**

Effective April 1, 2026, Clients of Wells Fargo Advisors purchasing fund shares through Wells Fargo Advisors are eligible for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the prospectus or statement of additional information ("SAI"). In all instances, it is the investor's responsibility to inform Wells Fargo Advisors at the time of purchase of any relationship, holdings, or other facts qualifying the investor for discounts or waivers. Wells Fargo Advisors can ask for documentation supporting the qualification.

**Wells Fargo Advisors Class A share front-end sales charge waivers information.**

Wells Fargo Advisors clients purchasing or converting to Class A shares of the fund in a Wells Fargo Advisors brokerage account are entitled to a waiver of the front-end load in the following circumstances:

◼

Wells Fargo Advisors employee and employee-related accounts according to Wells Fargo Advisor's employee account linking rules. Legacy accounts and positions receiving affiliate discounts prior to the effective date will continue to receive discounts. Going forward employees of affiliate businesses will not be offered NAV.

◼

Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund.

WellsTrade, the firm's online self-directed brokerage account, generally offers no-load share classes but there could be instances where a Class A share is offered without a front-end sales charge.

**Wells Fargo Advisors Class 529-A share front-end sales charge waivers information.**

Wells Fargo Advisors clients purchasing or converting to Class 529-A shares of the fund through Wells Fargo Advisors transactional brokerage accounts are entitled to a waiver of the front-end load in the following circumstances:

◼

Shares purchased through a rollover from another 529 plan.

◼

Recontribution(s) of distributed funds are only allowed during the NAV reinstatement period as dictated by the sponsor's specifications outlined by the plan.

Wells Fargo Advisors is not able to apply the NAV Reinstatement privilege for 529 Plan account purchases placed directly at the fund company. Investors wishing to utilize this privilege outside of Wells Fargo systems will need to do so directly with the Plan or a financial intermediary that supports this feature.

Unless specifically described above, other front-end load waivers are not available on mutual fund purchases through Wells Fargo Advisors.

**Wells Fargo Advisors Contingent Deferred Sales Charge information.**

◼

Contingent deferred sales charges (CDSC) imposed on fund redemptions will not be rebated based on future purchases.

**Wells Fargo Advisors Class A front-end load discounts**

Wells Fargo Advisors Clients purchasing Class A shares of the fund through Wells Fargo Advisors brokerage accounts will follow the following aggregation rules for breakpoint discounts:

◼

Effective April 1, 2026, SEP or SIMPLE IRAs will not be aggregated as a group plan. They will

**70**

------

Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

aggregate with the client's personal accounts based on Social Security Number. Previously established SEP and SIMPLE IRAs may still be aggregated as a group plan.

◼

Effective April 1, 2026, Employer-sponsored retirement plan (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans.

◼

Gift of shares will not be considered when determining breakpoint discounts

**71**

------

VF-MUN-PRO (11/25)

**By mail:**

Victory Funds

P.O. Box 182593

Columbus, OH 43218-2593

![](img4ea534812.gif)

P.O. Box 182593

Columbus, OH 43218-2593

**Statement of Additional Information ("SAI"):** The SAI contains more information about the Funds' operations, investment restrictions, policies and practices. The SAI is incorporated by reference into this Prospectus, which means that it is legally part of this Prospectus, even if you do not request a copy.

**Annual/Semi Annual Reports and Form N-CSR/Form N-CSRS:** Annual and semi annual reports contain more information about the Funds' investments and the market conditions and investment strategies that significantly affected the Funds' performance during the most recent fiscal period. The Funds' Form N-CSR and Form N-CSRS filings contain the Funds' annual and semi-annual financial statements.

**How to Obtain Information:** You may obtain a free copy of the SAI, annual and semi annual reports and other information such as Fund financial statements and ask questions about the Funds or your accounts, online at VictorySharesLiterature.com, by contacting the Funds at the following address or telephone number, or by contacting your financial intermediary.

**By telephone:**

Call Victory Funds at

800-539-FUND (800-539-3863)

You also can get information about the Funds (including the SAI, other reports and other information such as Fund financial statements) from the Securities and Exchange Commission (SEC) on the SEC's Edgar database at sec.gov, or after paying a duplicating fee, by electronic request sent to the following e-mail address: publicinfo@sec.gov.

Investment Company Act File Number 811-4852

------

![](img34c4cd5c1.gif)

**November 1, 2025**

Prospectus

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Victory S&P 500 Index Fund | Victory S&P 500 Index Fund | Victory S&P 500 Index Fund | Victory S&P 500 Index Fund | Victory S&P 500 Index Fund | Victory S&P 500 Index Fund | Victory S&P 500 Index Fund |
|  | **Class A**  | **Class C**  | **Class I**  | **Class R**  | **Class R6**  | **Class Y**  |
|  | MUXAX |  | —  | MUXRX | —  | MUXYX |

---

The Securities and Exchange Commission has not approved or disapproved these securities or determined whether this Prospectus is accurate or complete. Any representation to the contrary is a criminal offense.

vcm.com

800-539-FUND (800-539-3863)

------

![](img34c4cd5c1.gif)

**Table of Contents**

---

| | |
|:---|:---|
| **[Fund Summary](#xx_99d9b637-f927-4b05-91ba-cd2c420bb465_1)** | 1  |
| [Investment Objective](#xx_99d9b637-f927-4b05-91ba-cd2c420bb465_1) | 1  |
| [Fund Fees and Expenses](#xx_99d9b637-f927-4b05-91ba-cd2c420bb465_1) | 1  |
| [Principal Investment Strategy](#xx_99d9b637-f927-4b05-91ba-cd2c420bb465_2) | 2  |
| [Principal Risks](#xx_99d9b637-f927-4b05-91ba-cd2c420bb465_2) | 2  |
| [Investment Performance](#xx_99d9b637-f927-4b05-91ba-cd2c420bb465_4) | 4  |
| [Management of the Fund](#xx_99d9b637-f927-4b05-91ba-cd2c420bb465_5) | 5  |
| [Purchase and Sale of Fund Shares](#xx_99d9b637-f927-4b05-91ba-cd2c420bb465_5) | 5  |
| [Tax Information](#xx_99d9b637-f927-4b05-91ba-cd2c420bb465_5) | 5  |
| [Payments to Broker-Dealers and Other Financial](#xx_99d9b637-f927-4b05-91ba-cd2c420bb465_6)<br> [Intermediaries](#xx_99d9b637-f927-4b05-91ba-cd2c420bb465_6)<br>| 6  |
| **[Additional Fund Information](#xx_503a7f77-a377-4813-81ee-63783e9a27b8_1)** | 7  |
| [Investments](#xx_503a7f77-a377-4813-81ee-63783e9a27b8_2) | 8  |
| [Risk Factors](#xx_503a7f77-a377-4813-81ee-63783e9a27b8_3) | 9  |
| **[Organization and Management of the Fund](#xx_ed55c518-965c-47c4-8907-1495c0945682_1)** | 13  |
| **[Investing with the Victory Funds](#xx_dac23a67-1bb3-44d3-a96d-3b236a17191e_1)** | 14  |
| [Share Price](#xx_dac23a67-1bb3-44d3-a96d-3b236a17191e_2) | 15  |
| [Choosing a Share Class](#xx_dac23a67-1bb3-44d3-a96d-3b236a17191e_3) | 16  |
| [Information About Fees](#xx_dac23a67-1bb3-44d3-a96d-3b236a17191e_10) | 23  |
| [How to Buy Shares](#xx_dac23a67-1bb3-44d3-a96d-3b236a17191e_12) | 25  |
| [How to Exchange Shares](#xx_dac23a67-1bb3-44d3-a96d-3b236a17191e_15) | 28  |
| [How to Sell Shares](#xx_dac23a67-1bb3-44d3-a96d-3b236a17191e_17) | 30  |
| **[Distributions and Taxes](#xx_8c86cbfa-648a-4be1-b916-51c0263b8f02_1)** | 32  |
| **[Important Fund Policies](#xx_1573d72c-da8a-4fd3-a869-20f4d6f4833b_1)** | 35  |
| **[Financial Highlights](#xx_159455fe-ed31-4130-9ad2-18db20b29561_1)** | 38  |
| **[Appendix A — Variations in Sales Charge Reductions and](#xx_aa7c4edf-6ade-41c9-808d-1d01939b6289_1)**<br> **[Waivers Available Through Certain Intermediaries](#xx_aa7c4edf-6ade-41c9-808d-1d01939b6289_1)**<br>| 42  |
| **[Appendix](#xx_7b5e389a-bb7a-4038-a4e2-e308189c8fac_1)[B](#xx_7b5e389a-bb7a-4038-a4e2-e308189c8fac_1)** | 56 |

---

------

**Victory S&P 500 Index Fund Summary**

**Investment Objective**

The Victory S&P 500 Index Fund (the "Fund") seeks to provide performance and income that is comparable to the S&P 500<sup>®</sup> Index (the "Index").

**Fund Fees and Expenses**

The table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below**. You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $50,000 in the Victory Funds. More information about these and other discounts is available in *Investing with the Victory Funds* on page 14 of the Fund's Prospectus, in *Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries* and from your financial intermediary.

**Shareholder Fees**

(paid directly from your investment)

---

| | | | |
|:---|:---|:---|:---|
|  | **Class A** | **Class R** | **Class Y** |
| Maximum Sales Charge (Load) Imposed on Purchases<br> (as a percentage of offering price)<br>| 2.25% |  |  |
| Maximum Deferred Sales Charge (Load)<br> (as a percentage of the lower of purchase or sale price)<br>|  |  |  |

---

**Annual Fund Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | | | |
|:---|:---|:---|:---|
| Management Fees | 0.20% | 0.20% | 0.20% |
| Distribution and/or Service (12b-1) Fees | 0.15% | 0.50% | 0.00% |
| Other Expenses | 0.18% | 0.17% | 0.23% |
| Total Annual Fund Operating Expenses | 0.53% | 0.87% | 0.43% |

---

**Example:**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A | &nbsp;&nbsp;&nbsp; $278 | &nbsp;&nbsp;&nbsp; $391 | &nbsp;&nbsp;&nbsp; $515 | &nbsp;&nbsp;&nbsp; $875 |
| Class R | &nbsp;&nbsp;&nbsp; $89 | &nbsp;&nbsp;&nbsp; $278 | &nbsp;&nbsp;&nbsp; $482 | &nbsp;&nbsp;&nbsp; $1073 |
| Class Y | &nbsp;&nbsp;&nbsp; $44 | &nbsp;&nbsp;&nbsp; $138 | &nbsp;&nbsp;&nbsp; $241 | &nbsp;&nbsp;&nbsp; $542 |

---

The example does not reflect sales charges (loads) on reinvested dividends and other distributions. If these sales charges (loads) were included, your costs would be higher.

**1**

------

Victory S&P 500 Index Fund Summary

**Portfolio Turnover:**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund's performance. For the most recent fiscal year, the Fund's portfolio turnover rate was 4% of the average value of its portfolio.

**Principal Investment Strategy**

Victory Capital Management Inc. ("Adviser") pursues the Fund's objective by investing, under normal circumstances, at least 80% of its assets in equity securities of companies in the S&P 500<sup>®</sup> Index ("Index"). The Index is an unmanaged index of 500 U.S. publicly traded stocks common stocks selected by Standard & Poor's from a broad range of industries. The Index is composed primarily of stocks issued by large-capitalization companies.

To replicate the performance of the Index, the Adviser purchases and maintains all or substantially all of the securities included in the Index, in approximately the same percentages as such securities are included in the Index. Because the Fund seeks to track the performance of the Index, the Adviser does not actively determine the stock selection or sector allocation. The percentage weighting of a particular security in the Index is determined by that security's relative total market capitalization, which is the market price per share of the security multiplied by the number of shares outstanding.

To track the Index as closely as possible, the Fund attempts to remain fully invested in stocks. The Fund normally invests at least 95% of its net assets in the stocks of companies included in the Index. The Adviser uses futures contracts to manage cash, accrued dividends, and other non-performing assets in an effort to minimize performance disparity between the Fund and the Index. The Fund may become non-diversified, as defined under the Investment Company Act of 1940, solely as a result of an index rebalance or market movement.

**Principal Risks** 

The Fund's investments are subject to the following principal risks:

**Equity Securities Risk** — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company's earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer's bankruptcy.

**Passive Investment Risk/Index Risk** — The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry, or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the Index.

**Tracking Error Risk** — The Fund may be subject to tracking error, which is the divergence of the Fund's performance from its index. Tracking error may occur because of, among other reasons, differences between the securities and other instruments held in the Fund's portfolio and those included in the Index. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not.

**2**

------

Victory S&P 500 Index Fund Summary

**Sector Focus Risk** — To the extent the Fund focuses in one or more sectors, such as the information technology sector, market or economic factors impacting those sectors could have a significant effect on the value of the Fund's investments and could make the Fund's performance more volatile.

<sup>◼</sup>

**Information Technology Sector Risk** — Companies in the information technology sector face intense competition, both domestically and internationally. These companies may be smaller or newer and may have limited product lines, markets, financial resources, or personnel. The products of companies in the information technology sector may face product obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates, and competition for the services of qualified personnel. These companies may be developing or marketing new products or services for which markets are not yet established and may never become established.

**Non-Diversification Risk** — Because the Fund seeks to closely track the composition of the Fund's target index, from time to time, more than 25% of the Fund's total assets may be invested in issuers representing more than 5% of the Fund's total assets due to an index rebalance or market movement, which would result in the Fund being non-diversified under the Investment Company Act of 1940. The Fund's performance may be hurt disproportionately by the poor performance of relatively few stocks, or even a single stock, and the Fund's shares may experience significant fluctuations in value.

**Futures Contracts Risk** – The Fund's use of futures contracts exposes the Fund to leverage and tracking risks because a small investment in futures contracts may produce large losses and futures contracts may not be perfect substitutes for securities.

**General Market Risk** — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels, and other fiscal and monetary policy changes; cybersecurity incidents, pandemics, and other public health crises; imposition of tariffs; sanctions against a particular foreign country, its nationals, businesses, or industries; and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.

**Large Shareholder Risk** — Certain large shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund's shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund's distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund's shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.

You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

**3**

------

Victory S&P 500 Index Fund Summary

**Investment Performance**

The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years. The table compares the Fund's average annual total returns of the Fund's share classes, including applicable maximum sales charges, over the same period to one or more broad measures of market performance. We assume reinvestment of dividends and distributions.

Performance data for the classes varies based on differences in their fee and expense structures and reflects any expense limitations in effect during the periods shown. The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund's website at vcm.com.

**Calendar Year Returns for Class Y Shares**

(The annual return in the bar chart is for the Fund's least expensive class of shares, Class Y shares.)

![](index.jpg)

---

| | | |
|:---|:---|:---|
| **During the periods shown in the chart:** | **Returns** | **Quarter ended** |
| Highest Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20.41% | June 30, 2020 |
| Lowest Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -19.67% | March 31, 2020 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Year-to-date return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.57% | September 30, 2025 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**<br> **(For the Periods Ended December 31, 2024)**<br>| **1 Year** | **5 Years** | **10 Years** |
| CLASS Y Before Taxes | &nbsp;&nbsp; 24.63% | &nbsp;&nbsp; 14.03% | &nbsp;&nbsp; 12.63% |
| CLASS Y After Taxes on Distributions | &nbsp;&nbsp; 20.43% | &nbsp;&nbsp; 11.74% | &nbsp;&nbsp; 9.97% |
| CLASS Y After Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp; 17.71% | &nbsp;&nbsp; 10.91% | &nbsp;&nbsp; 9.62% |
| CLASS A Before Taxes | &nbsp;&nbsp; 21.77% | &nbsp;&nbsp; 13.43% | &nbsp;&nbsp; 12.24% |
| CLASS R Before Taxes | &nbsp;&nbsp; 24.16% | &nbsp;&nbsp; 13.51% | &nbsp;&nbsp; 12.04% |
| **Index** | **Index** | **Index** | **Index** |
| S&P 500<sup>®</sup> Index<br> reflects no deduction for fees, expenses, or taxes<br>| &nbsp;&nbsp; 25.02% | &nbsp;&nbsp; 14.53% | &nbsp;&nbsp; 13.10% |

---

After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. In certain situations, the return after taxes on distributions and sale of fund shares may be higher than the other return amounts (including before taxes). A

**4**

------

Victory S&P 500 Index Fund Summary

higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only one share class. The after-tax returns for other classes will vary.

**Management of the Fund**

**Investment Adviser**

Victory Capital Management Inc. (the "Adviser") serves as the Fund's investment adviser. The portfolio managers jointly and primarily responsible for day-to-day management of the Fund are members of the Adviser's Victory Solutions platform, which oversees the Adviser's rules-based investment franchise.

**Portfolio Management** 

---

| | | |
|:---|:---|:---|
|  | **Title**  | **Tenure with the Fund**  |
| Mannik Dhillon, CFA, CAIA<sup>®</sup> <br>| &nbsp;&nbsp; President, Investment Franchises <br> & Solutions<br>| Since 2018 |
| Lela Dunlap, CFA | &nbsp;&nbsp; Portfolio Manager, Victory <br> Solutions<br>| Since 2024 |

---

**Purchase and Sale of Fund Shares** 

---

| | | | |
|:---|:---|:---|:---|
| **Investment Minimums** | **Class A** | **Class R** | **Class Y** |
| Minimum Initial Investment | &nbsp;&nbsp;&nbsp; $2500 |  | &nbsp;&nbsp;&nbsp; $1000000 |
| Minimum Subsequent Investments | &nbsp;&nbsp;&nbsp; $50 |  |  |

---

For Class A shares a $1,000 minimum initial purchase amount and a $50 minimum subsequent purchase amount apply for Individual Retirement Accounts ("IRAs"), gift/transfer to minor accounts, and purchases through automatic investment plans.

Certain broker-dealers and other financial intermediaries (such as a bank) may establish higher or lower minimum initial and subsequent investment amounts to which you may be subject if you invest through them.

You may redeem your shares on any day the Fund is open for business. Redemption requests may be made by telephone (with prior appropriate approval) or by mail.

When you buy and redeem shares, the Fund will price your transaction at the next-determined net asset value ("NAV") after the Fund receives your request in good order, which means that your request contains all the required documentation, and that all documents contain required signatures or signature guarantees from a financial institution.

**Tax Information**

The Fund's distributions may be taxable whether you receive them in cash, additional shares of the Fund, or you reinvest them in shares of another Victory Fund, and may be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Taxes may be imposed on withdrawals from tax-deferred arrangements.

**5**

------

Victory S&P 500 Index Fund Summary

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the financial intermediary and its financial advisor to recommend the Fund over another investment. Ask your financial advisor or visit your financial intermediary's website for more information.

**6**

------

Additional Fund Information

------

&nbsp;&nbsp; Victory Capital Management Inc., which we refer to as the "Adviser" <br> throughout the Prospectus, manages the Fund.<br>

The Victory S&P 500 Index Fund (the "Fund") is managed by the Adviser who also manages other funds, each having distinct investment management objectives, strategies, risks, and policies. Together, these funds are referred to in this Prospectus as the "Victory Funds" or, more simply, the "Funds."

The Fund's investment objective is non-fundamental. In addition, the policy to invest under normal market conditions at least 80% of its assets in equity securities of companies included in the S&P 500<sup>®</sup> Index ("Index") is non-fundamental. The Board of Trustees (the "Board") may change Fund objectives or policies that are non-fundamental without shareholder approval upon at least 60 days' prior written notice to shareholders. For purposes of the Fund's 80% investment policy, "assets" means the Fund's net assets plus the amount of any borrowings for investment purposes.

The following section describes additional information about the principal investment strategy the Fund will use under normal market conditions to pursue its investment objective, as well as any secondary strategies the Fund may use, and the related risks. In managing the Fund, the Adviser uses a "passive" or indexing approach to try to achieve the Fund's investment objective. The Fund does not try to outperform the Index.

The Adviser expects that, over time, the correlation between the Fund's performance and that of the Index, before fees and expenses, will be 95% or better. A number of factors may affect the Fund's ability to achieve a high degree of correlation with its Index, and there can be no guarantee that the Fund will achieve a high degree of correlation. The Adviser monitors the Fund on an ongoing basis, and makes adjustments to its portfolio, as necessary, to minimize tracking error and to maintain liquidity.

This Prospectus does not attempt to describe all of the various investment techniques and types of investments that the Adviser may use in managing the Fund. The Statement of Additional Information ("SAI") includes more information about the Fund, its investments, and the related risks. Keep in mind that for cash management purposes, the Fund may hold all or a portion of its assets in cash, short-term money market instruments or shares of other investment companies. This may reduce the benefit from any upswing in the market, cause the Fund to fail to meet its investment objective and increase the Fund's expenses.

&nbsp;&nbsp; If you would like to receive additional copies of any materials, please call the Victory Funds <br> at 800-539-FUND (800-539-3863) or please visit VictoryFunds.com.<br>

**7**

------

Investments

------

**The following describes the types of securities the Fund may purchase under normal market conditions to achieve its principal investment strategy. The Fund will not necessarily buy all of the securities listed below.**

**U.S. Equity Securities**

Can include common stock, preferred stock, and securities that are convertible or exchangeable into common stock of U.S. corporations.

**Futures Contracts and Options on Futures Contracts** 

Contracts involving the right or obligation to deliver or receive assets or money depending on the performance of one or more assets or an economic index. To reduce the effects of leverage, liquid assets equal to the contract commitment are set aside to cover the commitment. The Fund may invest in futures in an effort to hedge against market or currency risk, as a temporary substitute for buying or selling securities or for temporary cash management purposes. There is no assurance that the Fund will engage in any hedging transactions.

**<u>Additional Fund Strategies.</u> The Adviser may use other types of investment strategies in pursuing the Fund's overall investment objective. The following describes the types of securities or techniques that the Adviser may purchase or investment techniques the Adviser may employ that are not considered to be a part of the Fund's principal investment strategies. Additional securities and techniques are described in the Fund's SAI.**

**Investment Companies**

The Fund may invest in securities of other investment companies, including ETFs, if those companies invest in securities consistent with the Fund's investment objective and policies. ETFs are investment companies the shares of which are bought and sold on a securities exchange.

**Securities Lending**

To enhance the return on its portfolio, the Fund may lend portfolio securities to brokers, dealers, and financial institutions to realize additional income under guidelines adopted by the Board. Each loan will be secured continuously by collateral in the form of cash, securities issued by the U.S. government or its agencies or instrumentalities.

**8**

------

Risk Factors

------

**The following provides additional information about the Fund's principal risks and supplements those risks discussed in the Fund's Summary section of this Prospectus.** 

&nbsp;&nbsp; By matching your investment objective with an acceptable level of risk, <br> you can create your own customized investment plan.<br>

**Derivatives Risk** — Derivatives, such as futures contracts and options on futures contracts, are subject to the risk that small price movements can result in substantial gains or losses. Derivatives also entail exposure to counterparty risk, the risk of mispricing or improper valuation and the risk that changes in value of the derivative may not correlate perfectly with the relevant securities, assets, or indices. The use of derivatives may cause the Fund to incur losses greater than those that would have occurred had derivatives not been used.

**Equity Securities Risk** — The market prices of equity securities, which may include common stocks and other stock-related securities such as preferred stocks, convertible securities, and rights and warrants may fluctuate, sometimes rapidly or unpredictably. The Fund may continue to accept new subscriptions and to make additional investments in equity securities even under general market conditions that the Fund's investment team views as unfavorable for equity securities. The value of a security may decline for reasons that directly relate to the issuer, such as management performance, financial leverage, and reduced demand for the issuer's goods or services or due to general market conditions, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment generally. Unlike debt securities, which have preference to a company's assets in case of liquidation, common stock, are entitled to the residual value after the company meets its other obligations. Unlike common stock, preferred stock generally pays a fixed dividend from a company's earnings and may have a preference over common stock on the distribution of a company's assets in the event of bankruptcy or liquidation. Preferred stockholders' liquidation rights are subordinate to the company's debt holders and creditors. If interest rates rise, the fixed dividend on preferred stocks may be less attractive and the price of preferred stocks may decline. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Convertible securities may gain or lose value due to changes in the issuer's operating results, financial condition, credit rating, and changes in interest rates, and other general economic, industry, and market conditions. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer's bankruptcy. Rights and warrants can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of warrants and rights do not necessarily move in tandem with the prices of the underlying securities and therefore are highly volatile and speculative investments.

**General Market Risk** — Stock market risk refers to the fact that the prices of equity securities and other exchange traded investments typically fluctuate more than the values of debt and other types of securities, typically in response to changes in the particular company's financial condition and factors affecting the market in general. Over time, the stock market tends to move in cycles, with periods when stock prices rise, and periods when stock prices decline. A slower-growth or recessionary economic environment could have an adverse effect on stock prices. Consequently, a broad-based market drop may also cause a stock's price to fall. Portfolio securities may also decline in value due to factors affecting securities markets generally, such as real or perceived adverse economic, political, or regulatory conditions, inflation, changes in interest or currency rates or adverse investor sentiment, or due to factors affecting particular industries represented in the securities markets, such as competitive conditions. Changes in the financial condition of a single issuer can impact a market as a whole, and adverse market conditions may be prolonged and may not have the same impact on all types of securities. In addition, the markets may not favor a particular kind of security, including equity securities. Values of securities may fall due to factors affecting a particular issuer, industry, or the securities market as a whole.

**9**

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Risk Factors

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Market turmoil may be reflected in perceptions of economic uncertainty, price volatility in the equity and debt markets, and fluctuating trading liquidity. In response, governments may adopt a variety of fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs, and changes in interest rates. These policies may not be successful and any unexpected or quick reversal of these policies could increase volatility in the equity and debt markets. Market conditions and economic risks could have a significant effect on domestic and international economies and could add significantly to the risks of increased volatility and decreased liquidity for the Fund's portfolio.

<sup>◼</sup>

**Geopolitical/Natural Disaster Risk** — Global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely affect issuers in another country or region. Geopolitical and other risks, including war, economic sanctions, currency controls or other actions by countries or international bodies, terrorism, trade disputes, embargoes, political or economic dysfunction within some nations, public health crises and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, may add to instability in world economies and markets generally. Changes in trade policies and international trade agreements could affect the economies of many countries in unpredictable ways. Epidemics and/or pandemics, such as COVID-19, may result in, among other things, closing borders, disruptions to health care service preparation and delivery, quarantines, cancellations, disruptions to supply chains and consumer activity, as well as general concern and uncertainty. The impact may last for extended periods.

<sup>◼</sup>

**Information Technology and Operational Risk** — Markets and market participants are increasingly reliant upon both publicly available and proprietary information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access, and similar circumstances may impair the performance of these systems and may have an adverse impact upon a single issuer, a group of issuers, or the market at large. The information technology and other operational systems upon which the Fund's service providers rely may be subject to cyber-attack or other technological disruptions, and could otherwise disrupt the ability of these service providers to perform essential tasks for the Fund. In certain cases, an exchange or market may close or issue trading halts on either specific securities or even the entire market, which may result in the Fund being, among other things, unable to buy or sell certain securities or financial instruments or accurately price its investments.

**Large Shareholder Risk** — The Fund, like all investment companies, pools the investments of many investors. Actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. For example, significant levels of new investments in the Fund by shareholders may cause the Fund to have more cash than would otherwise be the case, which might have a positive or negative impact on Fund performance. Similarly, redemption activity might cause the Fund to sell portfolio securities, which may increase transaction costs and might generate a capital gain or loss, or cause it to borrow funds on a short-term basis to cover redemptions, which would cause the Fund to incur costs that, in effect, would be borne by all shareholders and not just the redeeming shareholders. Shareholder purchase and redemption activity also may affect the per share amount of the Fund's distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund's shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.

**10**

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Risk Factors

------

**Non-Diversification Risk** — Because the Fund seeks to closely track the composition of the Fund's target index, from time to time, more than 25% of the Fund's total assets may be invested in issuers representing more than 5% of the Fund's total assets due to an index rebalance or market movement, which would result in the Fund being non-diversified under the Investment Company Act of 1940. The Fund's performance may be hurt disproportionately by the poor performance of relatively few stocks, or even a single stock, and the Fund's shares may experience significant fluctuations in value.

**Passive Investment Risk/Index Risk —** The Fund is not actively managed and may be affected by a general decline in market segments related to the Index. The Fund invests in securities included in, or representative of securities included in, the Index, regardless of their investment merits. The Fund does not take defensive positions under any market conditions, including conditions that are adverse to the performance of the Fund, unless such defensive positions are also taken by the Index. There is no assurance that the Index will be compiled or calculated accurately.

**Sector Focus Risk** — To the extent the Index's (and as a result, the Fund's) investments are concentrated in an industry or group of industries or focused in one or more sectors, such as the information technology sector, market or economic factors impacting those sectors could have a significant effect on the value of the Fund's investments and could make the Fund's performance more volatile. For example, the values of companies in the information technology sector are particularly vulnerable to economic downturns, short production cycles and aggressive pricing, market competition and changes in government regulation.

<sup>◼</sup>

**Information Technology Sector Risk** — Information technology companies tend to significantly rely on technological events or advances in their product development, production, or operations and are particularly vulnerable to rapid changes in technological product cycles, government regulation, and competition. Information technology companies may be smaller and less experienced companies, with limited product lines, markets, or financial resources and fewer experienced management or marketing personnel. Information technology company stocks, especially those which are internet-related, have experienced extreme price and volume fluctuations that are often unrelated to their operating performance.

**Tracking Error Risk** — Tracking error is the divergence of a Fund's performance from that of its index. The performance of a Fund may diverge from that of its index for a number of reasons, such as the use of representative sampling (if applicable), transaction costs, a Fund's holding of cash, differences in accrual of dividends, changes to the index, tax considerations, rebalancing, or new or existing regulatory requirements. Unlike the Fund, the returns of an index are not reduced by investment and other operating expenses, including the trading costs associated with implementing changes to its portfolio of investments. Tracking error risk may be heightened during times of market volatility or other unusual market conditions. To the extent that a Fund calculates its NAV based on fair value prices and the value of its index is based on securities' closing prices (i.e., the value of the index is not based on fair value prices), the Fund's ability to track its index may be adversely affected. For tax efficiency purposes, a Fund may sell certain securities to realize losses, which will result in a

deviation from its index.

**11**

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Risk Factors

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**<u>Additional Risk Factors.</u>** The Adviser may use several types of investment strategies in pursuing the Fund's overall investment objective. The following risks are those that the Adviser does not consider to be principal risks of the Fund. Additional risks are included in the Fund's SAI.

**Investment Company Risk** — The Fund's ability to achieve its investment objective may be directly related to the ability of other investment companies (including ETFs) held by the Fund to meet their investment objectives. In addition, shareholders of the Fund will indirectly bear the fees and expenses of the underlying investment companies. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities.

**Securities Lending Risk** — The risk in lending portfolio securities, as with other extensions of credit, consists of the possibility of loss to the Fund due to (1) the inability of the borrower to return the securities, (2) a delay in receiving additional collateral to adequately cover any fluctuations in the value of securities on loan, (3) a delay in recovery of the securities, or (4) the loss of rights in the collateral should the borrower fail financially. These events could trigger adverse tax consequences for the Fund. In addition, the Fund is responsible for any loss that might result from its investment of the borrower's collateral. In determining whether to lend securities, the Adviser or the Fund's securities lending agent will consider relevant facts and circumstances, including the creditworthiness of the borrower.

&nbsp;&nbsp; An investment in the<br> Fund is not a complete<br> investment program.<br>

**12**

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Organization and Management of the Fund

------

The Fund's Board has the overall responsibility for overseeing the management of the Fund.

**The Investment Adviser**

The Adviser serves as the investment adviser to each of the Victory Funds pursuant to an investment advisory agreement and oversees the operations of the Fund according to investment policies and procedures adopted by the Board. The Adviser is a New York corporation that is registered as an investment adviser with the Securities and Exchange Commission ("SEC"). As of September 30, 2025, the Adviser managed and advised assets totaling in excess of $310.6 billion for individual and institutional clients. The Adviser's principal address is 15935 La Cantera Parkway, San Antonio, TX 78256.

A discussion regarding the basis of the Board's approval of the Fund's Advisory Agreement is available in the Fund's most recent Form N-CSRS filing for the period ended December 31, 2024.

The Adviser is a diversified global asset manager comprised of multiple investment teams, referred to as investment franchises, each of which employs an independent approach to investing. The Adviser's Victory Solutions platform oversees its rules-based investment strategies and is responsible for the day-to-day investment management of the Fund.

Advisory fees to be paid annually, before waivers, will be equal to an annual rate of 0.20% of the average daily net assets of the Fund.

See "Fund Fees and Expenses" for information about any contractual agreement by the Adviser to waive fees and/or reimburse expenses with respect to the Fund. From time to time, the Adviser also may voluntarily waive fees and/or reimburse expenses in amounts exceeding those required to be waived or reimbursed under any contractual agreement that may be in place with respect to the Fund.

**Portfolio Management**

**Mannik Dhillon** serves as President, Investment Franchises & Solutions, for the Adviser and has been a portfolio manager of the Fund since 2018. From 2015-2017, he served as the Adviser's Head of Investment Solutions, Product, and Strategy. From 2010 to 2015, Mr. Dhillon served as a managing director and head of manager research with Wilshire Associates, where he evaluated asset managers and led strategic consulting engagements. Mr. Dhillon is a CFA and CAIA<sup>®</sup> charterholder.

**Lela Dunlap**, CFA, Portfolio Manager, Victory Solutions, has co-managed the Fund since 2024. Ms. Dunlap has 15 years of investment management experience, five years of which were with USAA Asset Management Company, which was acquired by the Adviser's parent company in 2019. She holds the CFA designation and is a member of the CFA Society of San Antonio.

*The Fund's SAI provides additional information about the portfolio managers' method of compensation, other accounts they manage, and any ownership interests they may have in the Fund.*

**13**

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Investing with the Victory Funds

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All you need to get started is to fill out an application.<br>

If you are looking for a convenient way to open an account or to add money to an existing account, we can help. The sections that follow will serve as a guide to your investment with the Victory Funds. These sections describe many of the share classes currently offered by the Victory Funds. The section *Choosing a Share Class* will help you decide which share class it may be to your advantage to buy.

Keep in mind that Class I, Class R, Class R6, and Class Y shares are available for purchase only by eligible shareholders. In addition, not all Victory Funds offer each class of shares described below, and therefore, certain classes may be discussed that are not necessarily offered by the Fund. The classes of shares that are offered by the Fund are those listed on the cover page designated with a ticker symbol. The Fund may also offer other share classes in different prospectuses. The Victory Funds may offer additional classes of shares in the future.

This section of the Prospectus also describes how to open an account, how to access information about your account, and how to buy, exchange, and sell shares of a Victory Fund. Note, this information may vary if you invest through a third party such as a brokerage firm and will be dependent on that firm's policies and practices. Consult your Investment Professional for specific details.

We want to make it simple for you to do business with us. If you have questions about any of this information, please call your Investment Professional or one of our customer service representatives at 800-539-FUND (800-539-3863). They will be happy to assist you.

&nbsp;&nbsp; An Investment Professional is an investment consultant, salesperson, financial planner, <br> investment adviser, or trust officer who provides you with investment information. <br> Your Investment Professional also can help you decide which share class is best for you. <br> Investment Professionals and other financial intermediaries may charge fees for their services.<br>

**14**

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Share Price

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&nbsp;&nbsp; The daily NAV is useful to you as a shareholder because the NAV, <br> multiplied by the number of Fund shares you own, gives you the value of your investment.<br>

The Fund calculates its share price, called its net asset value ("NAV"), each business day as of the close of regular trading on the New York Stock Exchange, Inc. ("NYSE"), which is normally 4:00 p.m. Eastern Time. The NAV takes into account the expenses and fees of the Fund, including management, administration, and distribution fees (if any), which are accrued daily. In the event of an emergency or other disruption in trading on the NYSE, the Fund's share price will be determined based upon the close of the NYSE. You may buy, exchange, and sell your shares on any business day at a price that is based on the NAV that is next calculated after you place your order. A business day is a day on which the NYSE is open. The NYSE is closed on weekends, most national holidays, and Good Friday. Undistributed income and gain will be reflected in the Fund's NAV and, correspondingly, distributions of the Fund's income and gain will reduce the Fund's NAV. Undistributed income and gain, like all Fund assets, can fluctuate in value over time. Please see "Distributions and Taxes" for more information about the Fund's distribution policies, including the general frequency of distributions.

To the extent the Fund's investments include securities that are traded primarily in foreign markets, the value of those securities may change on days when shareholders are unable to purchase and redeem the Fund's shares, such as on weekends or other days when the Fund does not price its shares.

The Fund prices its investments based on market value when market quotations are readily available. When these quotations are not readily available, the Adviser will price the Fund's investments at fair value in accordance with applicable regulatory requirements. A security will be fair valued when:

◼

Trading in the security has been halted;

◼

The market quotation for the security is clearly erroneous due to a clerical error;

◼

The security's liquidity decreases such that, in the Adviser's opinion, the market quotation has become stale; or

◼

An event occurs after the close of the trading market (but before the Fund's NAV is calculated) that, in the Adviser's opinion, materially affects the value of the security.

The use of fair value pricing may minimize arbitrage opportunities that attempt to exploit the differences between a security's market quotation and its fair value. The use of fair value pricing may not, however, always reflect a security's actual market value in light of subsequent relevant information, and the security's opening price on the next trading day may be different from the fair value price assigned to the security.

Each Victory Fund calculates the NAV of each share class by adding up the total value of the investments and other assets of that class, subtracting its liabilities, and then dividing that figure by the number of outstanding shares of the class.

---

| | |
|:---|:---|
| NAV= | Total Assets - Liabilities |
| NAV= | Number of Shares Outstanding |

---

The Fund's NAV is available by calling 800-539-FUND (800-539-3863) or by visiting the Fund's website at vcm.com.

**15**

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Choosing a Share Class

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**CLASS A**

◼

Front-end sales charge, as described in this section. There are several ways to reduce or eliminate this charge as discussed under *Sales Charge Reductions and Waivers for Class A Shares*.

◼

A contingent deferred sales charge ("CDSC") may be imposed if you sell your shares within 18 months of purchase. The CDSC may be waived or reduced in certain circumstances as discussed under *CDSC Reductions for Class A and Class C Shares.*

◼

Class A shares also pay ongoing distribution and/or service (12b-1) fees.

◼

Lower annual expenses than Class C or Class R shares.

**CLASS C**

◼

No front-end sales charge. All your money goes to work for you right away.

◼

A CDSC may be imposed if you sell your shares within 12 months of purchase. The CDSC may be waived or reduced in certain circumstances as discussed under *CDSC Reductions for Class A and Class C Shares*.

◼

Class C shares also pay ongoing distribution and/or service (12b-1) fees.

◼

Higher annual expenses than all other classes of shares.

**CLASS I**

◼

No front-end sales charge or CDSC. All your money goes to work for you right away.

◼

Class I shares do not pay any ongoing distribution and/or service (12b-1) fees.

◼

Class I shares are only available to certain investors.

◼

Typically lower annual expenses than all other classes of shares except Class R6 shares.

**CLASS R**

◼

No front-end sales charge or CDSC. All your money goes to work for you right away.

◼

Class R shares pay ongoing distribution and/or service (12b-1) fees.

◼

Class R shares are only available to certain investors.

◼

Higher annual expenses than all classes except Class C shares.

**CLASS R6**

◼

No front-end sales charge or CDSC. All your money goes to work for you right away.

◼

Class R6 shares do not pay any ongoing distribution and/or service (12b-1) fees.

◼

Class R6 shares are only available to certain investors.

◼

Typically lower annual expenses than all other classes of shares.

**CLASS Y**

◼

No front-end sales charge or CDSC. All your money goes to work for you right away.

◼

Class Y shares do not pay any ongoing distribution and/or service (12b-1) fees.

◼

Class Y shares are only available to certain investors.

◼

Typically lower annual expenses than Classes A, C, and R shares.

**16**

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Choosing a Share Class

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**Share Classes**

When you purchase shares of the Fund, you must choose a share class. The Victory Funds offer Class A, Class C, Class I, Class R, Class R6, and Class Y shares. Each share class represents an interest in the same portfolio of securities, but the classes differ in the sales charges, if any, and expenses that apply to your investment, allowing you and your Investment Professional to choose the class that best suits your investment needs.

Deciding which share class best suits your investment needs depends on a number of factors that you should discuss with your Investment Professional, including: how long you expect to hold your investment, how much you intend to invest, and the total expenses associated with each share class.

The Fund reserves the right to change the eligibility criteria for purchasing a particular share class. For example, a class of shares may be available to purchase only by retirement plans or by institutional investors. The Fund may also waive any applicable eligibility criteria or investment minimums at its discretion.

The Fund or any class may be closed at any time for failure to achieve an economical level of assets or for other reasons. Certain financial intermediaries who hold shares on behalf of their customers impose fees when the amount of shares of a particular class falls below a minimum threshold. To the extent that the amount of shares falls below that threshold, the Fund reserves the right to liquidate the shares held in accounts maintained by the financial intermediary.

**Calculation of Sales Charges for Class A Shares** 

&nbsp;&nbsp; For historical expense information, see the "Financial Highlights" <br> at the end of this Prospectus.<br>

Class A shares are sold at their public offering price, which is the net asset value ("NAV") plus any applicable initial sales charge, also referred to as the "front-end sales load." The sales charge may be reduced or eliminated for larger purchases, as detailed below or as described under *Sales Charge Reductions and Waivers for Class A Shares*. The investment levels required to obtain a reduced sales charge are commonly referred to as "breakpoints."

All Class A purchases are subject to the terms described herein except for those purchases made through an intermediary specified in *Appendix A - Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries*.

In order to obtain a breakpoint discount, you must inform the Victory Funds or your Investment Professional at the time you purchase shares of the existence of the other Victory accounts or purchases of Victory Funds that are eligible to be linked for the purpose of calculating the initial sales charge. The Fund or your Investment Professional may ask you for records or other information about other Victory Funds held in your Victory accounts and any linked accounts, such as accounts opened with a different financial intermediary.

The current sales charge rates and breakpoint levels for Class A shares of the Fund are listed below:

---

| | | |
|:---|:---|:---|
| **Your Investment in the Fund**  | **Sales** <br> **Charge**<br> **as a % of**<br> **Offering** <br> **Price** <br>| **Sales** <br> **Charge**<br> **as a % of**<br> **Your** <br> **Investment** <br>|
| Up to $99,999  | &nbsp;&nbsp; 2.25%  | &nbsp;&nbsp; 2.30%  |
| $100,000 up to $249,999  | &nbsp;&nbsp; 1.75%  | &nbsp;&nbsp; 1.78%  |
| $250,000 and above | &nbsp;&nbsp; 0.00%  | &nbsp;&nbsp; 0.00% |

---

**17**

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Choosing a Share Class

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**Sales Charge Reductions and Waivers for Class A Shares** 

&nbsp;&nbsp; There are several ways you can combine multiple purchases of Class A shares of the Victory <br> Funds to take advantage of reduced sales charges or, in some cases, eliminate sales charges.<br>

There are a number of ways you can reduce or eliminate your sales charges, which we describe below. In order to obtain a Class A sales charge reduction or waiver, you must provide your financial intermediary or the Fund's transfer agent, at the time of purchase, with current information regarding shares of any Victory Funds held in other accounts. This information must include account statements or other records (including written representations from the intermediary holding the shares) that indicate any accounts (e.g., retirement accounts) established (i) with the Victory Funds and your Investment Professional; (ii) with other financial intermediaries; and (iii) in the name of immediate family household members (spouse or domestic partner and children under 21) with regard to Rights of Accumulation.

The availability of a sales charge reduction or waiver discussed below will depend upon whether you purchase your shares directly from the Fund or through a financial intermediary. If you are eligible for a sales charge reduction because you own shares of other Victory Funds, you must notify the Fund or your financial intermediary at the time of purchase of any relationship or other facts qualifying you for sales charge reductions or waivers. Some intermediaries impose different policies for sales charge waivers and reductions. These variations are described in *Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries.* Except as described with respect to the intermediaries specified in Appendix A, all Class A shares are subject to the terms stated below. In order to obtain waivers and discounts that are not available through your intermediary, you must purchase Fund shares directly from the Fund or through another intermediary.

You can find additional information regarding sales charges and their reductions, free of charge, at vcm.com/policies, by clicking on *Victory Funds Pricing Policies*.

You may reduce or eliminate the sales charge applicable to Class A shares in a number of ways:

◼

**Breakpoint** - Purchase a sufficient amount to reach a breakpoint (see *Calculation of Sales Charges for Class A Shares* above);

◼

**Letter of Intent** - If you anticipate purchasing $50,000 or more of Class A shares of the Fund, including any purchase of other Victory Funds of any share class (except money market funds and any assets held in group retirement plans), within a 13-month period, you may qualify for a sales charge breakpoint as though you were investing the total amount in one lump sum. In order to qualify for the reduced sales charge, you must submit a non-binding Letter of Intent (the "Letter") within 90 days of the start of the purchases. Each investment you make after signing the Letter will be entitled to the sales charge applicable to the total investment indicated in the Letter. You must start with a minimum initial investment of at least 5.00% of the total amount you intend to purchase. A portion of the shares purchased under the Letter will be held in escrow until the total investment has been completed. In the event you do not complete your commitment set forth in the Letter in the time period specified, sufficient escrowed shares will be redeemed to pay any applicable front-end sales charges;

◼

**Right of Accumulation** - Whereas a Letter of Intent allows you to qualify for a discount by combining your current purchase amount with purchases you intend to make in the near future, a Right of Accumulation allows you to reduce the initial sales charge on a Class A investment by combining the amount of your current purchase with the current market value of prior investments made by you, your spouse (including domestic partner), and your children under age 21 in any class of shares of any Victory Fund (except money market funds and any assets held in group retirement plans). The value of eligible existing holdings will be calculated by using the greater of the current value or the original investment amount. To ensure that you receive a

**18**

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Choosing a Share Class

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reduced price using the Fund's Right of Accumulation, you or your Investment Professional must inform the Funds that the Right applies each time shares are purchased and provide sufficient information to permit confirmation of qualification;

◼

**Reinstatement Privilege** - You may reinvest at NAV all or part of your redemption proceeds within 90 days of a redemption of Class A shares of the Fund;

◼

**Waiver** - The Victory Funds will completely waive the sales charge for Class A shares in the following cases:

<sup>◼</sup>

Purchases of at least $250,000 for certain Funds or $500,000 for others;

<sup>◼</sup>

Purchases by certain individuals associated with the Victory Funds or service providers (see "Eligibility of Individuals Associated with the Victory Funds and Fund Service Providers");

<sup>◼</sup>

Purchases by registered broker-dealers, financial intermediaries or their agents or affiliates who have agreements with the Fund's distributor (the "Distributor"), if the shares are purchased for their own account, purchased for retirement plans of their employees or sold to registered representatives or full-time employees (or their immediate families), provided that such purchase is for one of the foregoing types of accounts;

<sup>◼</sup>

Purchases for trust or other advisory accounts established with a financial institution and fee-based investment products or accounts;

<sup>◼</sup>

Reinvestment of proceeds from a liquidation distribution of Class A shares of a Victory Fund held in a deferred compensation plan, agency, trust, or custody account;

<sup>◼</sup>

Purchases by retirement plans, including Section 401 and 457 plans sponsored by a Section 501(c)(3) organization and certain non-qualified deferred compensation arrangements that operate in a similar manner to qualified plans. Investors nonetheless may be charged a fee if they effect transactions in Class A shares through a broker or agent;

<sup>◼</sup>

Purchases by participants in no transaction fee programs offered by certain broker-dealers (sometimes referred to as "supermarkets");

<sup>◼</sup>

Purchases by certain financial intermediaries who offer shares to self-directed investment brokerage accounts that may or may not charge a transaction fee to its customers;

<sup>◼</sup>

Shareholders investing directly with the Fund who do not have a third-party financial intermediary or registered representative assigned, or who invest directly in certain products sponsored by the Adviser or its affiliates; and

<sup>◼</sup>

Individuals who reinvest the proceeds of redemptions from Class I, Class R6, or Class Y shares of a Victory Fund within 60 days of redemption.

You should inform the Fund or your Investment Professional at the time of purchase of the sales charge waiver category which you believe applies.

**CDSC for Class A Shares**

A CDSC of 0.75% may be imposed on certain redemptions of Class A shares purchased without an initial sales charge if any of those shares are redeemed within 18 months of purchase. This charge will be based on the current market value or the original cost of the shares you are selling, whichever is less. No CDSC is imposed on shares representing reinvested distributions.

More information is available in *CDSC Reductions and Waivers for Class A and Class C Shares* and *Appendix A – Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries*. All Class A purchases are subject to the terms described herein except for those purchases made through the intermediaries specified in Appendix A.

**19**

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Choosing a Share Class

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**CDSC for Class C Shares**

You will pay a 1.00% CDSC on any Class C shares you sell within 12 months of purchase. The CDSC is calculated on the current market value or the original cost of the shares you are selling, whichever is less. There is no CDSC on shares you acquire by reinvesting your dividends or capital gains distributions. You may be eligible for reduction or waiver of this CDSC under certain circumstances. There is no CDSC imposed when you exchange your shares for Class C shares of another Victory Fund; however, your exchange is subject to the same CDSC schedule that applied to your original purchase.

An investor may, within 90 days of a redemption of Class C shares, reinvest all or part of the redemption proceeds in the Class C shares of any Victory Fund at the NAV next computed after receipt by the transfer agent of the reinvestment order. Class C share proceeds reinvested do not result in a refund of any CDSC paid by the shareholder, but the reinvested shares will be treated as CDSC exempt upon reinvestment. The shareholder must ask the Distributor for such privilege at the time of reinvestment.

To keep your CDSC as low as possible, each time you sell shares we will first sell shares in your account that are not subject to a CDSC. If there are not enough of these to meet your sale, we will sell the shares in the order they were purchased.

More information is available in *CDSC Reductions and Waivers for Class A and Class C Shares* and *Appendix A – Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries*.

**CDSC Reductions and Waivers for Class A and Class C Shares**

No CDSC is imposed on redemptions of Class A and Class C shares in the following circumstances:

◼

To the extent that the shares redeemed:

<sup>◼</sup>

are no longer subject to the holding period for such shares;

<sup>◼</sup>

resulted from reinvestment of distributions; or

<sup>◼</sup>

were exchanged for shares of another Victory Fund as allowed by the Prospectus, provided that the shares acquired in such exchange or subsequent exchanges will continue to remain subject to the CDSC, if applicable, calculated from the original date of purchase until the applicable holding period expires. In determining whether the CDSC applies to each redemption, shares not subject to a CDSC are redeemed first;

◼

Following the death or post-purchase disability of:

<sup>◼</sup>

a registered shareholder on an account; or

<sup>◼</sup>

a settlor of a living trust, of shares held in the account at the time of death or initial determination of post-purchase disability;

◼

Distributions from individual retirement accounts, Section 403(b), Section 457 and Section 401 qualified plans, where redemptions result from:

<sup>◼</sup>

required minimum distributions with respect to that portion of such contributions that does not exceed 12% annually;

<sup>◼</sup>

tax free returns of excess contributions or returns of excess deferral amounts;

<sup>◼</sup>

distributions on the death or disability of the account holder;

<sup>◼</sup>

distributions for the purpose of a loan or hardship withdrawal from a participant plan balance; or

<sup>◼</sup>

distributions as a result of separation of service;

◼

Distributions as a result of a Qualified Domestic Relations Order or Domestic Relations Order required by a court settlement;

**20**

------

Choosing a Share Class

------

◼

In instances where the investor's dealer or institution waived its commission in connection with the purchase and notifies the Distributor prior to the time of investment;

◼

When the redemption is made as part of a Systematic Withdrawal Plan (including dividends), up to an annual amount of 12% of the account value on a per fund basis, at the time the withdrawal plan is established; or

◼

Participant-initiated distributions from employee benefit plans or participant-initiated exchanges among investment choices in employee benefit plans.

**Eligibility Requirements to Purchase Class I Shares**

Class I shares may only be purchased by:

◼

Institutional and individual retail investors with a minimum investment in Class I shares of $2,000,000 who purchase through certain broker-dealers or directly from the transfer agent;

◼

Investors who purchase through advisory programs with an approved financial intermediary in which the financial intermediary typically charges the investor a fee based upon the value of the account ("Advisory Programs"). Such transactions may be subject to additional rules or requirements of the applicable Advisory Program;

◼

Retirement plans, including Section 401 and 457 plans, Section 403 plans sponsored by a Section 501(c)(3) organization and certain non-qualified deferred compensation arrangements that operate in a similar manner to qualified plans; or

◼

Brokers (and their sales representatives) where those brokers have agreements with the Distributor to sell shares of a Fund.

The Fund may allow a lower initial investment if, in the opinion of the Distributor, the investor has the adequate intent and availability of assets to reach a future level of investment of $2,000,000.

**Eligibility Requirements to Purchase Class R Shares**

Class R shares may only be purchased by:

◼

Institutional investors;

◼

Retirement plans, including Section 401 and 457 plans, Section 403 plans sponsored by a Section 501(c)(3) organization and certain non-qualified deferred compensation arrangements that operate in a similar manner to qualified plans;

◼

IRAs that are rollovers from eligible retirement plans that offered one or more Class R share Victory Funds as investment options and to individual 401(k) plans; or

◼

Investors who purchase through Advisory Programs with an approved financial intermediary.

**Eligibility Requirements to Purchase Class R6 Shares**

Class R6 shares may only be purchased by:

◼

Registered investment companies;

◼

Retirement plans, including Section 401 and 457 plans, Section 403 plans sponsored by a Section 501(c)(3) organization, employer sponsored benefit plans (including health savings accounts) and certain non-qualified deferred compensation arrangements that operate in a similar manner to qualified plans;

◼

Endowments and foundations; or

◼

Investors who purchase through Advisory Programs with an approved financial intermediary.

**21**

------

Choosing a Share Class

------

**Eligibility Requirements to Purchase Class Y Shares**

Class Y shares may only be purchased by:

◼

Institutional and individual retail investors with a minimum investment in Class Y shares of $1,000,000 who purchase through certain broker-dealers or directly from the transfer agent;

◼

Clients of state-registered or federally registered investment advisors (RIAs), where such RIAs trade through institutional trading platforms approved by a Fund, who invest at least $2,500;

◼

Brokerage platforms of firms that have agreements with the Distributor to offer such shares solely when acting as an agent for the investor. An investor transacting in Class Y shares through these programs may be required to pay a commission and/or other forms of compensation to the broker;

◼

Pension, profit sharing, employee benefit and other similar plans and trusts that invest in a Fund;

◼

Investors who purchase through Advisory Programs with an approved financial intermediary;

◼

Investment advisory clients of the Adviser; or

◼

Investment advisors, consultants, broker-dealers and other financial intermediaries investing for their own accounts or for the accounts of their immediate family members.

The Fund may allow a lower initial investment if, in the opinion of the Distributor, the investor has the adequate intent and availability of assets to reach a future level of investment of $1,000,000.

**Eligibility of Individuals Associated with the Victory Funds and Fund Service Providers**

Current and retired Victory Fund trustees and the officers, directors, trustees, employees, and family members of employees of the Adviser or Affiliated Providers are eligible to purchase the lowest expense share class offered by the Fund. In the case of Class A shares, such purchases are not subject to a front-end sales charge. "Affiliated Providers" are affiliates of the Adviser and organizations that provide services to Victory Portfolios (the "Trust").

&nbsp;&nbsp; The Fund reserves the right to change the criteria for eligible investors and<br> the investment minimums.<br>

**22**

------

Information About Fees

------

**Distribution and Service Plans**

In accordance with Rule 12b-1 under the Investment Company Act of 1940, the Trust has adopted Distribution and Service Plans for Class A, Class C, and Class R shares.

Under the Class A Distribution and Service Plan, the Fund will pay to the Distributor a monthly fee at an annual rate of up to 0.25% of its average daily net assets of its Class A shares. Under the Class R Distribution and Service Plan, the Fund will pay to the Distributor a monthly fee at an annual rate of up to 0.50% of its average daily net assets of its Class R shares. The fee is paid for general distribution services and for providing personal services to shareholders. Distribution and selling services are provided by the Distributor or by agents of the Distributor and include those services intended to result in the sale of Fund shares. Personal services to shareholders are generally provided by broker-dealers or other intermediaries and consist of responding to inquiries, providing information to shareholders about their Fund accounts, establishing and maintaining accounts and records, providing dividend and distribution payments, arranging for bank wires, assisting in transactions and changing account information.

Under the Class C Distribution and Service Plan, the Fund will pay to the Distributor a monthly fee at an annual rate of 1.00% of the average daily net assets of its Class C shares. Of this amount, 0.75% of the Fund's Class C shares average daily net assets will be paid for general distribution services and for selling Class C shares. The Fund will pay 0.25% of its Class C shares average daily net assets to compensate financial institutions that provide personal services to Class C shareholders of the Fund. Distribution and selling services are provided by the Distributor or by agents of the Distributor and include those services intended to result in the sale of the Fund's Class C shares. Personal services to shareholders are generally provided by broker-dealers or other financial intermediaries and consist of responding to inquiries, providing information to shareholders about their Fund accounts, establishing and maintaining accounts and records, providing dividend and distribution payments, arranging for bank wires, assisting in transactions, and changing account information.

Because Rule 12b-1 fees are paid out of the Fund's assets and on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

**Other Payments to Financial Intermediaries**

Except with respect to Class R6 shares, if you purchase Fund shares through an Investment Professional, a broker-dealer, or other financial intermediary, the Fund may pay for sub-transfer agent, recordkeeping and/or similar administrative services. In addition, the Adviser (and its affiliates) may make substantial payments out of its own resources, including the profits from the advisory fees the Adviser receives from the Fund, to affiliated and unaffiliated dealers or other Investment Professionals and service providers for distribution, administrative and/or shareholder servicing activities. The Adviser also may reimburse the Distributor (or the Distributor's affiliates) for making these payments. Some of these distribution-related payments may be made to dealers or other Investment Professionals for marketing, promotional or related expenses; these payments are often referred to as "revenue sharing." The Adviser (and its affiliates) also may pay fixed fees for the listing of the Fund on a broker-dealer's or financial intermediary's system. Such payments are not considered to be revenue sharing payments.

In some circumstances, these types of payments may create an incentive for a dealer or Investment Professional or its representatives to recommend or offer shares of the Victory Funds to its customers. You should ask your dealer or Investment Professional for more details about any such payments it receives.

**23**

------

Information About Fees

------

No compensation, administrative payments, sub-transfer agency payments or service payments are paid to broker-dealers or other financial intermediaries from Fund assets, or from the resources of the Adviser or its affiliates on sales of or investments in Class R6 shares.

**24**

------

How to Buy Shares

------

**Opening an Account**

If you would like to open an account, you will first need to complete an Account Application.

You can obtain an Account Application by calling Victory Funds Customer Service at 800-539-FUND (800-539-3863). You can also download an Account Application by visiting the Victory Funds' website, VictoryFunds.com, and clicking on the Victory Funds Account Application link. Send the completed Account Application, along with a check made payable to the Victory Funds, at the following address:

**Victory Funds**

P.O. Box 182593

Columbus, OH 43218-2593

You can also obtain an Account Application by contacting your Investment Professional. When you invest through an Investment Professional, the procedures for buying, selling, and exchanging shares and the account features and policies may differ. In addition to any limitations described in this Prospectus, an Investment Professional or other intermediary may also place other limits on your ability to use the services of the Fund. Sometimes an Investment Professional will charge you for its services. This fee will be in addition to, and unrelated to, the fees and expenses charged by the Fund.

Mutual funds must obtain and verify information that identifies investors opening new accounts. If the Fund is unable to collect the required information, you may not be able to open your account. Additional details about the Fund's Customer Identification Program are available in the section "Important Fund Policies."

The Fund generally is available for purchase in the United States, Puerto Rico, Guam, American Samoa and the U.S. Virgin Islands. Except to the extent otherwise permitted by the Fund's Distributor, the Fund will only accept accounts from U.S. citizens with a U.S. address (including an APO or FPO address) or resident aliens with a U.S. address (including an APO or FPO address) and a U.S. taxpayer identification number.

If you participate in a retirement plan that offers one of the Victory Funds as an option, please consult your employer for information on how to purchase shares of the Victory Funds through the plan, including any restrictions or limitations that may apply.

**Paying for Your Initial Purchase**

If you wish to make an investment directly into the Victory Funds, make your check payable to the "Victory Funds." All checks must be drawn on U.S. banks. If your check is returned as uncollectible for any reason, you will be charged for any resulting fees and/or losses. The Fund does not accept cash, money orders, traveler's checks, credit card convenience checks, or third-party checks. Additionally, bank starter checks are not accepted for the shareholder's initial investment into the Fund. All payments must be denominated in U.S. dollars.

**Minimum Investments**

If you would like to buy Class A or Class C shares, the minimum investment required to open an account is $2,500 ($1,000 for IRA accounts), with additional investments of at least $50. If you would like to buy Class I, Class R, Class R6, or Class Y shares, you must be an Eligible Investor, as discussed in the section *Choosing a Share Class — Eligibility Requirements to Purchase*. Eligible Investors may be subject to a minimum investment amount as detailed in that section.

For Class C shares, individual purchases of $250,000 and above will be made automatically in Class A shares.

**25**

------

How to Buy Shares

------

If your account falls below the minimum investment amount, we may ask you to reestablish the minimum investment. If you do not do so within 60 days, we may close your account and send you the value of your account.

The minimum investment required to open an account may be waived or lowered for employees and immediate family members of the employees, of the Adviser, the Administrator, and their affiliates. In addition, the minimum investment required may be waived when the Fund is purchased through an Advisory Program, within qualified retirement plans or in other similar circumstances. Although the Fund may sometimes waive the minimum investment, when it does so, it always reserves the right to reject initial investments under the minimum at its discretion.

There is no minimum investment required to open an account or for additional investments in Victory Simple IRAs.

The Fund reserves the right to change the criteria for eligible investors and the investment minimums.

**Purchasing Additional Shares**

Once you have an existing account, you can make additional investments at any time in any amount (subject to any minimums) in the following ways:

◼

**By Mail**

To ensure that your additional investment is properly credited to your account, use the Investment Stub attached to your confirmation statement and send it with your check to the address indicated.

◼

**By Telephone**

If you have an existing account that has been set up to receive electronic transfers, you can buy additional shares by calling Victory Funds Customer Service at 800-539-FUND (800-539-3863) between 8:00 a.m. and 6:00 p.m. (Eastern Time), Monday through Friday.

◼

**By Exchange**

You may purchase shares of the Fund using the proceeds from the simultaneous redemption of shares of another Victory Fund if it is eligible for an exchange with your Fund. You may initiate an exchange online (if you are a registered user of VictoryFunds.com), by telephone, or by mail. See the section "Exchanging Shares."

◼

**Via the Internet**

If you are a registered user, you may request a purchase of shares through our website at VictoryFunds.com. Your account must be set up for Automated Clearing House ("ACH") payment in order to execute online purchases.

◼

**By ACH**

Your account must be set up for ACH payment in order to execute purchases online or by telephone. It takes about 15 days to set up an ACH account and only domestic member banks may be used. After your account is set up, your purchase amount can be transferred by ACH. Currently, the Fund does not charge a fee for ACH transfers but it reserves the right to charge for this service in the future. Your originating bank may charge a fee for ACH transfers.

◼

**By Wire**

You may buy Fund shares by bank wire transfer of same day funds. Please call Victory Funds Customer Service at 800-539-FUND (800-539-3863) between 8:00 a.m. and 6:00 p.m. (Eastern Time), Monday through Friday for wiring instructions. Any commercial bank can transfer same-day funds by wire.

**26**

------

How to Buy Shares

------

Although the transfer agent does not currently charge you for receiving same-day funds, it reserves the right to charge for this service in the future. Your bank may charge you for wiring same-day funds. You cannot buy shares for tax-qualified retirement plans by wire transfer.

◼

**By Systematic Investment Plan**

To enroll in the Systematic Investment Plan, you should check this box on the Account Application or on the Account Maintenance Form. We will need your bank information and the amount ($50 or more) and frequency of your investment. You can select monthly, quarterly, semi annual, or annual investments. You should attach a voided personal check so the proper information can be obtained. You must first meet the minimum investment requirement before we will make automatic withdrawals from your bank account and invest it in shares of the Fund.

**Other Purchase Rules You Should Know**

The Fund reserves the right to refuse a purchase order for any reason, including if it believes that doing so would be in the best interest of the Fund or its shareholders. The Fund also reserves the right, without notice, to increase or decrease the minimum amount required to open, convert shares to, or maintain a Fund account, or to add to an existing Fund account.

Keep these addresses handy for purchases, exchanges, or redemptions.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **BY REGULAR U.S. MAIL** | &nbsp;&nbsp;&nbsp; Victory Funds <br> P.O. Box 182593 <br> Columbus, OH 43218-2593<br>|
| **BY OVERNIGHT MAIL** | &nbsp;&nbsp;&nbsp; Use the following address ONLY for overnight packages:<br> Victory Funds<br> c/o FIS TA Operations<br> 4249 Easton Way, Suite 400<br> Columbus, OH 43219<br> PHONE: 800-539-FUND (800-539-3863)<br>|
| **BY WIRE** | &nbsp;&nbsp;&nbsp; Call 800-539-FUND (800-539-3863) BEFORE wiring money to notify the <br> Fund that you intend to purchase shares by wire and to verify wire <br> instructions.<br>|
| **BY TELEPHONE** | 800-539-FUND (800-539-3863) |
| **ON THE INTERNET** | VictoryFunds.com |

---

**27**

------

How to Exchange Shares

------

&nbsp;&nbsp; There may be limits on the ability to exchange between certain Victory Funds. <br> You can obtain a list of Victory Funds available for exchange by calling <br> 800-539-FUND (800-539-3863) or by visiting VictoryFunds.com<br>

The shares of any class of the Fund may be exchanged for the shares of any other class offered by the Fund or the same class of any other class of any Victory Fund, either through your Investment Professional or directly through the Fund, subject to the conditions described below:

◼

Exchanges are subject to any CDSC, minimum investment limitation, or eligibility requirements described in the applicable Prospectus and SAI. You may be required to provide sufficient information to establish eligibility to exchange into a new share class.

◼

To exchange with another Victory Fund, the other Victory Fund must be eligible for exchange with your Fund.

◼

Shares of the Victory Fund selected for exchange must be available for sale in your state of residence.

If you have questions about these, or any of the Fund's other exchange policies, please consult Victory Customer Service or your Investment Professional before requesting an exchange.

Before exchanging, you should read the Prospectus of the other Victory Fund you wish to exchange into, which may be subject to different risks, fees, and expenses.

**Class C Share Conversion**

Class C shares of the Fund will convert automatically to Class A shares in the month following the eight-year anniversary date of the purchase of the Class C shares. Your financial intermediary may have a conversion schedule that is shorter than eight years. Class C conversions will be effected at the relative NAV of each such class without the imposition of any sales charge, fee, or other charge.

You may be able to voluntarily convert your Class C shares before the stated anniversary to a different share class of the same Fund that has a lower total annual operating expense ratio provided certain conditions are met. This voluntary conversion feature is intended for shares held through a financial intermediary offering a fee-based or wrap fee program that has an agreement with the Adviser or the Distributor specific for this purpose. Generally, Class C shares are not eligible for conversion until the applicable CDSC period has expired. Please contact your financial intermediary for additional information.

**Processing Your Voluntary Exchange/Conversion**

If your exchange or conversion request is received and accepted by the Fund, an Investment Professional or other intermediary by the close of trading as described in the section titled, "Share Price," then your request will be processed the same day. If received after the close of trading, your request will be processed on the next business day. Please contact your financial intermediary regarding the tax consequences of any exchange or conversion.

Exchanges will occur at the respective NAVs of the Fund's share classes involved in the exchange next calculated after receipt and acceptance of your exchange request in good order, plus any applicable sales charge described in the Prospectus. Share class conversions will be based on the respective NAV of each class as of the trade date of the conversion. Consequently, you may receive fewer shares or more shares than originally owned, depending on that day's NAVs.

**28**

------

How to Exchange Shares

------

**Requesting an Exchange**

You can exchange shares of the Fund by telephone, by mail, or via the Internet. You cannot exchange into an account with a different registration or tax identification number.

◼

**By Telephone**

Unless you indicate otherwise on the account application, Victory Customer Service will be authorized to accept exchange instructions received by telephone.

◼

**By Mail**

Send a letter of instruction signed by all registered owners or their legal representatives to the Victory Funds.

◼

**Via the Internet**

You may also exchange shares via the Internet at VictoryFunds.com if you are a registered user.

**Other Exchange Rules You Should Know**

The Fund may refuse any exchange purchase request if the Adviser determines that the request is associated with a market timing strategy. The Fund may terminate or modify the exchange privilege at any time upon 60 days' notice to shareholders.

An exchange of Fund shares for shares of another Victory Fund constitutes a sale for tax purposes unless the exchange is made within an IRA or other tax-deferred account.

For information on how to exchange shares of the Fund that were purchased through your employer's retirement plan, including any restrictions and charges that the plan may impose, please consult your employer.

**29**

------

How to Sell Shares

------

There are a number of convenient ways to sell your shares.<br>

If your redemption request is received in good order by the close of trading on the NYSE, your redemption will be processed the same day. Your redemption will not be processed until the next business day if it is received after the close of trading on the NYSE. You cannot redeem your shares at VictoryFunds.com.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BY TELEPHONE**<br>

The easiest way to redeem shares is by calling 800-539-FUND (800-539-3863). When you fill out your original application, be sure to check the box marked "Telephone Authorization." You have the following options for receiving your redemption proceeds:

◼

Mail a check to the address of record;

◼

Wire funds to a previously designated domestic financial institution;

◼

Mail a check to a previously designated alternate address; or

◼

Electronically transfer your redemption via ACH to a previously designated domestic financial institution.

Victory Funds' transfer agent records all telephone calls for your protection and takes measures to verify the identity of the caller. If the transfer agent properly acts on telephone instructions and follows reasonable procedures to ensure against unauthorized transactions, none of the Trust, its servicing agents, the Adviser, or the transfer agent will be responsible for any losses. If the transfer agent does not follow these procedures, it may be liable to you for losses resulting from unauthorized instructions.

If there is an unusual amount of market activity and you cannot reach the transfer agent or your Investment Professional by telephone, consider placing your order by mail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BY MAIL**<br>

Use the regular U.S. mail or overnight mail address to redeem shares. You can use the same mailing addresses listed for purchases. Send us a letter of instruction indicating your Fund account number, amount of redemption, and where to send the proceeds. A Medallion signature guarantee is required for the following redemption requests:

◼

Your account registration has changed within the last 15 business days;

◼

The check is not being mailed to the address on your account;

◼

The check is not being made payable to the owner of the account;

◼

The redemption proceeds are being transferred to another Victory Fund account with a different registration; or

◼

The check or wire is being sent to a different bank account than was previously designated.

You can get a Medallion signature guarantee from a financial institution — such as a commercial bank, broker-dealer, credit union, clearing agency, or savings bank — that is a member of a Medallion signature guarantee program.

**BY WIRE**<br>

If you want to receive your proceeds by wire, you must establish a Fund account that will accommodate wire transactions. If you call before the close of trading on the NYSE, your funds will be wired on the next business day.

**BY ACH**<br>

You may transfer your proceeds by ACH to a domestic bank. Normally, your redemption will be processed on the same day if your request is received before the close of trading on the NYSE. If your request is received after the close of trading it will be processed on the next business day.

**30**

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How to Sell Shares

------

**Systematic Withdrawal Plan**

If you check this box on the Account Application or on the Account Maintenance Form, we will send monthly, quarterly, semi-annual, or annual payments to the person you designate. The minimum withdrawal is $25, and you must have a balance of $5,000 or more at the time you establish the Systematic Withdrawal Plan. If the payment is to be sent to an account of yours, we will need a voided check to activate this feature. If the payment is to be made to an address different from your account address, we will need a Medallion signature guaranteed letter of instruction. You should be aware that each withdrawal may be a taxable transaction. Also, each withdrawal reduces your account balance, and eventually your account balance may be depleted. However, you cannot automatically close your account using the Systematic Withdrawal Plan. If your balance falls below the initial purchase minimum, we may ask you to bring the account back to the minimum balance. If you decide not to increase your account to the minimum balance, your account may be closed and the proceeds mailed to you.

**Additional Information About Redemptions**

◼

Redemption proceeds from the sale of Fund shares purchased by a check or through ACH will be held until the purchase check or ACH has cleared, which will take up to 10 business days.

◼

We typically expect to send the proceeds from your share redemption within one business day after we execute your order, but we may take up to seven business days to send redemption proceeds, regardless of payment type. When you sell shares through your financial intermediary, you can ask the intermediary to tell you when you can expect to receive the proceeds of your redemption.

◼

The Fund may suspend your right to redeem your shares in the following circumstances:

<sup>◼</sup>

During non-routine closings of the NYSE;

<sup>◼</sup>

When the SEC determines either that trading on the NYSE is restricted or that an emergency prevents the sale or valuation of the Fund's securities; or

<sup>◼</sup>

When the SEC orders a suspension to protect the Fund's shareholders.

◼

The Fund typically uses cash and cash equivalents held in its portfolio or sells portfolio assets to meet redemption requests. In unusual circumstances or under stressed market conditions, the Fund may use other methods to raise cash to meet redemption requests. For example, the Fund may draw funds from a line of credit or borrow available cash held by other Victory Funds under an "interfund lending program" in reliance on an exemptive order from the SEC.

◼

The Fund will pay redemptions by any one shareholder during any 90-day period in cash up to the lesser of $250,000 or 1.00% of the Fund's net assets. The Fund reserves the right to pay the remaining portion "in kind," that is, in portfolio securities rather than cash. Securities received pursuant to an in-kind redemption are subject to market risk until sold and may be subject to brokerage and other fees.

◼

If you choose to have your redemption proceeds mailed to you and either the U.S. Postal Service is unable to deliver the redemption check to you or the check remains outstanding for more than six months, the Fund reserves the right to reinvest the check in shares of the Fund at its then current NAV until you give the Fund different instructions. No interest will accrue on amounts represented by uncashed redemption checks.

**31**

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Distributions and Taxes

------

&nbsp;&nbsp; **Buying a dividend.** You should check the Fund's distribution schedule before you invest. <br> If you purchase shares when the Fund has undistributed income and gain, you will be <br> "buying a dividend" by paying a higher purchase price per share reflecting the <br> undistributed income and gain and then receiving a portion of the purchase price back <br> in the form of a taxable dividend unless you are investing through a tax-deferred account.<br>

The Fund ordinarily declares and pays dividends from net investment income, if any, quarterly, and net realized capital gains, if any, annually. The Fund may make additional distributions, if necessary, to comply with U.S. federal tax requirements and avoid U.S. federal income or excise tax.

Each class of shares declares and pays dividends separately.

Distributions can be received in one of the following ways. Please check with your Investment Professional if you are unsure of which option is right for you.

**Reinvestment Option**

You can have distributions automatically reinvested in additional shares of your Fund. If you do not indicate another choice on your Account Application, you will be assigned this option automatically.

**Cash Option**

If you elect to receive your distributions by check, and the distribution amount is $25 or less, the amount will automatically be reinvested in the Fund. Otherwise, a check will be mailed to you no later than seven days after the dividend payment date. If you choose to have your distribution proceeds mailed to you and either the U.S. Postal Service is unable to deliver the distribution check to you or the check remains outstanding for at least six months, the distribution option on your account will default to the reinvestment option as described above. The Fund reserves the right to reinvest the check in shares of the Fund at its then current NAV until you give the Fund different instructions. No interest will accrue on amounts represented by uncashed distribution checks.

**Income Earned Option**

You can automatically reinvest your dividends in additional Fund shares and have your capital gains paid in cash, or reinvest capital gains and have your dividends paid in cash.

**Directed Distributions Option**

In most cases, you can automatically reinvest distributions in shares of another Victory Fund. If you reinvest your distributions in a different Victory Fund, you may pay a sales charge on the amount of reinvested distributions.

**Directed Bank Account Option**

In most cases, you can automatically transfer distributions to your bank checking or savings account. Under normal circumstances, the transfer agent will transfer your distributions within seven days of the dividend payment date. The bank account must have a registration identical to that of your Fund account.

&nbsp;&nbsp; Your choice of distribution should be set up on the original Account Application. <br> If you would like to change the option you selected, please call 800-539-FUND (800-539-3863).<br>

**32**

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Distributions and Taxes

------

**Important Information About Taxes** 

&nbsp;&nbsp; The tax information in this Prospectus is provided as general information. You <br> should review the more detailed discussion of federal income tax considerations <br> in the SAI and consult your tax adviser regarding the federal, state, local, or <br> foreign tax consequences resulting from your investment in the Fund.<br>

The Fund generally expects to pay no federal income tax on the earnings and capital gains it distributes to shareholders.

◼

Qualified dividend income received from the Fund by noncorporate shareholders generally will be taxed at long-term capital gain rates to the extent attributable to qualified dividend income received by the Fund, subject to certain holding period requirements. Nonqualified dividends, dividends received by corporate shareholders and dividends from the Fund's short-term capital gains are taxable as ordinary income. Dividends from the Fund's long-term capital gains generally are taxable as long-term capital gains.

◼

You will pay tax on dividends from the Fund whether you receive them in cash, additional shares of the Fund or you reinvest them in shares of another Victory Fund.

◼

Dividends from the Fund that are attributable to interest on certain U.S. government obligations, if any, may be exempt from certain state and local income taxes. The extent to which ordinary dividends are attributable to these U.S. government obligations will be provided on the tax statements you receive from the Fund.

◼

An exchange of the Fund's shares for shares of another Victory Fund will be treated as a sale. When you sell or exchange shares of the Fund, you generally will recognize any gain or loss.

◼

An exchange of one class of the Fund's shares for shares of another class of the same Fund generally constitutes a nontaxable exchange for federal income tax purposes.

◼

Distributions from the Fund and gains from the disposition of your shares may also be subject to state and local income tax.

◼

An additional 3.8% Medicare tax will be imposed on certain net investment income (which includes dividends and gain recognized on a disposition of shares) of certain U.S. individuals, estates, and trusts.

◼

Certain dividends paid to you in January will be taxable as if they had been paid to you the previous December.

◼

Tax statements will be mailed from the Fund by mid-February showing the amounts and tax status of distributions made to you in the prior calendar year.

◼

Because your tax treatment depends on your purchase price and tax position, you should keep your regular account statements for use in determining your tax.

◼

The Fund generally is required by law to provide you and the Internal Revenue Service with certain cost basis information related to the sale or redemption of any of your shares in the Fund acquired on or after January 1, 2012 (including distributions that are reinvested in additional shares of the Fund).

◼

The Fund may be required to withhold tax from dividends and redemption proceeds if you fail to give your correct social security or taxpayer identification number, fail to make required certifications, or the Fund is notified by the Internal Revenue Service that backup withholding is required.

◼

If you are a nonresident alien individual, foreign trust or estate, foreign corporation, or foreign partnership, the Fund's ordinary income dividends may be subject to a 30% U.S. withholding tax. See the section titled "TAXES—Foreign Shareholders" in the SAI for details.

**33**

------

Distributions and Taxes

------

◼

Under the "Foreign Account Tax Compliance Act," unless certain foreign entities comply with certain IRS requirements that generally require them to report information regarding U.S. persons investing in, or holding accounts with, such entities, a 30% U.S. withholding tax may apply to dividends paid by the Fund to such entities. See the section titled "TAXES—Foreign Shareholders" in the SAI for details.

◼

The Fund may provide estimated capital gain distribution information through the website at vcm.com.

**IRA Distribution Withholding Disclosure**

We generally must withhold federal income tax at a rate of 10% of the taxable portion of your distribution, and if you live in a state that requires state income tax withholding, at your state's tax rate. However, you may elect not to have withholding apply or to have income tax withheld at a higher rate. Any withholding election that you make will apply to any subsequent distribution unless and until you change or revoke the election. If you wish to make a withholding election, or change or revoke a prior withholding election, call 800-539-FUND (800-539-3863), and form W-4P (OMB No. 1545-0074 withholding certificate for pension or annuity payments) will be sent electronically.

If you do not have a withholding election in place by the date of a distribution, federal income tax will be withheld from the taxable portion of your distribution at a rate of 10%. If you must pay estimated taxes, you may be subject to estimated tax penalties if your estimated tax payments are not sufficient and sufficient tax is not withheld from your distribution.

The foregoing discussion summarizes some of the possible consequences under current federal tax law of an investment in the Fund. It is not a substitute for personal tax advice. The foregoing discussion also does not discuss any state, local, or non-U.S. tax consequences associated with an investment in the Fund. The tax information in this Prospectus is based on tax law in effect on the date of this Prospectus and it does not address any proposals to modify such tax laws. Consult your personal tax advisor about the potential tax consequences of an investment in the shares under all applicable tax laws.

For more specific information, please consult your tax adviser.

**34**

------

Important Fund Policies

------

**Customer Identification Program**

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens a new account, and to determine whether such person's name appears on government lists of known or suspected terrorists and terrorist organizations.

As a result, the Victory Funds must obtain the following information for each person who opens a new account:

◼

Name;

◼

Date of birth (for individuals);

◼

Residential or business street address (although post office boxes are still permitted for mailing); and

◼

Social security number, taxpayer identification number, or other identifying number.

You may also be asked for a copy of your driver's license, passport, or other identifying document in order to verify your identity. In addition, it may be necessary to verify your identity by cross-referencing your identification information with a consumer report or other electronic database. Additional information may be required to open accounts for corporations and other entities. Federal law prohibits the Victory Funds and other financial institutions from opening a new account unless they receive the minimum identifying information listed above. After an account is opened, the Victory Funds may restrict your ability to purchase additional shares until your identity is verified. The Victory Funds may close your account or take other appropriate action if it is unable to verify your identity within a reasonable time. If your account is closed for this reason, your shares will be redeemed at the NAV next calculated after the account is closed.

**Account Maintenance Information**

For the following non-financial transactions, the Victory Funds require proof that your signature authorizing a transaction is authentic. This verification can be provided in all cases by either a Signature Validation Program ("SVP") stamp or a Medallion signature guarantee ("MSG"). In some instances a Notary Public stamp is an acceptable alternative. As with an MSG, an SVP stamp can also be obtained from a financial institution that is a member of the SVP program.

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Notary** <br> **Public**<br>| **SVP** | **MSG** |
| Change of name  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Add/change banking instructions  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Add/change beneficiaries  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Add/change authorized account traders  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Adding a Power of Attorney | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Add/change Trustee  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Uniform Transfers to Minors Act/Uniform Gifts to Minors Act custodian <br> change <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |

---

**Market Timing**

The Victory Funds discourage frequent purchases and redemptions of Fund shares (market timing). Market timing allows investors to take advantage of market inefficiencies, sometimes to the disadvantage of other shareholders. Market timing increases Fund expenses to all shareholders by increasing portfolio turnover. In addition, market timing could potentially dilute share value for all other shareholders by requiring the Fund to hold more cash than it normally would.

**35**

------

Important Fund Policies

------

The Board has adopted policies and procedures with respect to market timing. In order to prevent or minimize market timing, the Fund (or the Adviser, as appropriate) will:

◼

Employ "fair value" pricing, as described in this Prospectus under Share Price, to minimize the discrepancies between a security's market quotation and its perceived market value, which often gives rise to market timing activity; and

◼

Monitor for suspected market timing based on "short-term transaction" activity, that is, a purchase or redemption of the Fund and, as applicable, a subsequent redemption or purchase of the same Fund, or an exchange of all or part of that same Fund.

In monitoring for market timing activity, we consider, among other things, the frequency of your trades and whether you acquired your Fund shares directly through the transfer agent or whether you combined your trades with a group of shareholders in an omnibus account or otherwise placed your order through a securities dealer or other financial intermediary.

Frequent trading by a shareholder is generally a characteristic of market timing. Therefore, any account in which Fund shares are acquired directly through the transfer agent, or where the Fund can adequately identify the shareholder, with a history of three short-term transactions within 90 days or less is suspected of market timing and the shareholder's trading privileges (other than redemption of Fund shares) will be suspended.

We may make exceptions to the "short-term transaction" policy for certain types of transactions if, in the opinion of the Adviser, under the oversight of the Board, the transactions do not represent short-term or excessive trading or are not abusive or harmful to the Fund, such as, but not limited to, systematic transactions, required minimum retirement distributions, transactions initiated by the Fund or administrator, and transactions by certain qualified funds-of-funds.

If you acquired shares through an omnibus account or otherwise placed your order through a securities dealer, or other financial intermediary (such as investment advisers, broker-dealers, third-party administrators, or insurance companies), and market timing is suspected, different purchase and exchange limitations may apply. We may rely upon a financial intermediary's policy to deter short-term or excessive trading (i) if we believe that the financial intermediary's policy is reasonably designed to detect and deter transactions that are not in the best interests of the Fund, or (ii) if we receive an undertaking from the financial intermediary to enforce short-term or excessive trading policies on behalf of the Fund that provide a substantially similar level of protection for the Fund against such transactions. If you hold your Fund shares through a financial intermediary, you are advised to consult the intermediary to determine what purchase and exchange limitations apply to your account.

We reserve the right to reject or cancel a purchase or exchange order for any reason without prior notice. We will deny your request to purchase or exchange your shares if we believe that the transaction is part of a market timing strategy.

The Fund's market timing policies and procedures may be modified or terminated at any time under the oversight of the Board.

**Portfolio Holdings Disclosure**

A description of the Fund's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund's SAI, which is available upon request and on the Fund's website at VictoryFunds.com.

**36**

------

Important Fund Policies

------

**Performance**

The Victory Funds may advertise the performance of the Fund by comparing it to other mutual funds with similar objectives and policies. Performance information also may appear in various publications. Any fees charged by Investment Professionals may not be reflected in these performance calculations.

Advertising information may include the average annual total return of the Fund calculated on a compounded basis for specified periods of time. Total return information will be calculated according to rules established by the SEC. Such information may include performance rankings and similar information from independent organizations and publications.

**Statements and Reports**

You will receive a periodic statement reflecting any transactions that affect the balance or registration of Fund shares in your account. You will receive a confirmation after any purchase, exchange, or redemption. If your account has been set up by an Investment Professional, Fund activity will be detailed in that account's statements. Share certificates are not issued. Twice a year, you will receive a financial report of the Fund. By February 15th of each year, you will be mailed an IRS form reporting distributions for the previous year, which also will be filed with the IRS.

**Shareholder Communications**

In order to eliminate duplicate mailings to an address at which two or more shareholders with the same last name reside, the Victory Funds may send only one copy of any shareholder reports, proxy statements, prospectuses and their supplements, unless you have instructed us to the contrary. You may request that the Victory Funds send these documents to each shareholder individually by calling the Victory Funds at 800-539-FUND (800-539-3863), and they will be delivered promptly.

While this Prospectus and the SAI of the Fund describe pertinent information about the Trust and the Fund, neither this Prospectus nor the SAI represents a contract between the Trust or the Fund and any shareholder.

**37**

------

Financial Highlights

------

The following financial highlights tables reflect historical information about shares of the Fund and are intended to help you understand the Fund's financial performance for the past five years, or, if shorter, the period of its operations. Certain information shows the results of an investment in one share of the Fund. To the extent the Fund invests in other funds, the Total Annual Operating Expenses included in the Fund's Fees and Expenses Table may not correlate to the ratio of expenses to average net assets in the financial highlights below. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).

The information presented has been audited by Cohen & Company, Ltd., the Fund's independent registered public accounting firm, whose report, along with the Fund's financial statements, are included in the Fund's most recent N-CSR filing to shareholders, which is available upon request.

**38**

------

**Victory S&P 500 Index Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| ***For a Share Outstanding Throughout Each*** <br> ***Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/22**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/21**<br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp; $27.33 | &nbsp;&nbsp;&nbsp; $23.37 | &nbsp;&nbsp;&nbsp; $21.24 | &nbsp;&nbsp;&nbsp; $25.84 | &nbsp;&nbsp;&nbsp; $19.80 |
| **Investment Activities:** |  |  |  |  |  |
| Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;3.69 | &nbsp;&nbsp;&nbsp;&nbsp;5.12 | &nbsp;&nbsp;&nbsp;&nbsp;3.56 | &nbsp;&nbsp;&nbsp; (2.72) | &nbsp;&nbsp;&nbsp;&nbsp;7.43 |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp;3.91 | &nbsp;&nbsp;&nbsp;&nbsp;5.36 | &nbsp;&nbsp;&nbsp;&nbsp;3.81 | &nbsp;&nbsp;&nbsp; (2.49) | &nbsp;&nbsp;&nbsp;&nbsp;7.65 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp; (0.24) |
| Net realized gains | &nbsp;&nbsp;&nbsp; (4.09) | &nbsp;&nbsp;&nbsp; (1.15) | &nbsp;&nbsp;&nbsp; (1.43) | &nbsp;&nbsp;&nbsp; (1.90) | &nbsp;&nbsp;&nbsp; (1.37) |
| Total Distributions | &nbsp;&nbsp;&nbsp; (4.30) | &nbsp;&nbsp;&nbsp; (1.40) | &nbsp;&nbsp;&nbsp; (1.68) | &nbsp;&nbsp;&nbsp; (2.11) | &nbsp;&nbsp;&nbsp; (1.61) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $26.94 | &nbsp;&nbsp;&nbsp; $27.33 | &nbsp;&nbsp;&nbsp; $23.37 | &nbsp;&nbsp;&nbsp; $21.24 | &nbsp;&nbsp;&nbsp; $25.84 |
| Total Return(b) | &nbsp;&nbsp;&nbsp; 14.80% | &nbsp;&nbsp;&nbsp; 23.87% | &nbsp;&nbsp;&nbsp; 18.88% | &nbsp;&nbsp;&nbsp; (11.11)% | &nbsp;&nbsp;&nbsp; 40.00% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net Expenses(c) | &nbsp;&nbsp;&nbsp; 0.53% | &nbsp;&nbsp;&nbsp; 0.53% | &nbsp;&nbsp;&nbsp; 0.54% | &nbsp;&nbsp;&nbsp; 0.53% | &nbsp;&nbsp;&nbsp; 0.55% |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp; 0.81% | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.97% |
| Gross Expenses(c) | &nbsp;&nbsp;&nbsp; 0.53% | &nbsp;&nbsp;&nbsp; 0.53% | &nbsp;&nbsp;&nbsp; 0.54% | &nbsp;&nbsp;&nbsp; 0.53% | &nbsp;&nbsp;&nbsp; 0.55% |
| **Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (000's) | &nbsp;&nbsp;&nbsp; $204305 | &nbsp;&nbsp;&nbsp; $194342 | &nbsp;&nbsp;&nbsp; $167870 | &nbsp;&nbsp;&nbsp; $156112 | &nbsp;&nbsp;&nbsp; $194818 |
| Portfolio Turnover(d) | &nbsp;&nbsp;&nbsp; 4% | &nbsp;&nbsp;&nbsp; 4% | &nbsp;&nbsp;&nbsp; 2% | &nbsp;&nbsp;&nbsp; 5% | &nbsp;&nbsp;&nbsp; 3% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return. Excludes any applicable sales charges, including contingent deferred sales charges. Total return would be reduced if sales charges were taken into account.

(c) Does not include acquired fund fees and expenses, if any.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**39**

------

Victory S&P 500 Index Fund (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| ***For a Share Outstanding Throughout Each*** <br> ***Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/22**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/21**<br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp; $27.17 | &nbsp;&nbsp;&nbsp; $23.25 | &nbsp;&nbsp;&nbsp; $21.15 | &nbsp;&nbsp;&nbsp; $25.74 | &nbsp;&nbsp;&nbsp; $19.74 |
| **Investment Activities:** |  |  |  |  |  |
| Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;3.68 | &nbsp;&nbsp;&nbsp;&nbsp;5.08 | &nbsp;&nbsp;&nbsp;&nbsp;3.54 | &nbsp;&nbsp;&nbsp; (2.70) | &nbsp;&nbsp;&nbsp;&nbsp;7.39 |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp;3.80 | &nbsp;&nbsp;&nbsp;&nbsp;5.24 | &nbsp;&nbsp;&nbsp;&nbsp;3.71 | &nbsp;&nbsp;&nbsp; (2.57) | &nbsp;&nbsp;&nbsp;&nbsp;7.52 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp; (0.15) |
| Net realized gains | &nbsp;&nbsp;&nbsp; (4.09) | &nbsp;&nbsp;&nbsp; (1.15) | &nbsp;&nbsp;&nbsp; (1.43) | &nbsp;&nbsp;&nbsp; (1.90) | &nbsp;&nbsp;&nbsp; (1.37) |
| Total Distributions | &nbsp;&nbsp;&nbsp; (4.22) | &nbsp;&nbsp;&nbsp; (1.32) | &nbsp;&nbsp;&nbsp; (1.61) | &nbsp;&nbsp;&nbsp; (2.02) | &nbsp;&nbsp;&nbsp; (1.52) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $26.75 | &nbsp;&nbsp;&nbsp; $27.17 | &nbsp;&nbsp;&nbsp; $23.25 | &nbsp;&nbsp;&nbsp; $21.15 | &nbsp;&nbsp;&nbsp; $25.74 |
| Total Return(b) | &nbsp;&nbsp;&nbsp; 14.39% | &nbsp;&nbsp;&nbsp; 23.48% | &nbsp;&nbsp;&nbsp; 18.39% | &nbsp;&nbsp;&nbsp; (11.43)% | &nbsp;&nbsp;&nbsp; 39.38% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net Expenses(c) | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.95% |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp; 0.47% | &nbsp;&nbsp;&nbsp; 0.66% | &nbsp;&nbsp;&nbsp; 0.77% | &nbsp;&nbsp;&nbsp; 0.50% | &nbsp;&nbsp;&nbsp; 0.57% |
| Gross Expenses(c) | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.95% |
| **Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (000's) | &nbsp;&nbsp;&nbsp; $33861 | &nbsp;&nbsp;&nbsp; $32594 | &nbsp;&nbsp;&nbsp; $21717 | &nbsp;&nbsp;&nbsp; $17735 | &nbsp;&nbsp;&nbsp; $17907 |
| Portfolio Turnover(d) | &nbsp;&nbsp;&nbsp; 4% | &nbsp;&nbsp;&nbsp; 4% | &nbsp;&nbsp;&nbsp; 2% | &nbsp;&nbsp;&nbsp; 5% | &nbsp;&nbsp;&nbsp; 3% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return.

(c) Does not include acquired fund fees and expenses, if any.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**40**

------

Victory S&P 500 Index Fund (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| ***For a Share Outstanding Throughout Each*** <br> ***Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/22**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/21**<br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp; $27.63 | &nbsp;&nbsp;&nbsp; $23.61 | &nbsp;&nbsp;&nbsp; $21.44 | &nbsp;&nbsp;&nbsp; $26.07 | &nbsp;&nbsp;&nbsp; $19.96 |
| **Investment Activities:** |  |  |  |  |  |
| Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;3.72 | &nbsp;&nbsp;&nbsp;&nbsp;5.18 | &nbsp;&nbsp;&nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp; (2.75) | &nbsp;&nbsp;&nbsp;&nbsp;7.49 |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp;3.97 | &nbsp;&nbsp;&nbsp;&nbsp;5.44 | &nbsp;&nbsp;&nbsp;&nbsp;3.87 | &nbsp;&nbsp;&nbsp; (2.50) | &nbsp;&nbsp;&nbsp;&nbsp;7.74 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp; (0.26) |
| Net realized gains | &nbsp;&nbsp;&nbsp; (4.09) | &nbsp;&nbsp;&nbsp; (1.15) | &nbsp;&nbsp;&nbsp; (1.43) | &nbsp;&nbsp;&nbsp; (1.90) | &nbsp;&nbsp;&nbsp; (1.37) |
| Total Distributions | &nbsp;&nbsp;&nbsp; (4.31) | &nbsp;&nbsp;&nbsp; (1.42) | &nbsp;&nbsp;&nbsp; (1.70) | &nbsp;&nbsp;&nbsp; (2.13) | &nbsp;&nbsp;&nbsp; (1.63) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $27.29 | &nbsp;&nbsp;&nbsp; $27.63 | &nbsp;&nbsp;&nbsp; $23.61 | &nbsp;&nbsp;&nbsp; $21.44 | &nbsp;&nbsp;&nbsp; $26.07 |
| Total Return(b) | &nbsp;&nbsp;&nbsp; 14.89% | &nbsp;&nbsp;&nbsp; 23.97% | &nbsp;&nbsp;&nbsp; 18.98% | &nbsp;&nbsp;&nbsp; (11.06)% | &nbsp;&nbsp;&nbsp; 40.16% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net Expenses(c) | &nbsp;&nbsp;&nbsp; 0.43% | &nbsp;&nbsp;&nbsp; 0.46% | &nbsp;&nbsp;&nbsp; 0.46% | &nbsp;&nbsp;&nbsp; 0.44% | &nbsp;&nbsp;&nbsp; 0.45% |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp; 1.22% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 1.07% |
| Gross Expenses(c) | &nbsp;&nbsp;&nbsp; 0.43% | &nbsp;&nbsp;&nbsp; 0.46% | &nbsp;&nbsp;&nbsp; 0.46% | &nbsp;&nbsp;&nbsp; 0.44% | &nbsp;&nbsp;&nbsp; 0.45% |
| **Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (000's) | &nbsp;&nbsp;&nbsp; $27974 | &nbsp;&nbsp;&nbsp; $57927 | &nbsp;&nbsp;&nbsp; $49645 | &nbsp;&nbsp;&nbsp; $49382 | &nbsp;&nbsp;&nbsp; $56607 |
| Portfolio Turnover(d) | &nbsp;&nbsp;&nbsp; 4% | &nbsp;&nbsp;&nbsp; 4% | &nbsp;&nbsp;&nbsp; 2% | &nbsp;&nbsp;&nbsp; 5% | &nbsp;&nbsp;&nbsp; 3% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return.

(c) Does not include acquired fund fees and expenses, if any.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**41**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

The availability of certain initial and contingent deferred sales charge reductions and waivers may depend on the particular financial intermediary or type of account through which you purchase or hold Fund shares. The following information about variations in sales charge reductions and waivers is applicable only to investors who purchase Fund shares through a Merrill Lynch, Ameriprise Financial, Morgan Stanley Wealth Management, Raymond James, Janney Montgomery Scott LLC, Edward D. Jones & Co., Oppenheimer & Co. Inc., Stifel, Nicolaus & Company, Incorporated, Robert W. Baird & Co., or J.P. Morgan Securities LLC platform or account.

In all instances, it is your responsibility to notify the Fund or your financial intermediary at the time of purchase of any relationship or other facts qualifying you for sales charge reductions or waivers. For reductions and waivers unavailable through a particular intermediary, shareholders will have to purchase Fund shares directly from the Fund or through another intermediary to receive those reductions and waivers.

**Ameriprise Financial**

**Front-end sales charge reductions on Class A shares purchased through Ameriprise Financial**

Shareholders purchasing Class A shares of the Fund through an Ameriprise Financial platform or account are eligible only for the following sales charge reductions, which may differ from those disclosed elsewhere in this prospectus or the SAI. Such shareholders can reduce their initial sales charge on the purchase of Class A shares as follows:

◼

Transaction size breakpoints, as described in this prospectus or the SAI.

◼

Rights of accumulation ("ROA"), as described in this prospectus or the SAI.

◼

Letter of intent, as described in this prospectus or the SAI.

**Front-end sales charge waivers on Class A shares purchased through Ameriprise Financial**

Shareholders purchasing Class A shares of the fund through an Ameriprise Financial platform or account are eligible only for the following sales charge waivers, which may differ from those disclosed elsewhere in this prospectus or the SAI. Such shareholders may purchase Class A shares at NAV without payment of a sales charge as follows:

◼

shares purchased by 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.

◼

shares purchased through reinvestment of capital gains and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the same fund family).

◼

shares exchanged from Class C shares of the same fund in the month of or following the seven-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load waived shares, that waiver will also apply to such exchanges.

◼

shares purchased by employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members.

◼

shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings

**42**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor's spouse, advisor's lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor's lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant.

◼

shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement).

**CDSC waivers on Class A and C shares purchased through Ameriprise Financial**

Fund shares purchased through an Ameriprise Financial platform or account are eligible only for the following CDSC waivers, which may differ from those disclosed elsewhere in this prospectus or the SAI:

◼

redemptions due to death or disability of the shareholder

◼

shares sold as part of a systematic withdrawal plan as described in this prospectus or the SAI

◼

redemptions made in connection with a return of excess contributions from an IRA account

◼

shares purchased through a Right of Reinstatement (as defined above)

◼

redemptions made as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code

**Edward D. Jones & Co ("Edward Jones")**

The following information supersedes prior information with respect to transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also referred to as "shareholders") purchasing fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the mutual fund prospectus or SAI or through another broker-dealer. In all instances, it is the shareholder's responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of the Victory Funds, or other facts qualifying the purchaser for discounts or waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if they have questions regarding their eligibility for these discounts and waivers.

***Breakpoints***

◼

Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.

***Rights of Accumulation ("ROA")*** 

◼

The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except certain money market funds and any assets held in group retirement plans) of the Victory Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations ("pricing groups"). If grouping assets as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a sales charge.

◼

The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or

**43**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

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.

◼

ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV).

***Letter of Intent ("LOI")*** 

◼

Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if the LOI is not met.

◼

If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer.

***Sales Charge Waivers***

Sales charges are waived for the following shareholders and in the following situations:

◼

Associates of Edward Jones and its affiliates and other accounts in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate's life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant to Edward Jones' policies and procedures.

◼

Shares purchased in an Edward Jones fee-based program.

◼

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

◼

Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: the proceeds are from the sale of shares within 60 days of the purchase, the sale and purchase are made from a share class that charges a front load and one of the following ("Right of Reinstatement"):

<sup>◼</sup>

The redemption and repurchase occur in the same account.

<sup>◼</sup>

The redemption proceeds are used to process an: IRA contribution, excess contributions, conversion, recharacterizing of contributions, or distribution, and the repurchase is done in an account within the same Edward Jones grouping for ROA.

<sup>◼</sup>

The Right of Reinstatement excludes systematic or automatic transactions including, but not limited to, purchases made through payroll deductions, liquidations to cover account fees, and reinvestments from non-mutual fund products.

◼

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 discretion of Edward Jones. Edward Jones 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 the prospectus.

◼

Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

**44**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

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◼

Purchases of Class 529-A shares through a rollover from either another education savings plan or a security used for qualified distributions.

◼

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

**Contingent Deferred Sales Charge ("CDSC") Waivers** 

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is responsible to pay the CDSC except in the following conditions:

◼

The death or disability of the shareholder.

◼

Systematic withdrawals with up to 10% per year of account value.

◼

Return of excess contributions from an Individual Retirement Account (IRA).

◼

Shares redeemed as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

◼

Shares redeemed to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

◼

Shares exchanged in an Edward Jones fee-based program.

◼

Shares acquired through NAV reinstatement.

◼

Shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below.

**Other Important Information Regarding Transactions Through Edward Jones**

**Minimum Purchase Amounts** 

◼

Initial purchase minimum: $250

◼

Subsequent purchase minimum: none

**Minimum Balances** 

◼

Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

<sup>◼</sup>

A fee-based account held on an Edward Jones platform

<sup>◼</sup>

A 529 account held on an Edward Jones platform

<sup>◼</sup>

An account with an active systematic investment plan or LOI

**Exchanging Share Classes** 

◼

At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder's holdings in a fund to Class A shares of the same fund.

**Janney Montgomery Scott LLC ("Janney")**

Shareholders purchasing fund shares through a Janney brokerage account will be eligible only for the following load waivers (front-end sales charge waivers and CDSC, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund's Prospectus or SAI.

**Front-End Sales Charge Waivers on Class A shares available at Janney** 

◼

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

◼

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

◼

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and

**45**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Right of Reinstatement)

◼

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, SAR-SEPs or Keogh plans

◼

Shares acquired through a Right of Reinstatement

◼

Class C shares that are no longer subject to a CDSC and are converted to Class A shares of the same fund pursuant to Janney's policies and procedures

**CDSC Waivers on Class A and C shares available at Janney** 

◼

Shares sold upon the death or disability of the shareholder

◼

Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

◼

Shares purchased in connection with a 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 Internal Revenue Service regulations as described in a Fund's Prospectus

◼

Shares sold to pay Janney fees but only if the transaction is initiated by Janney

◼

Shares acquired through a Right of Reinstatement

◼

Shares exchanged into the same share class of a different fund

**Front-End Load Discounts available at Janney: Breakpoints, Rights of Accumulation and/or letters of intent**<sup>1</sup>

◼

Breakpoints as described in this Prospectus

◼

Rights of accumulation ("ROA"), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets

◼

Letters of intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets

<sup>1</sup> Also referred to as an "initial sales charge"

**J.P. Morgan Securities LLC**

If you purchase or hold fund shares through an applicable J.P. Morgan Securities LLC brokerage account, you will be eligible for the following sales charge waivers (front-end sales charge waivers and contingent deferred sales charge ("CDSC"), or back-end sales charge, waivers), share class conversion policy and discounts, which may differ from those disclosed elsewhere in this fund's prospectus or Statement of Additional Information.

**Front-End Sales Charge Waivers on Class A Shares available at J.P. Morgan Securities LLC**

◼

Shares exchanged from Class C (i.e. level-load) shares that are no longer subject to a CDSC and are exchanged into Class A shares of the same fund pursuant to J.P. Morgan Securities LLC's share class exchange policy.

◼

Qualified employer-sponsored defined contribution and defined benefit retirement plans, nonqualified deferred compensation plans, other employee benefit plans and trusts used to fund

**46**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

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those plans. For purposes of this provision, such plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or 501(c)(3) accounts.

◼

Shares of funds purchased through J.P. Morgan Securities LLC Self-Directed Investing accounts.

◼

Shares purchased through rights of reinstatement.

◼

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

◼

Shares purchased by employees and registered representatives of J.P. Morgan Securities LLC or its affiliates and their spouse or financial dependent as defined by J.P. Morgan Securities LLC.

**Class C to Class A Share Conversion**

◼

A shareholder in the fund's Class C shares will have their shares converted to Class A shares (or the appropriate share class) of the same fund if the shares are no longer subject to a CDSC and the conversion is consistent with J.P. Morgan Securities LLC's policies and procedures.

**CDSC Waivers on Class A and C Shares available at J.P. Morgan Securities LLC**

◼

Shares sold upon the death or disability of the shareholder.

◼

Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus.

◼

Shares purchased in connection with a return of excess contributions from an IRA account.

◼

Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code.

◼

Shares acquired through a right of reinstatement.

**Front-end load Discounts Available at J.P. Morgan Securities LLC: Breakpoints, Rights of Accumulation & Letters of Intent** 

◼

Breakpoints as described in the Prospectus.

◼

Rights of Accumulation ("ROA") which entitle shareholders to breakpoint discounts as described in the fund's prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at J.P. Morgan Securities LLC. Eligible fund family assets not held at J.P. Morgan Securities LLC (including 529 program holdings, where applicable) may be included in the ROA calculation only if the shareholder notifies their financial advisor about such assets.

**Letters of Intent ("LOI"), which allow for breakpoint discounts based on anticipated purchases within a fund family, through J.P. Morgan Securities LLC, over a 13-month period of time (if applicable).**

**Merrill Lynch ("Merrill")**

Purchases or sales of front-end (i.e., Class A) or level-load (i.e., 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.

**47**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

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Additional information on waivers and discounts 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, SAR-SEPs 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 employees of Merrill or its affiliates and their family members who purchase shares in accounts within the employee's Merrill Household (as defined 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 22e(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

**48**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

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**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

◼

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

**Morgan Stanley Wealth Management**

Shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account are eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in the Fund's Prospectus or SAI.

**Front-end Sales Charge Waivers on Class A Shares available at Morgan Stanley** 

◼

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, SAR-SEPs or Keogh plans

◼

Morgan Stanley employee and employee-related accounts according to Morgan Stanley's account linking rules

◼

Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

◼

Shares purchased through a Morgan Stanley self-directed brokerage account

◼

Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management's share class conversion program

◼

Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge

**Oppenheimer & Co. Inc. ("OPCO")**

Shareholders purchasing Fund shares through an OPCO platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund's Prospectus or SAI.

**Front-End Sales Charge Waivers on Class A Shares available at OPCO** 

◼

Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan

◼

Shares purchased by or through a 529 Plan

◼

Shares purchased through an OPCO affiliated investment advisory program

**49**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

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◼

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

◼

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement)

◼

A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of OPCO

◼

Employees and registered representatives of OPCO or its affiliates and their family members

◼

Directors or Trustees of the Fund, and employees of the Fund's investment adviser or any of its affiliates, as described in this Prospectus

**CDSC Waivers on A and C Shares available at OPCO** 

◼

Death or disability of the shareholder

◼

Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

◼

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 as described in the prospectus

◼

Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO

◼

Shares acquired through a Right of Reinstatement

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

◼

Breakpoints as described in this Prospectus

◼

Rights of Accumulation ("ROA") which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at OPCO. Eligible fund family assets not held at OPCO may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets

**Raymond James & Associates, Inc., Raymond James Financial Services, Inc. and each entity's affiliates ("Raymond James")**

Shareholders purchasing fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund's Prospectus or SAI.

**Front-End Sales Charge Waivers on Class A Shares available at Raymond James** 

◼

Shares purchased in an investment advisory program

◼

Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions

◼

Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James

◼

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase

**50**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement)

◼

A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James

**CDSC Waivers on Classes A and C Shares available at Raymond James** 

◼

Death or disability of the shareholder

◼

Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

◼

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 as described in the Fund's prospectus

◼

Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James

◼

Shares acquired through a Right of Reinstatement

**Front-End Load Discounts Available at Raymond James: Breakpoints, Rights of Accumulation, and/or Letters of Intent** 

◼

Breakpoints as described in this Prospectus

◼

Rights of Accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial advisor about such assets

◼

Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets

**Robert W. Baird & Co. ("Baird")**

Shareholders purchasing fund shares through a Baird platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or the SAI.

**Front-End Sales Charge Waivers on Class A Shares available at Baird** 

◼

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund

◼

Shares purchased by employees and registered representatives of Baird or its affiliate and their family members as designated by Baird

◼

Shares purchased using the proceeds of redemptions from a Victory Fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same accounts, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as Rights of Reinstatement)

◼

A shareholder in the Funds Investor C Shares will have their share converted at net asset value to Investor A shares of the same fund if the shares are no longer subject to CDSC and the conversion is in line with the policies and procedures of Baird

◼

Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit

**51**

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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

**CDSC Waivers on Classes A and C Shares available at Baird**

◼

Shares sold due to death or disability of the shareholder

◼

Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

◼

Shares bought due to returns 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 Internal Revenue Service regulations as described in the Fund's Prospectus

◼

Shares sold to pay Baird fees but only if the transaction is initiated by Baird

◼

Shares acquired through a Right of Reinstatement

**Front-End Load Discounts Available at Baird: Breakpoints, Rights of Accumulation, and/or Letters of Intent** 

◼

Breakpoints as described in this Prospectus

◼

Rights of accumulations which entitles shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of Victory Funds assets held by accounts within the purchaser's household at Baird. Eligible Victory Funds assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets

◼

Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases of the Victory Funds through Baird, over a 13-month period of time

**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.

**52**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

**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 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.

**53**

------

Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

**Wells Fargo Advisors Financial Network, LLC (collectively, "Wells Fargo Advisors")**

**Wells Fargo Clearing Services, LLC operates a First Clearing business, but these rules are not intended to include First Clearing firms.**

Effective April 1, 2026, Clients of Wells Fargo Advisors purchasing fund shares through Wells Fargo Advisors are eligible for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the prospectus or statement of additional information ("SAI"). In all instances, it is the investor's responsibility to inform Wells Fargo Advisors at the time of purchase of any relationship, holdings, or other facts qualifying the investor for discounts or waivers. Wells Fargo Advisors can ask for documentation supporting the qualification.

**Wells Fargo Advisors Class A share front-end sales charge waivers information.**

Wells Fargo Advisors clients purchasing or converting to Class A shares of the fund in a Wells Fargo Advisors brokerage account are entitled to a waiver of the front-end load in the following circumstances:

◼

Wells Fargo Advisors employee and employee-related accounts according to Wells Fargo Advisor's employee account linking rules. Legacy accounts and positions receiving affiliate discounts prior to the effective date will continue to receive discounts. Going forward employees of affiliate businesses will not be offered NAV.

◼

Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund.

WellsTrade, the firm's online self-directed brokerage account, generally offers no-load share classes but there could be instances where a Class A share is offered without a front-end sales charge.

**Wells Fargo Advisors Class 529-A share front-end sales charge waivers information.**

Wells Fargo Advisors clients purchasing or converting to Class 529-A shares of the fund through Wells Fargo Advisors transactional brokerage accounts are entitled to a waiver of the front-end load in the following circumstances:

◼

Shares purchased through a rollover from another 529 plan.

◼

Recontribution(s) of distributed funds are only allowed during the NAV reinstatement period as dictated by the sponsor's specifications outlined by the plan.

Wells Fargo Advisors is not able to apply the NAV Reinstatement privilege for 529 Plan account purchases placed directly at the fund company. Investors wishing to utilize this privilege outside of Wells Fargo systems will need to do so directly with the Plan or a financial intermediary that supports this feature.

Unless specifically described above, other front-end load waivers are not available on mutual fund purchases through Wells Fargo Advisors.

**Wells Fargo Advisors Contingent Deferred Sales Charge information.**

◼

Contingent deferred sales charges (CDSC) imposed on fund redemptions will not be rebated based on future purchases.

**Wells Fargo Advisors Class A front-end load discounts**

Wells Fargo Advisors Clients purchasing Class A shares of the fund through Wells Fargo Advisors brokerage accounts will follow the following aggregation rules for breakpoint discounts:

◼

Effective April 1, 2026, SEP or SIMPLE IRAs will not be aggregated as a group plan. They will

**54**

------

Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

aggregate with the client's personal accounts based on Social Security Number. Previously established SEP and SIMPLE IRAs may still be aggregated as a group plan.

◼

Effective April 1, 2026, Employer-sponsored retirement plan (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans.

◼

Gift of shares will not be considered when determining breakpoint discounts

**55**

------

Appendix B

------

The S&P 500<sup>®</sup> Index is a product of S&P Dow Jones Indices LLC ("SPDJI"), and has been licensed for use by the Adviser. Standard & Poor's<sup>®</sup>, S&P<sup>®</sup> and S&P 500<sup>®</sup> are registered trademarks of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by the Adviser. The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively, "S&P Dow Jones Indices"). S&P Dow Jones Indices makes no representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of the S&P 500<sup>®</sup> Index to track general market performance. S&P Dow Jones Indices' only relationship to the Adviser with respect to the S&P 500<sup>®</sup> Index is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices or its licensors. The S&P 500<sup>®</sup> Index is determined, composed and calculated by S&P Dow Jones Indices without regard to the Adviser or the Fund. S&P Dow Jones Indices have no obligation to take the needs of the Adviser or the owners of the Fund into consideration in determining, composing or calculating the S&P 500<sup>®</sup> Index. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of the Fund or the timing of the issuance or sale of the Fund or in the determination or calculation of the equation by which the Fund is to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the Fund. There is no assurance that investment products based on the S&P 500<sup>®</sup> Index will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment advisor. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice. Notwithstanding the foregoing, CME Group Inc. and its affiliates may independently issue and/or sponsor financial products unrelated to the Fund currently being issued by the Adviser, but which may be similar to and competitive with the Fund. In addition, CME Group Inc. and its affiliates may trade financial products which are linked to the performance of the S&P 500<sup>®</sup> Index.

S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE S&P 500 INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY THE ADVISER, OWNERS OF THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500 INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBLITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND THE ADVISER, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

**56**

------

VF-INDEX-PRO (11/25)

**By mail:**

Victory Funds

P.O. Box 182593

Columbus, OH 43218-2593

![](img8fdc873e2.gif)

P.O. Box 182593

Columbus, OH 43218-2593

**Statement of Additional Information ("SAI"):** The SAI contains more information about the Fund's operations, investment restrictions, policies and practices. The SAI is incorporated by reference into this Prospectus, which means that it is legally part of this Prospectus, even if you do not request a copy.

**Annual/Semi Annual Reports and Form N-CSR/Form N-CSRS:** Annual and semi annual reports contain more information about the Fund's investments and the market conditions and investment strategies that significantly affected the Fund's performance during the most recent fiscal period. The Funds' Form N-CSR and Form N-CSRS filings contain the Funds' annual and semi-annual financial statements.

**How to Obtain Information:** You may obtain a free copy of the SAI, annual and semi annual reports and other information such as Fund financial statements and ask questions about the Fund or your accounts, online at VictorySharesLiterature.com, by contacting the Fund at the following address or telephone number, or by contacting your financial intermediary.

**By telephone:**

Call Victory Funds at

800-539-FUND (800-539-3863)

You also can get information about the Fund (including the SAI, other reports and other information such as Fund financial statements) from the Securities and Exchange Commission (SEC) on the SEC's Edgar database at sec.gov, or after paying a duplicating fee, by electronic request sent to the following e-mail address: publicinfo@sec.gov.

Investment Company Act File Number 811-4852

------

![](img09f2b9981.gif)

**November 1, 2025**

Prospectus

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Victory Trivalent International Fund – Core Equity | Victory Trivalent International Fund – Core Equity | Victory Trivalent International Fund – Core Equity | Victory Trivalent International Fund – Core Equity | Victory Trivalent International Fund – Core Equity | Victory Trivalent International Fund – Core Equity | Victory Trivalent International Fund – Core Equity |
|  | **Class A**  | **Class C**  | **Class I**  | **Class R**  | **Class R6**  | **Class Y**  |
|  | MAICX  | —  | MICIX  | —  | MAIRX  | MICYX  |
| Victory Trivalent International Small-Cap Fund | Victory Trivalent International Small-Cap Fund | Victory Trivalent International Small-Cap Fund | Victory Trivalent International Small-Cap Fund | Victory Trivalent International Small-Cap Fund | Victory Trivalent International Small-Cap Fund | Victory Trivalent International Small-Cap Fund |
|  | **Class A**  | **Class C**  | **Class I**  | **Class R**  | **Class R6**  | **Class Y**  |
|  | MISAX  | MCISX  | MISIX  |  | MSSIX | MYSIX |

---

The Securities and Exchange Commission has not approved or disapproved these securities or determined whether this Prospectus is accurate or complete. Any representation to the contrary is a criminal offense.

vcm.com

800-539-FUND (800-539-3863)

------

![](img09f2b9981.gif)

**Table of Contents**

---

| | |
|:---|:---|
| **[Fund Summaries](#xx_f0663a6d-42a0-4fe0-9e35-3028bc34251f_1)** | 1  |
| [Victory Trivalent International Fund – Core Equity](#xx_f0663a6d-42a0-4fe0-9e35-3028bc34251f_1) | 1  |
| [Victory Trivalent International Small-Cap Fund](#xx_9e7f3737-7fbc-4c4d-a611-3402f63800cd_1) | 7  |
| **[Additional Fund Information](#xx_f278258c-3483-4ecd-a9ab-a7ac4ce02dbd_1)** | 14  |
| [Investments](#xx_f278258c-3483-4ecd-a9ab-a7ac4ce02dbd_3) | 16  |
| [Risk Factors](#xx_f278258c-3483-4ecd-a9ab-a7ac4ce02dbd_4) | 17  |
| **[Organization and Management of the Funds](#xx_4bebbb98-0df2-4029-a521-16375bdcafac_1)** | 23  |
| **[Investing with the Victory Funds](#xx_162fbead-69d1-45de-911e-34620cfe03ec_1)** | 24  |
| [Share Price](#xx_162fbead-69d1-45de-911e-34620cfe03ec_2) | 25  |
| [Choosing a Share Class](#xx_162fbead-69d1-45de-911e-34620cfe03ec_3) | 26  |
| [Information About Fees](#xx_162fbead-69d1-45de-911e-34620cfe03ec_10) | 33  |
| [How to Buy Shares](#xx_162fbead-69d1-45de-911e-34620cfe03ec_12) | 35  |
| [How to Exchange Shares](#xx_162fbead-69d1-45de-911e-34620cfe03ec_15) | 38  |
| [How to Sell Shares](#xx_162fbead-69d1-45de-911e-34620cfe03ec_17) | 40  |
| **[Distributions and Taxes](#xx_775d74c0-56e8-48cc-9a9b-d491694687bb_1)** | 42  |
| **[Important Fund Policies](#xx_ea625135-b029-4305-a4d3-78dc89f9e425_1)** | 45  |
| **[Financial Highlights](#xx_90cd4bfc-71d1-41a3-9896-5a65059ce292_1)** | 48  |
| **[Appendix A — Variations in Sales Charge Reductions and](#xx_e1d4107e-58c4-45d6-a9dd-df192ea1cb54_1)**<br> **[Waivers Available Through Certain Intermediaries](#xx_e1d4107e-58c4-45d6-a9dd-df192ea1cb54_1)**<br>| 58 |

---

------

**Victory Trivalent International Fund – Core Equity Summary**

**Investment Objective**

The Victory Trivalent International Fund – Core Equity (the "Fund") seeks to provide long-term growth of capital.

**Fund Fees and Expenses**

The table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below**. You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $50,000 in the Victory Funds. More information about these and other discounts is available in *Investing with the Victory Funds* on page 24 of the Fund's Prospectus, in *Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries* and from your financial intermediary.

**Shareholder Fees**

(paid directly from your investment)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class I** | **Class R6** | **Class Y** |
| Maximum Sales Charge (Load) Imposed on Purchases<br> (as a percentage of offering price)<br>| 5.75% |  |  |  |
| Maximum Deferred Sales Charge (Load)<br> (as a percentage of the lower of purchase or sale price)<br>| None<sup>1</sup> <br>|  |  |  |

---

**Annual Fund Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Management Fees | 0.80% | 0.80% | 0.80% | 0.80% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 0.00% | 0.00% | 0.00% |
| Other Expenses | 0.78% | 0.63% | 0.16% | 0.36% |
| Total Annual Fund Operating Expenses | 1.83% | 1.43% | 0.96% | 1.16% |
| Fee Waiver/Expense Reimbursement<sup>2</sup> <br>| (0.88)% | (0.83)% | (0.41)% | (0.46)% |
| Total Annual Fund Operating Expenses After Fee Waiver <br> and/or Expense Reimbursement<sup>2</sup> <br>| 0.95% | 0.60% | 0.55% | 0.70% |

---

<sup>1</sup>

A contingent deferred sales charge of 0.75% may be imposed on Class A shares with respect to purchases of $500,000 or more that are redeemed within 18 months of purchase. For additional information, see the section titled *Choosing a Share Class.*

<sup>2</sup>

Victory Capital Management Inc. (the "Adviser") has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 0.95%, 0.60%, 0.55%, and 0.70% of the Fund's Class A, Class I, Class R6, and Class Y shares, respectively, through at least October 31, 2026. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund's Board of Trustees.

**Example:**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in

**1**

------

Victory Trivalent International Fund – Core Equity Summary

place through its expiration date. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A | &nbsp;&nbsp;&nbsp; $666 | &nbsp;&nbsp;&nbsp; $1037 | &nbsp;&nbsp;&nbsp; $1431 | &nbsp;&nbsp;&nbsp; $2531 |
| Class I | &nbsp;&nbsp;&nbsp; $61 | &nbsp;&nbsp;&nbsp; $371 | &nbsp;&nbsp;&nbsp; $702 | &nbsp;&nbsp;&nbsp; $1641 |
| Class R6 | &nbsp;&nbsp;&nbsp; $56 | &nbsp;&nbsp;&nbsp; $265 | &nbsp;&nbsp;&nbsp; $491 | &nbsp;&nbsp;&nbsp; $1141 |
| Class Y | &nbsp;&nbsp;&nbsp; $72 | &nbsp;&nbsp;&nbsp; $323 | &nbsp;&nbsp;&nbsp; $594 | &nbsp;&nbsp;&nbsp; $1368 |

---

The example does not reflect sales charges (loads) on reinvested dividends and other distributions. If these sales charges (loads) were included, your costs would be higher.

**Portfolio Turnover:**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund's performance. For the most recent fiscal year, the Fund's portfolio turnover rate was 44% of the average value of its portfolio.

**Principal Investment Strategy**

The Adviser pursues the Fund's investment objective by investing primarily in securities of companies in countries represented in the MSCI ACWI ex USA Index ("Index"), but also may invest in companies from other countries. Under normal circumstances, at least 80% of the Fund's assets will be invested in equity securities.

The Adviser employs a bottom-up investment approach that emphasizes individual stock selection.

The Adviser's investment process uses a combination of quantitative and traditional qualitative, fundamental analysis to identify attractive stocks with low relative price multiples, positive trends in earnings forecasts, high profitability, and companies with a strong or positively trending responsible investing ("RI") profile. The stock selection process is designed to produce a diversified portfolio that, relative to the Index, tends to have a below-average price-to-earnings ratio, above-average earnings growth trend, and above-average return on invested capital. RI investing considerations are not a primary or exclusive factor, but rather an additional inclusive consideration to the Adviser's process.

The Fund's investment allocation to countries and sectors tends to approximate the country and sector allocations of the Index, which may focus its exposure in one or more countries, regions, or sectors. The Index captures large- and mid-cap representation across 22 of 23 developed markets countries (excluding the United States) and 24 emerging markets countries. The Index covers approximately 85% of the global equity opportunity set outside the United States. The Fund normally invests in a minimum of 10 countries.

There is no limit on the market capitalization in which the Fund may invest; therefore, the Fund's investments may include small-, mid-, and large-capitalization companies.

**Principal Risks** 

The Fund's investments are subject to the following principal risks:

**Equity Securities Risk** — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company's earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or

**2**

------

Victory Trivalent International Fund – Core Equity Summary

other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer's bankruptcy.

**General Market Risk** — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels, and other fiscal and monetary policy changes; cybersecurity incidents, pandemics, and other public health crises; imposition of tariffs; sanctions against a particular foreign country, its nationals, businesses, or industries; and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.

**Foreign Securities Risk** — Foreign securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. Foreign securities could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing contracts. Compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts. Depositary receipts may have additional risks, including creditworthiness of the depositary bank and the risk of an illiquid market. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may negatively affect an investment. Dividends and interest received by the Fund and capital gains recognized by the Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund's return.

**Emerging Markets Risk** — The risks related to investing in foreign securities generally are greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets. The risks of investing in emerging markets include the risks of illiquidity, increased price volatility, smaller-market capitalizations, limited reliable access to capital, less government regulation (including limitations on the available rights and remedies), market manipulation concerns, less extensive and less frequent recordkeeping, accounting, financial and other reporting requirements, risk of loss resulting from problems in share registration and custody, risks related to foreign investment structures, substantial economic and political disruptions, and the nationalization of foreign deposits or assets.

**Smaller-Capitalization Stock Risk** — Small- and mid-sized companies are subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss. Smaller companies may have limited markets, product lines, or financial resources and lack management experience and may experience higher failure rates than larger companies.

**Large-Capitalization Stock Risk** — The securities of large-sized companies may underperform the securities of smaller-sized companies or the market as a whole. The growth rate of larger, more established companies may lag those of smaller companies, especially during periods of economic expansion.

**Sector Focus Risk** — To the extent the Fund focuses in one or more sectors, such as the financials sector, market or economic factors impacting those sectors could have a significant effect on the value of the Fund's investments and could make the Fund's performance more volatile.

**3**

------

Victory Trivalent International Fund – Core Equity Summary

<sup>◼</sup>

**Financials Sector Risk** — Companies in the financials sector are subject to extensive government regulation, which can limit both the amounts and types of loans and other financial commitments that companies in this sector can make, and the interest rates and fees that these companies can charge. Profitability can be largely dependent on the availability and cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate significantly when interest rates change. Financial difficulties of borrowers can negatively affect the financials sector. Insurance companies can be subject to severe price competition. The financials sector can be subject to relatively rapid change as distinctions between financial service segments become increasingly blurred.

**Investment Style Risk** — Different types of investment styles, for example growth or value, tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. As a result, the Fund's performance may at times be worse than the performance of other mutual funds that invest more broadly or that have different investment styles.

**Liquidity Risk** — Lack of a ready market or restrictions on resale may limit the ability of the Fund to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in an investment that is large relative to the typical trading volume for that investment, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Illiquid investments and relatively less-liquid investments may also be difficult to value. Liquidity risk may also refer to the risk that the Fund may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund.

**Large Shareholder Risk** — Certain large shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund's shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund's distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund's shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.

**Management Risk** — The portfolio managers may not execute the Fund's principal investment strategy effectively.

You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

**Investment Performance**

The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years. The table compares the Fund's average annual total returns of the Fund's share classes,

**4**

------

Victory Trivalent International Fund – Core Equity Summary

including applicable maximum sales charges, over the same period to one or more broad measures of market performance. We assume reinvestment of dividends and distributions.

Performance data for the classes varies based on differences in their fee and expense structures and reflects any expense limitations in effect during the periods shown. The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund's website at vcm.com.

**Calendar Year Returns for Class Y Shares**

(The annual return in the bar chart is for the Fund's least expensive class of shares, Class Y shares.)

![](tice.jpg)

---

| | | |
|:---|:---|:---|
| **During the periods shown in the chart:** | **Returns** | **Quarter ended** |
| Highest Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.25% | June 30, 2020 |
| Lowest Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -25.14% | March 31, 2020 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Year-to-date return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29.70% | September 30, 2025 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**<br> **(For the Periods Ended December 31, 2024)**<br>| **1 Year** | **5 Years** | **10 Years**<br> **(or Life**<br> **of Class)**<br>|
| CLASS Y Before Taxes | &nbsp;&nbsp; 8.53% | &nbsp;&nbsp; 4.57% | &nbsp;&nbsp; 5.06% |
| CLASS Y After Taxes on Distributions | &nbsp;&nbsp; 7.68% | &nbsp;&nbsp; 3.87% | &nbsp;&nbsp; 4.37% |
| CLASS Y After Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp; 5.73% | &nbsp;&nbsp; 3.53% | &nbsp;&nbsp; 3.99% |
| CLASS A Before Taxes | &nbsp;&nbsp; 2.03% | &nbsp;&nbsp; 3.08% | &nbsp;&nbsp; 4.19% |
| CLASS I Before Taxes | &nbsp;&nbsp; 8.58% | &nbsp;&nbsp; 4.67% | &nbsp;&nbsp; 5.20% |
| CLASS R6 Before Taxes | &nbsp;&nbsp; 8.69% | &nbsp;&nbsp; 4.71% | &nbsp;&nbsp; 4.78%<sup>1</sup> <br>|
| **Index** | **Index** | **Index** | **Index** |
| MSCI ACWI ex USA Index<br> reflects no deduction for fees, expenses, or taxes<br>| &nbsp;&nbsp; 5.53% | &nbsp;&nbsp; 4.10% | &nbsp;&nbsp; 4.80% |

---

Inception date of Class R6 is March 3, 2015.

After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. In certain situations, the return after taxes on distributions and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax

**5**

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Victory Trivalent International Fund – Core Equity Summary

situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only one share class. The after-tax returns for other classes will vary.

**Management of the Fund**

**Investment Adviser**

Victory Capital Management Inc. (the "Adviser") serves as the Fund's investment adviser. The portfolio managers jointly and primarily responsible for day-to-day management of the Fund are members of the Adviser's Trivalent Investments ("Trivalent") investment franchise.

**Portfolio Management** 

---

| | | |
|:---|:---|:---|
|  | **Title**  | **Tenure with the Fund**  |
| Peter S. Carpenter, CFA  | Senior Portfolio Manager  | Since 2007 |
| Jeffrey R. Sullivan, CFA | Senior Portfolio Manager | Since 2007 |

---

**Purchase and Sale of Fund Shares** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Minimums** | **Class A** | **Class I** | **Class R6** | **Class Y** |
| Minimum Initial Investment | &nbsp;&nbsp;&nbsp; $2500 | &nbsp;&nbsp;&nbsp; $2000000 |  | &nbsp;&nbsp;&nbsp; $1000000 |
| Minimum Subsequent Investments | &nbsp;&nbsp;&nbsp; $50 |  |  |  |

---

For Class A shares a $1,000 minimum initial purchase amount and a $50 minimum subsequent purchase amount apply for Individual Retirement Accounts ("IRAs"), gift/transfer to minor accounts, and purchases through automatic investment plans.

Certain broker-dealers and other financial intermediaries (such as a bank) may establish higher or lower minimum initial and subsequent investment amounts to which you may be subject if you invest through them.

You may redeem your shares on any day the Fund is open for business. Redemption requests may be made by telephone (with prior appropriate approval) or by mail.

When you buy and redeem shares, the Fund will price your transaction at the next-determined net asset value ("NAV") after the Fund receives your request in good order, which means that your request contains all the required documentation, and that all documents contain required signatures or signature guarantees from a financial institution.

**Tax Information**

The Fund's distributions may be taxable whether you receive them in cash, additional shares of the Fund, or you reinvest them in shares of another Victory Fund, and may be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Taxes may be imposed on withdrawals from tax-deferred arrangements.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services for investments in all classes except Class R6. These payments may create a conflict of interest by influencing the financial intermediary and its financial advisor to recommend the Fund over another investment. Ask your financial advisor or visit your financial intermediary's website for more information.

**6**

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**Victory Trivalent International Small-Cap Fund Summary**

**Investment Objective**

The Victory Trivalent International Small-Cap Fund (the "Fund") seeks to provide long-term growth of capital.

**Fund Fees and Expenses**

The table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below**. You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $50,000 in the Victory Funds. More information about these and other discounts is available in *Investing with the Victory Funds* on page 24 of the Fund's Prospectus, in *Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries* and from your financial intermediary.

**Shareholder Fees**

(paid directly from your investment)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class R6** | **Class Y** |
| Maximum Sales Charge (Load) Imposed on <br> Purchases<br> (as a percentage of offering price)<br>| 5.75% |  |  |  |  |
| Maximum Deferred Sales Charge (Load)<br> (as a percentage of the lower of purchase or <br> sale price)<br>| None<sup>1</sup> <br>| 1.00%<sup>2</sup> <br>|  |  |  |

---

**Annual Fund Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Management Fees | 0.91% | 0.91% | 0.91% | 0.91% | 0.91% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% | 0.00% | 0.00% | 0.00% |
| Other Expenses | 0.54% | 1.58% | 0.26% | 0.11% | 0.20% |
| Total Annual Fund Operating Expenses | 1.70% | 3.49% | 1.17% | 1.02% | 1.11% |
| Fee Waiver/Expense Reimbursement<sup>3</sup> <br>| (0.35)% | (1.39)% | (0.20)% | 0.00% | (0.01)% |
| Total Annual Fund Operating Expenses After <br> Fee Waiver and/or Expense Reimbursement<sup>3</sup> <br>| 1.35% | 2.10% | 0.97% | 1.02% | 1.10% |

---

<sup>1</sup>

A contingent deferred sales charge of 0.75% may be imposed on Class A shares with respect to purchases of $500,000 or more that are redeemed within 18 months of purchase. For additional information, see the section titled *Choosing a Share Class.*

<sup>2</sup>

Applies to shares sold within 12 months of purchase.

<sup>3</sup>

Victory Capital Management Inc. (the "Adviser") has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 1.35%, 2.10%, 0.97%, 1.10%, and 1.10% of the Fund's Class A, Class C, Class I, Class R6, and Class Y shares, respectively, through at least October 31, 2026. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount.

This agreement may only be terminated by the Fund's Board of Trustees.

**7**

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Victory Trivalent International Small-Cap Fund Summary

**Example:**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. After eight years, Class C shares of the Fund generally will convert

automatically to Class A shares of the Fund. The example for Class C shares reflects the conversion to Class A shares after eight years.Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A | &nbsp;&nbsp;&nbsp; $705 | &nbsp;&nbsp;&nbsp; $1048 | &nbsp;&nbsp;&nbsp; $1414 | &nbsp;&nbsp;&nbsp; $2441 |
| Class C | &nbsp;&nbsp;&nbsp; $313 | &nbsp;&nbsp;&nbsp; $942 | &nbsp;&nbsp;&nbsp; $1693 | &nbsp;&nbsp;&nbsp; $3265 |
| Class I | &nbsp;&nbsp;&nbsp; $99 | &nbsp;&nbsp;&nbsp; $352 | &nbsp;&nbsp;&nbsp; $624 | &nbsp;&nbsp;&nbsp; $1403 |
| Class R6 | &nbsp;&nbsp;&nbsp; $104 | &nbsp;&nbsp;&nbsp; $325 | &nbsp;&nbsp;&nbsp; $563 | &nbsp;&nbsp;&nbsp; $1248 |
| Class Y | &nbsp;&nbsp;&nbsp; $112 | &nbsp;&nbsp;&nbsp; $352 | &nbsp;&nbsp;&nbsp; $611 | &nbsp;&nbsp;&nbsp; $1351 |

---

The following example makes the same assumptions as the example above, except that it assumes you do not sell your Class C shares at the end of the period.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class C | &nbsp;&nbsp;&nbsp; $213 | &nbsp;&nbsp;&nbsp; $942 | &nbsp;&nbsp;&nbsp; $1693 | &nbsp;&nbsp;&nbsp; $3265 |

---

The example does not reflect sales charges (loads) on reinvested dividends and other distributions. If these sales charges (loads) were included, your costs would be higher.

**Portfolio Turnover:**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund's performance. For the most recent fiscal year, the Fund's portfolio turnover rate was 49% of the average value of its portfolio.

**Principal Investment Strategy**

The Adviser pursues the Fund's investment objective by investing primarily in equity securities of companies principally in countries represented in the S&P<sup>®</sup> Developed ex-U.S. SmallCap Index ("Index").

Under normal circumstances, at least 80% of the Fund's assets will be invested in securities of small-capitalization companies. The Adviser considers any company with a market capitalization at the time of purchase that is within such country's smallest 15% based on market capitalization to be a small-capitalization company. The size of companies in the Index changes with market conditions and the composition of the Index.

The Adviser employs a bottom-up investment approach that emphasizes individual stock selection.

The Adviser's investment process uses a combination of quantitative and traditional qualitative, fundamental analysis to identify attractive stocks with low relative price multiples, positive trends in earnings forecasts, high profitability, and companies with a strong or positively trending responsible investing ("RI") profile. The stock selection process is designed to produce a diversified portfolio that, relative to the Index, tends to have a below-average price-to-earnings ratio, above-average earnings

**8**

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Victory Trivalent International Small-Cap Fund Summary

growth trend, and above-average return on invested capital. RI investing considerations are not a primary or exclusive factor, but rather an additional inclusive consideration to the Adviser's process.

The Fund's investment allocation to countries and sectors tends to approximate the country and sector allocations of the Index, which concentrates its exposure in one or more countries, regions, or sectors. The Index consists of the stocks representing the lowest 15% of float-adjusted market capitalization in each country other than the United States represented in the S&P<sup>®</sup> Developed Broad Market Index (BMI). The S&P<sup>®</sup> Developed BMI includes all listed shares of companies from 25 developed countries with float-adjusted market capitalizations of at least US$100 million and annual trading value of at least US$50 million. The Fund normally invests in a minimum of 10 countries.

**Principal Risks** 

The Fund's investments are subject to the following principal risks:

**Equity Securities Risk** — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company's earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer's bankruptcy.

**General Market Risk** — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels, and other fiscal and monetary policy changes; cybersecurity incidents, pandemics, and other public health crises; imposition of tariffs; sanctions against a particular foreign country, its nationals, businesses, or industries; and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.

**Foreign Securities Risk** — Foreign securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. Foreign securities could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing contracts. Compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts. Depositary receipts may have additional risks, including creditworthiness of the depositary bank and the risk of an illiquid market. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may negatively affect an investment. Dividends and interest received by the Fund and capital gains recognized by the Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund's return.

**Small-Capitalization Stock Risk** — Small-sized companies are subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss. Smaller companies may have limited markets, product lines, or financial resources and lack management experience and may experience higher failure rates than larger companies.

**9**

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Victory Trivalent International Small-Cap Fund Summary

**Sector Focus Risk** — To the extent the Fund focuses in one or more sectors, such as the industrials sector, market or economic factors impacting those sectors could have a significant effect on the value of the Fund's investments and could make the Fund's performance more volatile.

<sup>◼</sup>

**Industrials Sector Risk** — Companies in the industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events, and economic conditions also affect the performance of investments in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies. Transportation companies may experience occasional sharp price movements, which may result from changes in the economy, fuel prices, labor agreements, and insurance costs.

**Investment Style Risk** — Different types of investment styles, for example growth or value, tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. As a result, the Fund's performance may at times be worse than the performance of other mutual funds that invest more broadly or that have different investment styles.

**Liquidity Risk** — Lack of a ready market or restrictions on resale may limit the ability of the Fund to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in an investment that is large relative to the typical trading volume for that investment, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Illiquid investments and relatively less-liquid investments may also be difficult to value. Liquidity risk may also refer to the risk that the Fund may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund.

**Large Shareholder Risk** — Certain large shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund's shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund's distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund's shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.

**Management Risk** — The portfolio managers may not execute the Fund's principal investment strategy effectively.

You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

**10**

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Victory Trivalent International Small-Cap Fund Summary

**Investment Performance**

The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years. The table compares the Fund's average annual total returns of the Fund's share classes, including applicable maximum sales charges, over the same period to one or more broad measures of market performance. The MSCI All-Country World Index serves as the Fund's regulatory broad-based securities market index. We assume reinvestment of dividends and distributions.

Performance data for the classes varies based on differences in their fee and expense structures and reflects any expense limitations in effect during the periods shown. The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund's website at vcm.com.

**Calendar Year Returns for Class Y Shares**

(The annual return in the bar chart is for the Fund's least expensive class of shares, Class Y shares.)

![](tisc.jpg)

---

| | | |
|:---|:---|:---|
| **During the periods shown in the chart:** | **Returns** | **Quarter ended** |
| Highest Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26.40% | June 30, 2020 |
| Lowest Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -27.93% | March 31, 2020 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Year-to-date return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34.66% | September 30, 2025 |

---

**11**

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Victory Trivalent International Small-Cap Fund Summary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**<br> **(For the Periods Ended December 31, 2024)**<br>| **1 Year** | **5 Years** | **10 Years** |
| CLASS Y Before Taxes | &nbsp;&nbsp; 4.55% | &nbsp;&nbsp; 3.65% | &nbsp;&nbsp; 5.97% |
| CLASS Y After Taxes on Distributions | &nbsp;&nbsp; 4.23% | &nbsp;&nbsp; 3.15% | &nbsp;&nbsp; 5.50% |
| CLASS Y After Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp; 3.26% | &nbsp;&nbsp; 2.99% | &nbsp;&nbsp; 4.88% |
| CLASS A Before Taxes | &nbsp;&nbsp; -1.69% | &nbsp;&nbsp; 2.19% | &nbsp;&nbsp; 5.09% |
| CLASS C Before Taxes | &nbsp;&nbsp; 2.54% | &nbsp;&nbsp; 2.62% | &nbsp;&nbsp; 5.08%<sup>1</sup> <br>|
| CLASS I Before Taxes | &nbsp;&nbsp; 4.76% | &nbsp;&nbsp; 3.82% | &nbsp;&nbsp; 6.13% |
| CLASS R6 Before Taxes | &nbsp;&nbsp; 4.66% | &nbsp;&nbsp; 3.73% | &nbsp;&nbsp; 6.01% |
| **Indices** | **Indices** | **Indices** | **Indices** |
| MSCI All-Country World Index<br> reflects no deduction for fees, expenses, or taxes, except foreign <br> withholding taxes<br>| &nbsp;&nbsp; 17.49% | &nbsp;&nbsp; 10.06% | &nbsp;&nbsp; 9.23% |
| S&P<sup>®</sup> Developed ex-U.S. SmallCap Index<br> reflects no deduction for fees, expenses, or taxes, except foreign <br> withholding taxes<br>| &nbsp;&nbsp; -0.14% | &nbsp;&nbsp; 1.94% | &nbsp;&nbsp; 4.79% |

---

Class C shares of the Fund will convert automatically into Class A shares in the month following the eight-year anniversary date of the purchase of the Class C shares. The 10-Year performance for Class C shares reflects the conversion to Class A shares after the first eight years of performance.

After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. In certain situations, the return after taxes on distributions and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only one share class. The after-tax returns for other classes will vary.

**Management of the Fund**

**Investment Adviser**

Victory Capital Management Inc. (the "Adviser") serves as the Fund's investment adviser. The portfolio managers jointly and primarily responsible for day-to-day management of the Fund are members of the Adviser's Trivalent Investments ("Trivalent") investment franchise.

**Portfolio Management** 

---

| | | |
|:---|:---|:---|
|  | **Title**  | **Tenure with the Fund**  |
| Daniel B. LeVan, CFA  | Chief Investment Officer | Since 2007 |
| John W. Evers, CFA | Senior Portfolio Manager | Since 2007 |

---

**12**

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Victory Trivalent International Small-Cap Fund Summary

**Purchase and Sale of Fund Shares**

The Fund generally is closed to new investors. See the section titled *How to Buy Shares* in the Fund's Prospectus for more information.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Minimums** | **Class A** | **Class C** | **Class I** | **Class R6** | **Class Y** |
| Minimum Initial Investment | &nbsp;&nbsp;&nbsp; $2500 | &nbsp;&nbsp;&nbsp; $2500 | &nbsp;&nbsp;&nbsp; $2000000 |  | &nbsp;&nbsp;&nbsp; $1000000 |
| Minimum Subsequent Investments | &nbsp;&nbsp;&nbsp; $50 | &nbsp;&nbsp;&nbsp; $50 |  |  |  |

---

For Class A and Class C shares a $1,000 minimum initial purchase amount and a $50 minimum subsequent purchase amount apply for Individual Retirement Accounts ("IRAs"), gift/transfer to minor accounts, and purchases through automatic investment plans.

Certain broker-dealers and other financial intermediaries (such as a bank) may establish higher or lower minimum initial and subsequent investment amounts to which you may be subject if you invest through them.

You may redeem your shares on any day the Fund is open for business. Redemption requests may be made by telephone (with prior appropriate approval) or by mail.

When you buy and redeem shares, the Fund will price your transaction at the next-determined net asset value ("NAV") after the Fund receives your request in good order, which means that your request contains all the required documentation, and that all documents contain required signatures or signature guarantees from a financial institution.

**Tax Information**

The Fund's distributions may be taxable whether you receive them in cash, additional shares of the Fund, or you reinvest them in shares of another Victory Fund, and may be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Taxes may be imposed on withdrawals from tax-deferred arrangements.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services for investments in all classes except Class R6. These payments may create a conflict of interest by influencing the financial intermediary and its financial advisor to recommend the Fund over another investment. Ask your financial advisor or visit your financial intermediary's website for more information.

**13**

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Additional Fund Information

------

&nbsp;&nbsp; Victory Capital Management Inc., which we refer to as the "Adviser" <br> throughout the Prospectus, manages each Fund.<br>

The Victory Trivalent International Fund — Core Equity and Victory Trivalent International Small-Cap Fund (the "Funds") are each managed by the Adviser who also manages other funds, each having distinct investment management objectives, strategies, risks, and policies. Together, these funds are referred to in this Prospectus as the "Victory Funds" or, more simply, the "Funds."

Each Fund's investment objective is non-fundamental. The Victory Trivalent International Fund — Core Equity's policy to invest under normal circumstances at least 80% of its assets in equity securities and the Victory Trivalent International Small-Cap Fund's policy to invest under normal circumstances at least 80% of its assets in securities of small-capitalization companies are non-fundamental. The Board of Trustees (the "Board") may change Fund objectives or policies that are non-fundamental without shareholder approval upon at least 60 days' prior written notice to shareholders. For purposes of a Fund's 80% investment policy, "assets" means the Fund's net assets plus the amount of any borrowings for investment purposes, but exclusive of any collateral held from securities lending.

The following section describes additional information about the principal investment strategy the Funds will use under normal market conditions to pursue their investment objective, as well as any secondary strategies the Funds may use, and the related risks. This Prospectus does not attempt to describe all of the various investment techniques and types of investments that the Adviser may use in managing the Funds. The Statement of Additional Information ("SAI") includes more information about the Funds, their investments, and the related risks.

Under adverse, unstable, or abnormal market conditions, a Fund may be unable to pursue or achieve its investment objective and, for temporary purposes, may invest some or all of its assets in a variety of instruments or assets, including high-quality fixed-income securities, cash, and cash equivalents. For cash management purposes, each Fund may hold all or a portion of its assets in cash, short-term money market instruments, or shares of other investment companies. These positions may reduce the benefit from any upswing in the market, cause a Fund to fail to meet its investment objective, and increase a Fund's expenses.

The Adviser employs a bottom-up investment approach that emphasizes individual stock selection. The Adviser's investment process uses a combination of quantitative and traditional qualitative, fundamental analysis to identify attractive stocks with low relative price multiples, high profitability, and positive trends in earnings forecasts. The Adviser incorporates responsible investment ("RI") considerations into both its quantitative and fundamental analysis. When evaluating a company's business lines and management team, the Adviser looks for companies with a strong or positively trending RI profile, taking into account sustainable investing factors identified from third-party research available industry information and data, management's disclosure, and discussions with management, among other things. RI investing principles and considerations are not a primary or exclusive factor, but rather an additional inclusive consideration to the Adviser's process.

The Adviser regularly reviews the Fund's investments and will sell a security if the Adviser believes there has been a deterioration in the rank of the security in accordance with the Adviser's process, the security's valuation has become unattractive relative to other stocks in the universe or other available investments are considered to be more attractive.

**14**

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Additional Fund Information

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Each Fund may consider various non-financial ratings or factors, where applicable, through quantitative models or qualitative assessment. The significance these considerations have on security selection varies widely, as the analysis is inherently subjective. Further, the consideration of such factors may not apply to certain instruments, and the considerations of such factors is only a part of the investment process.

&nbsp;&nbsp; If you would like to receive additional copies of any materials, please call the Victory Funds <br> at 800-539-FUND (800-539-3863) or please visit VictoryFunds.com.<br>

**15**

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Investments

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**The following describes the types of securities each Fund may purchase under normal market conditions to achieve its principal investment strategy. The Funds will not necessarily buy all of the securities listed below.**

**Foreign Securities**

Can include common stock and convertible preferred stock of non-U.S. companies. Also may include American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs"), which are receipts issued by a bank or trust company and evidence ownership of underlying securities issued by foreign companies, and exchange-traded funds ("ETFs") that invest in foreign companies.

**Convertible Preferred Stock**

A class of stock that pays dividends at a specified rate, has preference over common stock in the payment of dividends and the liquidation of assets, and is convertible into common stock.

**<u>Additional Fund Strategies.</u> The Adviser may use other types of investment strategies in pursuing each Fund's overall investment objective. The following describes the types of securities or techniques that the Adviser may purchase or investment techniques the Adviser may employ that are not considered to be a part of the Funds' principal investment strategies. Additional securities and techniques are described in the Funds' SAI.**

**Derivatives**

From time to time, a Fund may invest in derivatives, which are financial contracts whose value is based on an underlying security or asset, a currency exchange rate, an interest rate, or a market index. Many types of instruments representing a wide range of potential risks and rewards are derivatives, including but not limited to futures contracts, options on futures contracts, options, swaps, and forward currency exchange contracts. A Fund may, but is not required to, use index futures for cash management (attempting to remain fully invested while maintaining liquidity) or to gain exposure to an investment in a manner other than investing in the asset directly. The Funds will not use derivatives for speculative purposes.

**Forward Foreign Currency Exchange Contracts**

Contracts that attempt to eliminate currency exposure between the time of a securities transaction and settlement of that transaction. A forward foreign currency exchange contract is an agreement to buy or sell a country's currency at a specific price on a specific date, usually 30, 60, or 90 days in the future. In other words, the contract guarantees an exchange rate on a given date.

**Investment Companies**

Each Fund may invest in securities of other investment companies, including ETFs, if those companies invest in securities consistent with the Fund's investment objective and policies. ETFs are investment companies the shares of which are bought and sold on a securities exchange.

**Securities Lending**

To enhance the return on its portfolio, a Fund may lend portfolio securities to brokers, dealers, and financial institutions to realize additional income under guidelines adopted by the Board. Each loan will be secured continuously by collateral in the form of cash, securities issued by the U.S. government or its agencies or instrumentalities.

**16**

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Risk Factors

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**The following provides additional information about the Funds' principal risks and supplements those risks discussed in each Fund's Summary section of this Prospectus.** 

&nbsp;&nbsp; By matching your investment objective with an acceptable level of risk, <br> you can create your own customized investment plan.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **International**<br> **Fund—Core Equity** <br>| &nbsp;&nbsp; **International**<br> **Small Cap**<br>|
| Emerging Markets Risk | X  |  |
| Equity Securities Risk | X  | X  |
| Foreign Securities Risk | X  | X  |
| General Market Risk | X  | X  |
| Geographic Focus Risk | X  | X  |
| Investment Style Risk | X  | X  |
| Large-Capitalization Stock Risk | X | X |
| Large Shareholder Risk | X |  |
| Liquidity Risk | X  | X  |
| Management Risk | X | X |
| Sector Focus Risk |  | X |
| Smaller-Company Stock Risk | X | X |

---

**Emerging Markets Risk —** There are greater risks involved in investing in emerging market countries than those associated with investment in developed foreign markets. The risks of investing in foreign securities generally are amplified for investments in emerging markets securities. Generally, markets in emerging market countries are less diverse and mature than those of developed countries and their political systems are less stable. In addition, recordkeeping, accounting, financial and other reporting may be less extensive and less frequent. There are risks also associated with share registration, custody, and foreign investment structures. Further, due to the smaller securities markets, limited reliable access to capital, market manipulation concerns, lower trading volumes and less government regulation of securities markets (including limitations on the available rights and remedies) in emerging market countries compared to those in developed countries, investments in emerging market securities generally are more illiquid and volatile and subject to a higher risk of settlement disruptions than investments in securities of issuers in developed countries. Consequently, emerging market securities may be subject to relatively more abrupt and severe price declines.

**Equity Securities Risk** — The market prices of equity securities, which may include common stocks and other stock-related securities such as preferred stocks, convertible securities, and rights and warrants may fluctuate, sometimes rapidly or unpredictably. A Fund may continue to accept new subscriptions and to make additional investments in equity securities even under general market conditions that a Fund's investment team views as unfavorable for equity securities. The value of a security may decline for reasons that directly relate to the issuer, such as management performance, financial leverage, and reduced demand for the issuer's goods or services or due to general market conditions, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment generally. Unlike debt securities, which have preference to a company's assets in case of liquidation, common stock, are entitled to the residual value after the company meets its other obligations. Unlike common stock, preferred stock generally pays a fixed dividend from a company's earnings and may have a preference over common stock on the distribution of a company's assets in the event of bankruptcy or liquidation. Preferred stockholders' liquidation rights are subordinate to the company's debt holders and creditors. If interest rates rise, the fixed dividend on preferred stocks may be less attractive and the price of preferred stocks may decline. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Convertible securities may gain or lose value due to changes in the issuer's operating results, financial condition, credit rating, and changes in interest rates, and other general economic, industry, and market conditions. Equity

**17**

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Risk Factors

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securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer's bankruptcy. Rights and warrants can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of warrants and rights do not necessarily move in tandem with the prices of the underlying securities and therefore are highly volatile and speculative investments.

**Foreign Securities Risk** — Foreign investments involve certain special risks. For example, compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign stock exchanges, brokers, and listed companies. Foreign issuers may not be subject to the uniform accounting, auditing, and financial reporting standards and practices prevalent in the United States. Certain of these risks may also apply to some extent to U.S. investments that are denominated in foreign currencies and to investments in U.S. companies that have significant foreign operations. Investments in depositary receipts (such as American Depositary Receipts and Global Depositary Receipts) may also involve additional risks associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency risk and the risk of an illiquid market for depositary receipts.

<sup>◼</sup>

**Political Risk** — Foreign securities markets may be more volatile than their counterparts in the United States. Investments in foreign countries could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing contracts. Foreign settlement procedures may also involve additional risks, and foreign issuers can be impacted by changes to trade policies and trade disputes. These factors can make foreign investments more volatile than U.S. investments.

<sup>◼</sup>

**Currency Risk** — Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment. Adverse changes in exchange rates, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may erode or reverse any gains produced by investments denominated in foreign currencies and may widen any losses.

<sup>◼</sup>

**Legal Risk** — Legal remedies for investors in foreign countries may be more limited than the legal remedies available in the United States.

<sup>◼</sup>

**Tax Risk** — The value of a Fund's foreign investments may also be affected by foreign tax laws, special U.S. tax considerations and restrictions on receiving the investment proceeds from a foreign country. Dividends and interest received by a Fund and capital gains recognized by a Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund's return.

**General Market Risk** — Stock market risk refers to the fact that the prices of equity securities and other exchange traded investments typically fluctuate more than the values of debt and other types of securities, typically in response to changes in the particular company's financial condition and factors affecting the market in general. Over time, the stock market tends to move in cycles, with periods when stock prices rise, and periods when stock prices decline. A slower-growth or recessionary economic environment could have an adverse effect on stock prices. Consequently, a broad-based market drop may also cause a stock's price to fall. Portfolio securities may also decline in value due to factors affecting securities markets generally, such as real or perceived adverse economic, political, or regulatory conditions, inflation, changes in interest or currency rates or adverse investor sentiment, or due to factors affecting particular industries represented in the securities markets, such as competitive conditions. Changes in the financial condition of a single issuer can impact a market as a whole, and adverse market conditions may be prolonged and may not have the same impact on all types of securities. In addition, the markets may not favor a particular kind of security, including equity securities. Values of securities may fall due to factors affecting a particular issuer, industry, or the securities market as a whole.

**18**

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Risk Factors

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Market turmoil may be reflected in perceptions of economic uncertainty, price volatility in the equity and debt markets, and fluctuating trading liquidity. In response, governments may adopt a variety of fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs, and changes in interest rates. These policies may not be successful and any unexpected or quick reversal of these policies could increase volatility in the equity and debt markets. Market conditions and economic risks could have a significant effect on domestic and international economies and could add significantly to the risks of increased volatility and decreased liquidity for a Fund's portfolio.

<sup>◼</sup>

**Geopolitical/Natural Disaster Risk** — Global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely affect issuers in another country or region. Geopolitical and other risks, including war, economic sanctions, currency controls or other actions by countries or international bodies, terrorism, trade disputes, embargoes, political or economic dysfunction within some nations, public health crises and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, may add to instability in world economies and markets generally. Changes in trade policies and international trade agreements could affect the economies of many countries in unpredictable ways. Epidemics and/or pandemics, such as COVID-19, may result in, among other things, closing borders, disruptions to health care service preparation and delivery, quarantines, cancellations, disruptions to supply chains and consumer activity, as well as general concern and uncertainty. The impact may last for extended periods.

<sup>◼</sup>

**Information Technology and Operational Risk** — Markets and market participants are increasingly reliant upon both publicly available and proprietary information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access, and similar circumstances may impair the performance of these systems and may have an adverse impact upon a single issuer, a group of issuers, or the market at large. The information technology and other operational systems upon which a Fund's service providers rely may be subject to cyber-attack or other technological disruptions, and could otherwise disrupt the ability of these service providers to perform essential tasks for a Fund. In certain cases, an exchange or market may close or issue trading halts on either specific securities or even the entire market, which may result in a Fund being, among other things, unable to buy or sell certain securities or financial instruments or accurately price its investments.

**Geographic Focus Risk** — A Fund may invest a substantial portion of its assets within one or more countries or geographic regions. When a Fund focuses its investments in a country or countries, it is particularly susceptible to the impact of market, economic, political, regulatory, and other factors affecting those countries. Additionally, a Fund's performance may be more volatile when the Fund's investments are focused in a country or countries.

**Investment Style Risk** — Different types of investment styles, for example growth or value, tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. "Value" investments, as a category, or entire industries or sectors associated with such investments, may lose favor with investors as compared to those that are more "growth" oriented. As a result, a Fund's performance may at times be worse than the performance of other mutual funds that invest more broadly or that have different investment styles.

**Large-Capitalization Stock Risk** — Large-sized companies tend to compete in mature product markets and do not typically experience the level of sustained growth of smaller companies and companies competing in less mature product markets. Large-sized companies may be unable to respond as quickly as smaller companies to competitive challenges or changes in business, product,

**19**

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Risk Factors

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financial, or other market conditions. For these and other reasons, investments in large-capitalization companies may underperform other stock funds such as funds that focus on the stocks of small- and medium-sized companies.

**Large Shareholder Risk** — The Funds, like all investment companies, pool the investments of many investors. Actions by one shareholder or multiple shareholders may have an impact on the Funds and, therefore, indirectly on other shareholders. For example, significant levels of new investments in the Funds by shareholders may cause the Funds to have more cash than would otherwise be the case, which might have a positive or negative impact on Fund performance. Similarly, redemption activity might cause the Funds to sell portfolio securities, which may increase transaction costs and might generate a capital gain or loss, or cause it to borrow funds on a short-term basis to cover redemptions, which would cause the Funds to incur costs that, in effect, would be borne by all shareholders and not just the redeeming shareholders. Shareholder purchase and redemption activity also may affect the per share amount of the Funds' distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Funds' shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Funds to make taxable distributions to its shareholders earlier than the Funds otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Funds, the Funds may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Funds.

**Liquidity Risk** — Liquidity risk exists when particular investments cannot be disposed of quickly in the normal course of business. Market values for illiquid investments may not be readily available, and there can be no assurance that any fair value assigned to an illiquid investment at any time will accurately reflect the price a Fund might receive upon the sale of that investment. The ability of a Fund to dispose of illiquid investments or other instruments at advantageous prices may be greatly limited, and the Fund may have to continue to hold such investments or instruments during periods when the Adviser would otherwise have sold them (in order, for example, to meet redemption requests or to take advantage of other investment opportunities). Adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer, including rising interest rates, may adversely affect the liquidity of a Fund's investments. Some securities held by a Fund may be restricted as to resale, and there is often no ready market for such securities. In addition, a Fund, by itself or together with other accounts managed by the Adviser, may hold a position in an investment that is large relative to the typical trading volume for that holding, which can make it difficult for a Fund to dispose of the position at an advantageous time or price. It may also be the case that other market participants may be attempting to liquidate a position at the same time as a Fund is attempting to liquidate the same investment, causing increased supply in the market, and contributing to liquidity risk and downward pricing pressure. In such cases the sale proceeds received by a Fund may be substantially less than if a Fund had been able to sell the securities in more-orderly transactions, and the sale price may be substantially lower than the price previously used by the Fund to value the securities for purposes of determining a Fund's net asset value.

**Management Risk** — The investment process used by the investment team may produce incorrect judgments about the value of a particular asset or the team may implement its investment strategy in a way that may not produce the desired results.

**20**

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Risk Factors

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**Smaller-Capitalization Stock Risk** — Small- or mid-sized companies often have more limited managerial and financial resources than larger, more established companies and, therefore, may be more susceptible to market downturns or changing economic conditions. In addition, such companies may have been recently organized and have little or no track record of success. Also, the Adviser may not have had an opportunity to evaluate such newer companies' performance in adverse or fluctuating market conditions. The securities of smaller-sized companies may trade less frequently and in smaller volume than more widely held securities. Prices of small- or mid-sized companies tend to be more volatile than those of larger companies and small- or mid-sized issuers may be subject to greater degrees of changes in their earnings and prospects. Since smaller-company stocks typically have narrower markets and are traded in lower volumes than larger-company stocks, they may be often more difficult to purchase and sell.

**Sector Focus Risk** — To the extent a Fund focuses in one or more sectors, market or economic factors impacting those sectors could have a significant effect on the value of the Fund's investments. Additionally, a Fund's performance may be more volatile when the Fund's investments are focused in a particular sector.

<sup>◼</sup>

**Industrials Sector Risk** — Stock prices of issuers in the industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events and economic conditions will also affect the performance of investments in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies because companies involved in this industry rely to a significant extent on U.S. and other government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by government defense spending policies, which typically are under pressure from efforts to control government spending budgets. Transportation companies, another component of the industrials sector, are subject to cyclical performance and, therefore, investment in such companies may experience occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements, and insurance costs.

**<u>Additional Risk Factors.</u>** The Adviser may use several types of investment strategies in pursuing each Fund's overall investment objective. The following risks are those that the Adviser does not consider to be principal risks of the Funds. Additional risks are included in the Funds' SAI.

**Derivatives Risk** — Derivatives, such as forward currency contracts, futures contracts and options on futures contracts, are subject to the risk that small price movements can result in substantial gains or losses. Derivatives also entail exposure to counterparty risk, the risk of mispricing or improper valuation and the risk that changes in value of the derivative may not correlate perfectly with the relevant securities, assets, or indices. The use of derivatives may cause the Fund to incur losses greater than those that would have occurred had derivatives not been used.

**Investment Company Risk** — A Fund's ability to achieve its investment objective may be directly related to the ability of other investment companies (including ETFs) held by the Fund to meet their investment objectives. In addition, shareholders of the Fund will indirectly bear the fees and expenses of the underlying investment companies. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities.

**21**

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Risk Factors

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**Securities Lending Risk** — The risk in lending portfolio securities, as with other extensions of credit, consists of the possibility of loss to a Fund due to (1) the inability of the borrower to return the securities, (2) a delay in receiving additional collateral to adequately cover any fluctuations in the value of securities on loan, (3) a delay in recovery of the securities, or (4) the loss of rights in the collateral should the borrower fail financially. These events could trigger adverse tax consequences for a Fund. In addition, a Fund is responsible for any loss that might result from its investment of the borrower's collateral. In determining whether to lend securities, the Adviser or a Fund's securities lending agent will consider relevant facts and circumstances, including the creditworthiness of the borrower.

&nbsp;&nbsp; An investment in a<br> Fund is not a complete<br> investment program.<br>

**22**

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Organization and Management of the Funds

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The Funds' Board has the overall responsibility for overseeing the management of each Fund.

**The Investment Adviser**

The Adviser serves as the investment adviser to each of the Victory Funds pursuant to an investment advisory agreement and oversees the operations of the Funds according to investment policies and procedures adopted by the Board. The Adviser is a New York corporation that is registered as an investment adviser with the Securities and Exchange Commission ("SEC"). As of September 30, 2025, the Adviser managed and advised assets totaling in excess of $310.6 billion for individual and institutional clients. The Adviser's principal address is 15935 La Cantera Parkway, San Antonio, TX 78256.

A discussion regarding the basis of the Board's approval of the Funds' Advisory Agreement is available in the Funds' most recent Form N-CSRS filing for the period ended December 31, 2024.

The Adviser is a diversified global asset manager comprised of multiple investment teams, referred to as investment franchises, each of which employs an independent approach to investing. Trivalent Investments ("Trivalent") is the investment franchise responsible for management of the Funds.

Advisory fees to be paid annually, before waivers, will be equal to the following:

---

| | |
|:---|:---|
| **Fund**  | **Advisory Fee**  |
| Victory Trivalent International Fund – Core Equity  | &nbsp;&nbsp; 0.80%  |
| Victory Trivalent International Small Cap Fund  | &nbsp;&nbsp; 0.91% |

---

See "Fund Fees and Expenses" for information about any contractual agreement by the Adviser to waive fees and/or reimburse expenses with respect to a Fund. From time to time, the Adviser also may voluntarily waive fees and/or reimburse expenses in amounts exceeding those required to be waived or reimbursed under any contractual agreement that may be in place with respect to a Fund.

**Portfolio Management**

**Daniel B. LeVan** is a Senior Portfolio Manager and the Chief Investment Officer of Trivalent and has been with the Adviser since 2014 when the Adviser acquired Munder Capital Management. From 2007-2014, Mr. LeVan was a Senior Portfolio Manager of Munder Capital Management. He has been the Lead Portfolio Manager, with final investment authority, for the **Victory Trivalent International Small-Cap Fund** since its inception. Mr. LeVan is a CFA charterholder.

**Peter S. Carpenter** is a Senior Portfolio Manager of Trivalent and has been with the Adviser since 2014. From 2007-2014, Mr. Carpenter was a Senior Portfolio Manager of Munder Capital Management. He has been the Lead Portfolio Manager, with final investment authority, for the **Victory Trivalent International Fund—Core Equity** since inception. Mr. Carpenter is a CFA charterholder.

**John W. Evers** is a Senior Portfolio Manager of Trivalent and has been with the Adviser since 2014. From 2007-2014, Mr. Evers was a Senior Portfolio Manager of Munder Capital Management. He has been the Lead Portfolio Manager, with final investment authority, and a portfolio manager of the **Victory Trivalent International Small-Cap Fund** since each Fund's inception. Mr. Evers is a CFA charterholder.

**Jeffrey R. Sullivan** is a Senior Portfolio Manager of Trivalent and has been with the Adviser or an affiliate since 2014. From 2007-2014, Mr. Sullivan was a Senior Portfolio Manager of Munder Capital Management. He has been a portfolio manager of the **Victory Trivalent International Fund—Core Equity** since its inception. Mr. Sullivan is a CFA charterholder.

*The Funds' SAI provides additional information about the portfolio managers' method of compensation, other accounts they manage, and any ownership interests they may have in the Funds.*

**23**

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Investing with the Victory Funds

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All you need to get started is to fill out an application.<br>

If you are looking for a convenient way to open an account or to add money to an existing account, we can help. The sections that follow will serve as a guide to your investment with the Victory Funds. These sections describe many of the share classes currently offered by the Victory Funds. The section *Choosing a Share Class* will help you decide which share class it may be to your advantage to buy.

Keep in mind that Class I, Class R, Class R6, and Class Y shares are available for purchase only by eligible shareholders. In addition, not all Victory Funds offer each class of shares described below, and therefore, certain classes may be discussed that are not necessarily offered by a Fund. The classes of shares that are offered by a Fund are those listed on the cover page designated with a ticker symbol. A Fund may also offer other share classes in different prospectuses. The Victory Funds may offer additional classes of shares in the future.

This section of the Prospectus also describes how to open an account, how to access information about your account, and how to buy, exchange, and sell shares of a Victory Fund. Note, this information may vary if you invest through a third party such as a brokerage firm and will be dependent on that firm's policies and practices. Consult your Investment Professional for specific details.

We want to make it simple for you to do business with us. If you have questions about any of this information, please call your Investment Professional or one of our customer service representatives at 800-539-FUND (800-539-3863). They will be happy to assist you.

&nbsp;&nbsp; An Investment Professional is an investment consultant, salesperson, financial planner, <br> investment adviser, or trust officer who provides you with investment information. <br> Your Investment Professional also can help you decide which share class is best for you. <br> Investment Professionals and other financial intermediaries may charge fees for their services.<br>

**24**

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Share Price

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&nbsp;&nbsp; The daily NAV is useful to you as a shareholder because the NAV, <br> multiplied by the number of Fund shares you own, gives you the value of your investment.<br>

Each Victory Fund calculates its share price, called its net asset value ("NAV"), each business day as of the close of regular trading on the New York Stock Exchange, Inc. ("NYSE"), which is normally 4:00 p.m. Eastern Time. The NAV takes into account the expenses and fees of a Fund, including management, administration, and distribution fees (if any), which are accrued daily. In the event of an emergency or other disruption in trading on the NYSE, a Fund's share price will be determined based upon the close of the NYSE. You may buy, exchange, and sell your shares on any business day at a price that is based on the NAV that is next calculated after you place your order. A business day is a day on which the NYSE is open. The NYSE is closed on weekends, most national holidays, and Good Friday. Undistributed income and gain will be reflected in the Fund's NAV and, correspondingly, distributions of the Fund's income and gain will reduce the Fund's NAV. Undistributed income and gain, like all Fund assets, can fluctuate in value over time. Please see "Distributions and Taxes" for more information about the Fund's distribution policies, including the general frequency of distributions.

To the extent a Fund's investments include securities that are traded primarily in foreign markets, the value of those securities may change on days when shareholders are unable to purchase and redeem a Fund's shares, such as on weekends or other days when the Fund does not price its shares.

Each Fund prices its investments based on market value when market quotations are readily available. When these quotations are not readily available, the Adviser will price a Fund's investments at fair value in accordance with applicable regulatory requirements. A security will be fair valued when:

◼

Trading in the security has been halted;

◼

The market quotation for the security is clearly erroneous due to a clerical error;

◼

The security's liquidity decreases such that, in the Adviser's opinion, the market quotation has become stale; or

◼

An event occurs after the close of the trading market (but before the Fund's NAV is calculated) that, in the Adviser's opinion, materially affects the value of the security.

The use of fair value pricing may minimize arbitrage opportunities that attempt to exploit the differences between a security's market quotation and its fair value. The use of fair value pricing may not, however, always reflect a security's actual market value in light of subsequent relevant information, and the security's opening price on the next trading day may be different from the fair value price assigned to the security.

Each Victory Fund calculates the NAV of each share class by adding up the total value of the investments and other assets of that class, subtracting its liabilities, and then dividing that figure by the number of outstanding shares of the class.

---

| | |
|:---|:---|
| NAV= | Total Assets - Liabilities |
| NAV= | Number of Shares Outstanding |

---

A Fund's NAV is available by calling 800-539-FUND (800-539-3863) or by visiting the Funds' website at vcm.com.

**25**

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Choosing a Share Class

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**CLASS A**

◼

Front-end sales charge, as described in this section. There are several ways to reduce or eliminate this charge as discussed under *Sales Charge Reductions and Waivers for Class A Shares*.

◼

A contingent deferred sales charge ("CDSC") may be imposed if you sell your shares within 18 months of purchase. The CDSC may be waived or reduced in certain circumstances as discussed under *CDSC Reductions for Class A and Class C Shares.*

◼

Class A shares also pay ongoing distribution and/or service (12b-1) fees.

◼

Lower annual expenses than Class C or Class R shares.

**CLASS C**

◼

No front-end sales charge. All your money goes to work for you right away.

◼

A CDSC may be imposed if you sell your shares within 12 months of purchase. The CDSC may be waived or reduced in certain circumstances as discussed under *CDSC Reductions for Class A and Class C Shares*.

◼

Class C shares also pay ongoing distribution and/or service (12b-1) fees.

◼

Higher annual expenses than all other classes of shares.

**CLASS I**

◼

No front-end sales charge or CDSC. All your money goes to work for you right away.

◼

Class I shares do not pay any ongoing distribution and/or service (12b-1) fees.

◼

Class I shares are only available to certain investors.

◼

Typically lower annual expenses than all other classes of shares except Class R6 shares.

**CLASS R**

◼

No front-end sales charge or CDSC. All your money goes to work for you right away.

◼

Class R shares pay ongoing distribution and/or service (12b-1) fees.

◼

Class R shares are only available to certain investors.

◼

Higher annual expenses than all classes except Class C shares.

**CLASS R6**

◼

No front-end sales charge or CDSC. All your money goes to work for you right away.

◼

Class R6 shares do not pay any ongoing distribution and/or service (12b-1) fees.

◼

Class R6 shares are only available to certain investors.

◼

Typically lower annual expenses than all other classes of shares.

**CLASS Y**

◼

No front-end sales charge or CDSC. All your money goes to work for you right away.

◼

Class Y shares do not pay any ongoing distribution and/or service (12b-1) fees.

◼

Class Y shares are only available to certain investors.

◼

Typically lower annual expenses than Classes A, C, and R shares.

**26**

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Choosing a Share Class

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**Share Classes**

When you purchase shares of a Fund, you must choose a share class. The Victory Funds offer Class A, Class C, Class I, Class R, Class R6, and Class Y shares. Each share class represents an interest in the same portfolio of securities, but the classes differ in the sales charges, if any, and expenses that apply to your investment, allowing you and your Investment Professional to choose the class that best suits your investment needs.

Deciding which share class best suits your investment needs depends on a number of factors that you should discuss with your Investment Professional, including: how long you expect to hold your investment, how much you intend to invest, and the total expenses associated with each share class.

The Funds reserve the right to change the eligibility criteria for purchasing a particular share class. For example, a class of shares may be available to purchase only by retirement plans or by institutional investors. The Funds may also waive any applicable eligibility criteria or investment minimums at its discretion.

A Fund or any class may be closed at any time for failure to achieve an economical level of assets or for other reasons. Certain financial intermediaries who hold shares on behalf of their customers impose fees when the amount of shares of a particular class falls below a minimum threshold. To the extent that the amount of shares falls below that threshold, the Funds reserve the right to liquidate the shares held in accounts maintained by the financial intermediary.

**Calculation of Sales Charges for Class A Shares** 

&nbsp;&nbsp; For historical expense information, see the "Financial Highlights" <br> at the end of this Prospectus.<br>

Class A shares are sold at their public offering price, which is the net asset value ("NAV") plus any applicable initial sales charge, also referred to as the "front-end sales load." The sales charge may be reduced or eliminated for larger purchases, as detailed below or as described under *Sales Charge Reductions and Waivers for Class A Shares*. The investment levels required to obtain a reduced sales charge are commonly referred to as "breakpoints."

All Class A purchases are subject to the terms described herein except for those purchases made through an intermediary specified in *Appendix A - Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries*.

In order to obtain a breakpoint discount, you must inform the Victory Funds or your Investment Professional at the time you purchase shares of the existence of the other Victory accounts or purchases of Victory Funds that are eligible to be linked for the purpose of calculating the initial sales charge. The Fund or your Investment Professional may ask you for records or other information about other Victory Funds held in your Victory accounts and any linked accounts, such as accounts opened with a different financial intermediary.

The current sales charge rates and breakpoint levels for Class A shares of the Funds are listed below:

---

| | | |
|:---|:---|:---|
| **Your Investment in the Fund**  | **Sales** <br> **Charge**<br> **as a % of**<br> **Offering** <br> **Price** <br>| **Sales** <br> **Charge**<br> **as a % of**<br> **Your** <br> **Investment** <br>|
| Up to $49,999  | &nbsp;&nbsp; 5.75%  | &nbsp;&nbsp; 6.10%  |
| $50,000 up to $99,999  | &nbsp;&nbsp; 4.50%  | &nbsp;&nbsp; 4.71%  |
| $100,000 up to $249,999  | &nbsp;&nbsp; 3.50%  | &nbsp;&nbsp; 3.63%  |
| $250,000 up to $499,999  | &nbsp;&nbsp; 2.50%  | &nbsp;&nbsp; 2.56%  |

---

**27**

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Choosing a Share Class

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---

| | | |
|:---|:---|:---|
| **Your Investment in the Fund**  | **Sales** <br> **Charge**<br> **as a % of**<br> **Offering** <br> **Price** <br>| **Sales** <br> **Charge**<br> **as a % of**<br> **Your** <br> **Investment** <br>|
| $500,000 and above<sup>1</sup> <br>| &nbsp;&nbsp; 0.00%  | &nbsp;&nbsp; 0.00% |

---

<sup>1</sup> A contingent deferred sales charge ("CDSC") of 0.75% may be imposed on certain redemptions of Class A shares purchased without an initial sales charge if any of those shares are redeemed within 18 months of purchase. This charge will be based on the current market value or the original cost of the shares you are selling, whichever is less. No CDSC is imposed on shares representing reinvested distributions. You may be eligible for a reduction or waiver of this CDSC under certain circumstances. *See CDSC Reductions for Class A and Class C Shares* and *Appendix A - Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries* for details.

**Sales Charge Reductions and Waivers for Class A Shares** 

&nbsp;&nbsp; There are several ways you can combine multiple purchases of Class A shares of the Victory <br> Funds to take advantage of reduced sales charges or, in some cases, eliminate sales charges.<br>

There are a number of ways you can reduce or eliminate your sales charges, which we describe below. In order to obtain a Class A sales charge reduction or waiver, you must provide your financial intermediary or the Funds' transfer agent, at the time of purchase, with current information regarding shares of any Victory Funds held in other accounts. This information must include account statements or other records (including written representations from the intermediary holding the shares) that indicate any accounts (e.g., retirement accounts) established (i) with the Victory Funds and your Investment Professional; (ii) with other financial intermediaries; and (iii) in the name of immediate family household members (spouse or domestic partner and children under 21) with regard to Rights of Accumulation.

The availability of a sales charge reduction or waiver discussed below will depend upon whether you purchase your shares directly from the Funds or through a financial intermediary. If you are eligible for a sales charge reduction because you own shares of other Victory Funds, you must notify the Funds or your financial intermediary at the time of purchase of any relationship or other facts qualifying you for sales charge reductions or waivers. Some intermediaries impose different policies for sales charge waivers and reductions. These variations are described in *Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries.* Except as described with respect to the intermediaries specified in Appendix A, all Class A shares are subject to the terms stated below. In order to obtain waivers and discounts that are not available through your intermediary, you must purchase Fund shares directly from the Funds or through another intermediary.

You can find additional information regarding sales charges and their reductions, free of charge, at vcm.com/policies, by clicking on *Victory Funds Pricing Policies*.

You may reduce or eliminate the sales charge applicable to Class A shares in a number of ways:

◼

**Breakpoint** - Purchase a sufficient amount to reach a breakpoint (see *Calculation of Sales Charges for Class A Shares* above);

◼

**Letter of Intent** - If you anticipate purchasing $50,000 or more of Class A shares of the Fund, including any purchase of other Victory Funds of any share class (except money market funds and any assets held in group retirement plans), within a 13-month period, you may qualify for a sales charge breakpoint as though you were investing the total amount in one lump sum. In order to qualify for the reduced sales charge, you must submit a non-binding Letter of Intent (the "Letter") within 90 days of the start of the purchases. Each investment you make after signing the Letter will be entitled to the sales charge applicable to the total investment indicated in the Letter. You must start with a minimum initial investment of at least 5.00% of the total amount you intend to purchase. A portion of the shares purchased under the Letter will be held in escrow until the total investment has been completed. In the event you do not complete your commitment set forth

**28**

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Choosing a Share Class

------

in the Letter in the time period specified, sufficient escrowed shares will be redeemed to pay any applicable front-end sales charges;

◼

**Right of Accumulation** - Whereas a Letter of Intent allows you to qualify for a discount by combining your current purchase amount with purchases you intend to make in the near future, a Right of Accumulation allows you to reduce the initial sales charge on a Class A investment by combining the amount of your current purchase with the current market value of prior investments made by you, your spouse (including domestic partner), and your children under age 21 in any class of shares of any Victory Fund (except money market funds and any assets held in group retirement plans). The value of eligible existing holdings will be calculated by using the greater of the current value or the original investment amount. To ensure that you receive a reduced price using the Fund's Right of Accumulation, you or your Investment Professional must inform the Funds that the Right applies each time shares are purchased and provide sufficient information to permit confirmation of qualification;

◼

**Reinstatement Privilege** - You may reinvest at NAV all or part of your redemption proceeds within 90 days of a redemption of Class A shares of a Fund;

◼

**Waiver** - The Victory Funds will completely waive the sales charge for Class A shares in the following cases:

<sup>◼</sup>

Purchases of at least $250,000 for certain Funds or $500,000 for others;

<sup>◼</sup>

Purchases by certain individuals associated with the Victory Funds or service providers (see "Eligibility of Individuals Associated with the Victory Funds and Fund Service Providers");

<sup>◼</sup>

Purchases by registered broker-dealers, financial intermediaries or their agents or affiliates who have agreements with the Funds' distributor (the "Distributor"), if the shares are purchased for their own account, purchased for retirement plans of their employees or sold to registered representatives or full-time employees (or their immediate families), provided that such purchase is for one of the foregoing types of accounts;

<sup>◼</sup>

Purchases for trust or other advisory accounts established with a financial institution and fee-based investment products or accounts;

<sup>◼</sup>

Reinvestment of proceeds from a liquidation distribution of Class A shares of a Victory Fund held in a deferred compensation plan, agency, trust, or custody account;

<sup>◼</sup>

Purchases by retirement plans, including Section 401 and 457 plans sponsored by a Section 501(c)(3) organization and certain non-qualified deferred compensation arrangements that operate in a similar manner to qualified plans. Investors nonetheless may be charged a fee if they effect transactions in Class A shares through a broker or agent;

<sup>◼</sup>

Purchases by participants in no transaction fee programs offered by certain broker-dealers (sometimes referred to as "supermarkets");

<sup>◼</sup>

Purchases by certain financial intermediaries who offer shares to self-directed investment brokerage accounts that may or may not charge a transaction fee to its customers;

<sup>◼</sup>

Shareholders investing directly with the Fund who do not have a third-party financial intermediary or registered representative assigned, or who invest directly in certain products sponsored by the Adviser or its affiliates; and

<sup>◼</sup>

Individuals who reinvest the proceeds of redemptions from Class I, Class R6, or Class Y shares of a Victory Fund within 60 days of redemption.

You should inform the Fund or your Investment Professional at the time of purchase of the sales charge waiver category which you believe applies.

**29**

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Choosing a Share Class

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**CDSC for Class A Shares**

A CDSC of 0.75% may be imposed on certain redemptions of Class A shares purchased without an initial sales charge if any of those shares are redeemed within 18 months of purchase. This charge will be based on the current market value or the original cost of the shares you are selling, whichever is less. No CDSC is imposed on shares representing reinvested distributions.

More information is available in *CDSC Reductions and Waivers for Class A and Class C Shares* and *Appendix A – Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries*. All Class A purchases are subject to the terms described herein except for those purchases made through the intermediaries specified in Appendix A.

**CDSC for Class C Shares**

You will pay a 1.00% CDSC on any Class C shares you sell within 12 months of purchase. The CDSC is calculated on the current market value or the original cost of the shares you are selling, whichever is less. There is no CDSC on shares you acquire by reinvesting your dividends or capital gains distributions. You may be eligible for reduction or waiver of this CDSC under certain circumstances. There is no CDSC imposed when you exchange your shares for Class C shares of another Victory Fund; however, your exchange is subject to the same CDSC schedule that applied to your original purchase.

An investor may, within 90 days of a redemption of Class C shares, reinvest all or part of the redemption proceeds in the Class C shares of any Victory Fund at the NAV next computed after receipt by the transfer agent of the reinvestment order. Class C share proceeds reinvested do not result in a refund of any CDSC paid by the shareholder, but the reinvested shares will be treated as CDSC exempt upon reinvestment. The shareholder must ask the Distributor for such privilege at the time of reinvestment.

To keep your CDSC as low as possible, each time you sell shares we will first sell shares in your account that are not subject to a CDSC. If there are not enough of these to meet your sale, we will sell the shares in the order they were purchased.

More information is available in *CDSC Reductions and Waivers for Class A and Class C Shares* and *Appendix A – Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries*.

**CDSC Reductions and Waivers for Class A and Class C Shares**

No CDSC is imposed on redemptions of Class A and Class C shares in the following circumstances:

◼

To the extent that the shares redeemed:

<sup>◼</sup>

are no longer subject to the holding period for such shares;

<sup>◼</sup>

resulted from reinvestment of distributions; or

<sup>◼</sup>

were exchanged for shares of another Victory Fund as allowed by the Prospectus, provided that the shares acquired in such exchange or subsequent exchanges will continue to remain subject to the CDSC, if applicable, calculated from the original date of purchase until the applicable holding period expires. In determining whether the CDSC applies to each redemption, shares not subject to a CDSC are redeemed first;

◼

Following the death or post-purchase disability of:

<sup>◼</sup>

a registered shareholder on an account; or

<sup>◼</sup>

a settlor of a living trust, of shares held in the account at the time of death or initial determination of post-purchase disability;

◼

Distributions from individual retirement accounts, Section 403(b), Section 457 and Section 401 qualified plans, where redemptions result from:

**30**

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Choosing a Share Class

------

<sup>◼</sup>

required minimum distributions with respect to that portion of such contributions that does not exceed 12% annually;

<sup>◼</sup>

tax free returns of excess contributions or returns of excess deferral amounts;

<sup>◼</sup>

distributions on the death or disability of the account holder;

<sup>◼</sup>

distributions for the purpose of a loan or hardship withdrawal from a participant plan balance; or

<sup>◼</sup>

distributions as a result of separation of service;

◼

Distributions as a result of a Qualified Domestic Relations Order or Domestic Relations Order required by a court settlement;

◼

In instances where the investor's dealer or institution waived its commission in connection with the purchase and notifies the Distributor prior to the time of investment;

◼

When the redemption is made as part of a Systematic Withdrawal Plan (including dividends), up to an annual amount of 12% of the account value on a per fund basis, at the time the withdrawal plan is established; or

◼

Participant-initiated distributions from employee benefit plans or participant-initiated exchanges among investment choices in employee benefit plans.

**Eligibility Requirements to Purchase Class I Shares**

Class I shares may only be purchased by:

◼

Institutional and individual retail investors with a minimum investment in Class I shares of $2,000,000 who purchase through certain broker-dealers or directly from the transfer agent;

◼

Investors who purchase through advisory programs with an approved financial intermediary in which the financial intermediary typically charges the investor a fee based upon the value of the account ("Advisory Programs"). Such transactions may be subject to additional rules or requirements of the applicable Advisory Program;

◼

Retirement plans, including Section 401 and 457 plans, Section 403 plans sponsored by a Section 501(c)(3) organization and certain non-qualified deferred compensation arrangements that operate in a similar manner to qualified plans; or

◼

Brokers (and their sales representatives) where those brokers have agreements with the Distributor to sell shares of a Fund.

A Fund may allow a lower initial investment if, in the opinion of the Distributor, the investor has the adequate intent and availability of assets to reach a future level of investment of $2,000,000.

**Eligibility Requirements to Purchase Class R Shares**

Class R shares may only be purchased by:

◼

Institutional investors;

◼

Retirement plans, including Section 401 and 457 plans, Section 403 plans sponsored by a Section 501(c)(3) organization and certain non-qualified deferred compensation arrangements that operate in a similar manner to qualified plans;

◼

IRAs that are rollovers from eligible retirement plans that offered one or more Class R share Victory Funds as investment options and to individual 401(k) plans; or

◼

Investors who purchase through Advisory Programs with an approved financial intermediary.

**31**

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Choosing a Share Class

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**Eligibility Requirements to Purchase Class R6 Shares**

Class R6 shares may only be purchased by:

◼

Registered investment companies;

◼

Retirement plans, including Section 401 and 457 plans, Section 403 plans sponsored by a Section 501(c)(3) organization, employer sponsored benefit plans (including health savings accounts) and certain non-qualified deferred compensation arrangements that operate in a similar manner to qualified plans;

◼

Endowments and foundations; or

◼

Investors who purchase through Advisory Programs with an approved financial intermediary.

**Eligibility Requirements to Purchase Class Y Shares**

Class Y shares may only be purchased by:

◼

Institutional and individual retail investors with a minimum investment in Class Y shares of $1,000,000 who purchase through certain broker-dealers or directly from the transfer agent;

◼

Clients of state-registered or federally registered investment advisors (RIAs), where such RIAs trade through institutional trading platforms approved by a Fund, who invest at least $2,500;

◼

Brokerage platforms of firms that have agreements with the Distributor to offer such shares solely when acting as an agent for the investor. An investor transacting in Class Y shares through these programs may be required to pay a commission and/or other forms of compensation to the broker;

◼

Pension, profit sharing, employee benefit and other similar plans and trusts that invest in a Fund;

◼

Investors who purchase through Advisory Programs with an approved financial intermediary;

◼

Investment advisory clients of the Adviser; or

◼

Investment advisors, consultants, broker-dealers and other financial intermediaries investing for their own accounts or for the accounts of their immediate family members.

A Fund may allow a lower initial investment if, in the opinion of the Distributor, the investor has the adequate intent and availability of assets to reach a future level of investment of $1,000,000.

**Eligibility of Individuals Associated with the Victory Funds and Fund Service Providers**

Current and retired Victory Fund trustees and the officers, directors, trustees, employees, and family members of employees of the Adviser or Affiliated Providers are eligible to purchase the lowest expense share class offered by a Fund. In the case of Class A shares, such purchases are not subject to a front-end sales charge. "Affiliated Providers" are affiliates of the Adviser and organizations that provide services to Victory Portfolios (the "Trust").

&nbsp;&nbsp; A Fund reserves the right to change the criteria for eligible investors and<br> the investment minimums.<br>

**32**

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Information About Fees

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**Distribution and Service Plans**

In accordance with Rule 12b-1 under the Investment Company Act of 1940, the Trust has adopted Distribution and Service Plans for Class A, Class C, and Class R shares.

Under the Class A Distribution and Service Plan, a Fund will pay to the Distributor a monthly fee at an annual rate of up to 0.25% of its average daily net assets of Class A shares. Under the Class R Distribution and Service Plan, a Fund will pay to the Distributor a monthly fee at an annual rate of up to 0.50% of its average daily net assets of Class R shares. The fee is paid for general distribution services, for selling Class A and Class R shares of the Fund and, as applicable, for providing personal services to shareholders of the Fund. Distribution and selling services are provided by the Distributor or by agents of the Distributor and include those services intended to result in the sale of Fund shares. Personal services to shareholders are generally provided by broker-dealers or other intermediaries and consist of responding to inquiries, providing information to shareholders about their Fund accounts, establishing and maintaining accounts and records, providing dividend and distribution payments, arranging for bank wires, assisting in transactions and changing account information.

Under the Class C Distribution and Service Plan, a Fund will pay to the Distributor a monthly fee at an annual rate of 1.00% of the average daily net assets of its Class C shares. Of this amount, 0.75% of the Fund's Class C shares average daily net assets will be paid for general distribution services and for selling Class C shares. The Fund will pay 0.25% of its Class C shares average daily net assets to compensate financial institutions that provide personal services to Class C shareholders of the Fund. Distribution and selling services are provided by the Distributor or by agents of the Distributor and include those services intended to result in the sale of the Fund's Class C shares. Personal services to shareholders are generally provided by broker-dealers or other financial intermediaries and consist of responding to inquiries, providing information to shareholders about their Fund accounts, establishing and maintaining accounts and records, providing dividend and distribution payments, arranging for bank wires, assisting in transactions, and changing account information.

Because Rule 12b-1 fees are paid out of a Fund's assets and on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

**Other Payments to Financial Intermediaries**

Except with respect to Class R6 shares, if you purchase Fund shares through an Investment Professional, a broker-dealer, or other financial intermediary, the Fund may pay for sub-transfer agent, recordkeeping and/or similar administrative services. In addition, the Adviser (and its affiliates) may make substantial payments out of its own resources, including the profits from the advisory fees the Adviser receives from the Funds, to affiliated and unaffiliated dealers or other Investment Professionals and service providers for distribution, administrative and/or shareholder servicing activities. The Adviser also may reimburse the Distributor (or the Distributor's affiliates) for making these payments. Some of these distribution-related payments may be made to dealers or other Investment Professionals for marketing, promotional or related expenses; these payments are often referred to as "revenue sharing." The Adviser (and its affiliates) also may pay fixed fees for the listing of a Fund on a broker-dealer's or financial intermediary's system. Such payments are not considered to be revenue sharing payments.

In some circumstances, these types of payments may create an incentive for a dealer or Investment Professional or its representatives to recommend or offer shares of the Victory Funds to its customers. You should ask your dealer or Investment Professional for more details about any such payments it receives.

**33**

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Information About Fees

------

No compensation, administrative payments, sub-transfer agency payments or service payments are paid to broker-dealers or other financial intermediaries from Fund assets, or from the resources of the Adviser or its affiliates on sales of or investments in Class R6 shares.

**34**

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How to Buy Shares

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**Closed to New Investors**

The Trivalent International Small-Cap Fund is generally closed to new investors. The Fund will continue to be available for investment (by direct purchase or exchange) by the following:

◼

existing shareholders,

◼

investors that purchase shares through certain financial intermediaries,

◼

retirement plans, and

◼

current and retired Fund trustees, officers, employees of the Adviser and Affiliated Providers, and their family members.

The Victory Funds may impose additional limitations on the purchase of shares at any time in their discretion, and may waive or eliminate any limitation at any time without notice. Contact the Victory Funds for more information.

**Opening an Account**

If you would like to open an account, you will first need to complete an Account Application.

You can obtain an Account Application by calling Victory Funds Customer Service at 800-539-FUND (800-539-3863). You can also download an Account Application by visiting the Victory Funds' website, VictoryFunds.com, and clicking on the Victory Funds Account Application link. Send the completed Account Application, along with a check made payable to the Victory Funds, at the following address:

**Victory Funds**

P.O. Box 182593

Columbus, OH 43218-2593

You can also obtain an Account Application by contacting your Investment Professional. When you invest through an Investment Professional, the procedures for buying, selling, and exchanging shares and the account features and policies may differ. In addition to any limitations described in this Prospectus, an Investment Professional or other intermediary may also place other limits on your ability to use the services of a Fund. Sometimes an Investment Professional will charge you for its services. This fee will be in addition to, and unrelated to, the fees and expenses charged by the Funds.

Mutual funds must obtain and verify information that identifies investors opening new accounts. If the Funds are unable to collect the required information, you may not be able to open your account. Additional details about the Funds' Customer Identification Program are available in the section "Important Fund Policies."

The Fund generally is available for purchase in the United States, Puerto Rico, Guam, American Samoa and the U.S. Virgin Islands. Except to the extent otherwise permitted by the Fund's Distributor, the Fund will only accept accounts from U.S. citizens with a U.S. address (including an APO or FPO address) or resident aliens with a U.S. address (including an APO or FPO address) and a U.S. taxpayer identification number.

If you participate in a retirement plan that offers one of the Victory Funds as an option, please consult your employer for information on how to purchase shares of the Victory Funds through the plan, including any restrictions or limitations that may apply.

**Paying for Your Initial Purchase**

If you wish to make an investment directly into the Victory Funds, make your check payable to the "Victory Funds." All checks must be drawn on U.S. banks. If your check is returned as uncollectible for any reason, you will be charged for any resulting fees and/or losses. The Fund does not accept cash,

**35**

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How to Buy Shares

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money orders, traveler's checks, credit card convenience checks, or third-party checks. Additionally, bank starter checks are not accepted for the shareholder's initial investment into the Funds. All payments must be denominated in U.S. dollars.

**Minimum Investments**

If you would like to buy Class A or Class C shares, the minimum investment required to open an account is $2,500 ($1,000 for IRA accounts), with additional investments of at least $50. If you would like to buy Class I, Class R, Class R6, or Class Y shares, you must be an Eligible Investor, as discussed in the section *Choosing a Share Class — Eligibility Requirements to Purchase*. Eligible Investors may be subject to a minimum investment amount as detailed in that section.

For Class C shares, individual purchases of $500,000 and above will be made automatically in Class A shares.

If your account falls below the minimum investment amount, we may ask you to reestablish the minimum investment. If you do not do so within 60 days, we may close your account and send you the value of your account.

The minimum investment required to open an account may be waived or lowered for employees and immediate family members of the employees, of the Adviser, the Administrator, and their affiliates. In addition, the minimum investment required may be waived when a Fund is purchased through an Advisory Program, within qualified retirement plans or in other similar circumstances. Although the Funds may sometimes waive the minimum investment, when they do so, they always reserve the right to reject initial investments under the minimum at their discretion.

There is no minimum investment required to open an account or for additional investments in Victory Simple IRAs.

A Fund reserves the right to change the criteria for eligible investors and the investment minimums.

**Purchasing Additional Shares**

Once you have an existing account, you can make additional investments at any time in any amount (subject to any minimums) in the following ways:

◼

**By Mail**

To ensure that your additional investment is properly credited to your account, use the Investment Stub attached to your confirmation statement and send it with your check to the address indicated.

◼

**By Telephone**

If you have an existing account that has been set up to receive electronic transfers, you can buy additional shares by calling Victory Funds Customer Service at 800-539-FUND (800-539-3863) between 8:00 a.m. and 6:00 p.m. (Eastern Time), Monday through Friday.

◼

**By Exchange**

You may purchase shares of a Fund using the proceeds from the simultaneous redemption of shares of another Victory Fund if it is eligible for an exchange with your Fund. You may initiate an exchange online (if you are a registered user of VictoryFunds.com), by telephone, or by mail. See the section "Exchanging Shares."

◼

**Via the Internet**

If you are a registered user, you may request a purchase of shares through our website at VictoryFunds.com. Your account must be set up for Automated Clearing House ("ACH") payment in order to execute online purchases.

**36**

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How to Buy Shares

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◼

**By ACH**

Your account must be set up for ACH payment in order to execute purchases online or by telephone. It takes about 15 days to set up an ACH account and only domestic member banks may be used. After your account is set up, your purchase amount can be transferred by ACH. Currently, the Funds do not charge a fee for ACH transfers but they reserve the right to charge for this service in the future. Your originating bank may charge a fee for ACH transfers.

◼

**By Wire**

You may buy Fund shares by bank wire transfer of same day funds. Please call Victory Funds Customer Service at 800-539-FUND (800-539-3863) between 8:00 a.m. and 6:00 p.m. (Eastern Time), Monday through Friday for wiring instructions. Any commercial bank can transfer same-day funds by wire.

Although the transfer agent does not currently charge you for receiving same-day funds, it reserves the right to charge for this service in the future. Your bank may charge you for wiring same-day funds. You cannot buy shares for tax-qualified retirement plans by wire transfer.

◼

**By Systematic Investment Plan**

To enroll in the Systematic Investment Plan, you should check this box on the Account Application or on the Account Maintenance Form. We will need your bank information and the amount ($50 or more) and frequency of your investment. You can select monthly, quarterly, semi annual, or annual investments. You should attach a voided personal check so the proper information can be obtained. You must first meet the minimum investment requirement before we will make automatic withdrawals from your bank account and invest it in shares of a Fund.

**Other Purchase Rules You Should Know**

The Funds reserve the right to refuse a purchase order for any reason, including if they believe that doing so would be in the best interest of a Fund or its shareholders. The Funds also reserve the right, without notice, to increase or decrease the minimum amount required to open, convert shares to, or maintain a Fund account, or to add to an existing Fund account.

Keep these addresses handy for purchases, exchanges, or redemptions.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **BY REGULAR U.S. MAIL** | &nbsp;&nbsp;&nbsp; Victory Funds <br> P.O. Box 182593 <br> Columbus, OH 43218-2593<br>|
| **BY OVERNIGHT MAIL** | &nbsp;&nbsp;&nbsp; Use the following address ONLY for overnight packages:<br> Victory Funds<br> c/o FIS TA Operations<br> 4249 Easton Way, Suite 400<br> Columbus, OH 43219<br> PHONE: 800-539-FUND (800-539-3863)<br>|
| **BY WIRE** | &nbsp;&nbsp;&nbsp; Call 800-539-FUND (800-539-3863) BEFORE wiring money to notify the <br> Fund that you intend to purchase shares by wire and to verify wire <br> instructions.<br>|
| **BY TELEPHONE** | 800-539-FUND (800-539-3863) |
| **ON THE INTERNET** | VictoryFunds.com |

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**37**

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How to Exchange Shares

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&nbsp;&nbsp; There may be limits on the ability to exchange between certain Victory Funds. <br> You can obtain a list of Victory Funds available for exchange by calling <br> 800-539-FUND (800-539-3863) or by visiting VictoryFunds.com<br>

The shares of any class of a Fund may be exchanged for the shares of any other class offered by the Fund or the same class of any other class of any Victory Fund, either through your Investment Professional or directly through the Fund, subject to the conditions described below:

◼

Exchanges are subject to any CDSC, minimum investment limitation, or eligibility requirements described in the applicable Prospectus and SAI. You may be required to provide sufficient information to establish eligibility to exchange into a new share class.

◼

To exchange with another Victory Fund, the other Victory Fund must be eligible for exchange with your Fund.

◼

Shares of the Victory Fund selected for exchange must be available for sale in your state of residence.

If you have questions about these, or any of the Funds' other exchange policies, please consult Victory Customer Service or your Investment Professional before requesting an exchange.

Before exchanging, you should read the Prospectus of the other Victory Fund you wish to exchange into, which may be subject to different risks, fees, and expenses.

**Class C Share Conversion**

Class C shares of the Fund will convert automatically to Class A shares in the month following the eight-year anniversary date of the purchase of the Class C shares. Your financial intermediary may have a conversion schedule that is shorter than eight years. Class C conversions will be effected at the relative NAV of each such class without the imposition of any sales charge, fee, or other charge.

You may be able to voluntarily convert your Class C shares before the stated anniversary to a different share class of the same Fund that has a lower total annual operating expense ratio provided certain conditions are met. This voluntary conversion feature is intended for shares held through a financial intermediary offering a fee-based or wrap fee program that has an agreement with the Adviser or the Distributor specific for this purpose. Generally, Class C shares are not eligible for conversion until the applicable CDSC period has expired. Please contact your financial intermediary for additional information.

**Processing Your Voluntary Exchange/Conversion**

If your exchange or conversion request is received and accepted by the Funds, an Investment Professional or other intermediary by the close of trading as described in the section titled, "Share Price," then your request will be processed the same day. If received after the close of trading, your request will be processed on the next business day. Please contact your financial intermediary regarding the tax consequences of any exchange or conversion.

Exchanges will occur at the respective NAVs of the Funds' share classes involved in the exchange next calculated after receipt and acceptance of your exchange request in good order, plus any applicable sales charge described in the Prospectus. Share class conversions will be based on the respective NAV of each class as of the trade date of the conversion. Consequently, you may receive fewer shares or more shares than originally owned, depending on that day's NAVs.

**38**

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How to Exchange Shares

------

**Requesting an Exchange**

You can exchange shares of the Funds by telephone, by mail, or via the Internet. You cannot exchange into an account with a different registration or tax identification number.

◼

**By Telephone**

Unless you indicate otherwise on the account application, Victory Customer Service will be authorized to accept exchange instructions received by telephone.

◼

**By Mail**

Send a letter of instruction signed by all registered owners or their legal representatives to the Victory Funds.

◼

**Via the Internet**

You may also exchange shares via the Internet at VictoryFunds.com if you are a registered user.

**Other Exchange Rules You Should Know**

The Funds may refuse any exchange purchase request if the Adviser determines that the request is associated with a market timing strategy. The Funds may terminate or modify the exchange privilege at any time upon 60 days' notice to shareholders.

An exchange of Fund shares for shares of another Victory Fund constitutes a sale for tax purposes unless the exchange is made within an IRA or other tax-deferred account.

For information on how to exchange shares of a Fund that were purchased through your employer's retirement plan, including any restrictions and charges that the plan may impose, please consult your employer.

**39**

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How to Sell Shares

------

There are a number of convenient ways to sell your shares.<br>

If your redemption request is received in good order by the close of trading on the NYSE, your redemption will be processed the same day. Your redemption will not be processed until the next business day if it is received after the close of trading on the NYSE. You cannot redeem your shares at VictoryFunds.com.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BY TELEPHONE**<br>

The easiest way to redeem shares is by calling 800-539-FUND (800-539-3863). When you fill out your original application, be sure to check the box marked "Telephone Authorization." You have the following options for receiving your redemption proceeds:

◼

Mail a check to the address of record;

◼

Wire funds to a previously designated domestic financial institution;

◼

Mail a check to a previously designated alternate address; or

◼

Electronically transfer your redemption via ACH to a previously designated domestic financial institution.

Victory Funds' transfer agent records all telephone calls for your protection and takes measures to verify the identity of the caller. If the transfer agent properly acts on telephone instructions and follows reasonable procedures to ensure against unauthorized transactions, none of the Trust, its servicing agents, the Adviser, or the transfer agent will be responsible for any losses. If the transfer agent does not follow these procedures, it may be liable to you for losses resulting from unauthorized instructions.

If there is an unusual amount of market activity and you cannot reach the transfer agent or your Investment Professional by telephone, consider placing your order by mail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BY MAIL**<br>

Use the regular U.S. mail or overnight mail address to redeem shares. You can use the same mailing addresses listed for purchases. Send us a letter of instruction indicating your Fund account number, amount of redemption, and where to send the proceeds. A Medallion signature guarantee is required for the following redemption requests:

◼

Your account registration has changed within the last 15 business days;

◼

The check is not being mailed to the address on your account;

◼

The check is not being made payable to the owner of the account;

◼

The redemption proceeds are being transferred to another Victory Fund account with a different registration; or

◼

The check or wire is being sent to a different bank account than was previously designated.

You can get a Medallion signature guarantee from a financial institution — such as a commercial bank, broker-dealer, credit union, clearing agency, or savings bank — that is a member of a Medallion signature guarantee program.

**BY WIRE**<br>

If you want to receive your proceeds by wire, you must establish a Fund account that will accommodate wire transactions. If you call before the close of trading on the NYSE, your funds will be wired on the next business day.

**BY ACH**<br>

You may transfer your proceeds by ACH to a domestic bank. Normally, your redemption will be processed on the same day if your request is received before the close of trading on the NYSE. If your request is received after the close of trading it will be processed on the next business day.

**40**

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How to Sell Shares

------

**Systematic Withdrawal Plan**

If you check this box on the Account Application or on the Account Maintenance Form, we will send monthly, quarterly, semi-annual, or annual payments to the person you designate. The minimum withdrawal is $25, and you must have a balance of $5,000 or more at the time you establish the Systematic Withdrawal Plan. If the payment is to be sent to an account of yours, we will need a voided check to activate this feature. If the payment is to be made to an address different from your account address, we will need a Medallion signature guaranteed letter of instruction. You should be aware that each withdrawal may be a taxable transaction. Also, each withdrawal reduces your account balance, and eventually your account balance may be depleted. However, you cannot automatically close your account using the Systematic Withdrawal Plan. If your balance falls below the initial purchase minimum, we may ask you to bring the account back to the minimum balance. If you decide not to increase your account to the minimum balance, your account may be closed and the proceeds mailed to you.

**Additional Information About Redemptions**

◼

Redemption proceeds from the sale of Fund shares purchased by a check or through ACH will be held until the purchase check or ACH has cleared, which will take up to 10 business days.

◼

We typically expect to send the proceeds from your share redemption within one business day after we execute your order, but we may take up to seven business days to send redemption proceeds, regardless of payment type. When you sell shares through your financial intermediary, you can ask the intermediary to tell you when you can expect to receive the proceeds of your redemption.

◼

A Fund may suspend your right to redeem your shares in the following circumstances:

<sup>◼</sup>

During non-routine closings of the NYSE;

<sup>◼</sup>

When the SEC determines either that trading on the NYSE is restricted or that an emergency prevents the sale or valuation of the Fund's securities; or

<sup>◼</sup>

When the SEC orders a suspension to protect the Fund's shareholders.

◼

A Fund typically uses cash and cash equivalents held in its portfolio or sells portfolio assets to meet redemption requests. In unusual circumstances or under stressed market conditions, the Fund may use other methods to raise cash to meet redemption requests. For example, the Fund may draw funds from a line of credit or borrow available cash held by other Victory Funds under an "interfund lending program" in reliance on an exemptive order from the SEC.

◼

A Fund will pay redemptions by any one shareholder during any 90-day period in cash up to the lesser of $250,000 or 1.00% of the Fund's net assets. The Funds reserve the right to pay the remaining portion "in kind," that is, in portfolio securities rather than cash. Securities received pursuant to an in-kind redemption are subject to market risk until sold and may be subject to brokerage and other fees.

◼

If you choose to have your redemption proceeds mailed to you and either the U.S. Postal Service is unable to deliver the redemption check to you or the check remains outstanding for more than six months, the Funds reserve the right to reinvest the check in shares of the Fund at its then current NAV until you give the Fund different instructions. No interest will accrue on amounts represented by uncashed redemption checks.

**41**

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Distributions and Taxes

------

&nbsp;&nbsp; **Buying a dividend.** You should check the Funds' distribution schedule before you invest. <br> If you purchase shares when a Fund has undistributed income and gain, you will be <br> "buying a dividend" by paying a higher purchase price per share reflecting the <br> undistributed income and gain and then receiving a portion of the purchase price back <br> in the form of a taxable dividend unless you are investing through a tax-deferred account.<br>

Each Fund ordinarily declares and pays dividends from net investment income, if any, annually, and net realized capital gains, if any, annually. Each Fund may make additional distributions, if necessary, to comply with U.S. federal tax requirements and avoid U.S. federal income or excise tax.

Each class of shares declares and pays dividends separately.

Distributions can be received in one of the following ways. Please check with your Investment Professional if you are unsure of which option is right for you.

&nbsp;&nbsp; Your choice of distribution should be set up on the original Account Application. <br> If you would like to change the option you selected, please call 800-539-FUND (800-539-3863).<br>

**Reinvestment Option**

You can have distributions automatically reinvested in additional shares of your Fund. If you do not indicate another choice on your Account Application, you will be assigned this option automatically.

**Cash Option**

If you elect to receive your distributions by check, and the distribution amount is $25 or less, the amount will automatically be reinvested in the same Fund. Otherwise, a check will be mailed to you no later than seven days after the dividend payment date. If you choose to have your distribution proceeds mailed to you and either the U.S. Postal Service is unable to deliver the distribution check to you or the check remains outstanding for at least six months, the distribution option on your account will default to the reinvestment option as described above. Each Fund reserves the right to reinvest the check in shares of the Fund at its then current NAV until you give the Fund different instructions. No interest will accrue on amounts represented by uncashed distribution checks.

**Income Earned Option**

You can automatically reinvest your dividends in additional Fund shares and have your capital gains paid in cash, or reinvest capital gains and have your dividends paid in cash.

**Directed Distributions Option**

In most cases, you can automatically reinvest distributions in shares of another Victory Fund. If you reinvest your distributions in a different Victory Fund, you may pay a sales charge on the amount of reinvested distributions.

**Directed Bank Account Option**

In most cases, you can automatically transfer distributions to your bank checking or savings account. Under normal circumstances, the transfer agent will transfer your distributions within seven days of the dividend payment date. The bank account must have a registration identical to that of your Fund account.

**42**

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Distributions and Taxes

------

**Important Information About Taxes** 

&nbsp;&nbsp; The tax information in this Prospectus is provided as general information. You <br> should review the more detailed discussion of federal income tax considerations <br> in the SAI and consult your tax adviser regarding the federal, state, local, or <br> foreign tax consequences resulting from your investment in a Fund.<br>

Each Fund generally expects to pay no federal income tax on the earnings and capital gains it distributes to shareholders.

◼

Qualified dividend income received from a Fund by noncorporate shareholders generally will be taxed at long-term capital gain rates to the extent attributable to qualified dividend income received by the Fund, subject to certain holding period requirements. Nonqualified dividends, dividends received by corporate shareholders and dividends from a Fund's short-term capital gains are taxable as ordinary income. Dividends from a Fund's long-term capital gains generally are taxable as long-term capital gains.

◼

You will pay tax on dividends from a Fund whether you receive them in cash, additional shares of the Fund or you reinvest them in shares of another Victory Fund.

◼

Dividends from a Fund that are attributable to interest on certain U.S. government obligations, if any, may be exempt from certain state and local income taxes. The extent to which ordinary dividends are attributable to these U.S. government obligations will be provided on the tax statements you receive from a Fund.

◼

An exchange of a Fund's shares for shares of another Victory Fund will be treated as a sale. When you sell or exchange shares of a Fund, you generally will recognize any gain or loss.

◼

An exchange of one class of a Fund's shares for shares of another class of the same Fund generally constitutes a nontaxable exchange for federal income tax purposes.

◼

Distributions from a Fund and gains from the disposition of your shares may also be subject to state and local income tax.

◼

An additional 3.8% Medicare tax will be imposed on certain net investment income (which includes dividends and gain recognized on a disposition of shares) of certain U.S. individuals, estates, and trusts.

◼

Certain dividends paid to you in January will be taxable as if they had been paid to you the previous December.

◼

Tax statements will be mailed from each Fund by mid-February showing the amounts and tax status of distributions made to you in the prior calendar year.

◼

Because your tax treatment depends on your purchase price and tax position, you should keep your regular account statements for use in determining your tax.

◼

A Fund generally is required by law to provide you and the Internal Revenue Service with certain cost basis information related to the sale or redemption of any of your shares in the Fund acquired on or after January 1, 2012 (including distributions that are reinvested in additional shares of the Fund).

◼

A Fund may be required to withhold tax from dividends and redemption proceeds if you fail to give your correct social security or taxpayer identification number, fail to make required certifications, or the Fund is notified by the Internal Revenue Service that backup withholding is required.

◼

If you are a nonresident alien individual, foreign trust or estate, foreign corporation, or foreign partnership, a Fund's ordinary income dividends may be subject to a 30% U.S. withholding tax. See the section titled "TAXES—Foreign Shareholders" in the SAI for details.

**43**

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Distributions and Taxes

------

◼

Under the "Foreign Account Tax Compliance Act," unless certain foreign entities comply with certain IRS requirements that generally require them to report information regarding U.S. persons investing in, or holding accounts with, such entities, a 30% U.S. withholding tax may apply to dividends paid by a Fund to such entities. See the section titled "TAXES—Foreign Shareholders" in the SAI for details.

◼

The Funds may provide estimated capital gain distribution information through the website at vcm.com.

◼

Dividends and interest received by a Fund and capital gains recognized by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. You may be able to claim a credit or take a deduction for foreign taxes paid by a Fund if certain requirements are met.

**IRA Distribution Withholding Disclosure**

We generally must withhold federal income tax at a rate of 10% of the taxable portion of your distribution, and if you live in a state that requires state income tax withholding, at your state's tax rate. However, you may elect not to have withholding apply or to have income tax withheld at a higher rate. Any withholding election that you make will apply to any subsequent distribution unless and until you change or revoke the election. If you wish to make a withholding election, or change or revoke a prior withholding election, call 800-539-FUND (800-539-3863), and form W-4P (OMB No. 1545-0074 withholding certificate for pension or annuity payments) will be sent electronically.

If you do not have a withholding election in place by the date of a distribution, federal income tax will be withheld from the taxable portion of your distribution at a rate of 10%. If you must pay estimated taxes, you may be subject to estimated tax penalties if your estimated tax payments are not sufficient and sufficient tax is not withheld from your distribution.

The foregoing discussion summarizes some of the possible consequences under current federal tax law of an investment in the Fund. It is not a substitute for personal tax advice. The foregoing discussion also does not discuss any state, local, or non-U.S. tax consequences associated with an investment in the Fund. The tax information in this Prospectus is based on tax law in effect on the date of this Prospectus and it does not address any proposals to modify such tax laws. Consult your personal tax advisor about the potential tax consequences of an investment in the shares under all applicable tax laws.

For more specific information, please consult your tax adviser.

**44**

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Important Fund Policies

------

**Customer Identification Program**

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens a new account, and to determine whether such person's name appears on government lists of known or suspected terrorists and terrorist organizations.

As a result, the Victory Funds must obtain the following information for each person who opens a new account:

◼

Name;

◼

Date of birth (for individuals);

◼

Residential or business street address (although post office boxes are still permitted for mailing); and

◼

Social security number, taxpayer identification number, or other identifying number.

You may also be asked for a copy of your driver's license, passport, or other identifying document in order to verify your identity. In addition, it may be necessary to verify your identity by cross-referencing your identification information with a consumer report or other electronic database. Additional information may be required to open accounts for corporations and other entities. Federal law prohibits the Victory Funds and other financial institutions from opening a new account unless they receive the minimum identifying information listed above. After an account is opened, the Victory Funds may restrict your ability to purchase additional shares until your identity is verified. The Victory Funds may close your account or take other appropriate action if it is unable to verify your identity within a reasonable time. If your account is closed for this reason, your shares will be redeemed at the NAV next calculated after the account is closed.

**Account Maintenance Information**

For the following non-financial transactions, the Victory Funds require proof that your signature authorizing a transaction is authentic. This verification can be provided in all cases by either a Signature Validation Program ("SVP") stamp or a Medallion signature guarantee ("MSG"). In some instances a Notary Public stamp is an acceptable alternative. As with an MSG, an SVP stamp can also be obtained from a financial institution that is a member of the SVP program.

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Notary** <br> **Public**<br>| **SVP** | **MSG** |
| Change of name  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Add/change banking instructions  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Add/change beneficiaries  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Add/change authorized account traders  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Adding a Power of Attorney | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Add/change Trustee  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Uniform Transfers to Minors Act/Uniform Gifts to Minors Act custodian <br> change <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |

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**Market Timing**

The Victory Funds discourage frequent purchases and redemptions of Fund shares (market timing). Market timing allows investors to take advantage of market inefficiencies, sometimes to the disadvantage of other shareholders. Market timing increases Fund expenses to all shareholders by increasing portfolio turnover. In addition, market timing could potentially dilute share value for all other shareholders by requiring the Fund to hold more cash than it normally would.

**45**

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Important Fund Policies

------

The Board has adopted policies and procedures with respect to market timing. In order to prevent or minimize market timing, the Funds (or the Adviser, as appropriate) will:

◼

Employ "fair value" pricing, as described in this Prospectus under Share Price, to minimize the discrepancies between a security's market quotation and its perceived market value, which often gives rise to market timing activity; and

◼

Monitor for suspected market timing based on "short-term transaction" activity, that is, a purchase or redemption of a Fund and, as applicable, a subsequent redemption or purchase of the same Fund, or an exchange of all or part of that same Fund.

In monitoring for market timing activity, we consider, among other things, the frequency of your trades and whether you acquired your Fund shares directly through the transfer agent or whether you combined your trades with a group of shareholders in an omnibus account or otherwise placed your order through a securities dealer or other financial intermediary.

Frequent trading by a shareholder is generally a characteristic of market timing. Therefore, any account in which Fund shares are acquired directly through the transfer agent, or where the Fund can adequately identify the shareholder, with a history of three short-term transactions within 90 days or less is suspected of market timing and the shareholder's trading privileges (other than redemption of Fund shares) will be suspended.

We may make exceptions to the "short-term transaction" policy for certain types of transactions if, in the opinion of the Adviser, under the oversight of the Board, the transactions do not represent short-term or excessive trading or are not abusive or harmful to the Funds, such as, but not limited to, systematic transactions, required minimum retirement distributions, transactions initiated by the Funds or administrator, and transactions by certain qualified funds-of-funds.

If you acquired shares through an omnibus account or otherwise placed your order through a securities dealer, or other financial intermediary (such as investment advisers, broker-dealers, third-party administrators, or insurance companies), and market timing is suspected, different purchase and exchange limitations may apply. We may rely upon a financial intermediary's policy to deter short-term or excessive trading (i) if we believe that the financial intermediary's policy is reasonably designed to detect and deter transactions that are not in the best interests of the Funds, or (ii) if we receive an undertaking from the financial intermediary to enforce short-term or excessive trading policies on behalf of the Funds that provide a substantially similar level of protection for the Funds against such transactions. If you hold your Fund shares through a financial intermediary, you are advised to consult the intermediary to determine what purchase and exchange limitations apply to your account.

We reserve the right to reject or cancel a purchase or exchange order for any reason without prior notice. We will deny your request to purchase or exchange your shares if we believe that the transaction is part of a market timing strategy.

The Funds' market timing policies and procedures may be modified or terminated at any time under the oversight of the Board.

**Portfolio Holdings Disclosure**

A description of each Fund's policies and procedures with respect to the disclosure of the Funds' portfolio securities is available in the Funds' SAI, which is available upon request and on the Funds' website at VictoryFunds.com.

**46**

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Important Fund Policies

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**Performance**

The Victory Funds may advertise the performance of a Fund by comparing it to other mutual funds with similar objectives and policies. Performance information also may appear in various publications. Any fees charged by Investment Professionals may not be reflected in these performance calculations.

Advertising information may include the average annual total return of the Funds calculated on a compounded basis for specified periods of time. Total return information will be calculated according to rules established by the SEC. Such information may include performance rankings and similar information from independent organizations and publications.

**Statements and Reports**

You will receive a periodic statement reflecting any transactions that affect the balance or registration of Fund shares in your account. You will receive a confirmation after any purchase, exchange, or redemption. If your account has been set up by an Investment Professional, Fund activity will be detailed in that account's statements. Share certificates are not issued. Twice a year, you will receive a financial report of the Fund. By February 15th of each year, you will be mailed an IRS form reporting distributions for the previous year, which also will be filed with the IRS.

**Shareholder Communications**

In order to eliminate duplicate mailings to an address at which two or more shareholders with the same last name reside, the Victory Funds may send only one copy of any shareholder reports, proxy statements, prospectuses and their supplements, unless you have instructed us to the contrary. You may request that the Victory Funds send these documents to each shareholder individually by calling the Victory Funds at 800-539-FUND (800-539-3863), and they will be delivered promptly.

While this Prospectus and the SAI of the Trust describe pertinent information about the Trust and the Funds, neither this Prospectus nor the SAI represents a contract between the Trust or the Funds and any shareholder.

**47**

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Financial Highlights

------

The following financial highlights tables reflect historical information about shares of the Funds and are intended to help you understand each Fund's financial performance for the past five years, or, if shorter, the period of its operations. Certain information shows the results of an investment in one share of a Fund. To the extent a Fund invests in other funds, the Total Annual Operating Expenses included in a Fund's Fees and Expenses Table may not correlate to the ratio of expenses to average net assets in the financial highlights below. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in each Fund (assuming reinvestment of all dividends and distributions).

The information presented has been audited by Cohen & Company, Ltd., the Funds' independent registered public accounting firm, whose report, along with the Funds' financial statements, are included in the Funds' most recent N-CSR filing to shareholders, which is available upon request.

**48**

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**Victory Trivalent International Fund-Core Equity** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| ***For a Share Outstanding Throughout Each*** <br> ***Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/22**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/21**<br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp; $8.19 | &nbsp;&nbsp;&nbsp; $7.32 | &nbsp;&nbsp;&nbsp; $6.51 | &nbsp;&nbsp;&nbsp; $8.35 | &nbsp;&nbsp;&nbsp; $6.49 |
| **Investment Activities:** |  |  |  |  |  |
| Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp; (1.73) | &nbsp;&nbsp;&nbsp;&nbsp;1.77 |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp; (1.56) | &nbsp;&nbsp;&nbsp;&nbsp;1.95 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp; (0.09) |
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp; (0.09) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $9.53 | &nbsp;&nbsp;&nbsp; $8.19 | &nbsp;&nbsp;&nbsp; $7.32 | &nbsp;&nbsp;&nbsp; $6.51 | &nbsp;&nbsp;&nbsp; $8.35 |
| Total Return(b) | &nbsp;&nbsp;&nbsp; 20.22% | &nbsp;&nbsp;&nbsp; 15.87% | &nbsp;&nbsp;&nbsp; 15.09% | &nbsp;&nbsp;&nbsp; (19.33)% | &nbsp;&nbsp;&nbsp; 30.28% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net Expenses(c) | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp; 1.86% | &nbsp;&nbsp;&nbsp; 2.04% | &nbsp;&nbsp;&nbsp; 2.28% | &nbsp;&nbsp;&nbsp; 2.18% | &nbsp;&nbsp;&nbsp; 2.32% |
| Gross Expenses(c) | &nbsp;&nbsp;&nbsp; 1.83% | &nbsp;&nbsp;&nbsp; 1.79% | &nbsp;&nbsp;&nbsp; 1.79% | &nbsp;&nbsp;&nbsp; 1.77% | &nbsp;&nbsp;&nbsp; 1.76% |
| **Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (000's) | &nbsp;&nbsp;&nbsp; $3988 | &nbsp;&nbsp;&nbsp; $4003 | &nbsp;&nbsp;&nbsp; $3765 | &nbsp;&nbsp;&nbsp; $4147 | &nbsp;&nbsp;&nbsp; $5379 |
| Portfolio Turnover(d) | &nbsp;&nbsp;&nbsp; 44% | &nbsp;&nbsp;&nbsp; 38% | &nbsp;&nbsp;&nbsp; 49% | &nbsp;&nbsp;&nbsp; 55% | &nbsp;&nbsp;&nbsp; 47% |

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(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return. Excludes any applicable sales charges, including contingent deferred sales charges. Total return would be reduced if sales charges were taken into account.

(c) Does not include acquired fund fees and expenses, if any.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**49**

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Victory Trivalent International Fund-Core Equity (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| ***For a Share Outstanding Throughout Each*** <br> ***Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/22**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/21**<br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp; $8.25 | &nbsp;&nbsp;&nbsp; $7.37 | &nbsp;&nbsp;&nbsp; $6.55 | &nbsp;&nbsp;&nbsp; $8.40 | &nbsp;&nbsp;&nbsp; $6.53 |
| **Investment Activities:** |  |  |  |  |  |
| Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp; (1.74) | &nbsp;&nbsp;&nbsp;&nbsp;1.78 |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp; (1.54) | &nbsp;&nbsp;&nbsp;&nbsp;1.99 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp; (0.12) |
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp; (0.12) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $9.61 | &nbsp;&nbsp;&nbsp; $8.25 | &nbsp;&nbsp;&nbsp; $7.37 | &nbsp;&nbsp;&nbsp; $6.55 | &nbsp;&nbsp;&nbsp; $8.40 |
| Total Return(b) | &nbsp;&nbsp;&nbsp; 20.75% | &nbsp;&nbsp;&nbsp; 16.27% | &nbsp;&nbsp;&nbsp; 15.40% | &nbsp;&nbsp;&nbsp; (19.03)% | &nbsp;&nbsp;&nbsp; 30.65% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net Expenses(c) | &nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 0.60% |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp; 2.25% | &nbsp;&nbsp;&nbsp; 2.40% | &nbsp;&nbsp;&nbsp; 2.57% | &nbsp;&nbsp;&nbsp; 2.57% | &nbsp;&nbsp;&nbsp; 2.69% |
| Gross Expenses(c) | &nbsp;&nbsp;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp; 1.42% | &nbsp;&nbsp;&nbsp; 1.37% | &nbsp;&nbsp;&nbsp; 1.62% | &nbsp;&nbsp;&nbsp; 1.42% |
| **Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (000's) | &nbsp;&nbsp;&nbsp; $3952 | &nbsp;&nbsp;&nbsp; $3651 | &nbsp;&nbsp;&nbsp; $3381 | &nbsp;&nbsp;&nbsp; $2834 | &nbsp;&nbsp;&nbsp; $3303 |
| Portfolio Turnover(d) | &nbsp;&nbsp;&nbsp; 44% | &nbsp;&nbsp;&nbsp; 38% | &nbsp;&nbsp;&nbsp; 49% | &nbsp;&nbsp;&nbsp; 55% | &nbsp;&nbsp;&nbsp; 47% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return.

(c) Does not include acquired fund fees and expenses, if any.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**50**

------

Victory Trivalent International Fund-Core Equity (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| ***For a Share Outstanding Throughout Each*** <br> ***Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/22**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/21**<br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp; $8.30 | &nbsp;&nbsp;&nbsp; $7.42 | &nbsp;&nbsp;&nbsp; $6.60 | &nbsp;&nbsp;&nbsp; $8.45 | &nbsp;&nbsp;&nbsp; $6.57 |
| **Investment Activities:** |  |  |  |  |  |
| Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp; (1.75) | &nbsp;&nbsp;&nbsp;&nbsp;1.78 |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp; (1.54) | &nbsp;&nbsp;&nbsp;&nbsp;1.99 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp; (0.11) |
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp; (0.11) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $9.67 | &nbsp;&nbsp;&nbsp; $8.30 | &nbsp;&nbsp;&nbsp; $7.42 | &nbsp;&nbsp;&nbsp; $6.60 | &nbsp;&nbsp;&nbsp; $8.45 |
| Total Return(b) | &nbsp;&nbsp;&nbsp; 20.77% | &nbsp;&nbsp;&nbsp; 16.21% | &nbsp;&nbsp;&nbsp; 15.50% | &nbsp;&nbsp;&nbsp; (18.93)% | &nbsp;&nbsp;&nbsp; 30.57% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net Expenses(c) | &nbsp;&nbsp;&nbsp; 0.55% | &nbsp;&nbsp;&nbsp; 0.55% | &nbsp;&nbsp;&nbsp; 0.55% | &nbsp;&nbsp;&nbsp; 0.55% | &nbsp;&nbsp;&nbsp; 0.55% |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp; 2.30% | &nbsp;&nbsp;&nbsp; 2.46% | &nbsp;&nbsp;&nbsp; 2.68% | &nbsp;&nbsp;&nbsp; 2.60% | &nbsp;&nbsp;&nbsp; 2.75% |
| Gross Expenses(c) | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 1.00% |
| **Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (000's) | &nbsp;&nbsp;&nbsp; $222077 | &nbsp;&nbsp;&nbsp; $205050 | &nbsp;&nbsp;&nbsp; $180222 | &nbsp;&nbsp;&nbsp; $172965 | &nbsp;&nbsp;&nbsp; $204691 |
| Portfolio Turnover(d) | &nbsp;&nbsp;&nbsp; 44% | &nbsp;&nbsp;&nbsp; 38% | &nbsp;&nbsp;&nbsp; 49% | &nbsp;&nbsp;&nbsp; 55% | &nbsp;&nbsp;&nbsp; 47% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return.

(c) Does not include acquired fund fees and expenses, if any.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**51**

------

Victory Trivalent International Fund-Core Equity (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| ***For a Share Outstanding Throughout Each*** <br> ***Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/22**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/21**<br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp; $8.18 | &nbsp;&nbsp;&nbsp; $7.31 | &nbsp;&nbsp;&nbsp; $6.50 | &nbsp;&nbsp;&nbsp; $8.34 | &nbsp;&nbsp;&nbsp; $6.48 |
| **Investment Activities:** |  |  |  |  |  |
| Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp; (1.73) | &nbsp;&nbsp;&nbsp;&nbsp;1.77 |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp; (1.54) | &nbsp;&nbsp;&nbsp;&nbsp;1.97 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp; (0.11) |
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp; (0.11) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $9.52 | &nbsp;&nbsp;&nbsp; $8.18 | &nbsp;&nbsp;&nbsp; $7.31 | &nbsp;&nbsp;&nbsp; $6.50 | &nbsp;&nbsp;&nbsp; $8.34 |
| Total Return(b) | &nbsp;&nbsp;&nbsp; 20.53% | &nbsp;&nbsp;&nbsp; 16.16% | &nbsp;&nbsp;&nbsp; 15.22% | &nbsp;&nbsp;&nbsp; (19.16)% | &nbsp;&nbsp;&nbsp; 30.62% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net Expenses(c) | &nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp; 0.70% |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp; 2.18% | &nbsp;&nbsp;&nbsp; 2.25% | &nbsp;&nbsp;&nbsp; 2.58% | &nbsp;&nbsp;&nbsp; 2.42% | &nbsp;&nbsp;&nbsp; 2.59% |
| Gross Expenses(c) | &nbsp;&nbsp;&nbsp; 1.16% | &nbsp;&nbsp;&nbsp; 1.17% | &nbsp;&nbsp;&nbsp; 1.16% | &nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp; 1.19% |
| **Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (000's) | &nbsp;&nbsp;&nbsp; $8672 | &nbsp;&nbsp;&nbsp; $7238 | &nbsp;&nbsp;&nbsp; $7614 | &nbsp;&nbsp;&nbsp; $6614 | &nbsp;&nbsp;&nbsp; $8574 |
| Portfolio Turnover(d) | &nbsp;&nbsp;&nbsp; 44% | &nbsp;&nbsp;&nbsp; 38% | &nbsp;&nbsp;&nbsp; 49% | &nbsp;&nbsp;&nbsp; 55% | &nbsp;&nbsp;&nbsp; 47% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return.

(c) Does not include acquired fund fees and expenses, if any.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**52**

------

**Victory Trivalent International Small-Cap Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| ***For a Share Outstanding Throughout Each*** <br> ***Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/22**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/21**<br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp; $15.04 | &nbsp;&nbsp;&nbsp; $13.96 | &nbsp;&nbsp;&nbsp; $12.43 | &nbsp;&nbsp;&nbsp; $18.04 | &nbsp;&nbsp;&nbsp; $12.83 |
| **Investment Activities:** |  |  |  |  |  |
| Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp; (4.40) | &nbsp;&nbsp;&nbsp;&nbsp;5.07 |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp;3.92 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp; (4.22) | &nbsp;&nbsp;&nbsp;&nbsp;5.21 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp; — |
| Net realized gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.16) | &nbsp;&nbsp;&nbsp; — |
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp; (1.39) | &nbsp;&nbsp;&nbsp; — |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $18.69 | &nbsp;&nbsp;&nbsp; $15.04 | &nbsp;&nbsp;&nbsp; $13.96 | &nbsp;&nbsp;&nbsp; $12.43 | &nbsp;&nbsp;&nbsp; $18.04 |
| Total Return(b) | &nbsp;&nbsp;&nbsp; 26.56% | &nbsp;&nbsp;&nbsp; 9.42% | &nbsp;&nbsp;&nbsp; 13.11% | &nbsp;&nbsp;&nbsp; (25.22)% | &nbsp;&nbsp;&nbsp; 40.61% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net Expenses(c) | &nbsp;&nbsp;&nbsp; 1.35% | &nbsp;&nbsp;&nbsp; 1.35% | &nbsp;&nbsp;&nbsp; 1.35% | &nbsp;&nbsp;&nbsp; 1.35% | &nbsp;&nbsp;&nbsp; 1.35% |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp; 1.73% | &nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp; 1.55% | &nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp; 0.91% |
| Gross Expenses(c) | &nbsp;&nbsp;&nbsp; 1.70% | &nbsp;&nbsp;&nbsp; 1.69% | &nbsp;&nbsp;&nbsp; 1.65% | &nbsp;&nbsp;&nbsp; 1.63% | &nbsp;&nbsp;&nbsp; 1.63% |
| **Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (000's) | &nbsp;&nbsp;&nbsp; $62452 | &nbsp;&nbsp;&nbsp; $62195 | &nbsp;&nbsp;&nbsp; $71343 | &nbsp;&nbsp;&nbsp; $64968 | &nbsp;&nbsp;&nbsp; $93832 |
| Portfolio Turnover(d) | &nbsp;&nbsp;&nbsp; 49% | &nbsp;&nbsp;&nbsp; 45% | &nbsp;&nbsp;&nbsp; 54% | &nbsp;&nbsp;&nbsp; 68% | &nbsp;&nbsp;&nbsp; 64% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return. Excludes any applicable sales charges, including contingent deferred sales charges. Total return would be reduced if sales charges were taken into account.

(c) Does not include acquired fund fees and expenses, if any.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**53**

------

Victory Trivalent International Small-Cap Fund (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| ***For a Share Outstanding Throughout Each*** <br> ***Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/22**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/21**<br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp; $14.53 | &nbsp;&nbsp;&nbsp; $13.46 | &nbsp;&nbsp;&nbsp; $11.98 | &nbsp;&nbsp;&nbsp; $17.46 | &nbsp;&nbsp;&nbsp; $12.51 |
| **Investment Activities:** |  |  |  |  |  |
| Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;3.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp; (4.26) | &nbsp;&nbsp;&nbsp;&nbsp;4.91 |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp;3.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp; (4.21) | &nbsp;&nbsp;&nbsp;&nbsp;4.95 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp; — |
| Net realized gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.16) | &nbsp;&nbsp;&nbsp; — |
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.27) | &nbsp;&nbsp;&nbsp; — |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $18.11 | &nbsp;&nbsp;&nbsp; $14.53 | &nbsp;&nbsp;&nbsp; $13.46 | &nbsp;&nbsp;&nbsp; $11.98 | &nbsp;&nbsp;&nbsp; $17.46 |
| Total Return(b) | &nbsp;&nbsp;&nbsp; 25.63% | &nbsp;&nbsp;&nbsp; 8.52% | &nbsp;&nbsp;&nbsp; 12.35% | &nbsp;&nbsp;&nbsp; (25.84)% | &nbsp;&nbsp;&nbsp; 39.57% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net Expenses(c) | &nbsp;&nbsp;&nbsp; 2.10% | &nbsp;&nbsp;&nbsp; 2.10% | &nbsp;&nbsp;&nbsp; 2.10% | &nbsp;&nbsp;&nbsp; 2.10% | &nbsp;&nbsp;&nbsp; 2.10% |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp; 0.39% | &nbsp;&nbsp;&nbsp; 0.64% | &nbsp;&nbsp;&nbsp; 0.30% | &nbsp;&nbsp;&nbsp; 0.26% |
| Gross Expenses(c) | &nbsp;&nbsp;&nbsp; 3.49% | &nbsp;&nbsp;&nbsp; 2.91% | &nbsp;&nbsp;&nbsp; 2.57% | &nbsp;&nbsp;&nbsp; 2.49% | &nbsp;&nbsp;&nbsp; 2.41% |
| **Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (000's) | &nbsp;&nbsp;&nbsp; $821 | &nbsp;&nbsp;&nbsp; $1427 | &nbsp;&nbsp;&nbsp; $2204 | &nbsp;&nbsp;&nbsp; $3283 | &nbsp;&nbsp;&nbsp; $4945 |
| Portfolio Turnover(d) | &nbsp;&nbsp;&nbsp; 49% | &nbsp;&nbsp;&nbsp; 45% | &nbsp;&nbsp;&nbsp; 54% | &nbsp;&nbsp;&nbsp; 68% | &nbsp;&nbsp;&nbsp; 64% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return. Excludes any applicable sales charges, including contingent deferred sales charges. Total return would be reduced if sales charges were taken into account.

(c) Does not include acquired fund fees and expenses, if any.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**54**

------

Victory Trivalent International Small-Cap Fund (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| ***For a Share Outstanding*** <br> ***Throughout Each Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/22**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/21**<br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp; $15.18 | &nbsp;&nbsp;&nbsp; $14.09 | &nbsp;&nbsp;&nbsp; $12.54 | &nbsp;&nbsp;&nbsp; $18.19 | &nbsp;&nbsp;&nbsp; $12.94 |
| **Investment Activities:** |  |  |  |  |  |
| Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Net realized and unrealized gains <br> (losses)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp; (4.46) | &nbsp;&nbsp;&nbsp;&nbsp;5.07 |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp;4.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp; (4.20) | &nbsp;&nbsp;&nbsp;&nbsp;5.32 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp; (0.07) |
| Net realized gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.16) | &nbsp;&nbsp;&nbsp; — |
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp; (1.45) | &nbsp;&nbsp;&nbsp; (0.07) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $18.85 | &nbsp;&nbsp;&nbsp; $15.18 | &nbsp;&nbsp;&nbsp; $14.09 | &nbsp;&nbsp;&nbsp; $12.54 | &nbsp;&nbsp;&nbsp; $18.19 |
| Total Return(b) | &nbsp;&nbsp;&nbsp; 27.02% | &nbsp;&nbsp;&nbsp; 9.80% | &nbsp;&nbsp;&nbsp; 13.62% | &nbsp;&nbsp;&nbsp; (24.96)% | &nbsp;&nbsp;&nbsp; 41.16% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net Expenses(c) | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp; 2.20% | &nbsp;&nbsp;&nbsp; 1.77% | &nbsp;&nbsp;&nbsp; 1.95% | &nbsp;&nbsp;&nbsp; 1.56% | &nbsp;&nbsp;&nbsp; 1.52% |
| Gross Expenses(c) | &nbsp;&nbsp;&nbsp; 1.17% | &nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp; 1.16% | &nbsp;&nbsp;&nbsp; 1.17% |
| **Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (000's) | &nbsp;&nbsp;&nbsp; $3000554 | &nbsp;&nbsp;&nbsp; $2749212 | &nbsp;&nbsp;&nbsp; $1909343 | &nbsp;&nbsp;&nbsp; $1655788 | &nbsp;&nbsp;&nbsp; $2003337 |
| Portfolio Turnover(d) | &nbsp;&nbsp;&nbsp; 49% | &nbsp;&nbsp;&nbsp; 45% | &nbsp;&nbsp;&nbsp; 54% | &nbsp;&nbsp;&nbsp; 68% | &nbsp;&nbsp;&nbsp; 64% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return.

(c) Does not include acquired fund fees and expenses, if any.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**55**

------

Victory Trivalent International Small-Cap Fund (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| ***For a Share Outstanding Throughout Each*** <br> ***Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/22**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/21**<br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp; $15.25 | &nbsp;&nbsp;&nbsp; $14.15 | &nbsp;&nbsp;&nbsp; $12.59 | &nbsp;&nbsp;&nbsp; $18.26 | &nbsp;&nbsp;&nbsp; $13.00 |
| **Investment Activities:** |  |  |  |  |  |
| Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;3.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp; (4.48) | &nbsp;&nbsp;&nbsp;&nbsp;5.09 |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp;4.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp; (4.23) | &nbsp;&nbsp;&nbsp;&nbsp;5.32 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp; (0.06) |
| Net realized gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.16) | &nbsp;&nbsp;&nbsp; — |
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp; (1.44) | &nbsp;&nbsp;&nbsp; (0.06) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $18.94 | &nbsp;&nbsp;&nbsp; $15.25 | &nbsp;&nbsp;&nbsp; $14.15 | &nbsp;&nbsp;&nbsp; $12.59 | &nbsp;&nbsp;&nbsp; $18.26 |
| Total Return(b) | &nbsp;&nbsp;&nbsp; 26.94% | &nbsp;&nbsp;&nbsp; 9.76% | &nbsp;&nbsp;&nbsp; 13.55% | &nbsp;&nbsp;&nbsp; (25.02)% | &nbsp;&nbsp;&nbsp; 41.06% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net Expenses(c) | &nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp; 1.03% |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp; 2.20% | &nbsp;&nbsp;&nbsp; 1.60% | &nbsp;&nbsp;&nbsp; 1.84% | &nbsp;&nbsp;&nbsp; 1.52% | &nbsp;&nbsp;&nbsp; 1.43% |
| Gross Expenses(c) | &nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp; 1.03% |
| **Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (000's) | &nbsp;&nbsp;&nbsp; $151988 | &nbsp;&nbsp;&nbsp; $126582 | &nbsp;&nbsp;&nbsp; $121147 | &nbsp;&nbsp;&nbsp; $123487 | &nbsp;&nbsp;&nbsp; $133486 |
| Portfolio Turnover(d) | &nbsp;&nbsp;&nbsp; 49% | &nbsp;&nbsp;&nbsp; 45% | &nbsp;&nbsp;&nbsp; 54% | &nbsp;&nbsp;&nbsp; 68% | &nbsp;&nbsp;&nbsp; 64% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return.

(c) Does not include acquired fund fees and expenses, if any.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**56**

------

Victory Trivalent International Small-Cap Fund (Continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| ***For a Share Outstanding Throughout Each*** <br> ***Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/22**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/21**<br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp; $15.09 | &nbsp;&nbsp;&nbsp; $14.01 | &nbsp;&nbsp;&nbsp; $12.47 | &nbsp;&nbsp;&nbsp; $18.10 | &nbsp;&nbsp;&nbsp; $12.88 |
| **Investment Activities:** |  |  |  |  |  |
| Net investment income (loss)(a) | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;3.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp; (4.42) | &nbsp;&nbsp;&nbsp;&nbsp;5.05 |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp;3.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp; (4.20) | &nbsp;&nbsp;&nbsp;&nbsp;5.27 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp; (0.05) |
| Net realized gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.16) | &nbsp;&nbsp;&nbsp; — |
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp; (1.43) | &nbsp;&nbsp;&nbsp; (0.05) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $18.74 | &nbsp;&nbsp;&nbsp; $15.09 | &nbsp;&nbsp;&nbsp; $14.01 | &nbsp;&nbsp;&nbsp; $12.47 | &nbsp;&nbsp;&nbsp; $18.10 |
| Total Return(b) | &nbsp;&nbsp;&nbsp; 26.85% | &nbsp;&nbsp;&nbsp; 9.64% | &nbsp;&nbsp;&nbsp; 13.43% | &nbsp;&nbsp;&nbsp; (25.07)% | &nbsp;&nbsp;&nbsp; 40.96% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net Expenses(c) | &nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp; 1.10% |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp; 2.08% | &nbsp;&nbsp;&nbsp; 1.31% | &nbsp;&nbsp;&nbsp; 1.78% | &nbsp;&nbsp;&nbsp; 1.33% | &nbsp;&nbsp;&nbsp; 1.35% |
| Gross Expenses(c) | &nbsp;&nbsp;&nbsp; 1.11% | &nbsp;&nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp;&nbsp; 1.13% |
| **Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (000's) | &nbsp;&nbsp;&nbsp; $587741 | &nbsp;&nbsp;&nbsp; $522111 | &nbsp;&nbsp;&nbsp; $794375 | &nbsp;&nbsp;&nbsp; $703026 | &nbsp;&nbsp;&nbsp; $1099890 |
| Portfolio Turnover(d) | &nbsp;&nbsp;&nbsp; 49% | &nbsp;&nbsp;&nbsp; 45% | &nbsp;&nbsp;&nbsp; 54% | &nbsp;&nbsp;&nbsp; 68% | &nbsp;&nbsp;&nbsp; 64% |

---

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return.

(c) Does not include acquired fund fees and expenses, if any.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**57**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

The availability of certain initial and contingent deferred sales charge reductions and waivers may depend on the particular financial intermediary or type of account through which you purchase or hold Fund shares. The following information about variations in sales charge reductions and waivers is applicable only to investors who purchase Fund shares through a Merrill Lynch, Ameriprise Financial, Morgan Stanley Wealth Management, Raymond James, Janney Montgomery Scott LLC, Edward D. Jones & Co., Oppenheimer & Co. Inc., Stifel, Nicolaus & Company, Incorporated, Robert W. Baird & Co., or J.P. Morgan Securities LLC platform or account.

In all instances, it is your responsibility to notify the Fund or your financial intermediary at the time of purchase of any relationship or other facts qualifying you for sales charge reductions or waivers. For reductions and waivers unavailable through a particular intermediary, shareholders will have to purchase Fund shares directly from the Fund or through another intermediary to receive those reductions and waivers.

**Ameriprise Financial**

**Front-end sales charge reductions on Class A shares purchased through Ameriprise Financial**

Shareholders purchasing Class A shares of the Fund through an Ameriprise Financial platform or account are eligible only for the following sales charge reductions, which may differ from those disclosed elsewhere in this prospectus or the SAI. Such shareholders can reduce their initial sales charge on the purchase of Class A shares as follows:

◼

Transaction size breakpoints, as described in this prospectus or the SAI.

◼

Rights of accumulation ("ROA"), as described in this prospectus or the SAI.

◼

Letter of intent, as described in this prospectus or the SAI.

**Front-end sales charge waivers on Class A shares purchased through Ameriprise Financial**

Shareholders purchasing Class A shares of the fund through an Ameriprise Financial platform or account are eligible only for the following sales charge waivers, which may differ from those disclosed elsewhere in this prospectus or the SAI. Such shareholders may purchase Class A shares at NAV without payment of a sales charge as follows:

◼

shares purchased by 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.

◼

shares purchased through reinvestment of capital gains and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the same fund family).

◼

shares exchanged from Class C shares of the same fund in the month of or following the seven-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load waived shares, that waiver will also apply to such exchanges.

◼

shares purchased by employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members.

◼

shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings

**58**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor's spouse, advisor's lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor's lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant.

◼

shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement).

**CDSC waivers on Class A and C shares purchased through Ameriprise Financial**

Fund shares purchased through an Ameriprise Financial platform or account are eligible only for the following CDSC waivers, which may differ from those disclosed elsewhere in this prospectus or the SAI:

◼

redemptions due to death or disability of the shareholder

◼

shares sold as part of a systematic withdrawal plan as described in this prospectus or the SAI

◼

redemptions made in connection with a return of excess contributions from an IRA account

◼

shares purchased through a Right of Reinstatement (as defined above)

◼

redemptions made as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code

**Edward D. Jones & Co ("Edward Jones")**

The following information supersedes prior information with respect to transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also referred to as "shareholders") purchasing fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the mutual fund prospectus or SAI or through another broker-dealer. In all instances, it is the shareholder's responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of the Victory Funds, or other facts qualifying the purchaser for discounts or waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if they have questions regarding their eligibility for these discounts and waivers.

***Breakpoints***

◼

Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.

***Rights of Accumulation ("ROA")*** 

◼

The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except certain money market funds and any assets held in group retirement plans) of the Victory Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations ("pricing groups"). If grouping assets as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a sales charge.

◼

The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or

**59**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

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.

◼

ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV).

***Letter of Intent ("LOI")*** 

◼

Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if the LOI is not met.

◼

If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer.

***Sales Charge Waivers***

Sales charges are waived for the following shareholders and in the following situations:

◼

Associates of Edward Jones and its affiliates and other accounts in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate's life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant to Edward Jones' policies and procedures.

◼

Shares purchased in an Edward Jones fee-based program.

◼

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

◼

Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: the proceeds are from the sale of shares within 60 days of the purchase, the sale and purchase are made from a share class that charges a front load and one of the following ("Right of Reinstatement"):

<sup>◼</sup>

The redemption and repurchase occur in the same account.

<sup>◼</sup>

The redemption proceeds are used to process an: IRA contribution, excess contributions, conversion, recharacterizing of contributions, or distribution, and the repurchase is done in an account within the same Edward Jones grouping for ROA.

<sup>◼</sup>

The Right of Reinstatement excludes systematic or automatic transactions including, but not limited to, purchases made through payroll deductions, liquidations to cover account fees, and reinvestments from non-mutual fund products.

◼

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 discretion of Edward Jones. Edward Jones 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 the prospectus.

◼

Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

**60**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

◼

Purchases of Class 529-A shares through a rollover from either another education savings plan or a security used for qualified distributions.

◼

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

**Contingent Deferred Sales Charge ("CDSC") Waivers** 

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is responsible to pay the CDSC except in the following conditions:

◼

The death or disability of the shareholder.

◼

Systematic withdrawals with up to 10% per year of account value.

◼

Return of excess contributions from an Individual Retirement Account (IRA).

◼

Shares redeemed as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

◼

Shares redeemed to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

◼

Shares exchanged in an Edward Jones fee-based program.

◼

Shares acquired through NAV reinstatement.

◼

Shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below.

**Other Important Information Regarding Transactions Through Edward Jones**

**Minimum Purchase Amounts** 

◼

Initial purchase minimum: $250

◼

Subsequent purchase minimum: none

**Minimum Balances** 

◼

Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

<sup>◼</sup>

A fee-based account held on an Edward Jones platform

<sup>◼</sup>

A 529 account held on an Edward Jones platform

<sup>◼</sup>

An account with an active systematic investment plan or LOI

**Exchanging Share Classes** 

◼

At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder's holdings in a fund to Class A shares of the same fund.

**Janney Montgomery Scott LLC ("Janney")**

Shareholders purchasing fund shares through a Janney brokerage account will be eligible only for the following load waivers (front-end sales charge waivers and CDSC, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund's Prospectus or SAI.

**Front-End Sales Charge Waivers on Class A shares available at Janney** 

◼

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

◼

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

◼

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and

**61**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Right of Reinstatement)

◼

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, SAR-SEPs or Keogh plans

◼

Shares acquired through a Right of Reinstatement

◼

Class C shares that are no longer subject to a CDSC and are converted to Class A shares of the same fund pursuant to Janney's policies and procedures

**CDSC Waivers on Class A and C shares available at Janney** 

◼

Shares sold upon the death or disability of the shareholder

◼

Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

◼

Shares purchased in connection with a 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 Internal Revenue Service regulations as described in a Fund's Prospectus

◼

Shares sold to pay Janney fees but only if the transaction is initiated by Janney

◼

Shares acquired through a Right of Reinstatement

◼

Shares exchanged into the same share class of a different fund

**Front-End Load Discounts available at Janney: Breakpoints, Rights of Accumulation and/or letters of intent**<sup>1</sup>

◼

Breakpoints as described in this Prospectus

◼

Rights of accumulation ("ROA"), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets

◼

Letters of intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets

<sup>1</sup> Also referred to as an "initial sales charge"

**J.P. Morgan Securities LLC**

If you purchase or hold fund shares through an applicable J.P. Morgan Securities LLC brokerage account, you will be eligible for the following sales charge waivers (front-end sales charge waivers and contingent deferred sales charge ("CDSC"), or back-end sales charge, waivers), share class conversion policy and discounts, which may differ from those disclosed elsewhere in this fund's prospectus or Statement of Additional Information.

**Front-End Sales Charge Waivers on Class A Shares available at J.P. Morgan Securities LLC**

◼

Shares exchanged from Class C (i.e. level-load) shares that are no longer subject to a CDSC and are exchanged into Class A shares of the same fund pursuant to J.P. Morgan Securities LLC's share class exchange policy.

◼

Qualified employer-sponsored defined contribution and defined benefit retirement plans, nonqualified deferred compensation plans, other employee benefit plans and trusts used to fund

**62**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

those plans. For purposes of this provision, such plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or 501(c)(3) accounts.

◼

Shares of funds purchased through J.P. Morgan Securities LLC Self-Directed Investing accounts.

◼

Shares purchased through rights of reinstatement.

◼

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

◼

Shares purchased by employees and registered representatives of J.P. Morgan Securities LLC or its affiliates and their spouse or financial dependent as defined by J.P. Morgan Securities LLC.

**Class C to Class A Share Conversion**

◼

A shareholder in the fund's Class C shares will have their shares converted to Class A shares (or the appropriate share class) of the same fund if the shares are no longer subject to a CDSC and the conversion is consistent with J.P. Morgan Securities LLC's policies and procedures.

**CDSC Waivers on Class A and C Shares available at J.P. Morgan Securities LLC**

◼

Shares sold upon the death or disability of the shareholder.

◼

Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus.

◼

Shares purchased in connection with a return of excess contributions from an IRA account.

◼

Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code.

◼

Shares acquired through a right of reinstatement.

**Front-end load Discounts Available at J.P. Morgan Securities LLC: Breakpoints, Rights of Accumulation & Letters of Intent** 

◼

Breakpoints as described in the Prospectus.

◼

Rights of Accumulation ("ROA") which entitle shareholders to breakpoint discounts as described in the fund's prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at J.P. Morgan Securities LLC. Eligible fund family assets not held at J.P. Morgan Securities LLC (including 529 program holdings, where applicable) may be included in the ROA calculation only if the shareholder notifies their financial advisor about such assets.

**Letters of Intent ("LOI"), which allow for breakpoint discounts based on anticipated purchases within a fund family, through J.P. Morgan Securities LLC, over a 13-month period of time (if applicable).**

**Merrill Lynch ("Merrill")**

Purchases or sales of front-end (i.e., Class A) or level-load (i.e., 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.

**63**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

Additional information on waivers and discounts 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, SAR-SEPs 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 employees of Merrill or its affiliates and their family members who purchase shares in accounts within the employee's Merrill Household (as defined 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 22e(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

**64**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

**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

◼

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

**Morgan Stanley Wealth Management**

Shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account are eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in the Fund's Prospectus or SAI.

**Front-end Sales Charge Waivers on Class A Shares available at Morgan Stanley** 

◼

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, SAR-SEPs or Keogh plans

◼

Morgan Stanley employee and employee-related accounts according to Morgan Stanley's account linking rules

◼

Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

◼

Shares purchased through a Morgan Stanley self-directed brokerage account

◼

Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management's share class conversion program

◼

Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge

**Oppenheimer & Co. Inc. ("OPCO")**

Shareholders purchasing Fund shares through an OPCO platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund's Prospectus or SAI.

**Front-End Sales Charge Waivers on Class A Shares available at OPCO** 

◼

Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan

◼

Shares purchased by or through a 529 Plan

◼

Shares purchased through an OPCO affiliated investment advisory program

**65**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

◼

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

◼

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement)

◼

A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of OPCO

◼

Employees and registered representatives of OPCO or its affiliates and their family members

◼

Directors or Trustees of the Fund, and employees of the Fund's investment adviser or any of its affiliates, as described in this Prospectus

**CDSC Waivers on A and C Shares available at OPCO** 

◼

Death or disability of the shareholder

◼

Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

◼

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 as described in the prospectus

◼

Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO

◼

Shares acquired through a Right of Reinstatement

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

◼

Breakpoints as described in this Prospectus

◼

Rights of Accumulation ("ROA") which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at OPCO. Eligible fund family assets not held at OPCO may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets

**Raymond James & Associates, Inc., Raymond James Financial Services, Inc. and each entity's affiliates ("Raymond James")**

Shareholders purchasing fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund's Prospectus or SAI.

**Front-End Sales Charge Waivers on Class A Shares available at Raymond James** 

◼

Shares purchased in an investment advisory program

◼

Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions

◼

Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James

◼

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase

**66**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement)

◼

A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James

**CDSC Waivers on Classes A and C Shares available at Raymond James** 

◼

Death or disability of the shareholder

◼

Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

◼

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 as described in the Fund's prospectus

◼

Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James

◼

Shares acquired through a Right of Reinstatement

**Front-End Load Discounts Available at Raymond James: Breakpoints, Rights of Accumulation, and/or Letters of Intent** 

◼

Breakpoints as described in this Prospectus

◼

Rights of Accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial advisor about such assets

◼

Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets

**Robert W. Baird & Co. ("Baird")**

Shareholders purchasing fund shares through a Baird platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or the SAI.

**Front-End Sales Charge Waivers on Class A Shares available at Baird** 

◼

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund

◼

Shares purchased by employees and registered representatives of Baird or its affiliate and their family members as designated by Baird

◼

Shares purchased using the proceeds of redemptions from a Victory Fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same accounts, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as Rights of Reinstatement)

◼

A shareholder in the Funds Investor C Shares will have their share converted at net asset value to Investor A shares of the same fund if the shares are no longer subject to CDSC and the conversion is in line with the policies and procedures of Baird

◼

Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit

**67**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

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

**CDSC Waivers on Classes A and C Shares available at Baird**

◼

Shares sold due to death or disability of the shareholder

◼

Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

◼

Shares bought due to returns 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 Internal Revenue Service regulations as described in the Fund's Prospectus

◼

Shares sold to pay Baird fees but only if the transaction is initiated by Baird

◼

Shares acquired through a Right of Reinstatement

**Front-End Load Discounts Available at Baird: Breakpoints, Rights of Accumulation, and/or Letters of Intent** 

◼

Breakpoints as described in this Prospectus

◼

Rights of accumulations which entitles shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of Victory Funds assets held by accounts within the purchaser's household at Baird. Eligible Victory Funds assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets

◼

Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases of the Victory Funds through Baird, over a 13-month period of time

**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.

**68**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

**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 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.

**69**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

**Wells Fargo Advisors Financial Network, LLC (collectively, "Wells Fargo Advisors")**

**Wells Fargo Clearing Services, LLC operates a First Clearing business, but these rules are not intended to include First Clearing firms.**

Effective April 1, 2026, Clients of Wells Fargo Advisors purchasing fund shares through Wells Fargo Advisors are eligible for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the prospectus or statement of additional information ("SAI"). In all instances, it is the investor's responsibility to inform Wells Fargo Advisors at the time of purchase of any relationship, holdings, or other facts qualifying the investor for discounts or waivers. Wells Fargo Advisors can ask for documentation supporting the qualification.

**Wells Fargo Advisors Class A share front-end sales charge waivers information.**

Wells Fargo Advisors clients purchasing or converting to Class A shares of the fund in a Wells Fargo Advisors brokerage account are entitled to a waiver of the front-end load in the following circumstances:

◼

Wells Fargo Advisors employee and employee-related accounts according to Wells Fargo Advisor's employee account linking rules. Legacy accounts and positions receiving affiliate discounts prior to the effective date will continue to receive discounts. Going forward employees of affiliate businesses will not be offered NAV.

◼

Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund.

WellsTrade, the firm's online self-directed brokerage account, generally offers no-load share classes but there could be instances where a Class A share is offered without a front-end sales charge.

**Wells Fargo Advisors Class 529-A share front-end sales charge waivers information.**

Wells Fargo Advisors clients purchasing or converting to Class 529-A shares of the fund through Wells Fargo Advisors transactional brokerage accounts are entitled to a waiver of the front-end load in the following circumstances:

◼

Shares purchased through a rollover from another 529 plan.

◼

Recontribution(s) of distributed funds are only allowed during the NAV reinstatement period as dictated by the sponsor's specifications outlined by the plan.

Wells Fargo Advisors is not able to apply the NAV Reinstatement privilege for 529 Plan account purchases placed directly at the fund company. Investors wishing to utilize this privilege outside of Wells Fargo systems will need to do so directly with the Plan or a financial intermediary that supports this feature.

Unless specifically described above, other front-end load waivers are not available on mutual fund purchases through Wells Fargo Advisors.

**Wells Fargo Advisors Contingent Deferred Sales Charge information.**

◼

Contingent deferred sales charges (CDSC) imposed on fund redemptions will not be rebated based on future purchases.

**Wells Fargo Advisors Class A front-end load discounts**

Wells Fargo Advisors Clients purchasing Class A shares of the fund through Wells Fargo Advisors brokerage accounts will follow the following aggregation rules for breakpoint discounts:

◼

Effective April 1, 2026, SEP or SIMPLE IRAs will not be aggregated as a group plan. They will

**70**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

aggregate with the client's personal accounts based on Social Security Number. Previously established SEP and SIMPLE IRAs may still be aggregated as a group plan.

◼

Effective April 1, 2026, Employer-sponsored retirement plan (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans.

◼

Gift of shares will not be considered when determining breakpoint discounts

**71**

------

VF-TRI-PRO (11/25)

**By mail:**

Victory Funds

P.O. Box 182593

Columbus, OH 43218-2593

![](imge46623202.gif)

P.O. Box 182593

Columbus, OH 43218-2593

**Statement of Additional Information ("SAI"):** The SAI contains more information about the Funds' operations, investment restrictions, policies and practices. The SAI is incorporated by reference into this Prospectus, which means that it is legally part of this Prospectus, even if you do not request a copy.

**Annual/Semi Annual Reports and Form N-CSR/Form N-CSRS:** Annual and semi annual reports contain more information about the Funds' investments and the market conditions and investment strategies that significantly affected the Funds' performance during the most recent fiscal period. The Funds' Form N-CSR and Form N-CSRS filings contain the Funds' annual and semi-annual financial statements.

**How to Obtain Information:** You may obtain a free copy of the SAI, annual and semi annual reports and other information such as Fund financial statements and ask questions about the Funds or your accounts, online at VictorySharesLiterature.com, by contacting the Funds at the following address or telephone number, or by contacting your financial intermediary.

**By telephone:**

Call Victory Funds at

800-539-FUND (800-539-3863)

You also can get information about the Funds (including the SAI, other reports and other information such as Fund financial statements) from the Securities and Exchange Commission (SEC) on the SEC's Edgar database at sec.gov, or after paying a duplicating fee, by electronic request sent to the following e-mail address: publicinfo@sec.gov.

Investment Company Act File Number 811-4852

------

![](img3e32cea61.gif)

**November 1, 2025**

Prospectus

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Victory Diversified Stock Fund | Victory Diversified Stock Fund | Victory Diversified Stock Fund | Victory Diversified Stock Fund | Victory Diversified Stock Fund | Victory Diversified Stock Fund | Victory Diversified Stock Fund |
|  | **Class A**  | **Class C**  | **Class I**  | **Class R**  | **Class R6**  | **Class Y**  |
|  | SRVEX  | VDSCX  | VDSIX  | GRINX  | VDSRX  | VDSYX  |

---

The Securities and Exchange Commission has not approved or disapproved these securities or determined whether this Prospectus is accurate or complete. Any representation to the contrary is a criminal offense.

vcm.com

800-539-FUND (800-539-3863)

------

![](img3e32cea61.gif)

**Table of Contents**

---

| | |
|:---|:---|
| **[Fund Summary](#xx_afb9a887-687b-429d-8c12-49eb94d15b69_1)** | 1  |
| [Investment Objective](#xx_afb9a887-687b-429d-8c12-49eb94d15b69_1) | 1  |
| [Fund Fees and Expenses](#xx_afb9a887-687b-429d-8c12-49eb94d15b69_1) | 1  |
| [Principal Investment Strategy](#xx_afb9a887-687b-429d-8c12-49eb94d15b69_2) | 2  |
| [Principal Risks](#xx_afb9a887-687b-429d-8c12-49eb94d15b69_3) | 3  |
| [Investment Performance](#xx_afb9a887-687b-429d-8c12-49eb94d15b69_4) | 4  |
| [Management of the Fund](#xx_afb9a887-687b-429d-8c12-49eb94d15b69_6) | 6  |
| [Purchase and Sale of Fund Shares](#xx_afb9a887-687b-429d-8c12-49eb94d15b69_6) | 6  |
| [Tax Information](#xx_afb9a887-687b-429d-8c12-49eb94d15b69_7) | 7  |
| [Payments to Broker-Dealers and Other Financial](#xx_afb9a887-687b-429d-8c12-49eb94d15b69_7)<br> [Intermediaries](#xx_afb9a887-687b-429d-8c12-49eb94d15b69_7)<br>| 7  |
| **[Additional Fund Information](#xx_2cf505f2-b1bc-4b36-9b21-a607b577ed21_1)** | 8  |
| [Investments](#xx_2cf505f2-b1bc-4b36-9b21-a607b577ed21_2) | 9  |
| [Risk Factors](#xx_2cf505f2-b1bc-4b36-9b21-a607b577ed21_3) | 10  |
| **[Organization and Management of the Fund](#xx_03824a04-0311-4539-bc03-10ff87bfa8ac_1)** | 15  |
| **[Investing with the Victory Funds](#xx_8f4f3733-9be7-4530-8765-fdd4b9c37e00_1)** | 16  |
| [Share Price](#xx_8f4f3733-9be7-4530-8765-fdd4b9c37e00_2) | 17  |
| [Choosing a Share Class](#xx_8f4f3733-9be7-4530-8765-fdd4b9c37e00_3) | 18  |
| [Information About Fees](#xx_8f4f3733-9be7-4530-8765-fdd4b9c37e00_10) | 25  |
| [How to Buy Shares](#xx_8f4f3733-9be7-4530-8765-fdd4b9c37e00_12) | 27  |
| [How to Exchange Shares](#xx_8f4f3733-9be7-4530-8765-fdd4b9c37e00_15) | 30  |
| [How to Sell Shares](#xx_8f4f3733-9be7-4530-8765-fdd4b9c37e00_17) | 32  |
| **[Distributions and Taxes](#xx_ee578664-8f82-4614-8566-782b1997af9a_1)** | 34  |
| **[Important Fund Policies](#xx_e9e0089f-4b3c-4959-bef2-4d07e33d53df_1)** | 37  |
| **[Financial Highlights](#xx_5332d556-2ce7-4e67-a430-1fc19ca0e774_1)** | 40  |
| **[Appendix A — Variations in Sales Charge Reductions and](#xx_395b2d9e-3997-4d21-8c48-10a63c6c329e_1)**<br> **[Waivers Available Through Certain Intermediaries](#xx_395b2d9e-3997-4d21-8c48-10a63c6c329e_1)**<br>| 47 |

---

------

**Victory Diversified Stock Fund Summary**

**Investment Objective**

The Victory Diversified Stock Fund (the "Fund") seeks to provide long-term growth of capital.

**Fund Fees and Expenses**

The table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below**. You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $50,000 in the Victory Funds. More information about these and other discounts is available in *Investing with the Victory Funds* on page 16 of the Fund's Prospectus, in *Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries* and from your financial intermediary.

**Shareholder Fees**

(paid directly from your investment)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class R** | **Class R6** | **Class Y** |
| Maximum Sales Charge (Load) <br> Imposed on Purchases<br> (as a percentage of offering <br> price)<br>| 5.75% |  |  |  |  |  |
| Maximum Deferred Sales <br> Charge (Load)<br> (as a percentage of the lower of <br> purchase or sale price)<br>| None<sup>1</sup> <br>| 1.00%<sup>2</sup> <br>|  |  |  |  |

---

**Annual Fund Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Management Fees | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| Distribution and/or Service <br> (12b-1) Fees<br>| 0.25% | 1.00% | 0.00% | 0.50% | 0.00% | 0.00% |
| Other Expenses | 0.15% | 3.28% | 0.20% | 0.20% | 0.47% | 0.46% |
| Total Annual Fund Operating <br> Expenses<br>| 1.05% | 4.93% | 0.85% | 1.35% | 1.12% | 1.11% |
| Fee Waiver/Expense <br> Reimbursement<br>| 0.00% | (2.91)%<sup>3</sup> <br>| (0.02)%<sup>3</sup> <br>| 0.00% | (0.34)%<sup>3</sup> <br>| (0.25)%<sup>3</sup> <br>|
| Total Annual Fund Operating <br> Expenses After Fee Waiver <br> and/or Expense Reimbursement<br>| 1.05% | 2.02%<sup>3</sup> <br>| 0.83%<sup>3</sup> <br>| 1.35% | 0.78%<sup>3</sup> <br>| 0.86%<sup>3</sup> <br>|

---

<sup>1</sup>

A contingent deferred sales charge of 0.75% may be imposed on Class A shares with respect to purchases of $500,000 or more that are redeemed within 18 months of purchase. For additional information, see the section titled *Choosing a Share Class.*

<sup>2</sup>

Applies to shares sold within 12 months of purchase.

<sup>3</sup>

Victory Capital Management Inc. (the "Adviser") has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 2.02%, 0.83%, 0.78%, and 0.86% of the Fund's Class C, I, R6, and Y shares, respectively, through at least October 31, 2026. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund's Board of Trustees.

**1**

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Victory Diversified Stock Fund Summary

**Example:**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. After eight years, Class C shares of the Fund generally will convert automatically to Class A shares of the Fund. The example for Class C shares reflects the conversion to Class A shares after eight years. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A | &nbsp;&nbsp;&nbsp; $676 | &nbsp;&nbsp;&nbsp; $890 | &nbsp;&nbsp;&nbsp; $1121 | &nbsp;&nbsp;&nbsp; $1784 |
| Class C | &nbsp;&nbsp;&nbsp; $305 | &nbsp;&nbsp;&nbsp; $1221 | &nbsp;&nbsp;&nbsp; $2239 | &nbsp;&nbsp;&nbsp; $3994 |
| Class I | &nbsp;&nbsp;&nbsp; $85 | &nbsp;&nbsp;&nbsp; $269 | &nbsp;&nbsp;&nbsp; $469 | &nbsp;&nbsp;&nbsp; $1047 |
| Class R | &nbsp;&nbsp;&nbsp; $137 | &nbsp;&nbsp;&nbsp; $428 | &nbsp;&nbsp;&nbsp; $739 | &nbsp;&nbsp;&nbsp; $1624 |
| Class R6 | &nbsp;&nbsp;&nbsp; $80 | &nbsp;&nbsp;&nbsp; $322 | &nbsp;&nbsp;&nbsp; $584 | &nbsp;&nbsp;&nbsp; $1333 |
| Class Y | &nbsp;&nbsp;&nbsp; $88 | &nbsp;&nbsp;&nbsp; $328 | &nbsp;&nbsp;&nbsp; $587 | &nbsp;&nbsp;&nbsp; $1329 |

---

The following example makes the same assumptions as the example above, except that it assumes you do not sell your Class C shares at the end of the period.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class C | &nbsp;&nbsp;&nbsp; $205 | &nbsp;&nbsp;&nbsp; $1221 | &nbsp;&nbsp;&nbsp; $2239 | &nbsp;&nbsp;&nbsp; $3994 |

---

The example does not reflect sales charges (loads) on reinvested dividends and other distributions. If these sales charges (loads) were included, your costs would be higher.

**Portfolio Turnover:**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund's performance. For the most recent fiscal year, the Fund's portfolio turnover rate was 92% of the average value of its portfolio.

**Principal Investment Strategy**

The Fund invests, under normal circumstances, at least 80% of its assets in common stock, which includes securities convertible or exchangeable into common stock traded on U.S. exchanges.

The Adviser employs a quantitative investment process that identifies equity securities of companies across large-cap and mid-cap capitalizations. The Adviser uses a disciplined approach that combines value, momentum, quality, and growth factors to construct a diversified portfolio.

The Adviser's quantitative methodology looks at investment fundamentals to evaluate potential investments from a broad universe of securities. The quantitative analysis focuses, on among other things:

◼

**Quality:** Financial strength and earnings stability

◼

**Value:** Securities trading below intrinsic value based on fundamental metrics

◼

**Momentum:** Price trends indicating positive market recognition

**2**

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Victory Diversified Stock Fund Summary

The Adviser's quantitative approach is designed to diversify the Fund's holdings and optimize risk-adjusted returns The Adviser attempts to manages portfolio risks by limiting exposure to particular industry sectors and stocks of individual issuers.

The Fund generally will sell portfolio holdings when quantitative factors signal that a stock's value is likely to deteriorate materially, when more attractive opportunities are identified, or to manage risks within identified parameters.

As a result of its investment strategy, the Fund may experience annual portfolio turnover in excess of 100%.

**Principal Risks** 

The Fund's investments are subject to the following principal risks:

**Equity Securities Risk** — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company's earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer's bankruptcy.

**General Market Risk** — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels, and other fiscal and monetary policy changes; cybersecurity incidents, pandemics, and other public health crises; imposition of tariffs; sanctions against a particular foreign country, its nationals, businesses, or industries; and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.

**Large-Capitalization Stock Risk** — The securities of large-sized companies may underperform the securities of smaller-sized companies or the market as a whole. The growth rate of larger, more established companies may lag those of smaller companies, especially during periods of economic expansion.

**Sector Focus Risk** — To the extent the Fund focuses in one or more sectors, such as the information technology sector, market or economic factors impacting those sectors could have a significant effect on the value of the Fund's investments and could make the Fund's performance more volatile.

<sup>◼</sup>

**Information Technology Sector Risk** — Companies in the information technology sector face intense competition, both domestically and internationally. These companies may be smaller or newer and may have limited product lines, markets, financial resources, or personnel. The products of companies in the information technology sector may face product obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates, and competition for the services of qualified personnel. These companies may be developing or marketing new products or services for which markets are not yet established and may never become established.

**3**

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Victory Diversified Stock Fund Summary

**Investment Style Risk** — Different types of investment styles, for example growth or value, tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. As a result, the Fund's performance may at times be worse than the performance of other mutual funds that invest more broadly or that have different investment styles.

**Mid-Capitalization Stock Risk** — Mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss.

**Foreign Securities Risk** — Foreign securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. Foreign securities could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing contracts. Compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts. Depositary receipts may have additional risks, including creditworthiness of the depositary bank and the risk of an illiquid market. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may negatively affect an investment. Dividends and interest received by the Fund and capital gains recognized by the Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund's return.

**Large Shareholder Risk** — Certain large shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund's shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund's distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund's shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.

**Management Risk** — The portfolio managers may not execute the Fund's principal investment strategy effectively.

You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

**Investment Performance**

The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years. The table compares the Fund's average annual total returns of the Fund's share classes, including applicable maximum sales charges, over the same period to one or more broad measures of market performance, which have characteristics relevant to the Fund's investment strategy. We assume reinvestment of dividends and distributions.

**4**

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Victory Diversified Stock Fund Summary

Performance data for the classes varies based on differences in their fee and expense structures and reflects any expense limitations in effect during the periods shown. The Fund's investment team changed on November 1, 2025.The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund's website at vcm.com.

**Calendar Year Returns for Class A Shares**

(Applicable sales loads or account fees are not reflected in the bar chart. If these amounts were reflected, returns would be less than those shown.)

![](divstk.jpg)

---

| | | |
|:---|:---|:---|
| **During the periods shown in the chart:** | **Returns** | **Quarter ended** |
| Highest Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23.93% | June 30, 2020 |
| Lowest Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -24.43% | March 31, 2020 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Year-to-date return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.25% | September 30, 2025 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**<br> **(For the Periods Ended December 31, 2024)**<br>| **1 Year** | **5 Years** | **10 Years** |
| CLASS A Before Taxes | &nbsp;&nbsp; 19.05% | &nbsp;&nbsp; 13.25% | &nbsp;&nbsp; 10.34% |
| CLASS A After Taxes on Distributions | &nbsp;&nbsp; 15.75% | &nbsp;&nbsp; 10.64% | &nbsp;&nbsp; 7.54% |
| CLASS A After Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp; 12.64% | &nbsp;&nbsp; 9.98% | &nbsp;&nbsp; 7.38% |
| CLASS C Before Taxes | &nbsp;&nbsp; 24.09% | &nbsp;&nbsp; 13.52% | &nbsp;&nbsp; 10.21%<sup>1</sup> <br>|
| CLASS I Before Taxes | &nbsp;&nbsp; 26.56% | &nbsp;&nbsp; 14.87% | &nbsp;&nbsp; 11.27% |
| CLASS R Before Taxes | &nbsp;&nbsp; 25.95% | &nbsp;&nbsp; 14.27% | &nbsp;&nbsp; 10.68% |
| CLASS R6 Before Taxes | &nbsp;&nbsp; 26.62% | &nbsp;&nbsp; 14.93% | &nbsp;&nbsp; 11.33% |
| CLASS Y Before Taxes | &nbsp;&nbsp; 26.62% | &nbsp;&nbsp; 14.85% | &nbsp;&nbsp; 11.24% |
| **Index** | **Index** | **Index** | **Index** |
| S&P 500<sup>®</sup> Index<br> reflects no deduction for fees, expenses, or taxes<br>| &nbsp;&nbsp; 25.02% | &nbsp;&nbsp; 14.53% | &nbsp;&nbsp; 13.10% |

---

Class C shares of the Fund will convert automatically into Class A shares in the month following the eight-year anniversary date of the purchase of the Class C shares. The 10-Year performance for Class C shares reflects the conversion to Class A shares after the first eight years of performance.

**5**

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Victory Diversified Stock Fund Summary

After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. In certain situations, the return after taxes on distributions and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only one share class. The after-tax returns for other classes will vary.

**Management of the Fund**

**Investment Adviser**

Victory Capital Management Inc. (the "Adviser") serves as the Fund's investment adviser. The portfolio managers jointly and primarily responsible for day-to-day management of the Fund are members of the Adviser's VictoryShares and Solutions platform. .

**Portfolio Management** 

---

| | | |
|:---|:---|:---|
|  | **Title** | **Tenure with the Fund**  |
| Lance Humphrey, CFA | &nbsp;&nbsp; Senior Portfolio Manager and <br> Head of <br> Portfolio Management, Victory <br> Solutions<br>| Since November 2025 |
| Elie J. Masri | &nbsp;&nbsp; Portfolio Manager, Victory <br> Solutions<br>| Since November 2025 |

---

**Purchase and Sale of Fund Shares** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Minimums** | **Class A** | **Class C** | **Class I** | **Class R** | **Class R6** | **Class Y** |
| Minimum Initial Investment | &nbsp;&nbsp;&nbsp; $2500 | &nbsp;&nbsp;&nbsp; $2500 | &nbsp;&nbsp;&nbsp; $2000000 |  |  | &nbsp;&nbsp;&nbsp; $1000000 |
| Minimum Subsequent <br> Investments<br>| &nbsp;&nbsp;&nbsp; $50 | &nbsp;&nbsp;&nbsp; $50 |  |  |  |  |

---

For Class A and Class C shares a $1,000 minimum initial purchase amount and a $50 minimum subsequent purchase amount apply for Individual Retirement Accounts ("IRAs"), gift/transfer to minor accounts, and purchases through automatic investment plans.

Certain broker-dealers and other financial intermediaries (such as a bank) may establish higher or lower minimum initial and subsequent investment amounts to which you may be subject if you invest through them.

You may redeem your shares on any day the Fund is open for business. Redemption requests may be made by telephone (with prior appropriate approval) or by mail.

When you buy and redeem shares, the Fund will price your transaction at the next-determined net asset value ("NAV") after the Fund receives your request in good order, which means that your request contains all the required documentation, and that all documents contain required signatures or signature guarantees from a financial institution.

**6**

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Victory Diversified Stock Fund Summary

**Tax Information**

The Fund's distributions may be taxable whether you receive them in cash, additional shares of the Fund, or you reinvest them in shares of another Victory Fund, and may be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Taxes may be imposed on withdrawals from tax-deferred arrangements.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services for investments in all classes except Class R6. These payments may create a conflict of interest by influencing the financial intermediary and its financial advisor to recommend the Fund over another investment. Ask your financial advisor or visit your financial intermediary's website for more information.

**7**

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Additional Fund Information

------

&nbsp;&nbsp; Victory Capital Management Inc., which we refer to as the "Adviser" <br> throughout the Prospectus, manages the Fund.<br>

The Diversified Stock Fund (the "Fund") is managed by the Adviser who also manages other funds, each having distinct investment management objectives, strategies, risks, and policies. Together, these funds are referred to in this Prospectus as the "Victory Funds" or, more simply, the "Funds."

The Fund's investment policy to invest under normal circumstances at least 80% of its assets in common stock, which includes securities convertible or exchangeable into common stock traded on U.S. exchanges is non-fundamental. The Board of Trustees (the "Board") may change this policy without shareholder approval upon at least 60 days' prior written notice to shareholders. For purposes of the Fund's 80% investment policy, "assets" means the Fund's net assets plus the amount of any borrowings for investment purposes, but exclusive of any collateral held from securities lending.

The following section describes additional information about the principal investment strategy the Fund will use under normal market conditions to pursue its investment objective, as well as any secondary strategies the Fund may use, and the related risks. This Prospectus does not attempt to describe all of the various investment techniques and types of investments that the Adviser may use in managing the Fund. The Statement of Additional Information ("SAI") includes more information about the Fund, its investments, and the related risks.

Under adverse, unstable, or abnormal market conditions, the Fund may be unable to pursue or achieve its investment objective and, for temporary purposes, may invest some or all of its assets in a variety of instruments or assets, including high-quality fixed-income securities, cash, and cash equivalents. For cash management purposes, the Fund may hold all or a portion of its assets in cash, short-term money market instruments, or shares of other investment companies. These positions may reduce the benefit from any upswing in the market, cause the Fund to fail to meet its investment objective, and increase the Fund's expenses.

&nbsp;&nbsp; If you would like to receive additional copies of any materials, please call the Victory Funds <br> at 800-539-FUND (800-539-3863) or please visit VictoryFunds.com.<br>

**8**

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Investments

------

**The following describes the types of securities the Fund may purchase under normal market conditions to achieve its principal investment strategy. The Fund will not necessarily buy all of the securities listed below.**

**U.S. Equity Securities**

Can include common stock, preferred stock, and securities that are convertible or exchangeable into common stock of U.S. corporations.

**Foreign Securities**

Can include common stock and convertible preferred stock of non-U.S. companies. Also may include American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs"), which are receipts issued by a bank or trust company and evidence ownership of underlying securities issued by foreign companies, and exchange-traded funds ("ETFs") that invest in foreign companies.

**<u>Additional Fund Strategies.</u> The Adviser may use other types of investment strategies in pursuing the Fund's overall investment objective. The following describes the types of securities or techniques that the Adviser may purchase or investment techniques the Adviser may employ that are not considered to be a part of the Fund's principal investment strategies. Additional securities and techniques are described in the Fund's SAI.**

**Investment Companies**

The Fund may invest in securities of other investment companies, including ETFs, if those companies invest in securities consistent with the Fund's investment objective and policies. ETFs are investment companies the shares of which are bought and sold on a securities exchange.

**Securities Lending**

To enhance the return on its portfolio, the Fund may lend portfolio securities to brokers, dealers, and financial institutions to realize additional income under guidelines adopted by the Board. Each loan will be secured continuously by collateral in the form of cash, securities issued by the U.S. government or its agencies or instrumentalities.

**Small-Capitalization Securities**

The Fund may invest in small-capitalization securities.

**9**

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Risk Factors

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**The following provides additional information about the Fund's principal risks and supplements those risks discussed in the Fund's Summary section of this Prospectus.**

**Equity Securities Risk** — The market prices of equity securities, which may include common stocks and other stock-related securities such as preferred stocks, convertible securities, and rights and warrants may fluctuate, sometimes rapidly or unpredictably. The Fund may continue to accept new subscriptions and to make additional investments in equity securities even under general market conditions that the Fund's investment team views as unfavorable for equity securities. The value of a security may decline for reasons that directly relate to the issuer, such as management performance, financial leverage, and reduced demand for the issuer's goods or services or due to general market conditions, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment generally. Unlike debt securities, which have preference to a company's assets in case of liquidation, common stock, are entitled to the residual value after the company meets its other obligations. Unlike common stock, preferred stock generally pays a fixed dividend from a company's earnings and may have a preference over common stock on the distribution of a company's assets in the event of bankruptcy or liquidation. Preferred stockholders' liquidation rights are subordinate to the company's debt holders and creditors. If interest rates rise, the fixed dividend on preferred stocks may be less attractive and the price of preferred stocks may decline. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Convertible securities may gain or lose value due to changes in the issuer's operating results, financial condition, credit rating, and changes in interest rates, and other general economic, industry, and market conditions. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer's bankruptcy. Rights and warrants can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of warrants and rights do not necessarily move in tandem with the prices of the underlying securities and therefore are highly volatile and speculative investments.

**Foreign Securities Risk** — Foreign investments involve certain special risks. For example, compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign stock exchanges, brokers, and listed companies. Foreign issuers may not be subject to the uniform accounting, auditing, and financial reporting standards and practices prevalent in the United States. Certain of these risks may also apply to some extent to U.S. investments that are denominated in foreign currencies and to investments in U.S. companies that have significant foreign operations. Investments in depositary receipts (such as American Depositary Receipts and Global Depositary Receipts) may also involve additional risks associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency risk and the risk of an illiquid market for depositary receipts.

<sup>◼</sup>

**Political Risk** — Foreign securities markets may be more volatile than their counterparts in the United States. Investments in foreign countries could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing contracts. Foreign settlement procedures may also involve additional risks, and foreign issuers can be impacted by changes to trade policies and trade disputes. These factors can make foreign investments more volatile than U.S. investments.

<sup>◼</sup>

**Liquidity Risk** — Securities that trade less frequently or with lower trade volume can be more difficult or more costly to buy or sell than more liquid or active investments. Liquidity risk is a factor of the trading volume of a particular investment, as well as the size and liquidity of the entire local market. On the whole, foreign exchanges are smaller and less liquid than U.S. exchanges.

<sup>◼</sup>

**Currency Risk** — Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment. Adverse changes in exchange rates, currency

**10**

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Risk Factors

------

exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may erode or reverse any gains produced by investments denominated in foreign currencies and may widen any losses.

<sup>◼</sup>

**Tax Risk** — The value of a Fund's foreign investments may also be affected by foreign tax laws, special U.S. tax considerations and restrictions on receiving the investment proceeds from a foreign country. Dividends and interest received by a Fund and capital gains recognized by a Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund's return.

<sup>◼</sup>

**Legal Risk** — Legal remedies for investors in foreign countries may be more limited than the legal remedies available in the United States.

**General Market Risk** — Stock market risk refers to the fact that the prices of equity securities and other exchange traded investments typically fluctuate more than the values of debt and other types of securities, typically in response to changes in the particular company's financial condition and factors affecting the market in general. Over time, the stock market tends to move in cycles, with periods when stock prices rise, and periods when stock prices decline. A slower-growth or recessionary economic environment could have an adverse effect on stock prices. Consequently, a broad-based market drop may also cause a stock's price to fall. Portfolio securities may also decline in value due to factors affecting securities markets generally, such as real or perceived adverse economic, political, or regulatory conditions, inflation, changes in interest or currency rates or adverse investor sentiment, or due to factors affecting particular industries represented in the securities markets, such as competitive conditions. Changes in the financial condition of a single issuer can impact a market as a whole, and adverse market conditions may be prolonged and may not have the same impact on all types of securities. In addition, the markets may not favor a particular kind of security, including equity securities. Values of securities may fall due to factors affecting a particular issuer, industry, or the securities market as a whole.

Market turmoil may be reflected in perceptions of economic uncertainty, price volatility in the equity and debt markets, and fluctuating trading liquidity. In response, governments may adopt a variety of fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs, and changes in interest rates. These policies may not be successful and any unexpected or quick reversal of these policies could increase volatility in the equity and debt markets. Market conditions and economic risks could have a significant effect on domestic and international economies and could add significantly to the risks of increased volatility and decreased liquidity for the Fund's portfolio.

<sup>◼</sup>

**Geopolitical/Natural Disaster Risk** — Global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely affect issuers in another country or region. Geopolitical and other risks, including war, economic sanctions, currency controls or other actions by countries or international bodies, terrorism, trade disputes, embargoes, political or economic dysfunction within some nations, public health crises and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, may add to instability in world economies and markets generally. Changes in trade policies and international trade agreements could affect the economies of many countries in unpredictable ways. Epidemics and/or pandemics, such as COVID-19, may result in, among other things, closing borders, disruptions to health care service preparation and delivery, quarantines, cancellations, disruptions to supply chains and consumer activity, as well as general concern and uncertainty. The impact may last for extended periods.

**11**

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Risk Factors

------

<sup>◼</sup>

**Information Technology and Operational Risk** — Markets and market participants are increasingly reliant upon both publicly available and proprietary information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access, and similar circumstances may impair the performance of these systems and may have an adverse impact upon a single issuer, a group of issuers, or the market at large. The information technology and other operational systems upon which the Fund's service providers rely may be subject to cyber-attack or other technological disruptions, and could otherwise disrupt the ability of these service providers to perform essential tasks for the Fund. In certain cases, an exchange or market may close or issue trading halts on either specific securities or even the entire market, which may result in the Fund being, among other things, unable to buy or sell certain securities or financial instruments or accurately price its investments.

**Investment Style Risk** — Different types of investment styles, for example growth or value, tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. As a result, the Fund's performance may at times be worse than the performance of other mutual funds that invest more broadly or that have different investment styles.

**Large-Capitalization Stock Risk** — Large-sized companies tend to compete in mature product markets and do not typically experience the level of sustained growth of smaller companies and companies competing in less mature product markets. Large-sized companies may be unable to respond as quickly as smaller companies to competitive challenges or changes in business, product, financial, or other market conditions. For these and other reasons, investments in large-capitalization companies may underperform other stock funds such as funds that focus on the stocks of small- and medium-sized companies.

**Large Shareholder Risk** — The Fund, like all investment companies, pools the investments of many investors. Actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. For example, significant levels of new investments in the Fund by shareholders may cause the Fund to have more cash than would otherwise be the case, which might have a positive or negative impact on Fund performance. Similarly, redemption activity might cause the Fund to sell portfolio securities, which may increase transaction costs and might generate a capital gain or loss, or cause it to borrow funds on a short-term basis to cover redemptions, which would cause the Fund to incur costs that, in effect, would be borne by all shareholders and not just the redeeming shareholders. Shareholder purchase and redemption activity also may affect the per share amount of the Fund's distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund's shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.

**Management Risk** — The investment process used by the investment team may produce incorrect judgments about the value of a particular asset or the team may implement its investment strategy in a way that may not produce the desired results.

**Mid-Capitalization Stock Risk** — A mid-sized company may be adversely affected or fail as a result of its smaller size. Mid-sized companies are more likely than larger companies to have limited product lines, markets, or financial resources, or to depend on a less experienced management group. Stocks of these companies may trade less frequently and in limited volume, and their prices may fluctuate

**12**

------

Risk Factors

------

more than stocks of larger companies. Stocks of mid-sized companies may, therefore, be more vulnerable to adverse developments than those of larger companies. Mid-capitalization stocks could also underperform stocks of smaller companies.

**Portfolio Turnover Risk** — Portfolio turnover generally involves a number of direct and indirect costs and expenses to the Fund, including, for example, dealer mark-ups and bid/asked spreads and transaction costs on the sale of securities and reinvestment in other securities. Such costs are not reflected in the Fund's Total Annual Fund Operating Expenses set forth under "Fund Fees and Expenses" but do have the effect of reducing the Fund's investment return. Such sales may result in the realization of taxable capital gains, including short-term capital gains, which generally are taxed to shareholders at ordinary income tax rates.

**Sector Focus Risk** — To the extent the Fund focuses in one or more sectors, market or economic factors impacting those sectors could have a significant effect on the value of the Fund's investments. Additionally, the Fund's performance may be more volatile when the Fund's investments are focused in a particular sector.

<sup>◼</sup>

**Information Technology Sector Risk** — Information technology companies tend to significantly rely on technological events or advances in their product development, production, or operations and are particularly vulnerable to rapid changes in technological product cycles, government regulation, and competition. Information technology companies may be smaller and less experienced companies, with limited product lines, markets, or financial resources and fewer experienced management or marketing personnel. Information technology company stocks, especially those which are internet-related, have experienced extreme price and

volume fluctuations that are often unrelated to their operating performance.

**13**

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Risk Factors

------

**<u>Additional Risk Factors.</u>** The Adviser may use several types of investment strategies in pursuing the Fund's overall investment objective. The following risks are those that the Adviser does not consider to be principal risks of the Fund. Additional risks are included in the Fund's SAI.

**Investment Company Risk** — The Fund's ability to achieve its investment objective may be directly related to the ability of other investment companies (including ETFs) held by the Fund to meet their investment objectives. In addition, shareholders of the Fund will indirectly bear the fees and expenses of the underlying investment companies. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities.

**Securities Lending Risk** — The risk in lending portfolio securities, as with other extensions of credit, consists of the possibility of loss to the Fund due to (1) the inability of the borrower to return the securities, (2) a delay in receiving additional collateral to adequately cover any fluctuations in the value of securities on loan, (3) a delay in recovery of the securities, or (4) the loss of rights in the collateral should the borrower fail financially. These events could trigger adverse tax consequences for the Fund. In addition, the Fund is responsible for any loss that might result from its investment of the borrower's collateral. In determining whether to lend securities, the Adviser or the Fund's securities lending agent will consider relevant facts and circumstances, including the creditworthiness of the borrower.

**Small-Capitalization Stock Risk** — A small-sized company may be adversely affected by or fail as a result of its small size. Smaller companies are more likely than larger companies to have limited product lines, markets, or financial resources, or to depend on a small, inexperienced management group. Stocks of these companies often trade less frequently and in limited volume, and their prices may fluctuate more than stocks of larger companies. Stocks of small companies may, therefore, be more vulnerable to adverse developments than those of larger companies.

&nbsp;&nbsp; An investment in the<br> Fund is not a complete<br> investment program.<br>

**14**

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Organization and Management of the Fund

------

The Fund's Board has the overall responsibility for overseeing the management of the Fund.

**The Investment Adviser**

The Adviser serves as the investment adviser to each of the Victory Funds pursuant to an investment advisory agreement and oversees the operations of the Fund according to investment policies and procedures adopted by the Board. The Adviser is a New York corporation that is registered as an investment adviser with the Securities and Exchange Commission ("SEC"). As of September 30, 2025, the Adviser managed and advised assets totaling in excess of $310.6 billion for individual and institutional clients. The Adviser's principal address is 15935 La Cantera Parkway, San Antonio, TX 78256.

A discussion regarding the basis of the Board's approval of the Fund's Advisory Agreement is available in the Fund's most recent Form N-CSRS filing for the period ended December 31, 2024.

The Adviser is a diversified global asset manager comprised of multiple investment teams, referred to as investment franchises, each of which employs an independent approach to investing. The VictoryShares and Solutions platform is responsible for the management of the Fund.

Advisory fees to be paid annually, before waivers, will be equal to an annual rate of 0.65% of the average daily net assets of the Fund.

See "Fund Fees and Expenses" for information about any contractual agreement by the Adviser to waive fees and/or reimburse expenses with respect to the Fund. From time to time, the Adviser also may voluntarily waive fees and/or reimburse expenses in amounts exceeding those required to be waived or reimbursed under any contractual agreement that may be in place with respect to the Fund.

**Portfolio Management**

**Lance Humphrey,** CFA, Senior Portfolio Manager and Head of Portfolio Management, Victory Solutions, has co-managed the Fund since November 2025. Mr. Humphrey has 17 years of investment management experience, 12 of which were with USAA Asset Management Company ("AMCO"), which Victory Capital acquired in 2019. Education: M.B.A., University of Texas – San Antonio and a B.A., finance, Texas State University. He holds the Chartered Financial Analyst ("CFA") designation and is a member of the CFA Society of San Antonio.

**Elie Masri,** Portfolio Manager, Victory Solutions, has co-managed the Fund since November 2025. Mr. Masri joined Victory Capital in 2008 from Deutsche Asset Management and has over 20 years of investment experience. Education: B.B.A. in finance from Baruch College and an M.S. in quantitative methods and modeling from the Zicklin School of Business at Baruch College.

*The Fund's SAI provides additional information about the portfolio managers' method of compensation, other accounts they manage, and any ownership interests they may have in the Fund.*

**15**

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Investing with the Victory Funds

------

All you need to get started is to fill out an application.<br>

If you are looking for a convenient way to open an account or to add money to an existing account, we can help. The sections that follow will serve as a guide to your investment with the Victory Funds. These sections describe many of the share classes currently offered by the Victory Funds. The section *Choosing a Share Class* will help you decide which share class it may be to your advantage to buy.

Keep in mind that Class I, Class R, Class R6, and Class Y shares are available for purchase only by eligible shareholders. In addition, not all Victory Funds offer each class of shares described below, and therefore, certain classes may be discussed that are not necessarily offered by the Fund. The classes of shares that are offered by the Fund are those listed on the cover page designated with a ticker symbol. The Fund may also offer other share classes in different prospectuses. The Victory Funds may offer additional classes of shares in the future.

This section of the Prospectus also describes how to open an account, how to access information about your account, and how to buy, exchange, and sell shares of a Victory Fund. Note, this information may vary if you invest through a third party such as a brokerage firm and will be dependent on that firm's policies and practices. Consult your Investment Professional for specific details.

We want to make it simple for you to do business with us. If you have questions about any of this information, please call your Investment Professional or one of our customer service representatives at 800-539-FUND (800-539-3863). They will be happy to assist you.

&nbsp;&nbsp; An Investment Professional is an investment consultant, salesperson, financial planner, <br> investment adviser, or trust officer who provides you with investment information. <br> Your Investment Professional also can help you decide which share class is best for you. <br> Investment Professionals and other financial intermediaries may charge fees for their services.<br>

**16**

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Share Price

------

&nbsp;&nbsp; The daily NAV is useful to you as a shareholder because the NAV, <br> multiplied by the number of Fund shares you own, gives you the value of your investment.<br>

The Fund calculates its share price, called its net asset value ("NAV"), each business day as of the close of regular trading on the New York Stock Exchange, Inc. ("NYSE"), which is normally 4:00 p.m. Eastern Time. The NAV takes into account the expenses and fees of the Fund, including management, administration, and distribution fees (if any), which are accrued daily. In the event of an emergency or other disruption in trading on the NYSE, the Fund's share price will be determined based upon the close of the NYSE. You may buy, exchange, and sell your shares on any business day at a price that is based on the NAV that is next calculated after you place your order. A business day is a day on which the NYSE is open. The NYSE is closed on weekends, most national holidays, and Good Friday. Undistributed income and gain will be reflected in the Fund's NAV and, correspondingly, distributions of the Fund's income and gain will reduce the Fund's NAV. Undistributed income and gain, like all Fund assets, can fluctuate in value over time. Please see "Distributions and Taxes" for more information about the Fund's distribution policies, including the general frequency of distributions.

To the extent the Fund's investments include securities that are traded primarily in foreign markets, the value of those securities may change on days when shareholders are unable to purchase and redeem the Fund's shares, such as on weekends or other days when the Fund does not price its shares.

The Fund prices its investments based on market value when market quotations are readily available. When these quotations are not readily available, the Adviser will price the Fund's investments at fair value in accordance with applicable regulatory requirements. A security will be fair valued when:

◼

Trading in the security has been halted;

◼

The market quotation for the security is clearly erroneous due to a clerical error;

◼

The security's liquidity decreases such that, in the Adviser's opinion, the market quotation has become stale; or

◼

An event occurs after the close of the trading market (but before the Fund's NAV is calculated) that, in the Adviser's opinion, materially affects the value of the security.

The use of fair value pricing may minimize arbitrage opportunities that attempt to exploit the differences between a security's market quotation and its fair value. The use of fair value pricing may not, however, always reflect a security's actual market value in light of subsequent relevant information, and the security's opening price on the next trading day may be different from the fair value price assigned to the security.

Each Victory Fund calculates the NAV of each share class by adding up the total value of the investments and other assets of that class, subtracting its liabilities, and then dividing that figure by the number of outstanding shares of the class.

---

| | |
|:---|:---|
| NAV= | Total Assets - Liabilities |
| NAV= | Number of Shares Outstanding |

---

The Fund's NAV is available by calling 800-539-FUND (800-539-3863) or by visiting the Fund's website at vcm.com.

**17**

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Choosing a Share Class

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**CLASS A**

◼

Front-end sales charge, as described in this section. There are several ways to reduce or eliminate this charge as discussed under *Sales Charge Reductions and Waivers for Class A Shares*.

◼

A contingent deferred sales charge ("CDSC") may be imposed if you sell your shares within 18 months of purchase. The CDSC may be waived or reduced in certain circumstances as discussed under *CDSC Reductions for Class A and Class C Shares.*

◼

Class A shares also pay ongoing distribution and/or service (12b-1) fees.

◼

Lower annual expenses than Class C or Class R shares.

**CLASS C**

◼

No front-end sales charge. All your money goes to work for you right away.

◼

A CDSC may be imposed if you sell your shares within 12 months of purchase. The CDSC may be waived or reduced in certain circumstances as discussed under *CDSC Reductions for Class A and Class C Shares*.

◼

Class C shares also pay ongoing distribution and/or service (12b-1) fees.

◼

Higher annual expenses than all other classes of shares.

**CLASS I**

◼

No front-end sales charge or CDSC. All your money goes to work for you right away.

◼

Class I shares do not pay any ongoing distribution and/or service (12b-1) fees.

◼

Class I shares are only available to certain investors.

◼

Typically lower annual expenses than all other classes of shares except Class R6 shares.

**CLASS R**

◼

No front-end sales charge or CDSC. All your money goes to work for you right away.

◼

Class R shares pay ongoing distribution and/or service (12b-1) fees.

◼

Class R shares are only available to certain investors.

◼

Higher annual expenses than all classes except Class C shares.

**CLASS R6**

◼

No front-end sales charge or CDSC. All your money goes to work for you right away.

◼

Class R6 shares do not pay any ongoing distribution and/or service (12b-1) fees.

◼

Class R6 shares are only available to certain investors.

◼

Typically lower annual expenses than all other classes of shares.

**CLASS Y**

◼

No front-end sales charge or CDSC. All your money goes to work for you right away.

◼

Class Y shares do not pay any ongoing distribution and/or service (12b-1) fees.

◼

Class Y shares are only available to certain investors.

◼

Typically lower annual expenses than Classes A, C, and R shares.

**18**

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Choosing a Share Class

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**Share Classes**

When you purchase shares of the Fund, you must choose a share class. The Victory Funds offer Class A, Class C, Class I, Class R, Class R6, and Class Y shares. Each share class represents an interest in the same portfolio of securities, but the classes differ in the sales charges, if any, and expenses that apply to your investment, allowing you and your Investment Professional to choose the class that best suits your investment needs.

Deciding which share class best suits your investment needs depends on a number of factors that you should discuss with your Investment Professional, including: how long you expect to hold your investment, how much you intend to invest, and the total expenses associated with each share class.

The Fund reserves the right to change the eligibility criteria for purchasing a particular share class. For example, a class of shares may be available to purchase only by retirement plans or by institutional investors. The Fund may also waive any applicable eligibility criteria or investment minimums at its discretion.

The Fund or any class may be closed at any time for failure to achieve an economical level of assets or for other reasons. Certain financial intermediaries who hold shares on behalf of their customers impose fees when the amount of shares of a particular class falls below a minimum threshold. To the extent that the amount of shares falls below that threshold, the Fund reserves the right to liquidate the shares held in accounts maintained by the financial intermediary.

**Calculation of Sales Charges for Class A Shares** 

&nbsp;&nbsp; For historical expense information, see the "Financial Highlights" <br> at the end of this Prospectus.<br>

Class A shares are sold at their public offering price, which is the net asset value ("NAV") plus any applicable initial sales charge, also referred to as the "front-end sales load." The sales charge may be reduced or eliminated for larger purchases, as detailed below or as described under *Sales Charge Reductions and Waivers for Class A Shares*. The investment levels required to obtain a reduced sales charge are commonly referred to as "breakpoints."

All Class A purchases are subject to the terms described herein except for those purchases made through an intermediary specified in *Appendix A - Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries*.

In order to obtain a breakpoint discount, you must inform the Victory Funds or your Investment Professional at the time you purchase shares of the existence of the other Victory accounts or purchases of Victory Funds that are eligible to be linked for the purpose of calculating the initial sales charge. The Fund or your Investment Professional may ask you for records or other information about other Victory Funds held in your Victory accounts and any linked accounts, such as accounts opened with a different financial intermediary.

The current sales charge rates and breakpoint levels for Class A shares of the Fund are listed below:

---

| | | |
|:---|:---|:---|
| **Your Investment in the Fund**  | **Sales** <br> **Charge**<br> **as a % of**<br> **Offering** <br> **Price** <br>| **Sales** <br> **Charge**<br> **as a % of**<br> **Your** <br> **Investment** <br>|
| Up to $49,999  | &nbsp;&nbsp; 5.75%  | &nbsp;&nbsp; 6.10%  |
| $50,000 up to $99,999  | &nbsp;&nbsp; 4.50%  | &nbsp;&nbsp; 4.71%  |
| $100,000 up to $249,999  | &nbsp;&nbsp; 3.50%  | &nbsp;&nbsp; 3.63%  |
| $250,000 up to $499,999  | &nbsp;&nbsp; 2.50%  | &nbsp;&nbsp; 2.56%  |

---

**19**

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Choosing a Share Class

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---

| | | |
|:---|:---|:---|
| **Your Investment in the Fund**  | **Sales** <br> **Charge**<br> **as a % of**<br> **Offering** <br> **Price** <br>| **Sales** <br> **Charge**<br> **as a % of**<br> **Your** <br> **Investment** <br>|
| $500,000 and above<sup>1</sup> <br>| &nbsp;&nbsp; 0.00%  | &nbsp;&nbsp; 0.00% |

---

<sup>1</sup> A contingent deferred sales charge ("CDSC") of 0.75% may be imposed on certain redemptions of Class A shares purchased without an initial sales charge if any of those shares are redeemed within 18 months of purchase. This charge will be based on the current market value or the original cost of the shares you are selling, whichever is less. No CDSC is imposed on shares representing reinvested distributions. You may be eligible for a reduction or waiver of this CDSC under certain circumstances. *See CDSC Reductions for Class A and Class C Shares* and *Appendix A - Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries* for details.

**Sales Charge Reductions and Waivers for Class A Shares** 

&nbsp;&nbsp; There are several ways you can combine multiple purchases of Class A shares of the Victory <br> Funds to take advantage of reduced sales charges or, in some cases, eliminate sales charges.<br>

There are a number of ways you can reduce or eliminate your sales charges, which we describe below. In order to obtain a Class A sales charge reduction or waiver, you must provide your financial intermediary or the Fund's transfer agent, at the time of purchase, with current information regarding shares of any Victory Funds held in other accounts. This information must include account statements or other records (including written representations from the intermediary holding the shares) that indicate any accounts (e.g., retirement accounts) established (i) with the Victory Funds and your Investment Professional; (ii) with other financial intermediaries; and (iii) in the name of immediate family household members (spouse or domestic partner and children under 21) with regard to Rights of Accumulation.

The availability of a sales charge reduction or waiver discussed below will depend upon whether you purchase your shares directly from the Fund or through a financial intermediary. If you are eligible for a sales charge reduction because you own shares of other Victory Funds, you must notify the Fund or your financial intermediary at the time of purchase of any relationship or other facts qualifying you for sales charge reductions or waivers. Some intermediaries impose different policies for sales charge waivers and reductions. These variations are described in *Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries.* Except as described with respect to the intermediaries specified in Appendix A, all Class A shares are subject to the terms stated below. In order to obtain waivers and discounts that are not available through your intermediary, you must purchase Fund shares directly from the Fund or through another intermediary.

You can find additional information regarding sales charges and their reductions, free of charge, at vcm.com/policies, by clicking on *Victory Funds Pricing Policies*.

You may reduce or eliminate the sales charge applicable to Class A shares in a number of ways:

◼

**Breakpoint** - Purchase a sufficient amount to reach a breakpoint (see *Calculation of Sales Charges for Class A Shares* above);

◼

**Letter of Intent** - If you anticipate purchasing $50,000 or more of Class A shares of the Fund, including any purchase of other Victory Funds of any share class (except money market funds and any assets held in group retirement plans), within a 13-month period, you may qualify for a sales charge breakpoint as though you were investing the total amount in one lump sum. In order to qualify for the reduced sales charge, you must submit a non-binding Letter of Intent (the "Letter") within 90 days of the start of the purchases. Each investment you make after signing the Letter will be entitled to the sales charge applicable to the total investment indicated in the Letter. You must start with a minimum initial investment of at least 5.00% of the total amount you intend to purchase. A portion of the shares purchased under the Letter will be held in escrow until the total investment has been completed. In the event you do not complete your commitment set forth

**20**

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Choosing a Share Class

------

in the Letter in the time period specified, sufficient escrowed shares will be redeemed to pay any applicable front-end sales charges;

◼

**Right of Accumulation** - Whereas a Letter of Intent allows you to qualify for a discount by combining your current purchase amount with purchases you intend to make in the near future, a Right of Accumulation allows you to reduce the initial sales charge on a Class A investment by combining the amount of your current purchase with the current market value of prior investments made by you, your spouse (including domestic partner), and your children under age 21 in any class of shares of any Victory Fund (except money market funds and any assets held in group retirement plans). The value of eligible existing holdings will be calculated by using the greater of the current value or the original investment amount. To ensure that you receive a reduced price using the Fund's Right of Accumulation, you or your Investment Professional must inform the Funds that the Right applies each time shares are purchased and provide sufficient information to permit confirmation of qualification;

◼

**Reinstatement Privilege** - You may reinvest at NAV all or part of your redemption proceeds within 90 days of a redemption of Class A shares of the Fund;

◼

**Waiver** - The Victory Funds will completely waive the sales charge for Class A shares in the following cases:

<sup>◼</sup>

Purchases of at least $250,000 for certain Funds or $500,000 for others;

<sup>◼</sup>

Purchases by certain individuals associated with the Victory Funds or service providers (see "Eligibility of Individuals Associated with the Victory Funds and Fund Service Providers");

<sup>◼</sup>

Purchases by registered broker-dealers, financial intermediaries or their agents or affiliates who have agreements with the Fund's distributor (the "Distributor"), if the shares are purchased for their own account, purchased for retirement plans of their employees or sold to registered representatives or full-time employees (or their immediate families), provided that such purchase is for one of the foregoing types of accounts;

<sup>◼</sup>

Purchases for trust or other advisory accounts established with a financial institution and fee-based investment products or accounts;

<sup>◼</sup>

Reinvestment of proceeds from a liquidation distribution of Class A shares of a Victory Fund held in a deferred compensation plan, agency, trust, or custody account;

<sup>◼</sup>

Purchases by retirement plans, including Section 401 and 457 plans sponsored by a Section 501(c)(3) organization and certain non-qualified deferred compensation arrangements that operate in a similar manner to qualified plans. Investors nonetheless may be charged a fee if they effect transactions in Class A shares through a broker or agent;

<sup>◼</sup>

Purchases by participants in no transaction fee programs offered by certain broker-dealers (sometimes referred to as "supermarkets");

<sup>◼</sup>

Purchases by certain financial intermediaries who offer shares to self-directed investment brokerage accounts that may or may not charge a transaction fee to its customers;

<sup>◼</sup>

Shareholders investing directly with the Fund who do not have a third-party financial intermediary or registered representative assigned, or who invest directly in certain products sponsored by the Adviser or its affiliates; and

<sup>◼</sup>

Individuals who reinvest the proceeds of redemptions from Class I, Class R6, or Class Y shares of a Victory Fund within 60 days of redemption.

You should inform the Fund or your Investment Professional at the time of purchase of the sales charge waiver category which you believe applies.

**21**

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Choosing a Share Class

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**CDSC for Class A Shares**

A CDSC of 0.75% may be imposed on certain redemptions of Class A shares purchased without an initial sales charge if any of those shares are redeemed within 18 months of purchase. This charge will be based on the current market value or the original cost of the shares you are selling, whichever is less. No CDSC is imposed on shares representing reinvested distributions.

More information is available in *CDSC Reductions and Waivers for Class A and Class C Shares* and *Appendix A – Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries*. All Class A purchases are subject to the terms described herein except for those purchases made through the intermediaries specified in Appendix A.

**CDSC for Class C Shares**

You will pay a 1.00% CDSC on any Class C shares you sell within 12 months of purchase. The CDSC is calculated on the current market value or the original cost of the shares you are selling, whichever is less. There is no CDSC on shares you acquire by reinvesting your dividends or capital gains distributions. You may be eligible for reduction or waiver of this CDSC under certain circumstances. There is no CDSC imposed when you exchange your shares for Class C shares of another Victory Fund; however, your exchange is subject to the same CDSC schedule that applied to your original purchase.

An investor may, within 90 days of a redemption of Class C shares, reinvest all or part of the redemption proceeds in the Class C shares of any Victory Fund at the NAV next computed after receipt by the transfer agent of the reinvestment order. Class C share proceeds reinvested do not result in a refund of any CDSC paid by the shareholder, but the reinvested shares will be treated as CDSC exempt upon reinvestment. The shareholder must ask the Distributor for such privilege at the time of reinvestment.

To keep your CDSC as low as possible, each time you sell shares we will first sell shares in your account that are not subject to a CDSC. If there are not enough of these to meet your sale, we will sell the shares in the order they were purchased.

More information is available in *CDSC Reductions and Waivers for Class A and Class C Shares* and *Appendix A – Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries*.

**CDSC Reductions and Waivers for Class A and Class C Shares**

No CDSC is imposed on redemptions of Class A and Class C shares in the following circumstances:

◼

To the extent that the shares redeemed:

<sup>◼</sup>

are no longer subject to the holding period for such shares;

<sup>◼</sup>

resulted from reinvestment of distributions; or

<sup>◼</sup>

were exchanged for shares of another Victory Fund as allowed by the Prospectus, provided that the shares acquired in such exchange or subsequent exchanges will continue to remain subject to the CDSC, if applicable, calculated from the original date of purchase until the applicable holding period expires. In determining whether the CDSC applies to each redemption, shares not subject to a CDSC are redeemed first;

◼

Following the death or post-purchase disability of:

<sup>◼</sup>

a registered shareholder on an account; or

<sup>◼</sup>

a settlor of a living trust, of shares held in the account at the time of death or initial determination of post-purchase disability;

◼

Distributions from individual retirement accounts, Section 403(b), Section 457 and Section 401 qualified plans, where redemptions result from:

**22**

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Choosing a Share Class

------

<sup>◼</sup>

required minimum distributions with respect to that portion of such contributions that does not exceed 12% annually;

<sup>◼</sup>

tax free returns of excess contributions or returns of excess deferral amounts;

<sup>◼</sup>

distributions on the death or disability of the account holder;

<sup>◼</sup>

distributions for the purpose of a loan or hardship withdrawal from a participant plan balance; or

<sup>◼</sup>

distributions as a result of separation of service;

◼

Distributions as a result of a Qualified Domestic Relations Order or Domestic Relations Order required by a court settlement;

◼

In instances where the investor's dealer or institution waived its commission in connection with the purchase and notifies the Distributor prior to the time of investment;

◼

When the redemption is made as part of a Systematic Withdrawal Plan (including dividends), up to an annual amount of 12% of the account value on a per fund basis, at the time the withdrawal plan is established; or

◼

Participant-initiated distributions from employee benefit plans or participant-initiated exchanges among investment choices in employee benefit plans.

**Eligibility Requirements to Purchase Class I Shares**

Class I shares may only be purchased by:

◼

Institutional and individual retail investors with a minimum investment in Class I shares of $2,000,000 who purchase through certain broker-dealers or directly from the transfer agent;

◼

Investors who purchase through advisory programs with an approved financial intermediary in which the financial intermediary typically charges the investor a fee based upon the value of the account ("Advisory Programs"). Such transactions may be subject to additional rules or requirements of the applicable Advisory Program;

◼

Retirement plans, including Section 401 and 457 plans, Section 403 plans sponsored by a Section 501(c)(3) organization and certain non-qualified deferred compensation arrangements that operate in a similar manner to qualified plans; or

◼

Brokers (and their sales representatives) where those brokers have agreements with the Distributor to sell shares of a Fund.

The Fund may allow a lower initial investment if, in the opinion of the Distributor, the investor has the adequate intent and availability of assets to reach a future level of investment of $2,000,000.

**Eligibility Requirements to Purchase Class R Shares**

Class R shares may only be purchased by:

◼

Institutional investors;

◼

Retirement plans, including Section 401 and 457 plans, Section 403 plans sponsored by a Section 501(c)(3) organization and certain non-qualified deferred compensation arrangements that operate in a similar manner to qualified plans;

◼

IRAs that are rollovers from eligible retirement plans that offered one or more Class R share Victory Funds as investment options and to individual 401(k) plans; or

◼

Investors who purchase through Advisory Programs with an approved financial intermediary.

**23**

------

Choosing a Share Class

------

**Eligibility Requirements to Purchase Class R6 Shares**

Class R6 shares may only be purchased by:

◼

Registered investment companies;

◼

Retirement plans, including Section 401 and 457 plans, Section 403 plans sponsored by a Section 501(c)(3) organization, employer sponsored benefit plans (including health savings accounts) and certain non-qualified deferred compensation arrangements that operate in a similar manner to qualified plans;

◼

Endowments and foundations; or

◼

Investors who purchase through Advisory Programs with an approved financial intermediary.

**Eligibility Requirements to Purchase Class Y Shares**

Class Y shares may only be purchased by:

◼

Institutional and individual retail investors with a minimum investment in Class Y shares of $1,000,000 who purchase through certain broker-dealers or directly from the transfer agent;

◼

Clients of state-registered or federally registered investment advisors (RIAs), where such RIAs trade through institutional trading platforms approved by a Fund, who invest at least $2,500;

◼

Brokerage platforms of firms that have agreements with the Distributor to offer such shares solely when acting as an agent for the investor. An investor transacting in Class Y shares through these programs may be required to pay a commission and/or other forms of compensation to the broker;

◼

Pension, profit sharing, employee benefit and other similar plans and trusts that invest in a Fund;

◼

Investors who purchase through Advisory Programs with an approved financial intermediary;

◼

Investment advisory clients of the Adviser; or

◼

Investment advisors, consultants, broker-dealers and other financial intermediaries investing for their own accounts or for the accounts of their immediate family members.

The Fund may allow a lower initial investment if, in the opinion of the Distributor, the investor has the adequate intent and availability of assets to reach a future level of investment of $1,000,000.

**Eligibility of Individuals Associated with the Victory Funds and Fund Service Providers**

Current and retired Victory Fund trustees and the officers, directors, trustees, employees, and family members of employees of the Adviser or Affiliated Providers are eligible to purchase the lowest expense share class offered by the Fund. In the case of Class A shares, such purchases are not subject to a front-end sales charge. "Affiliated Providers" are affiliates of the Adviser and organizations that provide services to Victory Portfolios (the "Trust").

&nbsp;&nbsp; The Fund reserves the right to change the criteria for eligible investors and<br> the investment minimums.<br>

**24**

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Information About Fees

------

**Distribution and Service Plans**

In accordance with Rule 12b-1 under the Investment Company Act of 1940, the Trust has adopted Distribution and Service Plans for Class A, Class C, and Class R shares.

Under the Class A Distribution and Service Plan, the Fund will pay to the Distributor a monthly fee at an annual rate of up to 0.25% of its average daily net assets of its Class A shares. Under the Class R Distribution and Service Plan, the Fund will pay to the Distributor a monthly fee at an annual rate of up to 0.50% of its average daily net assets of its Class R shares. The fee is paid for general distribution services and for providing personal services to shareholders. Distribution and selling services are provided by the Distributor or by agents of the Distributor and include those services intended to result in the sale of Fund shares. Personal services to shareholders are generally provided by broker-dealers or other intermediaries and consist of responding to inquiries, providing information to shareholders about their Fund accounts, establishing and maintaining accounts and records, providing dividend and distribution payments, arranging for bank wires, assisting in transactions and changing account information.

Under the Class C Distribution and Service Plan, the Fund will pay to the Distributor a monthly fee at an annual rate of 1.00% of the average daily net assets of its Class C shares. Of this amount, 0.75% of the Fund's Class C shares average daily net assets will be paid for general distribution services and for selling Class C shares. The Fund will pay 0.25% of its Class C shares average daily net assets to compensate financial institutions that provide personal services to Class C shareholders of the Fund. Distribution and selling services are provided by the Distributor or by agents of the Distributor and include those services intended to result in the sale of the Fund's Class C shares. Personal services to shareholders are generally provided by broker-dealers or other financial intermediaries and consist of responding to inquiries, providing information to shareholders about their Fund accounts, establishing and maintaining accounts and records, providing dividend and distribution payments, arranging for bank wires, assisting in transactions, and changing account information.

Because Rule 12b-1 fees are paid out of the Fund's assets and on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

**Other Payments to Financial Intermediaries**

Except with respect to Class R6 shares, if you purchase Fund shares through an Investment Professional, a broker-dealer, or other financial intermediary, the Fund may pay for sub-transfer agent, recordkeeping and/or similar administrative services. In addition, the Adviser (and its affiliates) may make substantial payments out of its own resources, including the profits from the advisory fees the Adviser receives from the Fund, to affiliated and unaffiliated dealers or other Investment Professionals and service providers for distribution, administrative and/or shareholder servicing activities. The Adviser also may reimburse the Distributor (or the Distributor's affiliates) for making these payments. Some of these distribution-related payments may be made to dealers or other Investment Professionals for marketing, promotional or related expenses; these payments are often referred to as "revenue sharing." The Adviser (and its affiliates) also may pay fixed fees for the listing of the Fund on a broker-dealer's or financial intermediary's system. Such payments are not considered to be revenue sharing payments.

In some circumstances, these types of payments may create an incentive for a dealer or Investment Professional or its representatives to recommend or offer shares of the Victory Funds to its customers. You should ask your dealer or Investment Professional for more details about any such payments it receives.

**25**

------

Information About Fees

------

No compensation, administrative payments, sub-transfer agency payments or service payments are paid to broker-dealers or other financial intermediaries from Fund assets, or from the resources of the Adviser or its affiliates on sales of or investments in Class R6 shares.

**26**

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How to Buy Shares

------

**Opening an Account**

If you would like to open an account, you will first need to complete an Account Application.

You can obtain an Account Application by calling Victory Funds Customer Service at 800-539-FUND (800-539-3863). You can also download an Account Application by visiting the Victory Funds' website, VictoryFunds.com, and clicking on the Victory Funds Account Application link. Send the completed Account Application, along with a check made payable to the Victory Funds, at the following address:

**Victory Funds**

P.O. Box 182593

Columbus, OH 43218-2593

You can also obtain an Account Application by contacting your Investment Professional. When you invest through an Investment Professional, the procedures for buying, selling, and exchanging shares and the account features and policies may differ. In addition to any limitations described in this Prospectus, an Investment Professional or other intermediary may also place other limits on your ability to use the services of the Fund. Sometimes an Investment Professional will charge you for its services. This fee will be in addition to, and unrelated to, the fees and expenses charged by the Fund.

Mutual funds must obtain and verify information that identifies investors opening new accounts. If the Fund is unable to collect the required information, you may not be able to open your account. Additional details about the Fund's Customer Identification Program are available in the section "Important Fund Policies."

The Fund generally is available for purchase in the United States, Puerto Rico, Guam, American Samoa and the U.S. Virgin Islands. Except to the extent otherwise permitted by the Fund's Distributor, the Fund will only accept accounts from U.S. citizens with a U.S. address (including an APO or FPO address) or resident aliens with a U.S. address (including an APO or FPO address) and a U.S. taxpayer identification number.

If you participate in a retirement plan that offers one of the Victory Funds as an option, please consult your employer for information on how to purchase shares of the Victory Funds through the plan, including any restrictions or limitations that may apply.

**Paying for Your Initial Purchase**

If you wish to make an investment directly into the Victory Funds, make your check payable to the "Victory Funds." All checks must be drawn on U.S. banks. If your check is returned as uncollectible for any reason, you will be charged for any resulting fees and/or losses. The Fund does not accept cash, money orders, traveler's checks, credit card convenience checks, or third-party checks. Additionally, bank starter checks are not accepted for the shareholder's initial investment into the Fund. All payments must be denominated in U.S. dollars.

**Minimum Investments**

If you would like to buy Class A or Class C shares, the minimum investment required to open an account is $2,500 ($1,000 for IRA accounts), with additional investments of at least $50. If you would like to buy Class I, Class R, Class R6, or Class Y shares, you must be an Eligible Investor, as discussed in the section *Choosing a Share Class — Eligibility Requirements to Purchase*. Eligible Investors may be subject to a minimum investment amount as detailed in that section.

For Class C shares, individual purchases of $500,000 and above will be made automatically in Class A shares.

**27**

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How to Buy Shares

------

If your account falls below the minimum investment amount, we may ask you to reestablish the minimum investment. If you do not do so within 60 days, we may close your account and send you the value of your account.

The minimum investment required to open an account may be waived or lowered for employees and immediate family members of the employees, of the Adviser, the Administrator, and their affiliates. In addition, the minimum investment required may be waived when the Fund is purchased through an Advisory Program, within qualified retirement plans or in other similar circumstances. Although the Fund may sometimes waive the minimum investment, when it does so, it always reserves the right to reject initial investments under the minimum at its discretion.

There is no minimum investment required to open an account or for additional investments in Victory Simple IRAs.

The Fund reserves the right to change the criteria for eligible investors and the investment minimums.

**Purchasing Additional Shares**

Once you have an existing account, you can make additional investments at any time in any amount (subject to any minimums) in the following ways:

◼

**By Mail**

To ensure that your additional investment is properly credited to your account, use the Investment Stub attached to your confirmation statement and send it with your check to the address indicated.

◼

**By Telephone**

If you have an existing account that has been set up to receive electronic transfers, you can buy additional shares by calling Victory Funds Customer Service at 800-539-FUND (800-539-3863) between 8:00 a.m. and 6:00 p.m. (Eastern Time), Monday through Friday.

◼

**By Exchange**

You may purchase shares of the Fund using the proceeds from the simultaneous redemption of shares of another Victory Fund if it is eligible for an exchange with your Fund. You may initiate an exchange online (if you are a registered user of VictoryFunds.com), by telephone, or by mail. See the section "Exchanging Shares."

◼

**Via the Internet**

If you are a registered user, you may request a purchase of shares through our website at VictoryFunds.com. Your account must be set up for Automated Clearing House ("ACH") payment in order to execute online purchases.

◼

**By ACH**

Your account must be set up for ACH payment in order to execute purchases online or by telephone. It takes about 15 days to set up an ACH account and only domestic member banks may be used. After your account is set up, your purchase amount can be transferred by ACH. Currently, the Fund does not charge a fee for ACH transfers but it reserves the right to charge for this service in the future. Your originating bank may charge a fee for ACH transfers.

◼

**By Wire**

You may buy Fund shares by bank wire transfer of same day funds. Please call Victory Funds Customer Service at 800-539-FUND (800-539-3863) between 8:00 a.m. and 6:00 p.m. (Eastern Time), Monday through Friday for wiring instructions. Any commercial bank can transfer same-day funds by wire.

**28**

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How to Buy Shares

------

Although the transfer agent does not currently charge you for receiving same-day funds, it reserves the right to charge for this service in the future. Your bank may charge you for wiring same-day funds. You cannot buy shares for tax-qualified retirement plans by wire transfer.

◼

**By Systematic Investment Plan**

To enroll in the Systematic Investment Plan, you should check this box on the Account Application or on the Account Maintenance Form. We will need your bank information and the amount ($50 or more) and frequency of your investment. You can select monthly, quarterly, semi annual, or annual investments. You should attach a voided personal check so the proper information can be obtained. You must first meet the minimum investment requirement before we will make automatic withdrawals from your bank account and invest it in shares of the Fund.

**Other Purchase Rules You Should Know**

The Fund reserves the right to refuse a purchase order for any reason, including if it believes that doing so would be in the best interest of the Fund or its shareholders. The Fund also reserves the right, without notice, to increase or decrease the minimum amount required to open, convert shares to, or maintain a Fund account, or to add to an existing Fund account.

Keep these addresses handy for purchases, exchanges, or redemptions.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **BY REGULAR U.S. MAIL** | &nbsp;&nbsp;&nbsp; Victory Funds <br> P.O. Box 182593 <br> Columbus, OH 43218-2593<br>|
| **BY OVERNIGHT MAIL** | &nbsp;&nbsp;&nbsp; Use the following address ONLY for overnight packages:<br> Victory Funds<br> c/o FIS TA Operations<br> 4249 Easton Way, Suite 400<br> Columbus, OH 43219<br> PHONE: 800-539-FUND (800-539-3863)<br>|
| **BY WIRE** | &nbsp;&nbsp;&nbsp; Call 800-539-FUND (800-539-3863) BEFORE wiring money to notify the <br> Fund that you intend to purchase shares by wire and to verify wire <br> instructions.<br>|
| **BY TELEPHONE** | 800-539-FUND (800-539-3863) |
| **ON THE INTERNET** | VictoryFunds.com |

---

**29**

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How to Exchange Shares

------

&nbsp;&nbsp; There may be limits on the ability to exchange between certain Victory Funds. <br> You can obtain a list of Victory Funds available for exchange by calling <br> 800-539-FUND (800-539-3863) or by visiting VictoryFunds.com<br>

The shares of any class of the Fund may be exchanged for the shares of any other class offered by the Fund or the same class of any other class of any Victory Fund, either through your Investment Professional or directly through the Fund, subject to the conditions described below:

◼

Exchanges are subject to any CDSC, minimum investment limitation, or eligibility requirements described in the applicable Prospectus and SAI. You may be required to provide sufficient information to establish eligibility to exchange into a new share class.

◼

To exchange with another Victory Fund, the other Victory Fund must be eligible for exchange with your Fund.

◼

Shares of the Victory Fund selected for exchange must be available for sale in your state of residence.

If you have questions about these, or any of the Fund's other exchange policies, please consult Victory Customer Service or your Investment Professional before requesting an exchange.

Before exchanging, you should read the Prospectus of the other Victory Fund you wish to exchange into, which may be subject to different risks, fees, and expenses.

**Class C Share Conversion**

Class C shares of the Fund will convert automatically to Class A shares in the month following the eight-year anniversary date of the purchase of the Class C shares. Your financial intermediary may have a conversion schedule that is shorter than eight years. Class C conversions will be effected at the relative NAV of each such class without the imposition of any sales charge, fee, or other charge.

You may be able to voluntarily convert your Class C shares before the stated anniversary to a different share class of the same Fund that has a lower total annual operating expense ratio provided certain conditions are met. This voluntary conversion feature is intended for shares held through a financial intermediary offering a fee-based or wrap fee program that has an agreement with the Adviser or the Distributor specific for this purpose. Generally, Class C shares are not eligible for conversion until the applicable CDSC period has expired. Please contact your financial intermediary for additional information.

**Processing Your Voluntary Exchange/Conversion**

If your exchange or conversion request is received and accepted by the Fund, an Investment Professional or other intermediary by the close of trading as described in the section titled, "Share Price," then your request will be processed the same day. If received after the close of trading, your request will be processed on the next business day. Please contact your financial intermediary regarding the tax consequences of any exchange or conversion.

Exchanges will occur at the respective NAVs of the Fund's share classes involved in the exchange next calculated after receipt and acceptance of your exchange request in good order, plus any applicable sales charge described in the Prospectus. Share class conversions will be based on the respective NAV of each class as of the trade date of the conversion. Consequently, you may receive fewer shares or more shares than originally owned, depending on that day's NAVs.

**30**

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How to Exchange Shares

------

**Requesting an Exchange**

You can exchange shares of the Fund by telephone, by mail, or via the Internet. You cannot exchange into an account with a different registration or tax identification number.

◼

**By Telephone**

Unless you indicate otherwise on the account application, Victory Customer Service will be authorized to accept exchange instructions received by telephone.

◼

**By Mail**

Send a letter of instruction signed by all registered owners or their legal representatives to the Victory Funds.

◼

**Via the Internet**

You may also exchange shares via the Internet at VictoryFunds.com if you are a registered user.

**Other Exchange Rules You Should Know**

The Fund may refuse any exchange purchase request if the Adviser determines that the request is associated with a market timing strategy. The Fund may terminate or modify the exchange privilege at any time upon 60 days' notice to shareholders.

An exchange of Fund shares for shares of another Victory Fund constitutes a sale for tax purposes unless the exchange is made within an IRA or other tax-deferred account.

For information on how to exchange shares of the Fund that were purchased through your employer's retirement plan, including any restrictions and charges that the plan may impose, please consult your employer.

**31**

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How to Sell Shares

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There are a number of convenient ways to sell your shares.<br>

If your redemption request is received in good order by the close of trading on the NYSE, your redemption will be processed the same day. Your redemption will not be processed until the next business day if it is received after the close of trading on the NYSE. You cannot redeem your shares at VictoryFunds.com.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BY TELEPHONE**<br>

The easiest way to redeem shares is by calling 800-539-FUND (800-539-3863). When you fill out your original application, be sure to check the box marked "Telephone Authorization." You have the following options for receiving your redemption proceeds:

◼

Mail a check to the address of record;

◼

Wire funds to a previously designated domestic financial institution;

◼

Mail a check to a previously designated alternate address; or

◼

Electronically transfer your redemption via ACH to a previously designated domestic financial institution.

Victory Funds' transfer agent records all telephone calls for your protection and takes measures to verify the identity of the caller. If the transfer agent properly acts on telephone instructions and follows reasonable procedures to ensure against unauthorized transactions, none of the Trust, its servicing agents, the Adviser, or the transfer agent will be responsible for any losses. If the transfer agent does not follow these procedures, it may be liable to you for losses resulting from unauthorized instructions.

If there is an unusual amount of market activity and you cannot reach the transfer agent or your Investment Professional by telephone, consider placing your order by mail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BY MAIL**<br>

Use the regular U.S. mail or overnight mail address to redeem shares. You can use the same mailing addresses listed for purchases. Send us a letter of instruction indicating your Fund account number, amount of redemption, and where to send the proceeds. A Medallion signature guarantee is required for the following redemption requests:

◼

Your account registration has changed within the last 15 business days;

◼

The check is not being mailed to the address on your account;

◼

The check is not being made payable to the owner of the account;

◼

The redemption proceeds are being transferred to another Victory Fund account with a different registration; or

◼

The check or wire is being sent to a different bank account than was previously designated.

You can get a Medallion signature guarantee from a financial institution — such as a commercial bank, broker-dealer, credit union, clearing agency, or savings bank — that is a member of a Medallion signature guarantee program.

**BY WIRE**<br>

If you want to receive your proceeds by wire, you must establish a Fund account that will accommodate wire transactions. If you call before the close of trading on the NYSE, your funds will be wired on the next business day.

**BY ACH**<br>

You may transfer your proceeds by ACH to a domestic bank. Normally, your redemption will be processed on the same day if your request is received before the close of trading on the NYSE. If your request is received after the close of trading it will be processed on the next business day.

**32**

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How to Sell Shares

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**Systematic Withdrawal Plan**

If you check this box on the Account Application or on the Account Maintenance Form, we will send monthly, quarterly, semi-annual, or annual payments to the person you designate. The minimum withdrawal is $25, and you must have a balance of $5,000 or more at the time you establish the Systematic Withdrawal Plan. If the payment is to be sent to an account of yours, we will need a voided check to activate this feature. If the payment is to be made to an address different from your account address, we will need a Medallion signature guaranteed letter of instruction. You should be aware that each withdrawal may be a taxable transaction. Also, each withdrawal reduces your account balance, and eventually your account balance may be depleted. However, you cannot automatically close your account using the Systematic Withdrawal Plan. If your balance falls below the initial purchase minimum, we may ask you to bring the account back to the minimum balance. If you decide not to increase your account to the minimum balance, your account may be closed and the proceeds mailed to you.

**Additional Information About Redemptions**

◼

Redemption proceeds from the sale of Fund shares purchased by a check or through ACH will be held until the purchase check or ACH has cleared, which will take up to 10 business days.

◼

We typically expect to send the proceeds from your share redemption within one business day after we execute your order, but we may take up to seven business days to send redemption proceeds, regardless of payment type. When you sell shares through your financial intermediary, you can ask the intermediary to tell you when you can expect to receive the proceeds of your redemption.

◼

The Fund may suspend your right to redeem your shares in the following circumstances:

<sup>◼</sup>

During non-routine closings of the NYSE;

<sup>◼</sup>

When the SEC determines either that trading on the NYSE is restricted or that an emergency prevents the sale or valuation of the Fund's securities; or

<sup>◼</sup>

When the SEC orders a suspension to protect the Fund's shareholders.

◼

The Fund typically uses cash and cash equivalents held in its portfolio or sells portfolio assets to meet redemption requests. In unusual circumstances or under stressed market conditions, the Fund may use other methods to raise cash to meet redemption requests. For example, the Fund may draw funds from a line of credit or borrow available cash held by other Victory Funds under an "interfund lending program" in reliance on an exemptive order from the SEC.

◼

The Fund will pay redemptions by any one shareholder during any 90-day period in cash up to the lesser of $250,000 or 1.00% of the Fund's net assets. The Fund reserves the right to pay the remaining portion "in kind," that is, in portfolio securities rather than cash. Securities received pursuant to an in-kind redemption are subject to market risk until sold and may be subject to brokerage and other fees.

◼

If you choose to have your redemption proceeds mailed to you and either the U.S. Postal Service is unable to deliver the redemption check to you or the check remains outstanding for more than six months, the Fund reserves the right to reinvest the check in shares of the Fund at its then current NAV until you give the Fund different instructions. No interest will accrue on amounts represented by uncashed redemption checks.

**33**

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Distributions and Taxes

------

&nbsp;&nbsp; **Buying a dividend.** You should check the Fund's distribution schedule before you invest. <br> If you purchase shares when the Fund has undistributed income and gain, you will be <br> "buying a dividend" by paying a higher purchase price per share reflecting the <br> undistributed income and gain and then receiving a portion of the purchase price back <br> in the form of a taxable dividend unless you are investing through a tax-deferred account.<br>

The Fund ordinarily declares and pays dividends from net investment income, if any, quarterly, and net realized capital gains, if any, annually. The Fund may make additional distributions, if necessary, to comply with U.S. federal tax requirements and avoid U.S. federal income or excise tax.

Each class of shares declares and pays dividends separately.

Distributions can be received in one of the following ways. Please check with your Investment Professional if you are unsure of which option is right for you.

&nbsp;&nbsp; Your choice of distribution should be set up on the original Account Application. <br> If you would like to change the option you selected, please call 800-539-FUND (800-539-3863).<br>

**Reinvestment Option**

You can have distributions automatically reinvested in additional shares of your Fund. If you do not indicate another choice on your Account Application, you will be assigned this option automatically.

**Cash Option**

If you elect to receive your distributions by check, and the distribution amount is $25 or less, the amount will automatically be reinvested in the Fund. Otherwise, a check will be mailed to you no later than seven days after the dividend payment date. If you choose to have your distribution proceeds mailed to you and either the U.S. Postal Service is unable to deliver the distribution check to you or the check remains outstanding for at least six months, the distribution option on your account will default to the reinvestment option as described above. The Fund reserves the right to reinvest the check in shares of the Fund at its then current NAV until you give the Fund different instructions. No interest will accrue on amounts represented by uncashed distribution checks.

**Income Earned Option**

You can automatically reinvest your dividends in additional Fund shares and have your capital gains paid in cash, or reinvest capital gains and have your dividends paid in cash.

**Directed Distributions Option**

In most cases, you can automatically reinvest distributions in shares of another Victory Fund. If you reinvest your distributions in a different Victory Fund, you may pay a sales charge on the amount of reinvested distributions.

**Directed Bank Account Option**

In most cases, you can automatically transfer distributions to your bank checking or savings account. Under normal circumstances, the transfer agent will transfer your distributions within seven days of the dividend payment date. The bank account must have a registration identical to that of your Fund account.

**34**

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Distributions and Taxes

------

**Important Information About Taxes** 

&nbsp;&nbsp; The tax information in this Prospectus is provided as general information. You <br> should review the more detailed discussion of federal income tax considerations <br> in the SAI and consult your tax adviser regarding the federal, state, local, or <br> foreign tax consequences resulting from your investment in the Fund.<br>

The Fund generally expects to pay no federal income tax on the earnings and capital gains it distributes to shareholders.

◼

Qualified dividend income received from the Fund by noncorporate shareholders generally will be taxed at long-term capital gain rates to the extent attributable to qualified dividend income received by the Fund, subject to certain holding period requirements. Nonqualified dividends, dividends received by corporate shareholders and dividends from the Fund's short-term capital gains are taxable as ordinary income. Dividends from the Fund's long-term capital gains generally are taxable as long-term capital gains.

◼

You will pay tax on dividends from the Fund whether you receive them in cash, additional shares of the Fund or you reinvest them in shares of another Victory Fund.

◼

Dividends from the Fund that are attributable to interest on certain U.S. government obligations, if any, may be exempt from certain state and local income taxes. The extent to which ordinary dividends are attributable to these U.S. government obligations will be provided on the tax statements you receive from the Fund.

◼

An exchange of the Fund's shares for shares of another Victory Fund will be treated as a sale. When you sell or exchange shares of the Fund, you generally will recognize any gain or loss.

◼

An exchange of one class of the Fund's shares for shares of another class of the same Fund generally constitutes a nontaxable exchange for federal income tax purposes.

◼

Distributions from the Fund and gains from the disposition of your shares may also be subject to state and local income tax.

◼

An additional 3.8% Medicare tax will be imposed on certain net investment income (which includes dividends and gain recognized on a disposition of shares) of certain U.S. individuals, estates, and trusts.

◼

Certain dividends paid to you in January will be taxable as if they had been paid to you the previous December.

◼

Tax statements will be mailed from the Fund by mid-February showing the amounts and tax status of distributions made to you in the prior calendar year.

◼

Because your tax treatment depends on your purchase price and tax position, you should keep your regular account statements for use in determining your tax.

◼

The Fund generally is required by law to provide you and the Internal Revenue Service with certain cost basis information related to the sale or redemption of any of your shares in the Fund acquired on or after January 1, 2012 (including distributions that are reinvested in additional shares of the Fund).

◼

The Fund may be required to withhold tax from dividends and redemption proceeds if you fail to give your correct social security or taxpayer identification number, fail to make required certifications, or the Fund is notified by the Internal Revenue Service that backup withholding is required.

◼

If you are a nonresident alien individual, foreign trust or estate, foreign corporation, or foreign partnership, the Fund's ordinary income dividends may be subject to a 30% U.S. withholding tax. See the section titled "TAXES—Foreign Shareholders" in the SAI for details.

**35**

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Distributions and Taxes

------

◼

Under the "Foreign Account Tax Compliance Act," unless certain foreign entities comply with certain IRS requirements that generally require them to report information regarding U.S. persons investing in, or holding accounts with, such entities, a 30% U.S. withholding tax may apply to dividends paid by the Fund to such entities. See the section titled "TAXES—Foreign Shareholders" in the SAI for details.

◼

The Fund may provide estimated capital gain distribution information through the website at vcm.com.

**IRA Distribution Withholding Disclosure**

We generally must withhold federal income tax at a rate of 10% of the taxable portion of your distribution, and if you live in a state that requires state income tax withholding, at your state's tax rate. However, you may elect not to have withholding apply or to have income tax withheld at a higher rate. Any withholding election that you make will apply to any subsequent distribution unless and until you change or revoke the election. If you wish to make a withholding election, or change or revoke a prior withholding election, call 800-539-FUND (800-539-3863), and form W-4P (OMB No. 1545-0074 withholding certificate for pension or annuity payments) will be sent electronically.

If you do not have a withholding election in place by the date of a distribution, federal income tax will be withheld from the taxable portion of your distribution at a rate of 10%. If you must pay estimated taxes, you may be subject to estimated tax penalties if your estimated tax payments are not sufficient and sufficient tax is not withheld from your distribution.

The foregoing discussion summarizes some of the possible consequences under current federal tax law of an investment in the Fund. It is not a substitute for personal tax advice. The foregoing discussion also does not discuss any state, local, or non-U.S. tax consequences associated with an investment in the Fund. The tax information in this Prospectus is based on tax law in effect on the date of this Prospectus and it does not address any proposals to modify such tax laws. Consult your personal tax advisor about the potential tax consequences of an investment in the shares under all applicable tax laws.

For more specific information, please consult your tax adviser.

**36**

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Important Fund Policies

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**Customer Identification Program**

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens a new account, and to determine whether such person's name appears on government lists of known or suspected terrorists and terrorist organizations.

As a result, the Victory Funds must obtain the following information for each person who opens a new account:

◼

Name;

◼

Date of birth (for individuals);

◼

Residential or business street address (although post office boxes are still permitted for mailing); and

◼

Social security number, taxpayer identification number, or other identifying number.

You may also be asked for a copy of your driver's license, passport, or other identifying document in order to verify your identity. In addition, it may be necessary to verify your identity by cross-referencing your identification information with a consumer report or other electronic database. Additional information may be required to open accounts for corporations and other entities. Federal law prohibits the Victory Funds and other financial institutions from opening a new account unless they receive the minimum identifying information listed above. After an account is opened, the Victory Funds may restrict your ability to purchase additional shares until your identity is verified. The Victory Funds may close your account or take other appropriate action if it is unable to verify your identity within a reasonable time. If your account is closed for this reason, your shares will be redeemed at the NAV next calculated after the account is closed.

**Account Maintenance Information**

For the following non-financial transactions, the Victory Funds require proof that your signature authorizing a transaction is authentic. This verification can be provided in all cases by either a Signature Validation Program ("SVP") stamp or a Medallion signature guarantee ("MSG"). In some instances a Notary Public stamp is an acceptable alternative. As with an MSG, an SVP stamp can also be obtained from a financial institution that is a member of the SVP program.

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Notary** <br> **Public**<br>| **SVP** | **MSG** |
| Change of name  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Add/change banking instructions  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Add/change beneficiaries  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Add/change authorized account traders  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Adding a Power of Attorney | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Add/change Trustee  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Uniform Transfers to Minors Act/Uniform Gifts to Minors Act custodian <br> change <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |

---

**Market Timing**

The Victory Funds discourage frequent purchases and redemptions of Fund shares (market timing). Market timing allows investors to take advantage of market inefficiencies, sometimes to the disadvantage of other shareholders. Market timing increases Fund expenses to all shareholders by increasing portfolio turnover. In addition, market timing could potentially dilute share value for all other shareholders by requiring the Fund to hold more cash than it normally would.

**37**

------

Important Fund Policies

------

The Board has adopted policies and procedures with respect to market timing. In order to prevent or minimize market timing, the Fund (or the Adviser, as appropriate) will:

◼

Employ "fair value" pricing, as described in this Prospectus under Share Price, to minimize the discrepancies between a security's market quotation and its perceived market value, which often gives rise to market timing activity; and

◼

Monitor for suspected market timing based on "short-term transaction" activity, that is, a purchase or redemption of the Fund and, as applicable, a subsequent redemption or purchase of the same Fund, or an exchange of all or part of that same Fund.

In monitoring for market timing activity, we consider, among other things, the frequency of your trades and whether you acquired your Fund shares directly through the transfer agent or whether you combined your trades with a group of shareholders in an omnibus account or otherwise placed your order through a securities dealer or other financial intermediary.

Frequent trading by a shareholder is generally a characteristic of market timing. Therefore, any account in which Fund shares are acquired directly through the transfer agent, or where the Fund can adequately identify the shareholder, with a history of three short-term transactions within 90 days or less is suspected of market timing and the shareholder's trading privileges (other than redemption of Fund shares) will be suspended.

We may make exceptions to the "short-term transaction" policy for certain types of transactions if, in the opinion of the Adviser, under the oversight of the Board, the transactions do not represent short-term or excessive trading or are not abusive or harmful to the Fund, such as, but not limited to, systematic transactions, required minimum retirement distributions, transactions initiated by the Fund or administrator, and transactions by certain qualified funds-of-funds.

If you acquired shares through an omnibus account or otherwise placed your order through a securities dealer, or other financial intermediary (such as investment advisers, broker-dealers, third-party administrators, or insurance companies), and market timing is suspected, different purchase and exchange limitations may apply. We may rely upon a financial intermediary's policy to deter short-term or excessive trading (i) if we believe that the financial intermediary's policy is reasonably designed to detect and deter transactions that are not in the best interests of the Fund, or (ii) if we receive an undertaking from the financial intermediary to enforce short-term or excessive trading policies on behalf of the Fund that provide a substantially similar level of protection for the Fund against such transactions. If you hold your Fund shares through a financial intermediary, you are advised to consult the intermediary to determine what purchase and exchange limitations apply to your account.

We reserve the right to reject or cancel a purchase or exchange order for any reason without prior notice. We will deny your request to purchase or exchange your shares if we believe that the transaction is part of a market timing strategy.

The Fund's market timing policies and procedures may be modified or terminated at any time under the oversight of the Board.

**Portfolio Holdings Disclosure**

A description of the Fund's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund's SAI, which is available upon request and on the Fund's website at VictoryFunds.com.

**38**

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Important Fund Policies

------

**Performance**

The Victory Funds may advertise the performance of the Fund by comparing it to other mutual funds with similar objectives and policies. Performance information also may appear in various publications. Any fees charged by Investment Professionals may not be reflected in these performance calculations.

Advertising information may include the average annual total return of the Fund calculated on a compounded basis for specified periods of time. Total return information will be calculated according to rules established by the SEC. Such information may include performance rankings and similar information from independent organizations and publications.

**Statements and Reports**

You will receive a periodic statement reflecting any transactions that affect the balance or registration of Fund shares in your account. You will receive a confirmation after any purchase, exchange, or redemption. If your account has been set up by an Investment Professional, Fund activity will be detailed in that account's statements. Share certificates are not issued. Twice a year, you will receive a financial report of the Fund. By February 15th of each year, you will be mailed an IRS form reporting distributions for the previous year, which also will be filed with the IRS.

**Shareholder Communications**

In order to eliminate duplicate mailings to an address at which two or more shareholders with the same last name reside, the Victory Funds may send only one copy of any shareholder reports, proxy statements, prospectuses and their supplements, unless you have instructed us to the contrary. You may request that the Victory Funds send these documents to each shareholder individually by calling the Victory Funds at 800-539-FUND (800-539-3863), and they will be delivered promptly.

While this Prospectus and the SAI of the Fund describe pertinent information about the Trust and the Fund, neither this Prospectus nor the SAI represents a contract between the Trust or the Fund and any shareholder.

**39**

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Financial Highlights

------

The following financial highlights tables reflect historical information about shares of the Fund and are intended to help you understand the Fund's financial performance for the past five years, or, if shorter, the period of its operations. Certain information shows the results of an investment in one share of the Fund. To the extent the Fund invests in other funds, the Total Annual Operating Expenses included in the Fund's Fees and Expenses Table may not correlate to the ratio of expenses to average net assets in the financial highlights below. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).

The information presented has been audited by Cohen & Company, Ltd., the Fund's independent registered public accounting firm, whose report, along with the Fund's financial statements, are included in the Fund's most recent N-CSR filing to shareholders, which is available upon request.

**40**

------

**Victory Diversified Stock Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| ***For a Share Outstanding*** <br> ***Throughout Each Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **8 Months**<br> **Ended**<br> **6/30/22(a)**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/21**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/20**<br>|
| **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp;&nbsp; $22.16 | &nbsp;&nbsp;&nbsp; $19.82 | &nbsp;&nbsp;&nbsp; $17.86 | &nbsp;&nbsp;&nbsp; $24.89 | &nbsp;&nbsp;&nbsp; $17.41 | &nbsp;&nbsp;&nbsp; $17.65 |
| **Investment Activities:** |  |  |  |  |  |  |
| Net investment income <br> (loss)(b)<br>| &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp; —(c) | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Net realized and unrealized <br> gains (losses)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.67 | &nbsp;&nbsp;&nbsp;&nbsp;4.33 | &nbsp;&nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp;&nbsp; (3.68) | &nbsp;&nbsp;&nbsp;&nbsp;7.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| Total from Investment <br> Activities<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.62 | &nbsp;&nbsp;&nbsp;&nbsp;4.31 | &nbsp;&nbsp;&nbsp;&nbsp;3.69 | &nbsp;&nbsp;&nbsp; (3.63) | &nbsp;&nbsp;&nbsp;&nbsp;7.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —(c) | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; (0.04) |
| Net realized gains | &nbsp;&nbsp;&nbsp; (2.33) | &nbsp;&nbsp;&nbsp; (1.97) | &nbsp;&nbsp;&nbsp; (1.69) | &nbsp;&nbsp;&nbsp; (3.36) | &nbsp;&nbsp;&nbsp; (0.46) | &nbsp;&nbsp;&nbsp; (1.15) |
| Total Distributions | &nbsp;&nbsp;&nbsp; (2.33) | &nbsp;&nbsp;&nbsp; (1.97) | &nbsp;&nbsp;&nbsp; (1.73) | &nbsp;&nbsp;&nbsp; (3.40) | &nbsp;&nbsp;&nbsp; (0.47) | &nbsp;&nbsp;&nbsp; (1.19) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $23.45 | &nbsp;&nbsp;&nbsp; $22.16 | &nbsp;&nbsp;&nbsp; $19.82 | &nbsp;&nbsp;&nbsp; $17.86 | &nbsp;&nbsp;&nbsp; $24.89 | &nbsp;&nbsp;&nbsp; $17.41 |
| Total Return(d),(e) | &nbsp;&nbsp;&nbsp; 16.73% | &nbsp;&nbsp;&nbsp; 23.66% | &nbsp;&nbsp;&nbsp; 21.98% | &nbsp;&nbsp;&nbsp; (17.22)% | &nbsp;&nbsp;&nbsp; 46.50% | &nbsp;&nbsp;&nbsp; 5.47% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net Expenses(f),(g) | &nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp; 1.08% | &nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp; 1.09% |
| Net Investment Income <br> (Loss)(f)<br>| &nbsp;&nbsp;&nbsp; (0.22)% | &nbsp;&nbsp;&nbsp; (0.10)% | &nbsp;&nbsp;&nbsp; 0.22% | &nbsp;&nbsp;&nbsp; 0.33% | &nbsp;&nbsp;&nbsp; 0.00%(h) | &nbsp;&nbsp;&nbsp; 0.29% |
| Gross Expenses(f),(g) | &nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp; 1.08% | &nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp; 1.09% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $262084 | &nbsp;&nbsp;&nbsp; $242430 | &nbsp;&nbsp;&nbsp; $210774 | &nbsp;&nbsp;&nbsp; $191392 | &nbsp;&nbsp;&nbsp; $246063 | &nbsp;&nbsp;&nbsp; $184217 |
| Portfolio Turnover(d),(i) | &nbsp;&nbsp;&nbsp; 92% | &nbsp;&nbsp;&nbsp; 81% | &nbsp;&nbsp;&nbsp; 88% | &nbsp;&nbsp;&nbsp; 49% | &nbsp;&nbsp;&nbsp; 61% | &nbsp;&nbsp;&nbsp; 95% |

---

(a) The Fund's fiscal year-end changed from October 31 to June 30.

(b) Per share net investment income (loss) has been calculated using the average daily shares method.

(c) Amount is less than $0.005 per share.

(d) Not annualized for periods less than one year.

(e) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return. Excludes any applicable sales charges, including contingent deferred sales charges. Total return would be reduced if sales charges were taken into account.

(f) Annualized for periods less than one year.

(g) Does not include acquired fund fees and expenses, if any.

(h) Amount is less than 0.005%.

(i) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**41**

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Victory Diversified Stock Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| ***For a Share Outstanding*** <br> ***Throughout Each Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **8 Months**<br> **Ended**<br> **6/30/22(a)**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/21**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/20**<br>|
| **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp;&nbsp; $18.96 | &nbsp;&nbsp;&nbsp; $17.39 | &nbsp;&nbsp;&nbsp; $15.97 | &nbsp;&nbsp;&nbsp; $22.70 | &nbsp;&nbsp;&nbsp; $16.05 | &nbsp;&nbsp;&nbsp; $16.46 |
| **Investment Activities:** |  |  |  |  |  |  |
| Net investment income (loss)(b) | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp; (0.10) |
| Net realized and unrealized <br> gains (losses)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.11 | &nbsp;&nbsp;&nbsp;&nbsp;3.72 | &nbsp;&nbsp;&nbsp;&nbsp;3.23 | &nbsp;&nbsp;&nbsp; (3.29) | &nbsp;&nbsp;&nbsp;&nbsp;7.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| Total from Investment <br> Activities<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp;&nbsp;&nbsp;3.54 | &nbsp;&nbsp;&nbsp;&nbsp;3.11 | &nbsp;&nbsp;&nbsp; (3.37) | &nbsp;&nbsp;&nbsp;&nbsp;7.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —(c) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net realized gains | &nbsp;&nbsp;&nbsp; (2.33) | &nbsp;&nbsp;&nbsp; (1.97) | &nbsp;&nbsp;&nbsp; (1.69) | &nbsp;&nbsp;&nbsp; (3.36) | &nbsp;&nbsp;&nbsp; (0.46) | &nbsp;&nbsp;&nbsp; (1.15) |
| Total Distributions | &nbsp;&nbsp;&nbsp; (2.33) | &nbsp;&nbsp;&nbsp; (1.97) | &nbsp;&nbsp;&nbsp; (1.69) | &nbsp;&nbsp;&nbsp; (3.36) | &nbsp;&nbsp;&nbsp; (0.46) | &nbsp;&nbsp;&nbsp; (1.15) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $19.51 | &nbsp;&nbsp;&nbsp; $18.96 | &nbsp;&nbsp;&nbsp; $17.39 | &nbsp;&nbsp;&nbsp; $15.97 | &nbsp;&nbsp;&nbsp; $22.70 | &nbsp;&nbsp;&nbsp; $16.05 |
| Total Return(d),(e) | &nbsp;&nbsp;&nbsp; 15.59% | &nbsp;&nbsp;&nbsp; 22.45% | &nbsp;&nbsp;&nbsp; 20.86% | &nbsp;&nbsp;&nbsp; (17.72)% | &nbsp;&nbsp;&nbsp; 45.01% | &nbsp;&nbsp;&nbsp; 4.53% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net Expenses(f),(g) | &nbsp;&nbsp;&nbsp; 2.02% | &nbsp;&nbsp;&nbsp; 2.02% | &nbsp;&nbsp;&nbsp; 2.02% | &nbsp;&nbsp;&nbsp; 2.02% | &nbsp;&nbsp;&nbsp; 2.02% | &nbsp;&nbsp;&nbsp; 2.05% |
| Net Investment Income (Loss)(f) | &nbsp;&nbsp;&nbsp; (1.22)% | &nbsp;&nbsp;&nbsp; (1.04)% | &nbsp;&nbsp;&nbsp; (0.73)% | &nbsp;&nbsp;&nbsp; (0.62)% | &nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; (0.64)% |
| Gross Expenses(f),(g) | &nbsp;&nbsp;&nbsp; 4.93% | &nbsp;&nbsp;&nbsp; 4.02% | &nbsp;&nbsp;&nbsp; 2.85% | &nbsp;&nbsp;&nbsp; 2.46% | &nbsp;&nbsp;&nbsp; 2.32% | &nbsp;&nbsp;&nbsp; 2.14% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $505 | &nbsp;&nbsp;&nbsp; $550 | &nbsp;&nbsp;&nbsp; $919 | &nbsp;&nbsp;&nbsp; $1545 | &nbsp;&nbsp;&nbsp; $2371 | &nbsp;&nbsp;&nbsp; $3046 |
| Portfolio Turnover(d),(h) | &nbsp;&nbsp;&nbsp; 92% | &nbsp;&nbsp;&nbsp; 81% | &nbsp;&nbsp;&nbsp; 88% | &nbsp;&nbsp;&nbsp; 49% | &nbsp;&nbsp;&nbsp; 61% | &nbsp;&nbsp;&nbsp; 95% |

---

(a) The Fund's fiscal year-end changed from October 31 to June 30.

(b) Per share net investment income (loss) has been calculated using the average daily shares method.

(c) Amount is less than $0.005 per share.

(d) Not annualized for periods less than one year.

(e) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return. Excludes any applicable sales charges, including contingent deferred sales charges. Total return would be reduced if sales charges were taken into account.

(f) Annualized for periods less than one year.

(g) Does not include acquired fund fees and expenses, if any.

(h) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**42**

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Victory Diversified Stock Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| ***For a Share Outstanding*** <br> ***Throughout Each Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **8 Months**<br> **Ended**<br> **6/30/22(a)**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/21**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/20**<br>|
| **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp;&nbsp; $22.19 | &nbsp;&nbsp;&nbsp; $19.81 | &nbsp;&nbsp;&nbsp; $17.85 | &nbsp;&nbsp;&nbsp; $24.88 | &nbsp;&nbsp;&nbsp; $17.37 | &nbsp;&nbsp;&nbsp; $17.61 |
| **Investment Activities:** |  |  |  |  |  |  |
| Net investment income (loss)(b) | &nbsp;&nbsp;&nbsp; (—)(c) | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net realized and unrealized <br> gains (losses)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.67 | &nbsp;&nbsp;&nbsp;&nbsp;4.33 | &nbsp;&nbsp;&nbsp;&nbsp;3.64 | &nbsp;&nbsp;&nbsp; (3.67) | &nbsp;&nbsp;&nbsp;&nbsp;7.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| Total from Investment <br> Activities<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.67 | &nbsp;&nbsp;&nbsp;&nbsp;4.36 | &nbsp;&nbsp;&nbsp;&nbsp;3.73 | &nbsp;&nbsp;&nbsp; (3.59) | &nbsp;&nbsp;&nbsp;&nbsp;7.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; (0.08) |
| Net realized gains | &nbsp;&nbsp;&nbsp; (2.33) | &nbsp;&nbsp;&nbsp; (1.97) | &nbsp;&nbsp;&nbsp; (1.69) | &nbsp;&nbsp;&nbsp; (3.36) | &nbsp;&nbsp;&nbsp; (0.46) | &nbsp;&nbsp;&nbsp; (1.15) |
| Total Distributions | &nbsp;&nbsp;&nbsp; (2.33) | &nbsp;&nbsp;&nbsp; (1.98) | &nbsp;&nbsp;&nbsp; (1.77) | &nbsp;&nbsp;&nbsp; (3.44) | &nbsp;&nbsp;&nbsp; (0.48) | &nbsp;&nbsp;&nbsp; (1.23) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $23.53 | &nbsp;&nbsp;&nbsp; $22.19 | &nbsp;&nbsp;&nbsp; $19.81 | &nbsp;&nbsp;&nbsp; $17.85 | &nbsp;&nbsp;&nbsp; $24.88 | &nbsp;&nbsp;&nbsp; $17.37 |
| Total Return(d),(e) | &nbsp;&nbsp;&nbsp; 17.00% | &nbsp;&nbsp;&nbsp; 23.90% | &nbsp;&nbsp;&nbsp; 22.29% | &nbsp;&nbsp;&nbsp; (17.09)% | &nbsp;&nbsp;&nbsp; 46.79% | &nbsp;&nbsp;&nbsp; 5.81% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net Expenses(f),(g) | &nbsp;&nbsp;&nbsp; 0.83% | &nbsp;&nbsp;&nbsp; 0.83% | &nbsp;&nbsp;&nbsp; 0.83% | &nbsp;&nbsp;&nbsp; 0.83% | &nbsp;&nbsp;&nbsp; 0.83% | &nbsp;&nbsp;&nbsp; 0.84% |
| Net Investment Income <br> (Loss)(f)<br>| &nbsp;&nbsp;&nbsp; 0.00%(h) | &nbsp;&nbsp;&nbsp; 0.14% | &nbsp;&nbsp;&nbsp; 0.47% | &nbsp;&nbsp;&nbsp; 0.57% | &nbsp;&nbsp;&nbsp; 0.24% | &nbsp;&nbsp;&nbsp; 0.56% |
| Gross Expenses(f),(g) | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 0.86% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $28688 | &nbsp;&nbsp;&nbsp; $27087 | &nbsp;&nbsp;&nbsp; $23984 | &nbsp;&nbsp;&nbsp; $21933 | &nbsp;&nbsp;&nbsp; $27856 | &nbsp;&nbsp;&nbsp; $21071 |
| Portfolio Turnover(d),(i) | &nbsp;&nbsp;&nbsp; 92% | &nbsp;&nbsp;&nbsp; 81% | &nbsp;&nbsp;&nbsp; 88% | &nbsp;&nbsp;&nbsp; 49% | &nbsp;&nbsp;&nbsp; 61% | &nbsp;&nbsp;&nbsp; 95% |

---

(a) The Fund's fiscal year-end changed from October 31 to June 30.

(b) Per share net investment income (loss) has been calculated using the average daily shares method.

(c) Amount is less than $0.005 per share.

(d) Not annualized for periods less than one year.

(e) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return.

(f) Annualized for periods less than one year.

(g) Does not include acquired fund fees and expenses, if any.

(h) Amount is less than 0.005%.

(i) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**43**

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Victory Diversified Stock Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| ***For a Share Outstanding*** <br> ***Throughout Each Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **8 Months**<br> **Ended**<br> **6/30/22(a)**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/21**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/20**<br>|
| **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp;&nbsp; $21.27 | &nbsp;&nbsp;&nbsp; $19.15 | &nbsp;&nbsp;&nbsp; $17.32 | &nbsp;&nbsp;&nbsp; $24.25 | &nbsp;&nbsp;&nbsp; $17.01 | &nbsp;&nbsp;&nbsp; $17.29 |
| **Investment Activities:** |  |  |  |  |  |  |
| Net investment income (loss)(b) | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp; —(c) |
| Net realized and unrealized <br> gains (losses)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.50 | &nbsp;&nbsp;&nbsp;&nbsp;4.17 | &nbsp;&nbsp;&nbsp;&nbsp;3.53 | &nbsp;&nbsp;&nbsp; (3.57) | &nbsp;&nbsp;&nbsp;&nbsp;7.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Total from Investment <br> Activities<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.39 | &nbsp;&nbsp;&nbsp;&nbsp;4.09 | &nbsp;&nbsp;&nbsp;&nbsp;3.52 | &nbsp;&nbsp;&nbsp; (3.56) | &nbsp;&nbsp;&nbsp;&nbsp;7.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —(c) | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01) |
| Net realized gains | &nbsp;&nbsp;&nbsp; (2.33) | &nbsp;&nbsp;&nbsp; (1.97) | &nbsp;&nbsp;&nbsp; (1.69) | &nbsp;&nbsp;&nbsp; (3.36) | &nbsp;&nbsp;&nbsp; (0.46) | &nbsp;&nbsp;&nbsp; (1.15) |
| Total Distributions | &nbsp;&nbsp;&nbsp; (2.33) | &nbsp;&nbsp;&nbsp; (1.97) | &nbsp;&nbsp;&nbsp; (1.69) | &nbsp;&nbsp;&nbsp; (3.37) | &nbsp;&nbsp;&nbsp; (0.46) | &nbsp;&nbsp;&nbsp; (1.16) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $22.33 | &nbsp;&nbsp;&nbsp; $21.27 | &nbsp;&nbsp;&nbsp; $19.15 | &nbsp;&nbsp;&nbsp; $17.32 | &nbsp;&nbsp;&nbsp; $24.25 | &nbsp;&nbsp;&nbsp; $17.01 |
| Total Return(d),(e) | &nbsp;&nbsp;&nbsp; 16.38% | &nbsp;&nbsp;&nbsp; 23.25% | &nbsp;&nbsp;&nbsp; 21.67% | &nbsp;&nbsp;&nbsp; (17.38)% | &nbsp;&nbsp;&nbsp; 46.02% | &nbsp;&nbsp;&nbsp; 5.25% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net Expenses(f),(g) | &nbsp;&nbsp;&nbsp; 1.35% | &nbsp;&nbsp;&nbsp; 1.36% | &nbsp;&nbsp;&nbsp; 1.36% | &nbsp;&nbsp;&nbsp; 1.36% | &nbsp;&nbsp;&nbsp; 1.35% | &nbsp;&nbsp;&nbsp; 1.37% |
| Net Investment Income (Loss)(f) | &nbsp;&nbsp;&nbsp; (0.52)% | &nbsp;&nbsp;&nbsp; (0.39)% | &nbsp;&nbsp;&nbsp; (0.07)% | &nbsp;&nbsp;&nbsp; 0.05% | &nbsp;&nbsp;&nbsp; (0.28)% | &nbsp;&nbsp;&nbsp; 0.01% |
| Gross Expenses(f),(g) | &nbsp;&nbsp;&nbsp; 1.35% | &nbsp;&nbsp;&nbsp; 1.36% | &nbsp;&nbsp;&nbsp; 1.36% | &nbsp;&nbsp;&nbsp; 1.36% | &nbsp;&nbsp;&nbsp; 1.35% | &nbsp;&nbsp;&nbsp; 1.37% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $38264 | &nbsp;&nbsp;&nbsp; $38915 | &nbsp;&nbsp;&nbsp; $35836 | &nbsp;&nbsp;&nbsp; $36360 | &nbsp;&nbsp;&nbsp; $48980 | &nbsp;&nbsp;&nbsp; $39432 |
| Portfolio Turnover(d),(h) | &nbsp;&nbsp;&nbsp; 92% | &nbsp;&nbsp;&nbsp; 81% | &nbsp;&nbsp;&nbsp; 88% | &nbsp;&nbsp;&nbsp; 49% | &nbsp;&nbsp;&nbsp; 61% | &nbsp;&nbsp;&nbsp; 95% |

---

(a) The Fund's fiscal year-end changed from October 31 to June 30.

(b) Per share net investment income (loss) has been calculated using the average daily shares method.

(c) Amount is less than $0.005 per share.

(d) Not annualized for periods less than one year.

(e) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return.

(f) Annualized for periods less than one year.

(g) Does not include acquired fund fees and expenses, if any.

(h) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**44**

------

Victory Diversified Stock Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| ***For a Share Outstanding*** <br> ***Throughout Each Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **8 Months**<br> **Ended**<br> **6/30/22(a)**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/21**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/20**<br>|
| **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp;&nbsp; $22.23 | &nbsp;&nbsp;&nbsp; $19.84 | &nbsp;&nbsp;&nbsp; $17.87 | &nbsp;&nbsp;&nbsp; $24.91 | &nbsp;&nbsp;&nbsp; $17.38 | &nbsp;&nbsp;&nbsp; $17.62 |
| **Investment Activities:** |  |  |  |  |  |  |
| Net investment income (loss)(b) | &nbsp;&nbsp;&nbsp; 0.01(c) | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Net realized and unrealized <br> gains (losses)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.68 | &nbsp;&nbsp;&nbsp;&nbsp;4.34 | &nbsp;&nbsp;&nbsp;&nbsp;3.66 | &nbsp;&nbsp;&nbsp; (3.69) | &nbsp;&nbsp;&nbsp;&nbsp;7.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 |
| Total from Investment <br> Activities<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.69 | &nbsp;&nbsp;&nbsp;&nbsp;4.38 | &nbsp;&nbsp;&nbsp;&nbsp;3.75 | &nbsp;&nbsp;&nbsp; (3.60) | &nbsp;&nbsp;&nbsp;&nbsp;8.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; (0.09) |
| Net realized gains | &nbsp;&nbsp;&nbsp; (2.33) | &nbsp;&nbsp;&nbsp; (1.97) | &nbsp;&nbsp;&nbsp; (1.69) | &nbsp;&nbsp;&nbsp; (3.36) | &nbsp;&nbsp;&nbsp; (0.46) | &nbsp;&nbsp;&nbsp; (1.15) |
| Total Distributions | &nbsp;&nbsp;&nbsp; (2.33) | &nbsp;&nbsp;&nbsp; (1.99) | &nbsp;&nbsp;&nbsp; (1.78) | &nbsp;&nbsp;&nbsp; (3.44) | &nbsp;&nbsp;&nbsp; (0.48) | &nbsp;&nbsp;&nbsp; (1.24) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $23.59 | &nbsp;&nbsp;&nbsp; $22.23 | &nbsp;&nbsp;&nbsp; $19.84 | &nbsp;&nbsp;&nbsp; $17.87 | &nbsp;&nbsp;&nbsp; $24.91 | &nbsp;&nbsp;&nbsp; $17.38 |
| Total Return(d),(e) | &nbsp;&nbsp;&nbsp; 17.06% | &nbsp;&nbsp;&nbsp; 23.93% | &nbsp;&nbsp;&nbsp; 22.38% | &nbsp;&nbsp;&nbsp; (17.08)% | &nbsp;&nbsp;&nbsp; 46.89% | &nbsp;&nbsp;&nbsp; 5.86% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net Expenses(f),(g) | &nbsp;&nbsp;&nbsp; 0.78% | &nbsp;&nbsp;&nbsp; 0.78% | &nbsp;&nbsp;&nbsp; 0.78% | &nbsp;&nbsp;&nbsp; 0.78% | &nbsp;&nbsp;&nbsp; 0.78% | &nbsp;&nbsp;&nbsp; 0.78% |
| Net Investment Income (Loss)(f) | &nbsp;&nbsp;&nbsp; 0.06% | &nbsp;&nbsp;&nbsp; 0.19% | &nbsp;&nbsp;&nbsp; 0.50% | &nbsp;&nbsp;&nbsp; 0.63% | &nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp; 0.49% |
| Gross Expenses(f),(g) | &nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp;&nbsp; 1.37% | &nbsp;&nbsp;&nbsp; 1.55% | &nbsp;&nbsp;&nbsp; 1.36% | &nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp; 1.34% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $4654 | &nbsp;&nbsp;&nbsp; $3663 | &nbsp;&nbsp;&nbsp; $1927 | &nbsp;&nbsp;&nbsp; $863 | &nbsp;&nbsp;&nbsp; $4040 | &nbsp;&nbsp;&nbsp; $3103 |
| Portfolio Turnover(d),(h) | &nbsp;&nbsp;&nbsp; 92% | &nbsp;&nbsp;&nbsp; 81% | &nbsp;&nbsp;&nbsp; 88% | &nbsp;&nbsp;&nbsp; 49% | &nbsp;&nbsp;&nbsp; 61% | &nbsp;&nbsp;&nbsp; 95% |

---

(a) The Fund's fiscal year-end changed from October 31 to June 30.

(b) Per share net investment income (loss) has been calculated using the average daily shares method.

(c) The amount shown for a share outstanding throughout the period may not correlate with the Statements of Operations for the period due to the class level expenses recognized.

(d) Not annualized for periods less than one year.

(e) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return.

(f) Annualized for periods less than one year.

(g) Does not include acquired fund fees and expenses, if any.

(h) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**45**

------

Victory Diversified Stock Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| ***For a Share Outstanding*** <br> ***Throughout Each Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **8 Months**<br> **Ended**<br> **6/30/22(a)**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/21**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/20**<br>|
| **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp;&nbsp; $22.24 | &nbsp;&nbsp;&nbsp; $19.86 | &nbsp;&nbsp;&nbsp; $17.89 | &nbsp;&nbsp;&nbsp; $24.93 | &nbsp;&nbsp;&nbsp; $17.41 | &nbsp;&nbsp;&nbsp; $17.65 |
| **Investment Activities:** |  |  |  |  |  |  |
| Net investment income (loss)(b) | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net realized and unrealized <br> gains (losses)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.68 | &nbsp;&nbsp;&nbsp;&nbsp;4.34 | &nbsp;&nbsp;&nbsp;&nbsp;3.66 | &nbsp;&nbsp;&nbsp; (3.69) | &nbsp;&nbsp;&nbsp;&nbsp;7.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 |
| Total from Investment <br> Activities<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.67 | &nbsp;&nbsp;&nbsp;&nbsp;4.36 | &nbsp;&nbsp;&nbsp;&nbsp;3.74 | &nbsp;&nbsp;&nbsp; (3.61) | &nbsp;&nbsp;&nbsp;&nbsp;8.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; (0.08) |
| Net realized gains | &nbsp;&nbsp;&nbsp; (2.33) | &nbsp;&nbsp;&nbsp; (1.97) | &nbsp;&nbsp;&nbsp; (1.69) | &nbsp;&nbsp;&nbsp; (3.36) | &nbsp;&nbsp;&nbsp; (0.46) | &nbsp;&nbsp;&nbsp; (1.15) |
| Total Distributions | &nbsp;&nbsp;&nbsp; (2.33) | &nbsp;&nbsp;&nbsp; (1.98) | &nbsp;&nbsp;&nbsp; (1.77) | &nbsp;&nbsp;&nbsp; (3.43) | &nbsp;&nbsp;&nbsp; (0.48) | &nbsp;&nbsp;&nbsp; (1.23) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $23.58 | &nbsp;&nbsp;&nbsp; $22.24 | &nbsp;&nbsp;&nbsp; $19.86 | &nbsp;&nbsp;&nbsp; $17.89 | &nbsp;&nbsp;&nbsp; $24.93 | &nbsp;&nbsp;&nbsp; $17.41 |
| Total Return(c),(d) | &nbsp;&nbsp;&nbsp; 16.96% | &nbsp;&nbsp;&nbsp; 23.83% | &nbsp;&nbsp;&nbsp; 22.26% | &nbsp;&nbsp;&nbsp; (17.07)% | &nbsp;&nbsp;&nbsp; 46.75% | &nbsp;&nbsp;&nbsp; 5.72% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net Expenses(e),(f) | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 0.86% |
| Net Investment Income (Loss)(e) | &nbsp;&nbsp;&nbsp; (0.03)% | &nbsp;&nbsp;&nbsp; 0.11% | &nbsp;&nbsp;&nbsp; 0.43% | &nbsp;&nbsp;&nbsp; 0.55% | &nbsp;&nbsp;&nbsp; 0.21% | &nbsp;&nbsp;&nbsp; 0.52% |
| Gross Expenses(e),(f) | &nbsp;&nbsp;&nbsp; 1.11% | &nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 1.31% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $5458 | &nbsp;&nbsp;&nbsp; $5556 | &nbsp;&nbsp;&nbsp; $4505 | &nbsp;&nbsp;&nbsp; $4102 | &nbsp;&nbsp;&nbsp; $5029 | &nbsp;&nbsp;&nbsp; $3737 |
| Portfolio Turnover(c),(g) | &nbsp;&nbsp;&nbsp; 92% | &nbsp;&nbsp;&nbsp; 81% | &nbsp;&nbsp;&nbsp; 88% | &nbsp;&nbsp;&nbsp; 49% | &nbsp;&nbsp;&nbsp; 61% | &nbsp;&nbsp;&nbsp; 95% |

---

(a) The Fund's fiscal year-end changed from October 31 to June 30.

(b) Per share net investment income (loss) has been calculated using the average daily shares method.

(c) Not annualized for periods less than one year.

(d) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return.

(e) Annualized for periods less than one year.

(f) Does not include acquired fund fees and expenses, if any.

(g) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**46**

------

Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

The availability of certain initial and contingent deferred sales charge reductions and waivers may depend on the particular financial intermediary or type of account through which you purchase or hold Fund shares. The following information about variations in sales charge reductions and waivers is applicable only to investors who purchase Fund shares through a Merrill Lynch, Ameriprise Financial, Morgan Stanley Wealth Management, Raymond James, Janney Montgomery Scott LLC, Edward D. Jones & Co., Oppenheimer & Co. Inc., Stifel, Nicolaus & Company, Incorporated, Robert W. Baird & Co., or J.P. Morgan Securities LLC platform or account.

In all instances, it is your responsibility to notify the Fund or your financial intermediary at the time of purchase of any relationship or other facts qualifying you for sales charge reductions or waivers. For reductions and waivers unavailable through a particular intermediary, shareholders will have to purchase Fund shares directly from the Fund or through another intermediary to receive those reductions and waivers.

**Ameriprise Financial**

**Front-end sales charge reductions on Class A shares purchased through Ameriprise Financial**

Shareholders purchasing Class A shares of the Fund through an Ameriprise Financial platform or account are eligible only for the following sales charge reductions, which may differ from those disclosed elsewhere in this prospectus or the SAI. Such shareholders can reduce their initial sales charge on the purchase of Class A shares as follows:

◼

Transaction size breakpoints, as described in this prospectus or the SAI.

◼

Rights of accumulation ("ROA"), as described in this prospectus or the SAI.

◼

Letter of intent, as described in this prospectus or the SAI.

**Front-end sales charge waivers on Class A shares purchased through Ameriprise Financial**

Shareholders purchasing Class A shares of the fund through an Ameriprise Financial platform or account are eligible only for the following sales charge waivers, which may differ from those disclosed elsewhere in this prospectus or the SAI. Such shareholders may purchase Class A shares at NAV without payment of a sales charge as follows:

◼

shares purchased by 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.

◼

shares purchased through reinvestment of capital gains and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the same fund family).

◼

shares exchanged from Class C shares of the same fund in the month of or following the seven-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load waived shares, that waiver will also apply to such exchanges.

◼

shares purchased by employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members.

◼

shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings

**47**

------

Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor's spouse, advisor's lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor's lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant.

◼

shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement).

**CDSC waivers on Class A and C shares purchased through Ameriprise Financial**

Fund shares purchased through an Ameriprise Financial platform or account are eligible only for the following CDSC waivers, which may differ from those disclosed elsewhere in this prospectus or the SAI:

◼

redemptions due to death or disability of the shareholder

◼

shares sold as part of a systematic withdrawal plan as described in this prospectus or the SAI

◼

redemptions made in connection with a return of excess contributions from an IRA account

◼

shares purchased through a Right of Reinstatement (as defined above)

◼

redemptions made as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code

**Edward D. Jones & Co ("Edward Jones")**

The following information supersedes prior information with respect to transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also referred to as "shareholders") purchasing fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the mutual fund prospectus or SAI or through another broker-dealer. In all instances, it is the shareholder's responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of the Victory Funds, or other facts qualifying the purchaser for discounts or waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if they have questions regarding their eligibility for these discounts and waivers.

***Breakpoints***

◼

Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.

***Rights of Accumulation ("ROA")*** 

◼

The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except certain money market funds and any assets held in group retirement plans) of the Victory Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations ("pricing groups"). If grouping assets as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a sales charge.

◼

The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or

**48**

------

Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

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.

◼

ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV).

***Letter of Intent ("LOI")*** 

◼

Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if the LOI is not met.

◼

If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer.

***Sales Charge Waivers***

Sales charges are waived for the following shareholders and in the following situations:

◼

Associates of Edward Jones and its affiliates and other accounts in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate's life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant to Edward Jones' policies and procedures.

◼

Shares purchased in an Edward Jones fee-based program.

◼

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

◼

Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: the proceeds are from the sale of shares within 60 days of the purchase, the sale and purchase are made from a share class that charges a front load and one of the following ("Right of Reinstatement"):

<sup>◼</sup>

The redemption and repurchase occur in the same account.

<sup>◼</sup>

The redemption proceeds are used to process an: IRA contribution, excess contributions, conversion, recharacterizing of contributions, or distribution, and the repurchase is done in an account within the same Edward Jones grouping for ROA.

<sup>◼</sup>

The Right of Reinstatement excludes systematic or automatic transactions including, but not limited to, purchases made through payroll deductions, liquidations to cover account fees, and reinvestments from non-mutual fund products.

◼

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 discretion of Edward Jones. Edward Jones 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 the prospectus.

◼

Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

**49**

------

Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

◼

Purchases of Class 529-A shares through a rollover from either another education savings plan or a security used for qualified distributions.

◼

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

**Contingent Deferred Sales Charge ("CDSC") Waivers** 

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is responsible to pay the CDSC except in the following conditions:

◼

The death or disability of the shareholder.

◼

Systematic withdrawals with up to 10% per year of account value.

◼

Return of excess contributions from an Individual Retirement Account (IRA).

◼

Shares redeemed as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

◼

Shares redeemed to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

◼

Shares exchanged in an Edward Jones fee-based program.

◼

Shares acquired through NAV reinstatement.

◼

Shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below.

**Other Important Information Regarding Transactions Through Edward Jones**

**Minimum Purchase Amounts** 

◼

Initial purchase minimum: $250

◼

Subsequent purchase minimum: none

**Minimum Balances** 

◼

Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

<sup>◼</sup>

A fee-based account held on an Edward Jones platform

<sup>◼</sup>

A 529 account held on an Edward Jones platform

<sup>◼</sup>

An account with an active systematic investment plan or LOI

**Exchanging Share Classes** 

◼

At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder's holdings in a fund to Class A shares of the same fund.

**Janney Montgomery Scott LLC ("Janney")**

Shareholders purchasing fund shares through a Janney brokerage account will be eligible only for the following load waivers (front-end sales charge waivers and CDSC, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund's Prospectus or SAI.

**Front-End Sales Charge Waivers on Class A shares available at Janney** 

◼

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

◼

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

◼

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and

**50**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

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purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Right of Reinstatement)

◼

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, SAR-SEPs or Keogh plans

◼

Shares acquired through a Right of Reinstatement

◼

Class C shares that are no longer subject to a CDSC and are converted to Class A shares of the same fund pursuant to Janney's policies and procedures

**CDSC Waivers on Class A and C shares available at Janney** 

◼

Shares sold upon the death or disability of the shareholder

◼

Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

◼

Shares purchased in connection with a 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 Internal Revenue Service regulations as described in a Fund's Prospectus

◼

Shares sold to pay Janney fees but only if the transaction is initiated by Janney

◼

Shares acquired through a Right of Reinstatement

◼

Shares exchanged into the same share class of a different fund

**Front-End Load Discounts available at Janney: Breakpoints, Rights of Accumulation and/or letters of intent**<sup>1</sup>

◼

Breakpoints as described in this Prospectus

◼

Rights of accumulation ("ROA"), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets

◼

Letters of intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets

<sup>1</sup> Also referred to as an "initial sales charge"

**J.P. Morgan Securities LLC**

If you purchase or hold fund shares through an applicable J.P. Morgan Securities LLC brokerage account, you will be eligible for the following sales charge waivers (front-end sales charge waivers and contingent deferred sales charge ("CDSC"), or back-end sales charge, waivers), share class conversion policy and discounts, which may differ from those disclosed elsewhere in this fund's prospectus or Statement of Additional Information.

**Front-End Sales Charge Waivers on Class A Shares available at J.P. Morgan Securities LLC**

◼

Shares exchanged from Class C (i.e. level-load) shares that are no longer subject to a CDSC and are exchanged into Class A shares of the same fund pursuant to J.P. Morgan Securities LLC's share class exchange policy.

◼

Qualified employer-sponsored defined contribution and defined benefit retirement plans, nonqualified deferred compensation plans, other employee benefit plans and trusts used to fund

**51**

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those plans. For purposes of this provision, such plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or 501(c)(3) accounts.

◼

Shares of funds purchased through J.P. Morgan Securities LLC Self-Directed Investing accounts.

◼

Shares purchased through rights of reinstatement.

◼

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

◼

Shares purchased by employees and registered representatives of J.P. Morgan Securities LLC or its affiliates and their spouse or financial dependent as defined by J.P. Morgan Securities LLC.

**Class C to Class A Share Conversion**

◼

A shareholder in the fund's Class C shares will have their shares converted to Class A shares (or the appropriate share class) of the same fund if the shares are no longer subject to a CDSC and the conversion is consistent with J.P. Morgan Securities LLC's policies and procedures.

**CDSC Waivers on Class A and C Shares available at J.P. Morgan Securities LLC**

◼

Shares sold upon the death or disability of the shareholder.

◼

Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus.

◼

Shares purchased in connection with a return of excess contributions from an IRA account.

◼

Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code.

◼

Shares acquired through a right of reinstatement.

**Front-end load Discounts Available at J.P. Morgan Securities LLC: Breakpoints, Rights of Accumulation & Letters of Intent** 

◼

Breakpoints as described in the Prospectus.

◼

Rights of Accumulation ("ROA") which entitle shareholders to breakpoint discounts as described in the fund's prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at J.P. Morgan Securities LLC. Eligible fund family assets not held at J.P. Morgan Securities LLC (including 529 program holdings, where applicable) may be included in the ROA calculation only if the shareholder notifies their financial advisor about such assets.

**Letters of Intent ("LOI"), which allow for breakpoint discounts based on anticipated purchases within a fund family, through J.P. Morgan Securities LLC, over a 13-month period of time (if applicable).**

**Merrill Lynch ("Merrill")**

Purchases or sales of front-end (i.e., Class A) or level-load (i.e., 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.

**52**

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Additional information on waivers and discounts 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, SAR-SEPs 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 employees of Merrill or its affiliates and their family members who purchase shares in accounts within the employee's Merrill Household (as defined 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 22e(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

**53**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

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**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

◼

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

**Morgan Stanley Wealth Management**

Shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account are eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in the Fund's Prospectus or SAI.

**Front-end Sales Charge Waivers on Class A Shares available at Morgan Stanley** 

◼

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, SAR-SEPs or Keogh plans

◼

Morgan Stanley employee and employee-related accounts according to Morgan Stanley's account linking rules

◼

Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

◼

Shares purchased through a Morgan Stanley self-directed brokerage account

◼

Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management's share class conversion program

◼

Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge

**Oppenheimer & Co. Inc. ("OPCO")**

Shareholders purchasing Fund shares through an OPCO platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund's Prospectus or SAI.

**Front-End Sales Charge Waivers on Class A Shares available at OPCO** 

◼

Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan

◼

Shares purchased by or through a 529 Plan

◼

Shares purchased through an OPCO affiliated investment advisory program

**54**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

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◼

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

◼

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement)

◼

A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of OPCO

◼

Employees and registered representatives of OPCO or its affiliates and their family members

◼

Directors or Trustees of the Fund, and employees of the Fund's investment adviser or any of its affiliates, as described in this Prospectus

**CDSC Waivers on A and C Shares available at OPCO** 

◼

Death or disability of the shareholder

◼

Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

◼

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 as described in the prospectus

◼

Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO

◼

Shares acquired through a Right of Reinstatement

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

◼

Breakpoints as described in this Prospectus

◼

Rights of Accumulation ("ROA") which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at OPCO. Eligible fund family assets not held at OPCO may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets

**Robert W. Baird & Co. ("Baird")**

Shareholders purchasing fund shares through a Baird platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or the SAI.

**Front-End Sales Charge Waivers on Class A Shares available at Baird** 

◼

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund

◼

Shares purchased by employees and registered representatives of Baird or its affiliate and their family members as designated by Baird

◼

Shares purchased using the proceeds of redemptions from a Victory Fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same accounts, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as Rights of Reinstatement)

◼

A shareholder in the Funds Investor C Shares will have their share converted at net asset value to Investor A shares of the same fund if the shares are no longer subject to CDSC and the conversion

**55**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

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is in line with the policies and procedures of Baird

◼

Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 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

**CDSC Waivers on Classes A and C Shares available at Baird**

◼

Shares sold due to death or disability of the shareholder

◼

Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

◼

Shares bought due to returns 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 Internal Revenue Service regulations as described in the Fund's Prospectus

◼

Shares sold to pay Baird fees but only if the transaction is initiated by Baird

◼

Shares acquired through a Right of Reinstatement

**Front-End Load Discounts Available at Baird: Breakpoints, Rights of Accumulation, and/or Letters of Intent** 

◼

Breakpoints as described in this Prospectus

◼

Rights of accumulations which entitles shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of Victory Funds assets held by accounts within the purchaser's household at Baird. Eligible Victory Funds assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets

◼

Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases of the Victory Funds through Baird, over a 13-month period of time

**Raymond James & Associates, Inc., Raymond James Financial Services, Inc. and each entity's affiliates ("Raymond James")**

Shareholders purchasing fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund's Prospectus or SAI.

**Front-End Sales Charge Waivers on Class A Shares available at Raymond James** 

◼

Shares purchased in an investment advisory program

◼

Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions

◼

Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James

◼

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement)

◼

A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a

**56**

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CDSC and the conversion is in line with the policies and procedures of Raymond James

**CDSC Waivers on Classes A and C Shares available at Raymond James** 

◼

Death or disability of the shareholder

◼

Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

◼

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 as described in the Fund's prospectus

◼

Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James

◼

Shares acquired through a Right of Reinstatement

**Front-End Load Discounts Available at Raymond James: Breakpoints, Rights of Accumulation, and/or Letters of Intent** 

◼

Breakpoints as described in this Prospectus

◼

Rights of Accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial advisor about such assets

◼

Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets

**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.

**57**

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**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 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.

**58**

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**Wells Fargo Advisors Financial Network, LLC (collectively, "Wells Fargo Advisors")**

**Wells Fargo Clearing Services, LLC operates a First Clearing business, but these rules are not intended to include First Clearing firms.**

Effective April 1, 2026, Clients of Wells Fargo Advisors purchasing fund shares through Wells Fargo Advisors are eligible for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the prospectus or statement of additional information ("SAI"). In all instances, it is the investor's responsibility to inform Wells Fargo Advisors at the time of purchase of any relationship, holdings, or other facts qualifying the investor for discounts or waivers. Wells Fargo Advisors can ask for documentation supporting the qualification.

**Wells Fargo Advisors Class A share front-end sales charge waivers information.**

Wells Fargo Advisors clients purchasing or converting to Class A shares of the fund in a Wells Fargo Advisors brokerage account are entitled to a waiver of the front-end load in the following circumstances:

◼

Wells Fargo Advisors employee and employee-related accounts according to Wells Fargo Advisor's employee account linking rules. Legacy accounts and positions receiving affiliate discounts prior to the effective date will continue to receive discounts. Going forward employees of affiliate businesses will not be offered NAV.

◼

Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund.

WellsTrade, the firm's online self-directed brokerage account, generally offers no-load share classes but there could be instances where a Class A share is offered without a front-end sales charge.

**Wells Fargo Advisors Class 529-A share front-end sales charge waivers information.**

Wells Fargo Advisors clients purchasing or converting to Class 529-A shares of the fund through Wells Fargo Advisors transactional brokerage accounts are entitled to a waiver of the front-end load in the following circumstances:

◼

Shares purchased through a rollover from another 529 plan.

◼

Recontribution(s) of distributed funds are only allowed during the NAV reinstatement period as dictated by the sponsor's specifications outlined by the plan.

Wells Fargo Advisors is not able to apply the NAV Reinstatement privilege for 529 Plan account purchases placed directly at the fund company. Investors wishing to utilize this privilege outside of Wells Fargo systems will need to do so directly with the Plan or a financial intermediary that supports this feature.

Unless specifically described above, other front-end load waivers are not available on mutual fund purchases through Wells Fargo Advisors.

**Wells Fargo Advisors Contingent Deferred Sales Charge information.**

◼

Contingent deferred sales charges (CDSC) imposed on fund redemptions will not be rebated based on future purchases.

**Wells Fargo Advisors Class A front-end load discounts**

Wells Fargo Advisors Clients purchasing Class A shares of the fund through Wells Fargo Advisors brokerage accounts will follow the following aggregation rules for breakpoint discounts:

◼

Effective April 1, 2026, SEP or SIMPLE IRAs will not be aggregated as a group plan. They will

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

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aggregate with the client's personal accounts based on Social Security Number. Previously established SEP and SIMPLE IRAs may still be aggregated as a group plan.

◼

Effective April 1, 2026, Employer-sponsored retirement plan (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans.

◼

Gift of shares will not be considered when determining breakpoint discounts

**60**

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VF-DSTK-PRO (11/25)

**By mail:**

Victory Funds

P.O. Box 182593

Columbus, OH 43218-2593

![](imgbb23c15f2.gif)

P.O. Box 182593

Columbus, OH 43218-2593

**Statement of Additional Information ("SAI"):** The SAI contains more information about the Fund's operations, investment restrictions, policies and practices. The SAI is incorporated by reference into this Prospectus, which means that it is legally part of this Prospectus, even if you do not request a copy.

**Annual/Semi Annual Reports and Form N-CSR/Form N-CSRS:** Annual and semi annual reports contain more information about the Fund's investments and the market conditions and investment strategies that significantly affected the Fund's performance during the most recent fiscal period. The Funds' Form N-CSR and Form N-CSRS filings contain the Funds' annual and semi-annual financial statements.

**How to Obtain Information:** You may obtain a free copy of the SAI, annual and semi annual reports and other information such as Fund financial statements and ask questions about the Fund or your accounts, online at VictorySharesLiterature.com, by contacting the Fund at the following address or telephone number, or by contacting your financial intermediary.

**By telephone:**

Call Victory Funds at

800-539-FUND (800-539-3863)

You also can get information about the Fund (including the SAI, other reports and other information such as Fund financial statements) from the Securities and Exchange Commission (SEC) on the SEC's Edgar database at sec.gov, or after paying a duplicating fee, by electronic request sent to the following e-mail address: publicinfo@sec.gov.

Investment Company Act File Number 811-4852

------

![](imgbcf42cd91.gif)

**November 1, 2025**

Prospectus

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Victory Fund for Income | Victory Fund for Income | Victory Fund for Income | Victory Fund for Income | Victory Fund for Income | Victory Fund for Income | Victory Fund for Income |
|  | **Class A**  | **Class C**  | **Class I**  | **Class R**  | **Class R6**  | **Class Y**  |
|  | IPFIX | VFFCX | VFFIX | GGIFX | VFFRX | VFFYX |
| Victory Investment Grade Convertible Fund | Victory Investment Grade Convertible Fund | Victory Investment Grade Convertible Fund | Victory Investment Grade Convertible Fund | Victory Investment Grade Convertible Fund | Victory Investment Grade Convertible Fund | Victory Investment Grade Convertible Fund |
|  | **Class A**  | **Class C**  | **Class I**  | **Class R**  | **Class R6**  | **Class Y**  |
|  | SBFCX |  | VICIX |  |  |  |

---

The Securities and Exchange Commission has not approved or disapproved these securities or determined whether this Prospectus is accurate or complete. Any representation to the contrary is a criminal offense.

vcm.com

800-539-FUND (800-539-3863)

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![](imgbcf42cd91.gif)

**Table of Contents**

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| | |
|:---|:---|
| **[Fund Summaries](#xx_9cc0193f-2c2b-4019-846a-5b992734a03a_1)** | 1  |
| [Victory Fund for Income](#xx_9cc0193f-2c2b-4019-846a-5b992734a03a_1) | 1  |
| [Victory Investment Grade Convertible Fund](#xx_01a48bd6-f397-4ca0-8925-18710e5c7413_1) | 8  |
| **[Additional Fund Information](#xx_fa23e29e-3ea6-458e-9f2e-b1fe43d5058a_1)** | 15  |
| [Investments](#xx_fa23e29e-3ea6-458e-9f2e-b1fe43d5058a_2) | 16  |
| [Risk Factors](#xx_fa23e29e-3ea6-458e-9f2e-b1fe43d5058a_4) | 18  |
| **[Organization and Management of the Funds](#xx_7908fe81-cd4f-45e9-999b-79365433474a_1)** | 24  |
| **[Investing with the Victory Funds](#xx_b41156ef-5c2f-46c8-95b3-947ba753b39c_1)** | 25  |
| [Share Price](#xx_b41156ef-5c2f-46c8-95b3-947ba753b39c_2) | 26  |
| [Choosing a Share Class](#xx_b41156ef-5c2f-46c8-95b3-947ba753b39c_4) | 28  |
| [Information About Fees](#xx_b41156ef-5c2f-46c8-95b3-947ba753b39c_11) | 35  |
| [How to Buy Shares](#xx_b41156ef-5c2f-46c8-95b3-947ba753b39c_13) | 37  |
| [How to Exchange Shares](#xx_b41156ef-5c2f-46c8-95b3-947ba753b39c_16) | 40  |
| [How to Sell Shares](#xx_b41156ef-5c2f-46c8-95b3-947ba753b39c_19) | 43  |
| **[Distributions and Taxes](#xx_43127689-a74d-480f-97b4-7357db01e3b4_1)** | 45  |
| **[Important Fund Policies](#xx_c7054ad9-7c77-45de-bdd8-c83b32542479_1)** | 48  |
| **[Financial Highlights](#xx_d01cdb37-3436-4aa9-b1a6-c8faf12edcef_1)** | 51  |
| **[Appendix A — Variations in Sales Charge Reductions and](#xx_fe16abb4-2e59-460d-b532-5f2deec7c29a_1)**<br> **[Waivers Available Through Certain Intermediaries](#xx_fe16abb4-2e59-460d-b532-5f2deec7c29a_1)**<br>| 60 |

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**Victory Fund for Income Summary**

**Investment Objective**

The Victory Fund for Income (the "Fund") seeks to provide a high level of current income consistent with preservation of shareholders' capital.

**Fund Fees and Expenses**

The table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below**. You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $50,000 in the Victory Funds. More information about these and other discounts is available in *Investing with the Victory Funds* on page 25 of the Fund's Prospectus, in *Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries* and from your financial intermediary.

**Shareholder Fees**

(paid directly from your investment)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class R** | **Class R6** | **Class Y** |
| Maximum Sales Charge (Load) <br> Imposed on Purchases<br> (as a percentage of offering <br> price)<br>| 2.25% |  |  |  |  |  |
| Maximum Deferred Sales <br> Charge (Load)<br> (as a percentage of the lower of <br> purchase or sale price)<br>| None<sup>1</sup> <br>| 1.00%<sup>2</sup> <br>|  |  |  |  |

---

**Annual Fund Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Management Fees | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
| Distribution and/or Service <br> (12b-1) Fees<br>| 0.25% | 1.00% | 0.00% | 0.25% | 0.00% | 0.00% |
| Other Expenses | 0.22% | 0.87% | 0.21% | 0.27% | 0.19% | 0.22% |
| Total Annual Fund Operating <br> Expenses<br>| 0.97% | 2.37% | 0.71% | 1.02% | 0.69% | 0.72% |
| Fee Waiver/Expense <br> Reimbursement<sup>3</sup> <br>| (0.06)% | (0.66)% | (0.07)% | (0.11)% | (0.06)% | (0.01)% |
| Total Annual Fund Operating <br> Expenses After Fee Waiver <br> and/or Expense <br> Reimbursement<sup>3</sup> <br>| 0.91% | 1.71% | 0.64% | 0.91% | 0.63% | 0.71% |

---

<sup>1</sup>

A contingent deferred sales charge of 0.75% may be imposed on Class A shares with respect to purchases of $250,000 or more that are redeemed within 18 months of purchase. For additional information, see the section titled *Choosing a Share Class.*

<sup>2</sup>

Applies to shares sold within 12 months of purchase.

<sup>3</sup>

Victory Capital Management Inc. (the "Adviser") has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 0.91%,1.71%, 0.64%, 0.91%, 0.63%, and 0.71% of the Fund's Class A, C, I, R, R6, and Y shares, respectively, through at least October 31, 2026. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund's Board of Trustees.

**1**

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Victory Fund for Income Summary

**Example:**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. After eight years, Class C shares of the Fund generally will convert automatically to Class A shares of the Fund. The example for Class C shares reflects the conversion to Class A shares after eight years. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A | &nbsp;&nbsp;&nbsp; $316 | &nbsp;&nbsp;&nbsp; $521 | &nbsp;&nbsp;&nbsp; $744 | &nbsp;&nbsp;&nbsp; $1383 |
| Class C | &nbsp;&nbsp;&nbsp; $274 | &nbsp;&nbsp;&nbsp; $676 | &nbsp;&nbsp;&nbsp; $1206 | &nbsp;&nbsp;&nbsp; $2303 |
| Class I | &nbsp;&nbsp;&nbsp; $65 | &nbsp;&nbsp;&nbsp; $220 | &nbsp;&nbsp;&nbsp; $388 | &nbsp;&nbsp;&nbsp; $876 |
| Class R | &nbsp;&nbsp;&nbsp; $93 | &nbsp;&nbsp;&nbsp; $314 | &nbsp;&nbsp;&nbsp; $553 | &nbsp;&nbsp;&nbsp; $1238 |
| Class R6 | &nbsp;&nbsp;&nbsp; $64 | &nbsp;&nbsp;&nbsp; $215 | &nbsp;&nbsp;&nbsp; $378 | &nbsp;&nbsp;&nbsp; $853 |
| Class Y | &nbsp;&nbsp;&nbsp; $73 | &nbsp;&nbsp;&nbsp; $229 | &nbsp;&nbsp;&nbsp; $400 | &nbsp;&nbsp;&nbsp; $894 |

---

The following example makes the same assumptions as the example above, except that it assumes you do not sell your Class C shares at the end of the period.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class C | &nbsp;&nbsp;&nbsp; $174 | &nbsp;&nbsp;&nbsp; $676 | &nbsp;&nbsp;&nbsp; $1206 | &nbsp;&nbsp;&nbsp; $2303 |

---

The example does not reflect sales charges (loads) on reinvested dividends and other distributions. If these sales charges (loads) were included, your costs would be higher.

**Portfolio Turnover:**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund's performance. For the most recent fiscal year, the Fund's portfolio turnover rate was 22% of the average value of its portfolio.

**Principal Investment Strategy**

The Adviser pursues the Fund's investment objective by investing primarily in securities issued by the U.S. government and its agencies or instrumentalities.

Under normal circumstances, the Fund primarily invests in:

<sup>◼</sup>

Mortgage-backed obligations and collateralized mortgage obligations ("CMOs") issued by the Government National Mortgage Association ("GNMA"), with an average effective maturity ranging from 2 to 10 years.

<sup>◼</sup>

Obligations issued or guaranteed by the U.S. government or by its agencies or instrumentalities with a dollar-weighted average maturity normally less than 5 years.

The goal of the Fund's strategy is to provide high, reliable income by investing in securities backed 100% by the full faith and credit of the U.S. government. Portfolio construction consists of three factor-driven layers: (1) top-down, macro-economic; (2) mid-level, relative value; and (3) bottom-up, borrower characteristics. The greatest emphasis will generally be on the bottom-up factor, but the

**2**

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Victory Fund for Income Summary

relative weightings of the three layers can and will vary over time, as each factor is reflective of the broad economic environment. The Adviser's sell discipline is driven by actual borrower prepayments, where bonds that exhibit either erratic or consistently fast prepayment speeds are sold first.

The Fund may purchase or sell securities on a when-issued, to-be-announced or delayed delivery basis.

The Fund's average effective maturity is based on the value of a Fund's investments in securities with different maturity dates. This measures the sensitivity of the Fund to changes in interest rates. The value of a long-term debt security is more sensitive to interest rate changes than the value of a short-term security.

There is no limitation on the maturity of any specific security the Fund may purchase, and the Fund may sell any security before it matures.

**Principal Risks** 

The Fund's investments are subject to the following principal risks:

**Debt Securities Risk** — The value of a debt security or other income-producing security changes in response to various factors, including, for example, market-related factors (such as changes in interest rates or changes in the risk appetite of investors generally) and changes in the actual or perceived ability of the issuer (or of issuers generally) to meet its (or their) obligations. Other factors that may affect the value of debt securities, include, among others, public health crises and responses by governments and companies to such crises. These and other events may affect the creditworthiness of the issuer of a debt security and may impair an issuer's ability to timely meet its debt obligations as they come due.

**Interest Rate Risk** — Interest rates may rise or the rate of inflation may increase, impacting the value of investments in fixed income securities. A debt issuer's credit quality may be downgraded or an issuer may default. Interest rates may fluctuate due to changes in governmental fiscal policy initiatives and resulting market reaction to those initiatives.

**Prepayment Risk** — The amounts that the Fund receives as interest, sale proceeds or amounts received as a result of prepayment of asset-backed or mortgage-related securities may be reinvested at lower interest rates.

**General Market Risk** — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels, and other fiscal and monetary policy changes; cybersecurity incidents, pandemics, and other public health crises; imposition of tariffs; sanctions against a particular foreign country, its nationals, businesses, or industries; and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.

**Mortgage- and Asset-Backed Securities Risk** — During periods of falling interest rates, mortgage- and asset-backed securities may be called or prepaid, which may result in the Fund having to reinvest proceeds in other investments at a lower interest rate. During periods of rising interest rates, the average life of mortgage- and asset-backed securities may extend, which may lock in a below-market interest rate, increase the security's duration, and reduce the value of the security. Enforcing rights against the underlying assets or collateral may be difficult, or the underlying assets or collateral may be insufficient if the issuer defaults.

**3**

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Victory Fund for Income Summary

**U.S. Government Agency Obligations Risk** — A U.S. government agency or instrumentality may default on its obligation and the U.S. government may not provide support. Some securities issued by certain U.S. government instrumentalities are supported only by the credit of those instrumentalities.

**When-Issued, TBA and Delayed Delivery Risk** — The market value of a security issued on a when-issued, to-be-announced or delayed-delivery basis may change before the delivery date, which may adversely impact the Fund's net asset value. There is also the risk that a party fails to deliver the security on time or at all.

**Liquidity Risk** — Lack of a ready market or restrictions on resale may limit the ability of the Fund to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in an investment that is large relative to the typical trading volume for that investment, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Illiquid investments and relatively less-liquid investments may also be difficult to value. Liquidity risk may also refer to the risk that the Fund may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund. Over recent years, the capacity of dealers to make markets in fixed-income securities has been outpaced by the growth in the size of the fixed-income markets. Liquidity risk may be magnified in a rising interest rate environment or when investor redemptions from fixed-income funds may be higher than normal due to the increased supply in the market that would result from selling activity.

**Large Shareholder Risk** — Certain large shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund's shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund's distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund's shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.

**Management Risk** — The portfolio managers may not execute the Fund's principal investment strategy effectively.

You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

**4**

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Victory Fund for Income Summary

**Investment Performance**

The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years. The table compares the Fund's average annual total returns of the Fund's share classes, including applicable maximum sales charges, over the same period to one or more broad measures of market performance, which have characteristics relevant to the Fund's investment strategy. The Bloomberg U.S. Aggregate Bond Index serves as the Fund's regulatory broad-based securities market index. We assume reinvestment of dividends and distributions.

Performance data for the classes varies based on differences in their fee and expense structures and reflects any expense limitations in effect during the periods shown. The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund's website at vcm.com.

**Calendar Year Returns for Class R Shares**

(The annual return in the bar chart is for the Fund's oldest class of shares, Class R shares.)

![](iffi.jpg)

---

| | | |
|:---|:---|:---|
| **During the periods shown in the chart:** | **Returns** | **Quarter ended** |
| Highest Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.96% | March 31, 2020 |
| Lowest Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -2.98% | March 31, 2022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Year-to-date return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.07% | September 30, 2025 |

---

**5**

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Victory Fund for Income Summary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**<br> **(For the Periods Ended December 31, 2024)**<br>| **1 Year** | **5 Years** | **10 Years**<br> **(or Life**<br> **of Class)**<br>|
| CLASS R Before Taxes | &nbsp;&nbsp; 4.05% | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 1.07% |
| CLASS R After Taxes on Distributions | &nbsp;&nbsp; 1.83% | &nbsp;&nbsp; -1.39% | &nbsp;&nbsp; -1.04% |
| CLASS R After Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp; 2.37% | &nbsp;&nbsp; -0.36% | &nbsp;&nbsp; -0.09% |
| CLASS A Before Taxes | &nbsp;&nbsp; 1.69% | &nbsp;&nbsp; 0.21% | &nbsp;&nbsp; 0.85% |
| CLASS C Before Taxes | &nbsp;&nbsp; 2.32% | &nbsp;&nbsp; -0.15% | &nbsp;&nbsp; 0.44%<sup>1</sup> <br>|
| CLASS I Before Taxes | &nbsp;&nbsp; 4.48% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 1.36% |
| CLASS R6 Before Taxes | &nbsp;&nbsp; 4.49% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 1.23%<sup>2</sup> <br>|
| CLASS Y Before Taxes | &nbsp;&nbsp; 4.41% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 1.28% |
| **Indices** | **Indices** | **Indices** | **Indices** |
| Bloomberg U.S. Aggregate Bond Index<br> reflects no deduction for fees, expenses, or taxes<br>| &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; -0.33% | &nbsp;&nbsp; 1.35% |
| Bloomberg 1-5 Year U.S. Government Bond Index<br> reflects no deduction for fees, expenses or taxes<br>| &nbsp;&nbsp; 3.32% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.34% |

---

Class C shares of the Fund will convert automatically into Class A shares in the month following the eight-year anniversary date of the purchase of the Class C shares. The 10-Year performance for Class C shares reflects the conversion to Class A shares after the first eight years of performance.

Inception date of Class R6 shares is March 4, 2015.

After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. In certain situations, the return after taxes on distributions and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only one share class. The after-tax returns for other classes will vary.

**Management of the Fund**

**Investment Adviser**

Victory Capital Management Inc. (the "Adviser") serves as the Fund's investment adviser. The portfolio managers primarily responsible for day-to-day management of the Fund are members of the Adviser's Victory Income Investors investment franchise Ms. Adelman has final investment authority for the Fund..

**Portfolio Management** 

---

| | | |
|:---|:---|:---|
|  | **Title**  | **Tenure with the Fund**  |
| Heidi L. Adelman | Chief Investment Officer | Since 2006 |
| Harriet R. Uhlir | Portfolio Manager | Since 2013 |

---

**6**

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Victory Fund for Income Summary

**Purchase and Sale of Fund Shares** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Minimums** | **Class A** | **Class C** | **Class I** | **Class R** | **Class R6** | **Class Y** |
| Minimum Initial Investment | &nbsp;&nbsp;&nbsp; $2500 | &nbsp;&nbsp;&nbsp; $2500 | &nbsp;&nbsp;&nbsp; $2000000 |  |  | &nbsp;&nbsp;&nbsp; $1000000 |
| Minimum Subsequent <br> Investments<br>| &nbsp;&nbsp;&nbsp; $50 | &nbsp;&nbsp;&nbsp; $50 |  |  |  |  |

---

For Class A and Class C shares a $1,000 minimum initial purchase amount and a $50 minimum subsequent purchase amount apply for Individual Retirement Accounts ("IRAs"), gift/transfer to minor accounts, and purchases through automatic investment plans.

Certain broker-dealers and other financial intermediaries (such as a bank) may establish higher or lower minimum initial and subsequent investment amounts to which you may be subject if you invest through them.

You may redeem your shares on any day the Fund is open for business. Redemption requests may be made by telephone (with prior appropriate approval) or by mail.

When you buy and redeem shares, the Fund will price your transaction at the next-determined net asset value ("NAV") after the Fund receives your request in good order, which means that your request contains all the required documentation, and that all documents contain required signatures or signature guarantees from a financial institution.

**Tax Information**

The Fund's distributions may be taxable whether you receive them in cash, additional shares of the Fund, or you reinvest them in shares of another Victory Fund, and may be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Taxes may be imposed on withdrawals from tax-deferred arrangements.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services for investments in all classes except Class R6. These payments may create a conflict of interest by influencing the financial intermediary and its financial advisor to recommend the Fund over another investment. Ask your financial advisor or visit your financial intermediary's website for more information.

**7**

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**Victory Investment Grade Convertible Fund Summary**

**Investment Objective**

The Victory Investment Grade Convertible Fund (the "Fund") seeks to provide a high level of current income together with long-term capital appreciation.

**Fund Fees and Expenses**

The table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below**. You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $50,000 in the Victory Funds. More information about these and other discounts is available in *Investing with the Victory Funds* on page 25 of the Fund's Prospectus, in *Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries* and from your financial intermediary.

**Shareholder Fees**

(paid directly from your investment)

---

| | | |
|:---|:---|:---|
|  | **Class A** | **Class I** |
| Maximum Sales Charge (Load) Imposed on Purchases<br> (as a percentage of offering price)<br>| 2.25% |  |
| Maximum Deferred Sales Charge (Load)<br> (as a percentage of the lower of purchase or sale price)<br>| None<sup>1</sup> <br>|  |

---

**Annual Fund Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
| Management Fees | 0.75% | 0.75% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 0.00% |
| Other Expenses | 0.27% | 0.20% |
| Total Annual Fund Operating Expenses | 1.27%<sup>2</sup> <br>| 0.95% |

---

<sup>1</sup>

A contingent deferred sales charge of 0.75% may be imposed on Class A shares with respect to purchases of $250,000 or more that are redeemed within 18 months of purchase. For additional information, see the section titled *Choosing a Share Class.*

<sup>2</sup>

Victory Capital Management Inc. (the "Adviser") has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 1.27% of the Fund's Class A shares through at least October 31, 2026. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving

effect to the recoupment amount. This agreement may only be terminated by the Fund's Board of Trustees.

**8**

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Victory Investment Grade Convertible Fund Summary

**Example:**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A | &nbsp;&nbsp;&nbsp; $351 | &nbsp;&nbsp;&nbsp; $619 | &nbsp;&nbsp;&nbsp; $906 | &nbsp;&nbsp;&nbsp; $1724 |
| Class I | &nbsp;&nbsp;&nbsp; $97 | &nbsp;&nbsp;&nbsp; $303 | &nbsp;&nbsp;&nbsp; $525 | &nbsp;&nbsp;&nbsp; $1166 |

---

The example does not reflect sales charges (loads) on reinvested dividends and other distributions. If these sales charges (loads) were included, your costs would be higher.

**Portfolio Turnover:**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund's performance. For the most recent fiscal year, the Fund's portfolio turnover rate was 24% of the average value of its portfolio.

**Principal Investment Strategy**

The Adviser pursues the Fund's investment objectives by investing primarily in securities convertible into common stocks, such as convertible bonds, convertible notes, and convertible preferred stocks. The Fund may invest in equity securities of foreign companies traded on U.S. exchanges, including American Depositary Receipts and Global Depositary Receipts ("ADRs" and "GDRs").

Under normal circumstances, the Fund will invest at least 80% of its assets in investment-grade securities, which are convertible into common stock, and synthetic convertible securities, which are derivative positions composed of two or more securities with investment characteristics that, when taken together, resemble those of traditional convertible securities. These investment-grade securities are those that are rated at the time of purchase within the four highest rating categories assigned by a Nationally Recognized Statistical Rating Organization, or if unrated, are securities that the Adviser determines to be of comparable or equivalent quality.

The Fund may invest up to 20% of its net assets in below-investment-grade securities (sometimes referred to as "junk bonds) if the Adviser believes that the positive qualities of the security justify the potential risk. These securities are rated Ba, B, Caa, or lower by Moody's and BB, B, CCC, or lower by S&P. The Fund also may purchase unrated securities with similar characteristics.

The Adviser employs a bottom-up research process by identifying convertible securities that possess strong underlying equity potential, high quality financial characteristics and the opportunity for solid total return over a 12-18 month time horizon. The Adviser may sell a security when the underlying equity valuation changes due to a price change or change in fundamentals of the company, the underlying fixed income component has deteriorated or the convertible characteristics have changed.

As a result of the Adviser's investment process, the Fund's investments may be focused in one or more economic sectors from time to time, including the financials sector.

**9**

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Victory Investment Grade Convertible Fund Summary

**Principal Risks** 

The Fund's investments are subject to the following principal risks:

**Convertible Securities Risk** — Convertible securities rank senior to the issuer's common stock, but may be subordinate to senior debt obligations. In part, the total return for a convertible security may depend upon the performance of the underlying stock into which it can be converted. Synthetic convertibles may respond differently to market fluctuations than traditional convertible securities. They are also subject to counterparty risk.

**Debt Securities Risk** — The value of a debt security or other income-producing security changes in response to various factors, including, for example, market-related factors (such as changes in interest rates or changes in the risk appetite of investors generally) and changes in the actual or perceived ability of the issuer (or of issuers generally) to meet its (or their) obligations. Other factors that may affect the value of debt securities, include, among others, public health crises and responses by governments and companies to such crises. These and other events may affect the creditworthiness of the issuer of a debt security and may impair an issuer's ability to timely meet its debt obligations as they come due.

**Interest Rate Risk** — Interest rates may rise or the rate of inflation may increase, impacting the value of investments in fixed income securities. A debt issuer's credit quality may be downgraded or an issuer may default. Interest rates may fluctuate due to changes in governmental fiscal policy initiatives and resulting market reaction to those initiatives.

**General Market Risk** — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels, and other fiscal and monetary policy changes; cybersecurity incidents, pandemics, and other public health crises; imposition of tariffs; sanctions against a particular foreign country, its nationals, businesses, or industries; and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.

**Equity Securities Risk** — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company's earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer's bankruptcy.

**High-Yield/Junk Bond Risk** — Lower-quality debt securities can involve a substantially greater risk of default than higher-quality debt securities, and their values can decline significantly over short and longer periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about the issuer, or the market or economy in general.

**Liquidity Risk** — Lack of a ready market or restrictions on resale may limit the ability of the Fund to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in an investment that is large relative to the typical trading volume for that investment, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Illiquid investments and relatively less-liquid investments may also be difficult to value. Liquidity risk

**10**

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Victory Investment Grade Convertible Fund Summary

may also refer to the risk that the Fund may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund. Over recent years, the capacity of dealers to make markets in fixed-income securities has been outpaced by the growth in the size of the fixed-income markets. Liquidity risk may be magnified in a rising interest rate environment or when investor redemptions from fixed-income funds may be higher than normal due to the increased supply in the market that would result from selling activity.

**Large Shareholder Risk** — Certain large shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund's shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund's distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund's shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.

**Foreign Securities Risk** — Foreign securities are subject to political, regulatory, and economic risks not present in domestic investments. Foreign securities could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing contracts. Compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts. Depositary receipts may have additional risks, including creditworthiness of the depositary bank and the risk of an illiquid market. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may negatively affect an investment. Dividends and interest received by the Fund and capital gains recognized by the Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund's return.

**Sector Focus Risk** — To the extent the Fund focuses in one or more sectors, such as the financials sector, market or economic factors impacting those sectors could have a significant effect on the value of the Fund's investments and could make the Fund's performance more volatile.

<sup>◼</sup>

**Financials Sector Risk** — Companies in the financials sector are subject to extensive government regulation, which can limit both the amounts and types of loans and other financial commitments that companies in this sector can make, and the interest rates and fees that these companies can charge. Profitability can be largely dependent on the availability and cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate significantly when interest rates change. Financial difficulties of borrowers can negatively affect the financials sector. Insurance companies can be subject to severe price competition. The financials sector can be subject to relatively rapid change as distinctions between financial service segments become increasingly blurred.

**Management Risk** — The portfolio managers may not execute the Fund's principal investment strategy effectively.

**11**

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Victory Investment Grade Convertible Fund Summary

You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

**Investment Performance**

The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years. The table compares the Fund's average annual total returns of the Fund's share classes, including applicable maximum sales charges, over the same period to one or more broad measures of market performance, which have characteristics relevant to the Fund's investment strategy. The Bloomberg U.S. Aggregate Bond Index serves as the Fund's regulatory broad-based securities market index. We assume reinvestment of dividends and distributions.

Performance data for the classes varies based on differences in their fee and expense structures and reflects any expense limitations in effect during the periods shown. The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund's website at vcm.com.

**Calendar Year Returns for Class A Shares**

(Applicable sales loads or account fees are not reflected in the bar chart. If these amounts were reflected, returns would be less than those shown.)

![](iigc.jpg)

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| | | |
|:---|:---|:---|
| **During the periods shown in the chart:** | **Returns** | **Quarter ended** |
| Highest Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.22% | June 30, 2020 |
| Lowest Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -14.80% | March 31, 2020 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| Year-to-date return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.79% | September 30, 2025 |

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**12**

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Victory Investment Grade Convertible Fund Summary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**<br> **(For the Periods Ended December 31, 2024)**<br>| **1 Year** | **5 Years** | **10 Years** |
| CLASS A Before Taxes | &nbsp;&nbsp; 6.99% | &nbsp;&nbsp; 4.73% | &nbsp;&nbsp; 6.39% |
| CLASS A After Taxes on Distributions | &nbsp;&nbsp; 6.30% | &nbsp;&nbsp; 3.12% | &nbsp;&nbsp; 4.95% |
| CLASS A After Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp; 4.26% | &nbsp;&nbsp; 3.04% | &nbsp;&nbsp; 4.51% |
| CLASS I Before Taxes | &nbsp;&nbsp; 9.84% | &nbsp;&nbsp; 5.59% | &nbsp;&nbsp; 7.04% |
| **Indices** | **Indices** | **Indices** | **Indices** |
| Bloomberg U.S. Aggregate Bond Index<br> reflects no deduction for fees, expenses, or taxes<br>| &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; -0.33% | &nbsp;&nbsp; 1.35% |
| ICE BofAML Investment Grade U.S. Convertible 5% Constrained Index<br> reflects no deduction for fees, expenses, or taxes<br>| &nbsp;&nbsp; 11.58% | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 8.31% |
| ICE BofAML Investment Grade U.S. Convertible Index<br> reflects no deduction for fees, expenses, or taxes<br>| &nbsp;&nbsp; 9.95% | &nbsp;&nbsp; 4.97% | &nbsp;&nbsp; 8.39% |

---

After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. In certain situations, the return after taxes on distributions and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only one share class. The after-tax returns for other classes will vary.

**Management of the Fund**

**Investment Adviser**

Victory Capital Management Inc. (the "Adviser") serves as the Fund's investment adviser. The portfolio managers jointly and primarily responsible for day-to-day management of the Fund are members of the Adviser's Victory Income Investors investment franchise.

**Portfolio Management** 

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| | | |
|:---|:---|:---|
|  | **Title**  | **Tenure with the Fund**  |
| James K. Kaesberg | Senior Portfolio Manager | Since 1996 |
| Mark Vucenovic | Senior Portfolio Manager | Since 2014 |

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**13**

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Victory Investment Grade Convertible Fund Summary

**Purchase and Sale of Fund Shares** 

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| | | |
|:---|:---|:---|
| **Investment Minimums** | **Class A** | **Class I** |
| Minimum Initial Investment | &nbsp;&nbsp;&nbsp; $2500 | &nbsp;&nbsp;&nbsp; $2000000 |
| Minimum Subsequent Investments | &nbsp;&nbsp;&nbsp; $50 |  |

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For Class A shares a $1,000 minimum initial purchase amount and a $50 minimum subsequent purchase amount apply for Individual Retirement Accounts ("IRAs"), gift/transfer to minor accounts, and purchases through automatic investment plans.

Certain broker-dealers and other financial intermediaries (such as a bank) may establish higher or lower minimum initial and subsequent investment amounts to which you may be subject if you invest through them.

You may redeem your shares on any day the Fund is open for business. Redemption requests may be made by telephone (with prior appropriate approval) or by mail.

When you buy and redeem shares, the Fund will price your transaction at the next-determined net asset value ("NAV") after the Fund receives your request in good order, which means that your request contains all the required documentation, and that all documents contain required signatures or signature guarantees from a financial institution.

**Tax Information**

The Fund's distributions may be taxable whether you receive them in cash, additional shares of the Fund, or you reinvest them in shares of another Victory Fund, and may be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Taxes may be imposed on withdrawals from tax-deferred arrangements.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the financial intermediary and its financial advisor to recommend the Fund over another investment. Ask your financial advisor or visit your financial intermediary's website for more information.

**14**

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Additional Fund Information

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&nbsp;&nbsp; Victory Capital Management Inc., which we refer to as the "Adviser" <br> throughout the Prospectus, manages each Fund.<br>

The Victory Fund for Income and Victory Investment Grade Convertible Fund are each managed by the Adviser who also manages other funds, each having distinct investment management objectives, strategies, risks, and policies. Together, these funds are referred to in this Prospectus as the "Victory Funds" or, more simply, the "Funds."

The Victory Investment Grade Convertible Fund's policy to invest at least 80% of its assets in investment-grade convertible securities is non-fundamental and may be changed by the Board of Trustees (the "Board") without shareholder approval upon 60 days' prior written notice to shareholders. For purposes of this policy, "assets" means the Fund's net assets plus the amount of any borrowings for investment purposes but exclusive of any collateral held from securities lending.

The following section describes additional information about the principal investment strategy the Funds will use under normal market conditions to pursue their investment objective, as well as any secondary strategies the Funds may use, and the related risks. This Prospectus does not attempt to describe all of the various investment techniques and types of investments that the Adviser may use in managing the Funds. The Statement of Additional Information ("SAI") includes more information about the Funds, their investments, and the related risks.

Under adverse, unstable, or abnormal market conditions, a Fund may be unable to pursue or achieve its investment objective and, for temporary purposes, may invest some or all of its assets in a variety of instruments or assets, including high-quality fixed-income securities, cash, and cash equivalents. For cash management purposes, each Fund may hold all or a portion of its assets in cash, short-term money market instruments, or shares of other investment companies. These positions may reduce the benefit from any upswing in the market, cause a Fund to fail to meet its investment objective, and increase a Fund's expenses.

&nbsp;&nbsp; If you would like to receive additional copies of any materials, please call the Victory Funds <br> at 800-539-FUND (800-539-3863) or please visit VictoryFunds.com.<br>

**15**

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Investments

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**The following describes the types of securities each Fund may purchase under normal market conditions to achieve its principal investment strategy. The Funds will not necessarily buy all of the securities listed below.**

**<u>Victory Fund for Income</u>**

**U.S. Government Securities**<sup>1</sup>

Notes and bonds issued or guaranteed by the U.S. government, its agencies or instrumentalities. Some are direct obligations of the U.S. Treasury; others are obligations only of the U.S. agency or instrumentality. There is no guarantee that the U.S. government will provide support to U.S. agencies or instrumentalities if they are unable to meet their obligations.

**U.S. Government Instrumentalities**<sup>1</sup>

Securities issued by U.S. government instrumentalities such as: the Student Loan Marketing Association ("SLMA" or Sallie Mae), Federal Farm Credit Banks ("FFCB"), and Federal Home Loan Banks. Certain instrumentalities are "wholly owned government corporations," such as the Tennessee Valley Authority ("TVA").

**Mortgage-Backed Securities**

Mortgage-backed securities, including collateralized mortgage obligations and certain stripped mortgage-backed securities, represent a participation in, or are secured by, mortgage loans.

**When-Issued, To-Be-Announced ("TBA") and Delayed-Delivery Securities** 

Securities that are purchased or sold for delivery at a later time. In a TBA transaction, a seller generally agrees to deliver a mortgage-backed security meeting certain criteria at a future date.

**U.S. Equity Securities**

Can include common stock, preferred stock, and securities that are convertible or exchangeable into common stock of U.S. corporations.

**Foreign Securities**

Can include common stock and convertible preferred stock of non-U.S. companies. Also may include American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs"), which are receipts issued by a bank or trust company and evidence ownership of underlying securities issued by foreign companies, and exchange-traded funds ("ETFs") that invest in foreign companies.

**<u>Victory Investment Grade Convertible Fund</u>**

**Convertible or Exchangeable Obligations**

Debt instruments that may be exchanged or converted to other securities.

**Synthetic Convertible Securities**

<sup>1</sup>

Obligations of entities such as the GNMA are backed by the full faith and credit of the U.S. Treasury. Others, such as the FNMA, SLMA, FHLB, FHLMC, FMAC and TVA are supported by the right of the issuer to borrow from the U.S. Treasury. FFCB is supported only by the credit of the federal instrumentality. See the SAI for more information about investments in obligations of U.S. government instrumentalities and wholly owned government corporations.

**16**

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Investments

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**Convertible Preferred Stock**

A class of stock that pays dividends at a specified rate, has preference over common stock in the payment of dividends and the liquidation of assets, and is convertible into common stock.

**<u>Additional Fund Strategies.</u> The Adviser may use other types of investment strategies in pursuing each Fund's overall investment objective. The following describes the types of securities or techniques that the Adviser may purchase or investment techniques the Adviser may employ that are not considered to be a part of the Funds' principal investment strategies. Additional securities and techniques are described in the Funds' SAI.**

**Investment Companies**

Each Fund may invest in securities of other investment companies, including ETFs, if those companies invest in securities consistent with the Fund's investment objective and policies. ETFs are investment companies the shares of which are bought and sold on a securities exchange.

**Securities Lending**

To enhance the return on its portfolio, a Fund may lend portfolio securities to brokers, dealers, and financial institutions to realize additional income under guidelines adopted by the Board. Each loan will be secured continuously by collateral in the form of cash, securities issued by the U.S. government or its agencies or instrumentalities.

**17**

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Risk Factors

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**The following provides additional information about the Funds' principal risks and supplements those risks discussed in each Fund's Summary section of this Prospectus.** 

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Victory**<br> **Fund for Income** <br>| &nbsp;&nbsp; **Victory**<br> **Investment Grade**<br> **Convertible Fund**<br>|
| Convertible Securities Risk |  | X |
| Debt Securities Risk | X  | X |
| Equity Securities Risk |  | X |
| Foreign Securities Risk |  | X |
| General Market Risk | X | X |
| High-Yield/Junk Bond Risk |  | X |
| Large Shareholder Risk | X | X |
| Liquidity Risk | X | X |
| Management Risk | X | X |
| Mortgage- and Asset-Backed Securities Risk | X |  |
| Sector Focus Risk |  | X |
| Synthetic Convertible Securities Risk |  | X |
| U. S. Government Agency Obligations Risk | X |  |
| When-Issued, TBA and Delayed-Delivery Securities Risk | X |  |

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**Convertible Securities Risk** — The values of convertible securities in which the Fund may invest may be affected by market interest rates, reduction in credit quality or credit ratings, issuer default on interest and principal payments, and declines in the value of the underlying common stock. Additionally, an issuer may retain the right to buy back its convertible securities at a time and price unfavorable to the Fund.

**Debt Securities Risks** — The value of a debt security or other income-producing security changes in response to various factors, including, for example, market-related factors (such as changes in interest rates, adverse economic or political conditions, tariffs and trade disruptions, inflation, or adverse investor sentiment generally) and changes in the actual or perceived ability of the issuer (or of issuers generally) to meet its (or their) obligations. Changes in value may occur sharply and unpredictably. Other factors that may affect the value of debt securities, include, among others, public health crises and responses by governments and issuers to such crises. These and other events may affect the creditworthiness of the issuer of a debt security and may impair an issuer's ability to timely meet its debt obligations as they come due.

<sup>◼</sup>

**Interest Rate Risk** — Fluctuations in interest rates can affect the value of debt instruments held by the Fund. When interest rates go up, the value of a debt security typically goes down. When interest rates go down, the value of a debt security typically goes up. Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. The longer a Fund's average portfolio duration, the more sensitive the Fund will be to changes in interest rates. In addition, during periods of increased market volatility, the market values of fixed-income securities may be more sensitive to changes in interest rates. Interest rates may rise or the rate of inflation may increase, impacting the value of investments in fixed-income securities. A debt issuer's credit quality may be downgraded or an issuer may default. Interest rates may fluctuate due to changes in governmental fiscal policy initiatives and resulting market reaction to those initiatives. Decisions by the Fed regarding interest rate and monetary policy can have a significant effect on the value of debt securities as well as the overall strength of the U.S. economy. Precise interest rate predictions are difficult to make, and interest rates may change unexpectedly and dramatically in response to extreme changes in market or economic conditions. The impact on various markets that interest rate or other significant policy changes may have is unknown.

**18**

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Risk Factors

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<sup>◼</sup>

**Inflation Risk** — Inflation will erode the purchasing power of the cash flows generated by debt securities held by a Fund. Fixed-rate debt securities are more susceptible to this risk than floating-rate debt securities or equity securities that have a record of dividend growth.

<sup>◼</sup>

**Reinvestment Risk** — When interest rates are declining, the interest income and prepayments on a security a Fund receives will have to be reinvested at lower interest rates. Generally, interest rate risk and reinvestment risk tend to have offsetting effects, though not necessarily of the same magnitude.

<sup>◼</sup>

**Credit (or Default) Risk** — The issuer of a debt security may be unable to make timely payments of interest or principal. Credit risk is measured by nationally recognized statistical rating organizations ("NRSROs") such as S&P Global Ratings, Fitch Ratings, Inc., and Moody's Investors Service.

<sup>◼</sup>

**Redemption Risk** — The Fund may experience periods of heavy shareholder redemptions that could cause the Fund to sell assets at inopportune times or at a loss or depressed value. Redemption risk is heightened during periods of declining or illiquid markets. Heavy redemptions could hurt the Fund's performance.

**Equity Securities Risk** — The market prices of equity securities, which may include common stocks and other stock-related securities such as preferred stocks, convertible securities, and rights and warrants may fluctuate, sometimes rapidly or unpredictably. A Fund may continue to accept new subscriptions and to make additional investments in equity securities even under general market conditions that a Fund's investment team views as unfavorable for equity securities. The value of a security may decline for reasons that directly relate to the issuer, such as management performance, financial leverage, and reduced demand for the issuer's goods or services or due to general market conditions, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment generally. Unlike debt securities, which have preference to a company's assets in case of liquidation, common stock, are entitled to the residual value after the company meets its other obligations. Unlike common stock, preferred stock generally pays a fixed dividend from a company's earnings and may have a preference over common stock on the distribution of a company's assets in the event of bankruptcy or liquidation. Preferred stockholders' liquidation rights are subordinate to the company's debt holders and creditors. If interest rates rise, the fixed dividend on preferred stocks may be less attractive and the price of preferred stocks may decline. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Convertible securities may gain or lose value due to changes in the issuer's operating results, financial condition, credit rating, and changes in interest rates, and other general economic, industry, and market conditions. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer's bankruptcy. Rights and warrants can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of warrants and rights do not necessarily move in tandem with the prices of the underlying securities and therefore are highly volatile and speculative investments.

**Foreign Securities Risk** — Foreign investments involve certain special risks. For example, compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign stock exchanges, brokers, and listed companies. Foreign issuers may not be subject to the uniform accounting, auditing, and financial reporting standards and practices prevalent in the United States. Certain of these risks may also apply to some extent to U.S. investments that are denominated in foreign currencies and to investments in U.S. companies that have significant foreign operations. Investments in depositary receipts (such as American Depositary Receipts and Global Depositary Receipts) may also involve additional risks associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency risk and the risk of an illiquid market for depositary receipts.

**19**

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Risk Factors

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<sup>◼</sup>

**Political Risk** — Foreign securities markets may be more volatile than their counterparts in the United States. Investments in foreign countries could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing contracts. Foreign settlement procedures may also involve additional risks, and foreign issuers can be impacted by changes to trade policies and trade disputes. These factors can make foreign investments more volatile than U.S. investments.

<sup>◼</sup>

**Currency Risk** — Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment. Adverse changes in exchange rates, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may erode or reverse any gains produced by investments denominated in foreign currencies and may widen any losses.

<sup>◼</sup>

**Legal Risk** — Legal remedies for investors in foreign countries may be more limited than the legal remedies available in the United States.

<sup>◼</sup>

**Tax Risk** — The value of a Fund's foreign investments may also be affected by foreign tax laws, special U.S. tax considerations and restrictions on receiving the investment proceeds from a foreign country. Dividends and interest received by a Fund and capital gains recognized by a Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund's return.

**General Market Risk** — Any investment involves risk, and there is no assurance that a Fund's investment objective will be achieved. Losing money is a risk of investing in a Fund. The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments, and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets, or general investor sentiment. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by a Fund will rise in value. In addition, markets and market participants are increasingly reliant upon both publicly available and proprietary information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access, and similar circumstances may impair the performance of these systems and may have an adverse impact upon a single issuer, a group of issuers, or the market at large. In certain cases, an exchange or market may close or issue trading halts on either specific securities or even the entire market, which may result in a Fund being, among other things, unable to buy or sell certain securities or financial instruments or accurately price its investments.

Market turmoil may be reflected in perceptions of economic uncertainty, price volatility in the equity and debt markets, and fluctuating trading liquidity. In response, governments may adopt a variety of fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs, and changes in interest rates. An unexpected or quick reversal of these policies could increase volatility in the equity and debt markets. Market conditions and economic risks could have a significant effect on domestic and international economies and could add significantly to the risks of increased volatility for a Fund. Equity securities tend to be more volatile than debt securities.

◼

**Geopolitical/Natural Disaster Risk** — Global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely affect issuers in another country or region. Geopolitical and other risks, including war, economic sanctions, currency controls or other actions by countries or international bodies, terrorism, trade disputes, embargoes, political or economic dysfunction within some nations, public health crises and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, may add to instability in world economies and markets generally. Changes in trade policies and international trade agreements could affect the economies of many countries in unpredictable ways. Epidemics and/or pandemics, such as the coronavirus (or

**20**

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Risk Factors

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COVID-19), may result in, among other things, closing borders, disruptions to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and consumer activity, as well as general concern and uncertainty. The impact may be short-term or may last for extended periods.

◼

**Information Technology and Operational Risk** — Markets and market participants are increasingly reliant upon both publicly available and proprietary information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access, and similar circumstances may impair the performance of these systems and may have an adverse impact upon a single issuer, a group of issuers, or the market at large. The information technology and other operational systems upon which a Fund's service providers rely may be subject to cyber attack or other technological disruptions, and could otherwise disrupt the ability of these service providers to perform essential tasks for a Fund. In certain cases, an exchange or market may close or issue trading halts on either specific securities or even the entire market, which may result in a Fund being, among other things, unable to buy or sell certain securities or financial instruments or accurately price its investments.

**High-Yield/Junk Bond Risk** — Below-investment-grade securities (high-yield or "junk" bonds) are subject to certain risks in addition to those risks associated with higher-rated securities. Below-investment-grade securities generally offer higher yields than investment-grade securities with similar maturities because the financial condition of the issuers may not be as strong as issuers of investment-grade securities. For this reason, below-investment-grade securities may be considered speculative, which means that there is a higher risk that a Fund may lose a substantial portion or all of its investment in a particular below-investment-grade security. Below-investment-grade securities may be more susceptible to real or perceived adverse economic conditions, which may cause them to be downgraded or default, less liquid, and more difficult to evaluate than investment-grade securities.

**Large Shareholder Risk** — The Funds, like all investment companies, pool the investments of many investors. Actions by one shareholder or multiple shareholders may have an impact on the Funds and, therefore, indirectly on other shareholders. For example, significant levels of new investments in the Funds by shareholders may cause the Funds to have more cash than would otherwise be the case, which might have a positive or negative impact on Fund performance. Similarly, redemption activity might cause the Funds to sell portfolio securities, which may increase transaction costs and might generate a capital gain or loss, or cause it to borrow funds on a short-term basis to cover redemptions, which would cause the Funds to incur costs that, in effect, would be borne by all shareholders and not just the redeeming shareholders. Shareholder purchase and redemption activity also may affect the per share amount of the Funds' distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Funds' shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Funds to make taxable distributions to its shareholders earlier than the Funds otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Funds, the Funds may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Funds.

**Liquidity Risk** — Liquidity risk exists when particular investments cannot be disposed of quickly in the normal course of business. Market values for illiquid investments may not be readily available, and there can be no assurance that any fair value assigned to an illiquid investment at any time will accurately reflect the price a Fund might receive upon the sale of that investment. The ability of a Fund to dispose of illiquid investments or other instruments at advantageous prices may be greatly limited, and the Fund may have to continue to hold such investments or instruments during periods when the Adviser would otherwise have sold them (in order, for example, to meet redemption requests or to take advantage of other investment opportunities). Adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer, including rising

**21**

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Risk Factors

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interest rates, may adversely affect the liquidity of a Fund's investments. Some securities held by a Fund may be restricted as to resale, and there is often no ready market for such securities. In addition, a Fund, by itself or together with other accounts managed by the Adviser, may hold a position in an investment that is large relative to the typical trading volume for that holding, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. It may also be the case that other market participants may be attempting to liquidate a position at the same time as a Fund is attempting to liquidate the same investment, causing increased supply in the market and contributing to liquidity risk and downward pricing pressure. In such cases the sale proceeds received by the Fund may be substantially less than if the Fund had been able to sell the securities in more-orderly transactions, and the sale price may be substantially lower than the price previously used by the Fund to value the securities for purposes of determining the Fund's net asset value. The capacity of dealers to make markets in fixed-income securities may not keep pace with the growth in the size of the fixed-income markets. Liquidity risk may be magnified in a rising interest rate environment or when investor redemptions from fixed-income funds may be higher than normal, due to the increased supply in the market that would result from selling activity.

**Management Risk** — The investment process used by the investment team may produce incorrect judgments about the value of a particular asset or the team may implement its investment strategy in a way that may not produce the desired results.

**Mortgage- and Asset-Backed Securities Risks —** 

<sup>◼</sup>

**Prepayment Risk** – During periods of falling interest rates, mortgage and asset-backed securities, which typically provide the issuer with the right to call or prepay the security prior to maturity, may be called or prepaid, which may result in the Fund having to reinvest the proceeds in other investments at a lower interest rate. As a result, mortgage and asset-backed securities may have less potential for capital appreciation during periods of declining interest rates than other securities of comparable maturities, although they may have a similar risk of decline in market values during periods of rising interest rates. Prepayment rates are difficult to predict and the potential impact of prepayments on the value of a mortgage- or asset-backed security depends on the terms of the instrument and can result in significant volatility. Interest rate levels and other factors may affect the frequency of mortgage prepayments, which in turn can affect the average life of a pool of mortgage-related securities. In periods of rising interest rates, the prepayment rate tends to decrease, lengthening the average life of a pool of mortgage-related securities. In periods of falling interest rates, the prepayment rate tends to increase, shortening the average life of a pool of mortgage-related securities.

<sup>◼</sup>

**Extension Risk** – The rate of anticipated prepayments of principal may not occur, typically because of a rise in interest rates, and the expected maturity of the security will increase. During periods of rapidly rising interest rates, the effective average maturity of a security may be extended past what the Fund's portfolio manager anticipated that it would be. The market value of securities with longer maturities tends to be more volatile.

**Sector Focus Risk** — While a Fund reserves the right to dynamically allocate its assets across economic sectors, the Fund may make significant investments in one or more sectors, each of which entails associated risks. Additionally, a Fund's performance may be more volatile when the Fund's investments are focused in a particular sector.

<sup>◼</sup>

**Financials Sector Risk** — Companies in the financials sector are subject to extensive governmental regulation, which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of

**22**

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Risk Factors

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markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business, or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.

**Synthetic Convertible Securities Risk** — The value of a synthetic convertible security will respond differently to market fluctuations than a convertible security because a synthetic convertible security is composed of two or more separate securities, each with its own market value. Additionally, if the value of the underlying common stock or the level of the index involved in the convertible security falls below the exercise price of the warrant or option, the warrant or option may lose all value. Synthetic convertible securities are also subject to counterparty risk.

**U.S. Government Agency Obligations Risk** — A U.S. government agency or instrumentality may default on its obligation and the U.S. government may not provide support. Some securities issued by certain U.S. government instrumentalities are supported only by the credit of those instrumentalities.

**When-Issued, TBA, and Delayed-Delivery Securities Risk** — The market value of the security issued on a when-issued, TBA, or delayed-delivery basis may change before the delivery date, which may adversely impact the Fund's NAV. There is also the risk that a party fails to deliver the security on time or at all.

**<u>Additional Risk Factors.</u>** The Adviser may use several types of investment strategies in pursuing each Fund's overall investment objective. The following risks are those that the Adviser does not consider to be principal risks of the Funds. Additional risks are included in the Funds' SAI.

**Investment Company Risk** — A Fund's ability to achieve its investment objective may be directly related to the ability of other investment companies (including ETFs) held by the Fund to meet their investment objectives. In addition, shareholders of the Fund will indirectly bear the fees and expenses of the underlying investment companies. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities.

**Securities Lending Risk** — The risk in lending portfolio securities, as with other extensions of credit, consists of the possibility of loss to a Fund due to (1) the inability of the borrower to return the securities, (2) a delay in receiving additional collateral to adequately cover any fluctuations in the value of securities on loan, (3) a delay in recovery of the securities, or (4) the loss of rights in the collateral should the borrower fail financially. These events could trigger adverse tax consequences for a Fund. In addition, a Fund is responsible for any loss that might result from its investment of the borrower's collateral. In determining whether to lend securities, the Adviser or a Fund's securities lending agent will consider relevant facts and circumstances, including the creditworthiness of the borrower.

&nbsp;&nbsp; An investment in a<br> Fund is not a complete<br> investment program.<br>

**23**

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Organization and Management of the Funds

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The Funds' Board has the overall responsibility for overseeing the management of each Fund.

**The Investment Adviser**

The Adviser serves as the investment adviser to each of the Victory Funds pursuant to an investment advisory agreement and oversees the operations of the Funds according to investment policies and procedures adopted by the Board. The Adviser is a New York corporation that is registered as an investment adviser with the Securities and Exchange Commission ("SEC"). As of September 30, 2025, the Adviser managed and advised assets totaling in excess of $310.6 billion for individual and institutional clients. The Adviser's principal address is 15935 La Cantera Parkway, San Antonio, TX 78256.

A discussion regarding the basis of the Board's approval of the Funds' Advisory Agreement is available in the Funds' most recent Form N-CSRS filing for the period ended December 31, 2024.

The Adviser is a diversified global asset manager comprised of multiple investment teams, referred to as investment franchises, each of which employs an independent approach to investing. Victory Income Investors, a Victory Capital investment franchise, is responsible for the day-to-day investment management of the Funds.

Advisory fees to be paid annually, before waivers, will be equal to the following:

---

| | |
|:---|:---|
| **Fund** | **Advisory Fee** |
| Victory Fund for Income | &nbsp;&nbsp; 0.50% |
| Victory Investment Grade Convertible Fund | &nbsp;&nbsp; 0.75% |

---

See "Fund Fees and Expenses" for information about any contractual agreement by the Adviser to waive fees and/or reimburse expenses with respect to a Fund. From time to time, the Adviser also may voluntarily waive fees and/or reimburse expenses in amounts exceeding those required to be waived or reimbursed under any contractual agreement that may be in place with respect to a Fund.

**Portfolio Management**

**Heidi L. Adelman** is the Lead Portfolio Manager and **Harriet R. Uhlir** is a Portfolio Manager of the **Victory Fund for Income**. The Fund's portfolio managers are primarily responsible for the day-to-day management of the Fund's portfolio. Ms. Adelman has final investment authority for the Fund.

Ms. Adelman is a Chief Investment Officer of Victory Income Investors and has been with the Adviser or an affiliate since 1995.

Ms. Uhlir is a Portfolio Manager of Victory Income Investors and has been with the Adviser or an affiliate since 2001.

**James K. Kaesberg** is the Lead Portfolio Manager. **Mark Vucenovic** is a Senior Portfolio Manager of the **Victory Investment Grade Convertible Fund**. Together, they are responsible for the day-to-day management of the Fund's portfolio.

Mr. Kaesberg is a Senior Portfolio Manager of Victory Income Investors and has been associated with the Adviser or an affiliate since 1985. Mr. Kaesberg is a CFA charterholder.

Mr. Vucenovic is a Senior Portfolio Manager/Research Analyst of Victory Income Investors and has been associated with the Adviser or an affiliate since 2009, and previously, from 1995-2002.

*The Funds' SAI provides additional information about the portfolio managers' method of compensation, other accounts they manage, and any ownership interests they may have in the Funds.*

**24**

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Investing with the Victory Funds

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All you need to get started is to fill out an application.<br>

If you are looking for a convenient way to open an account or to add money to an existing account, we can help. The sections that follow will serve as a guide to your investment with the Victory Funds. These sections describe many of the share classes currently offered by the Victory Funds. The section *Choosing a Share Class* will help you decide which share class it may be to your advantage to buy.

Keep in mind that Class I, Class R, Class R6, and Class Y shares are available for purchase only by eligible shareholders. In addition, not all Victory Funds offer each class of shares described below, and therefore, certain classes may be discussed that are not necessarily offered by a Fund. The classes of shares that are offered by a Fund are those listed on the cover page designated with a ticker symbol. A Fund may also offer other share classes in different prospectuses. The Victory Funds may offer additional classes of shares in the future.

This section of the Prospectus also describes how to open an account, how to access information about your account, and how to buy, exchange, and sell shares of a Victory Fund. Note, this information may vary if you invest through a third party such as a brokerage firm and will be dependent on that firm's policies and practices. Consult your Investment Professional for specific details.

We want to make it simple for you to do business with us. If you have questions about any of this information, please call your Investment Professional or one of our customer service representatives at 800-539-FUND (800-539-3863). They will be happy to assist you.

&nbsp;&nbsp; An Investment Professional is an investment consultant, salesperson, financial planner, <br> investment adviser, or trust officer who provides you with investment information. <br> Your Investment Professional also can help you decide which share class is best for you. <br> Investment Professionals and other financial intermediaries may charge fees for their services.<br>

**25**

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Share Price

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&nbsp;&nbsp; The daily NAV is useful to you as a shareholder because the NAV, <br> multiplied by the number of Fund shares you own, gives you the value of your investment.<br>

Each Victory Fund calculates its share price, called its net asset value ("NAV"), each business day as of the close of regular trading on the New York Stock Exchange, Inc. ("NYSE"), which is normally 4:00 p.m. Eastern Time. The NAV takes into account the expenses and fees of a Fund, including management, administration, and distribution fees (if any), which are accrued daily. In the event of an emergency or other disruption in trading on the NYSE, a Fund's share price will be determined based upon the close of the NYSE. You may buy, exchange, and sell your shares on any business day at a price that is based on the NAV that is next calculated after you place your order. A business day is a day on which the NYSE is open. The NYSE is closed on weekends, most national holidays, and Good Friday. Undistributed income and gain will be reflected in the Fund's NAV and, correspondingly, distributions of the Fund's income and gain will reduce the Fund's NAV. Undistributed income and gain, like all Fund assets, can fluctuate in value over time. Please see "Distributions and Taxes" for more information about the Fund's distribution policies, including the general frequency of distributions.

To the extent a Fund's investments include securities that are traded primarily in foreign markets, the value of those securities may change on days when shareholders are unable to purchase and redeem a Fund's shares, such as on weekends or other days when the Fund does not price its shares.

Each Fund reserves the right to close if the primary trading markets of the Fund's portfolio instruments are closed and the Fund's management believes that there is not an adequate market to meet purchase, redemption or exchange requests. In addition, if the Securities Industry and Financial Markets Association recommends that government securities dealers close before the close of regular trading on the NYSE (the "Alternative Closing Time"), the Fund reserves the right to refuse any purchase or redemption order received after the Alternative Closing Time. If the Fund closes at the Alternative Closing Time, its NAV will be calculated as of the Alternative Closing Time. You may not be able to buy or sell shares on Columbus Day and Veterans Day, or on holidays when the Federal Reserve system is closed, but the NYSE and other financial markets are open.

Each Fund prices its investments based on market value when market quotations are readily available. When these quotations are not readily available, the Adviser will price a Fund's investments at fair value in accordance with applicable regulatory requirements. A security will be fair valued when:

◼

Trading in the security has been halted;

◼

The market quotation for the security is clearly erroneous due to a clerical error;

◼

The security's liquidity decreases such that, in the Adviser's opinion, the market quotation has become stale; or

◼

An event occurs after the close of the trading market (but before the Fund's NAV is calculated) that, in the Adviser's opinion, materially affects the value of the security.

The use of fair value pricing may minimize arbitrage opportunities that attempt to exploit the differences between a security's market quotation and its fair value. The use of fair value pricing may not, however, always reflect a security's actual market value in light of subsequent relevant information, and the security's opening price on the next trading day may be different from the fair value price assigned to the security.

**26**

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Share Price

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Each Victory Fund calculates the NAV of each share class by adding up the total value of the investments and other assets of that class, subtracting its liabilities, and then dividing that figure by the number of outstanding shares of the class.

---

| | |
|:---|:---|
| NAV= | Total Assets - Liabilities |
| NAV= | Number of Shares Outstanding |

---

A Fund's NAV is available by calling 800-539-FUND (800-539-3863) or by visiting the Funds' website at vcm.com.

**27**

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Choosing a Share Class

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**CLASS A**

◼

Front-end sales charge, as described in this section. There are several ways to reduce or eliminate this charge as discussed under *Sales Charge Reductions and Waivers for Class A Shares*.

◼

A contingent deferred sales charge ("CDSC") may be imposed if you sell your shares within 18 months of purchase. The CDSC may be waived or reduced in certain circumstances as discussed under *CDSC Reductions for Class A and Class C Shares.*

◼

Class A shares also pay ongoing distribution and/or service (12b-1) fees.

◼

Lower annual expenses than Class C or Class R shares.

**CLASS C**

◼

No front-end sales charge. All your money goes to work for you right away.

◼

A CDSC may be imposed if you sell your shares within 12 months of purchase. The CDSC may be waived or reduced in certain circumstances as discussed under *CDSC Reductions for Class A and Class C Shares*.

◼

Class C shares also pay ongoing distribution and/or service (12b-1) fees.

◼

Higher annual expenses than all other classes of shares.

**CLASS I**

◼

No front-end sales charge or CDSC. All your money goes to work for you right away.

◼

Class I shares do not pay any ongoing distribution and/or service (12b-1) fees.

◼

Class I shares are only available to certain investors.

◼

Typically lower annual expenses than all other classes of shares except Class R6 shares.

**CLASS R**

◼

No front-end sales charge or CDSC. All your money goes to work for you right away.

◼

Class R shares pay ongoing distribution and/or service (12b-1) fees.

◼

Class R shares are only available to certain investors.

◼

Higher annual expenses than all classes except Class C shares.

**CLASS R6**

◼

No front-end sales charge or CDSC. All your money goes to work for you right away.

◼

Class R6 shares do not pay any ongoing distribution and/or service (12b-1) fees.

◼

Class R6 shares are only available to certain investors.

◼

Typically lower annual expenses than all other classes of shares.

**CLASS Y**

◼

No front-end sales charge or CDSC. All your money goes to work for you right away.

◼

Class Y shares do not pay any ongoing distribution and/or service (12b-1) fees.

◼

Class Y shares are only available to certain investors.

◼

Typically lower annual expenses than Classes A, C, and R shares.

**28**

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Choosing a Share Class

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**Share Classes**

When you purchase shares of a Fund, you must choose a share class. The Victory Funds offer Class A, Class C, Class I, Class R, Class R6, and Class Y shares. The Funds offer Member Class shares in a separate prospectus. Each share class represents an interest in the same portfolio of securities, but the classes differ in the sales charges, if any, and expenses that apply to your investment, allowing you and your Investment Professional to choose the class that best suits your investment needs.

Deciding which share class best suits your investment needs depends on a number of factors that you should discuss with your Investment Professional, including: how long you expect to hold your investment, how much you intend to invest, and the total expenses associated with each share class.

The Funds reserve the right to change the eligibility criteria for purchasing a particular share class. For example, a class of shares may be available to purchase only by retirement plans or by institutional investors. The Funds may also waive any applicable eligibility criteria or investment minimums at its discretion.

A Fund or any class may be closed at any time for failure to achieve an economical level of assets or for other reasons. Certain financial intermediaries who hold shares on behalf of their customers impose fees when the amount of shares of a particular class falls below a minimum threshold. To the extent that the amount of shares falls below that threshold, the Funds reserve the right to liquidate the shares held in accounts maintained by the financial intermediary.

**Calculation of Sales Charges for Class A Shares** 

&nbsp;&nbsp; For historical expense information, see the "Financial Highlights" <br> at the end of this Prospectus.<br>

Class A shares are sold at their public offering price, which is the net asset value ("NAV") plus any applicable initial sales charge, also referred to as the "front-end sales load." The sales charge may be reduced or eliminated for larger purchases, as detailed below or as described under *Sales Charge Reductions and Waivers for Class A Shares*. The investment levels required to obtain a reduced sales charge are commonly referred to as "breakpoints."

All Class A purchases are subject to the terms described herein except for those purchases made through an intermediary specified in *Appendix A - Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries*.

In order to obtain a breakpoint discount, you must inform the Victory Funds or your Investment Professional at the time you purchase shares of the existence of the other Victory accounts or purchases of Victory Funds that are eligible to be linked for the purpose of calculating the initial sales charge. The Fund or your Investment Professional may ask you for records or other information about other Victory Funds held in your Victory accounts and any linked accounts, such as accounts opened with a different financial intermediary.

The current sales charge rates and breakpoint levels for Class A shares of the Funds are listed below:

---

| | | |
|:---|:---|:---|
| **Your Investment in the Fund**  | **Sales** <br> **Charge**<br> **as a % of**<br> **Offering** <br> **Price** <br>| **Sales** <br> **Charge**<br> **as a % of**<br> **Your** <br> **Investment** <br>|
| Up to $99,999  | &nbsp;&nbsp; 2.25%  | &nbsp;&nbsp; 2.30%  |
| $100,000 up to $249,999  | &nbsp;&nbsp; 1.75%  | &nbsp;&nbsp; 1.78%  |

---

**29**

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Choosing a Share Class

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---

| | | |
|:---|:---|:---|
| **Your Investment in the Fund**  | **Sales** <br> **Charge**<br> **as a % of**<br> **Offering** <br> **Price** <br>| **Sales** <br> **Charge**<br> **as a % of**<br> **Your** <br> **Investment** <br>|
| $250,000 and above\* | &nbsp;&nbsp; 0.00%  | &nbsp;&nbsp; 0.00% |

---

\* A contingent deferred sales charge ("CDSC") of 0.75% may be imposed on certain redemptions of Class A shares purchased without an initial sales charge if any of those shares are redeemed within 18 months of purchase. This charge will be based on the current market value or the original cost of the shares you are selling, whichever is less. No CDSC is imposed on shares representing reinvested distributions. You may be eligible for a reduction or waiver of this CDSC under certain circumstances. See CDSC Reductions and Waivers for Class A Shares and Appendix A - Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries for details.

**Sales Charge Reductions and Waivers for Class A Shares** 

&nbsp;&nbsp; There are several ways you can combine multiple purchases of Class A shares of the Victory <br> Funds to take advantage of reduced sales charges or, in some cases, eliminate sales charges.<br>

There are a number of ways you can reduce or eliminate your sales charges, which we describe below. In order to obtain a Class A sales charge reduction or waiver, you must provide your financial intermediary or the Funds' transfer agent, at the time of purchase, with current information regarding shares of any Victory Funds held in other accounts. This information must include account statements or other records (including written representations from the intermediary holding the shares) that indicate any accounts (e.g., retirement accounts) established (i) with the Victory Funds and your Investment Professional; (ii) with other financial intermediaries; and (iii) in the name of immediate family household members (spouse or domestic partner and children under 21) with regard to Rights of Accumulation.

The availability of a sales charge reduction or waiver discussed below will depend upon whether you purchase your shares directly from the Funds or through a financial intermediary. If you are eligible for a sales charge reduction because you own shares of other Victory Funds, you must notify the Funds or your financial intermediary at the time of purchase of any relationship or other facts qualifying you for sales charge reductions or waivers. Some intermediaries impose different policies for sales charge waivers and reductions. These variations are described in *Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries.* Except as described with respect to the intermediaries specified in Appendix A, all Class A shares are subject to the terms stated below. In order to obtain waivers and discounts that are not available through your intermediary, you must purchase Fund shares directly from the Funds or through another intermediary.

You can find additional information regarding sales charges and their reductions, free of charge, at vcm.com/policies, by clicking on *Victory Funds Pricing Policies*.

You may reduce or eliminate the sales charge applicable to Class A shares in a number of ways:

◼

**Breakpoint** - Purchase a sufficient amount to reach a breakpoint (see *Calculation of Sales Charges for Class A Shares* above);

◼

**Letter of Intent** - If you anticipate purchasing $50,000 or more of Class A shares of the Fund, including any purchase of other Victory Funds of any share class (except money market funds and any assets held in group retirement plans), within a 13-month period, you may qualify for a sales charge breakpoint as though you were investing the total amount in one lump sum. In order to qualify for the reduced sales charge, you must submit a non-binding Letter of Intent (the "Letter") within 90 days of the start of the purchases. Each investment you make after signing the Letter will be entitled to the sales charge applicable to the total investment indicated in the Letter. You must start with a minimum initial investment of at least 5.00% of the total amount you intend to purchase. A portion of the shares purchased under the Letter will be held in escrow until the total investment has been completed. In the event you do not complete your commitment set forth

**30**

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Choosing a Share Class

------

in the Letter in the time period specified, sufficient escrowed shares will be redeemed to pay any applicable front-end sales charges;

◼

**Right of Accumulation** - Whereas a Letter of Intent allows you to qualify for a discount by combining your current purchase amount with purchases you intend to make in the near future, a Right of Accumulation allows you to reduce the initial sales charge on a Class A investment by combining the amount of your current purchase with the current market value of prior investments made by you, your spouse (including domestic partner), and your children under age 21 in any class of shares of any Victory Fund (except money market funds and any assets held in group retirement plans). The value of eligible existing holdings will be calculated by using the greater of the current value or the original investment amount. To ensure that you receive a reduced price using the Fund's Right of Accumulation, you or your Investment Professional must inform the Funds that the Right applies each time shares are purchased and provide sufficient information to permit confirmation of qualification;

◼

**Reinstatement Privilege** - You may reinvest at NAV all or part of your redemption proceeds within 90 days of a redemption of Class A shares of a Fund;

◼

**Waiver** - The Victory Funds will completely waive the sales charge for Class A shares in the following cases:

<sup>◼</sup>

Purchases of at least $250,000 for certain Funds or $500,000 for others;

<sup>◼</sup>

Purchases by certain individuals associated with the Victory Funds or service providers (see "Eligibility of Individuals Associated with the Victory Funds and Fund Service Providers");

<sup>◼</sup>

Purchases by registered broker-dealers, financial intermediaries or their agents or affiliates who have agreements with the Funds' distributor (the "Distributor"), if the shares are purchased for their own account, purchased for retirement plans of their employees or sold to registered representatives or full-time employees (or their immediate families), provided that such purchase is for one of the foregoing types of accounts;

<sup>◼</sup>

Purchases for trust or other advisory accounts established with a financial institution and fee-based investment products or accounts;

<sup>◼</sup>

Reinvestment of proceeds from a liquidation distribution of Class A shares of a Victory Fund held in a deferred compensation plan, agency, trust, or custody account;

<sup>◼</sup>

Purchases by retirement plans, including Section 401 and 457 plans sponsored by a Section 501(c)(3) organization and certain non-qualified deferred compensation arrangements that operate in a similar manner to qualified plans. Investors nonetheless may be charged a fee if they effect transactions in Class A shares through a broker or agent;

<sup>◼</sup>

Purchases by participants in no transaction fee programs offered by certain broker-dealers (sometimes referred to as "supermarkets");

<sup>◼</sup>

Purchases by certain financial intermediaries who offer shares to self-directed investment brokerage accounts that may or may not charge a transaction fee to its customers;

<sup>◼</sup>

Shareholders investing directly with the Fund who do not have a third-party financial intermediary or registered representative assigned, or who invest directly in certain products sponsored by the Adviser or its affiliates; and

<sup>◼</sup>

Individuals who reinvest the proceeds of redemptions from Class I, Class R6, or Class Y shares of a Victory Fund within 60 days of redemption.

You should inform the Fund or your Investment Professional at the time of purchase of the sales charge waiver category which you believe applies.

**31**

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Choosing a Share Class

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**CDSC for Class A Shares**

A CDSC of 0.75% may be imposed on certain redemptions of Class A shares purchased without an initial sales charge if any of those shares are redeemed within 18 months of purchase. This charge will be based on the current market value or the original cost of the shares you are selling, whichever is less. No CDSC is imposed on shares representing reinvested distributions.

More information is available in *CDSC Reductions and Waivers for Class A and Class C Shares* and *Appendix A – Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries*. All Class A purchases are subject to the terms described herein except for those purchases made through the intermediaries specified in Appendix A.

**CDSC for Class C Shares**

You will pay a 1.00% CDSC on any Class C shares you sell within 12 months of purchase. The CDSC is calculated on the current market value or the original cost of the shares you are selling, whichever is less. There is no CDSC on shares you acquire by reinvesting your dividends or capital gains distributions. You may be eligible for reduction or waiver of this CDSC under certain circumstances. There is no CDSC imposed when you exchange your shares for Class C shares of another Victory Fund; however, your exchange is subject to the same CDSC schedule that applied to your original purchase.

An investor may, within 90 days of a redemption of Class C shares, reinvest all or part of the redemption proceeds in the Class C shares of any Victory Fund at the NAV next computed after receipt by the transfer agent of the reinvestment order. Class C share proceeds reinvested do not result in a refund of any CDSC paid by the shareholder, but the reinvested shares will be treated as CDSC exempt upon reinvestment. The shareholder must ask the Distributor for such privilege at the time of reinvestment.

To keep your CDSC as low as possible, each time you sell shares we will first sell shares in your account that are not subject to a CDSC. If there are not enough of these to meet your sale, we will sell the shares in the order they were purchased.

More information is available in *CDSC Reductions and Waivers for Class A and Class C Shares* and *Appendix A – Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries*.

**CDSC Reductions and Waivers for Class A and Class C Shares**

No CDSC is imposed on redemptions of Class A and Class C shares in the following circumstances:

◼

To the extent that the shares redeemed:

<sup>◼</sup>

are no longer subject to the holding period for such shares;

<sup>◼</sup>

resulted from reinvestment of distributions; or

<sup>◼</sup>

were exchanged for shares of another Victory Fund as allowed by the Prospectus, provided that the shares acquired in such exchange or subsequent exchanges will continue to remain subject to the CDSC, if applicable, calculated from the original date of purchase until the applicable holding period expires. In determining whether the CDSC applies to each redemption, shares not subject to a CDSC are redeemed first;

◼

Following the death or post-purchase disability of:

<sup>◼</sup>

a registered shareholder on an account; or

<sup>◼</sup>

a settlor of a living trust, of shares held in the account at the time of death or initial determination of post-purchase disability;

◼

Distributions from individual retirement accounts, Section 403(b), Section 457 and Section 401 qualified plans, where redemptions result from:

**32**

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Choosing a Share Class

------

<sup>◼</sup>

required minimum distributions with respect to that portion of such contributions that does not exceed 12% annually;

<sup>◼</sup>

tax free returns of excess contributions or returns of excess deferral amounts;

<sup>◼</sup>

distributions on the death or disability of the account holder;

<sup>◼</sup>

distributions for the purpose of a loan or hardship withdrawal from a participant plan balance; or

<sup>◼</sup>

distributions as a result of separation of service;

◼

Distributions as a result of a Qualified Domestic Relations Order or Domestic Relations Order required by a court settlement;

◼

In instances where the investor's dealer or institution waived its commission in connection with the purchase and notifies the Distributor prior to the time of investment;

◼

When the redemption is made as part of a Systematic Withdrawal Plan (including dividends), up to an annual amount of 12% of the account value on a per fund basis, at the time the withdrawal plan is established; or

◼

Participant-initiated distributions from employee benefit plans or participant-initiated exchanges among investment choices in employee benefit plans.

**Eligibility Requirements to Purchase Class I Shares**

Class I shares may only be purchased by:

◼

Institutional and individual retail investors with a minimum investment in Class I shares of $2,000,000 who purchase through certain broker-dealers or directly from the transfer agent;

◼

Investors who purchase through advisory programs with an approved financial intermediary in which the financial intermediary typically charges the investor a fee based upon the value of the account ("Advisory Programs"). Such transactions may be subject to additional rules or requirements of the applicable Advisory Program;

◼

Retirement plans, including Section 401 and 457 plans, Section 403 plans sponsored by a Section 501(c)(3) organization and certain non-qualified deferred compensation arrangements that operate in a similar manner to qualified plans; or

◼

Brokers (and their sales representatives) where those brokers have agreements with the Distributor to sell shares of a Fund.

A Fund may allow a lower initial investment if, in the opinion of the Distributor, the investor has the adequate intent and availability of assets to reach a future level of investment of $2,000,000.

**Eligibility Requirements to Purchase Class R Shares**

Class R shares may only be purchased by:

◼

Institutional investors;

◼

Retirement plans, including Section 401 and 457 plans, Section 403 plans sponsored by a Section 501(c)(3) organization and certain non-qualified deferred compensation arrangements that operate in a similar manner to qualified plans;

◼

IRAs that are rollovers from eligible retirement plans that offered one or more Class R share Victory Funds as investment options and to individual 401(k) plans; or

◼

Investors who purchase through Advisory Programs with an approved financial intermediary.

**33**

------

Choosing a Share Class

------

**Eligibility Requirements to Purchase Class R6 Shares**

Class R6 shares may only be purchased by:

◼

Registered investment companies;

◼

Retirement plans, including Section 401 and 457 plans, Section 403 plans sponsored by a Section 501(c)(3) organization, employer sponsored benefit plans (including health savings accounts) and certain non-qualified deferred compensation arrangements that operate in a similar manner to qualified plans;

◼

Endowments and foundations; or

◼

Investors who purchase through Advisory Programs with an approved financial intermediary.

**Eligibility Requirements to Purchase Class Y Shares**

Class Y shares may only be purchased by:

◼

Institutional and individual retail investors with a minimum investment in Class Y shares of $1,000,000 who purchase through certain broker-dealers or directly from the transfer agent;

◼

Clients of state-registered or federally registered investment advisors (RIAs), where such RIAs trade through institutional trading platforms approved by a Fund, who invest at least $2,500;

◼

Brokerage platforms of firms that have agreements with the Distributor to offer such shares solely when acting as an agent for the investor. An investor transacting in Class Y shares through these programs may be required to pay a commission and/or other forms of compensation to the broker;

◼

Pension, profit sharing, employee benefit and other similar plans and trusts that invest in a Fund;

◼

Investors who purchase through Advisory Programs with an approved financial intermediary;

◼

Investment advisory clients of the Adviser; or

◼

Investment advisors, consultants, broker-dealers and other financial intermediaries investing for their own accounts or for the accounts of their immediate family members.

A Fund may allow a lower initial investment if, in the opinion of the Distributor, the investor has the adequate intent and availability of assets to reach a future level of investment of $1,000,000.

**Eligibility of Individuals Associated with the Victory Funds and Fund Service Providers**

Current and retired Victory Fund trustees and the officers, directors, trustees, employees, and family members of employees of the Adviser or Affiliated Providers are eligible to purchase the lowest expense share class offered by a Fund. In the case of Class A shares, such purchases are not subject to a front-end sales charge. "Affiliated Providers" are affiliates of the Adviser and organizations that provide services to Victory Portfolios (the "Trust").

&nbsp;&nbsp; A Fund reserves the right to change the criteria for eligible investors and<br> the investment minimums.<br>

**34**

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Information About Fees

------

**Distribution and Service Plans**

In accordance with Rule 12b-1 under the Investment Company Act of 1940, the Trust has adopted Distribution and Service Plans for Class A, Class C, and Class R shares.

Under the Class A Distribution and Service Plan, a Fund will pay to the Distributor a monthly fee at an annual rate of up to 0.25% of its average daily net assets of Class A shares. Under the Class R Distribution and Service Plan, a Fund will pay to the Distributor a monthly fee at an annual rate of up to 0.50% of its average daily net assets of Class R shares. The fee is paid for general distribution services, for selling Class A and Class R shares of the Fund and, as applicable, for providing personal services to shareholders of the Fund. Distribution and selling services are provided by the Distributor or by agents of the Distributor and include those services intended to result in the sale of Fund shares. Personal services to shareholders are generally provided by broker-dealers or other intermediaries and consist of responding to inquiries, providing information to shareholders about their Fund accounts, establishing and maintaining accounts and records, providing dividend and distribution payments, arranging for bank wires, assisting in transactions and changing account information.

Under the Class C Distribution and Service Plan, a Fund will pay to the Distributor a monthly fee at an annual rate of 1.00% of the average daily net assets of its Class C shares. Of this amount, 0.75% of the Fund's Class C shares average daily net assets will be paid for general distribution services and for selling Class C shares. The Fund will pay 0.25% of its Class C shares average daily net assets to compensate financial institutions that provide personal services to Class C shareholders of the Fund. Distribution and selling services are provided by the Distributor or by agents of the Distributor and include those services intended to result in the sale of the Fund's Class C shares. Personal services to shareholders are generally provided by broker-dealers or other financial intermediaries and consist of responding to inquiries, providing information to shareholders about their Fund accounts, establishing and maintaining accounts and records, providing dividend and distribution payments, arranging for bank wires, assisting in transactions, and changing account information.

Because Rule 12b-1 fees are paid out of a Fund's assets and on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

**Other Payments to Financial Intermediaries**

Except with respect to Class R6 shares, if you purchase Fund shares through an Investment Professional, a broker-dealer, or other financial intermediary, the Fund may pay for sub-transfer agent, recordkeeping and/or similar administrative services. In addition, the Adviser (and its affiliates) may make substantial payments out of its own resources, including the profits from the advisory fees the Adviser receives from the Funds, to affiliated and unaffiliated dealers or other Investment Professionals and service providers for distribution, administrative and/or shareholder servicing activities. The Adviser also may reimburse the Distributor (or the Distributor's affiliates) for making these payments. Some of these distribution-related payments may be made to dealers or other Investment Professionals for marketing, promotional or related expenses; these payments are often referred to as "revenue sharing." The Adviser (and its affiliates) also may pay fixed fees for the listing of a Fund on a broker-dealer's or financial intermediary's system. Such payments are not considered to be revenue sharing payments.

In some circumstances, these types of payments may create an incentive for a dealer or Investment Professional or its representatives to recommend or offer shares of the Victory Funds to its customers. You should ask your dealer or Investment Professional for more details about any such payments it receives.

**35**

------

Information About Fees

------

No compensation, administrative payments, sub-transfer agency payments or service payments are paid to broker-dealers or other financial intermediaries from Fund assets, or from the resources of the Adviser or its affiliates on sales of or investments in Class R6 shares.

**36**

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How to Buy Shares

------

**Opening an Account**

If you would like to open an account, you will first need to complete an Account Application.

You can obtain an Account Application by calling Victory Funds Customer Service at 800-539-FUND (800-539-3863). You can also download an Account Application by visiting the Victory Funds' website, VictoryFunds.com, and clicking on the Victory Funds Account Application link. Send the completed Account Application, along with a check made payable to the Victory Funds, at the following address:

**Victory Funds**

P.O. Box 182593

Columbus, OH 43218-2593

You can also obtain an Account Application by contacting your Investment Professional. When you invest through an Investment Professional, the procedures for buying, selling, and exchanging shares and the account features and policies may differ. In addition to any limitations described in this Prospectus, an Investment Professional or other intermediary may also place other limits on your ability to use the services of a Fund. Sometimes an Investment Professional will charge you for its services. This fee will be in addition to, and unrelated to, the fees and expenses charged by the Funds.

Mutual funds must obtain and verify information that identifies investors opening new accounts. If the Funds are unable to collect the required information, you may not be able to open your account. Additional details about the Funds' Customer Identification Program are available in the section "Important Fund Policies."

The Fund generally is available for purchase in the United States, Puerto Rico, Guam, American Samoa and the U.S. Virgin Islands. Except to the extent otherwise permitted by the Fund's Distributor, the Fund will only accept accounts from U.S. citizens with a U.S. address (including an APO or FPO address) or resident aliens with a U.S. address (including an APO or FPO address) and a U.S. taxpayer identification number.

If you participate in a retirement plan that offers one of the Victory Funds as an option, please consult your employer for information on how to purchase shares of the Victory Funds through the plan, including any restrictions or limitations that may apply.

**Paying for Your Initial Purchase**

If you wish to make an investment directly into the Victory Funds, make your check payable to the "Victory Funds." All checks must be drawn on U.S. banks. If your check is returned as uncollectible for any reason, you will be charged for any resulting fees and/or losses. The Fund does not accept cash, money orders, traveler's checks, credit card convenience checks, or third-party checks. Additionally, bank starter checks are not accepted for the shareholder's initial investment into the Funds. All payments must be denominated in U.S. dollars.

**Minimum Investments**

If you would like to buy Class A or Class C shares, the minimum investment required to open an account is $2,500 ($1,000 for IRA accounts), with additional investments of at least $50. If you would like to buy Class I, Class R, Class R6, or Class Y shares, you must be an Eligible Investor, as discussed in the section *Choosing a Share Class — Eligibility Requirements to Purchase*. Eligible Investors may be subject to a minimum investment amount as detailed in that section.

For Class C shares, individual purchases of $250,000 and above will be made automatically in Class A shares.

**37**

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How to Buy Shares

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If your account falls below the minimum investment amount, we may ask you to reestablish the minimum investment. If you do not do so within 60 days, we may close your account and send you the value of your account.

The minimum investment required to open an account may be waived or lowered for employees and immediate family members of the employees, of the Adviser, the Administrator, and their affiliates. In addition, the minimum investment required may be waived when a Fund is purchased through an Advisory Program, within qualified retirement plans or in other similar circumstances. Although the Funds may sometimes waive the minimum investment, when they do so, they always reserve the right to reject initial investments under the minimum at their discretion.

There is no minimum investment required to open an account or for additional investments in Victory Simple IRAs.

A Fund reserves the right to change the criteria for eligible investors and the investment minimums.

**Purchasing Additional Shares**

Once you have an existing account, you can make additional investments at any time in any amount (subject to any minimums) in the following ways:

◼

**By Mail**

To ensure that your additional investment is properly credited to your account, use the Investment Stub attached to your confirmation statement and send it with your check to the address indicated.

◼

**By Telephone**

If you have an existing account that has been set up to receive electronic transfers, you can buy additional shares by calling Victory Funds Customer Service at 800-539-FUND (800-539-3863) between 8:00 a.m. and 6:00 p.m. (Eastern Time), Monday through Friday.

◼

**By Exchange**

You may purchase shares of a Fund using the proceeds from the simultaneous redemption of shares of another Victory Fund if it is eligible for an exchange with your Fund. You may initiate an exchange online (if you are a registered user of VictoryFunds.com), by telephone, or by mail. See the section "Exchanging Shares."

◼

**Via the Internet**

If you are a registered user, you may request a purchase of shares through our website at VictoryFunds.com. Your account must be set up for Automated Clearing House ("ACH") payment in order to execute online purchases.

◼

**By ACH**

Your account must be set up for ACH payment in order to execute purchases online or by telephone. It takes about 15 days to set up an ACH account and only domestic member banks may be used. After your account is set up, your purchase amount can be transferred by ACH. Currently, the Funds do not charge a fee for ACH transfers but they reserve the right to charge for this service in the future. Your originating bank may charge a fee for ACH transfers.

◼

**By Wire**

You may buy Fund shares by bank wire transfer of same day funds. Please call Victory Funds Customer Service at 800-539-FUND (800-539-3863) between 8:00 a.m. and 6:00 p.m. (Eastern Time), Monday through Friday for wiring instructions. Any commercial bank can transfer same-day funds by wire.

**38**

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How to Buy Shares

------

Although the transfer agent does not currently charge you for receiving same-day funds, it reserves the right to charge for this service in the future. Your bank may charge you for wiring same-day funds. You cannot buy shares for tax-qualified retirement plans by wire transfer.

◼

**By Systematic Investment Plan**

To enroll in the Systematic Investment Plan, you should check this box on the Account Application or on the Account Maintenance Form. We will need your bank information and the amount ($50 or more) and frequency of your investment. You can select monthly, quarterly, semi annual, or annual investments. You should attach a voided personal check so the proper information can be obtained. You must first meet the minimum investment requirement before we will make automatic withdrawals from your bank account and invest it in shares of a Fund.

**Other Purchase Rules You Should Know**

The Funds reserve the right to refuse a purchase order for any reason, including if they believe that doing so would be in the best interest of a Fund or its shareholders. The Funds also reserve the right, without notice, to increase or decrease the minimum amount required to open, convert shares to, or maintain a Fund account, or to add to an existing Fund account.

Keep these addresses handy for purchases, exchanges, or redemptions.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **BY REGULAR U.S. MAIL** | &nbsp;&nbsp;&nbsp; Victory Funds <br> P.O. Box 182593 <br> Columbus, OH 43218-2593<br>|
| **BY OVERNIGHT MAIL** | &nbsp;&nbsp;&nbsp; Use the following address ONLY for overnight packages:<br> Victory Funds<br> c/o FIS TA Operations<br> 4249 Easton Way, Suite 400<br> Columbus, OH 43219<br> PHONE: 800-539-FUND (800-539-3863)<br>|
| **BY WIRE** | &nbsp;&nbsp;&nbsp; Call 800-539-FUND (800-539-3863) BEFORE wiring money to notify the <br> Fund that you intend to purchase shares by wire and to verify wire <br> instructions.<br>|
| **BY TELEPHONE** | 800-539-FUND (800-539-3863) |
| **ON THE INTERNET** | VictoryFunds.com |

---

**39**

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How to Exchange Shares

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&nbsp;&nbsp; There may be limits on the ability to exchange between certain Victory Funds. <br> You can obtain a list of Victory Funds available for exchange by calling <br> 800-539-FUND (800-539-3863) or by visiting VictoryFunds.com<br>

The shares of any class of a Fund may be exchanged for the shares of any other class offered by the Fund or the same class of any other class of any Victory Fund, either through your Investment Professional or directly through the Fund, subject to the conditions described below:

◼

Exchanges are subject to any CDSC, minimum investment limitation, or eligibility requirements described in the applicable Prospectus and SAI. You may be required to provide sufficient information to establish eligibility to exchange into a new share class.

◼

To exchange with another Victory Fund, the other Victory Fund must be eligible for exchange with your Fund.

◼

Shares of the Victory Fund selected for exchange must be available for sale in your state of residence.

If you have questions about these, or any of the Funds' other exchange policies, please consult Victory Customer Service or your Investment Professional before requesting an exchange.

Before exchanging, you should read the Prospectus of the other Victory Fund you wish to exchange into, which may be subject to different risks, fees, and expenses.

**Class C Share Conversion**

Class C shares of the Fund will convert automatically to Class A shares in the month following the eight-year anniversary date of the purchase of the Class C shares. Your financial intermediary may have a conversion schedule that is shorter than eight years. Class C conversions will be effected at the relative NAV of each such class without the imposition of any sales charge, fee, or other charge.

You may be able to voluntarily convert your Class C shares before the stated anniversary to a different share class of the same Fund that has a lower total annual operating expense ratio provided certain conditions are met. This voluntary conversion feature is intended for shares held through a financial intermediary offering a fee-based or wrap fee program that has an agreement with the Adviser or the Distributor specific for this purpose. Generally, Class C shares are not eligible for conversion until the applicable CDSC period has expired. Please contact your financial intermediary for additional information.

**Processing Your Voluntary Exchange/Conversion**

If your exchange or conversion request is received and accepted by the Funds, an Investment Professional or other intermediary by the close of trading as described in the section titled, "Share Price," then your request will be processed the same day. If received after the close of trading, your request will be processed on the next business day. Please contact your financial intermediary regarding the tax consequences of any exchange or conversion.

Exchanges will occur at the respective NAVs of the Funds' share classes involved in the exchange next calculated after receipt and acceptance of your exchange request in good order, plus any applicable sales charge described in the Prospectus. Share class conversions will be based on the respective NAV of each class as of the trade date of the conversion. Consequently, you may receive fewer shares or more shares than originally owned, depending on that day's NAVs.

**Requesting an Exchange**

You can exchange shares of the Funds by telephone, by mail, or via the Internet. You cannot exchange into an account with a different registration or tax identification number.

◼

**By Telephone**

**40**

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How to Exchange Shares

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Unless you indicate otherwise on the account application, Victory Customer Service will be authorized to accept exchange instructions received by telephone.

◼

**By Mail**

Send a letter of instruction signed by all registered owners or their legal representatives to the Victory Funds.

◼

**Via the Internet**

You may also exchange shares via the Internet at VictoryFunds.com if you are a registered user.

**41**

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How to Exchange Shares

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**Other Exchange Rules You Should Know**

The Funds may refuse any exchange purchase request if the Adviser determines that the request is associated with a market timing strategy. The Funds may terminate or modify the exchange privilege at any time upon 60 days' notice to shareholders.

An exchange of Fund shares for shares of another Victory Fund constitutes a sale for tax purposes unless the exchange is made within an IRA or other tax-deferred account.

For information on how to exchange shares of a Fund that were purchased through your employer's retirement plan, including any restrictions and charges that the plan may impose, please consult your employer.

**42**

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How to Sell Shares

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There are a number of convenient ways to sell your shares.<br>

If your redemption request is received in good order by the close of trading on the NYSE, your redemption will be processed the same day. Your redemption will not be processed until the next business day if it is received after the close of trading on the NYSE. You cannot redeem your shares at VictoryFunds.com.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BY TELEPHONE**<br>

The easiest way to redeem shares is by calling 800-539-FUND (800-539-3863). When you fill out your original application, be sure to check the box marked "Telephone Authorization." You have the following options for receiving your redemption proceeds:

◼

Mail a check to the address of record;

◼

Wire funds to a previously designated domestic financial institution;

◼

Mail a check to a previously designated alternate address; or

◼

Electronically transfer your redemption via ACH to a previously designated domestic financial institution.

Victory Funds' transfer agent records all telephone calls for your protection and takes measures to verify the identity of the caller. If the transfer agent properly acts on telephone instructions and follows reasonable procedures to ensure against unauthorized transactions, none of the Trust, its servicing agents, the Adviser, or the transfer agent will be responsible for any losses. If the transfer agent does not follow these procedures, it may be liable to you for losses resulting from unauthorized instructions.

If there is an unusual amount of market activity and you cannot reach the transfer agent or your Investment Professional by telephone, consider placing your order by mail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BY MAIL**<br>

Use the regular U.S. mail or overnight mail address to redeem shares. You can use the same mailing addresses listed for purchases. Send us a letter of instruction indicating your Fund account number, amount of redemption, and where to send the proceeds. A Medallion signature guarantee is required for the following redemption requests:

◼

Your account registration has changed within the last 15 business days;

◼

The check is not being mailed to the address on your account;

◼

The check is not being made payable to the owner of the account;

◼

The redemption proceeds are being transferred to another Victory Fund account with a different registration; or

◼

The check or wire is being sent to a different bank account than was previously designated.

You can get a Medallion signature guarantee from a financial institution — such as a commercial bank, broker-dealer, credit union, clearing agency, or savings bank — that is a member of a Medallion signature guarantee program.

**BY WIRE**<br>

If you want to receive your proceeds by wire, you must establish a Fund account that will accommodate wire transactions. If you call before the close of trading on the NYSE, your funds will be wired on the next business day.

**BY ACH**<br>

You may transfer your proceeds by ACH to a domestic bank. Normally, your redemption will be processed on the same day if your request is received before the close of trading on the NYSE. If your request is received after the close of trading it will be processed on the next business day.

**43**

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How to Sell Shares

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**Systematic Withdrawal Plan**

If you check this box on the Account Application or on the Account Maintenance Form, we will send monthly, quarterly, semi-annual, or annual payments to the person you designate. The minimum withdrawal is $25, and you must have a balance of $5,000 or more at the time you establish the Systematic Withdrawal Plan. If the payment is to be sent to an account of yours, we will need a voided check to activate this feature. If the payment is to be made to an address different from your account address, we will need a Medallion signature guaranteed letter of instruction. You should be aware that each withdrawal may be a taxable transaction. Also, each withdrawal reduces your account balance, and eventually your account balance may be depleted. However, you cannot automatically close your account using the Systematic Withdrawal Plan. If your balance falls below the initial purchase minimum, we may ask you to bring the account back to the minimum balance. If you decide not to increase your account to the minimum balance, your account may be closed and the proceeds mailed to you.

**Additional Information About Redemptions**

◼

Redemption proceeds from the sale of Fund shares purchased by a check or through ACH will be held until the purchase check or ACH has cleared, which will take up to 10 business days.

◼

We typically expect to send the proceeds from your share redemption within one business day after we execute your order, but we may take up to seven business days to send redemption proceeds, regardless of payment type. When you sell shares through your financial intermediary, you can ask the intermediary to tell you when you can expect to receive the proceeds of your redemption.

◼

A Fund may suspend your right to redeem your shares in the following circumstances:

<sup>◼</sup>

During non-routine closings of the NYSE;

<sup>◼</sup>

When the SEC determines either that trading on the NYSE is restricted or that an emergency prevents the sale or valuation of the Fund's securities; or

<sup>◼</sup>

When the SEC orders a suspension to protect the Fund's shareholders.

◼

A Fund typically uses cash and cash equivalents held in its portfolio or sells portfolio assets to meet redemption requests. In unusual circumstances or under stressed market conditions, the Fund may use other methods to raise cash to meet redemption requests. For example, the Fund may draw funds from a line of credit or borrow available cash held by other Victory Funds under an "interfund lending program" in reliance on an exemptive order from the SEC.

◼

A Fund will pay redemptions by any one shareholder during any 90-day period in cash up to the lesser of $250,000 or 1.00% of the Fund's net assets. The Funds reserve the right to pay the remaining portion "in kind," that is, in portfolio securities rather than cash. Securities received pursuant to an in-kind redemption are subject to market risk until sold and may be subject to brokerage and other fees.

◼

If you choose to have your redemption proceeds mailed to you and either the U.S. Postal Service is unable to deliver the redemption check to you or the check remains outstanding for more than six months, the Funds reserve the right to reinvest the check in shares of the Fund at its then current NAV until you give the Fund different instructions. No interest will accrue on amounts represented by uncashed redemption checks.

**44**

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Distributions and Taxes

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&nbsp;&nbsp; **Buying a dividend.** You should check the Funds' distribution schedule before you invest. <br> If you purchase shares when a Fund has undistributed income and gain, you will be <br> "buying a dividend" by paying a higher purchase price per share reflecting the <br> undistributed income and gain and then receiving a portion of the purchase price back <br> in the form of a taxable dividend unless you are investing through a tax-deferred account.<br>

The Victory Fund for Income ordinarily declares and pays dividends from net investment income, if any, monthly, and net realized capital gains, if any, annually. The Victory Investment Grade Convertible Fund ordinarily declares and pays dividends from net investment income, if any, quarterly, and net realized capital gains, if any, annually. Each Fund may make additional distributions, if necessary, to comply with U.S. federal tax requirements and avoid U.S. federal income or excise tax.

Each class of shares declares and pays dividends separately.

Distributions can be received in one of the following ways. Please check with your Investment Professional if you are unsure of which option is right for you.

**Reinvestment Option**

You can have distributions automatically reinvested in additional shares of your Fund. If you do not indicate another choice on your Account Application, you will be assigned this option automatically.

**Cash Option**

If you elect to receive your distributions by check, and the distribution amount is $25 or less, the amount will automatically be reinvested in the same Fund. Otherwise, a check will be mailed to you no later than seven days after the dividend payment date. If you choose to have your distribution proceeds mailed to you and either the U.S. Postal Service is unable to deliver the distribution check to you or the check remains outstanding for at least six months, the distribution option on your account will default to the reinvestment option as described above. Each Fund reserves the right to reinvest the check in shares of the Fund at its then current NAV until you give the Fund different instructions. No interest will accrue on amounts represented by uncashed distribution checks.

**Income Earned Option**

You can automatically reinvest your dividends in additional Fund shares and have your capital gains paid in cash, or reinvest capital gains and have your dividends paid in cash.

**Directed Distributions Option**

In most cases, you can automatically reinvest distributions in shares of another Victory Fund. If you reinvest your distributions in a different Victory Fund, you may pay a sales charge on the amount of reinvested distributions.

**Directed Bank Account Option**

In most cases, you can automatically transfer distributions to your bank checking or savings account. Under normal circumstances, the transfer agent will transfer your distributions within seven days of the dividend payment date. The bank account must have a registration identical to that of your Fund account.

&nbsp;&nbsp; Your choice of distribution should be set up on the original Account Application. <br> If you would like to change the option you selected, please call 800-539-FUND (800-539-3863).<br>

**45**

------

Distributions and Taxes

------

**Important Information About Taxes** 

&nbsp;&nbsp; The tax information in this Prospectus is provided as general information. You <br> should review the more detailed discussion of federal income tax considerations <br> in the SAI and consult your tax adviser regarding the federal, state, local, or <br> foreign tax consequences resulting from your investment in a Fund.<br>

Each Fund generally expects to pay no federal income tax on the earnings and capital gains it distributes to shareholders.

◼

Qualified dividend income received from a Fund by noncorporate shareholders generally will be taxed at long-term capital gain rates to the extent attributable to qualified dividend income received by the Fund, subject to certain holding period requirements. Nonqualified dividends, dividends received by corporate shareholders and dividends from a Fund's short-term capital gains are taxable as ordinary income. Dividends from a Fund's long-term capital gains generally are taxable as long-term capital gains.

◼

You will pay tax on dividends from a Fund whether you receive them in cash, additional shares of the Fund or you reinvest them in shares of another Victory Fund.

◼

Dividends from a Fund that are attributable to interest on certain U.S. government obligations, if any, may be exempt from certain state and local income taxes. The extent to which ordinary dividends are attributable to these U.S. government obligations will be provided on the tax statements you receive from a Fund.

◼

An exchange of a Fund's shares for shares of another Victory Fund will be treated as a sale. When you sell or exchange shares of a Fund, you generally will recognize any gain or loss.

◼

An exchange of one class of a Fund's shares for shares of another class of the same Fund generally constitutes a nontaxable exchange for federal income tax purposes.

◼

Distributions from a Fund and gains from the disposition of your shares may also be subject to state and local income tax.

◼

An additional 3.8% Medicare tax will be imposed on certain net investment income (which includes dividends and gain recognized on a disposition of shares) of certain U.S. individuals, estates, and trusts.

◼

Certain dividends paid to you in January will be taxable as if they had been paid to you the previous December.

◼

Tax statements will be mailed from each Fund by mid-February showing the amounts and tax status of distributions made to you in the prior calendar year.

◼

Because your tax treatment depends on your purchase price and tax position, you should keep your regular account statements for use in determining your tax.

◼

A Fund generally is required by law to provide you and the Internal Revenue Service with certain cost basis information related to the sale or redemption of any of your shares in the Fund acquired on or after January 1, 2012 (including distributions that are reinvested in additional shares of the Fund).

◼

A Fund may be required to withhold tax from dividends and redemption proceeds if you fail to give your correct social security or taxpayer identification number, fail to make required certifications, or the Fund is notified by the Internal Revenue Service that backup withholding is required.

◼

If you are a nonresident alien individual, foreign trust or estate, foreign corporation, or foreign partnership, a Fund's ordinary income dividends may be subject to a 30% U.S. withholding tax. See the section titled "TAXES—Foreign Shareholders" in the SAI for details.

**46**

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Distributions and Taxes

------

◼

Under the "Foreign Account Tax Compliance Act," unless certain foreign entities comply with certain IRS requirements that generally require them to report information regarding U.S. persons investing in, or holding accounts with, such entities, a 30% U.S. withholding tax may apply to dividends paid by a Fund to such entities. See the section titled "TAXES—Foreign Shareholders" in the SAI for details.

◼

The Funds may provide estimated capital gain distribution information through the website at vcm.com.

**IRA Distribution Withholding Disclosure**

We generally must withhold federal income tax at a rate of 10% of the taxable portion of your distribution, and if you live in a state that requires state income tax withholding, at your state's tax rate. However, you may elect not to have withholding apply or to have income tax withheld at a higher rate. Any withholding election that you make will apply to any subsequent distribution unless and until you change or revoke the election. If you wish to make a withholding election, or change or revoke a prior withholding election, call 800-539-FUND (800-539-3863), and form W-4P (OMB No. 1545-0074 withholding certificate for pension or annuity payments) will be sent electronically.

If you do not have a withholding election in place by the date of a distribution, federal income tax will be withheld from the taxable portion of your distribution at a rate of 10%. If you must pay estimated taxes, you may be subject to estimated tax penalties if your estimated tax payments are not sufficient and sufficient tax is not withheld from your distribution.

The foregoing discussion summarizes some of the possible consequences under current federal tax law of an investment in the Fund. It is not a substitute for personal tax advice. The foregoing discussion also does not discuss any state, local, or non-U.S. tax consequences associated with an investment in the Fund. The tax information in this Prospectus is based on tax law in effect on the date of this Prospectus and it does not address any proposals to modify such tax laws. Consult your personal tax advisor about the potential tax consequences of an investment in the shares under all applicable tax laws.

For more specific information, please consult your tax adviser.

**47**

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Important Fund Policies

------

**Customer Identification Program**

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens a new account, and to determine whether such person's name appears on government lists of known or suspected terrorists and terrorist organizations.

As a result, the Victory Funds must obtain the following information for each person who opens a new account:

◼

Name;

◼

Date of birth (for individuals);

◼

Residential or business street address (although post office boxes are still permitted for mailing); and

◼

Social security number, taxpayer identification number, or other identifying number.

You may also be asked for a copy of your driver's license, passport, or other identifying document in order to verify your identity. In addition, it may be necessary to verify your identity by cross-referencing your identification information with a consumer report or other electronic database. Additional information may be required to open accounts for corporations and other entities. Federal law prohibits the Victory Funds and other financial institutions from opening a new account unless they receive the minimum identifying information listed above. After an account is opened, the Victory Funds may restrict your ability to purchase additional shares until your identity is verified. The Victory Funds may close your account or take other appropriate action if it is unable to verify your identity within a reasonable time. If your account is closed for this reason, your shares will be redeemed at the NAV next calculated after the account is closed.

**Account Maintenance Information**

For the following non-financial transactions, the Victory Funds require proof that your signature authorizing a transaction is authentic. This verification can be provided in all cases by either a Signature Validation Program ("SVP") stamp or a Medallion signature guarantee ("MSG"). In some instances a Notary Public stamp is an acceptable alternative. As with an MSG, an SVP stamp can also be obtained from a financial institution that is a member of the SVP program.

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Notary** <br> **Public**<br>| **SVP** | **MSG** |
| Change of name  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Add/change banking instructions  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Add/change beneficiaries  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Add/change authorized account traders  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Adding a Power of Attorney | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Add/change Trustee  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Uniform Transfers to Minors Act/Uniform Gifts to Minors Act custodian <br> change <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |

---

**Market Timing**

The Victory Funds discourage frequent purchases and redemptions of Fund shares (market timing). Market timing allows investors to take advantage of market inefficiencies, sometimes to the disadvantage of other shareholders. Market timing increases Fund expenses to all shareholders by increasing portfolio turnover. In addition, market timing could potentially dilute share value for all other shareholders by requiring the Fund to hold more cash than it normally would.

**48**

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Important Fund Policies

------

The Board has adopted policies and procedures with respect to market timing. In order to prevent or minimize market timing, the Funds (or the Adviser, as appropriate) will:

◼

Employ "fair value" pricing, as described in this Prospectus under Share Price, to minimize the discrepancies between a security's market quotation and its perceived market value, which often gives rise to market timing activity; and

◼

Monitor for suspected market timing based on "short-term transaction" activity, that is, a purchase or redemption of a Fund and, as applicable, a subsequent redemption or purchase of the same Fund, or an exchange of all or part of that same Fund.

In monitoring for market timing activity, we consider, among other things, the frequency of your trades and whether you acquired your Fund shares directly through the transfer agent or whether you combined your trades with a group of shareholders in an omnibus account or otherwise placed your order through a securities dealer or other financial intermediary.

Frequent trading by a shareholder is generally a characteristic of market timing. Therefore, any account in which Fund shares are acquired directly through the transfer agent, or where the Fund can adequately identify the shareholder, with a history of three short-term transactions within 90 days or less is suspected of market timing and the shareholder's trading privileges (other than redemption of Fund shares) will be suspended.

We may make exceptions to the "short-term transaction" policy for certain types of transactions if, in the opinion of the Adviser, under the oversight of the Board, the transactions do not represent short-term or excessive trading or are not abusive or harmful to the Funds, such as, but not limited to, systematic transactions, required minimum retirement distributions, transactions initiated by the Funds or administrator, and transactions by certain qualified funds-of-funds.

If you acquired shares through an omnibus account or otherwise placed your order through a securities dealer, or other financial intermediary (such as investment advisers, broker-dealers, third-party administrators, or insurance companies), and market timing is suspected, different purchase and exchange limitations may apply. We may rely upon a financial intermediary's policy to deter short-term or excessive trading (i) if we believe that the financial intermediary's policy is reasonably designed to detect and deter transactions that are not in the best interests of the Funds, or (ii) if we receive an undertaking from the financial intermediary to enforce short-term or excessive trading policies on behalf of the Funds that provide a substantially similar level of protection for the Funds against such transactions. If you hold your Fund shares through a financial intermediary, you are advised to consult the intermediary to determine what purchase and exchange limitations apply to your account.

We reserve the right to reject or cancel a purchase or exchange order for any reason without prior notice. We will deny your request to purchase or exchange your shares if we believe that the transaction is part of a market timing strategy.

The Funds' market timing policies and procedures may be modified or terminated at any time under the oversight of the Board.

**Portfolio Holdings Disclosure**

A description of each Fund's policies and procedures with respect to the disclosure of the Funds' portfolio securities is available in the Funds' SAI, which is available upon request and on the Funds' website at VictoryFunds.com.

**49**

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Important Fund Policies

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**Performance**

The Victory Funds may advertise the performance of a Fund by comparing it to other mutual funds with similar objectives and policies. Performance information also may appear in various publications. Any fees charged by Investment Professionals may not be reflected in these performance calculations.

Advertising information may include the average annual total return of the Funds calculated on a compounded basis for specified periods of time. Total return information will be calculated according to rules established by the SEC. Such information may include performance rankings and similar information from independent organizations and publications.

**Statements and Reports**

You will receive a periodic statement reflecting any transactions that affect the balance or registration of Fund shares in your account. You will receive a confirmation after any purchase, exchange, or redemption. If your account has been set up by an Investment Professional, Fund activity will be detailed in that account's statements. Share certificates are not issued. Twice a year, you will receive a financial report of the Fund. By February 15th of each year, you will be mailed an IRS form reporting distributions for the previous year, which also will be filed with the IRS.

**Shareholder Communications**

In order to eliminate duplicate mailings to an address at which two or more shareholders with the same last name reside, the Victory Funds may send only one copy of any shareholder reports, proxy statements, prospectuses and their supplements, unless you have instructed us to the contrary. You may request that the Victory Funds send these documents to each shareholder individually by calling the Victory Funds at 800-539-FUND (800-539-3863), and they will be delivered promptly.

While this Prospectus and the SAI of the Trust describe pertinent information about the Trust and the Funds, neither this Prospectus nor the SAI represents a contract between the Trust or the Funds and any shareholder.

**50**

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Financial Highlights

------

The following financial highlights tables reflect historical information about shares of the Funds and are intended to help you understand each Fund's financial performance for the past five years, or, if shorter, the period of its operations. Certain information shows the results of an investment in one share of a Fund. To the extent a Fund invests in other funds, the Total Annual Operating Expenses included in a Fund's Fees and Expenses Table may not correlate to the ratio of expenses to average net assets in the financial highlights below. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in each Fund (assuming reinvestment of all dividends and distributions).

The information presented have been audited by Cohen & Company, Ltd., the Funds' independent registered public accounting firm, whose report, along with the Funds' financial statements, are included in the Funds' most recent N-CSR filing to shareholders, which is available upon request.

**51**

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**Victory Fund for Income** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| ***For a Share Outstanding*** <br> ***Throughout Each Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **8 Months**<br> **Ended**<br> **6/30/22(a)**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/21**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/20**<br>|
| **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp;&nbsp; $6.84 | &nbsp;&nbsp;&nbsp; $6.91 | &nbsp;&nbsp;&nbsp; $7.32 | &nbsp;&nbsp;&nbsp; $7.92 | &nbsp;&nbsp;&nbsp; $8.40 | &nbsp;&nbsp;&nbsp; $8.56 |
| **Investment Activities:** |  |  |  |  |  |  |
| Net investment income (loss)(b) | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Net realized and unrealized <br> gains (losses)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Total from Investment <br> Activities<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp; (0.39) |
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp; (0.39) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $6.85 | &nbsp;&nbsp;&nbsp; $6.84 | &nbsp;&nbsp;&nbsp; $6.91 | &nbsp;&nbsp;&nbsp; $7.32 | &nbsp;&nbsp;&nbsp; $7.92 | &nbsp;&nbsp;&nbsp; $8.40 |
| Total Return(c),(d) | &nbsp;&nbsp;&nbsp; 5.52% | &nbsp;&nbsp;&nbsp; 4.24% | &nbsp;&nbsp;&nbsp; (0.45)% | &nbsp;&nbsp;&nbsp; (4.48)% | &nbsp;&nbsp;&nbsp; (1.14)% | &nbsp;&nbsp;&nbsp; 2.75% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net Expenses(e),(f) | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.91% |
| Net Investment Income (Loss)(e) | &nbsp;&nbsp;&nbsp; 2.11% | &nbsp;&nbsp;&nbsp; 1.52% | &nbsp;&nbsp;&nbsp; 1.29% | &nbsp;&nbsp;&nbsp; 0.53% | &nbsp;&nbsp;&nbsp; 0.25% | &nbsp;&nbsp;&nbsp; 0.75% |
| Gross Expenses(e),(f) | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.92% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $65228 | &nbsp;&nbsp;&nbsp; $70457 | &nbsp;&nbsp;&nbsp; $85445 | &nbsp;&nbsp;&nbsp; $99353 | &nbsp;&nbsp;&nbsp; $128802 | &nbsp;&nbsp;&nbsp; $151236 |
| Portfolio Turnover(c),(g) | &nbsp;&nbsp;&nbsp; 22% | &nbsp;&nbsp;&nbsp; 3% | &nbsp;&nbsp;&nbsp; 10% | &nbsp;&nbsp;&nbsp; 20% | &nbsp;&nbsp;&nbsp; 27% | &nbsp;&nbsp;&nbsp; 55% |

---

(a) The Fund's fiscal year-end changed from October 31 to June 30.

(b) Per share net investment income (loss) has been calculated using the average daily shares method.

(c) Not annualized for periods less than one year.

(d) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return. Excludes any applicable sales charges, including contingent deferred sales charges. Total return would be reduced if sales charges were taken into account.

(e) Annualized for periods less than one year.

(f) Does not include acquired fund fees and expenses, if any.

(g) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**52**

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Victory Fund for Income

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| ***For a Share Outstanding*** <br> ***Throughout Each Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **8 Months**<br> **Ended**<br> **6/30/22(a)**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/21**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/20**<br>|
| **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp;&nbsp; $6.75 | &nbsp;&nbsp;&nbsp; $6.83 | &nbsp;&nbsp;&nbsp; $7.23 | &nbsp;&nbsp;&nbsp; $7.84 | &nbsp;&nbsp;&nbsp; $8.31 | &nbsp;&nbsp;&nbsp; $8.48 |
| **Investment Activities:** |  |  |  |  |  |  |
| Net investment income (loss)(b) | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp; —(c) |
| Net realized and unrealized <br> gains (losses)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Total from Investment <br> Activities<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp; (0.40) | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp; (0.33) |
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp; (0.33) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $6.76 | &nbsp;&nbsp;&nbsp; $6.75 | &nbsp;&nbsp;&nbsp; $6.83 | &nbsp;&nbsp;&nbsp; $7.23 | &nbsp;&nbsp;&nbsp; $7.84 | &nbsp;&nbsp;&nbsp; $8.31 |
| Total Return(d),(e) | &nbsp;&nbsp;&nbsp; 4.65% | &nbsp;&nbsp;&nbsp; 3.48% | &nbsp;&nbsp;&nbsp; (1.11)% | &nbsp;&nbsp;&nbsp; (5.15)% | &nbsp;&nbsp;&nbsp; (1.81)% | &nbsp;&nbsp;&nbsp; 1.85% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net Expenses(f),(g) | &nbsp;&nbsp;&nbsp; 1.71% | &nbsp;&nbsp;&nbsp; 1.71% | &nbsp;&nbsp;&nbsp; 1.71% | &nbsp;&nbsp;&nbsp; 1.71% | &nbsp;&nbsp;&nbsp; 1.71% | &nbsp;&nbsp;&nbsp; 1.71% |
| Net Investment Income (Loss)(f) | &nbsp;&nbsp;&nbsp; 1.32% | &nbsp;&nbsp;&nbsp; 0.72% | &nbsp;&nbsp;&nbsp; 0.48% | &nbsp;&nbsp;&nbsp; (0.27)% | &nbsp;&nbsp;&nbsp; (0.62)% | &nbsp;&nbsp;&nbsp; (0.01)% |
| Gross Expenses(f),(g) | &nbsp;&nbsp;&nbsp; 2.37% | &nbsp;&nbsp;&nbsp; 2.16% | &nbsp;&nbsp;&nbsp; 1.94% | &nbsp;&nbsp;&nbsp; 1.84% | &nbsp;&nbsp;&nbsp; 1.79% | &nbsp;&nbsp;&nbsp; 1.74% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $1908 | &nbsp;&nbsp;&nbsp; $2596 | &nbsp;&nbsp;&nbsp; $3967 | &nbsp;&nbsp;&nbsp; $6978 | &nbsp;&nbsp;&nbsp; $10066 | &nbsp;&nbsp;&nbsp; $20801 |
| Portfolio Turnover(d),(h) | &nbsp;&nbsp;&nbsp; 22% | &nbsp;&nbsp;&nbsp; 3% | &nbsp;&nbsp;&nbsp; 10% | &nbsp;&nbsp;&nbsp; 20% | &nbsp;&nbsp;&nbsp; 27% | &nbsp;&nbsp;&nbsp; 55% |

---

(a) The Fund's fiscal year-end changed from October 31 to June 30.

(b) Per share net investment income (loss) has been calculated using the average daily shares method.

(c) Amount is less than $0.005 per share.

(d) Not annualized for periods less than one year.

(e) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return. Excludes any applicable sales charges, including contingent deferred sales charges. Total return would be reduced if sales charges were taken into account.

(f) Annualized for periods less than one year.

(g) Does not include acquired fund fees and expenses, if any.

(h) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**53**

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Victory Fund for Income

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| ***For a Share Outstanding*** <br> ***Throughout Each Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **8 Months**<br> **Ended**<br> **6/30/22(a)**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/21**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/20**<br>|
| **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp;&nbsp; $6.83 | &nbsp;&nbsp;&nbsp; $6.91 | &nbsp;&nbsp;&nbsp; $7.31 | &nbsp;&nbsp;&nbsp; $7.92 | &nbsp;&nbsp;&nbsp; $8.39 | &nbsp;&nbsp;&nbsp; $8.55 |
| **Investment Activities:** |  |  |  |  |  |  |
| Net investment income <br> (loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Net realized and unrealized <br> gains (losses)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Total from Investment <br> Activities<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp; (0.41) |
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp; (0.41) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $6.85 | &nbsp;&nbsp;&nbsp; $6.83 | &nbsp;&nbsp;&nbsp; $6.91 | &nbsp;&nbsp;&nbsp; $7.31 | &nbsp;&nbsp;&nbsp; $7.92 | &nbsp;&nbsp;&nbsp; $8.39 |
| Total Return(c),(d) | &nbsp;&nbsp;&nbsp; 5.79% | &nbsp;&nbsp;&nbsp; 4.52% | &nbsp;&nbsp;&nbsp; (0.05)% | &nbsp;&nbsp;&nbsp; (4.45)% | &nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp; 3.01% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net Expenses(e),(f) | &nbsp;&nbsp;&nbsp; 0.64% | &nbsp;&nbsp;&nbsp; 0.64% | &nbsp;&nbsp;&nbsp; 0.64% | &nbsp;&nbsp;&nbsp; 0.64% | &nbsp;&nbsp;&nbsp; 0.64% | &nbsp;&nbsp;&nbsp; 0.64% |
| Net Investment Income <br> (Loss)(e)<br>| &nbsp;&nbsp;&nbsp; 2.38% | &nbsp;&nbsp;&nbsp; 1.79% | &nbsp;&nbsp;&nbsp; 1.55% | &nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp; 0.48% | &nbsp;&nbsp;&nbsp; 0.95% |
| Gross Expenses(e),(f) | &nbsp;&nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp; 0.68% | &nbsp;&nbsp;&nbsp; 0.67% | &nbsp;&nbsp;&nbsp; 0.66% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $181363 | &nbsp;&nbsp;&nbsp; $170896 | &nbsp;&nbsp;&nbsp; $205132 | &nbsp;&nbsp;&nbsp; $284230 | &nbsp;&nbsp;&nbsp; $385332 | &nbsp;&nbsp;&nbsp; $590749 |
| Portfolio Turnover(c),(g) | &nbsp;&nbsp;&nbsp; 22% | &nbsp;&nbsp;&nbsp; 3% | &nbsp;&nbsp;&nbsp; 10% | &nbsp;&nbsp;&nbsp; 20% | &nbsp;&nbsp;&nbsp; 27% | &nbsp;&nbsp;&nbsp; 55% |

---

(a) The Fund's fiscal year-end changed from October 31 to June 30.

(b) Per share net investment income (loss) has been calculated using the average daily shares method.

(c) Not annualized for periods less than one year.

(d) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return.

(e) Annualized for periods less than one year.

(f) Does not include acquired fund fees and expenses, if any.

(g) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**54**

------

Victory Fund for Income

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| ***For a Share Outstanding*** <br> ***Throughout Each Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **8 Months**<br> **Ended**<br> **6/30/22(a)**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/21**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/20**<br>|
| **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp;&nbsp; $6.84 | &nbsp;&nbsp;&nbsp; $6.92 | &nbsp;&nbsp;&nbsp; $7.33 | &nbsp;&nbsp;&nbsp; $7.93 | &nbsp;&nbsp;&nbsp; $8.40 | &nbsp;&nbsp;&nbsp; $8.56 |
| **Investment Activities:** |  |  |  |  |  |  |
| Net investment income (loss)(b) | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Net realized and unrealized <br> gains (losses)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Total from Investment <br> Activities<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp; (0.39) |
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp; (0.39) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $6.86 | &nbsp;&nbsp;&nbsp; $6.84 | &nbsp;&nbsp;&nbsp; $6.92 | &nbsp;&nbsp;&nbsp; $7.33 | &nbsp;&nbsp;&nbsp; $7.93 | &nbsp;&nbsp;&nbsp; $8.40 |
| Total Return(c),(d) | &nbsp;&nbsp;&nbsp; 5.51% | &nbsp;&nbsp;&nbsp; 4.24% | &nbsp;&nbsp;&nbsp; (0.45)% | &nbsp;&nbsp;&nbsp; (4.48)% | &nbsp;&nbsp;&nbsp; (1.03)% | &nbsp;&nbsp;&nbsp; 2.74% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net Expenses(e),(f) | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.91% |
| Net Investment Income (Loss)(e) | &nbsp;&nbsp;&nbsp; 2.11% | &nbsp;&nbsp;&nbsp; 1.52% | &nbsp;&nbsp;&nbsp; 1.28% | &nbsp;&nbsp;&nbsp; 0.54% | &nbsp;&nbsp;&nbsp; 0.23% | &nbsp;&nbsp;&nbsp; 0.76% |
| Gross Expenses(e),(f) | &nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp; 0.92% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $14262 | &nbsp;&nbsp;&nbsp; $15641 | &nbsp;&nbsp;&nbsp; $13784 | &nbsp;&nbsp;&nbsp; $17973 | &nbsp;&nbsp;&nbsp; $23613 | &nbsp;&nbsp;&nbsp; $43684 |
| Portfolio Turnover(c),(g) | &nbsp;&nbsp;&nbsp; 22% | &nbsp;&nbsp;&nbsp; 3% | &nbsp;&nbsp;&nbsp; 10% | &nbsp;&nbsp;&nbsp; 20% | &nbsp;&nbsp;&nbsp; 27% | &nbsp;&nbsp;&nbsp; 55% |

---

(a) The Fund's fiscal year-end changed from October 31 to June 30.

(b) Per share net investment income (loss) has been calculated using the average daily shares method.

(c) Not annualized for periods less than one year.

(d) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return.

(e) Annualized for periods less than one year.

(f) Does not include acquired fund fees and expenses, if any.

(g) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**55**

------

Victory Fund for Income

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| ***For a Share Outstanding*** <br> ***Throughout Each Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **8 Months**<br> **Ended**<br> **6/30/22(a)**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/21**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/20**<br>|
| **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp;&nbsp; $6.83 | &nbsp;&nbsp;&nbsp; $6.89 | &nbsp;&nbsp;&nbsp; $7.30 | &nbsp;&nbsp;&nbsp; $7.91 | &nbsp;&nbsp;&nbsp; $8.38 | &nbsp;&nbsp;&nbsp; $8.54 |
| **Investment Activities:** |  |  |  |  |  |  |
| Net investment income (loss)(b) | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Net realized and unrealized <br> gains (losses)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Total from Investment <br> Activities<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp; (0.42) |
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp; (0.42) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $6.84 | &nbsp;&nbsp;&nbsp; $6.83 | &nbsp;&nbsp;&nbsp; $6.89 | &nbsp;&nbsp;&nbsp; $7.30 | &nbsp;&nbsp;&nbsp; $7.91 | &nbsp;&nbsp;&nbsp; $8.38 |
| Total Return(c),(d) | &nbsp;&nbsp;&nbsp; 5.65% | &nbsp;&nbsp;&nbsp; 4.84% | &nbsp;&nbsp;&nbsp; (0.18)% | &nbsp;&nbsp;&nbsp; (4.44)% | &nbsp;&nbsp;&nbsp; (0.77)% | &nbsp;&nbsp;&nbsp; 3.06% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net Expenses(e),(f) | &nbsp;&nbsp;&nbsp; 0.63% | &nbsp;&nbsp;&nbsp; 0.63% | &nbsp;&nbsp;&nbsp; 0.63% | &nbsp;&nbsp;&nbsp; 0.63% | &nbsp;&nbsp;&nbsp; 0.63% | &nbsp;&nbsp;&nbsp; 0.63% |
| Net Investment Income (Loss)(e) | &nbsp;&nbsp;&nbsp; 2.38% | &nbsp;&nbsp;&nbsp; 1.80% | &nbsp;&nbsp;&nbsp; 1.56% | &nbsp;&nbsp;&nbsp; 0.83% | &nbsp;&nbsp;&nbsp; 0.46% | &nbsp;&nbsp;&nbsp; 0.88% |
| Gross Expenses(e),(f) | &nbsp;&nbsp;&nbsp; 0.69% | &nbsp;&nbsp;&nbsp; 0.67% | &nbsp;&nbsp;&nbsp; 0.65% | &nbsp;&nbsp;&nbsp; 0.63% | &nbsp;&nbsp;&nbsp; 0.64% | &nbsp;&nbsp;&nbsp; 0.64% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $24862 | &nbsp;&nbsp;&nbsp; $14658 | &nbsp;&nbsp;&nbsp; $23861 | &nbsp;&nbsp;&nbsp; $27174 | &nbsp;&nbsp;&nbsp; $29691 | &nbsp;&nbsp;&nbsp; $49009 |
| Portfolio Turnover(c),(g) | &nbsp;&nbsp;&nbsp; 22% | &nbsp;&nbsp;&nbsp; 3% | &nbsp;&nbsp;&nbsp; 10% | &nbsp;&nbsp;&nbsp; 20% | &nbsp;&nbsp;&nbsp; 27% | &nbsp;&nbsp;&nbsp; 55% |

---

(a) The Fund's fiscal year-end changed from October 31 to June 30.

(b) Per share net investment income (loss) has been calculated using the average daily shares method.

(c) Not annualized for periods less than one year.

(d) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return.

(e) Annualized for periods less than one year.

(f) Does not include acquired fund fees and expenses, if any.

(g) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**56**

------

Victory Fund for Income

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| ***For a Share Outstanding*** <br> ***Throughout Each Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **8 Months**<br> **Ended**<br> **6/30/22(a)**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/21**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/20**<br>|
| **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp;&nbsp; $6.83 | &nbsp;&nbsp;&nbsp; $6.90 | &nbsp;&nbsp;&nbsp; $7.31 | &nbsp;&nbsp;&nbsp; $7.92 | &nbsp;&nbsp;&nbsp; $8.40 | &nbsp;&nbsp;&nbsp; $8.56 |
| **Investment Activities:** |  |  |  |  |  |  |
| Net investment income (loss)(b) | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Net realized and unrealized <br> gains (losses)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Total from Investment <br> Activities<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp; (0.40) | &nbsp;&nbsp;&nbsp; (0.41) |
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp; (0.40) | &nbsp;&nbsp;&nbsp; (0.41) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $6.85 | &nbsp;&nbsp;&nbsp; $6.83 | &nbsp;&nbsp;&nbsp; $6.90 | &nbsp;&nbsp;&nbsp; $7.31 | &nbsp;&nbsp;&nbsp; $7.92 | &nbsp;&nbsp;&nbsp; $8.40 |
| Total Return(c),(d) | &nbsp;&nbsp;&nbsp; 5.72% | &nbsp;&nbsp;&nbsp; 4.60% | &nbsp;&nbsp;&nbsp; (0.26)% | &nbsp;&nbsp;&nbsp; (4.46)% | &nbsp;&nbsp;&nbsp; (0.94)% | &nbsp;&nbsp;&nbsp; 2.95% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net Expenses(e),(f) | &nbsp;&nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp; 0.71% |
| Net Investment Income (Loss)(e) | &nbsp;&nbsp;&nbsp; 2.31% | &nbsp;&nbsp;&nbsp; 1.72% | &nbsp;&nbsp;&nbsp; 1.46% | &nbsp;&nbsp;&nbsp; 0.72% | &nbsp;&nbsp;&nbsp; 0.40% | &nbsp;&nbsp;&nbsp; 0.67% |
| Gross Expenses(e),(f) | &nbsp;&nbsp;&nbsp; 0.72% | &nbsp;&nbsp;&nbsp; 0.72% | &nbsp;&nbsp;&nbsp; 0.74% | &nbsp;&nbsp;&nbsp; 0.72% | &nbsp;&nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp; 0.74% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $45212 | &nbsp;&nbsp;&nbsp; $50937 | &nbsp;&nbsp;&nbsp; $45084 | &nbsp;&nbsp;&nbsp; $82168 | &nbsp;&nbsp;&nbsp; $120588 | &nbsp;&nbsp;&nbsp; $186421 |
| Portfolio Turnover(c),(g) | &nbsp;&nbsp;&nbsp; 22% | &nbsp;&nbsp;&nbsp; 3% | &nbsp;&nbsp;&nbsp; 10% | &nbsp;&nbsp;&nbsp; 20% | &nbsp;&nbsp;&nbsp; 27% | &nbsp;&nbsp;&nbsp; 55% |

---

(a) The Fund's fiscal year-end changed from October 31 to June 30.

(b) Per share net investment income (loss) has been calculated using the average daily shares method.

(c) Not annualized for periods less than one year.

(d) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return.

(e) Annualized for periods less than one year.

(f) Does not include acquired fund fees and expenses, if any.

(g) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**57**

------

**Victory Investment Grade Convertible Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| ***For a Share Outstanding*** <br> ***Throughout Each Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **8 Months**<br> **Ended**<br> **6/30/22(a)**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/21**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/20**<br>|
| **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp;&nbsp; $17.14 | &nbsp;&nbsp;&nbsp; $16.35 | &nbsp;&nbsp;&nbsp; $16.30 | &nbsp;&nbsp;&nbsp; $19.97 | &nbsp;&nbsp;&nbsp; $17.31 | &nbsp;&nbsp;&nbsp; $17.51 |
| **Investment Activities:** |  |  |  |  |  |  |
| Net investment income (loss)(b) | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| Net realized and unrealized gains <br> (losses)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp; (2.07) | &nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| Total from Investment <br> Activities<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp; (1.89) | &nbsp;&nbsp;&nbsp;&nbsp;3.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp; (0.42) | &nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp; (1.45) | &nbsp;&nbsp;&nbsp; (0.83) | &nbsp;&nbsp;&nbsp; (0.35) |
| Net realized gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.59) |
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp; (0.42) | &nbsp;&nbsp;&nbsp; (0.50) | &nbsp;&nbsp;&nbsp; (1.78) | &nbsp;&nbsp;&nbsp; (0.83) | &nbsp;&nbsp;&nbsp; (0.94) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $17.99 | &nbsp;&nbsp;&nbsp; $17.14 | &nbsp;&nbsp;&nbsp; $16.35 | &nbsp;&nbsp;&nbsp; $16.30 | &nbsp;&nbsp;&nbsp; $19.97 | &nbsp;&nbsp;&nbsp; $17.31 |
| Total Return(c),(d) | &nbsp;&nbsp;&nbsp; 7.39% | &nbsp;&nbsp;&nbsp; 7.50% | &nbsp;&nbsp;&nbsp; 3.50% | &nbsp;&nbsp;&nbsp; (10.32)% | &nbsp;&nbsp;&nbsp; 20.62% | &nbsp;&nbsp;&nbsp; 4.43% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net Expenses(e),(f) | &nbsp;&nbsp;&nbsp; 1.27% | &nbsp;&nbsp;&nbsp; 1.25% | &nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 1.22% | &nbsp;&nbsp;&nbsp; 1.39% | &nbsp;&nbsp;&nbsp; 1.38% |
| Net Investment Income (Loss)(e) | &nbsp;&nbsp;&nbsp; 1.90% | &nbsp;&nbsp;&nbsp; 1.47% | &nbsp;&nbsp;&nbsp; 1.75% | &nbsp;&nbsp;&nbsp; 1.48% | &nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp;&nbsp; 1.63% |
| Gross Expenses(e),(f) | &nbsp;&nbsp;&nbsp; 1.27% | &nbsp;&nbsp;&nbsp; 1.25% | &nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 1.22% | &nbsp;&nbsp;&nbsp; 1.41% | &nbsp;&nbsp;&nbsp; 1.38% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $14501 | &nbsp;&nbsp;&nbsp; $16127 | &nbsp;&nbsp;&nbsp; $17827 | &nbsp;&nbsp;&nbsp; $18981 | &nbsp;&nbsp;&nbsp; $21644 | &nbsp;&nbsp;&nbsp; $16571 |
| Portfolio Turnover(c),(g) | &nbsp;&nbsp;&nbsp; 24% | &nbsp;&nbsp;&nbsp; 36% | &nbsp;&nbsp;&nbsp; 22% | &nbsp;&nbsp;&nbsp; 17% | &nbsp;&nbsp;&nbsp; 28% | &nbsp;&nbsp;&nbsp; 34% |

---

(a) The Fund's fiscal year-end changed from October 31 to June 30.

(b) Per share net investment income (loss) has been calculated using the average daily shares method.

(c) Not annualized for periods less than one year.

(d) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return. Excludes any applicable sales charges, including contingent deferred sales charges. Total return would be reduced if sales charges were taken into account.

(e) Annualized for periods less than one year.

(f) Does not include acquired fund fees and expenses, if any.

(g) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**58**

------

Victory Investment Grade Convertible Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| ***For a Share Outstanding*** <br> ***Throughout Each Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **8 Months**<br> **Ended**<br> **6/30/22(a)**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/21**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/20**<br>|
| **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp;&nbsp; $17.16 | &nbsp;&nbsp;&nbsp; $16.35 | &nbsp;&nbsp;&nbsp; $16.29 | &nbsp;&nbsp;&nbsp; $19.98 | &nbsp;&nbsp;&nbsp; $17.32 | &nbsp;&nbsp;&nbsp; $17.50 |
| **Investment Activities:** |  |  |  |  |  |  |
| Net investment income <br> (loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| Net realized and unrealized <br> gains (losses)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp; (2.08) | &nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Total from Investment <br> Activities<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp; (1.86) | &nbsp;&nbsp;&nbsp;&nbsp;3.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.45) | &nbsp;&nbsp;&nbsp; (0.47) | &nbsp;&nbsp;&nbsp; (0.40) | &nbsp;&nbsp;&nbsp; (1.50) | &nbsp;&nbsp;&nbsp; (0.92) | &nbsp;&nbsp;&nbsp; (0.41) |
| Net realized gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.59) |
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.45) | &nbsp;&nbsp;&nbsp; (0.47) | &nbsp;&nbsp;&nbsp; (0.54) | &nbsp;&nbsp;&nbsp; (1.83) | &nbsp;&nbsp;&nbsp; (0.92) | &nbsp;&nbsp;&nbsp; (1.00) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $18.02 | &nbsp;&nbsp;&nbsp; $17.16 | &nbsp;&nbsp;&nbsp; $16.35 | &nbsp;&nbsp;&nbsp; $16.29 | &nbsp;&nbsp;&nbsp; $19.98 | &nbsp;&nbsp;&nbsp; $17.32 |
| Total Return(c),(d) | &nbsp;&nbsp;&nbsp; 7.71% | &nbsp;&nbsp;&nbsp; 7.92% | &nbsp;&nbsp;&nbsp; 3.78% | &nbsp;&nbsp;&nbsp; (10.20)% | &nbsp;&nbsp;&nbsp; 21.19% | &nbsp;&nbsp;&nbsp; 4.91% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net Expenses(e),(f) | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp; 0.96% |
| Net Investment Income <br> (Loss)(e)<br>| &nbsp;&nbsp;&nbsp; 2.22% | &nbsp;&nbsp;&nbsp; 1.75% | &nbsp;&nbsp;&nbsp; 2.01% | &nbsp;&nbsp;&nbsp; 1.82% | &nbsp;&nbsp;&nbsp; 1.59% | &nbsp;&nbsp;&nbsp; 1.98% |
| Gross Expenses(e),(f) | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp; 0.96% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $235925 | &nbsp;&nbsp;&nbsp; $246592 | &nbsp;&nbsp;&nbsp; $295985 | &nbsp;&nbsp;&nbsp; $425954 | &nbsp;&nbsp;&nbsp; $403122 | &nbsp;&nbsp;&nbsp; $276923 |
| Portfolio Turnover(c),(g) | &nbsp;&nbsp;&nbsp; 24% | &nbsp;&nbsp;&nbsp; 36% | &nbsp;&nbsp;&nbsp; 22% | &nbsp;&nbsp;&nbsp; 17% | &nbsp;&nbsp;&nbsp; 28% | &nbsp;&nbsp;&nbsp; 34% |

---

(a) The Fund's fiscal year-end changed from October 31 to June 30.

(b) Per share net investment income (loss) has been calculated using the average daily shares method.

(c) Not annualized for periods less than one year.

(d) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return.

(e) Annualized for periods less than one year.

(f) Does not include acquired fund fees and expenses, if any.

(g) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**59**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

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The availability of certain initial and contingent deferred sales charge reductions and waivers may depend on the particular financial intermediary or type of account through which you purchase or hold Fund shares. The following information about variations in sales charge reductions and waivers is applicable only to investors who purchase Fund shares through a Merrill Lynch, Ameriprise Financial, Morgan Stanley Wealth Management, Raymond James, Janney Montgomery Scott LLC, Edward D. Jones & Co., Oppenheimer & Co. Inc., Stifel, Nicolaus & Company, Incorporated, Robert W. Baird & Co., or J.P. Morgan Securities LLC platform or account.

In all instances, it is your responsibility to notify the Fund or your financial intermediary at the time of purchase of any relationship or other facts qualifying you for sales charge reductions or waivers. For reductions and waivers unavailable through a particular intermediary, shareholders will have to purchase Fund shares directly from the Fund or through another intermediary to receive those reductions and waivers.

**Ameriprise Financial**

**Front-end sales charge reductions on Class A shares purchased through Ameriprise Financial**

Shareholders purchasing Class A shares of the Fund through an Ameriprise Financial platform or account are eligible only for the following sales charge reductions, which may differ from those disclosed elsewhere in this prospectus or the SAI. Such shareholders can reduce their initial sales charge on the purchase of Class A shares as follows:

◼

Transaction size breakpoints, as described in this prospectus or the SAI.

◼

Rights of accumulation ("ROA"), as described in this prospectus or the SAI.

◼

Letter of intent, as described in this prospectus or the SAI.

**Front-end sales charge waivers on Class A shares purchased through Ameriprise Financial**

Shareholders purchasing Class A shares of the fund through an Ameriprise Financial platform or account are eligible only for the following sales charge waivers, which may differ from those disclosed elsewhere in this prospectus or the SAI. Such shareholders may purchase Class A shares at NAV without payment of a sales charge as follows:

◼

shares purchased by 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.

◼

shares purchased through reinvestment of capital gains and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the same fund family).

◼

shares exchanged from Class C shares of the same fund in the month of or following the seven-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load waived shares, that waiver will also apply to such exchanges.

◼

shares purchased by employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members.

◼

shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings

**60**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

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Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor's spouse, advisor's lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor's lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant.

◼

shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement).

**CDSC waivers on Class A and C shares purchased through Ameriprise Financial**

Fund shares purchased through an Ameriprise Financial platform or account are eligible only for the following CDSC waivers, which may differ from those disclosed elsewhere in this prospectus or the SAI:

◼

redemptions due to death or disability of the shareholder

◼

shares sold as part of a systematic withdrawal plan as described in this prospectus or the SAI

◼

redemptions made in connection with a return of excess contributions from an IRA account

◼

shares purchased through a Right of Reinstatement (as defined above)

◼

redemptions made as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code

**Edward D. Jones & Co ("Edward Jones")**

The following information supersedes prior information with respect to transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also referred to as "shareholders") purchasing fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the mutual fund prospectus or SAI or through another broker-dealer. In all instances, it is the shareholder's responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of the Victory Funds, or other facts qualifying the purchaser for discounts or waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if they have questions regarding their eligibility for these discounts and waivers.

***Breakpoints***

◼

Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.

***Rights of Accumulation ("ROA")*** 

◼

The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except certain money market funds and any assets held in group retirement plans) of the Victory Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations ("pricing groups"). If grouping assets as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a sales charge.

◼

The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or

**61**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

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.

◼

ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV).

***Letter of Intent ("LOI")*** 

◼

Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if the LOI is not met.

◼

If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer.

***Sales Charge Waivers***

Sales charges are waived for the following shareholders and in the following situations:

◼

Associates of Edward Jones and its affiliates and other accounts in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate's life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant to Edward Jones' policies and procedures.

◼

Shares purchased in an Edward Jones fee-based program.

◼

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

◼

Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: the proceeds are from the sale of shares within 60 days of the purchase, the sale and purchase are made from a share class that charges a front load and one of the following ("Right of Reinstatement"):

<sup>◼</sup>

The redemption and repurchase occur in the same account.

<sup>◼</sup>

The redemption proceeds are used to process an: IRA contribution, excess contributions, conversion, recharacterizing of contributions, or distribution, and the repurchase is done in an account within the same Edward Jones grouping for ROA.

<sup>◼</sup>

The Right of Reinstatement excludes systematic or automatic transactions including, but not limited to, purchases made through payroll deductions, liquidations to cover account fees, and reinvestments from non-mutual fund products.

◼

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 discretion of Edward Jones. Edward Jones 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 the prospectus.

◼

Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

**62**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

◼

Purchases of Class 529-A shares through a rollover from either another education savings plan or a security used for qualified distributions.

◼

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

**Contingent Deferred Sales Charge ("CDSC") Waivers** 

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is responsible to pay the CDSC except in the following conditions:

◼

The death or disability of the shareholder.

◼

Systematic withdrawals with up to 10% per year of account value.

◼

Return of excess contributions from an Individual Retirement Account (IRA).

◼

Shares redeemed as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

◼

Shares redeemed to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

◼

Shares exchanged in an Edward Jones fee-based program.

◼

Shares acquired through NAV reinstatement.

◼

Shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below.

**Other Important Information Regarding Transactions Through Edward Jones**

**Minimum Purchase Amounts** 

◼

Initial purchase minimum: $250

◼

Subsequent purchase minimum: none

**Minimum Balances** 

◼

Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

<sup>◼</sup>

A fee-based account held on an Edward Jones platform

<sup>◼</sup>

A 529 account held on an Edward Jones platform

<sup>◼</sup>

An account with an active systematic investment plan or LOI

**Exchanging Share Classes** 

◼

At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder's holdings in a fund to Class A shares of the same fund.

**Janney Montgomery Scott LLC ("Janney")**

Shareholders purchasing fund shares through a Janney brokerage account will be eligible only for the following load waivers (front-end sales charge waivers and CDSC, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund's Prospectus or SAI.

**Front-End Sales Charge Waivers on Class A shares available at Janney** 

◼

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

◼

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

◼

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and

**63**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Right of Reinstatement)

◼

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, SAR-SEPs or Keogh plans

◼

Shares acquired through a Right of Reinstatement

◼

Class C shares that are no longer subject to a CDSC and are converted to Class A shares of the same fund pursuant to Janney's policies and procedures

**CDSC Waivers on Class A and C shares available at Janney** 

◼

Shares sold upon the death or disability of the shareholder

◼

Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

◼

Shares purchased in connection with a 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 Internal Revenue Service regulations as described in a Fund's Prospectus

◼

Shares sold to pay Janney fees but only if the transaction is initiated by Janney

◼

Shares acquired through a Right of Reinstatement

◼

Shares exchanged into the same share class of a different fund

**Front-End Load Discounts available at Janney: Breakpoints, Rights of Accumulation and/or letters of intent**<sup>1</sup>

◼

Breakpoints as described in this Prospectus

◼

Rights of accumulation ("ROA"), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets

◼

Letters of intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets

<sup>1</sup> Also referred to as an "initial sales charge"

**J.P. Morgan Securities LLC**

If you purchase or hold fund shares through an applicable J.P. Morgan Securities LLC brokerage account, you will be eligible for the following sales charge waivers (front-end sales charge waivers and contingent deferred sales charge ("CDSC"), or back-end sales charge, waivers), share class conversion policy and discounts, which may differ from those disclosed elsewhere in this fund's prospectus or Statement of Additional Information.

**Front-End Sales Charge Waivers on Class A Shares available at J.P. Morgan Securities LLC**

◼

Shares exchanged from Class C (i.e. level-load) shares that are no longer subject to a CDSC and are exchanged into Class A shares of the same fund pursuant to J.P. Morgan Securities LLC's share class exchange policy.

◼

Qualified employer-sponsored defined contribution and defined benefit retirement plans, nonqualified deferred compensation plans, other employee benefit plans and trusts used to fund

**64**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

those plans. For purposes of this provision, such plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or 501(c)(3) accounts.

◼

Shares of funds purchased through J.P. Morgan Securities LLC Self-Directed Investing accounts.

◼

Shares purchased through rights of reinstatement.

◼

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

◼

Shares purchased by employees and registered representatives of J.P. Morgan Securities LLC or its affiliates and their spouse or financial dependent as defined by J.P. Morgan Securities LLC.

**Class C to Class A Share Conversion**

◼

A shareholder in the fund's Class C shares will have their shares converted to Class A shares (or the appropriate share class) of the same fund if the shares are no longer subject to a CDSC and the conversion is consistent with J.P. Morgan Securities LLC's policies and procedures.

**CDSC Waivers on Class A and C Shares available at J.P. Morgan Securities LLC**

◼

Shares sold upon the death or disability of the shareholder.

◼

Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus.

◼

Shares purchased in connection with a return of excess contributions from an IRA account.

◼

Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code.

◼

Shares acquired through a right of reinstatement.

**Front-end load Discounts Available at J.P. Morgan Securities LLC: Breakpoints, Rights of Accumulation & Letters of Intent** 

◼

Breakpoints as described in the Prospectus.

◼

Rights of Accumulation ("ROA") which entitle shareholders to breakpoint discounts as described in the fund's prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at J.P. Morgan Securities LLC. Eligible fund family assets not held at J.P. Morgan Securities LLC (including 529 program holdings, where applicable) may be included in the ROA calculation only if the shareholder notifies their financial advisor about such assets.

**Letters of Intent ("LOI"), which allow for breakpoint discounts based on anticipated purchases within a fund family, through J.P. Morgan Securities LLC, over a 13-month period of time (if applicable).**

**Merrill Lynch ("Merrill")**

Purchases or sales of front-end (i.e., Class A) or level-load (i.e., 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.

**65**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

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Additional information on waivers and discounts 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, SAR-SEPs 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 employees of Merrill or its affiliates and their family members who purchase shares in accounts within the employee's Merrill Household (as defined 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 22e(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

**66**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

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**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

◼

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

**Morgan Stanley Wealth Management**

Shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account are eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in the Fund's Prospectus or SAI.

**Front-end Sales Charge Waivers on Class A Shares available at Morgan Stanley** 

◼

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, SAR-SEPs or Keogh plans

◼

Morgan Stanley employee and employee-related accounts according to Morgan Stanley's account linking rules

◼

Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

◼

Shares purchased through a Morgan Stanley self-directed brokerage account

◼

Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management's share class conversion program

◼

Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge

**Oppenheimer & Co. Inc. ("OPCO")**

Shareholders purchasing Fund shares through an OPCO platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund's Prospectus or SAI.

**Front-End Sales Charge Waivers on Class A Shares available at OPCO** 

◼

Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan

◼

Shares purchased by or through a 529 Plan

◼

Shares purchased through an OPCO affiliated investment advisory program

**67**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

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◼

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

◼

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement)

◼

A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of OPCO

◼

Employees and registered representatives of OPCO or its affiliates and their family members

◼

Directors or Trustees of the Fund, and employees of the Fund's investment adviser or any of its affiliates, as described in this Prospectus

**CDSC Waivers on A and C Shares available at OPCO** 

◼

Death or disability of the shareholder

◼

Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

◼

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 as described in the prospectus

◼

Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO

◼

Shares acquired through a Right of Reinstatement

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

◼

Breakpoints as described in this Prospectus

◼

Rights of Accumulation ("ROA") which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at OPCO. Eligible fund family assets not held at OPCO may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets

**Raymond James & Associates, Inc., Raymond James Financial Services, Inc. and each entity's affiliates ("Raymond James")**

Shareholders purchasing fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund's Prospectus or SAI.

**Front-End Sales Charge Waivers on Class A Shares available at Raymond James** 

◼

Shares purchased in an investment advisory program

◼

Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions

◼

Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James

◼

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase

**68**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement)

◼

A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James

**CDSC Waivers on Classes A and C Shares available at Raymond James** 

◼

Death or disability of the shareholder

◼

Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

◼

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 as described in the Fund's prospectus

◼

Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James

◼

Shares acquired through a Right of Reinstatement

**Front-End Load Discounts Available at Raymond James: Breakpoints, Rights of Accumulation, and/or Letters of Intent** 

◼

Breakpoints as described in this Prospectus

◼

Rights of Accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial advisor about such assets

◼

Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets

**Robert W. Baird & Co. ("Baird")**

Shareholders purchasing fund shares through a Baird platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or the SAI.

**Front-End Sales Charge Waivers on Class A Shares available at Baird** 

◼

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund

◼

Shares purchased by employees and registered representatives of Baird or its affiliate and their family members as designated by Baird

◼

Shares purchased using the proceeds of redemptions from a Victory Fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same accounts, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as Rights of Reinstatement)

◼

A shareholder in the Funds Investor C Shares will have their share converted at net asset value to Investor A shares of the same fund if the shares are no longer subject to CDSC and the conversion is in line with the policies and procedures of Baird

◼

Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit

**69**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

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

**CDSC Waivers on Classes A and C Shares available at Baird**

◼

Shares sold due to death or disability of the shareholder

◼

Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

◼

Shares bought due to returns 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 Internal Revenue Service regulations as described in the Fund's Prospectus

◼

Shares sold to pay Baird fees but only if the transaction is initiated by Baird

◼

Shares acquired through a Right of Reinstatement

**Front-End Load Discounts Available at Baird: Breakpoints, Rights of Accumulation, and/or Letters of Intent** 

◼

Breakpoints as described in this Prospectus

◼

Rights of accumulations which entitles shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of Victory Funds assets held by accounts within the purchaser's household at Baird. Eligible Victory Funds assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets

◼

Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases of the Victory Funds through Baird, over a 13-month period of time

**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.

**70**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

**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 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.

**71**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

**Wells Fargo Advisors Financial Network, LLC (collectively, "Wells Fargo Advisors")**

**Wells Fargo Clearing Services, LLC operates a First Clearing business, but these rules are not intended to include First Clearing firms.**

Effective April 1, 2026, Clients of Wells Fargo Advisors purchasing fund shares through Wells Fargo Advisors are eligible for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the prospectus or statement of additional information ("SAI"). In all instances, it is the investor's responsibility to inform Wells Fargo Advisors at the time of purchase of any relationship, holdings, or other facts qualifying the investor for discounts or waivers. Wells Fargo Advisors can ask for documentation supporting the qualification.

**Wells Fargo Advisors Class A share front-end sales charge waivers information.**

Wells Fargo Advisors clients purchasing or converting to Class A shares of the fund in a Wells Fargo Advisors brokerage account are entitled to a waiver of the front-end load in the following circumstances:

◼

Wells Fargo Advisors employee and employee-related accounts according to Wells Fargo Advisor's employee account linking rules. Legacy accounts and positions receiving affiliate discounts prior to the effective date will continue to receive discounts. Going forward employees of affiliate businesses will not be offered NAV.

◼

Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund.

WellsTrade, the firm's online self-directed brokerage account, generally offers no-load share classes but there could be instances where a Class A share is offered without a front-end sales charge.

**Wells Fargo Advisors Class 529-A share front-end sales charge waivers information.**

Wells Fargo Advisors clients purchasing or converting to Class 529-A shares of the fund through Wells Fargo Advisors transactional brokerage accounts are entitled to a waiver of the front-end load in the following circumstances:

◼

Shares purchased through a rollover from another 529 plan.

◼

Recontribution(s) of distributed funds are only allowed during the NAV reinstatement period as dictated by the sponsor's specifications outlined by the plan.

Wells Fargo Advisors is not able to apply the NAV Reinstatement privilege for 529 Plan account purchases placed directly at the fund company. Investors wishing to utilize this privilege outside of Wells Fargo systems will need to do so directly with the Plan or a financial intermediary that supports this feature.

Unless specifically described above, other front-end load waivers are not available on mutual fund purchases through Wells Fargo Advisors.

**Wells Fargo Advisors Contingent Deferred Sales Charge information.**

◼

Contingent deferred sales charges (CDSC) imposed on fund redemptions will not be rebated based on future purchases.

**Wells Fargo Advisors Class A front-end load discounts**

Wells Fargo Advisors Clients purchasing Class A shares of the fund through Wells Fargo Advisors brokerage accounts will follow the following aggregation rules for breakpoint discounts:

◼

Effective April 1, 2026, SEP or SIMPLE IRAs will not be aggregated as a group plan. They will

**72**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

aggregate with the client's personal accounts based on Social Security Number. Previously established SEP and SIMPLE IRAs may still be aggregated as a group plan.

◼

Effective April 1, 2026, Employer-sponsored retirement plan (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans.

◼

Gift of shares will not be considered when determining breakpoint discounts

**73**

------

VF-IMF-PRO (11/25)

**By mail:**

Victory Funds

P.O. Box 182593

Columbus, OH 43218-2593

![](img8a9a85e52.gif)

P.O. Box 182593

Columbus, OH 43218-2593

**Statement of Additional Information ("SAI"):** The SAI contains more information about the Funds' operations, investment restrictions, policies and practices. The SAI is incorporated by reference into this Prospectus, which means that it is legally part of this Prospectus, even if you do not request a copy.

**Annual/Semi Annual Reports and Form N-CSR/Form N-CSRS:** Annual and semi annual reports contain more information about the Funds' investments and the market conditions and investment strategies that significantly affected the Funds' performance during the most recent fiscal period. The Funds' Form N-CSR and Form N-CSRS filings contain the Funds' annual and semi-annual financial statements.

**How to Obtain Information:** You may obtain a free copy of the SAI, annual and semi annual reports and other information such as Fund financial statements and ask questions about the Funds or your accounts, online at VictorySharesLiterature.com, by contacting the Funds at the following address or telephone number, or by contacting your financial intermediary.

**By telephone:**

Call Victory Funds at

800-539-FUND (800-539-3863)

You also can get information about the Funds (including the SAI, other reports and other information such as Fund financial statements) from the Securities and Exchange Commission (SEC) on the SEC's Edgar database at sec.gov, or after paying a duplicating fee, by electronic request sent to the following e-mail address: publicinfo@sec.gov.

Investment Company Act File Number 811-4852

------

![](img3b941cec1.gif)

**November 1, 2025**

Prospectus

---

| | |
|:---|:---|
| Victory Fund for Income | Victory Fund for Income |
|  | **Member Class**  |
|  | VFFMX |
| Victory Investment Grade Convertible Fund | Victory Investment Grade Convertible Fund |
|  | **Member Class**  |
|  | SBFMX |

---

The Securities and Exchange Commission has not approved or disapproved these securities or determined whether this Prospectus is accurate or complete. Any representation to the contrary is a criminal offense.

vcm.com

800-235-8396

------

![](img3b941cec1.gif)

**Table of Contents**

---

| | |
|:---|:---|
| **[Fund Summaries](#xx_6e263e8f-fc1e-459a-8baa-4ce329c79487_1)** | 1  |
| [Victory Fund for Income](#xx_6e263e8f-fc1e-459a-8baa-4ce329c79487_1) | 1  |
| [Victory Investment Grade Convertible Fund](#xx_08c0d51b-f4be-4e62-a433-203dda4a0f0f_1) | 7  |
| **[Additional Fund Information](#xx_3e43f326-bc1d-4da1-91cc-57762b374a7d_1)** | 13  |
| [Investments](#xx_3e43f326-bc1d-4da1-91cc-57762b374a7d_2) | 14  |
| [Risk Factors](#xx_3e43f326-bc1d-4da1-91cc-57762b374a7d_4) | 16  |
| **[Organization and Management of the Funds](#xx_49e71f41-8295-41c3-8829-88264f00ad01_1)** | 22  |
| **[Investing with the Victory Funds](#xx_04b7d30b-17b6-4eeb-adb5-ef36bf350098_1)** | 23  |
| [Share Price](#xx_04b7d30b-17b6-4eeb-adb5-ef36bf350098_2) | 24  |
| [Investing in Member Class](#xx_04b7d30b-17b6-4eeb-adb5-ef36bf350098_4)[Shares](#xx_04b7d30b-17b6-4eeb-adb5-ef36bf350098_4) | 26  |
| [Information About Fees](#xx_04b7d30b-17b6-4eeb-adb5-ef36bf350098_5) | 27  |
| [How to Buy Shares](#xx_04b7d30b-17b6-4eeb-adb5-ef36bf350098_6) | 28  |
| [How to Exchange Shares](#xx_04b7d30b-17b6-4eeb-adb5-ef36bf350098_9) | 31  |
| [How to Sell Shares](#xx_04b7d30b-17b6-4eeb-adb5-ef36bf350098_11) | 33  |
| **[Distributions and Taxes](#xx_3d5a2122-991d-44ab-8e04-96a84078416f_1)** | 35  |
| **[Important Fund Policies](#xx_5f890ddb-068f-47ef-81c1-f2943c8f4408_1)** | 38  |
| **[Financial Highlights](#xx_89b2bc9c-b82b-4504-bfb0-f2cd9355d2e2_1)** | 41 |

---

------

**Victory Fund for Income Summary**

**Investment Objective**

The Victory Fund for Income (the "Fund") seeks to provide a high level of current income consistent with preservation of shareholders' capital.

**Fund Fees and Expenses**

The table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees to financial intermediaries, which are not reflected in the table and examples below.**

**Shareholder Fees**

(paid directly from your investment)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Member** <br> **Class**<br>|
| Maximum Sales Charge (Load) Imposed on Purchases<br> (as a percentage of offering price)<br>| None |
| Maximum Deferred Sales Charge (Load)<br> (as a percentage of the lower of purchase or sale price)<br>| None |

---

**Annual Fund Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| Management Fees | 0.50% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses | 1.03% |
| Total Annual Fund Operating Expenses | 1.53% |
| Fee Waiver/Expense Reimbursement<sup>1</sup> <br>| (0.78)% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>1</sup> <br>| 0.75% |

---

<sup>1</sup>

Victory Capital Management Inc. (the "Adviser") has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 0.75% of the Fund's Member Class shares through at least October 31, 2026. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund's Board of Trustees.

**Example:**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Member Class | &nbsp;&nbsp;&nbsp; $77 | &nbsp;&nbsp;&nbsp; $407 | &nbsp;&nbsp;&nbsp; $760 | &nbsp;&nbsp;&nbsp; $1757 |

---

**1**

------

Victory Fund for Income Summary

**Portfolio Turnover:**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund's performance. For the most recent fiscal year, the Fund's portfolio turnover rate was 22% of the average value of its portfolio.

**Principal Investment Strategy**

The Adviser pursues the Fund's investment objective by investing primarily in securities issued by the U.S. government and its agencies or instrumentalities.

Under normal circumstances, the Fund primarily invests in:

<sup>◼</sup>

Mortgage-backed obligations and collateralized mortgage obligations ("CMOs") issued by the Government National Mortgage Association ("GNMA"), with an average effective maturity ranging from 2 to 10 years.

<sup>◼</sup>

Obligations issued or guaranteed by the U.S. government or by its agencies or instrumentalities with a dollar-weighted average maturity normally less than 5 years.

The goal of the Fund's strategy is to provide high, reliable income by investing in securities backed 100% by the full faith and credit of the U.S. government. Portfolio construction consists of three factor-driven layers: (1) top-down, macro-economic; (2) mid-level, relative value; and (3) bottom-up, borrower characteristics. The greatest emphasis will generally be on the bottom-up factor, but the relative weightings of the three layers can and will vary over time, as each factor is reflective of the broad economic environment. The Adviser's sell discipline is driven by actual borrower prepayments, where bonds that exhibit either erratic or consistently fast prepayment speeds are sold first.

The Fund may purchase or sell securities on a when-issued, to-be-announced or delayed delivery basis.

The Fund's average effective maturity is based on the value of a Fund's investments in securities with different maturity dates. This measures the sensitivity of the Fund to changes in interest rates. The value of a long-term debt security is more sensitive to interest rate changes than the value of a short-term security.

There is no limitation on the maturity of any specific security the Fund may purchase, and the Fund may sell any security before it matures.

**Principal Risks** 

The Fund's investments are subject to the following principal risks:

**Debt Securities Risk** — The value of a debt security or other income-producing security changes in response to various factors, including, for example, market-related factors (such as changes in interest rates or changes in the risk appetite of investors generally) and changes in the actual or perceived ability of the issuer (or of issuers generally) to meet its (or their) obligations. Other factors that may affect the value of debt securities, include, among others, public health crises and responses by governments and companies to such crises. These and other events may affect the creditworthiness of the issuer of a debt security and may impair an issuer's ability to timely meet its debt obligations as they come due.

**Interest Rate Risk** — Interest rates may rise or the rate of inflation may increase, impacting the value of investments in fixed income securities. A debt issuer's credit quality may be downgraded or an issuer may default. Interest rates may fluctuate due to changes in governmental fiscal policy initiatives and resulting market reaction to those initiatives.

**2**

------

Victory Fund for Income Summary

**Prepayment Risk** — The amounts that the Fund receives as interest, sale proceeds or amounts received as a result of prepayment of asset-backed or mortgage-related securities may be reinvested at lower interest rates.

**General Market Risk** — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels, and other fiscal and monetary policy changes; cybersecurity incidents, pandemics, and other public health crises; imposition of tariffs; sanctions against a particular foreign country, its nationals, businesses, or industries; and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.

**Mortgage- and Asset-Backed Securities Risk** — During periods of falling interest rates, mortgage- and asset-backed securities may be called or prepaid, which may result in the Fund having to reinvest proceeds in other investments at a lower interest rate. During periods of rising interest rates, the average life of mortgage- and asset-backed securities may extend, which may lock in a below-market interest rate, increase the security's duration, and reduce the value of the security. Enforcing rights against the underlying assets or collateral may be difficult, or the underlying assets or collateral may be insufficient if the issuer defaults.

**U.S. Government Agency Obligations Risk** — A U.S. government agency or instrumentality may default on its obligation and the U.S. government may not provide support. Some securities issued by certain U.S. government instrumentalities are supported only by the credit of those instrumentalities.

**When-Issued, TBA and Delayed Delivery Risk** — The market value of a security issued on a when-issued, to-be-announced or delayed-delivery basis may change before the delivery date, which may adversely impact the Fund's net asset value. There is also the risk that a party fails to deliver the security on time or at all.

**Liquidity Risk** — Lack of a ready market or restrictions on resale may limit the ability of the Fund to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in an investment that is large relative to the typical trading volume for that investment, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Illiquid investments and relatively less-liquid investments may also be difficult to value. Liquidity risk may also refer to the risk that the Fund may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund. Over recent years, the capacity of dealers to make markets in fixed-income securities has been outpaced by the growth in the size of the fixed-income markets. Liquidity risk may be magnified in a rising interest rate environment or when investor redemptions from fixed-income funds may be higher than normal due to the increased supply in the market that would result from selling activity.

**Large Shareholder Risk** — Certain large shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund's shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund's distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund's shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders

**3**

------

Victory Fund for Income Summary

earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.

**Management Risk** — The portfolio managers may not execute the Fund's principal investment strategy effectively.

You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

**Investment Performance**

The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The information presented is for that of the Fund's Member Class shares. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years. The table compares the average annual total returns of the Fund's Member Class shares over the same period to one or more broad measures of market performance, which have characteristics relevant to the Fund's investment strategy. The Bloomberg U.S. Aggregate Bond Index serves as the Fund's regulatory broad-based securities market index. We assume reinvestment of dividends and distributions.

Member Class shares commenced operations on November 3, 2020. As a result, the returns in the bar chart and table that follow show the actual performance of Member Class shares from November 3, 2020, through December 31, 2024. Returns shown for prior periods reflect the returns for the Fund's Class I shares, which are not offered by this prospectus. The performance for Member Class shares would have been substantially similar to the performance of Class I shares in prior periods because Member Class shares and Class I shares invest in the same portfolio and differ only with respect to certain class-specific expenses. The actual returns of Member Class shares would have been lower than those of Class I shares because Member Class shares have higher overall expenses than Class I shares. Performance reflects any expense limitations in effect during the periods shown.

The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund's website at vcm.com.

**4**

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Victory Fund for Income Summary

**Calendar Year Returns for Member Class Shares**

(The annual returns in the bar chart are for the Fund's Class I shares for all years prior to 2021. Member Class returns are presented for years after 2020.)

![](iffimc.jpg)

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| | | |
|:---|:---|:---|
| **During the periods shown in the chart:** | **Returns** | **Quarter ended** |
| Highest Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.74% | December 31, 2023 |
| Lowest Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -2.94% | March 31, 2022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| Year-to-date return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.17% | September 30, 2025 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**<br> **(For the Periods Ended December 31, 2024)**<br>| **1 Year** | **5 Years** | **10 Years** |
| MEMBER CLASS Before Taxes | &nbsp;&nbsp; 4.36% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 1.36% |
| MEMBER CLASS After Taxes on Distributions | &nbsp;&nbsp; 2.07% | &nbsp;&nbsp; -1.24% | &nbsp;&nbsp; -0.87% |
| MEMBER CLASS After Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp; 2.55% | &nbsp;&nbsp; -0.21% | &nbsp;&nbsp; 0.07% |
| **Indices** | **Indices** | **Indices** | **Indices** |
| Bloomberg U.S. Aggregate Bond Index<br> reflects no deduction for fees, expenses, or taxes<br>| &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; -0.33% | &nbsp;&nbsp; 1.35% |
| Bloomberg 1-5 Year U.S. Government Bond Index<br> reflects no deduction for fees, expenses, or taxes<br>| &nbsp;&nbsp; 3.32% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.34% |

---

After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. In certain situations, the return after taxes on distributions and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only one share class. The after-tax returns for other classes will vary.

**5**

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Victory Fund for Income Summary

**Management of the Fund**

**Investment Adviser**

Victory Capital Management Inc. (the "Adviser") serves as the Fund's investment adviser. The portfolio managers primarily responsible for day-to-day management of the Fund are members of the Adviser's Victory Income Investors investment franchise Ms. Adelman has final investment authority for the Fund..

**Portfolio Management** 

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| | | |
|:---|:---|:---|
|  | **Title**  | **Tenure with the Fund**  |
| Heidi L. Adelman | Chief Investment Officer | Since 2006 |
| Harriet R. Uhlir | Portfolio Manager | Since 2013 |

---

**Purchase and Sale of Fund Shares** 

---

| | |
|:---|:---|
| **Investment Minimums** | &nbsp;&nbsp; **Member**<br> **Class**<br>|
| Minimum Initial Investment | &nbsp;&nbsp;&nbsp; $3000 |
| Minimum Subsequent Investments | &nbsp;&nbsp;&nbsp; $50 |

---

You may redeem your shares on any day the Fund is open for business. Redemption requests may be made by telephone (with prior appropriate approval) or by mail.

When you buy and redeem shares, the Fund will price your transaction at the next-determined net asset value ("NAV") after the Fund receives your request in good order, which means that your request contains all the required documentation, and that all documents contain required signatures or signature guarantees from a financial institution.

**Tax Information**

The Fund's distributions may be taxable whether you receive them in cash, additional shares of the Fund, or you reinvest them in shares of another Victory Fund, and may be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Taxes may be imposed on withdrawals from tax-deferred arrangements.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the financial intermediary and its financial advisor to recommend the Fund over another investment. Ask your financial advisor or visit your financial intermediary's website for more information.

**6**

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**Victory Investment Grade Convertible Fund Summary**

**Investment Objective**

The Victory Investment Grade Convertible Fund (the "Fund") seeks to provide a high level of current income together with long-term capital appreciation.

**Fund Fees and Expenses**

The table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees to financial intermediaries, which are not reflected in the table and examples below.**

**Shareholder Fees**

(paid directly from your investment)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Member** <br> **Class**<br>|
| Maximum Sales Charge (Load) Imposed on Purchases<br> (as a percentage of offering price)<br>| None |
| Maximum Deferred Sales Charge (Load)<br> (as a percentage of the lower of purchase or sale price)<br>| None |

---

**Annual Fund Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| Management Fees | 0.75% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses | 1.10% |
| Total Annual Fund Operating Expenses | 1.85% |
| Fee Waiver/Expense Reimbursement<sup>1</sup> <br>| (0.75)% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>1</sup> <br>| 1.10% |

---

<sup>1</sup>

Victory Capital Management Inc. (the "Adviser") has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 1.10% of the Fund's Member Class shares through at least October 31, 2026. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund's Board of Trustees.

**Example:**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Member Class | &nbsp;&nbsp;&nbsp; $112 | &nbsp;&nbsp;&nbsp; $509 | &nbsp;&nbsp;&nbsp; $931 | &nbsp;&nbsp;&nbsp; $2108 |

---

**7**

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Victory Investment Grade Convertible Fund Summary

**Portfolio Turnover:**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund's performance. For the most recent fiscal year, the Fund's portfolio turnover rate was 24% of the average value of its portfolio.

**Principal Investment Strategy**

The Adviser pursues the Fund's investment objectives by investing primarily in securities convertible into common stocks, such as convertible bonds, convertible notes, and convertible preferred stocks. The Fund may invest in equity securities of foreign companies traded on U.S. exchanges, including American Depositary Receipts and Global Depositary Receipts ("ADRs" and "GDRs").

Under normal circumstances, the Fund will invest at least 80% of its assets in investment-grade securities, which are convertible into common stock, and synthetic convertible securities, which are derivative positions composed of two or more securities with investment characteristics that, when taken together, resemble those of traditional convertible securities. These investment-grade securities are those that are rated at the time of purchase within the four highest rating categories assigned by a Nationally Recognized Statistical Rating Organization, or if unrated, are securities that the Adviser determines to be of comparable or equivalent quality.

The Fund may invest up to 20% of its net assets in below-investment-grade securities (sometimes referred to as "junk bonds) if the Adviser believes that the positive qualities of the security justify the potential risk. These securities are rated Ba, B, Caa, or lower by Moody's and BB, B, CCC, or lower by S&P. The Fund also may purchase unrated securities with similar characteristics.

The Adviser employs a bottom-up research process by identifying convertible securities that possess strong underlying equity potential, high quality financial characteristics and the opportunity for solid total return over a 12-18 month time horizon. The Adviser may sell a security when the underlying equity valuation changes due to a price change or change in fundamentals of the company, the underlying fixed income component has deteriorated or the convertible characteristics have changed.

As a result of the Adviser's investment process, the Fund's investments may be focused in one or more economic sectors from time to time, including the financials sector.

**Principal Risks** 

The Fund's investments are subject to the following principal risks:

**Convertible Securities Risk** — Convertible securities rank senior to the issuer's common stock, but may be subordinate to senior debt obligations. In part, the total return for a convertible security may depend upon the performance of the underlying stock into which it can be converted. Synthetic convertibles may respond differently to market fluctuations than traditional convertible securities. They are also subject to counterparty risk.

**Debt Securities Risk** — The value of a debt security or other income-producing security changes in response to various factors, including, for example, market-related factors (such as changes in interest rates or changes in the risk appetite of investors generally) and changes in the actual or perceived ability of the issuer (or of issuers generally) to meet its (or their) obligations. Other factors that may affect the value of debt securities, include, among others, public health crises and responses by governments and companies to such crises. These and other events may affect the creditworthiness of the issuer of a debt security and may impair an issuer's ability to timely meet its debt obligations as they come due.

**8**

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Victory Investment Grade Convertible Fund Summary

**Interest Rate Risk** — Interest rates may rise or the rate of inflation may increase, impacting the value of investments in fixed income securities. A debt issuer's credit quality may be downgraded or an issuer may default. Interest rates may fluctuate due to changes in governmental fiscal policy initiatives and resulting market reaction to those initiatives.

**General Market Risk** — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels, and other fiscal and monetary policy changes; cybersecurity incidents, pandemics, and other public health crises; imposition of tariffs; sanctions against a particular foreign country, its nationals, businesses, or industries; and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.

**Equity Securities Risk** — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company's earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer's bankruptcy.

**High-Yield/Junk Bond Risk** — Lower-quality debt securities can involve a substantially greater risk of default than higher-quality debt securities, and their values can decline significantly over short and longer periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about the issuer, or the market or economy in general.

**Liquidity Risk** — Lack of a ready market or restrictions on resale may limit the ability of the Fund to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in an investment that is large relative to the typical trading volume for that investment, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Illiquid investments and relatively less-liquid investments may also be difficult to value. Liquidity risk may also refer to the risk that the Fund may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund. Over recent years, the capacity of dealers to make markets in fixed-income securities has been outpaced by the growth in the size of the fixed-income markets. Liquidity risk may be magnified in a rising interest rate environment or when investor redemptions from fixed-income funds may be higher than normal due to the increased supply in the market that would result from selling activity.

**Large Shareholder Risk** — Certain large shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund's shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund's distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund's shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming

**9**

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Victory Investment Grade Convertible Fund Summary

shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.

**Foreign Securities Risk** — Foreign securities are subject to political, regulatory, and economic risks not present in domestic investments. Foreign securities could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing contracts. Compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts. Depositary receipts may have additional risks, including creditworthiness of the depositary bank and the risk of an illiquid market. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may negatively affect an investment. Dividends and interest received by the Fund and capital gains recognized by the Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund's return.

**Sector Focus Risk** — To the extent the Fund focuses in one or more sectors, such as the financials sector, market or economic factors impacting those sectors could have a significant effect on the value of the Fund's investments and could make the Fund's performance more volatile.

<sup>◼</sup>

**Financials Sector Risk** — Companies in the financials sector are subject to extensive government regulation, which can limit both the amounts and types of loans and other financial commitments that companies in this sector can make, and the interest rates and fees that these companies can charge. Profitability can be largely dependent on the availability and cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate significantly when interest rates change. Financial difficulties of borrowers can negatively affect the financials sector. Insurance companies can be subject to severe price competition. The financials sector can be subject to relatively rapid change as distinctions between financial service segments become increasingly blurred.

**Management Risk** — The portfolio managers may not execute the Fund's principal investment strategy effectively.

You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

**Investment Performance**

The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The information presented is for that of the Fund's Member Class shares. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years. The table compares the average annual total returns of the Fund's Member Class shares over the same period to one or more broad measures of market performance, which have characteristics relevant to the Fund's investment strategy. The Bloomberg U.S. Aggregate Bond Index serves as the Fund's regulatory broad-based securities market index. We assume reinvestment of dividends and distributions.

Member Class shares commenced operations on November 3, 2020. As a result, the returns in the bar chart and table that follow show the actual performance of Member Class shares from November 3, 2020, through December 31, 2024. Returns shown for prior periods reflect the returns for the Fund's

**10**

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Victory Investment Grade Convertible Fund Summary

Class I shares, which are not offered by this prospectus. The performance for Member Class shares would have been substantially similar to the performance of Class I shares in prior periods because Member Class shares and Class I shares invest in the same portfolio and differ only with respect to certain class-specific expenses. The actual returns of Member Class shares would have been lower than those of Class I shares because Member Class shares have higher overall expenses than Class I shares. Performance reflects any expense limitations in effect during the periods shown.

The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund's website at vcm.com.

**Calendar Year Returns for Member Class Shares**

(The annual returns in the bar chart are for the Fund's Class I shares for all years prior to 2021. Member Class returns are presented for years after 2020.)

![](iigcmc.jpg)

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| | | |
|:---|:---|:---|
| **During the periods shown in the chart:** | **Returns** | **Quarter ended** |
| Highest Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38% | September 30, 2024 |
| Lowest Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -10.09% | June 30, 2022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Year-to-date return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.98% | September 30, 2025 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**<br> **(For the Periods Ended December 31, 2024)**<br>| **1 Year** | **5 Years** | **10 Years** |
| MEMBER CLASS Before Taxes | &nbsp;&nbsp; 9.62% | &nbsp;&nbsp; 5.59% | &nbsp;&nbsp; 7.04% |
| MEMBER CLASS After Taxes on Distributions | &nbsp;&nbsp; 8.89% | &nbsp;&nbsp; 3.84% | &nbsp;&nbsp; 5.45% |
| MEMBER CLASS After Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp; 5.82% | &nbsp;&nbsp; 3.65% | &nbsp;&nbsp; 4.97% |
| **Indices** | **Indices** | **Indices** | **Indices** |
| Bloomberg U.S. Aggregate Bond Index<br> reflects no deduction for fees, expenses, or taxes<br>| &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; -0.33% | &nbsp;&nbsp; 1.35% |
| ICE BofAML Investment Grade U.S. Convertible 5% Constrained Index<br> reflects no deduction for fees, expenses, or taxes<br>| &nbsp;&nbsp; 11.58% | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 8.31% |
| ICE BofAML Investment Grade U.S. Convertible Index<br> reflects no deduction for fees, expenses, or taxes<br>| &nbsp;&nbsp; 9.95% | &nbsp;&nbsp; 4.97% | &nbsp;&nbsp; 8.39% |

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**11**

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Victory Investment Grade Convertible Fund Summary

After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. In certain situations, the return after taxes on distributions and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only one share class. The after-tax returns for other classes will vary.

**Management of the Fund**

**Investment Adviser**

Victory Capital Management Inc. (the "Adviser") serves as the Fund's investment adviser. The portfolio managers jointly and primarily responsible for day-to-day management of the Fund are members of the Adviser's Victory Income Investors investment franchise.

**Portfolio Management** 

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| | | |
|:---|:---|:---|
|  | **Title**  | **Tenure with the Fund**  |
| James K. Kaesberg | Senior Portfolio Manager | Since 1996 |
| Mark Vucenovic | Senior Portfolio Manager | Since 2014 |

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**Purchase and Sale of Fund Shares** 

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| | |
|:---|:---|
| **Investment Minimums** | &nbsp;&nbsp; **Member**<br> **Class**<br>|
| Minimum Initial Investment | &nbsp;&nbsp;&nbsp; $3000 |
| Minimum Subsequent Investments | &nbsp;&nbsp;&nbsp; $50 |

---

You may redeem your shares on any day the Fund is open for business. Redemption requests may be made by telephone (with prior appropriate approval) or by mail.

When you buy and redeem shares, the Fund will price your transaction at the next-determined net asset value ("NAV") after the Fund receives your request in good order, which means that your request contains all the required documentation, and that all documents contain required signatures or signature guarantees from a financial institution.

**Tax Information**

The Fund's distributions may be taxable whether you receive them in cash, additional shares of the Fund, or you reinvest them in shares of another Victory Fund, and may be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Taxes may be imposed on withdrawals from tax-deferred arrangements.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the financial intermediary and its financial advisor to recommend the Fund over another investment. Ask your financial advisor or visit your financial intermediary's website for more information.

**12**

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Additional Fund Information

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&nbsp;&nbsp; Victory Capital Management Inc., which we refer to as the "Adviser" <br> throughout the Prospectus, manages each Fund.<br>

The Victory Fund for Income and Victory Investment Grade Convertible Fund are each managed by the Adviser who also manages other funds, each having distinct investment management objectives, strategies, risks, and policies. Together, these funds are referred to in this Prospectus as the "Victory Funds" or, more simply, the "Funds."

The Victory Investment Grade Convertible Fund's policy to invest at least 80% of its assets in investment-grade convertible securities is non-fundamental and may be changed by the Board of Trustees (the "Board") without shareholder approval upon 60 days' prior written notice to shareholders. For purposes of this policy, "assets" means the Fund's net assets plus the amount of any borrowings for investment purposes but exclusive of any collateral held from securities lending.

The following section describes additional information about the principal investment strategy the Funds will use under normal market conditions to pursue their investment objective, as well as any secondary strategies the Funds may use, and the related risks. This Prospectus does not attempt to describe all of the various investment techniques and types of investments that the Adviser may use in managing the Funds. The Statement of Additional Information ("SAI") includes more information about the Funds, their investments, and the related risks.

Under adverse, unstable, or abnormal market conditions, a Fund may be unable to pursue or achieve its investment objective and, for temporary purposes, may invest some or all of its assets in a variety of instruments or assets, including high-quality fixed-income securities, cash, and cash equivalents. For cash management purposes, each Fund may hold all or a portion of its assets in cash, short-term money market instruments, or shares of other investment companies. These positions may reduce the benefit from any upswing in the market, cause a Fund to fail to meet its investment objective, and increase a Fund's expenses.

&nbsp;&nbsp; If you would like to receive additional copies of any materials, please call the Victory Funds <br> at 800-235-8396 or please visit VictoryFunds.com.<br>

**13**

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Investments

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**The following describes the types of securities each Fund may purchase under normal market conditions to achieve its principal investment strategy. The Funds will not necessarily buy all of the securities listed below.**

**<u>Victory Fund for Income</u>**

**U.S. Government Securities**<sup>1</sup>

Notes and bonds issued or guaranteed by the U.S. government, its agencies or instrumentalities. Some are direct obligations of the U.S. Treasury; others are obligations only of the U.S. agency or instrumentality. There is no guarantee that the U.S. government will provide support to U.S. agencies or instrumentalities if they are unable to meet their obligations.

**U.S. Government Instrumentalities**<sup>1</sup>

Securities issued by U.S. government instrumentalities such as: the Student Loan Marketing Association ("SLMA" or Sallie Mae), Federal Farm Credit Banks ("FFCB"), and Federal Home Loan Banks. Certain instrumentalities are "wholly owned government corporations," such as the Tennessee Valley Authority ("TVA").

**Mortgage-Backed Securities**

Mortgage-backed securities, including collateralized mortgage obligations and certain stripped mortgage-backed securities, represent a participation in, or are secured by, mortgage loans.

**When-Issued, To-Be-Announced ("TBA") and Delayed-Delivery Securities** 

Securities that are purchased or sold for delivery at a later time. In a TBA transaction, a seller generally agrees to deliver a mortgage-backed security meeting certain criteria at a future date.

**U.S. Equity Securities**

Can include common stock, preferred stock, and securities that are convertible or exchangeable into common stock of U.S. corporations.

**Foreign Securities**

Can include common stock and convertible preferred stock of non-U.S. companies. Also may include American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs"), which are receipts issued by a bank or trust company and evidence ownership of underlying securities issued by foreign companies, and exchange-traded funds ("ETFs") that invest in foreign companies.

**<u>Victory Investment Grade Convertible Fund</u>**

**Convertible or Exchangeable Obligations**

Debt instruments that may be exchanged or converted to other securities.

**Synthetic Convertible Securities**

<sup>1</sup>

Obligations of entities such as the GNMA are backed by the full faith and credit of the U.S. Treasury. Others, such as the FNMA, SLMA, FHLB, FHLMC, FMAC and TVA are supported by the right of the issuer to borrow from the U.S. Treasury. FFCB is supported only by the credit of the federal instrumentality. See the SAI for more information about investments in obligations of U.S. government instrumentalities and wholly owned government corporations.

**14**

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Investments

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**Convertible Preferred Stock**

A class of stock that pays dividends at a specified rate, has preference over common stock in the payment of dividends and the liquidation of assets, and is convertible into common stock.

**<u>Additional Fund Strategies.</u> The Adviser may use other types of investment strategies in pursuing each Fund's overall investment objective. The following describes the types of securities or techniques that the Adviser may purchase or investment techniques the Adviser may employ that are not considered to be a part of the Funds' principal investment strategies. Additional securities and techniques are described in the Funds' SAI.**

**Investment Companies**

Each Fund may invest in securities of other investment companies, including ETFs, if those companies invest in securities consistent with the Fund's investment objective and policies. ETFs are investment companies the shares of which are bought and sold on a securities exchange.

**Securities Lending**

To enhance the return on its portfolio, a Fund may lend portfolio securities to brokers, dealers, and financial institutions to realize additional income under guidelines adopted by the Board. Each loan will be secured continuously by collateral in the form of cash, securities issued by the U.S. government or its agencies or instrumentalities.

**15**

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Risk Factors

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**The following provides additional information about the Funds' principal risks and supplements those risks discussed in each Fund's Summary section of this Prospectus.** 

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Victory**<br> **Fund for Income** <br>| &nbsp;&nbsp; **Victory**<br> **Investment Grade**<br> **Convertible Fund**<br>|
| Convertible Securities Risk |  | X |
| Debt Securities Risk | X  | X |
| Equity Securities Risk |  | X |
| Foreign Securities Risk |  | X |
| General Market Risk | X | X |
| High-Yield/Junk Bond Risk |  | X |
| Large Shareholder Risk | X | X |
| Liquidity Risk | X | X |
| Management Risk | X | X |
| Mortgage- and Asset-Backed Securities Risk | X |  |
| Sector Focus Risk |  | X |
| Synthetic Convertible Securities Risk |  | X |
| U. S. Government Agency Obligations Risk | X |  |
| When-Issued, TBA and Delayed-Delivery Securities Risk | X |  |

---

**Convertible Securities Risk** — The values of convertible securities in which the Fund may invest may be affected by market interest rates, reduction in credit quality or credit ratings, issuer default on interest and principal payments, and declines in the value of the underlying common stock. Additionally, an issuer may retain the right to buy back its convertible securities at a time and price unfavorable to the Fund.

**Debt Securities Risks** — The value of a debt security or other income-producing security changes in response to various factors, including, for example, market-related factors (such as changes in interest rates, adverse economic or political conditions, tariffs and trade disruptions, inflation, or adverse investor sentiment generally) and changes in the actual or perceived ability of the issuer (or of issuers generally) to meet its (or their) obligations. Changes in value may occur sharply and unpredictably. Other factors that may affect the value of debt securities, include, among others, public health crises and responses by governments and issuers to such crises. These and other events may affect the creditworthiness of the issuer of a debt security and may impair an issuer's ability to timely meet its debt obligations as they come due.

<sup>◼</sup>

**Interest Rate Risk** — Fluctuations in interest rates can affect the value of debt instruments held by the Fund. When interest rates go up, the value of a debt security typically goes down. When interest rates go down, the value of a debt security typically goes up. Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. The longer a Fund's average portfolio duration, the more sensitive the Fund will be to changes in interest rates. In addition, during periods of increased market volatility, the market values of fixed-income securities may be more sensitive to changes in interest rates. Interest rates may rise or the rate of inflation may increase, impacting the value of investments in fixed-income securities. A debt issuer's credit quality may be downgraded or an issuer may default. Interest rates may fluctuate due to changes in governmental fiscal policy initiatives and resulting market reaction to those initiatives. Decisions by the Fed regarding interest rate and monetary policy can have a significant effect on the value of debt securities as well as the overall strength of the U.S. economy. Precise interest rate predictions are difficult to make, and interest rates may change unexpectedly and dramatically in response to extreme changes in market or economic conditions. The impact on various markets that interest rate or other significant policy changes may have is unknown.

**16**

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Risk Factors

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<sup>◼</sup>

**Inflation Risk** — Inflation will erode the purchasing power of the cash flows generated by debt securities held by a Fund. Fixed-rate debt securities are more susceptible to this risk than floating-rate debt securities or equity securities that have a record of dividend growth.

<sup>◼</sup>

**Reinvestment Risk** — When interest rates are declining, the interest income and prepayments on a security a Fund receives will have to be reinvested at lower interest rates. Generally, interest rate risk and reinvestment risk tend to have offsetting effects, though not necessarily of the same magnitude.

<sup>◼</sup>

**Credit (or Default) Risk** — The issuer of a debt security may be unable to make timely payments of interest or principal. Credit risk is measured by nationally recognized statistical rating organizations ("NRSROs") such as S&P Global Ratings, Fitch Ratings, Inc., and Moody's Investors Service.

<sup>◼</sup>

**Redemption Risk** — The Fund may experience periods of heavy shareholder redemptions that could cause the Fund to sell assets at inopportune times or at a loss or depressed value. Redemption risk is heightened during periods of declining or illiquid markets. Heavy redemptions could hurt the Fund's performance.

**Equity Securities Risk** — The market prices of equity securities, which may include common stocks and other stock-related securities such as preferred stocks, convertible securities, and rights and warrants may fluctuate, sometimes rapidly or unpredictably. A Fund may continue to accept new subscriptions and to make additional investments in equity securities even under general market conditions that a Fund's investment team views as unfavorable for equity securities. The value of a security may decline for reasons that directly relate to the issuer, such as management performance, financial leverage, and reduced demand for the issuer's goods or services or due to general market conditions, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment generally. Unlike debt securities, which have preference to a company's assets in case of liquidation, common stock, are entitled to the residual value after the company meets its other obligations. Unlike common stock, preferred stock generally pays a fixed dividend from a company's earnings and may have a preference over common stock on the distribution of a company's assets in the event of bankruptcy or liquidation. Preferred stockholders' liquidation rights are subordinate to the company's debt holders and creditors. If interest rates rise, the fixed dividend on preferred stocks may be less attractive and the price of preferred stocks may decline. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Convertible securities may gain or lose value due to changes in the issuer's operating results, financial condition, credit rating, and changes in interest rates, and other general economic, industry, and market conditions. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer's bankruptcy. Rights and warrants can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of warrants and rights do not necessarily move in tandem with the prices of the underlying securities and therefore are highly volatile and speculative investments.

**Foreign Securities Risk** — Foreign investments involve certain special risks. For example, compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign stock exchanges, brokers, and listed companies. Foreign issuers may not be subject to the uniform accounting, auditing, and financial reporting standards and practices prevalent in the United States. Certain of these risks may also apply to some extent to U.S. investments that are denominated in foreign currencies and to investments in U.S. companies that have significant foreign operations. Investments in depositary receipts (such as American Depositary Receipts and Global Depositary Receipts) may also involve additional risks associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency risk and the risk of an illiquid market for depositary receipts.

**17**

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Risk Factors

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<sup>◼</sup>

**Political Risk** — Foreign securities markets may be more volatile than their counterparts in the United States. Investments in foreign countries could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing contracts. Foreign settlement procedures may also involve additional risks, and foreign issuers can be impacted by changes to trade policies and trade disputes. These factors can make foreign investments more volatile than U.S. investments.

<sup>◼</sup>

**Currency Risk** — Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment. Adverse changes in exchange rates, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may erode or reverse any gains produced by investments denominated in foreign currencies and may widen any losses.

<sup>◼</sup>

**Legal Risk** — Legal remedies for investors in foreign countries may be more limited than the legal remedies available in the United States.

<sup>◼</sup>

**Tax Risk** — The value of a Fund's foreign investments may also be affected by foreign tax laws, special U.S. tax considerations and restrictions on receiving the investment proceeds from a foreign country. Dividends and interest received by a Fund and capital gains recognized by a Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund's return.

**General Market Risk** — Any investment involves risk, and there is no assurance that a Fund's investment objective will be achieved. Losing money is a risk of investing in a Fund. The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments, and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets, or general investor sentiment. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by a Fund will rise in value. In addition, markets and market participants are increasingly reliant upon both publicly available and proprietary information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access, and similar circumstances may impair the performance of these systems and may have an adverse impact upon a single issuer, a group of issuers, or the market at large. In certain cases, an exchange or market may close or issue trading halts on either specific securities or even the entire market, which may result in a Fund being, among other things, unable to buy or sell certain securities or financial instruments or accurately price its investments.

Market turmoil may be reflected in perceptions of economic uncertainty, price volatility in the equity and debt markets, and fluctuating trading liquidity. In response, governments may adopt a variety of fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs, and changes in interest rates. An unexpected or quick reversal of these policies could increase volatility in the equity and debt markets. Market conditions and economic risks could have a significant effect on domestic and international economies and could add significantly to the risks of increased volatility for a Fund. Equity securities tend to be more volatile than debt securities.

◼

**Geopolitical/Natural Disaster Risk** — Global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely affect issuers in another country or region. Geopolitical and other risks, including war, economic sanctions, currency controls or other actions by countries or international bodies, terrorism, trade disputes, embargoes, political or economic dysfunction within some nations, public health crises and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, may add to instability in world economies and markets generally. Changes in trade policies and international trade agreements could affect the economies of many countries in unpredictable ways. Epidemics and/or pandemics, such as the coronavirus (or

**18**

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Risk Factors

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COVID-19), may result in, among other things, closing borders, disruptions to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and consumer activity, as well as general concern and uncertainty. The impact may be short-term or may last for extended periods.

◼

**Information Technology and Operational Risk** — Markets and market participants are increasingly reliant upon both publicly available and proprietary information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access, and similar circumstances may impair the performance of these systems and may have an adverse impact upon a single issuer, a group of issuers, or the market at large. The information technology and other operational systems upon which a Fund's service providers rely may be subject to cyber attack or other technological disruptions, and could otherwise disrupt the ability of these service providers to perform essential tasks for a Fund. In certain cases, an exchange or market may close or issue trading halts on either specific securities or even the entire market, which may result in a Fund being, among other things, unable to buy or sell certain securities or financial instruments or accurately price its investments.

**High-Yield/Junk Bond Risk** — Below-investment-grade securities (high-yield or "junk" bonds) are subject to certain risks in addition to those risks associated with higher-rated securities. Below-investment-grade securities generally offer higher yields than investment-grade securities with similar maturities because the financial condition of the issuers may not be as strong as issuers of investment-grade securities. For this reason, below-investment-grade securities may be considered speculative, which means that there is a higher risk that a Fund may lose a substantial portion or all of its investment in a particular below-investment-grade security. Below-investment-grade securities may be more susceptible to real or perceived adverse economic conditions, which may cause them to be downgraded or default, less liquid, and more difficult to evaluate than investment-grade securities.

**Large Shareholder Risk** — The Funds, like all investment companies, pool the investments of many investors. Actions by one shareholder or multiple shareholders may have an impact on the Funds and, therefore, indirectly on other shareholders. For example, significant levels of new investments in the Funds by shareholders may cause the Funds to have more cash than would otherwise be the case, which might have a positive or negative impact on Fund performance. Similarly, redemption activity might cause the Funds to sell portfolio securities, which may increase transaction costs and might generate a capital gain or loss, or cause it to borrow funds on a short-term basis to cover redemptions, which would cause the Funds to incur costs that, in effect, would be borne by all shareholders and not just the redeeming shareholders. Shareholder purchase and redemption activity also may affect the per share amount of the Funds' distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Funds' shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Funds to make taxable distributions to its shareholders earlier than the Funds otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Funds, the Funds may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Funds.

**Liquidity Risk** — Liquidity risk exists when particular investments cannot be disposed of quickly in the normal course of business. Market values for illiquid investments may not be readily available, and there can be no assurance that any fair value assigned to an illiquid investment at any time will accurately reflect the price a Fund might receive upon the sale of that investment. The ability of a Fund to dispose of illiquid investments or other instruments at advantageous prices may be greatly limited, and the Fund may have to continue to hold such investments or instruments during periods when the Adviser would otherwise have sold them (in order, for example, to meet redemption requests or to take advantage of other investment opportunities). Adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer, including rising

**19**

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Risk Factors

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interest rates, may adversely affect the liquidity of a Fund's investments. Some securities held by a Fund may be restricted as to resale, and there is often no ready market for such securities. In addition, a Fund, by itself or together with other accounts managed by the Adviser, may hold a position in an investment that is large relative to the typical trading volume for that holding, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. It may also be the case that other market participants may be attempting to liquidate a position at the same time as a Fund is attempting to liquidate the same investment, causing increased supply in the market and contributing to liquidity risk and downward pricing pressure. In such cases the sale proceeds received by the Fund may be substantially less than if the Fund had been able to sell the securities in more-orderly transactions, and the sale price may be substantially lower than the price previously used by the Fund to value the securities for purposes of determining the Fund's net asset value. The capacity of dealers to make markets in fixed-income securities may not keep pace with the growth in the size of the fixed-income markets. Liquidity risk may be magnified in a rising interest rate environment or when investor redemptions from fixed-income funds may be higher than normal, due to the increased supply in the market that would result from selling activity.

**Management Risk** — The investment process used by the investment team may produce incorrect judgments about the value of a particular asset or the team may implement its investment strategy in a way that may not produce the desired results.

**Mortgage- and Asset-Backed Securities Risks —** 

<sup>◼</sup>

**Prepayment Risk** – During periods of falling interest rates, mortgage and asset-backed securities, which typically provide the issuer with the right to call or prepay the security prior to maturity, may be called or prepaid, which may result in the Fund having to reinvest the proceeds in other investments at a lower interest rate. As a result, mortgage and asset-backed securities may have less potential for capital appreciation during periods of declining interest rates than other securities of comparable maturities, although they may have a similar risk of decline in market values during periods of rising interest rates. Prepayment rates are difficult to predict and the potential impact of prepayments on the value of a mortgage- or asset-backed security depends on the terms of the instrument and can result in significant volatility. Interest rate levels and other factors may affect the frequency of mortgage prepayments, which in turn can affect the average life of a pool of mortgage-related securities. In periods of rising interest rates, the prepayment rate tends to decrease, lengthening the average life of a pool of mortgage-related securities. In periods of falling interest rates, the prepayment rate tends to increase, shortening the average life of a pool of mortgage-related securities.

<sup>◼</sup>

**Extension Risk** – The rate of anticipated prepayments of principal may not occur, typically because of a rise in interest rates, and the expected maturity of the security will increase. During periods of rapidly rising interest rates, the effective average maturity of a security may be extended past what the Fund's portfolio manager anticipated that it would be. The market value of securities with longer maturities tends to be more volatile.

**Sector Focus Risk** — While a Fund reserves the right to dynamically allocate its assets across economic sectors, the Fund may make significant investments in one or more sectors, each of which entails associated risks. Additionally, a Fund's performance may be more volatile when the Fund's investments are focused in a particular sector.

<sup>◼</sup>

**Financials Sector Risk** — Companies in the financials sector are subject to extensive governmental regulation, which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of

**20**

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Risk Factors

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markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business, or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.

**Synthetic Convertible Securities Risk** — The value of a synthetic convertible security will respond differently to market fluctuations than a convertible security because a synthetic convertible security is composed of two or more separate securities, each with its own market value. Additionally, if the value of the underlying common stock or the level of the index involved in the convertible security falls below the exercise price of the warrant or option, the warrant or option may lose all value. Synthetic convertible securities are also subject to counterparty risk.

**U.S. Government Agency Obligations Risk** — A U.S. government agency or instrumentality may default on its obligation and the U.S. government may not provide support. Some securities issued by certain U.S. government instrumentalities are supported only by the credit of those instrumentalities.

**When-Issued, TBA, and Delayed-Delivery Securities Risk** — The market value of the security issued on a when-issued, TBA, or delayed-delivery basis may change before the delivery date, which may adversely impact the Fund's NAV. There is also the risk that a party fails to deliver the security on time or at all.

**<u>Additional Risk Factors.</u>** The Adviser may use several types of investment strategies in pursuing each Fund's overall investment objective. The following risks are those that the Adviser does not consider to be principal risks of the Funds. Additional risks are included in the Funds' SAI.

**Investment Company Risk** — A Fund's ability to achieve its investment objective may be directly related to the ability of other investment companies (including ETFs) held by the Fund to meet their investment objectives. In addition, shareholders of the Fund will indirectly bear the fees and expenses of the underlying investment companies. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities.

**Securities Lending Risk** — The risk in lending portfolio securities, as with other extensions of credit, consists of the possibility of loss to a Fund due to (1) the inability of the borrower to return the securities, (2) a delay in receiving additional collateral to adequately cover any fluctuations in the value of securities on loan, (3) a delay in recovery of the securities, or (4) the loss of rights in the collateral should the borrower fail financially. These events could trigger adverse tax consequences for a Fund. In addition, a Fund is responsible for any loss that might result from its investment of the borrower's collateral. In determining whether to lend securities, the Adviser or a Fund's securities lending agent will consider relevant facts and circumstances, including the creditworthiness of the borrower.

&nbsp;&nbsp; An investment in a<br> Fund is not a complete<br> investment program.<br>

**21**

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Organization and Management of the Funds

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The Funds' Board has the overall responsibility for overseeing the management of each Fund.

**The Investment Adviser**

The Adviser serves as the investment adviser to each of the Victory Funds pursuant to an investment advisory agreement and oversees the operations of the Funds according to investment policies and procedures adopted by the Board. The Adviser is a New York corporation that is registered as an investment adviser with the Securities and Exchange Commission ("SEC"). As of September 30, 2025, the Adviser managed and advised assets totaling in excess of $310.6 billion for individual and institutional clients. The Adviser's principal address is 15935 La Cantera Parkway, San Antonio, TX 78256.

A discussion regarding the basis of the Board's approval of the Funds' Advisory Agreement is available in the Funds' most recent Form N-CSRS filing for the period ended December 31, 2024.

The Adviser is a diversified global asset manager comprised of multiple investment teams, referred to as investment franchises, each of which employs an independent approach to investing. Victory Income Investors, a Victory Capital investment franchise, is responsible for the day-to-day investment management of the Funds.

Advisory fees to be paid annually, before waivers, will be equal to the following:

---

| | |
|:---|:---|
| **Fund** | **Advisory Fee** |
| Victory Fund for Income | &nbsp;&nbsp; 0.50% |
| Victory Investment Grade Convertible Fund | &nbsp;&nbsp; 0.75% |

---

See "Fund Fees and Expenses" for information about any contractual agreement by the Adviser to waive fees and/or reimburse expenses with respect to a Fund. From time to time, the Adviser also may voluntarily waive fees and/or reimburse expenses in amounts exceeding those required to be waived or reimbursed under any contractual agreement that may be in place with respect to a Fund.

**Portfolio Management**

**Heidi L. Adelman** is the Lead Portfolio Manager and **Harriet R. Uhlir** is a Portfolio Manager of the **Victory Fund for Income**. The Fund's portfolio managers are primarily responsible for the day-to-day management of the Fund's portfolio. Ms. Adelman has final investment authority for the Fund.

Ms. Adelman is a Chief Investment Officer of Victory Income Investors and has been with the Adviser or an affiliate since 1995.

Ms. Uhlir is a Portfolio Manager of Victory Income Investors and has been with the Adviser or an affiliate since 2001.

**James K. Kaesberg** is the Lead Portfolio Manager. **Mark Vucenovic** is a Senior Portfolio Manager of the **Victory Investment Grade Convertible Fund**. Together, they are responsible for the day-to-day management of the Fund's portfolio.

Mr. Kaesberg is a Senior Portfolio Manager of Victory Income Investors and has been associated with the Adviser or an affiliate since 1985. Mr. Kaesberg is a CFA charterholder.

Mr. Vucenovic is a Senior Portfolio Manager/Research Analyst of Victory Income Investors and has been associated with the Adviser or an affiliate since 2009, and previously, from 1995-2002.

*The Funds' SAI provides additional information about the portfolio managers' method of compensation, other accounts they manage, and any ownership interests they may have in the Funds.*

**22**

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Investing with the Victory Funds

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All you need to do to get started is to fill out an application.<br>

If you are looking for a convenient way to open an account or to add money to an existing account, we can help. The sections that follow will serve as a guide to your investments with the Victory Funds. The following sections describe how to open an account, how to access information about your account, and how to buy, exchange, and sell shares of a Victory Fund.

Only Member Class shares are offered in this Prospectus. Member Class shares are available for purchase only by eligible shareholders. The Funds offer other share classes in different prospectuses.

We want to make it simple for you to do business with us. If you have questions about any of this information, please call your Investment Professional or one of our customer service representatives at 800-235-8396. They will be happy to assist you.

&nbsp;&nbsp; An Investment Professional is an investment consultant, salesperson, financial planner, <br> investment adviser, or trust officer who provides you with investment information. <br> Your Investment Professional also can help you decide which share class is best for you. <br> Investment Professionals and other intermediaries may charge fees for their services.<br>

**23**

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Share Price

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&nbsp;&nbsp; The daily NAV is useful to you as a shareholder because the NAV, <br> multiplied by the number of Fund shares you own, gives you the value of your investment.<br>

Each Victory Fund calculates its share price, called its net asset value ("NAV"), each business day as of the close of regular trading on the New York Stock Exchange, Inc. ("NYSE"), which is normally 4:00 p.m. Eastern Time. The NAV takes into account the expenses and fees of a Fund, including management, administration, and distribution fees (if any), which are accrued daily. In the event of an emergency or other disruption in trading on the NYSE, a Fund's share price will be determined based upon the close of the NYSE. You may buy, exchange, and sell your shares on any business day at a price that is based on the NAV that is next calculated after you place your order. A business day is a day on which the NYSE is open. The NYSE is closed on weekends, most national holidays, and Good Friday. Undistributed income and gain will be reflected in the Fund's NAV and, correspondingly, distributions of the Fund's income and gain will reduce the Fund's NAV. Undistributed income and gain, like all Fund assets, can fluctuate in value over time. Please see "Distributions and Taxes" for more information about the Fund's distribution policies, including the general frequency of distributions.

To the extent a Fund's investments include securities that are traded primarily in foreign markets, the value of those securities may change on days when shareholders are unable to purchase and redeem a Fund's shares, such as on weekends or other days when the Fund does not price its shares.

Each Fund reserves the right to close if the primary trading markets of the Fund's portfolio instruments are closed and the Fund's management believes that there is not an adequate market to meet purchase, redemption or exchange requests. In addition, if the Securities Industry and Financial Markets Association recommends that government securities dealers close before the close of regular trading on the NYSE (the "Alternative Closing Time"), the Fund reserves the right to refuse any purchase or redemption order received after the Alternative Closing Time. If the Fund closes at the Alternative Closing Time, its NAV will be calculated as of the Alternative Closing Time. You may not be able to buy or sell shares on Columbus Day and Veterans Day, or on holidays when the Federal Reserve system is closed, but the NYSE and other financial markets are open.

Each Fund prices its investments based on market value when market quotations are readily available. When these quotations are not readily available, the Adviser will price a Fund's investments at fair value in accordance with applicable regulatory requirements. A security will be fair valued when:

◼

Trading in the security has been halted;

◼

The market quotation for the security is clearly erroneous due to a clerical error;

◼

The security's liquidity decreases such that, in the Adviser's opinion, the market quotation has become stale; or

◼

An event occurs after the close of the trading market (but before the Fund's NAV is calculated) that, in the Adviser's opinion, materially affects the value of the security.

The use of fair value pricing may minimize arbitrage opportunities that attempt to exploit the differences between a security's market quotation and its fair value. The use of fair value pricing may not, however, always reflect a security's actual market value in light of subsequent relevant information, and the security's opening price on the next trading day may be different from the fair value price assigned to the security.

**24**

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Share Price

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Each Victory Fund calculates the NAV of each share class by adding up the total value of the investments and other assets of that class, subtracting its liabilities, and then dividing that figure by the number of outstanding shares of the class.

---

| | |
|:---|:---|
| NAV= | Total Assets - Liabilities |
| NAV= | Number of Shares Outstanding |

---

A Fund's NAV is available by calling 800-235-8396 or by visiting the Funds' website at vcm.com.

**25**

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Investing in Member Class Shares

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This Prospectus offers Member Class shares of the Funds. The Funds offer other classes of shares in a separate prospectus.

When you purchase shares of a Fund, you must choose a share class. Each share class represents an interest in the same portfolio of securities, but the classes differ in the sales charges, if any, and expenses that apply to your investment, allowing you and your Investment Professional to choose the class that best suits your investment needs. Not all Victory Funds offer all classes of shares, and some classes of shares are available for purchase only by eligible shareholders. The Victory Funds may offer additional classes of shares in the future.

The Funds reserve the right to change the eligibility criteria for purchasing a particular share class. The Funds may also waive any applicable eligibility criteria or investment minimums at its discretion.

Any Fund or share class may be closed at any time for failure to achieve an economical level of assets or for other reasons.

**MEMBER CLASS SHARES**

◼

No front-end sales charge or contingent deferred sales charge ("CDSC"). All your money goes to work for you right away.

◼

Member Class shares are only available to certain investors.

◼

Member Class shares do not pay any ongoing distribution and/or service (12b-1) fees.

**Eligibility Requirements to Purchase Member Class Shares**

Member Class shares may only be purchased by shareholders investing directly with the Fund who have a Victory Investor Number or directly in certain products sponsored by the Adviser or its affiliates, or if pursuant to an agreement.

**Eligibility of Individuals Associated with the Victory Funds and Fund Service Providers**

Current and retired Victory Fund trustees and the officers, directors, trustees, employees, and family members of employees of the Adviser or Affiliated Providers are eligible to purchase the lowest expense share class offered by a Fund. "Affiliated Providers" are affiliates of the Adviser and organizations that provide services to the Trust.

**26**

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Information About Fees

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Member Class shares are primarily intended for purchase directly from the Victory Funds. In the event you purchase the Fund or hold your shares through an Investment Professional, a broker-dealer, or other financial intermediary, the Fund may pay for sub-transfer agent, recordkeeping and/or similar administrative services. In addition, the Adviser (and its affiliates) may make substantial payments out of its own resources, including the profits from the advisory fees the Adviser receives from the Funds, to affiliated and unaffiliated dealers or other Investment Professionals and service providers for distribution, administrative and/or shareholder servicing activities. The Adviser also may reimburse the Distributor (or the Distributor's affiliates) for making these payments. Some of these distribution-related payments may be made to dealers or other Investment Professionals for marketing, promotional or related expenses; these payments are often referred to as "revenue sharing."

In some circumstances, these types of payments may create an incentive for a dealer or Investment Professional or its representatives to recommend or offer shares of the Victory Funds to its customers. You should ask your dealer or Investment Professional for more details about any such payments it receives.

**27**

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How to Buy Shares

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**Opening an Account**

If you would like to open an account, you will first need to complete an Account Application.

You can obtain an Account Application by calling Victory Funds Customer Service at 800-235-8396. You can also download an Account Application by visiting the Victory Funds' website, VictoryFunds.com, and clicking on the Victory Funds Account Application link. Send the completed Account Application, along with a check made payable to the Victory Funds, at the following address:

**Victory Funds**

P.O. Box 182903

Columbus, OH 43218-2903

You can also obtain an Account Application by contacting your Investment Professional. When you invest through an Investment Professional, the procedures for buying, selling, and exchanging shares and the account features and policies may differ. In addition to any limitations described in this Prospectus, an Investment Professional or other intermediary may also place other limits on your ability to use the services of a Fund. Sometimes an Investment Professional will charge you for its services. This fee will be in addition to, and unrelated to, the fees and expenses charged by the Funds.

Mutual funds must obtain and verify information that identifies investors opening new accounts. If the Funds are unable to collect the required information, you may not be able to open your account. Additional details about the Funds' Customer Identification Program are available in the section "Important Fund Policies."

The Fund generally is available for purchase in the United States, Puerto Rico, Guam, American Samoa and the U.S. Virgin Islands. Except to the extent otherwise permitted by the Fund's Distributor, the Fund will only accept accounts from U.S. citizens with a U.S. address (including an APO or FPO address) or resident aliens with a U.S. address (including an APO or FPO address) and a U.S. taxpayer identification number.

If you participate in a retirement plan that offers one of the Victory Funds as an option, please consult your employer for information on how to purchase shares of the Victory Funds through the plan, including any restrictions or limitations that may apply.

**Paying for Your Initial Purchase**

If you wish to make an investment directly into the Victory Funds, make your check payable to the "Victory Funds." All checks must be drawn on U.S. banks. If your check is returned as uncollectible for any reason, you will be charged for any resulting fees and/or losses. If unclear or no instructions are provided with your check as to which fund the purchase was intended, we will make every effort to contact you to receive proper instructions. However, if we are unable to reach you within three business days of receipt of your check, we will deposit the funds in an existing or new Victory Treasury Money Market Trust account matching your existing registration. If we cannot locate an existing account matching your registration, the check will be returned within three business days. The Fund does not accept cash, money orders, traveler's checks, credit card convenience checks, or third-party checks. Additionally, bank starter checks are not accepted for the shareholder's initial investment into the Funds. All payments must be denominated in U.S. dollars.

**Minimum Investments**

If you would like to buy Member Class shares, you must first be an Eligible Investor, as discussed in the section *Investing in Member Class Shares — Eligibility Requirements to Purchase*. There is a $3,000 minimum investment amount required for Member Class shares beyond those set forth in the *Eligibility Requirements to Purchase*.

**28**

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How to Buy Shares

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If your account falls below the minimum investment amount, we may ask you to reestablish the minimum investment. If you do not do so within 60 days, we may close your account and send you the value of your account.

The minimum investment required to open an account may be waived or lowered for employees and immediate family members of the employees, of the Adviser, the Administrator, and their affiliates. In addition, the minimum investment required may be waived when a Fund is purchased through an Advisory Program, within qualified retirement plans or in other similar circumstances. Although the Funds may sometimes waive the minimum investment, when they do so, they always reserve the right to reject initial investments under the minimum at their discretion.

There is no minimum investment required to open an account or for additional investments in Victory Simple IRAs.

A Fund reserves the right to change the criteria for eligible investors and the investment minimums.

**Purchasing Additional Shares**

Once you have an existing account, you can make additional investments at any time in any amount (subject to any minimums) in the following ways:

◼

**By Mail**

To ensure that your additional investment is properly credited to your account, use the Investment Stub attached to your confirmation statement and send it with your check to the address indicated.

◼

**By Telephone**

If you have an existing account that has been set up to receive electronic transfers, you can buy additional shares by calling Victory Funds Customer Service at 800-235-8396 between 8:00 a.m. and 6:00 p.m. (Eastern Time), Monday through Friday.

◼

**By Exchange**

You may purchase shares of a Fund using the proceeds from the simultaneous redemption of shares of another Victory Fund if it is eligible for an exchange with your Fund. You may initiate an exchange online (if you are a registered user of VictoryFunds.com), by telephone, or by mail. See the section "Exchanging Shares."

◼

**Via the Internet**

If you are a registered user, you may request a purchase of shares through our website at VictoryFunds.com. Your account must be set up for Automated Clearing House ("ACH") payment in order to execute online purchases.

◼

**By ACH**

Your account must be set up for ACH payment in order to execute purchases online or by telephone. It takes about 15 days to set up an ACH account and only domestic member banks may be used. After your account is set up, your purchase amount can be transferred by ACH. Currently, the Funds do not charge a fee for ACH transfers but they reserve the right to charge for this service in the future. Your originating bank may charge a fee for ACH transfers.

◼

**By Wire**

You may buy Fund shares by bank wire transfer of same day funds. Please call Victory Funds Customer Service at 800-235-8396 between 8:00 a.m. and 6:00 p.m. (Eastern Time), Monday through Friday for wiring instructions. Any commercial bank can transfer same-day funds by wire.

**29**

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How to Buy Shares

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Although the transfer agent does not currently charge you for receiving same-day funds, it reserves the right to charge for this service in the future. Your bank may charge you for wiring same-day funds. You cannot buy shares for tax-qualified retirement plans by wire transfer.

◼

**By Systematic Investment Plan**

To enroll in the Systematic Investment Plan, you should check this box on the Account Application or on the Account Maintenance Form. We will need your bank information and the amount ($50 or more) and frequency of your investment. You can select monthly, quarterly, semi annual, or annual investments. You should attach a voided personal check so the proper information can be obtained. You must first meet the minimum investment requirement before we will make automatic withdrawals from your bank account and invest it in shares of a Fund.

**Other Purchase Rules You Should Know**

The Funds reserve the right to refuse a purchase order for any reason, including if they believe that doing so would be in the best interest of a Fund or its shareholders. The Funds also reserve the right, without notice, to increase or decrease the minimum amount required to open, convert shares to, or maintain a Fund account, or to add to an existing Fund account.

Keep these addresses handy for purchases, exchanges, or redemptions.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **BY REGULAR U.S. MAIL** | &nbsp;&nbsp;&nbsp; Victory Funds <br> P.O. Box 182903 <br> Columbus, OH 43218-2903<br>|
| **BY OVERNIGHT MAIL** | &nbsp;&nbsp;&nbsp; Use the following address ONLY for overnight packages:<br> Victory Funds<br> c/o FIS TA Operations<br> 4249 Easton Way, Suite 400<br> Columbus, OH 43219<br> PHONE: 800-235-8396<br>|
| **BY WIRE** | &nbsp;&nbsp;&nbsp; Call 800-235-8396 BEFORE wiring money to notify the Fund that you intend <br> to purchase shares by wire and to verify wire instructions.<br>|
| **BY TELEPHONE** | 800-235-8396 |
| **ON THE INTERNET** | VictoryFunds.com |

---

**30**

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How to Exchange Shares

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&nbsp;&nbsp; There may be limits on the ability to exchange between certain Victory Funds. <br> You can obtain a list of Victory Funds available for exchange by calling <br> 800-235-8396 or by visiting VictoryFunds.com<br>

The shares of any class of a Fund may be exchanged for the shares of any other class offered by the Fund or the same class of any other class of any Victory Fund, either through your Investment Professional or directly through the Fund, subject to the conditions described below:

◼

Exchanges are subject to any CDSC, minimum investment limitation, or eligibility requirements described in the applicable Prospectus and SAI. You may be required to provide sufficient information to establish eligibility to exchange into a new share class.

◼

To exchange with another Victory Fund, the other Victory Fund must be eligible for exchange with your Fund.

◼

Shares of the Victory Fund selected for exchange must be available for sale in your state of residence.

If you have questions about these, or any of the Funds' other exchange policies, please consult Victory Customer Service or your Investment Professional before requesting an exchange.

Before exchanging, you should read the Prospectus of the other Victory Fund you wish to exchange into, which may be subject to different risks, fees, and expenses.

**Processing Your Voluntary Exchange/Conversion**

If your exchange or conversion request is received and accepted by the Funds, an Investment Professional or other intermediary by the close of trading as described in the section titled, "Share Price," then your request will be processed the same day. If received after the close of trading, your request will be processed on the next business day. Please contact your financial intermediary regarding the tax consequences of any exchange or conversion.

Exchanges will occur at the respective NAVs of the Funds' share classes involved in the exchange next calculated after receipt and acceptance of your exchange request in good order, plus any applicable sales charge described in the Prospectus. Share class conversions will be based on the respective NAV of each class as of the trade date of the conversion. Consequently, you may receive fewer shares or more shares than originally owned, depending on that day's NAVs.

**Requesting an Exchange**

You can exchange shares of the Funds by telephone, by mail, or via the Internet. You cannot exchange into an account with a different registration or tax identification number.

◼

**By Telephone**

Unless you indicate otherwise on the account application, Victory Customer Service will be authorized to accept exchange instructions received by telephone.

◼

**By Mail**

Send a letter of instruction signed by all registered owners or their legal representatives to the Victory Funds.

◼

**Via the Internet**

You may also exchange shares via the Internet at VictoryFunds.com if you are a registered user.

**31**

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How to Exchange Shares

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**Other Exchange Rules You Should Know**

The Funds may refuse any exchange purchase request if the Adviser determines that the request is associated with a market timing strategy. The Funds may terminate or modify the exchange privilege at any time upon 60 days' notice to shareholders.

An exchange of Fund shares for shares of another Victory Fund constitutes a sale for tax purposes unless the exchange is made within an IRA or other tax-deferred account.

For information on how to exchange shares of a Fund that were purchased through your employer's retirement plan, including any restrictions and charges that the plan may impose, please consult your employer.

**32**

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How to Sell Shares

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There are a number of convenient ways to sell your shares.<br>

If your redemption request is received in good order by the close of trading on the NYSE, your redemption will be processed the same day. Your redemption will not be processed until the next business day if it is received after the close of trading on the NYSE. You cannot redeem your shares at VictoryFunds.com.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BY TELEPHONE**<br>

The easiest way to redeem shares is by calling 800-235-8396. When you fill out your original application, be sure to check the box marked "Telephone Authorization." You have the following options for receiving your redemption proceeds:

◼

Mail a check to the address of record;

◼

Wire funds to a previously designated domestic financial institution;

◼

Mail a check to a previously designated alternate address; or

◼

Electronically transfer your redemption via ACH to a previously designated domestic financial institution.

Victory Funds' transfer agent records all telephone calls for your protection and takes measures to verify the identity of the caller. If the transfer agent properly acts on telephone instructions and follows reasonable procedures to ensure against unauthorized transactions, none of the Trust, its servicing agents, the Adviser, or the transfer agent will be responsible for any losses. If the transfer agent does not follow these procedures, it may be liable to you for losses resulting from unauthorized instructions.

If there is an unusual amount of market activity and you cannot reach the transfer agent or your Investment Professional by telephone, consider placing your order by mail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BY MAIL**<br>

Use the regular U.S. mail or overnight mail address to redeem shares. You can use the same mailing addresses listed for purchases. Send us a letter of instruction indicating your Fund account number, amount of redemption, and where to send the proceeds. A Medallion signature guarantee is required for the following redemption requests:

◼

Your account registration has changed within the last 15 business days;

◼

The check is not being mailed to the address on your account;

◼

The check is not being made payable to the owner of the account;

◼

The redemption proceeds are being transferred to another Victory Fund account with a different registration; or

◼

The check or wire is being sent to a different bank account than was previously designated.

You can get a Medallion signature guarantee from a financial institution — such as a commercial bank, broker-dealer, credit union, clearing agency, or savings bank — that is a member of a Medallion signature guarantee program.

**BY WIRE**<br>

If you want to receive your proceeds by wire, you must establish a Fund account that will accommodate wire transactions. If you call before the close of trading on the NYSE, your funds will be wired on the next business day.

**BY ACH**<br>

You may transfer your proceeds by ACH to a domestic bank. Normally, your redemption will be processed on the same day if your request is received before the close of trading on the NYSE. If your request is received after the close of trading it will be processed on the next business day.

**33**

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How to Sell Shares

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**Systematic Withdrawal Plan**

If you own shares in a single investment account (accounts in different Victory Funds offering Member Class shares cannot be aggregated for this purpose), you may request that enough shares to produce a fixed amount of money be liquidated from the account monthly, quarterly, or annually. The amount of each withdrawal must be at least $50. Using the electronic funds transfer service, you may choose to have withdrawals electronically deposited at your bank or other financial institution. You also may elect to have such withdrawals invested in another Victory Fund offering Member Class shares. You should be aware that each withdrawal may be a taxable transaction. Also, each withdrawal reduces your account balance, and eventually your account balance may be depleted. However, you cannot automatically close your account using the Systematic Withdrawal Plan. If your balance falls below the initial purchase minimum, we may ask you to bring the account back to the minimum balance. If you decide not to increase your account to the minimum balance, your account may be closed and the proceeds mailed to you.

**Additional Information About Redemptions**

◼

Redemption proceeds from the sale of Fund shares purchased by a check or through ACH will be held until the purchase check or ACH has cleared, which will take up to 10 business days.

◼

We typically expect to send the proceeds from your share redemption within one business day after we execute your order, but we may take up to seven business days to send redemption proceeds, regardless of payment type. When you sell shares through your financial intermediary, you can ask the intermediary to tell you when you can expect to receive the proceeds of your redemption.

◼

A Fund may suspend your right to redeem your shares in the following circumstances:

<sup>◼</sup>

During non-routine closings of the NYSE;

<sup>◼</sup>

When the SEC determines either that trading on the NYSE is restricted or that an emergency prevents the sale or valuation of the Fund's securities; or

<sup>◼</sup>

When the SEC orders a suspension to protect the Fund's shareholders.

◼

A Fund typically uses cash and cash equivalents held in its portfolio or sells portfolio assets to meet redemption requests. In unusual circumstances or under stressed market conditions, the Fund may use other methods to raise cash to meet redemption requests. For example, the Fund may draw funds from a line of credit or borrow available cash held by other Victory Funds under an "interfund lending program" in reliance on an exemptive order from the SEC.

◼

A Fund will pay redemptions by any one shareholder during any 90-day period in cash up to the lesser of $250,000 or 1.00% of the Fund's net assets. The Funds reserve the right to pay the remaining portion "in kind," that is, in portfolio securities rather than cash. Securities received pursuant to an in-kind redemption are subject to market risk until sold and may be subject to brokerage and other fees.

◼

If you choose to have your redemption proceeds mailed to you and either the U.S. Postal Service is unable to deliver the redemption check to you or the check remains outstanding for more than six months, the Funds reserve the right to reinvest the check in shares of the Fund at its then current NAV until you give the Fund different instructions. No interest will accrue on amounts represented by uncashed redemption checks.

**34**

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Distributions and Taxes

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&nbsp;&nbsp; **Buying a dividend.** You should check the Funds' distribution schedule before you invest. <br> If you purchase shares when a Fund has undistributed income and gain, you will be <br> "buying a dividend" by paying a higher purchase price per share reflecting the <br> undistributed income and gain and then receiving a portion of the purchase price back <br> in the form of a taxable dividend unless you are investing through a tax-deferred account.<br>

The Victory Fund for Income ordinarily declares and pays dividends from net investment income, if any, monthly, and net realized capital gains, if any, annually. The Victory Investment Grade Convertible Fund ordinarily declares and pays dividends from net investment income, if any, quarterly, and net realized capital gains, if any, annually. Each Fund may make additional distributions, if necessary, to comply with U.S. federal tax requirements and avoid U.S. federal income or excise tax.

Each class of shares declares and pays dividends separately.

Distributions can be received in one of the following ways. Please check with your Investment Professional if you are unsure of which option is right for you.

**Reinvestment Option**

You can have distributions automatically reinvested in additional shares of your Fund. If you do not indicate another choice on your Account Application, you will be assigned this option automatically.

**Cash Option**

If you elect to receive your distributions by check, and the distribution amount is $25 or less, the amount will automatically be reinvested in the same Fund. Otherwise, a check will be mailed to you no later than seven days after the dividend payment date. If you choose to have your distribution proceeds mailed to you and either the U.S. Postal Service is unable to deliver the distribution check to you or the check remains outstanding for at least six months, the distribution option on your account will default to the reinvestment option as described above. Each Fund reserves the right to reinvest the check in shares of the Fund at its then current NAV until you give the Fund different instructions. No interest will accrue on amounts represented by uncashed distribution checks.

**Income Earned Option**

You can automatically reinvest your dividends in additional Fund shares and have your capital gains paid in cash, or reinvest capital gains and have your dividends paid in cash.

**Directed Distributions Option**

In most cases, you can automatically reinvest distributions in shares of another Victory Fund. If you reinvest your distributions in a different Victory Fund, you may pay a sales charge on the amount of reinvested distributions.

**Directed Bank Account Option**

In most cases, you can automatically transfer distributions to your bank checking or savings account. Under normal circumstances, the transfer agent will transfer your distributions within seven days of the dividend payment date. The bank account must have a registration identical to that of your Fund account.

&nbsp;&nbsp; Your choice of distribution should be set up on the original Account Application. <br> If you would like to change the option you selected, please call 800-235-8396.<br>

**35**

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Distributions and Taxes

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**Important Information About Taxes** 

&nbsp;&nbsp; The tax information in this Prospectus is provided as general information. You <br> should review the more detailed discussion of federal income tax considerations <br> in the SAI and consult your tax adviser regarding the federal, state, local, or <br> foreign tax consequences resulting from your investment in a Fund.<br>

Each Fund generally expects to pay no federal income tax on the earnings and capital gains it distributes to shareholders.

◼

Qualified dividend income received from a Fund by noncorporate shareholders generally will be taxed at long-term capital gain rates to the extent attributable to qualified dividend income received by the Fund, subject to certain holding period requirements. Nonqualified dividends, dividends received by corporate shareholders and dividends from a Fund's short-term capital gains are taxable as ordinary income. Dividends from a Fund's long-term capital gains generally are taxable as long-term capital gains.

◼

You will pay tax on dividends from a Fund whether you receive them in cash, additional shares of the Fund or you reinvest them in shares of another Victory Fund.

◼

Dividends from a Fund that are attributable to interest on certain U.S. government obligations, if any, may be exempt from certain state and local income taxes. The extent to which ordinary dividends are attributable to these U.S. government obligations will be provided on the tax statements you receive from a Fund.

◼

An exchange of a Fund's shares for shares of another Victory Fund will be treated as a sale. When you sell or exchange shares of a Fund, you generally will recognize any gain or loss.

◼

An exchange of one class of a Fund's shares for shares of another class of the same Fund generally constitutes a nontaxable exchange for federal income tax purposes.

◼

Distributions from a Fund and gains from the disposition of your shares may also be subject to state and local income tax.

◼

An additional 3.8% Medicare tax will be imposed on certain net investment income (which includes dividends and gain recognized on a disposition of shares) of certain U.S. individuals, estates, and trusts.

◼

Certain dividends paid to you in January will be taxable as if they had been paid to you the previous December.

◼

Tax statements will be mailed from each Fund by mid-February showing the amounts and tax status of distributions made to you in the prior calendar year.

◼

Because your tax treatment depends on your purchase price and tax position, you should keep your regular account statements for use in determining your tax.

◼

A Fund generally is required by law to provide you and the Internal Revenue Service with certain cost basis information related to the sale or redemption of any of your shares in the Fund acquired on or after January 1, 2012 (including distributions that are reinvested in additional shares of the Fund).

◼

A Fund may be required to withhold tax from dividends and redemption proceeds if you fail to give your correct social security or taxpayer identification number, fail to make required certifications, or the Fund is notified by the Internal Revenue Service that backup withholding is required.

◼

If you are a nonresident alien individual, foreign trust or estate, foreign corporation, or foreign partnership, a Fund's ordinary income dividends may be subject to a 30% U.S. withholding tax. See the section titled "TAXES—Foreign Shareholders" in the SAI for details.

**36**

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Distributions and Taxes

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◼

Under the "Foreign Account Tax Compliance Act," unless certain foreign entities comply with certain IRS requirements that generally require them to report information regarding U.S. persons investing in, or holding accounts with, such entities, a 30% U.S. withholding tax may apply to dividends paid by a Fund to such entities. See the section titled "TAXES—Foreign Shareholders" in the SAI for details.

◼

The Funds may provide estimated capital gain distribution information through the website at vcm.com.

**IRA Distribution Withholding Disclosure**

We generally must withhold federal income tax at a rate of 10% of the taxable portion of your distribution, and if you live in a state that requires state income tax withholding, at your state's tax rate. However, you may elect not to have withholding apply or to have income tax withheld at a higher rate. Any withholding election that you make will apply to any subsequent distribution unless and until you change or revoke the election. If you wish to make a withholding election, or change or revoke a prior withholding election, call 800-235-8396, and form W-4P (OMB No. 1545-0074 withholding certificate for pension or annuity payments) will be sent electronically.

If you do not have a withholding election in place by the date of a distribution, federal income tax will be withheld from the taxable portion of your distribution at a rate of 10%. If you must pay estimated taxes, you may be subject to estimated tax penalties if your estimated tax payments are not sufficient and sufficient tax is not withheld from your distribution.

The foregoing discussion summarizes some of the possible consequences under current federal tax law of an investment in the Fund. It is not a substitute for personal tax advice. The foregoing discussion also does not discuss any state, local, or non-U.S. tax consequences associated with an investment in the Fund. The tax information in this Prospectus is based on tax law in effect on the date of this Prospectus and it does not address any proposals to modify such tax laws. Consult your personal tax advisor about the potential tax consequences of an investment in the shares under all applicable tax laws.

For more specific information, please consult your tax adviser.

**37**

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Important Fund Policies

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**Customer Identification Program**

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens a new account, and to determine whether such person's name appears on government lists of known or suspected terrorists and terrorist organizations.

As a result, the Victory Funds must obtain the following information for each person who opens a new account:

◼

Name;

◼

Date of birth (for individuals);

◼

Residential or business street address (although post office boxes are still permitted for mailing); and

◼

Social security number, taxpayer identification number, or other identifying number.

You may also be asked for a copy of your driver's license, passport, or other identifying document in order to verify your identity. In addition, it may be necessary to verify your identity by cross-referencing your identification information with a consumer report or other electronic database. Additional information may be required to open accounts for corporations and other entities. Federal law prohibits the Victory Funds and other financial institutions from opening a new account unless they receive the minimum identifying information listed above. After an account is opened, the Victory Funds may restrict your ability to purchase additional shares until your identity is verified. The Victory Funds may close your account or take other appropriate action if it is unable to verify your identity within a reasonable time. If your account is closed for this reason, your shares will be redeemed at the NAV next calculated after the account is closed.

**Account Maintenance Information**

For the following non-financial transactions, the Victory Funds require proof that your signature authorizing a transaction is authentic. This verification can be provided in all cases by either a Signature Validation Program ("SVP") stamp or a Medallion signature guarantee ("MSG"). In some instances a Notary Public stamp is an acceptable alternative. As with an MSG, an SVP stamp can also be obtained from a financial institution that is a member of the SVP program.

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Notary** <br> **Public**<br>| **SVP** | **MSG** |
| Change of name  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Add/change banking instructions  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Add/change beneficiaries  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Add/change authorized account traders  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Adding a Power of Attorney | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Add/change Trustee  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Uniform Transfers to Minors Act/Uniform Gifts to Minors Act custodian <br> change <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |

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**Market Timing**

The Victory Funds discourage frequent purchases and redemptions of Fund shares (market timing). Market timing allows investors to take advantage of market inefficiencies, sometimes to the disadvantage of other shareholders. Market timing increases Fund expenses to all shareholders by increasing portfolio turnover. In addition, market timing could potentially dilute share value for all other shareholders by requiring the Fund to hold more cash than it normally would.

**38**

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Important Fund Policies

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The Board has adopted policies and procedures with respect to market timing. In order to prevent or minimize market timing, the Funds (or the Adviser, as appropriate) will:

◼

Employ "fair value" pricing, as described in this Prospectus under Share Price, to minimize the discrepancies between a security's market quotation and its perceived market value, which often gives rise to market timing activity; and

◼

Monitor for suspected market timing based on "short-term transaction" activity, that is, a purchase or redemption of a Fund and, as applicable, a subsequent redemption or purchase of the same Fund, or an exchange of all or part of that same Fund.

In monitoring for market timing activity, we consider, among other things, the frequency of your trades and whether you acquired your Fund shares directly through the transfer agent or whether you combined your trades with a group of shareholders in an omnibus account or otherwise placed your order through a securities dealer or other financial intermediary.

Frequent trading by a shareholder is generally a characteristic of market timing. Therefore, any account in which Fund shares are acquired directly through the transfer agent, or where the Fund can adequately identify the shareholder, with a history of three short-term transactions within 90 days or less is suspected of market timing and the shareholder's trading privileges (other than redemption of Fund shares) will be suspended.

We may make exceptions to the "short-term transaction" policy for certain types of transactions if, in the opinion of the Adviser, under the oversight of the Board, the transactions do not represent short-term or excessive trading or are not abusive or harmful to the Funds, such as, but not limited to, systematic transactions, required minimum retirement distributions, transactions initiated by the Funds or administrator, and transactions by certain qualified funds-of-funds.

If you acquired shares through an omnibus account or otherwise placed your order through a securities dealer, or other financial intermediary (such as investment advisers, broker-dealers, third-party administrators, or insurance companies), and market timing is suspected, different purchase and exchange limitations may apply. We may rely upon a financial intermediary's policy to deter short-term or excessive trading (i) if we believe that the financial intermediary's policy is reasonably designed to detect and deter transactions that are not in the best interests of the Funds, or (ii) if we receive an undertaking from the financial intermediary to enforce short-term or excessive trading policies on behalf of the Funds that provide a substantially similar level of protection for the Funds against such transactions. If you hold your Fund shares through a financial intermediary, you are advised to consult the intermediary to determine what purchase and exchange limitations apply to your account.

We reserve the right to reject or cancel a purchase or exchange order for any reason without prior notice. We will deny your request to purchase or exchange your shares if we believe that the transaction is part of a market timing strategy.

The Funds' market timing policies and procedures may be modified or terminated at any time under the oversight of the Board.

**Portfolio Holdings Disclosure**

A description of each Fund's policies and procedures with respect to the disclosure of the Funds' portfolio securities is available in the Funds' SAI, which is available upon request and on the Funds' website at VictoryFunds.com.

**39**

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Important Fund Policies

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**Performance**

The Victory Funds may advertise the performance of a Fund by comparing it to other mutual funds with similar objectives and policies. Performance information also may appear in various publications. Any fees charged by Investment Professionals may not be reflected in these performance calculations.

Advertising information may include the average annual total return of the Funds calculated on a compounded basis for specified periods of time. Total return information will be calculated according to rules established by the SEC. Such information may include performance rankings and similar information from independent organizations and publications.

**Statements and Reports**

You will receive a periodic statement reflecting any transactions that affect the balance or registration of Fund shares in your account. You will receive a confirmation after any purchase, exchange, or redemption. If your account has been set up by an Investment Professional, Fund activity will be detailed in that account's statements. Share certificates are not issued. Twice a year, you will receive a financial report of the Fund. By February 15th of each year, you will be mailed an IRS form reporting distributions for the previous year, which also will be filed with the IRS.

**Shareholder Communications**

In order to eliminate duplicate mailings to an address at which two or more shareholders with the same last name reside, the Victory Funds may send only one copy of any shareholder reports, proxy statements, prospectuses and their supplements, unless you have instructed us to the contrary. You may request that the Victory Funds send these documents to each shareholder individually by calling the Victory Funds at 800-235-8396, and they will be delivered promptly.

While this Prospectus and the SAI of the Trust describe pertinent information about the Trust and the Funds, neither this Prospectus nor the SAI represents a contract between the Trust or the Funds and any shareholder.

**40**

------

Financial Highlights

------

The following financial highlights tables reflect historical information about shares of the Funds and are intended to help you understand each Fund's financial performance for the past five years, or, if shorter, the period of its operations. Certain information shows the results of an investment in one share of a Fund. To the extent a Fund invests in other funds, the Total Annual Operating Expenses included in a Fund's Fees and Expenses Table may not correlate to the ratio of expenses to average net assets in the financial highlights below. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in each Fund (assuming reinvestment of all dividends and distributions).

The information presented has been audited by Cohen & Company, Ltd., the Funds' independent registered public accounting firm, whose report, along with the Funds' financial statements, are included in the Funds' most recent N-CSR filing to shareholders, which is available upon request.

**41**

------

**Victory Fund for Income** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Member Class** | **Member Class** | **Member Class** | **Member Class** | **Member Class** |
| ***For a Share Outstanding Throughout Each*** <br> ***Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **8 Months**<br> **Ended**<br> **6/30/22(a)**<br>| &nbsp;&nbsp; **11/3/20(b)**<br> **through**<br> **10/31/21**<br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp; $6.86 | &nbsp;&nbsp;&nbsp; $6.93 | &nbsp;&nbsp;&nbsp; $7.34 | &nbsp;&nbsp;&nbsp; $7.95 | &nbsp;&nbsp;&nbsp; $8.41 |
| **Investment Activities:** |  |  |  |  |  |
| Net investment income (loss)(c) | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp; (0.13) |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp; (0.09) |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp; (0.37) |
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp; (0.37) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $6.88 | &nbsp;&nbsp;&nbsp; $6.86 | &nbsp;&nbsp;&nbsp; $6.93 | &nbsp;&nbsp;&nbsp; $7.34 | &nbsp;&nbsp;&nbsp; $7.95 |
| Total Return(d),(e) | &nbsp;&nbsp;&nbsp; 5.66% | &nbsp;&nbsp;&nbsp; 4.54% | &nbsp;&nbsp;&nbsp; (0.29)% | &nbsp;&nbsp;&nbsp; (4.49)% | &nbsp;&nbsp;&nbsp; (1.08)% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net Expenses(f),(g) | &nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp; 0.75% |
| Net Investment Income (Loss)(f) | &nbsp;&nbsp;&nbsp; 2.25% | &nbsp;&nbsp;&nbsp; 1.68% | &nbsp;&nbsp;&nbsp; 1.45% | &nbsp;&nbsp;&nbsp; 0.73% | &nbsp;&nbsp;&nbsp; 0.52% |
| Gross Expenses(f),(g) | &nbsp;&nbsp;&nbsp; 1.53% | &nbsp;&nbsp;&nbsp; 2.00% | &nbsp;&nbsp;&nbsp; 1.59% | &nbsp;&nbsp;&nbsp; 2.85% | &nbsp;&nbsp;&nbsp; 4.45% |
| **Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (000's) | &nbsp;&nbsp;&nbsp; $3733 | &nbsp;&nbsp;&nbsp; $1799 | &nbsp;&nbsp;&nbsp; $1369 | &nbsp;&nbsp;&nbsp; $1238 | &nbsp;&nbsp;&nbsp; $877 |
| Portfolio Turnover(d),(h) | &nbsp;&nbsp;&nbsp; 22% | &nbsp;&nbsp;&nbsp; 3% | &nbsp;&nbsp;&nbsp; 10% | &nbsp;&nbsp;&nbsp; 20% | &nbsp;&nbsp;&nbsp; 27% |

---

(a) The Fund's fiscal year-end changed from October 31 to June 30.

(b) Commencement of operations.

(c) Per share net investment income (loss) has been calculated using the average daily shares method.

(d) Not annualized for periods less than one year.

(e) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return.

(f) Annualized for periods less than one year.

(g) Does not include acquired fund fees and expenses, if any.

(h) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**42**

------

**Victory Investment Grade Convertible Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Member Class** | **Member Class** | **Member Class** | **Member Class** | **Member Class** |
| ***For a Share Outstanding Throughout Each*** <br> ***Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **8 Months**<br> **Ended**<br> **6/30/22(a)**<br>| &nbsp;&nbsp; **11/3/20(b)**<br> **through**<br> **10/31/21**<br>|
| **Net Asset Value, Beginning of Period** | &nbsp;&nbsp;&nbsp; $17.89 | &nbsp;&nbsp;&nbsp; $17.03 | &nbsp;&nbsp;&nbsp; $16.95 | &nbsp;&nbsp;&nbsp; $20.71 | &nbsp;&nbsp;&nbsp; $17.36 |
| **Investment Activities:** |  |  |  |  |  |
| Net investment income (loss)(c) | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp; (2.16) | &nbsp;&nbsp;&nbsp;&nbsp;3.31 |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp; (1.95) | &nbsp;&nbsp;&nbsp;&nbsp;3.57 |
| **Distributions to Shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.43) | &nbsp;&nbsp;&nbsp; (0.44) | &nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp; (1.48) | &nbsp;&nbsp;&nbsp; (0.22) |
| Net realized gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp; — |
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.43) | &nbsp;&nbsp;&nbsp; (0.44) | &nbsp;&nbsp;&nbsp; (0.52) | &nbsp;&nbsp;&nbsp; (1.81) | &nbsp;&nbsp;&nbsp; (0.22) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $18.80 | &nbsp;&nbsp;&nbsp; $17.89 | &nbsp;&nbsp;&nbsp; $17.03 | &nbsp;&nbsp;&nbsp; $16.95 | &nbsp;&nbsp;&nbsp; $20.71 |
| Total Return(d),(e) | &nbsp;&nbsp;&nbsp; 7.53% | &nbsp;&nbsp;&nbsp; 7.73% | &nbsp;&nbsp;&nbsp; 3.62% | &nbsp;&nbsp;&nbsp; (10.28)% | &nbsp;&nbsp;&nbsp; 20.63% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| Net Expenses(f),(g) | &nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp; 1.10% |
| Net Investment Income (Loss)(f) | &nbsp;&nbsp;&nbsp; 2.08% | &nbsp;&nbsp;&nbsp; 1.61% | &nbsp;&nbsp;&nbsp; 1.89% | &nbsp;&nbsp;&nbsp; 1.67% | &nbsp;&nbsp;&nbsp; 1.30% |
| Gross Expenses(f),(g) | &nbsp;&nbsp;&nbsp; 1.85% | &nbsp;&nbsp;&nbsp; 1.98% | &nbsp;&nbsp;&nbsp; 1.76% | &nbsp;&nbsp;&nbsp; 3.79% | &nbsp;&nbsp;&nbsp; 9.99% |
| **Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (000's) | &nbsp;&nbsp;&nbsp; $2151 | &nbsp;&nbsp;&nbsp; $1986 | &nbsp;&nbsp;&nbsp; $1720 | &nbsp;&nbsp;&nbsp; $1058 | &nbsp;&nbsp;&nbsp; $512 |
| Portfolio Turnover(d),(h) | &nbsp;&nbsp;&nbsp; 24% | &nbsp;&nbsp;&nbsp; 36% | &nbsp;&nbsp;&nbsp; 22% | &nbsp;&nbsp;&nbsp; 17% | &nbsp;&nbsp;&nbsp; 28% |

---

(a) The Fund's fiscal year-end changed from October 31 to June 30.

(b) Commencement of operations.

(c) Per share net investment income (loss) has been calculated using the average daily shares method.

(d) Not annualized for periods less than one year.

(e) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return.

(f) Annualized for periods less than one year.

(g) Does not include acquired fund fees and expenses, if any.

(h) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**43**

------

VF-IMF-PRO (11/25)

**By mail:**

Victory Funds

P.O. Box 182903

Columbus, OH 43218-2903

![](img3d4c8b3f2.gif)

P.O. Box 182903

Columbus, OH 43218-2903

**Statement of Additional Information ("SAI"):** The SAI contains more information about the Funds' operations, investment restrictions, policies and practices. The SAI is incorporated by reference into this Prospectus, which means that it is legally part of this Prospectus, even if you do not request a copy.

**Annual/Semi Annual Reports and Form N-CSR/Form N-CSRS:** Annual and semi annual reports contain more information about the Funds' investments and the market conditions and investment strategies that significantly affected the Funds' performance during the most recent fiscal period. The Funds' Form N-CSR and Form N-CSRS filings contain the Funds' annual and semi-annual financial statements.

**How to Obtain Information:** You may obtain a free copy of the SAI, annual and semi annual reports and other information such as Fund financial statements and ask questions about the Funds or your accounts, online at VictorySharesLiterature.com, by contacting the Funds at the following address or telephone number, or by contacting your financial intermediary.

**By telephone:**

Call Victory Funds at

800-235-8396

You also can get information about the Funds (including the SAI, other reports and other information such as Fund financial statements) from the Securities and Exchange Commission (SEC) on the SEC's Edgar database at sec.gov, or after paying a duplicating fee, by electronic request sent to the following e-mail address: publicinfo@sec.gov.

Investment Company Act File Number 811-4852

------

![](imgebf334ee1.gif)

**November 1, 2025**

Prospectus

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Victory Sycamore Established Value Fund | Victory Sycamore Established Value Fund | Victory Sycamore Established Value Fund | Victory Sycamore Established Value Fund | Victory Sycamore Established Value Fund | Victory Sycamore Established Value Fund | Victory Sycamore Established Value Fund |
|  | **Class A**  | **Class C**  | **Class I**  | **Class R**  | **Class R6**  | **Class Y**  |
|  | VETAX  | VEVCX  | VEVIX  | GETGX  | VEVRX  | VEVYX  |
| Victory Sycamore Small Company Opportunity Fund | Victory Sycamore Small Company Opportunity Fund | Victory Sycamore Small Company Opportunity Fund | Victory Sycamore Small Company Opportunity Fund | Victory Sycamore Small Company Opportunity Fund | Victory Sycamore Small Company Opportunity Fund | Victory Sycamore Small Company Opportunity Fund |
|  | **Class A**  | **Class C**  | **Class I**  | **Class R**  | **Class R6**  | **Class Y**  |
|  | SSGSX  | —  | VSOIX  | GOGFX  | VSORX  | VSOYX |

---

The Securities and Exchange Commission has not approved or disapproved these securities or determined whether this Prospectus is accurate or complete. Any representation to the contrary is a criminal offense.

vcm.com

800-539-FUND (800-539-3863)

------

![](imgebf334ee1.gif)

**Table of Contents**

---

| | |
|:---|:---|
| **[Fund Summaries](#xx_4d86d7d4-70b1-4b3c-a34a-221dd437218a_1)** | 1  |
| [Victory Sycamore Established Value Fund](#xx_4d86d7d4-70b1-4b3c-a34a-221dd437218a_1) | 1  |
| [Victory Sycamore Small Company Opportunity Fund](#xx_d1bbe06f-6590-44af-b797-504ef0469cdd_1) | 8  |
| **[Additional Fund Information](#xx_6f6d6e1a-6ed0-4927-8e64-5493f06e5563_1)** | 15  |
| [Investments](#xx_6f6d6e1a-6ed0-4927-8e64-5493f06e5563_2) | 16  |
| [Risk Factors](#xx_6f6d6e1a-6ed0-4927-8e64-5493f06e5563_3) | 17  |
| **[Organization and Management of the Funds](#xx_b0198d3b-c706-4335-b7f9-3b32971b0d74_1)** | 22  |
| **[Investing with the Victory Funds](#xx_a020bcbd-0b86-4cf7-986c-b583616c9fd4_1)** | 23  |
| [Share Price](#xx_a020bcbd-0b86-4cf7-986c-b583616c9fd4_2) | 24  |
| [Choosing a Share Class](#xx_a020bcbd-0b86-4cf7-986c-b583616c9fd4_3) | 25  |
| [Information About Fees](#xx_a020bcbd-0b86-4cf7-986c-b583616c9fd4_10) | 32  |
| [How to Buy Shares](#xx_a020bcbd-0b86-4cf7-986c-b583616c9fd4_12) | 34  |
| [How to Exchange Shares](#xx_a020bcbd-0b86-4cf7-986c-b583616c9fd4_15) | 37  |
| [How to Sell Shares](#xx_a020bcbd-0b86-4cf7-986c-b583616c9fd4_17) | 39  |
| **[Distributions and Taxes](#xx_5534b94e-ce17-44d8-a40a-8b4230edefcc_1)** | 41  |
| **[Important Fund Policies](#xx_191d3432-4319-45af-b822-344119b6ce7a_1)** | 44  |
| **[Financial Highlights](#xx_15556b16-a150-4e50-8139-39e7f1a6963b_1)** | 47  |
| **[Appendix A — Variations in Sales Charge Reductions and](#xx_3c8582eb-0d1b-4010-b1b9-d5e6ef554bd1_1)**<br> **[Waivers Available Through Certain Intermediaries](#xx_3c8582eb-0d1b-4010-b1b9-d5e6ef554bd1_1)**<br>| 59 |

---

------

**Victory Sycamore Established Value Fund Summary**

**Investment Objective**

The Victory Sycamore Established Value Fund (the "Fund") seeks to provide long-term capital growth by investing primarily in common stocks.

**Fund Fees and Expenses**

The table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below**. You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $50,000 in the Victory Funds. More information about these and other discounts is available in *Investing with the Victory Funds* on page 23 of the Fund's Prospectus, in *Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries* and from your financial intermediary.

**Shareholder Fees**

(paid directly from your investment)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class R** | **Class R6** | **Class Y** |
| Maximum Sales Charge (Load) <br> Imposed on Purchases<br> (as a percentage of offering <br> price)<br>| 5.75% |  |  |  |  |  |
| Maximum Deferred Sales <br> Charge (Load)<br> (as a percentage of the lower of <br> purchase or sale price)<br>| None<sup>1</sup> <br>| 1.00%<sup>2</sup> <br>|  |  |  |  |

---

**Annual Fund Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Management Fees | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
| Distribution and/or Service <br> (12b-1) Fees<br>| 0.25% | 1.00% | 0.00% | 0.50% | 0.00% | 0.00% |
| Other Expenses | 0.19% | 0.25% | 0.13% | 0.14% | 0.09% | 0.21% |
| Total Annual Fund Operating <br> Expenses<br>| 0.89% | 1.70%<sup>3</sup> <br>| 0.58% | 1.09% | 0.54% | 0.66% |

---

<sup>1</sup>

A contingent deferred sales charge of 0.75% may be imposed on Class A shares with respect to purchases of $500,000 or more that are redeemed within 18 months of purchase. For additional information, see the section titled *Choosing a Share Class.*

<sup>2</sup>

Applies to shares sold within 12 months of purchase.

<sup>3</sup>

Victory Capital Management Inc. (the "Adviser") has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 1.84% of the Fund's Class C shares through at least October 31, 2026. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund's Board of Trustees.

**Example:**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in

**1**

------

Victory Sycamore Established Value Fund Summary

place through its expiration date. After eight years, Class C shares of the Fund generally will convert automatically to Class A shares of the Fund. The example for Class C shares reflects the conversion to Class A shares after eight years. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A | &nbsp;&nbsp;&nbsp; $661 | &nbsp;&nbsp;&nbsp; $843 | &nbsp;&nbsp;&nbsp; $1040 | &nbsp;&nbsp;&nbsp; $1608 |
| Class C | &nbsp;&nbsp;&nbsp; $273 | &nbsp;&nbsp;&nbsp; $536 | &nbsp;&nbsp;&nbsp; $923 | &nbsp;&nbsp;&nbsp; $1793 |
| Class I | &nbsp;&nbsp;&nbsp; $59 | &nbsp;&nbsp;&nbsp; $186 | &nbsp;&nbsp;&nbsp; $324 | &nbsp;&nbsp;&nbsp; $726 |
| Class R | &nbsp;&nbsp;&nbsp; $111 | &nbsp;&nbsp;&nbsp; $347 | &nbsp;&nbsp;&nbsp; $601 | &nbsp;&nbsp;&nbsp; $1329 |
| Class R6 | &nbsp;&nbsp;&nbsp; $55 | &nbsp;&nbsp;&nbsp; $173 | &nbsp;&nbsp;&nbsp; $302 | &nbsp;&nbsp;&nbsp; $677 |
| Class Y | &nbsp;&nbsp;&nbsp; $67 | &nbsp;&nbsp;&nbsp; $211 | &nbsp;&nbsp;&nbsp; $368 | &nbsp;&nbsp;&nbsp; $822 |

---

The following example makes the same assumptions as the example above, except that it assumes you do not sell your Class C shares at the end of the period.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class C | &nbsp;&nbsp;&nbsp; $173 | &nbsp;&nbsp;&nbsp; $536 | &nbsp;&nbsp;&nbsp; $923 | &nbsp;&nbsp;&nbsp; $1793 |

---

The example does not reflect sales charges (loads) on reinvested dividends and other distributions. If these sales charges (loads) were included, your costs would be higher.

**Portfolio Turnover:**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund's performance. For the most recent fiscal year, the Fund's portfolio turnover rate was 45% of the average value of its portfolio.

**Principal Investment Strategy**

The Adviser pursues the Fund's investment objective by investing primarily in the equity securities of companies that the Adviser believes to be undervalued relative to the underlying earnings potential of the company. Under normal circumstances, at least 80% of the Fund's assets will be invested in equity securities of companies with market capitalizations, at the time of purchase, within the range of companies comprising the Russell Midcap<sup>®</sup> Value Index. The Fund may invest a portion of its assets in equity securities of foreign companies traded in the United States, including American Depositary Receipts and Global Depositary Receipts ("ADRs" and "GDRs").

As of September 30, 2025, the Russell Midcap<sup>®</sup> Value Index included companies with approximate market capitalizations between $1.1 million and $127.6 billion. The size of companies in the index changes with market conditions and the composition of the index.

The Adviser invests in companies that it believes to be of high quality based on criteria such as market share position, profitability, balance sheet strength, competitive advantages, management competence and the ability to generate excess cash flow. The Adviser uses a bottom-up investment process in conducting fundamental analysis to identify companies that have sustainable returns trading below the Adviser's assessment of intrinsic value and prospects for an inflection in business fundamentals that will enable the stock price to be revalued higher. The Adviser may sell a security if it believes the stock has reached its fair value estimate, if a more attractive opportunity is identified, or if the fundamentals of the company deteriorate.

**2**

------

Victory Sycamore Established Value Fund Summary

**Principal Risks** 

The Fund's investments are subject to the following principal risks:

**Equity Securities Risk** — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company's earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer's bankruptcy.

**General Market Risk** — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels, and other fiscal and monetary policy changes; cybersecurity incidents, pandemics, and other public health crises; imposition of tariffs; sanctions against a particular foreign country, its nationals, businesses, or industries; and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.

**Sector Focus Risk** — While the Fund reserves the right to dynamically allocate its assets across economic sectors, listed below are some of the risks associated with the sectors in which the Fund may make significant investments. Market or economic factors impacting those sectors could have a significant effect on the value of the Fund's investments and could make the Fund's performance more volatile.

<sup>◼</sup>

**Industrials Sector Risk** — Companies in the industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events and economic conditions also affect the performance of investments in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies. Transportation companies may experience occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements, and insurance costs.

**Mid-Capitalization Stock Risk** — Mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss.

**Investment Style Risk** — Different types of investment styles, for example growth or value, tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. As a result, the Fund's performance may at times be worse than the performance of other mutual funds that invest more broadly or that have different investment styles.

**Foreign Securities Risk** — Foreign securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. Foreign securities could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing contracts. Compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts. Depositary receipts may have additional risks, including creditworthiness of the depositary bank and the risk of an illiquid market. In addition, to the extent investments are made

**3**

------

Victory Sycamore Established Value Fund Summary

in a limited number of countries, events in those countries will have a more significant impact on the Fund. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may negatively affect an investment. Dividends and interest received by the Fund and capital gains recognized by the Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund's return.

**Liquidity Risk** — Lack of a ready market or restrictions on resale may limit the ability of the Fund to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in an investment that is large relative to the typical trading volume for that investment, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Illiquid investments and relatively less-liquid investments may also be difficult to value. Liquidity risk may also refer to the risk that the Fund may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund.

**Large Shareholder Risk** — Certain large shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund's shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund's distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund's shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.

**Management Risk** — The portfolio managers may not execute the Fund's principal investment strategy effectively.

You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

**Investment Performance**

The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years. The table compares the Fund's average annual total returns of the Fund's share classes, including applicable maximum sales charges, over the same period to one or more broad measures of market performance, which have characteristics relevant to the Fund's investment strategy. The S&P 500<sup>®</sup> Index serves as the Fund's regulatory broad-based securities market index. We assume reinvestment of dividends and distributions.

Performance data for the classes varies based on differences in their fee and expense structures and reflects any expense limitations in effect during the periods shown. The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund's website at vcm.com.

**4**

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Victory Sycamore Established Value Fund Summary

**Calendar Year Returns for Class R Shares**

(The annual return in the bar chart is for the Fund's oldest class of shares, Class R shares.)

![](syestval.jpg)

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| | | |
|:---|:---|:---|
| **During the periods shown in the chart:** | **Returns** | **Quarter ended** |
| Highest Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20.43% | December 31, 2020 |
| Lowest Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -29.45% | March 31, 2020 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Year-to-date return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65% | September 30, 2025 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**<br> **(For the Periods Ended December 31, 2024)**<br>| **1 Year** | **5 Years** | **10 Years**<br> **(or Life**<br> **of Class)**<br>|
| CLASS R Before Taxes | &nbsp;&nbsp; 9.60% | &nbsp;&nbsp; 10.48% | &nbsp;&nbsp; 10.19% |
| CLASS R After Taxes on Distributions | &nbsp;&nbsp; 6.89% | &nbsp;&nbsp; 8.53% | &nbsp;&nbsp; 8.43% |
| CLASS R After Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp; 7.51% | &nbsp;&nbsp; 8.06% | &nbsp;&nbsp; 7.93% |
| CLASS A Before Taxes | &nbsp;&nbsp; 3.55% | &nbsp;&nbsp; 9.42% | &nbsp;&nbsp; 9.77% |
| CLASS C Before Taxes | &nbsp;&nbsp; 7.98% | &nbsp;&nbsp; 9.86% | &nbsp;&nbsp; 11.42%<sup>1,2</sup> <br>|
| CLASS I Before Taxes | &nbsp;&nbsp; 10.19% | &nbsp;&nbsp; 11.06% | &nbsp;&nbsp; 10.76% |
| CLASS R6 Before Taxes | &nbsp;&nbsp; 10.24% | &nbsp;&nbsp; 11.11% | &nbsp;&nbsp; 10.80% |
| CLASS Y Before Taxes | &nbsp;&nbsp; 10.11% | &nbsp;&nbsp; 11.01% | &nbsp;&nbsp; 10.70% |
| **Indices** | **Indices** | **Indices** | **Indices** |
| S&P 500<sup>®</sup> Index<br> reflects no deduction for fees, expenses, or taxes<br>| &nbsp;&nbsp; 25.02% | &nbsp;&nbsp; 14.53% | &nbsp;&nbsp; 13.10% |
| Russell Midcap<sup>®</sup> Value Index<br> reflects no deduction for fees, expenses, or taxes<br>| &nbsp;&nbsp; 13.07% | &nbsp;&nbsp; 8.59% | &nbsp;&nbsp; 8.10% |

---

Inception date of Class C shares is March 1, 2016.

Class C shares of the Fund will convert automatically into Class A shares in the month following the eight-year anniversary date of the purchase of the Class C shares. The 10-Year performance for Class C shares reflects the conversion to Class A shares after the first eight years of performance.

After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. In certain situations, the return after taxes on distributions and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax

**5**

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Victory Sycamore Established Value Fund Summary

situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only one share class. The after-tax returns for other classes will vary.

**Management of the Fund**

**Investment Adviser**

Victory Capital Management Inc. (the "Adviser") serves as the Fund's investment adviser. The portfolio managers jointly and primarily responsible for day-to-day management of the Fund are members of the Adviser's Sycamore Capital investment franchise..

**Portfolio Management** 

---

| | | |
|:---|:---|:---|
|  | **Title**  | **Tenure with the Fund**  |
| Gary H. Miller  | &nbsp;&nbsp; Chief Investment Officer of <br> Sycamore Capital <br>| Since 1998  |
| Jeffrey M. Graff  | Portfolio Manager  | Since 2007  |
| Gregory M. Conners  | Portfolio Manager  | Since 2002  |
| James M. Albers  | Portfolio Manager  | Since 2012  |
| Michael F. Rodarte  | Portfolio Manager  | Since 2012  |

---

**Purchase and Sale of Fund Shares**

The Fund generally is closed to new investors. See the section titled *How to Buy Shares* in the Fund's Prospectus for more information.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Minimums** | **Class A** | **Class C** | **Class I** | **Class R** | **Class R6** | **Class Y** |
| Minimum Initial Investment | &nbsp;&nbsp;&nbsp; $2500 | &nbsp;&nbsp;&nbsp; $2500 | &nbsp;&nbsp;&nbsp; $2000000 |  |  | &nbsp;&nbsp;&nbsp; $1000000 |
| Minimum Subsequent <br> Investments<br>| &nbsp;&nbsp;&nbsp; $50 | &nbsp;&nbsp;&nbsp; $50 |  |  |  |  |

---

For Class A and Class C shares a $1,000 minimum initial purchase amount and a $50 minimum subsequent purchase amount apply for Individual Retirement Accounts ("IRAs"), gift/transfer to minor accounts, and purchases through automatic investment plans.

Certain broker-dealers and other financial intermediaries (such as a bank) may establish higher or lower minimum initial and subsequent investment amounts to which you may be subject if you invest through them.

You may redeem your shares on any day the Fund is open for business. Redemption requests may be made by telephone (with prior appropriate approval) or by mail.

When you buy and redeem shares, the Fund will price your transaction at the next-determined net asset value ("NAV") after the Fund receives your request in good order, which means that your request contains all the required documentation, and that all documents contain required signatures or signature guarantees from a financial institution.

**6**

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Victory Sycamore Established Value Fund Summary

**Tax Information**

The Fund's distributions may be taxable whether you receive them in cash, additional shares of the Fund, or you reinvest them in shares of another Victory Fund, and may be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Taxes may be imposed on withdrawals from tax-deferred arrangements.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services for investments in all classes except Class R6. These payments may create a conflict of interest by influencing the financial intermediary and its financial advisor to recommend the Fund over another investment. Ask your financial advisor or visit your financial intermediary's website for more information.

**7**

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**Victory Sycamore Small Company Opportunity Fund Summary**

**Investment Objective**

The Victory Sycamore Small Company Opportunity Fund (the "Fund") seeks to provide capital appreciation.

**Fund Fees and Expenses**

The table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below**. You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $50,000 in the Victory Funds. More information about these and other discounts is available in *Investing with the Victory Funds* on page 23 of the Fund's Prospectus, in *Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries* and from your financial intermediary.

**Shareholder Fees**

(paid directly from your investment)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class I** | **Class R** | **Class R6** | **Class Y** |
| Maximum Sales Charge (Load) Imposed on <br> Purchases<br> (as a percentage of offering price)<br>| 5.75% |  |  |  |  |
| Maximum Deferred Sales Charge (Load)<br> (as a percentage of the lower of purchase or <br> sale price)<br>| None<sup>1</sup> <br>|  |  |  |  |

---

**Annual Fund Operating Expenses**

(expenses that you pay each year as a percentage of the value of your investment)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Management Fees | 0.76% | 0.76% | 0.76% | 0.76% | 0.76% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 0.00% | 0.50% | 0.00% | 0.00% |
| Other Expenses | 0.22% | 0.14% | 0.18% | 0.09% | 0.19% |
| Total Annual Fund Operating Expenses | 1.23% | 0.90% | 1.44% | 0.85% | 0.95%<sup>2</sup> <br>|

---

<sup>1</sup>

A contingent deferred sales charge of 0.75% may be imposed on Class A shares with respect to purchases of $500,000 or more that are redeemed within 18 months of purchase. For additional information, see the section titled *Choosing a Share Class.*

<sup>2</sup>

Victory Capital Management Inc. (the "Adviser") has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 1.15% of the Fund's Class Y shares through at least October 31, 2026. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving

effect to the recoupment amount. This agreement may only be terminated by the Fund's Board of Trustees.

**8**

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Victory Sycamore Small Company Opportunity Fund Summary

**Example:**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A | &nbsp;&nbsp;&nbsp; $693 | &nbsp;&nbsp;&nbsp; $943 | &nbsp;&nbsp;&nbsp; $1212 | &nbsp;&nbsp;&nbsp; $1978 |
| Class I | &nbsp;&nbsp;&nbsp; $92 | &nbsp;&nbsp;&nbsp; $287 | &nbsp;&nbsp;&nbsp; $498 | &nbsp;&nbsp;&nbsp; $1108 |
| Class R | &nbsp;&nbsp;&nbsp; $147 | &nbsp;&nbsp;&nbsp; $456 | &nbsp;&nbsp;&nbsp; $787 | &nbsp;&nbsp;&nbsp; $1724 |
| Class R6 | &nbsp;&nbsp;&nbsp; $87 | &nbsp;&nbsp;&nbsp; $271 | &nbsp;&nbsp;&nbsp; $471 | &nbsp;&nbsp;&nbsp; $1049 |
| Class Y | &nbsp;&nbsp;&nbsp; $97 | &nbsp;&nbsp;&nbsp; $303 | &nbsp;&nbsp;&nbsp; $525 | &nbsp;&nbsp;&nbsp; $1166 |

---

The example does not reflect sales charges (loads) on reinvested dividends and other distributions. If these sales charges (loads) were included, your costs would be higher.

**Portfolio Turnover:**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund's performance. For the most recent fiscal year, the Fund's portfolio turnover rate was 50% of the average value of its portfolio.

**Principal Investment Strategy**

The Adviser pursues the Fund's investment objective by investing primarily in the equity securities of smaller companies that the Adviser believes to be undervalued relative to the underlying earnings potential of the company.

Under normal circumstances, the Fund will invest at least 80% of its assets in equity securities of small companies. "Small companies" are companies that at the time of purchase have market capitalizations within the range of companies comprising the Russell 2000<sup>®</sup> Value Index. As of September 30, 2025, the Russell 2000<sup>®</sup> Value Index included companies with approximate market capitalizations between $5.9 million and $21.9 billion. The size of companies in the index changes with market conditions and the composition of the index.

The Adviser invests in companies that it believes to be of high quality based on criteria such as market share position, profitability, balance sheet strength, competitive advantages, management competence and the ability to generate excess cash flow. The Adviser uses a bottom-up investment process in conducting fundamental analysis to identify companies that have sustainable returns trading below the Adviser's assessment of intrinsic value and prospects for an inflection in business fundamentals that will enable the stock price to be revalued higher. The Adviser may sell a security if it believes the stock has reached its fair value estimate, if a more attractive opportunity is identified, or if the fundamentals of the company deteriorate.

The Fund may invest a portion of its assets in equity securities of foreign companies traded in the United States, including American Depositary Receipts and Global Depositary Receipts ("ADRs" and "GDRs").

**9**

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Victory Sycamore Small Company Opportunity Fund Summary

As a result of the bottom-up stock selection process, the Fund managers from time to time may find more compelling investment opportunities in certain economic sectors, such as the industrials and financials sectors.

**Principal Risks** 

The Fund's investments are subject to the following principal risks:

**Equity Securities Risk** — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company's earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer's bankruptcy.

**General Market Risk** — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels, and other fiscal and monetary policy changes; cybersecurity incidents, pandemics, and other public health crises; imposition of tariffs; sanctions against a particular foreign country, its nationals, businesses, or industries; and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.

**Small-Capitalization Stock Risk** — Small-sized companies are subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss. Smaller companies may have limited markets, product lines, or financial resources and lack management experience and may experience higher failure rates than larger companies.

**Sector Focus Risk** — To the extent the Fund focuses in one or more sectors, such as the industrials or financials sectors, market or economic factors impacting those sectors could have a significant effect on the value of the Fund's investments and could make the Fund's performance more volatile.

<sup>◼</sup>

**Industrials Sector Risk** — Companies in the industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events, and economic conditions also affect the performance of investments in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies. Transportation companies may experience occasional sharp price movements, which may result from changes in the economy, fuel prices, labor agreements, and insurance costs.

<sup>◼</sup>

**Financials Sector Risk** — Companies in the financials sector are subject to extensive government regulation, which can limit both the amounts and types of loans and other financial commitments that companies in this sector can make, and the interest rates and fees that these companies can charge. Profitability can be largely dependent on the availability and cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate significantly when interest rates change. Financial difficulties of borrowers can negatively affect the financials sector. Insurance companies can be subject to severe price competition. The financials sector can be subject to relatively rapid change as distinctions between financial service segments become increasingly blurred.

**10**

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Victory Sycamore Small Company Opportunity Fund Summary

**Investment Style Risk** — Different types of investment styles, for example growth or value, tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. As a result, the Fund's performance may at times be worse than the performance of other mutual funds that invest more broadly or that have different investment styles.

**Foreign Securities Risk** — Foreign securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. Foreign securities could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing contracts. Compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts. Depositary receipts may have additional risks, including creditworthiness of the depositary bank and the risk of an illiquid market. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may negatively affect an investment. Dividends and interest received by the Fund and capital gains recognized by the Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund's return.

**Liquidity Risk** — Lack of a ready market or restrictions on resale may limit the ability of the Fund to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in an investment that is large relative to the typical trading volume for that investment, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Illiquid investments and relatively less-liquid investments may also be difficult to value. Liquidity risk may also refer to the risk that the Fund may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund.

**Large Shareholder Risk** — Certain large shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund's shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund's distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund's shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.

**Management Risk** — The portfolio managers may not execute the Fund's principal investment strategy effectively.

You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

**11**

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Victory Sycamore Small Company Opportunity Fund Summary

**Investment Performance**

The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance has varied over the past 10 years. The table compares the Fund's average annual total returns of the Fund's share classes, including applicable maximum sales charges, over the same period to one or more broad measures of market performance, which have characteristics relevant to the Fund's investment strategy. The Russell 3000<sup>®</sup> Index serves as the Fund's regulatory broad-based securities market index. We assume reinvestment of dividends and distributions.

Performance data for the classes varies based on differences in their fee and expense structures and reflects any expense limitations in effect during the periods shown. The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund's website at vcm.com.

**Calendar Year Returns for Class R Shares**

(The annual return in the bar chart is for the Fund's oldest class of shares, Class R shares.)

![](syscopp.jpg)

---

| | | |
|:---|:---|:---|
| **During the periods shown in the chart:** | **Returns** | **Quarter ended** |
| Highest Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28.22% | December 31, 2020 |
| Lowest Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -29.56% | March 31, 2020 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Year-to-date return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.53% | September 30, 2025 |

---

**12**

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Victory Sycamore Small Company Opportunity Fund Summary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**<br> **(For the Periods Ended December 31, 2024)**<br>| **1 Year** | **5 Years** | **10 Years**<br> **(or Life**<br> **of Class)**<br>|
| CLASS R Before Taxes | &nbsp;&nbsp; 4.95% | &nbsp;&nbsp; 7.08% | &nbsp;&nbsp; 8.74% |
| CLASS R After Taxes on Distributions | &nbsp;&nbsp; 2.91% | &nbsp;&nbsp; 5.34% | &nbsp;&nbsp; 6.87% |
| CLASS R After Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp; 4.52% | &nbsp;&nbsp; 5.44% | &nbsp;&nbsp; 6.70% |
| CLASS A Before Taxes | &nbsp;&nbsp; -0.82% | &nbsp;&nbsp; 6.02% | &nbsp;&nbsp; 8.32% |
| CLASS I Before Taxes | &nbsp;&nbsp; 5.54% | &nbsp;&nbsp; 7.65% | &nbsp;&nbsp; 9.33% |
| CLASS R6 Before Taxes | &nbsp;&nbsp; 5.59% | &nbsp;&nbsp; 7.70% | &nbsp;&nbsp; 10.55%<sup>1</sup> <br>|
| CLASS Y Before Taxes | &nbsp;&nbsp; 5.49% | &nbsp;&nbsp; 7.56% | &nbsp;&nbsp; 9.18% |
| **Indices** | **Indices** | **Indices** | **Indices** |
| Russell 3000<sup>®</sup> Index<br> reflects no deduction for fees, expenses, or taxes<br>| &nbsp;&nbsp; 23.81% | &nbsp;&nbsp; 13.86% | &nbsp;&nbsp; 12.55% |
| Russell 2000<sup>®</sup> Value Index<br> reflects no deduction for fees, expenses, or taxes<br>| &nbsp;&nbsp; 8.05% | &nbsp;&nbsp; 7.29% | &nbsp;&nbsp; 7.14% |

---

Inception date of Class R6 is December 15, 2015.

After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. In certain situations, the return after taxes on distributions and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only one share class. The after-tax returns for other classes will vary.

**Management of the Fund**

**Investment Adviser**

Victory Capital Management Inc. (the "Adviser") serves as the Fund's investment adviser. The portfolio managers jointly and primarily responsible for day-to-day management of the Fund are members of the Adviser's Sycamore Capital investment franchise..

**Portfolio Management** 

---

| | | |
|:---|:---|:---|
|  | **Title**  | **Tenure with the Fund**  |
| Gary H. Miller  | &nbsp;&nbsp; Chief Investment Officer of <br> Sycamore Capital <br>| Since 1998  |
| Jeffrey M. Graff  | Portfolio Manager  | Since 2007  |
| Gregory M. Conners  | Portfolio Manager  | Since 2002  |
| James M. Albers  | Portfolio Manager  | Since 2012  |
| Michael F. Rodarte  | Portfolio Manager  | Since 2012  |

---

**13**

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Victory Sycamore Small Company Opportunity Fund Summary

**Purchase and Sale of Fund Shares**

The Fund generally is closed to new investors. See the section titled *How to Buy Shares* in the Fund's Prospectus for more information.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Minimums** | **Class A** | **Class I** | **Class R** | **Class R6** | **Class Y** |
| Minimum Initial Investment | &nbsp;&nbsp;&nbsp; $2500 | &nbsp;&nbsp;&nbsp; $2000000 |  |  | &nbsp;&nbsp;&nbsp; $1000000 |
| Minimum Subsequent Investments | &nbsp;&nbsp;&nbsp; $50 |  |  |  |  |

---

For Class A and Class C shares a $1,000 minimum initial purchase amount and a $50 minimum subsequent purchase amount apply for Individual Retirement Accounts ("IRAs"), gift/transfer to minor accounts, and purchases through automatic investment plans.

Certain broker-dealers and other financial intermediaries (such as a bank) may establish higher or lower minimum initial and subsequent investment amounts to which you may be subject if you invest through them.

You may redeem your shares on any day the Fund is open for business. Redemption requests may be made by telephone (with prior appropriate approval) or by mail.

When you buy and redeem shares, the Fund will price your transaction at the next-determined net asset value ("NAV") after the Fund receives your request in good order, which means that your request contains all the required documentation, and that all documents contain required signatures or signature guarantees from a financial institution.

**Tax Information**

The Fund's distributions may be taxable whether you receive them in cash, additional shares of the Fund, or you reinvest them in shares of another Victory Fund, and may be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Taxes may be imposed on withdrawals from tax-deferred arrangements.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services for investments in all classes except Class R6. These payments may create a conflict of interest by influencing the financial intermediary and its financial advisor to recommend the Fund over another investment. Ask your financial advisor or visit your financial intermediary's website for more information.

**14**

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Additional Fund Information

------

&nbsp;&nbsp; Victory Capital Management Inc., which we refer to as the "Adviser" <br> throughout the Prospectus, manages each Fund.<br>

The Victory Sycamore Established Value Fund (the "Established Value Fund") and Victory Sycamore Small Company Opportunity Fund (the "Small Company Fund") are each managed by the Adviser who also manages other funds, each having distinct investment management objectives, strategies, risks, and policies. Together, these funds are referred to in this Prospectus as the "Victory Funds" or, more simply, the "Funds."

The Established Value Fund's investment policy to invest under normal market conditions at least

80% of its assets in the securities of mid-capitalization companies and the Small Company Fund's investment policy to invest under normal market conditions at least 80% of its assets in the securities of small-capitalization companies are non-fundamental and may be changed by the Board of Trustees (the "Board") without shareholder approval only upon 60 days' prior written notice to shareholders. For purposes of an investment policy, "assets" means a Fund's net assets plus the amount of any borrowings for investment purposes, but exclusive of any collateral held from securities lending.

The following section describes additional information about the principal investment strategy the Funds will use under normal market conditions to pursue their investment objective, as well as any secondary strategies the Funds may use, and the related risks. This Prospectus does not attempt to describe all of the various investment techniques and types of investments that the Adviser may use in managing the Funds. The Statement of Additional Information ("SAI") includes more information about the Funds, their investments, and the related risks.

Under adverse, unstable or abnormal market conditions, a Fund may be unable to pursue or achieve its investment objective and, for temporary purposes, may invest some or all of its assets in a variety of instruments or assets, including high-quality fixed-income securities, cash and cash equivalents. For cash management purposes, each Fund may hold all or a portion of its assets in cash, short-term money market instruments, or shares of other investment companies. These positions may reduce the benefit from any upswing in the market, cause a Fund to fail to meet its investment objective, and increase a Fund's expenses.

&nbsp;&nbsp; If you would like to receive additional copies of any materials, please call the Victory Funds <br> at 800-539-FUND (800-539-3863) or please visit VictoryFunds.com.<br>

**15**

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Investments

------

**The following describes the types of securities each Fund may purchase under normal market conditions to achieve its principal investment strategy. The Funds will not necessarily buy all of the securities listed below.**

**U.S. Equity Securities**

Can include common stock, preferred stock, and securities that are convertible or exchangeable into common stock of U.S. corporations.

**Foreign Securities**

Can include common stock and convertible preferred stock of non-U.S. companies. Also may include American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs"), which are receipts issued by a bank or trust company and evidence ownership of underlying securities issued by foreign companies, and exchange-traded funds ("ETFs") that invest in foreign companies.

**<u>Additional Fund Strategies.</u> The Adviser may use other types of investment strategies in pursuing each Fund's overall investment objective. The following describes the types of securities or techniques that the Adviser may purchase or investment techniques the Adviser may employ that are not considered to be a part of the Funds' principal investment strategies. Additional securities and techniques are described in the Funds' SAI.**

**Investment Companies**

Each Fund may invest in securities of other investment companies, including ETFs, if those companies invest in securities consistent with the Fund's investment objective and policies. ETFs are investment companies the shares of which are bought and sold on a securities exchange.

**Securities Lending**

To enhance the return on its portfolio, a Fund may lend portfolio securities to brokers, dealers, and financial institutions to realize additional income under guidelines adopted by the Board. Each loan will be secured continuously by collateral in the form of cash, securities issued by the U.S. government or its agencies or instrumentalities.

**16**

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Risk Factors

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**The following provides additional information about the Funds' principal risks and supplements those risks discussed in each Fund's Summary section of this Prospectus.** 

---

| | | |
|:---|:---|:---|
|  | **Established Value Fund** | **Small Company Fund** |
| Equity Securities Risk | X | X |
| Foreign Securities Risk | X | X |
| General Market Risk | X | X |
| Investment Style Risk | X | X |
| Large Shareholder Risk | X | X |
| Liquidity Risk | X | X |
| Management Risk | X | X |
| Sector Focus Risk | X | X |
| Smaller-Company Stock Risk | X | X |

---

**Equity Securities Risk** — The market prices of equity securities, which may include common stocks and other stock-related securities such as preferred stocks, convertible securities, and rights and warrants may fluctuate, sometimes rapidly or unpredictably. A Fund may continue to accept new subscriptions and to make additional investments in equity securities even under general market conditions that a Fund's investment team views as unfavorable for equity securities. The value of a security may decline for reasons that directly relate to the issuer, such as management performance, financial leverage, and reduced demand for the issuer's goods or services or due to general market conditions, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment generally. Unlike debt securities, which have preference to a company's assets in case of liquidation, common stock, are entitled to the residual value after the company meets its other obligations. Unlike common stock, preferred stock generally pays a fixed dividend from a company's earnings and may have a preference over common stock on the distribution of a company's assets in the event of bankruptcy or liquidation. Preferred stockholders' liquidation rights are subordinate to the company's debt holders and creditors. If interest rates rise, the fixed dividend on preferred stocks may be less attractive and the price of preferred stocks may decline. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Convertible securities may gain or lose value due to changes in the issuer's operating results, financial condition, credit rating, and changes in interest rates, and other general economic, industry, and market conditions. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer's bankruptcy. Rights and warrants can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of warrants and rights do not necessarily move in tandem with the prices of the underlying securities and therefore are highly volatile and speculative investments.

**Foreign Securities Risk** — Foreign investments involve certain special risks. For example, compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign stock exchanges, brokers, and listed companies. Foreign issuers may not be subject to the uniform accounting, auditing, and financial reporting standards and practices prevalent in the United States. Certain of these risks may also apply to some extent to U.S. investments that are denominated in foreign currencies and to investments in U.S. companies that have significant foreign operations. Investments in depositary receipts (such as American Depositary Receipts and Global Depositary Receipts) may also involve additional risks associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency risk and the risk of an illiquid market for depositary receipts.

<sup>◼</sup>

**Political Risk** — Foreign securities markets may be more volatile than their counterparts in the United States. Investments in foreign countries could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing

**17**

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Risk Factors

------

contracts. Foreign settlement procedures may also involve additional risks, and foreign issuers can be impacted by changes to trade policies and trade disputes. These factors can make foreign investments more volatile than U.S. investments.

<sup>◼</sup>

**Currency Risk** — Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment. Adverse changes in exchange rates, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may erode or reverse any gains produced by investments denominated in foreign currencies and may widen any losses.

<sup>◼</sup>

**Legal Risk** — Legal remedies for investors in foreign countries may be more limited than the legal remedies available in the United States.

<sup>◼</sup>

**Tax Risk** — The value of a Fund's foreign investments may also be affected by foreign tax laws, special U.S. tax considerations and restrictions on receiving the investment proceeds from a foreign country. Dividends and interest received by a Fund and capital gains recognized by a Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund's return.

**General Market Risk** — Stock market risk refers to the fact that the prices of equity securities and other exchange traded investments typically fluctuate more than the values of debt and other types of securities, typically in response to changes in the particular company's financial condition and factors affecting the market in general. Over time, the stock market tends to move in cycles, with periods when stock prices rise, and periods when stock prices decline. A slower-growth or recessionary economic environment could have an adverse effect on stock prices. Consequently, a broad-based market drop may also cause a stock's price to fall. Portfolio securities may also decline in value due to factors affecting securities markets generally, such as real or perceived adverse economic, political, or regulatory conditions, inflation, changes in interest or currency rates or adverse investor sentiment, or due to factors affecting particular industries represented in the securities markets, such as competitive conditions. Changes in the financial condition of a single issuer can impact a market as a whole, and adverse market conditions may be prolonged and may not have the same impact on all types of securities. In addition, the markets may not favor a particular kind of security, including equity securities. Values of securities may fall due to factors affecting a particular issuer, industry, or the securities market as a whole.

Market turmoil may be reflected in perceptions of economic uncertainty, price volatility in the equity and debt markets, and fluctuating trading liquidity. In response, governments may adopt a variety of fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs, and changes in interest rates. These policies may not be successful and any unexpected or quick reversal of these policies could increase volatility in the equity and debt markets. Market conditions and economic risks could have a significant effect on domestic and international economies and could add significantly to the risks of increased volatility and decreased liquidity for a Fund's portfolio.

<sup>◼</sup>

**Geopolitical/Natural Disaster Risk** — Global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely affect issuers in another country or region. Geopolitical and other risks, including war, economic sanctions, currency controls or other actions by countries or international bodies, terrorism, trade disputes, embargoes, political or economic dysfunction within some nations, public health crises and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, may add to instability in world economies and markets generally. Changes in trade policies and international trade agreements could affect the economies of many countries in unpredictable ways. Epidemics and/or pandemics, such as

**18**

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Risk Factors

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COVID-19, may result in, among other things, closing borders, disruptions to health care service preparation and delivery, quarantines, cancellations, disruptions to supply chains and consumer activity, as well as general concern and uncertainty. The impact may last for extended periods.

<sup>◼</sup>

**Information Technology and Operational Risk** — Markets and market participants are increasingly reliant upon both publicly available and proprietary information data systems. Data imprecision, software or other technology malfunctions, programming inaccuracies, unauthorized use or access, and similar circumstances may impair the performance of these systems and may have an adverse impact upon a single issuer, a group of issuers, or the market at large. The information technology and other operational systems upon which a Fund's service providers rely may be subject to cyber-attack or other technological disruptions, and could otherwise disrupt the ability of these service providers to perform essential tasks for a Fund. In certain cases, an exchange or market may close or issue trading halts on either specific securities or even the entire market, which may result in a Fund being, among other things, unable to buy or sell certain securities or financial instruments or accurately price its investments.

**Investment Style Risk** — Different types of investment styles, for example growth or value, tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. "Value" investments, as a category, or entire industries or sectors associated with such investments, may lose favor with investors as compared to those that are more "growth" oriented. As a result, a Fund's performance may at times be worse than the performance of other mutual funds that invest more broadly or that have different investment styles.

**Large Shareholder Risk** — The Funds, like all investment companies, pool the investments of many investors. Actions by one shareholder or multiple shareholders may have an impact on the Funds and, therefore, indirectly on other shareholders. For example, significant levels of new investments in the Funds by shareholders may cause the Funds to have more cash than would otherwise be the case, which might have a positive or negative impact on Fund performance. Similarly, redemption activity might cause the Funds to sell portfolio securities, which may increase transaction costs and might generate a capital gain or loss, or cause it to borrow funds on a short-term basis to cover redemptions, which would cause the Funds to incur costs that, in effect, would be borne by all shareholders and not just the redeeming shareholders. Shareholder purchase and redemption activity also may affect the per share amount of the Funds' distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Funds' shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Funds to make taxable distributions to its shareholders earlier than the Funds otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Funds, the Funds may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Funds.

**Liquidity Risk** — Liquidity risk exists when particular investments cannot be disposed of quickly in the normal course of business. Market values for illiquid investments may not be readily available, and there can be no assurance that any fair value assigned to an illiquid investment at any time will accurately reflect the price a Fund might receive upon the sale of that investment. The ability of a Fund to dispose of illiquid investments or other instruments at advantageous prices may be greatly limited, and the Fund may have to continue to hold such investments or instruments during periods when the Adviser would otherwise have sold them (in order, for example, to meet redemption requests or to take advantage of other investment opportunities). Adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer, including rising interest rates, may adversely affect the liquidity of a Fund's investments. Some securities held by a Fund may be restricted as to resale, and there is often no ready market for such securities. In

**19**

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Risk Factors

------

addition, a Fund, by itself or together with other accounts managed by the Adviser, may hold a position in an investment that is large relative to the typical trading volume for that holding, which can make it difficult for a Fund to dispose of the position at an advantageous time or price. It may also be the case that other market participants may be attempting to liquidate a position at the same time as a Fund is attempting to liquidate the same investment, causing increased supply in the market, and contributing to liquidity risk and downward pricing pressure. In such cases the sale proceeds received by a Fund may be substantially less than if a Fund had been able to sell the securities in more-orderly transactions, and the sale price may be substantially lower than the price previously used by the Fund to value the securities for purposes of determining a Fund's net asset value.

**Management Risk** — The investment process used by the investment team may produce incorrect judgments about the value of a particular asset or the team may implement its investment strategy in a way that may not produce the desired results.

**Sector Focus Risk** — To the extent a Fund focuses in one or more sectors, market or economic factors impacting those sectors could have a significant effect on the value of the Fund's investments. Additionally, a Fund's performance may be more volatile when the Fund's investments are focused in a particular sector.

<sup>◼</sup>

**Industrials Sector Risk** — Stock prices of issuers in the industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events and economic conditions will also affect the performance of investments in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies because companies involved in this industry rely to a significant extent on U.S. and other government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by government defense spending policies, which typically are under pressure from efforts to control government spending budgets. Transportation companies, another component of the industrials sector, are subject to cyclical performance and, therefore, investment in such companies may experience occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements, and insurance costs.

<sup>◼</sup>

**Financials Sector Risk** — Companies in the financials sector are subject to extensive governmental regulation, which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business, or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.

**20**

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Risk Factors

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**Smaller-Capitalization Stock Risk** — Small- or mid-sized companies often have more limited managerial and financial resources than larger, more established companies and, therefore, may be more susceptible to market downturns or changing economic conditions. In addition, such companies may have been recently organized and have little or no track record of success. Also, the Adviser may not have had an opportunity to evaluate such newer companies' performance in adverse or fluctuating market conditions. The securities of smaller-sized companies may trade less frequently and in smaller volume than more widely held securities. Prices of small- or mid-sized companies tend to be more volatile than those of larger companies and small- or mid-sized issuers may be subject to greater degrees of changes in their earnings and prospects. Since smaller-company stocks typically have narrower markets and are traded in lower volumes than larger-company stocks, they may be often more difficult to purchase and sell.

**<u>Additional Risk Factors.</u>** The Adviser may use several types of investment strategies in pursuing each Fund's overall investment objective. The following risks are those that the Adviser does not consider to be principal risks of the Funds. Additional risks are included in the Funds' SAI.

**Investment Company Risk** — A Fund's ability to achieve its investment objective may be directly related to the ability of other investment companies (including ETFs) held by the Fund to meet their investment objectives. In addition, shareholders of the Fund will indirectly bear the fees and expenses of the underlying investment companies. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities.

**Securities Lending Risk** — The risk in lending portfolio securities, as with other extensions of credit, consists of the possibility of loss to a Fund due to (1) the inability of the borrower to return the securities, (2) a delay in receiving additional collateral to adequately cover any fluctuations in the value of securities on loan, (3) a delay in recovery of the securities, or (4) the loss of rights in the collateral should the borrower fail financially. These events could trigger adverse tax consequences for a Fund. In addition, a Fund is responsible for any loss that might result from its investment of the borrower's collateral. In determining whether to lend securities, the Adviser or a Fund's securities lending agent will consider relevant facts and circumstances, including the creditworthiness of the borrower.

&nbsp;&nbsp; An investment in a<br> Fund is not a complete<br> investment program.<br>

**21**

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Organization and Management of the Funds

------

The Funds' Board has the overall responsibility for overseeing the management of each Fund.

**The Investment Adviser**

The Adviser serves as the investment adviser to each of the Victory Funds pursuant to an investment advisory agreement and oversees the operations of the Funds according to investment policies and procedures adopted by the Board. The Adviser is a New York corporation that is registered as an investment adviser with the Securities and Exchange Commission ("SEC"). As of September 30, 2025, the Adviser managed and advised assets totaling in excess of $310.6 billion for individual and institutional clients. The Adviser's principal address is 15935 La Cantera Parkway, San Antonio, TX 78256.

A discussion regarding the basis of the Board's approval of the Funds' Advisory Agreement is available in the Funds' most recent Form N-CSRS filing for the period ended December 31, 2024.

The Adviser is a diversified global asset manager comprised of multiple investment teams, referred to as investment franchises, each of which employs an independent approach to investing. Sycamore Capital is the investment franchise responsible for management of the Funds.

Advisory fees to be paid annually, before waivers, will be equal to an annual rate equal to the following:

---

| | |
|:---|:---|
| Fund | Advisory Fee |
| Victory Sycamore Established Value Fund | &nbsp;&nbsp; 0.45% |
| Victory Sycamore Small Cap Company Opportunity Fund | &nbsp;&nbsp; 0.76% |

---

See "Fund Fees and Expenses" for information about any contractual agreement by the Adviser to waive fees and/or reimburse expenses with respect to a Fund. From time to time, the Adviser also may voluntarily waive fees and/or reimburse expenses in amounts exceeding those required to be waived or reimbursed under any contractual agreement that may be in place with respect to a Fund.

**Portfolio Management**

**Gary H. Miller** is the Lead Portfolio Manager and **Gregory M. Conners, Jeffrey M. Graff, James M. Albers** and **Michael F. Rodarte** are Co-Portfolio Managers of the Funds. Together, they are responsible for the day-to-day management of each Fund's portfolio.

Mr. Miller is the Chief Investment Officer of Sycamore Capital and has been associated with the Adviser or an affiliate since 1987.

Mr. Conners is a Portfolio Manager of Sycamore Capital and has been associated with the Adviser or an affiliate since March 1999.

Mr. Graff is a Portfolio Manager of Sycamore Capital and has been associated with the Adviser or an affiliate since 2001. Mr. Graff is a CFA Charterholder.

Mr. Albers is a Portfolio Manager of Sycamore Capital and has been associated with the Adviser or an affiliate since 2005. Mr. Albers is a CFA Charterholder.

Mr. Rodarte is a Portfolio Manager of Sycamore Capital and has been associated with the Adviser or an affiliate since 2006. Mr. Rodarte is a CFA Charterholder.

*The Funds' SAI provides additional information about the portfolio managers' method of compensation, other accounts they manage, and any ownership interests they may have in the Funds.*

**22**

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Investing with the Victory Funds

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All you need to get started is to fill out an application.<br>

If you are looking for a convenient way to open an account or to add money to an existing account, we can help. The sections that follow will serve as a guide to your investment with the Victory Funds. These sections describe many of the share classes currently offered by the Victory Funds. The section *Choosing a Share Class* will help you decide which share class it may be to your advantage to buy.

Keep in mind that Class I, Class R, Class R6, and Class Y shares are available for purchase only by eligible shareholders. In addition, not all Victory Funds offer each class of shares described below, and therefore, certain classes may be discussed that are not necessarily offered by a Fund. The classes of shares that are offered by a Fund are those listed on the cover page designated with a ticker symbol. A Fund may also offer other share classes in different prospectuses. The Victory Funds may offer additional classes of shares in the future.

This section of the Prospectus also describes how to open an account, how to access information about your account, and how to buy, exchange, and sell shares of a Victory Fund. Note, this information may vary if you invest through a third party such as a brokerage firm and will be dependent on that firm's policies and practices. Consult your Investment Professional for specific details.

We want to make it simple for you to do business with us. If you have questions about any of this information, please call your Investment Professional or one of our customer service representatives at 800-539-FUND (800-539-3863). They will be happy to assist you.

&nbsp;&nbsp; An Investment Professional is an investment consultant, salesperson, financial planner, <br> investment adviser, or trust officer who provides you with investment information. <br> Your Investment Professional also can help you decide which share class is best for you. <br> Investment Professionals and other financial intermediaries may charge fees for their services.<br>

**23**

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Share Price

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&nbsp;&nbsp; The daily NAV is useful to you as a shareholder because the NAV, <br> multiplied by the number of Fund shares you own, gives you the value of your investment.<br>

Each Victory Fund calculates its share price, called its net asset value ("NAV"), each business day as of the close of regular trading on the New York Stock Exchange, Inc. ("NYSE"), which is normally 4:00 p.m. Eastern Time. The NAV takes into account the expenses and fees of a Fund, including management, administration, and distribution fees (if any), which are accrued daily. In the event of an emergency or other disruption in trading on the NYSE, a Fund's share price will be determined based upon the close of the NYSE. You may buy, exchange, and sell your shares on any business day at a price that is based on the NAV that is next calculated after you place your order. A business day is a day on which the NYSE is open. The NYSE is closed on weekends, most national holidays, and Good Friday. Undistributed income and gain will be reflected in the Fund's NAV and, correspondingly, distributions of the Fund's income and gain will reduce the Fund's NAV. Undistributed income and gain, like all Fund assets, can fluctuate in value over time. Please see "Distributions and Taxes" for more information about the Fund's distribution policies, including the general frequency of distributions.

To the extent a Fund's investments include securities that are traded primarily in foreign markets, the value of those securities may change on days when shareholders are unable to purchase and redeem a Fund's shares, such as on weekends or other days when the Fund does not price its shares.

Each Fund prices its investments based on market value when market quotations are readily available. When these quotations are not readily available, the Adviser will price a Fund's investments at fair value in accordance with applicable regulatory requirements. A security will be fair valued when:

◼

Trading in the security has been halted;

◼

The market quotation for the security is clearly erroneous due to a clerical error;

◼

The security's liquidity decreases such that, in the Adviser's opinion, the market quotation has become stale; or

◼

An event occurs after the close of the trading market (but before the Fund's NAV is calculated) that, in the Adviser's opinion, materially affects the value of the security.

The use of fair value pricing may minimize arbitrage opportunities that attempt to exploit the differences between a security's market quotation and its fair value. The use of fair value pricing may not, however, always reflect a security's actual market value in light of subsequent relevant information, and the security's opening price on the next trading day may be different from the fair value price assigned to the security.

Each Victory Fund calculates the NAV of each share class by adding up the total value of the investments and other assets of that class, subtracting its liabilities, and then dividing that figure by the number of outstanding shares of the class.

---

| | |
|:---|:---|
| NAV= | Total Assets - Liabilities |
| NAV= | Number of Shares Outstanding |

---

A Fund's NAV is available by calling 800-539-FUND (800-539-3863) or by visiting the Funds' website at vcm.com.

**24**

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Choosing a Share Class

------

**CLASS A**

◼

Front-end sales charge, as described in this section. There are several ways to reduce or eliminate this charge as discussed under *Sales Charge Reductions and Waivers for Class A Shares*.

◼

A contingent deferred sales charge ("CDSC") may be imposed if you sell your shares within 18 months of purchase. The CDSC may be waived or reduced in certain circumstances as discussed under *CDSC Reductions for Class A and Class C Shares.*

◼

Class A shares also pay ongoing distribution and/or service (12b-1) fees.

◼

Lower annual expenses than Class C or Class R shares.

**CLASS C**

◼

No front-end sales charge. All your money goes to work for you right away.

◼

A CDSC may be imposed if you sell your shares within 12 months of purchase. The CDSC may be waived or reduced in certain circumstances as discussed under *CDSC Reductions for Class A and Class C Shares*.

◼

Class C shares also pay ongoing distribution and/or service (12b-1) fees.

◼

Higher annual expenses than all other classes of shares.

**CLASS I**

◼

No front-end sales charge or CDSC. All your money goes to work for you right away.

◼

Class I shares do not pay any ongoing distribution and/or service (12b-1) fees.

◼

Class I shares are only available to certain investors.

◼

Typically lower annual expenses than all other classes of shares except Class R6 shares.

**CLASS R**

◼

No front-end sales charge or CDSC. All your money goes to work for you right away.

◼

Class R shares pay ongoing distribution and/or service (12b-1) fees.

◼

Class R shares are only available to certain investors.

◼

Higher annual expenses than all classes except Class C shares.

**CLASS R6**

◼

No front-end sales charge or CDSC. All your money goes to work for you right away.

◼

Class R6 shares do not pay any ongoing distribution and/or service (12b-1) fees.

◼

Class R6 shares are only available to certain investors.

◼

Typically lower annual expenses than all other classes of shares.

**CLASS Y**

◼

No front-end sales charge or CDSC. All your money goes to work for you right away.

◼

Class Y shares do not pay any ongoing distribution and/or service (12b-1) fees.

◼

Class Y shares are only available to certain investors.

◼

Typically lower annual expenses than Classes A, C, and R shares.

**25**

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Choosing a Share Class

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**Share Classes**

When you purchase shares of a Fund, you must choose a share class. The Victory Funds offer Class A, Class C, Class I, Class R, Class R6, and Class Y shares. Each share class represents an interest in the same portfolio of securities, but the classes differ in the sales charges, if any, and expenses that apply to your investment, allowing you and your Investment Professional to choose the class that best suits your investment needs.

Deciding which share class best suits your investment needs depends on a number of factors that you should discuss with your Investment Professional, including: how long you expect to hold your investment, how much you intend to invest, and the total expenses associated with each share class.

The Funds reserve the right to change the eligibility criteria for purchasing a particular share class. For example, a class of shares may be available to purchase only by retirement plans or by institutional investors. The Funds may also waive any applicable eligibility criteria or investment minimums at its discretion.

A Fund or any class may be closed at any time for failure to achieve an economical level of assets or for other reasons. Certain financial intermediaries who hold shares on behalf of their customers impose fees when the amount of shares of a particular class falls below a minimum threshold. To the extent that the amount of shares falls below that threshold, the Funds reserve the right to liquidate the shares held in accounts maintained by the financial intermediary.

**Calculation of Sales Charges for Class A Shares** 

&nbsp;&nbsp; For historical expense information, see the "Financial Highlights" <br> at the end of this Prospectus.<br>

Class A shares are sold at their public offering price, which is the net asset value ("NAV") plus any applicable initial sales charge, also referred to as the "front-end sales load." The sales charge may be reduced or eliminated for larger purchases, as detailed below or as described under *Sales Charge Reductions and Waivers for Class A Shares*. The investment levels required to obtain a reduced sales charge are commonly referred to as "breakpoints."

All Class A purchases are subject to the terms described herein except for those purchases made through an intermediary specified in *Appendix A - Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries*.

In order to obtain a breakpoint discount, you must inform the Victory Funds or your Investment Professional at the time you purchase shares of the existence of the other Victory accounts or purchases of Victory Funds that are eligible to be linked for the purpose of calculating the initial sales charge. The Fund or your Investment Professional may ask you for records or other information about other Victory Funds held in your Victory accounts and any linked accounts, such as accounts opened with a different financial intermediary.

The current sales charge rates and breakpoint levels for Class A shares of the Funds are listed below:

---

| | | |
|:---|:---|:---|
| **Your Investment in the Fund**  | **Sales** <br> **Charge**<br> **as a % of**<br> **Offering** <br> **Price** <br>| **Sales** <br> **Charge**<br> **as a % of**<br> **Your** <br> **Investment** <br>|
| Up to $49,999  | &nbsp;&nbsp; 5.75%  | &nbsp;&nbsp; 6.10%  |
| $50,000 up to $99,999  | &nbsp;&nbsp; 4.50%  | &nbsp;&nbsp; 4.71%  |
| $100,000 up to $249,999  | &nbsp;&nbsp; 3.50%  | &nbsp;&nbsp; 3.63%  |
| $250,000 up to $499,999  | &nbsp;&nbsp; 2.50%  | &nbsp;&nbsp; 2.56%  |

---

**26**

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Choosing a Share Class

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---

| | | |
|:---|:---|:---|
| **Your Investment in the Fund**  | **Sales** <br> **Charge**<br> **as a % of**<br> **Offering** <br> **Price** <br>| **Sales** <br> **Charge**<br> **as a % of**<br> **Your** <br> **Investment** <br>|
| $500,000 and above<sup>1</sup> <br>| &nbsp;&nbsp; 0.00%  | &nbsp;&nbsp; 0.00% |

---

<sup>1</sup> A contingent deferred sales charge ("CDSC") of 0.75% may be imposed on certain redemptions of Class A shares purchased without an initial sales charge if any of those shares are redeemed within 18 months of purchase. This charge will be based on the current market value or the original cost of the shares you are selling, whichever is less. No CDSC is imposed on shares representing reinvested distributions. You may be eligible for a reduction or waiver of this CDSC under certain circumstances. *See CDSC Reductions for Class A and Class C Shares* and *Appendix A - Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries* for details.

**Sales Charge Reductions and Waivers for Class A Shares** 

&nbsp;&nbsp; There are several ways you can combine multiple purchases of Class A shares of the Victory <br> Funds to take advantage of reduced sales charges or, in some cases, eliminate sales charges.<br>

There are a number of ways you can reduce or eliminate your sales charges, which we describe below. In order to obtain a Class A sales charge reduction or waiver, you must provide your financial intermediary or the Funds' transfer agent, at the time of purchase, with current information regarding shares of any Victory Funds held in other accounts. This information must include account statements or other records (including written representations from the intermediary holding the shares) that indicate any accounts (e.g., retirement accounts) established (i) with the Victory Funds and your Investment Professional; (ii) with other financial intermediaries; and (iii) in the name of immediate family household members (spouse or domestic partner and children under 21) with regard to Rights of Accumulation.

The availability of a sales charge reduction or waiver discussed below will depend upon whether you purchase your shares directly from the Funds or through a financial intermediary. If you are eligible for a sales charge reduction because you own shares of other Victory Funds, you must notify the Funds or your financial intermediary at the time of purchase of any relationship or other facts qualifying you for sales charge reductions or waivers. Some intermediaries impose different policies for sales charge waivers and reductions. These variations are described in *Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries.* Except as described with respect to the intermediaries specified in Appendix A, all Class A shares are subject to the terms stated below. In order to obtain waivers and discounts that are not available through your intermediary, you must purchase Fund shares directly from the Funds or through another intermediary.

You can find additional information regarding sales charges and their reductions, free of charge, at vcm.com/policies, by clicking on *Victory Funds Pricing Policies*.

You may reduce or eliminate the sales charge applicable to Class A shares in a number of ways:

◼

**Breakpoint** - Purchase a sufficient amount to reach a breakpoint (see *Calculation of Sales Charges for Class A Shares* above);

◼

**Letter of Intent** - If you anticipate purchasing $50,000 or more of Class A shares of the Fund, including any purchase of other Victory Funds of any share class (except money market funds and any assets held in group retirement plans), within a 13-month period, you may qualify for a sales charge breakpoint as though you were investing the total amount in one lump sum. In order to qualify for the reduced sales charge, you must submit a non-binding Letter of Intent (the "Letter") within 90 days of the start of the purchases. Each investment you make after signing the Letter will be entitled to the sales charge applicable to the total investment indicated in the Letter. You must start with a minimum initial investment of at least 5.00% of the total amount you intend to purchase. A portion of the shares purchased under the Letter will be held in escrow until the total investment has been completed. In the event you do not complete your commitment set forth

**27**

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Choosing a Share Class

------

in the Letter in the time period specified, sufficient escrowed shares will be redeemed to pay any applicable front-end sales charges;

◼

**Right of Accumulation** - Whereas a Letter of Intent allows you to qualify for a discount by combining your current purchase amount with purchases you intend to make in the near future, a Right of Accumulation allows you to reduce the initial sales charge on a Class A investment by combining the amount of your current purchase with the current market value of prior investments made by you, your spouse (including domestic partner), and your children under age 21 in any class of shares of any Victory Fund (except money market funds and any assets held in group retirement plans). The value of eligible existing holdings will be calculated by using the greater of the current value or the original investment amount. To ensure that you receive a reduced price using the Fund's Right of Accumulation, you or your Investment Professional must inform the Funds that the Right applies each time shares are purchased and provide sufficient information to permit confirmation of qualification;

◼

**Reinstatement Privilege** - You may reinvest at NAV all or part of your redemption proceeds within 90 days of a redemption of Class A shares of a Fund;

◼

**Waiver** - The Victory Funds will completely waive the sales charge for Class A shares in the following cases:

<sup>◼</sup>

Purchases of at least $250,000 for certain Funds or $500,000 for others;

<sup>◼</sup>

Purchases by certain individuals associated with the Victory Funds or service providers (see "Eligibility of Individuals Associated with the Victory Funds and Fund Service Providers");

<sup>◼</sup>

Purchases by registered broker-dealers, financial intermediaries or their agents or affiliates who have agreements with the Funds' distributor (the "Distributor"), if the shares are purchased for their own account, purchased for retirement plans of their employees or sold to registered representatives or full-time employees (or their immediate families), provided that such purchase is for one of the foregoing types of accounts;

<sup>◼</sup>

Purchases for trust or other advisory accounts established with a financial institution and fee-based investment products or accounts;

<sup>◼</sup>

Reinvestment of proceeds from a liquidation distribution of Class A shares of a Victory Fund held in a deferred compensation plan, agency, trust, or custody account;

<sup>◼</sup>

Purchases by retirement plans, including Section 401 and 457 plans sponsored by a Section 501(c)(3) organization and certain non-qualified deferred compensation arrangements that operate in a similar manner to qualified plans. Investors nonetheless may be charged a fee if they effect transactions in Class A shares through a broker or agent;

<sup>◼</sup>

Purchases by participants in no transaction fee programs offered by certain broker-dealers (sometimes referred to as "supermarkets");

<sup>◼</sup>

Purchases by certain financial intermediaries who offer shares to self-directed investment brokerage accounts that may or may not charge a transaction fee to its customers;

<sup>◼</sup>

Shareholders investing directly with the Fund who do not have a third-party financial intermediary or registered representative assigned, or who invest directly in certain products sponsored by the Adviser or its affiliates; and

<sup>◼</sup>

Individuals who reinvest the proceeds of redemptions from Class I, Class R6, or Class Y shares of a Victory Fund within 60 days of redemption.

You should inform the Fund or your Investment Professional at the time of purchase of the sales charge waiver category which you believe applies.

**28**

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Choosing a Share Class

------

**CDSC for Class A Shares**

A CDSC of 0.75% may be imposed on certain redemptions of Class A shares purchased without an initial sales charge if any of those shares are redeemed within 18 months of purchase. This charge will be based on the current market value or the original cost of the shares you are selling, whichever is less. No CDSC is imposed on shares representing reinvested distributions.

More information is available in *CDSC Reductions and Waivers for Class A and Class C Shares* and *Appendix A – Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries*. All Class A purchases are subject to the terms described herein except for those purchases made through the intermediaries specified in Appendix A.

**CDSC for Class C Shares**

You will pay a 1.00% CDSC on any Class C shares you sell within 12 months of purchase. The CDSC is calculated on the current market value or the original cost of the shares you are selling, whichever is less. There is no CDSC on shares you acquire by reinvesting your dividends or capital gains distributions. You may be eligible for reduction or waiver of this CDSC under certain circumstances. There is no CDSC imposed when you exchange your shares for Class C shares of another Victory Fund; however, your exchange is subject to the same CDSC schedule that applied to your original purchase.

An investor may, within 90 days of a redemption of Class C shares, reinvest all or part of the redemption proceeds in the Class C shares of any Victory Fund at the NAV next computed after receipt by the transfer agent of the reinvestment order. Class C share proceeds reinvested do not result in a refund of any CDSC paid by the shareholder, but the reinvested shares will be treated as CDSC exempt upon reinvestment. The shareholder must ask the Distributor for such privilege at the time of reinvestment.

To keep your CDSC as low as possible, each time you sell shares we will first sell shares in your account that are not subject to a CDSC. If there are not enough of these to meet your sale, we will sell the shares in the order they were purchased.

More information is available in *CDSC Reductions and Waivers for Class A and Class C Shares* and *Appendix A – Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries*.

**CDSC Reductions and Waivers for Class A and Class C Shares**

No CDSC is imposed on redemptions of Class A and Class C shares in the following circumstances:

◼

To the extent that the shares redeemed:

<sup>◼</sup>

are no longer subject to the holding period for such shares;

<sup>◼</sup>

resulted from reinvestment of distributions; or

<sup>◼</sup>

were exchanged for shares of another Victory Fund as allowed by the Prospectus, provided that the shares acquired in such exchange or subsequent exchanges will continue to remain subject to the CDSC, if applicable, calculated from the original date of purchase until the applicable holding period expires. In determining whether the CDSC applies to each redemption, shares not subject to a CDSC are redeemed first;

◼

Following the death or post-purchase disability of:

<sup>◼</sup>

a registered shareholder on an account; or

<sup>◼</sup>

a settlor of a living trust, of shares held in the account at the time of death or initial determination of post-purchase disability;

◼

Distributions from individual retirement accounts, Section 403(b), Section 457 and Section 401 qualified plans, where redemptions result from:

**29**

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Choosing a Share Class

------

<sup>◼</sup>

required minimum distributions with respect to that portion of such contributions that does not exceed 12% annually;

<sup>◼</sup>

tax free returns of excess contributions or returns of excess deferral amounts;

<sup>◼</sup>

distributions on the death or disability of the account holder;

<sup>◼</sup>

distributions for the purpose of a loan or hardship withdrawal from a participant plan balance; or

<sup>◼</sup>

distributions as a result of separation of service;

◼

Distributions as a result of a Qualified Domestic Relations Order or Domestic Relations Order required by a court settlement;

◼

In instances where the investor's dealer or institution waived its commission in connection with the purchase and notifies the Distributor prior to the time of investment;

◼

When the redemption is made as part of a Systematic Withdrawal Plan (including dividends), up to an annual amount of 12% of the account value on a per fund basis, at the time the withdrawal plan is established; or

◼

Participant-initiated distributions from employee benefit plans or participant-initiated exchanges among investment choices in employee benefit plans.

**Eligibility Requirements to Purchase Class I Shares**

Class I shares may only be purchased by:

◼

Institutional and individual retail investors with a minimum investment in Class I shares of $2,000,000 who purchase through certain broker-dealers or directly from the transfer agent;

◼

Investors who purchase through advisory programs with an approved financial intermediary in which the financial intermediary typically charges the investor a fee based upon the value of the account ("Advisory Programs"). Such transactions may be subject to additional rules or requirements of the applicable Advisory Program;

◼

Retirement plans, including Section 401 and 457 plans, Section 403 plans sponsored by a Section 501(c)(3) organization and certain non-qualified deferred compensation arrangements that operate in a similar manner to qualified plans; or

◼

Brokers (and their sales representatives) where those brokers have agreements with the Distributor to sell shares of a Fund.

A Fund may allow a lower initial investment if, in the opinion of the Distributor, the investor has the adequate intent and availability of assets to reach a future level of investment of $2,000,000.

**Eligibility Requirements to Purchase Class R Shares**

Class R shares may only be purchased by:

◼

Institutional investors;

◼

Retirement plans, including Section 401 and 457 plans, Section 403 plans sponsored by a Section 501(c)(3) organization and certain non-qualified deferred compensation arrangements that operate in a similar manner to qualified plans;

◼

IRAs that are rollovers from eligible retirement plans that offered one or more Class R share Victory Funds as investment options and to individual 401(k) plans; or

◼

Investors who purchase through Advisory Programs with an approved financial intermediary.

**30**

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Choosing a Share Class

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**Eligibility Requirements to Purchase Class R6 Shares**

Class R6 shares may only be purchased by:

◼

Registered investment companies;

◼

Retirement plans, including Section 401 and 457 plans, Section 403 plans sponsored by a Section 501(c)(3) organization, employer sponsored benefit plans (including health savings accounts) and certain non-qualified deferred compensation arrangements that operate in a similar manner to qualified plans;

◼

Endowments and foundations; or

◼

Investors who purchase through Advisory Programs with an approved financial intermediary.

**Eligibility Requirements to Purchase Class Y Shares**

Class Y shares may only be purchased by:

◼

Institutional and individual retail investors with a minimum investment in Class Y shares of $1,000,000 who purchase through certain broker-dealers or directly from the transfer agent;

◼

Clients of state-registered or federally registered investment advisors (RIAs), where such RIAs trade through institutional trading platforms approved by a Fund, who invest at least $2,500;

◼

Brokerage platforms of firms that have agreements with the Distributor to offer such shares solely when acting as an agent for the investor. An investor transacting in Class Y shares through these programs may be required to pay a commission and/or other forms of compensation to the broker;

◼

Pension, profit sharing, employee benefit and other similar plans and trusts that invest in a Fund;

◼

Investors who purchase through Advisory Programs with an approved financial intermediary;

◼

Investment advisory clients of the Adviser; or

◼

Investment advisors, consultants, broker-dealers and other financial intermediaries investing for their own accounts or for the accounts of their immediate family members.

A Fund may allow a lower initial investment if, in the opinion of the Distributor, the investor has the adequate intent and availability of assets to reach a future level of investment of $1,000,000.

**Eligibility of Individuals Associated with the Victory Funds and Fund Service Providers**

Current and retired Victory Fund trustees and the officers, directors, trustees, employees, and family members of employees of the Adviser or Affiliated Providers are eligible to purchase the lowest expense share class offered by a Fund. In the case of Class A shares, such purchases are not subject to a front-end sales charge. "Affiliated Providers" are affiliates of the Adviser and organizations that provide services to Victory Portfolios (the "Trust").

&nbsp;&nbsp; A Fund reserves the right to change the criteria for eligible investors and<br> the investment minimums.<br>

**31**

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Information About Fees

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**Distribution and Service Plans**

In accordance with Rule 12b-1 under the Investment Company Act of 1940, the Trust has adopted Distribution and Service Plans for Class A, Class C, and Class R shares.

Under the Class A Distribution and Service Plan, a Fund will pay to the Distributor a monthly fee at an annual rate of up to 0.25% of its average daily net assets of its Class A shares. Under the Class R Distribution and Service Plan, a Fund will pay to the Distributor a monthly fee at an annual rate of up to 0.50% of its average daily net assets of its Class R shares. The fee is paid for general distribution services, for selling Class A and Class R shares of the Fund and, as applicable, for providing personal services to shareholders of the Fund. Distribution and selling services are provided by the Distributor or by agents of the Distributor and include those services intended to result in the sale of Fund shares. Personal services to shareholders are generally provided by broker-dealers or other intermediaries and consist of responding to inquiries, providing information to shareholders about their Fund accounts, establishing and maintaining accounts and records, providing dividend and distribution payments, arranging for bank wires, assisting in transactions and changing account information.

Under the Class C Distribution and Service Plan, a Fund will pay to the Distributor a monthly fee at an annual rate of 1.00% of the average daily net assets of its Class C shares. Of this amount, 0.75% of the Fund's Class C shares average daily net assets will be paid for general distribution services and for selling Class C shares. The Fund will pay 0.25% of its Class C shares average daily net assets to compensate financial institutions that provide personal services to Class C shareholders of the Fund. Distribution and selling services are provided by the Distributor or by agents of the Distributor and include those services intended to result in the sale of the Fund's Class C shares. Personal services to shareholders are generally provided by broker-dealers or other financial intermediaries and consist of responding to inquiries, providing information to shareholders about their Fund accounts, establishing and maintaining accounts and records, providing dividend and distribution payments, arranging for bank wires, assisting in transactions, and changing account information.

Because Rule 12b-1 fees are paid out of a Fund's assets and on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

**Other Payments to Financial Intermediaries**

Except with respect to Class R6 shares, if you purchase Fund shares through an Investment Professional, a broker-dealer, or other financial intermediary, the Fund may pay for sub-transfer agent, recordkeeping and/or similar administrative services. In addition, the Adviser (and its affiliates) may make substantial payments out of its own resources, including the profits from the advisory fees the Adviser receives from the Funds, to affiliated and unaffiliated dealers or other Investment Professionals and service providers for distribution, administrative and/or shareholder servicing activities. The Adviser also may reimburse the Distributor (or the Distributor's affiliates) for making these payments. Some of these distribution-related payments may be made to dealers or other Investment Professionals for marketing, promotional or related expenses; these payments are often referred to as "revenue sharing." The Adviser (and its affiliates) also may pay fixed fees for the listing of a Fund on a broker-dealer's or financial intermediary's system. Such payments are not considered to be revenue sharing payments.

In some circumstances, these types of payments may create an incentive for a dealer or Investment Professional or its representatives to recommend or offer shares of the Victory Funds to its customers. You should ask your dealer or Investment Professional for more details about any such payments it receives.

**32**

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Information About Fees

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No compensation, administrative payments, sub-transfer agency payments or service payments are paid to broker-dealers or other financial intermediaries from Fund assets, or from the resources of the Adviser or its affiliates on sales of or investments in Class R6 shares.

**33**

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How to Buy Shares

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**Closed to New Investors**

The Funds are generally closed to new investors. The Fund will continue to be available for investment (by direct purchase or exchange) by the following:

◼

existing shareholders,

◼

investors that purchase shares through certain financial intermediaries,

◼

retirement plans that purchase shares through certain recordkeepers, and

◼

current and retired Fund trustees, officers, employees of the Adviser and Affiliated Providers, and their family members.

The Victory Funds may impose additional limitations on the purchase of shares at any time in their discretion, and may waive or eliminate any limitation at any time without notice. Contact the Victory Funds for more information.

**Opening an Account**

If you would like to open an account, you will first need to complete an Account Application.

You can obtain an Account Application by calling Victory Funds Customer Service at 800-539-FUND (800-539-3863). You can also download an Account Application by visiting the Victory Funds' website, VictoryFunds.com, and clicking on the Victory Funds Account Application link. Send the completed Account Application, along with a check made payable to the Victory Funds, at the following address:

**Victory Funds**

P.O. Box 182593

Columbus, OH 43218-2593

You can also obtain an Account Application by contacting your Investment Professional. When you invest through an Investment Professional, the procedures for buying, selling, and exchanging shares and the account features and policies may differ. In addition to any limitations described in this Prospectus, an Investment Professional or other intermediary may also place other limits on your ability to use the services of a Fund. Sometimes an Investment Professional will charge you for its services. This fee will be in addition to, and unrelated to, the fees and expenses charged by the Funds.

Mutual funds must obtain and verify information that identifies investors opening new accounts. If the Funds are unable to collect the required information, you may not be able to open your account. Additional details about the Funds' Customer Identification Program are available in the section "Important Fund Policies."

The Fund generally is available for purchase in the United States, Puerto Rico, Guam, American Samoa and the U.S. Virgin Islands. Except to the extent otherwise permitted by the Fund's Distributor, the Fund will only accept accounts from U.S. citizens with a U.S. address (including an APO or FPO address) or resident aliens with a U.S. address (including an APO or FPO address) and a U.S. taxpayer identification number.

If you participate in a retirement plan that offers one of the Victory Funds as an option, please consult your employer for information on how to purchase shares of the Victory Funds through the plan, including any restrictions or limitations that may apply.

**Paying for Your Initial Purchase**

If you wish to make an investment directly into the Victory Funds, make your check payable to the "Victory Funds." All checks must be drawn on U.S. banks. If your check is returned as uncollectible for any reason, you will be charged for any resulting fees and/or losses. The Fund does not accept cash,

**34**

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How to Buy Shares

------

money orders, traveler's checks, credit card convenience checks, or third-party checks. Additionally, bank starter checks are not accepted for the shareholder's initial investment into the Funds. All payments must be denominated in U.S. dollars.

**Minimum Investments**

If you would like to buy Class A or Class C shares, the minimum investment required to open an account is $2,500 ($1,000 for IRA accounts), with additional investments of at least $50. If you would like to buy Class I, Class R, Class R6, or Class Y shares, you must be an Eligible Investor, as discussed in the section *Choosing a Share Class — Eligibility Requirements to Purchase*. Eligible Investors may be subject to a minimum investment amount as detailed in that section.

For Class C shares, individual purchases of $500,000 and above will be made automatically in Class A shares.

If your account falls below the minimum investment amount, we may ask you to reestablish the minimum investment. If you do not do so within 60 days, we may close your account and send you the value of your account.

The minimum investment required to open an account may be waived or lowered for employees and immediate family members of the employees, of the Adviser, the Administrator, and their affiliates. In addition, the minimum investment required may be waived when a Fund is purchased through an Advisory Program, within qualified retirement plans or in other similar circumstances. Although the Funds may sometimes waive the minimum investment, when they do so, they always reserve the right to reject initial investments under the minimum at their discretion.

There is no minimum investment required to open an account or for additional investments in Victory Simple IRAs.

A Fund reserves the right to change the criteria for eligible investors and the investment minimums.

**Purchasing Additional Shares**

Once you have an existing account, you can make additional investments at any time in any amount (subject to any minimums) in the following ways:

◼

**By Mail**

To ensure that your additional investment is properly credited to your account, use the Investment Stub attached to your confirmation statement and send it with your check to the address indicated.

◼

**By Telephone**

If you have an existing account that has been set up to receive electronic transfers, you can buy additional shares by calling Victory Funds Customer Service at 800-539-FUND (800-539-3863) between 8:00 a.m. and 6:00 p.m. (Eastern Time), Monday through Friday.

◼

**By Exchange**

You may purchase shares of a Fund using the proceeds from the simultaneous redemption of shares of another Victory Fund if it is eligible for an exchange with your Fund. You may initiate an exchange online (if you are a registered user of VictoryFunds.com), by telephone, or by mail. See the section "Exchanging Shares."

◼

**Via the Internet**

If you are a registered user, you may request a purchase of shares through our website at VictoryFunds.com. Your account must be set up for Automated Clearing House ("ACH") payment in order to execute online purchases.

**35**

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How to Buy Shares

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◼

**By ACH**

Your account must be set up for ACH payment in order to execute purchases online or by telephone. It takes about 15 days to set up an ACH account and only domestic member banks may be used. After your account is set up, your purchase amount can be transferred by ACH. Currently, the Funds do not charge a fee for ACH transfers but they reserve the right to charge for this service in the future. Your originating bank may charge a fee for ACH transfers.

◼

**By Wire**

You may buy Fund shares by bank wire transfer of same day funds. Please call Victory Funds Customer Service at 800-539-FUND (800-539-3863) between 8:00 a.m. and 6:00 p.m. (Eastern Time), Monday through Friday for wiring instructions. Any commercial bank can transfer same-day funds by wire.

Although the transfer agent does not currently charge you for receiving same-day funds, it reserves the right to charge for this service in the future. Your bank may charge you for wiring same-day funds. You cannot buy shares for tax-qualified retirement plans by wire transfer.

◼

**By Systematic Investment Plan**

To enroll in the Systematic Investment Plan, you should check this box on the Account Application or on the Account Maintenance Form. We will need your bank information and the amount ($50 or more) and frequency of your investment. You can select monthly, quarterly, semi annual, or annual investments. You should attach a voided personal check so the proper information can be obtained. You must first meet the minimum investment requirement before we will make automatic withdrawals from your bank account and invest it in shares of a Fund.

**Other Purchase Rules You Should Know**

The Funds reserve the right to refuse a purchase order for any reason, including if they believe that doing so would be in the best interest of a Fund or its shareholders. The Funds also reserve the right, without notice, to increase or decrease the minimum amount required to open, convert shares to, or maintain a Fund account, or to add to an existing Fund account.

Keep these addresses handy for purchases, exchanges, or redemptions.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **BY REGULAR U.S. MAIL** | &nbsp;&nbsp;&nbsp; Victory Funds <br> P.O. Box 182593 <br> Columbus, OH 43218-2593<br>|
| **BY OVERNIGHT MAIL** | &nbsp;&nbsp;&nbsp; Use the following address ONLY for overnight packages:<br> Victory Funds<br> c/o FIS TA Operations<br> 4249 Easton Way, Suite 400<br> Columbus, OH 43219<br> PHONE: 800-539-FUND (800-539-3863)<br>|
| **BY WIRE** | &nbsp;&nbsp;&nbsp; Call 800-539-FUND (800-539-3863) BEFORE wiring money to notify the <br> Fund that you intend to purchase shares by wire and to verify wire <br> instructions.<br>|
| **BY TELEPHONE** | 800-539-FUND (800-539-3863) |
| **ON THE INTERNET** | VictoryFunds.com |

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**36**

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How to Exchange Shares

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&nbsp;&nbsp; There may be limits on the ability to exchange between certain Victory Funds. <br> You can obtain a list of Victory Funds available for exchange by calling <br> 800-539-FUND (800-539-3863) or by visiting VictoryFunds.com<br>

The shares of any class of a Fund may be exchanged for the shares of any other class offered by the Fund or the same class of any other class of any Victory Fund, either through your Investment Professional or directly through the Fund, subject to the conditions described below:

◼

Exchanges are subject to any CDSC, minimum investment limitation, or eligibility requirements described in the applicable Prospectus and SAI. You may be required to provide sufficient information to establish eligibility to exchange into a new share class.

◼

To exchange with another Victory Fund, the other Victory Fund must be eligible for exchange with your Fund.

◼

Shares of the Victory Fund selected for exchange must be available for sale in your state of residence.

If you have questions about these, or any of the Funds' other exchange policies, please consult Victory Customer Service or your Investment Professional before requesting an exchange.

Before exchanging, you should read the Prospectus of the other Victory Fund you wish to exchange into, which may be subject to different risks, fees, and expenses.

**Class C Share Conversion**

Class C shares of the Fund will convert automatically to Class A shares in the month following the eight-year anniversary date of the purchase of the Class C shares. Your financial intermediary may have a conversion schedule that is shorter than eight years. Class C conversions will be effected at the relative NAV of each such class without the imposition of any sales charge, fee, or other charge.

You may be able to voluntarily convert your Class C shares before the stated anniversary to a different share class of the same Fund that has a lower total annual operating expense ratio provided certain conditions are met. This voluntary conversion feature is intended for shares held through a financial intermediary offering a fee-based or wrap fee program that has an agreement with the Adviser or the Distributor specific for this purpose. Generally, Class C shares are not eligible for conversion until the applicable CDSC period has expired. Please contact your financial intermediary for additional information.

**Processing Your Voluntary Exchange/Conversion**

If your exchange or conversion request is received and accepted by the Funds, an Investment Professional or other intermediary by the close of trading as described in the section titled, "Share Price," then your request will be processed the same day. If received after the close of trading, your request will be processed on the next business day. Please contact your financial intermediary regarding the tax consequences of any exchange or conversion.

Exchanges will occur at the respective NAVs of the Funds' share classes involved in the exchange next calculated after receipt and acceptance of your exchange request in good order, plus any applicable sales charge described in the Prospectus. Share class conversions will be based on the respective NAV of each class as of the trade date of the conversion. Consequently, you may receive fewer shares or more shares than originally owned, depending on that day's NAVs.

**Requesting an Exchange**

You can exchange shares of the Funds by telephone, by mail, or via the Internet. You cannot exchange into an account with a different registration or tax identification number.

◼

**By Telephone**

**37**

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How to Exchange Shares

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Unless you indicate otherwise on the account application, Victory Customer Service will be authorized to accept exchange instructions received by telephone.

◼

**By Mail**

Send a letter of instruction signed by all registered owners or their legal representatives to the Victory Funds.

◼

**Via the Internet**

You may also exchange shares via the Internet at VictoryFunds.com if you are a registered user.

**Other Exchange Rules You Should Know**

The Funds may refuse any exchange purchase request if the Adviser determines that the request is associated with a market timing strategy. The Funds may terminate or modify the exchange privilege at any time upon 60 days' notice to shareholders.

An exchange of Fund shares for shares of another Victory Fund constitutes a sale for tax purposes unless the exchange is made within an IRA or other tax-deferred account.

For information on how to exchange shares of a Fund that were purchased through your employer's retirement plan, including any restrictions and charges that the plan may impose, please consult your employer.

**38**

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How to Sell Shares

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There are a number of convenient ways to sell your shares.<br>

If your redemption request is received in good order by the close of trading on the NYSE, your redemption will be processed the same day. Your redemption will not be processed until the next business day if it is received after the close of trading on the NYSE. You cannot redeem your shares at VictoryFunds.com.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BY TELEPHONE**<br>

The easiest way to redeem shares is by calling 800-539-FUND (800-539-3863). When you fill out your original application, be sure to check the box marked "Telephone Authorization." You have the following options for receiving your redemption proceeds:

◼

Mail a check to the address of record;

◼

Wire funds to a previously designated domestic financial institution;

◼

Mail a check to a previously designated alternate address; or

◼

Electronically transfer your redemption via ACH to a previously designated domestic financial institution.

Victory Funds' transfer agent records all telephone calls for your protection and takes measures to verify the identity of the caller. If the transfer agent properly acts on telephone instructions and follows reasonable procedures to ensure against unauthorized transactions, none of the Trust, its servicing agents, the Adviser, or the transfer agent will be responsible for any losses. If the transfer agent does not follow these procedures, it may be liable to you for losses resulting from unauthorized instructions.

If there is an unusual amount of market activity and you cannot reach the transfer agent or your Investment Professional by telephone, consider placing your order by mail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BY MAIL**<br>

Use the regular U.S. mail or overnight mail address to redeem shares. You can use the same mailing addresses listed for purchases. Send us a letter of instruction indicating your Fund account number, amount of redemption, and where to send the proceeds. A Medallion signature guarantee is required for the following redemption requests:

◼

Your account registration has changed within the last 15 business days;

◼

The check is not being mailed to the address on your account;

◼

The check is not being made payable to the owner of the account;

◼

The redemption proceeds are being transferred to another Victory Fund account with a different registration; or

◼

The check or wire is being sent to a different bank account than was previously designated.

You can get a Medallion signature guarantee from a financial institution — such as a commercial bank, broker-dealer, credit union, clearing agency, or savings bank — that is a member of a Medallion signature guarantee program.

**BY WIRE**<br>

If you want to receive your proceeds by wire, you must establish a Fund account that will accommodate wire transactions. If you call before the close of trading on the NYSE, your funds will be wired on the next business day.

**BY ACH**<br>

You may transfer your proceeds by ACH to a domestic bank. Normally, your redemption will be processed on the same day if your request is received before the close of trading on the NYSE. If your request is received after the close of trading it will be processed on the next business day.

**39**

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How to Sell Shares

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**Systematic Withdrawal Plan**

If you check this box on the Account Application or on the Account Maintenance Form, we will send monthly, quarterly, semi-annual, or annual payments to the person you designate. The minimum withdrawal is $25, and you must have a balance of $5,000 or more at the time you establish the Systematic Withdrawal Plan. If the payment is to be sent to an account of yours, we will need a voided check to activate this feature. If the payment is to be made to an address different from your account address, we will need a Medallion signature guaranteed letter of instruction. You should be aware that each withdrawal may be a taxable transaction. Also, each withdrawal reduces your account balance, and eventually your account balance may be depleted. However, you cannot automatically close your account using the Systematic Withdrawal Plan. If your balance falls below the initial purchase minimum, we may ask you to bring the account back to the minimum balance. If you decide not to increase your account to the minimum balance, your account may be closed and the proceeds mailed to you.

**Additional Information About Redemptions**

◼

Redemption proceeds from the sale of Fund shares purchased by a check or through ACH will be held until the purchase check or ACH has cleared, which will take up to 10 business days.

◼

We typically expect to send the proceeds from your share redemption within one business day after we execute your order, but we may take up to seven business days to send redemption proceeds, regardless of payment type. When you sell shares through your financial intermediary, you can ask the intermediary to tell you when you can expect to receive the proceeds of your redemption.

◼

A Fund may suspend your right to redeem your shares in the following circumstances:

<sup>◼</sup>

During non-routine closings of the NYSE;

<sup>◼</sup>

When the SEC determines either that trading on the NYSE is restricted or that an emergency prevents the sale or valuation of the Fund's securities; or

<sup>◼</sup>

When the SEC orders a suspension to protect the Fund's shareholders.

◼

A Fund typically uses cash and cash equivalents held in its portfolio or sells portfolio assets to meet redemption requests. In unusual circumstances or under stressed market conditions, the Fund may use other methods to raise cash to meet redemption requests. For example, the Fund may draw funds from a line of credit or borrow available cash held by other Victory Funds under an "interfund lending program" in reliance on an exemptive order from the SEC.

◼

A Fund will pay redemptions by any one shareholder during any 90-day period in cash up to the lesser of $250,000 or 1.00% of the Fund's net assets. The Funds reserve the right to pay the remaining portion "in kind," that is, in portfolio securities rather than cash. Securities received pursuant to an in-kind redemption are subject to market risk until sold and may be subject to brokerage and other fees.

◼

If you choose to have your redemption proceeds mailed to you and either the U.S. Postal Service is unable to deliver the redemption check to you or the check remains outstanding for more than six months, the Funds reserve the right to reinvest the check in shares of the Fund at its then current NAV until you give the Fund different instructions. No interest will accrue on amounts represented by uncashed redemption checks.

**40**

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Distributions and Taxes

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&nbsp;&nbsp; **Buying a dividend.** You should check the Funds' distribution schedule before you invest. <br> If you purchase shares when a Fund has undistributed income and gain, you will be <br> "buying a dividend" by paying a higher purchase price per share reflecting the <br> undistributed income and gain and then receiving a portion of the purchase price back <br> in the form of a taxable dividend unless you are investing through a tax-deferred account.<br>

The Sycamore Established Value Fund ordinarily declares and pays dividends from net investment income, if any, monthly, and net realized capital gains, if any, annually. The Sycamore Small Company Opportunity Fund ordinarily declares and pays dividends from net investment income, if any, annually, and net realized capital gains, if any, annually. Each Fund may make additional distributions, if necessary, to comply with U.S. federal tax requirements and avoid U.S. federal income or excise tax.

Each class of shares declares and pays dividends separately.

Distributions can be received in one of the following ways. Please check with your Investment Professional if you are unsure of which option is right for you.

&nbsp;&nbsp; Your choice of distribution should be set up on the original Account Application. <br> If you would like to change the option you selected, please call 800-539-FUND (800-539-3863).<br>

**Reinvestment Option**

You can have distributions automatically reinvested in additional shares of your Fund. If you do not indicate another choice on your Account Application, you will be assigned this option automatically.

**Cash Option**

If you elect to receive your distributions by check, and the distribution amount is $25 or less, the amount will automatically be reinvested in the same Fund. Otherwise, a check will be mailed to you no later than seven days after the dividend payment date. If you choose to have your distribution proceeds mailed to you and either the U.S. Postal Service is unable to deliver the distribution check to you or the check remains outstanding for at least six months, the distribution option on your account will default to the reinvestment option as described above. Each Fund reserves the right to reinvest the check in shares of the Fund at its then current NAV until you give the Fund different instructions. No interest will accrue on amounts represented by uncashed distribution checks.

**Income Earned Option**

You can automatically reinvest your dividends in additional Fund shares and have your capital gains paid in cash, or reinvest capital gains and have your dividends paid in cash.

**Directed Distributions Option**

In most cases, you can automatically reinvest distributions in shares of another Victory Fund. If you reinvest your distributions in a different Victory Fund, you may pay a sales charge on the amount of reinvested distributions.

**Directed Bank Account Option**

In most cases, you can automatically transfer distributions to your bank checking or savings account. Under normal circumstances, the transfer agent will transfer your distributions within seven days of the dividend payment date. The bank account must have a registration identical to that of your Fund account.

**41**

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Distributions and Taxes

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**Important Information About Taxes** 

&nbsp;&nbsp; The tax information in this Prospectus is provided as general information. You <br> should review the more detailed discussion of federal income tax considerations <br> in the SAI and consult your tax adviser regarding the federal, state, local, or <br> foreign tax consequences resulting from your investment in a Fund.<br>

Each Fund generally expects to pay no federal income tax on the earnings and capital gains it distributes to shareholders.

◼

Qualified dividend income received from a Fund by noncorporate shareholders generally will be taxed at long-term capital gain rates to the extent attributable to qualified dividend income received by the Fund, subject to certain holding period requirements. Nonqualified dividends, dividends received by corporate shareholders and dividends from a Fund's short-term capital gains are taxable as ordinary income. Dividends from a Fund's long-term capital gains generally are taxable as long-term capital gains.

◼

You will pay tax on dividends from a Fund whether you receive them in cash, additional shares of the Fund or you reinvest them in shares of another Victory Fund.

◼

Dividends from a Fund that are attributable to interest on certain U.S. government obligations, if any, may be exempt from certain state and local income taxes. The extent to which ordinary dividends are attributable to these U.S. government obligations will be provided on the tax statements you receive from a Fund.

◼

An exchange of a Fund's shares for shares of another Victory Fund will be treated as a sale. When you sell or exchange shares of a Fund, you generally will recognize any gain or loss.

◼

An exchange of one class of a Fund's shares for shares of another class of the same Fund generally constitutes a nontaxable exchange for federal income tax purposes.

◼

Distributions from a Fund and gains from the disposition of your shares may also be subject to state and local income tax.

◼

An additional 3.8% Medicare tax will be imposed on certain net investment income (which includes dividends and gain recognized on a disposition of shares) of certain U.S. individuals, estates, and trusts.

◼

Certain dividends paid to you in January will be taxable as if they had been paid to you the previous December.

◼

Tax statements will be mailed from each Fund by mid-February showing the amounts and tax status of distributions made to you in the prior calendar year.

◼

Because your tax treatment depends on your purchase price and tax position, you should keep your regular account statements for use in determining your tax.

◼

A Fund generally is required by law to provide you and the Internal Revenue Service with certain cost basis information related to the sale or redemption of any of your shares in the Fund acquired on or after January 1, 2012 (including distributions that are reinvested in additional shares of the Fund).

◼

A Fund may be required to withhold tax from dividends and redemption proceeds if you fail to give your correct social security or taxpayer identification number, fail to make required certifications, or the Fund is notified by the Internal Revenue Service that backup withholding is required.

◼

If you are a nonresident alien individual, foreign trust or estate, foreign corporation, or foreign partnership, a Fund's ordinary income dividends may be subject to a 30% U.S. withholding tax. See the section titled "TAXES—Foreign Shareholders" in the SAI for details.

**42**

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Distributions and Taxes

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◼

Under the "Foreign Account Tax Compliance Act," unless certain foreign entities comply with certain IRS requirements that generally require them to report information regarding U.S. persons investing in, or holding accounts with, such entities, a 30% U.S. withholding tax may apply to dividends paid by a Fund to such entities. See the section titled "TAXES—Foreign Shareholders" in the SAI for details.

◼

The Funds may provide estimated capital gain distribution information through the website at vcm.com.

**IRA Distribution Withholding Disclosure**

We generally must withhold federal income tax at a rate of 10% of the taxable portion of your distribution, and if you live in a state that requires state income tax withholding, at your state's tax rate. However, you may elect not to have withholding apply or to have income tax withheld at a higher rate. Any withholding election that you make will apply to any subsequent distribution unless and until you change or revoke the election. If you wish to make a withholding election, or change or revoke a prior withholding election, call 800-539-FUND (800-539-3863), and form W-4P (OMB No. 1545-0074 withholding certificate for pension or annuity payments) will be sent electronically.

If you do not have a withholding election in place by the date of a distribution, federal income tax will be withheld from the taxable portion of your distribution at a rate of 10%. If you must pay estimated taxes, you may be subject to estimated tax penalties if your estimated tax payments are not sufficient and sufficient tax is not withheld from your distribution.

The foregoing discussion summarizes some of the possible consequences under current federal tax law of an investment in the Fund. It is not a substitute for personal tax advice. The foregoing discussion also does not discuss any state, local, or non-U.S. tax consequences associated with an investment in the Fund. The tax information in this Prospectus is based on tax law in effect on the date of this Prospectus and it does not address any proposals to modify such tax laws. Consult your personal tax advisor about the potential tax consequences of an investment in the shares under all applicable tax laws.

For more specific information, please consult your tax adviser.

**43**

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Important Fund Policies

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**Customer Identification Program**

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens a new account, and to determine whether such person's name appears on government lists of known or suspected terrorists and terrorist organizations.

As a result, the Victory Funds must obtain the following information for each person who opens a new account:

◼

Name;

◼

Date of birth (for individuals);

◼

Residential or business street address (although post office boxes are still permitted for mailing); and

◼

Social security number, taxpayer identification number, or other identifying number.

You may also be asked for a copy of your driver's license, passport, or other identifying document in order to verify your identity. In addition, it may be necessary to verify your identity by cross-referencing your identification information with a consumer report or other electronic database. Additional information may be required to open accounts for corporations and other entities. Federal law prohibits the Victory Funds and other financial institutions from opening a new account unless they receive the minimum identifying information listed above. After an account is opened, the Victory Funds may restrict your ability to purchase additional shares until your identity is verified. The Victory Funds may close your account or take other appropriate action if it is unable to verify your identity within a reasonable time. If your account is closed for this reason, your shares will be redeemed at the NAV next calculated after the account is closed.

**Account Maintenance Information**

For the following non-financial transactions, the Victory Funds require proof that your signature authorizing a transaction is authentic. This verification can be provided in all cases by either a Signature Validation Program ("SVP") stamp or a Medallion signature guarantee ("MSG"). In some instances a Notary Public stamp is an acceptable alternative. As with an MSG, an SVP stamp can also be obtained from a financial institution that is a member of the SVP program.

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Notary** <br> **Public**<br>| **SVP** | **MSG** |
| Change of name  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Add/change banking instructions  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Add/change beneficiaries  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Add/change authorized account traders  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Adding a Power of Attorney | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Add/change Trustee  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |
| Uniform Transfers to Minors Act/Uniform Gifts to Minors Act custodian <br> change <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; x |

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**Market Timing**

The Victory Funds discourage frequent purchases and redemptions of Fund shares (market timing). Market timing allows investors to take advantage of market inefficiencies, sometimes to the disadvantage of other shareholders. Market timing increases Fund expenses to all shareholders by increasing portfolio turnover. In addition, market timing could potentially dilute share value for all other shareholders by requiring the Fund to hold more cash than it normally would.

**44**

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Important Fund Policies

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The Board has adopted policies and procedures with respect to market timing. In order to prevent or minimize market timing, the Funds (or the Adviser, as appropriate) will:

◼

Employ "fair value" pricing, as described in this Prospectus under Share Price, to minimize the discrepancies between a security's market quotation and its perceived market value, which often gives rise to market timing activity; and

◼

Monitor for suspected market timing based on "short-term transaction" activity, that is, a purchase or redemption of a Fund and, as applicable, a subsequent redemption or purchase of the same Fund, or an exchange of all or part of that same Fund.

In monitoring for market timing activity, we consider, among other things, the frequency of your trades and whether you acquired your Fund shares directly through the transfer agent or whether you combined your trades with a group of shareholders in an omnibus account or otherwise placed your order through a securities dealer or other financial intermediary.

Frequent trading by a shareholder is generally a characteristic of market timing. Therefore, any account in which Fund shares are acquired directly through the transfer agent, or where the Fund can adequately identify the shareholder, with a history of three short-term transactions within 90 days or less is suspected of market timing and the shareholder's trading privileges (other than redemption of Fund shares) will be suspended.

We may make exceptions to the "short-term transaction" policy for certain types of transactions if, in the opinion of the Adviser, under the oversight of the Board, the transactions do not represent short-term or excessive trading or are not abusive or harmful to the Funds, such as, but not limited to, systematic transactions, required minimum retirement distributions, transactions initiated by the Funds or administrator, and transactions by certain qualified funds-of-funds.

If you acquired shares through an omnibus account or otherwise placed your order through a securities dealer, or other financial intermediary (such as investment advisers, broker-dealers, third-party administrators, or insurance companies), and market timing is suspected, different purchase and exchange limitations may apply. We may rely upon a financial intermediary's policy to deter short-term or excessive trading (i) if we believe that the financial intermediary's policy is reasonably designed to detect and deter transactions that are not in the best interests of the Funds, or (ii) if we receive an undertaking from the financial intermediary to enforce short-term or excessive trading policies on behalf of the Funds that provide a substantially similar level of protection for the Funds against such transactions. If you hold your Fund shares through a financial intermediary, you are advised to consult the intermediary to determine what purchase and exchange limitations apply to your account.

We reserve the right to reject or cancel a purchase or exchange order for any reason without prior notice. We will deny your request to purchase or exchange your shares if we believe that the transaction is part of a market timing strategy.

The Funds' market timing policies and procedures may be modified or terminated at any time under the oversight of the Board.

**Portfolio Holdings Disclosure**

A description of each Fund's policies and procedures with respect to the disclosure of the Funds' portfolio securities is available in the Funds' SAI, which is available upon request and on the Funds' website at VictoryFunds.com.

**45**

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Important Fund Policies

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**Performance**

The Victory Funds may advertise the performance of a Fund by comparing it to other mutual funds with similar objectives and policies. Performance information also may appear in various publications. Any fees charged by Investment Professionals may not be reflected in these performance calculations.

Advertising information may include the average annual total return of the Funds calculated on a compounded basis for specified periods of time. Total return information will be calculated according to rules established by the SEC. Such information may include performance rankings and similar information from independent organizations and publications.

**Statements and Reports**

You will receive a periodic statement reflecting any transactions that affect the balance or registration of Fund shares in your account. You will receive a confirmation after any purchase, exchange, or redemption. If your account has been set up by an Investment Professional, Fund activity will be detailed in that account's statements. Share certificates are not issued. Twice a year, you will receive a financial report of the Fund. By February 15th of each year, you will be mailed an IRS form reporting distributions for the previous year, which also will be filed with the IRS.

**Shareholder Communications**

In order to eliminate duplicate mailings to an address at which two or more shareholders with the same last name reside, the Victory Funds may send only one copy of any shareholder reports, proxy statements, prospectuses and their supplements, unless you have instructed us to the contrary. You may request that the Victory Funds send these documents to each shareholder individually by calling the Victory Funds at 800-539-FUND (800-539-3863), and they will be delivered promptly.

While this Prospectus and the SAI of the Trust describe pertinent information about the Trust and the Funds, neither this Prospectus nor the SAI represents a contract between the Trust or the Funds and any shareholder.

**46**

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Financial Highlights

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The following financial highlights tables reflect historical information about shares of the Funds and are intended to help you understand each Fund's financial performance for the past five years, or, if shorter, the period of its operations. Certain information shows the results of an investment in one share of a Fund. To the extent a Fund invests in other funds, the Total Annual Operating Expenses included in a Fund's Fees and Expenses Table may not correlate to the ratio of expenses to average net assets in the financial highlights below. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in each Fund (assuming reinvestment of all dividends and distributions).

The information presented has been audited by Cohen & Company, Ltd., the Funds' independent registered public accounting firm, whose report, along with the Funds' financial statements, are included in the Funds' most recent N-CSR filing to shareholders, which is available upon request.

**47**

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**Victory Sycamore Established Value Fund** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| ***For a Share*** <br> ***Outstanding*** <br> ***Throughout Each*** <br> ***Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **8 Months**<br> **Ended**<br> **6/30/22(a)**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/21**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/20**<br>|
| **Net Asset Value,** <br> **Beginning of Period**<br>| &nbsp;&nbsp;&nbsp; $48.22 | &nbsp;&nbsp;&nbsp; $46.18 | &nbsp;&nbsp;&nbsp; $43.91 | &nbsp;&nbsp;&nbsp; $51.62 | &nbsp;&nbsp;&nbsp; $35.75 | &nbsp;&nbsp;&nbsp; $40.09 |
| **Investment Activities:** |  |  |  |  |  |  |
| Net investment <br> income (loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| Net realized and <br> unrealized gains <br> (losses)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;4.29 | &nbsp;&nbsp;&nbsp;&nbsp;5.21 | &nbsp;&nbsp;&nbsp; (4.29) | &nbsp;&nbsp;&nbsp;&nbsp;17.44 | &nbsp;&nbsp;&nbsp; (2.44) |
| Total from <br> Investment <br> Activities<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp;4.78 | &nbsp;&nbsp;&nbsp;&nbsp;5.76 | &nbsp;&nbsp;&nbsp; (3.80) | &nbsp;&nbsp;&nbsp;&nbsp;18.06 | &nbsp;&nbsp;&nbsp; (1.96) |
| **Distributions to** <br> **Shareholders from:**<br>|  |  |  |  |  |  |
| Net investment <br> income<br>| &nbsp;&nbsp;&nbsp; (0.44) | &nbsp;&nbsp;&nbsp; (0.54) | &nbsp;&nbsp;&nbsp; (0.55) | &nbsp;&nbsp;&nbsp; (0.60) | &nbsp;&nbsp;&nbsp; (0.52) | &nbsp;&nbsp;&nbsp; (0.48) |
| Net realized gains | &nbsp;&nbsp;&nbsp; (4.70) | &nbsp;&nbsp;&nbsp; (2.20) | &nbsp;&nbsp;&nbsp; (2.94) | &nbsp;&nbsp;&nbsp; (3.31) | &nbsp;&nbsp;&nbsp; (1.67) | &nbsp;&nbsp;&nbsp; (1.90) |
| Total <br> Distributions<br>| &nbsp;&nbsp;&nbsp; (5.14) | &nbsp;&nbsp;&nbsp; (2.74) | &nbsp;&nbsp;&nbsp; (3.49) | &nbsp;&nbsp;&nbsp; (3.91) | &nbsp;&nbsp;&nbsp; (2.19) | &nbsp;&nbsp;&nbsp; (2.38) |
| **Net Asset Value, End of** <br> **Period**<br>| &nbsp;&nbsp;&nbsp; $45.36 | &nbsp;&nbsp;&nbsp; $48.22 | &nbsp;&nbsp;&nbsp; $46.18 | &nbsp;&nbsp;&nbsp; $43.91 | &nbsp;&nbsp;&nbsp; $51.62 | &nbsp;&nbsp;&nbsp; $35.75 |
| Total Return(c),(d) | &nbsp;&nbsp;&nbsp; 4.31% | &nbsp;&nbsp;&nbsp; 10.71% | &nbsp;&nbsp;&nbsp; 13.27% | &nbsp;&nbsp;&nbsp; (7.99)% | &nbsp;&nbsp;&nbsp; 52.05% | &nbsp;&nbsp;&nbsp; (5.22)% |
| **Ratios to Average Net** <br> **Assets:**<br>|  |  |  |  |  |  |
| Net Expenses(e),(f) | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.92% |
| Net Investment <br> Income (Loss)(e)<br>| &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp; 1.52% | &nbsp;&nbsp;&nbsp; 1.32% | &nbsp;&nbsp;&nbsp; 1.34% |
| Gross Expenses(e),(f) | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.92% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of <br> period (000's)<br>| &nbsp;&nbsp;&nbsp; $1259617 | &nbsp;&nbsp;&nbsp; $1450734 | &nbsp;&nbsp;&nbsp; $1630578 | &nbsp;&nbsp;&nbsp; $1538933 | &nbsp;&nbsp;&nbsp; $1788115 | &nbsp;&nbsp;&nbsp; $1380509 |
| Portfolio <br> Turnover(c),(g)<br>| &nbsp;&nbsp;&nbsp; 45% | &nbsp;&nbsp;&nbsp; 34% | &nbsp;&nbsp;&nbsp; 28% | &nbsp;&nbsp;&nbsp; 24% | &nbsp;&nbsp;&nbsp; 32% | &nbsp;&nbsp;&nbsp; 44% |

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(a) The Fund's fiscal year-end changed from October 31 to June 30.

(b) Per share net investment income (loss) has been calculated using the average daily shares method.

(c) Not annualized for periods less than one year.

(d) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return. Excludes any applicable sales charges, including contingent deferred sales charges. Total return would be reduced if sales charges were taken into account.

(e) Annualized for periods less than one year.

(f) Does not include acquired fund fees and expenses, if any.

(g) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**48**

------

Victory Sycamore Established Value Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| ***For a Share Outstanding*** <br> ***Throughout Each Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **8 Months**<br> **Ended**<br> **6/30/22(a)**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/21**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/20**<br>|
| **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp;&nbsp; $46.70 | &nbsp;&nbsp;&nbsp; $44.80 | &nbsp;&nbsp;&nbsp; $42.71 | &nbsp;&nbsp;&nbsp; $50.28 | &nbsp;&nbsp;&nbsp; $34.89 | &nbsp;&nbsp;&nbsp; $39.16 |
| **Investment Activities:** |  |  |  |  |  |  |
| Net investment income (loss)(b) | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Net realized and unrealized gains <br> (losses)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;4.15 | &nbsp;&nbsp;&nbsp;&nbsp;5.05 | &nbsp;&nbsp;&nbsp; (4.16) | &nbsp;&nbsp;&nbsp;&nbsp;17.00 | &nbsp;&nbsp;&nbsp; (2.35) |
| Total from Investment <br> Activities<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;4.27 | &nbsp;&nbsp;&nbsp;&nbsp;5.25 | &nbsp;&nbsp;&nbsp; (3.92) | &nbsp;&nbsp;&nbsp;&nbsp;17.26 | &nbsp;&nbsp;&nbsp; (2.15) |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp; (0.22) |
| Net realized gains | &nbsp;&nbsp;&nbsp; (4.70) | &nbsp;&nbsp;&nbsp; (2.20) | &nbsp;&nbsp;&nbsp; (2.94) | &nbsp;&nbsp;&nbsp; (3.31) | &nbsp;&nbsp;&nbsp; (1.67) | &nbsp;&nbsp;&nbsp; (1.90) |
| Total Distributions | &nbsp;&nbsp;&nbsp; (4.74) | &nbsp;&nbsp;&nbsp; (2.37) | &nbsp;&nbsp;&nbsp; (3.16) | &nbsp;&nbsp;&nbsp; (3.65) | &nbsp;&nbsp;&nbsp; (1.87) | &nbsp;&nbsp;&nbsp; (2.12) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $43.78 | &nbsp;&nbsp;&nbsp; $46.70 | &nbsp;&nbsp;&nbsp; $44.80 | &nbsp;&nbsp;&nbsp; $42.71 | &nbsp;&nbsp;&nbsp; $50.28 | &nbsp;&nbsp;&nbsp; $34.89 |
| Total Return(c),(d) | &nbsp;&nbsp;&nbsp; 3.40% | &nbsp;&nbsp;&nbsp; 9.86% | &nbsp;&nbsp;&nbsp; 12.40% | &nbsp;&nbsp;&nbsp; (8.44)% | &nbsp;&nbsp;&nbsp; 50.91% | &nbsp;&nbsp;&nbsp; (5.93)% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net Expenses(e),(f) | &nbsp;&nbsp;&nbsp; 1.70% | &nbsp;&nbsp;&nbsp; 1.68% | &nbsp;&nbsp;&nbsp; 1.66% | &nbsp;&nbsp;&nbsp; 1.66% | &nbsp;&nbsp;&nbsp; 1.66% | &nbsp;&nbsp;&nbsp; 1.69% |
| Net Investment Income (Loss)(e) | &nbsp;&nbsp;&nbsp; 0.09% | &nbsp;&nbsp;&nbsp; 0.26% | &nbsp;&nbsp;&nbsp; 0.44% | &nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp; 0.56% | &nbsp;&nbsp;&nbsp; 0.58% |
| Gross Expenses(e),(f) | &nbsp;&nbsp;&nbsp; 1.70% | &nbsp;&nbsp;&nbsp; 1.68% | &nbsp;&nbsp;&nbsp; 1.66% | &nbsp;&nbsp;&nbsp; 1.66% | &nbsp;&nbsp;&nbsp; 1.66% | &nbsp;&nbsp;&nbsp; 1.69% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $6679 | &nbsp;&nbsp;&nbsp; $32040 | &nbsp;&nbsp;&nbsp; $49142 | &nbsp;&nbsp;&nbsp; $55720 | &nbsp;&nbsp;&nbsp; $67718 | &nbsp;&nbsp;&nbsp; $54271 |
| Portfolio Turnover(c),(g) | &nbsp;&nbsp;&nbsp; 45% | &nbsp;&nbsp;&nbsp; 34% | &nbsp;&nbsp;&nbsp; 28% | &nbsp;&nbsp;&nbsp; 24% | &nbsp;&nbsp;&nbsp; 32% | &nbsp;&nbsp;&nbsp; 44% |

---

(a) The Fund's fiscal year-end changed from October 31 to June 30.

(b) Per share net investment income (loss) has been calculated using the average daily shares method.

(c) Not annualized for periods less than one year.

(d) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return. Excludes any applicable sales charges, including contingent deferred sales charges. Total return would be reduced if sales charges were taken into account.

(e) Annualized for periods less than one year.

(f) Does not include acquired fund fees and expenses, if any.

(g) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**49**

------

Victory Sycamore Established Value Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| ***For a Share*** <br> ***Outstanding*** <br> ***Throughout Each*** <br> ***Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **8 Months**<br> **Ended**<br> **6/30/22(a)**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/21**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/20**<br>|
| **Net Asset Value,** <br> **Beginning of Period**<br>| &nbsp;&nbsp;&nbsp; $48.26 | &nbsp;&nbsp;&nbsp; $46.22 | &nbsp;&nbsp;&nbsp; $43.94 | &nbsp;&nbsp;&nbsp; $51.66 | &nbsp;&nbsp;&nbsp; $35.77 | &nbsp;&nbsp;&nbsp; $40.12 |
| **Investment Activities:** |  |  |  |  |  |  |
| Net investment <br> income (loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| Net realized and <br> unrealized gains <br> (losses)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;4.29 | &nbsp;&nbsp;&nbsp;&nbsp;5.21 | &nbsp;&nbsp;&nbsp; (4.30) | &nbsp;&nbsp;&nbsp;&nbsp;17.44 | &nbsp;&nbsp;&nbsp; (2.45) |
| Total from <br> Investment <br> Activities<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;4.94 | &nbsp;&nbsp;&nbsp;&nbsp;5.91 | &nbsp;&nbsp;&nbsp; (3.70) | &nbsp;&nbsp;&nbsp;&nbsp;18.21 | &nbsp;&nbsp;&nbsp; (1.86) |
| **Distributions to** <br> **Shareholders from:**<br>|  |  |  |  |  |  |
| Net investment <br> income<br>| &nbsp;&nbsp;&nbsp; (0.58) | &nbsp;&nbsp;&nbsp; (0.70) | &nbsp;&nbsp;&nbsp; (0.69) | &nbsp;&nbsp;&nbsp; (0.71) | &nbsp;&nbsp;&nbsp; (0.65) | &nbsp;&nbsp;&nbsp; (0.59) |
| Net realized gains | &nbsp;&nbsp;&nbsp; (4.70) | &nbsp;&nbsp;&nbsp; (2.20) | &nbsp;&nbsp;&nbsp; (2.94) | &nbsp;&nbsp;&nbsp; (3.31) | &nbsp;&nbsp;&nbsp; (1.67) | &nbsp;&nbsp;&nbsp; (1.90) |
| Total <br> Distributions<br>| &nbsp;&nbsp;&nbsp; (5.28) | &nbsp;&nbsp;&nbsp; (2.90) | &nbsp;&nbsp;&nbsp; (3.63) | &nbsp;&nbsp;&nbsp; (4.02) | &nbsp;&nbsp;&nbsp; (2.32) | &nbsp;&nbsp;&nbsp; (2.49) |
| **Net Asset Value, End of** <br> **Period**<br>| &nbsp;&nbsp;&nbsp; $45.40 | &nbsp;&nbsp;&nbsp; $48.26 | &nbsp;&nbsp;&nbsp; $46.22 | &nbsp;&nbsp;&nbsp; $43.94 | &nbsp;&nbsp;&nbsp; $51.66 | &nbsp;&nbsp;&nbsp; $35.77 |
| Total Return(c),(d) | &nbsp;&nbsp;&nbsp; 4.61% | &nbsp;&nbsp;&nbsp; 11.06% | &nbsp;&nbsp;&nbsp; 13.64% | &nbsp;&nbsp;&nbsp; (7.80)% | &nbsp;&nbsp;&nbsp; 52.54% | &nbsp;&nbsp;&nbsp; (4.92)% |
| **Ratios to Average Net** <br> **Assets:**<br>|  |  |  |  |  |  |
| Net Expenses(e),(f) | &nbsp;&nbsp;&nbsp; 0.58% | &nbsp;&nbsp;&nbsp; 0.58% | &nbsp;&nbsp;&nbsp; 0.58% | &nbsp;&nbsp;&nbsp; 0.58% | &nbsp;&nbsp;&nbsp; 0.58% | &nbsp;&nbsp;&nbsp; 0.60% |
| Net Investment <br> Income (Loss)(e)<br>| &nbsp;&nbsp;&nbsp; 1.28% | &nbsp;&nbsp;&nbsp; 1.38% | &nbsp;&nbsp;&nbsp; 1.53% | &nbsp;&nbsp;&nbsp; 1.84% | &nbsp;&nbsp;&nbsp; 1.63% | &nbsp;&nbsp;&nbsp; 1.64% |
| Gross Expenses(e),(f) | &nbsp;&nbsp;&nbsp; 0.58% | &nbsp;&nbsp;&nbsp; 0.58% | &nbsp;&nbsp;&nbsp; 0.58% | &nbsp;&nbsp;&nbsp; 0.58% | &nbsp;&nbsp;&nbsp; 0.58% | &nbsp;&nbsp;&nbsp; 0.60% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of <br> period (000's)<br>| &nbsp;&nbsp;&nbsp; $4683882 | &nbsp;&nbsp;&nbsp; $4904566 | &nbsp;&nbsp;&nbsp; $5229565 | &nbsp;&nbsp;&nbsp; $4801212 | &nbsp;&nbsp;&nbsp; $5315482 | &nbsp;&nbsp;&nbsp; $3306226 |
| Portfolio <br> Turnover(c),(g)<br>| &nbsp;&nbsp;&nbsp; 45% | &nbsp;&nbsp;&nbsp; 34% | &nbsp;&nbsp;&nbsp; 28% | &nbsp;&nbsp;&nbsp; 24% | &nbsp;&nbsp;&nbsp; 32% | &nbsp;&nbsp;&nbsp; 44% |

---

(a) The Fund's fiscal year-end changed from October 31 to June 30.

(b) Per share net investment income (loss) has been calculated using the average daily shares method.

(c) Not annualized for periods less than one year.

(d) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return.

(e) Annualized for periods less than one year.

(f) Does not include acquired fund fees and expenses, if any.

(g) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**50**

------

Victory Sycamore Established Value Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| ***For a Share Outstanding*** <br> ***Throughout Each Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **8 Months**<br> **Ended**<br> **6/30/22(a)**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/21**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/20**<br>|
| **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp;&nbsp; $47.29 | &nbsp;&nbsp;&nbsp; $45.34 | &nbsp;&nbsp;&nbsp; $43.18 | &nbsp;&nbsp;&nbsp; $50.81 | &nbsp;&nbsp;&nbsp; $35.23 | &nbsp;&nbsp;&nbsp; $39.54 |
| **Investment Activities:** |  |  |  |  |  |  |
| Net investment income <br> (loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Net realized and unrealized <br> gains (losses)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;4.21 | &nbsp;&nbsp;&nbsp;&nbsp;5.11 | &nbsp;&nbsp;&nbsp; (4.21) | &nbsp;&nbsp;&nbsp;&nbsp;17.16 | &nbsp;&nbsp;&nbsp; (2.40) |
| Total from Investment <br> Activities<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;4.60 | &nbsp;&nbsp;&nbsp;&nbsp;5.56 | &nbsp;&nbsp;&nbsp; (3.79) | &nbsp;&nbsp;&nbsp;&nbsp;17.68 | &nbsp;&nbsp;&nbsp; (2.00) |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp; (0.45) | &nbsp;&nbsp;&nbsp; (0.46) | &nbsp;&nbsp;&nbsp; (0.53) | &nbsp;&nbsp;&nbsp; (0.43) | &nbsp;&nbsp;&nbsp; (0.41) |
| Net realized gains | &nbsp;&nbsp;&nbsp; (4.70) | &nbsp;&nbsp;&nbsp; (2.20) | &nbsp;&nbsp;&nbsp; (2.94) | &nbsp;&nbsp;&nbsp; (3.31) | &nbsp;&nbsp;&nbsp; (1.67) | &nbsp;&nbsp;&nbsp; (1.90) |
| Total Distributions | &nbsp;&nbsp;&nbsp; (5.06) | &nbsp;&nbsp;&nbsp; (2.65) | &nbsp;&nbsp;&nbsp; (3.40) | &nbsp;&nbsp;&nbsp; (3.84) | &nbsp;&nbsp;&nbsp; (2.10) | &nbsp;&nbsp;&nbsp; (2.31) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $44.36 | &nbsp;&nbsp;&nbsp; $47.29 | &nbsp;&nbsp;&nbsp; $45.34 | &nbsp;&nbsp;&nbsp; $43.18 | &nbsp;&nbsp;&nbsp; $50.81 | &nbsp;&nbsp;&nbsp; $35.23 |
| Total Return(c),(d) | &nbsp;&nbsp;&nbsp; 4.06% | &nbsp;&nbsp;&nbsp; 10.50% | &nbsp;&nbsp;&nbsp; 13.02% | &nbsp;&nbsp;&nbsp; (8.11)% | &nbsp;&nbsp;&nbsp; 51.74% | &nbsp;&nbsp;&nbsp; (5.41)% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net Expenses(e),(f) | &nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp; 1.11% | &nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp; 1.11% | &nbsp;&nbsp;&nbsp; 1.11% | &nbsp;&nbsp;&nbsp; 1.12% |
| Net Investment Income <br> (Loss)(e)<br>| &nbsp;&nbsp;&nbsp; 0.77% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp; 1.31% | &nbsp;&nbsp;&nbsp; 1.11% | &nbsp;&nbsp;&nbsp; 1.14% |
| Gross Expenses(e),(f) | &nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp; 1.11% | &nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp; 1.11% | &nbsp;&nbsp;&nbsp; 1.11% | &nbsp;&nbsp;&nbsp; 1.12% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $703005 | &nbsp;&nbsp;&nbsp; $766097 | &nbsp;&nbsp;&nbsp; $818127 | &nbsp;&nbsp;&nbsp; $780556 | &nbsp;&nbsp;&nbsp; $936593 | &nbsp;&nbsp;&nbsp; $633244 |
| Portfolio Turnover(c),(g) | &nbsp;&nbsp;&nbsp; 45% | &nbsp;&nbsp;&nbsp; 34% | &nbsp;&nbsp;&nbsp; 28% | &nbsp;&nbsp;&nbsp; 24% | &nbsp;&nbsp;&nbsp; 32% | &nbsp;&nbsp;&nbsp; 44% |

---

(a) The Fund's fiscal year-end changed from October 31 to June 30.

(b) Per share net investment income (loss) has been calculated using the average daily shares method.

(c) Not annualized for periods less than one year.

(d) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return.

(e) Annualized for periods less than one year.

(f) Does not include acquired fund fees and expenses, if any.

(g) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**51**

------

Victory Sycamore Established Value Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| ***For a Share*** <br> ***Outstanding*** <br> ***Throughout Each*** <br> ***Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **8 Months**<br> **Ended**<br> **6/30/22(a)**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/21**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/20**<br>|
| **Net Asset Value,** <br> **Beginning of Period**<br>| &nbsp;&nbsp;&nbsp; $48.28 | &nbsp;&nbsp;&nbsp; $46.24 | &nbsp;&nbsp;&nbsp; $43.96 | &nbsp;&nbsp;&nbsp; $51.69 | &nbsp;&nbsp;&nbsp; $35.78 | &nbsp;&nbsp;&nbsp; $40.13 |
| **Investment Activities:** |  |  |  |  |  |  |
| Net investment <br> income (loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Net realized and <br> unrealized gains <br> (losses)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;4.29 | &nbsp;&nbsp;&nbsp;&nbsp;5.21 | &nbsp;&nbsp;&nbsp; (4.31) | &nbsp;&nbsp;&nbsp;&nbsp;17.45 | &nbsp;&nbsp;&nbsp; (2.45) |
| Total from <br> Investment <br> Activities<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.44 | &nbsp;&nbsp;&nbsp;&nbsp;4.96 | &nbsp;&nbsp;&nbsp;&nbsp;5.93 | &nbsp;&nbsp;&nbsp; (3.70) | &nbsp;&nbsp;&nbsp;&nbsp;18.25 | &nbsp;&nbsp;&nbsp; (1.85) |
| **Distributions to** <br> **Shareholders from:**<br>|  |  |  |  |  |  |
| Net investment <br> income<br>| &nbsp;&nbsp;&nbsp; (0.60) | &nbsp;&nbsp;&nbsp; (0.72) | &nbsp;&nbsp;&nbsp; (0.71) | &nbsp;&nbsp;&nbsp; (0.72) | &nbsp;&nbsp;&nbsp; (0.67) | &nbsp;&nbsp;&nbsp; (0.60) |
| Net realized gains | &nbsp;&nbsp;&nbsp; (4.69) | &nbsp;&nbsp;&nbsp; (2.20) | &nbsp;&nbsp;&nbsp; (2.94) | &nbsp;&nbsp;&nbsp; (3.31) | &nbsp;&nbsp;&nbsp; (1.67) | &nbsp;&nbsp;&nbsp; (1.90) |
| Total <br> Distributions<br>| &nbsp;&nbsp;&nbsp; (5.29) | &nbsp;&nbsp;&nbsp; (2.92) | &nbsp;&nbsp;&nbsp; (3.65) | &nbsp;&nbsp;&nbsp; (4.03) | &nbsp;&nbsp;&nbsp; (2.34) | &nbsp;&nbsp;&nbsp; (2.50) |
| **Net Asset Value, End of** <br> **Period**<br>| &nbsp;&nbsp;&nbsp; $45.43 | &nbsp;&nbsp;&nbsp; $48.28 | &nbsp;&nbsp;&nbsp; $46.24 | &nbsp;&nbsp;&nbsp; $43.96 | &nbsp;&nbsp;&nbsp; $51.69 | &nbsp;&nbsp;&nbsp; $35.78 |
| Total Return(c),(d) | &nbsp;&nbsp;&nbsp; 4.64% | &nbsp;&nbsp;&nbsp; 11.12% | &nbsp;&nbsp;&nbsp; 13.68% | &nbsp;&nbsp;&nbsp; (7.77)% | &nbsp;&nbsp;&nbsp; 52.62% | &nbsp;&nbsp;&nbsp; (4.89)% |
| **Ratios to Average Net** <br> **Assets:**<br>|  |  |  |  |  |  |
| Net Expenses(e),(f) | &nbsp;&nbsp;&nbsp; 0.54% | &nbsp;&nbsp;&nbsp; 0.54% | &nbsp;&nbsp;&nbsp; 0.54% | &nbsp;&nbsp;&nbsp; 0.54% | &nbsp;&nbsp;&nbsp; 0.54% | &nbsp;&nbsp;&nbsp; 0.57% |
| Net Investment <br> Income (Loss)(e)<br>| &nbsp;&nbsp;&nbsp; 1.33% | &nbsp;&nbsp;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp; 1.58% | &nbsp;&nbsp;&nbsp; 1.88% | &nbsp;&nbsp;&nbsp; 1.68% | &nbsp;&nbsp;&nbsp; 1.68% |
| Gross Expenses(e),(f) | &nbsp;&nbsp;&nbsp; 0.54% | &nbsp;&nbsp;&nbsp; 0.54% | &nbsp;&nbsp;&nbsp; 0.54% | &nbsp;&nbsp;&nbsp; 0.54% | &nbsp;&nbsp;&nbsp; 0.54% | &nbsp;&nbsp;&nbsp; 0.57% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of <br> period (000's)<br>| &nbsp;&nbsp;&nbsp; $9848562 | &nbsp;&nbsp;&nbsp; $9974901 | &nbsp;&nbsp;&nbsp; $9353327 | &nbsp;&nbsp;&nbsp; $7357481 | &nbsp;&nbsp;&nbsp; $7548781 | &nbsp;&nbsp;&nbsp; $4499129 |
| Portfolio <br> Turnover(c),(g)<br>| &nbsp;&nbsp;&nbsp; 45% | &nbsp;&nbsp;&nbsp; 34% | &nbsp;&nbsp;&nbsp; 28% | &nbsp;&nbsp;&nbsp; 24% | &nbsp;&nbsp;&nbsp; 32% | &nbsp;&nbsp;&nbsp; 44% |

---

(a) The Fund's fiscal year-end changed from October 31 to June 30.

(b) Per share net investment income (loss) has been calculated using the average daily shares method.

(c) Not annualized for periods less than one year.

(d) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return.

(e) Annualized for periods less than one year.

(f) Does not include acquired fund fees and expenses, if any.

(g) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**52**

------

Victory Sycamore Established Value Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| ***For a Share Outstanding*** <br> ***Throughout Each Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **8 Months**<br> **Ended**<br> **6/30/22(a)**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/21**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/20**<br>|
| **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp;&nbsp; $48.25 | &nbsp;&nbsp;&nbsp; $46.21 | &nbsp;&nbsp;&nbsp; $43.94 | &nbsp;&nbsp;&nbsp; $51.66 | &nbsp;&nbsp;&nbsp; $35.76 | &nbsp;&nbsp;&nbsp; $40.11 |
| **Investment Activities:** |  |  |  |  |  |  |
| Net investment income <br> (loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| Net realized and unrealized <br> gains (losses)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;4.29 | &nbsp;&nbsp;&nbsp;&nbsp;5.19 | &nbsp;&nbsp;&nbsp; (4.30) | &nbsp;&nbsp;&nbsp;&nbsp;17.45 | &nbsp;&nbsp;&nbsp; (2.45) |
| Total from Investment <br> Activities<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;4.90 | &nbsp;&nbsp;&nbsp;&nbsp;5.87 | &nbsp;&nbsp;&nbsp; (3.72) | &nbsp;&nbsp;&nbsp;&nbsp;18.22 | &nbsp;&nbsp;&nbsp; (1.87) |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.55) | &nbsp;&nbsp;&nbsp; (0.66) | &nbsp;&nbsp;&nbsp; (0.66) | &nbsp;&nbsp;&nbsp; (0.69) | &nbsp;&nbsp;&nbsp; (0.65) | &nbsp;&nbsp;&nbsp; (0.58) |
| Net realized gains | &nbsp;&nbsp;&nbsp; (4.69) | &nbsp;&nbsp;&nbsp; (2.20) | &nbsp;&nbsp;&nbsp; (2.94) | &nbsp;&nbsp;&nbsp; (3.31) | &nbsp;&nbsp;&nbsp; (1.67) | &nbsp;&nbsp;&nbsp; (1.90) |
| Total Distributions | &nbsp;&nbsp;&nbsp; (5.24) | &nbsp;&nbsp;&nbsp; (2.86) | &nbsp;&nbsp;&nbsp; (3.60) | &nbsp;&nbsp;&nbsp; (4.00) | &nbsp;&nbsp;&nbsp; (2.32) | &nbsp;&nbsp;&nbsp; (2.48) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $45.39 | &nbsp;&nbsp;&nbsp; $48.25 | &nbsp;&nbsp;&nbsp; $46.21 | &nbsp;&nbsp;&nbsp; $43.94 | &nbsp;&nbsp;&nbsp; $51.66 | &nbsp;&nbsp;&nbsp; $35.76 |
| Total Return(c),(d) | &nbsp;&nbsp;&nbsp; 4.53% | &nbsp;&nbsp;&nbsp; 10.97% | &nbsp;&nbsp;&nbsp; 13.54% | &nbsp;&nbsp;&nbsp; (7.82)% | &nbsp;&nbsp;&nbsp; 52.49% | &nbsp;&nbsp;&nbsp; (4.92)% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net Expenses(e),(f) | &nbsp;&nbsp;&nbsp; 0.66% | &nbsp;&nbsp;&nbsp; 0.66% | &nbsp;&nbsp;&nbsp; 0.66% | &nbsp;&nbsp;&nbsp; 0.61% | &nbsp;&nbsp;&nbsp; 0.61% | &nbsp;&nbsp;&nbsp; 0.63% |
| Net Investment Income <br> (Loss)(e)<br>| &nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 1.31% | &nbsp;&nbsp;&nbsp; 1.48% | &nbsp;&nbsp;&nbsp; 1.77% | &nbsp;&nbsp;&nbsp; 1.62% | &nbsp;&nbsp;&nbsp; 1.63% |
| Gross Expenses(e),(f) | &nbsp;&nbsp;&nbsp; 0.66% | &nbsp;&nbsp;&nbsp; 0.66% | &nbsp;&nbsp;&nbsp; 0.66% | &nbsp;&nbsp;&nbsp; 0.61% | &nbsp;&nbsp;&nbsp; 0.61% | &nbsp;&nbsp;&nbsp; 0.63% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $789170 | &nbsp;&nbsp;&nbsp; $876420 | &nbsp;&nbsp;&nbsp; $831766 | &nbsp;&nbsp;&nbsp; $589519 | &nbsp;&nbsp;&nbsp; $873753 | &nbsp;&nbsp;&nbsp; $600200 |
| Portfolio Turnover(c),(g) | &nbsp;&nbsp;&nbsp; 45% | &nbsp;&nbsp;&nbsp; 34% | &nbsp;&nbsp;&nbsp; 28% | &nbsp;&nbsp;&nbsp; 24% | &nbsp;&nbsp;&nbsp; 32% | &nbsp;&nbsp;&nbsp; 44% |

---

(a) The Fund's fiscal year-end changed from October 31 to June 30.

(b) Per share net investment income (loss) has been calculated using the average daily shares method.

(c) Not annualized for periods less than one year.

(d) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return.

(e) Annualized for periods less than one year.

(f) Does not include acquired fund fees and expenses, if any.

(g) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**53**

------

**Victory Sycamore Small Company Opportunity Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| ***For a Share Outstanding*** <br> ***Throughout Each Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **8 Months**<br> **Ended**<br> **6/30/22(a)**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/21**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/20**<br>|
| **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp;&nbsp; $46.62 | &nbsp;&nbsp;&nbsp; $47.34 | &nbsp;&nbsp;&nbsp; $44.57 | &nbsp;&nbsp;&nbsp; $56.52 | &nbsp;&nbsp;&nbsp; $37.91 | &nbsp;&nbsp;&nbsp; $45.16 |
| **Investment Activities:** |  |  |  |  |  |  |
| Net investment income <br> (loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Net realized and unrealized <br> gains (losses)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;5.20 | &nbsp;&nbsp;&nbsp; (5.54) | &nbsp;&nbsp;&nbsp;&nbsp;18.89 | &nbsp;&nbsp;&nbsp; (5.14) |
| Total from Investment <br> Activities<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;5.36 | &nbsp;&nbsp;&nbsp; (5.48) | &nbsp;&nbsp;&nbsp;&nbsp;18.93 | &nbsp;&nbsp;&nbsp; (4.97) |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp; (0.20) |
| Net realized gains | &nbsp;&nbsp;&nbsp; (3.70) | &nbsp;&nbsp;&nbsp; (2.85) | &nbsp;&nbsp;&nbsp; (2.46) | &nbsp;&nbsp;&nbsp; (6.42) | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp; (2.08) |
| Total Distributions | &nbsp;&nbsp;&nbsp; (3.94) | &nbsp;&nbsp;&nbsp; (3.03) | &nbsp;&nbsp;&nbsp; (2.59) | &nbsp;&nbsp;&nbsp; (6.47) | &nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp; (2.28) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $43.70 | &nbsp;&nbsp;&nbsp; $46.62 | &nbsp;&nbsp;&nbsp; $47.34 | &nbsp;&nbsp;&nbsp; $44.57 | &nbsp;&nbsp;&nbsp; $56.52 | &nbsp;&nbsp;&nbsp; $37.91 |
| Total Return(c),(d) | &nbsp;&nbsp;&nbsp; 1.32% | &nbsp;&nbsp;&nbsp; 4.91% | &nbsp;&nbsp;&nbsp; 12.08% | &nbsp;&nbsp;&nbsp; (10.95)% | &nbsp;&nbsp;&nbsp; 50.11% | &nbsp;&nbsp;&nbsp; (11.80)% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net Expenses(e),(f) | &nbsp;&nbsp;&nbsp; 1.23% | &nbsp;&nbsp;&nbsp; 1.26% | &nbsp;&nbsp;&nbsp; 1.25% | &nbsp;&nbsp;&nbsp; 1.25% | &nbsp;&nbsp;&nbsp; 1.24% | &nbsp;&nbsp;&nbsp; 1.26% |
| Net Investment Income <br> (Loss)(e)<br>| &nbsp;&nbsp;&nbsp; 0.56% | &nbsp;&nbsp;&nbsp; 0.49% | &nbsp;&nbsp;&nbsp; 0.33% | &nbsp;&nbsp;&nbsp; 0.18% | &nbsp;&nbsp;&nbsp; 0.07% | &nbsp;&nbsp;&nbsp; 0.43% |
| Gross Expenses(e),(f) | &nbsp;&nbsp;&nbsp; 1.23% | &nbsp;&nbsp;&nbsp; 1.26% | &nbsp;&nbsp;&nbsp; 1.25% | &nbsp;&nbsp;&nbsp; 1.25% | &nbsp;&nbsp;&nbsp; 1.24% | &nbsp;&nbsp;&nbsp; 1.26% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $221592 | &nbsp;&nbsp;&nbsp; $278751 | &nbsp;&nbsp;&nbsp; $325166 | &nbsp;&nbsp;&nbsp; $329556 | &nbsp;&nbsp;&nbsp; $424496 | &nbsp;&nbsp;&nbsp; $336083 |
| Portfolio Turnover(c),(g) | &nbsp;&nbsp;&nbsp; 50% | &nbsp;&nbsp;&nbsp; 37% | &nbsp;&nbsp;&nbsp; 32% | &nbsp;&nbsp;&nbsp; 22% | &nbsp;&nbsp;&nbsp; 41% | &nbsp;&nbsp;&nbsp; 37% |

---

(a) The Fund's fiscal year-end changed from October 31 to June 30.

(b) Per share net investment income (loss) has been calculated using the average daily shares method.

(c) Not annualized for periods less than one year.

(d) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return. Excludes any applicable sales charges, including contingent deferred sales charges. Total return would be reduced if sales charges were taken into account.

(e) Annualized for periods less than one year.

(f) Does not include acquired fund fees and expenses, if any.

(g) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**54**

------

Victory Sycamore Small Company Opportunity Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| ***For a Share*** <br> ***Outstanding*** <br> ***Throughout Each*** <br> ***Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **8 Months**<br> **Ended**<br> **6/30/22(a)**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/21**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/20**<br>|
| **Net Asset Value,** <br> **Beginning of Period**<br>| &nbsp;&nbsp;&nbsp; $47.40 | &nbsp;&nbsp;&nbsp; $48.08 | &nbsp;&nbsp;&nbsp; $45.22 | &nbsp;&nbsp;&nbsp; $57.31 | &nbsp;&nbsp;&nbsp; $38.40 | &nbsp;&nbsp;&nbsp; $45.71 |
| **Investment Activities:** |  |  |  |  |  |  |
| Net investment <br> income (loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| Net realized and <br> unrealized gains <br> (losses)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp;&nbsp;5.29 | &nbsp;&nbsp;&nbsp; (5.63) | &nbsp;&nbsp;&nbsp;&nbsp;19.13 | &nbsp;&nbsp;&nbsp; (5.20) |
| Total from <br> Investment <br> Activities<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;5.62 | &nbsp;&nbsp;&nbsp; (5.45) | &nbsp;&nbsp;&nbsp;&nbsp;19.35 | &nbsp;&nbsp;&nbsp; (4.89) |
| **Distributions to** <br> **Shareholders from:**<br>|  |  |  |  |  |  |
| Net investment <br> income<br>| &nbsp;&nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp; (0.34) |
| Net realized gains | &nbsp;&nbsp;&nbsp; (3.70) | &nbsp;&nbsp;&nbsp; (2.85) | &nbsp;&nbsp;&nbsp; (2.46) | &nbsp;&nbsp;&nbsp; (6.41) | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp; (2.08) |
| Total <br> Distributions<br>| &nbsp;&nbsp;&nbsp; (4.11) | &nbsp;&nbsp;&nbsp; (3.21) | &nbsp;&nbsp;&nbsp; (2.76) | &nbsp;&nbsp;&nbsp; (6.64) | &nbsp;&nbsp;&nbsp; (0.44) | &nbsp;&nbsp;&nbsp; (2.42) |
| **Net Asset Value, End of** <br> **Period**<br>| &nbsp;&nbsp;&nbsp; $44.48 | &nbsp;&nbsp;&nbsp; $47.40 | &nbsp;&nbsp;&nbsp; $48.08 | &nbsp;&nbsp;&nbsp; $45.22 | &nbsp;&nbsp;&nbsp; $57.31 | &nbsp;&nbsp;&nbsp; $38.40 |
| Total Return(c),(d) | &nbsp;&nbsp;&nbsp; 1.64% | &nbsp;&nbsp;&nbsp; 5.29% | &nbsp;&nbsp;&nbsp; 12.50% | &nbsp;&nbsp;&nbsp; (10.75)% | &nbsp;&nbsp;&nbsp; 50.66% | &nbsp;&nbsp;&nbsp; (11.51)% |
| **Ratios to Average Net** <br> **Assets:**<br>|  |  |  |  |  |  |
| Net Expenses(e),(f) | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.93% |
| Net Investment <br> Income (Loss)(e)<br>| &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp; 0.53% | &nbsp;&nbsp;&nbsp; 0.41% | &nbsp;&nbsp;&nbsp; 0.78% |
| Gross Expenses(e),(f) | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.93% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of <br> period (000's)<br>| &nbsp;&nbsp;&nbsp; $2556113 | &nbsp;&nbsp;&nbsp; $3116541 | &nbsp;&nbsp;&nbsp; $3366480 | &nbsp;&nbsp;&nbsp; $3211022 | &nbsp;&nbsp;&nbsp; $3840013 | &nbsp;&nbsp;&nbsp; $2666852 |
| Portfolio <br> Turnover(c),(g)<br>| &nbsp;&nbsp;&nbsp; 50% | &nbsp;&nbsp;&nbsp; 37% | &nbsp;&nbsp;&nbsp; 32% | &nbsp;&nbsp;&nbsp; 22% | &nbsp;&nbsp;&nbsp; 41% | &nbsp;&nbsp;&nbsp; 37% |

---

(a) The Fund's fiscal year-end changed from October 31 to June 30.

(b) Per share net investment income (loss) has been calculated using the average daily shares method.

(c) Not annualized for periods less than one year.

(d) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return.

(e) Annualized for periods less than one year.

(f) Does not include acquired fund fees and expenses, if any.

(g) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**55**

------

Victory Sycamore Small Company Opportunity Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| ***For a Share Outstanding*** <br> ***Throughout Each Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **8 Months**<br> **Ended**<br> **6/30/22(a)**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/21**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/20**<br>|
| **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp;&nbsp; $42.20 | &nbsp;&nbsp;&nbsp; $43.16 | &nbsp;&nbsp;&nbsp; $40.87 | &nbsp;&nbsp;&nbsp; $52.37 | &nbsp;&nbsp;&nbsp; $35.16 | &nbsp;&nbsp;&nbsp; $42.05 |
| **Investment Activities:** |  |  |  |  |  |  |
| Net investment income <br> (loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp; —(c) | &nbsp;&nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net realized and unrealized <br> gains (losses)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;4.77 | &nbsp;&nbsp;&nbsp; (5.08) | &nbsp;&nbsp;&nbsp;&nbsp;17.52 | &nbsp;&nbsp;&nbsp; (4.76) |
| Total from Investment <br> Activities<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;&nbsp;4.84 | &nbsp;&nbsp;&nbsp; (5.08) | &nbsp;&nbsp;&nbsp;&nbsp;17.47 | &nbsp;&nbsp;&nbsp; (4.67) |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp; (0.14) |
| Net realized gains | &nbsp;&nbsp;&nbsp; (3.70) | &nbsp;&nbsp;&nbsp; (2.85) | &nbsp;&nbsp;&nbsp; (2.46) | &nbsp;&nbsp;&nbsp; (6.42) | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp; (2.08) |
| Total Distributions | &nbsp;&nbsp;&nbsp; (3.87) | &nbsp;&nbsp;&nbsp; (2.97) | &nbsp;&nbsp;&nbsp; (2.55) | &nbsp;&nbsp;&nbsp; (6.42) | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp; (2.22) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $39.19 | &nbsp;&nbsp;&nbsp; $42.20 | &nbsp;&nbsp;&nbsp; $43.16 | &nbsp;&nbsp;&nbsp; $40.87 | &nbsp;&nbsp;&nbsp; $52.37 | &nbsp;&nbsp;&nbsp; $35.16 |
| Total Return(d),(e) | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp; 4.71% | &nbsp;&nbsp;&nbsp; 11.89% | &nbsp;&nbsp;&nbsp; (11.05)% | &nbsp;&nbsp;&nbsp; 49.85% | &nbsp;&nbsp;&nbsp; (11.94)% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net Expenses(f),(g) | &nbsp;&nbsp;&nbsp; 1.44% | &nbsp;&nbsp;&nbsp; 1.46% | &nbsp;&nbsp;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp; 1.42% | &nbsp;&nbsp;&nbsp; 1.42% | &nbsp;&nbsp;&nbsp; 1.44% |
| Net Investment Income <br> (Loss)(f)<br>| &nbsp;&nbsp;&nbsp; 0.36% | &nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp;&nbsp; 0.16% | &nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp; (0.11)% | &nbsp;&nbsp;&nbsp; 0.25% |
| Gross Expenses(f),(g) | &nbsp;&nbsp;&nbsp; 1.44% | &nbsp;&nbsp;&nbsp; 1.46% | &nbsp;&nbsp;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp; 1.42% | &nbsp;&nbsp;&nbsp; 1.42% | &nbsp;&nbsp;&nbsp; 1.44% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $156878 | &nbsp;&nbsp;&nbsp; $190774 | &nbsp;&nbsp;&nbsp; $238440 | &nbsp;&nbsp;&nbsp; $209007 | &nbsp;&nbsp;&nbsp; $256938 | &nbsp;&nbsp;&nbsp; $200617 |
| Portfolio Turnover(d),(h) | &nbsp;&nbsp;&nbsp; 50% | &nbsp;&nbsp;&nbsp; 37% | &nbsp;&nbsp;&nbsp; 32% | &nbsp;&nbsp;&nbsp; 22% | &nbsp;&nbsp;&nbsp; 41% | &nbsp;&nbsp;&nbsp; 37% |

---

(a) The Fund's fiscal year-end changed from October 31 to June 30.

(b) Per share net investment income (loss) has been calculated using the average daily shares method.

(c) Amount is less than $0.005 per share.

(d) Not annualized for periods less than one year.

(e) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return.

(f) Annualized for periods less than one year.

(g) Does not include acquired fund fees and expenses, if any.

(h) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**56**

------

Victory Sycamore Small Company Opportunity Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
| ***For a Share*** <br> ***Outstanding*** <br> ***Throughout Each*** <br> ***Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **8 Months**<br> **Ended**<br> **6/30/22(a)**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/21**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/20**<br>|
| **Net Asset Value,** <br> **Beginning of Period**<br>| &nbsp;&nbsp;&nbsp; $47.31 | &nbsp;&nbsp;&nbsp; $47.99 | &nbsp;&nbsp;&nbsp; $45.15 | &nbsp;&nbsp;&nbsp; $57.22 | &nbsp;&nbsp;&nbsp; $38.37 | &nbsp;&nbsp;&nbsp; $45.66 |
| **Investment Activities:** |  |  |  |  |  |  |
| Net investment <br> income (loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net realized and <br> unrealized gains <br> (losses)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;5.25 | &nbsp;&nbsp;&nbsp; (5.60) | &nbsp;&nbsp;&nbsp;&nbsp;19.10 | &nbsp;&nbsp;&nbsp; (5.03) |
| Total from <br> Investment <br> Activities<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;5.61 | &nbsp;&nbsp;&nbsp; (5.41) | &nbsp;&nbsp;&nbsp;&nbsp;19.34 | &nbsp;&nbsp;&nbsp; (4.84) |
| **Distributions to** <br> **Shareholders from:**<br>|  |  |  |  |  |  |
| Net investment <br> income<br>| &nbsp;&nbsp;&nbsp; (0.42) | &nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp; (0.37) |
| Net realized gains | &nbsp;&nbsp;&nbsp; (3.70) | &nbsp;&nbsp;&nbsp; (2.85) | &nbsp;&nbsp;&nbsp; (2.46) | &nbsp;&nbsp;&nbsp; (6.42) | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp; (2.08) |
| Total <br> Distributions<br>| &nbsp;&nbsp;&nbsp; (4.12) | &nbsp;&nbsp;&nbsp; (3.23) | &nbsp;&nbsp;&nbsp; (2.77) | &nbsp;&nbsp;&nbsp; (6.66) | &nbsp;&nbsp;&nbsp; (0.49) | &nbsp;&nbsp;&nbsp; (2.45) |
| **Net Asset Value, End of** <br> **Period**<br>| &nbsp;&nbsp;&nbsp; $44.39 | &nbsp;&nbsp;&nbsp; $47.31 | &nbsp;&nbsp;&nbsp; $47.99 | &nbsp;&nbsp;&nbsp; $45.15 | &nbsp;&nbsp;&nbsp; $57.22 | &nbsp;&nbsp;&nbsp; $38.37 |
| Total Return(c),(d) | &nbsp;&nbsp;&nbsp; 1.69% | &nbsp;&nbsp;&nbsp; 5.34% | &nbsp;&nbsp;&nbsp; 12.51% | &nbsp;&nbsp;&nbsp; (10.72)% | &nbsp;&nbsp;&nbsp; 50.71% | &nbsp;&nbsp;&nbsp; (11.43)% |
| **Ratios to Average Net** <br> **Assets:**<br>|  |  |  |  |  |  |
| Net Expenses(e),(f) | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 0.86% |
| Net Investment <br> Income (Loss)(e)<br>| &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp; 0.57% | &nbsp;&nbsp;&nbsp; 0.44% | &nbsp;&nbsp;&nbsp; 0.48% |
| Gross Expenses(e),(f) | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 0.86% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of <br> period (000's)<br>| &nbsp;&nbsp;&nbsp; $2606467 | &nbsp;&nbsp;&nbsp; $3028483 | &nbsp;&nbsp;&nbsp; $2950933 | &nbsp;&nbsp;&nbsp; $2116606 | &nbsp;&nbsp;&nbsp; $2518726 | &nbsp;&nbsp;&nbsp; $1625853 |
| Portfolio <br> Turnover(c),(g)<br>| &nbsp;&nbsp;&nbsp; 50% | &nbsp;&nbsp;&nbsp; 37% | &nbsp;&nbsp;&nbsp; 32% | &nbsp;&nbsp;&nbsp; 22% | &nbsp;&nbsp;&nbsp; 41% | &nbsp;&nbsp;&nbsp; 37% |

---

(a) The Fund's fiscal year-end changed from October 31 to June 30.

(b) Per share net investment income (loss) has been calculated using the average daily shares method.

(c) Not annualized for periods less than one year.

(d) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return.

(e) Annualized for periods less than one year.

(f) Does not include acquired fund fees and expenses, if any.

(g) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**57**

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Victory Sycamore Small Company Opportunity Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** | **Class Y** |
| ***For a Share Outstanding*** <br> ***Throughout Each Period***<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/25**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/24**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **6/30/23**<br>| &nbsp;&nbsp; **8 Months**<br> **Ended**<br> **6/30/22(a)**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/21**<br>| &nbsp;&nbsp; **Year**<br> **Ended**<br> **10/31/20**<br>|
| **Net Asset Value, Beginning of** <br> **Period**<br>| &nbsp;&nbsp;&nbsp; $46.95 | &nbsp;&nbsp;&nbsp; $47.65 | &nbsp;&nbsp;&nbsp; $44.86 | &nbsp;&nbsp;&nbsp; $56.88 | &nbsp;&nbsp;&nbsp; $38.10 | &nbsp;&nbsp;&nbsp; $45.39 |
| **Investment Activities:** |  |  |  |  |  |  |
| Net investment income (loss)(b) | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Net realized and unrealized <br> gains (losses)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;5.22 | &nbsp;&nbsp;&nbsp; (5.58) | &nbsp;&nbsp;&nbsp;&nbsp;19.00 | &nbsp;&nbsp;&nbsp; (5.16) |
| Total from Investment <br> Activities<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;5.53 | &nbsp;&nbsp;&nbsp; (5.41) | &nbsp;&nbsp;&nbsp;&nbsp;19.16 | &nbsp;&nbsp;&nbsp; (4.92) |
| **Distributions to Shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp; (0.29) |
| Net realized gains | &nbsp;&nbsp;&nbsp; (3.70) | &nbsp;&nbsp;&nbsp; (2.85) | &nbsp;&nbsp;&nbsp; (2.46) | &nbsp;&nbsp;&nbsp; (6.42) | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp; (2.08) |
| Total Distributions | &nbsp;&nbsp;&nbsp; (4.08) | &nbsp;&nbsp;&nbsp; (3.17) | &nbsp;&nbsp;&nbsp; (2.74) | &nbsp;&nbsp;&nbsp; (6.61) | &nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp; (2.37) |
| **Net Asset Value, End of Period** | &nbsp;&nbsp;&nbsp; $44.02 | &nbsp;&nbsp;&nbsp; $46.95 | &nbsp;&nbsp;&nbsp; $47.65 | &nbsp;&nbsp;&nbsp; $44.86 | &nbsp;&nbsp;&nbsp; $56.88 | &nbsp;&nbsp;&nbsp; $38.10 |
| Total Return(c),(d) | &nbsp;&nbsp;&nbsp; 1.58% | &nbsp;&nbsp;&nbsp; 5.22% | &nbsp;&nbsp;&nbsp; 12.40% | &nbsp;&nbsp;&nbsp; (10.78)% | &nbsp;&nbsp;&nbsp; 50.55% | &nbsp;&nbsp;&nbsp; (11.65)% |
| **Ratios to Average Net Assets:** |  |  |  |  |  |  |
| Net Expenses(e),(f) | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.08% |
| Net Investment Income (Loss)(e) | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 0.78% | &nbsp;&nbsp;&nbsp; 0.66% | &nbsp;&nbsp;&nbsp; 0.50% | &nbsp;&nbsp;&nbsp; 0.31% | &nbsp;&nbsp;&nbsp; 0.62% |
| Gross Expenses(e),(f) | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.08% |
| **Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of period <br> (000's)<br>| &nbsp;&nbsp;&nbsp; $64540 | &nbsp;&nbsp;&nbsp; $71504 | &nbsp;&nbsp;&nbsp; $83742 | &nbsp;&nbsp;&nbsp; $23757 | &nbsp;&nbsp;&nbsp; $33276 | &nbsp;&nbsp;&nbsp; $16054 |
| Portfolio Turnover(c),(g) | &nbsp;&nbsp;&nbsp; 50% | &nbsp;&nbsp;&nbsp; 37% | &nbsp;&nbsp;&nbsp; 32% | &nbsp;&nbsp;&nbsp; 22% | &nbsp;&nbsp;&nbsp; 41% | &nbsp;&nbsp;&nbsp; 37% |

---

(a) The Fund's fiscal year-end changed from October 31 to June 30.

(b) Per share net investment income (loss) has been calculated using the average daily shares method.

(c) Not annualized for periods less than one year.

(d) Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the reported return.

(e) Annualized for periods less than one year.

(f) Does not include acquired fund fees and expenses, if any.

(g) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares.

**58**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

The availability of certain initial and contingent deferred sales charge reductions and waivers may depend on the particular financial intermediary or type of account through which you purchase or hold Fund shares. The following information about variations in sales charge reductions and waivers is applicable only to investors who purchase Fund shares through a Merrill Lynch, Ameriprise Financial, Morgan Stanley Wealth Management, Raymond James, Janney Montgomery Scott LLC, Edward D. Jones & Co., Oppenheimer & Co. Inc., Stifel, Nicolaus & Company, Incorporated, Robert W. Baird & Co., or J.P. Morgan Securities LLC platform or account.

In all instances, it is your responsibility to notify the Fund or your financial intermediary at the time of purchase of any relationship or other facts qualifying you for sales charge reductions or waivers. For reductions and waivers unavailable through a particular intermediary, shareholders will have to purchase Fund shares directly from the Fund or through another intermediary to receive those reductions and waivers.

**Ameriprise Financial**

**Front-end sales charge reductions on Class A shares purchased through Ameriprise Financial**

Shareholders purchasing Class A shares of the Fund through an Ameriprise Financial platform or account are eligible only for the following sales charge reductions, which may differ from those disclosed elsewhere in this prospectus or the SAI. Such shareholders can reduce their initial sales charge on the purchase of Class A shares as follows:

◼

Transaction size breakpoints, as described in this prospectus or the SAI.

◼

Rights of accumulation ("ROA"), as described in this prospectus or the SAI.

◼

Letter of intent, as described in this prospectus or the SAI.

**Front-end sales charge waivers on Class A shares purchased through Ameriprise Financial**

Shareholders purchasing Class A shares of the fund through an Ameriprise Financial platform or account are eligible only for the following sales charge waivers, which may differ from those disclosed elsewhere in this prospectus or the SAI. Such shareholders may purchase Class A shares at NAV without payment of a sales charge as follows:

◼

shares purchased by 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.

◼

shares purchased through reinvestment of capital gains and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the same fund family).

◼

shares exchanged from Class C shares of the same fund in the month of or following the seven-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load waived shares, that waiver will also apply to such exchanges.

◼

shares purchased by employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members.

◼

shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings

**59**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor's spouse, advisor's lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor's lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant.

◼

shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement).

**CDSC waivers on Class A and C shares purchased through Ameriprise Financial**

Fund shares purchased through an Ameriprise Financial platform or account are eligible only for the following CDSC waivers, which may differ from those disclosed elsewhere in this prospectus or the SAI:

◼

redemptions due to death or disability of the shareholder

◼

shares sold as part of a systematic withdrawal plan as described in this prospectus or the SAI

◼

redemptions made in connection with a return of excess contributions from an IRA account

◼

shares purchased through a Right of Reinstatement (as defined above)

◼

redemptions made as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code

**Edward D. Jones & Co ("Edward Jones")**

The following information supersedes prior information with respect to transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also referred to as "shareholders") purchasing fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the mutual fund prospectus or SAI or through another broker-dealer. In all instances, it is the shareholder's responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of the Victory Funds, or other facts qualifying the purchaser for discounts or waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if they have questions regarding their eligibility for these discounts and waivers.

***Breakpoints***

◼

Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.

***Rights of Accumulation ("ROA")*** 

◼

The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except certain money market funds and any assets held in group retirement plans) of the Victory Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations ("pricing groups"). If grouping assets as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a sales charge.

◼

The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or

**60**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

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.

◼

ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV).

***Letter of Intent ("LOI")*** 

◼

Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if the LOI is not met.

◼

If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer.

***Sales Charge Waivers***

Sales charges are waived for the following shareholders and in the following situations:

◼

Associates of Edward Jones and its affiliates and other accounts in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate's life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant to Edward Jones' policies and procedures.

◼

Shares purchased in an Edward Jones fee-based program.

◼

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

◼

Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: the proceeds are from the sale of shares within 60 days of the purchase, the sale and purchase are made from a share class that charges a front load and one of the following ("Right of Reinstatement"):

<sup>◼</sup>

The redemption and repurchase occur in the same account.

<sup>◼</sup>

The redemption proceeds are used to process an: IRA contribution, excess contributions, conversion, recharacterizing of contributions, or distribution, and the repurchase is done in an account within the same Edward Jones grouping for ROA.

<sup>◼</sup>

The Right of Reinstatement excludes systematic or automatic transactions including, but not limited to, purchases made through payroll deductions, liquidations to cover account fees, and reinvestments from non-mutual fund products.

◼

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 discretion of Edward Jones. Edward Jones 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 the prospectus.

◼

Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

**61**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

◼

Purchases of Class 529-A shares through a rollover from either another education savings plan or a security used for qualified distributions.

◼

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

**Contingent Deferred Sales Charge ("CDSC") Waivers** 

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is responsible to pay the CDSC except in the following conditions:

◼

The death or disability of the shareholder.

◼

Systematic withdrawals with up to 10% per year of account value.

◼

Return of excess contributions from an Individual Retirement Account (IRA).

◼

Shares redeemed as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

◼

Shares redeemed to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

◼

Shares exchanged in an Edward Jones fee-based program.

◼

Shares acquired through NAV reinstatement.

◼

Shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below.

**Other Important Information Regarding Transactions Through Edward Jones**

**Minimum Purchase Amounts** 

◼

Initial purchase minimum: $250

◼

Subsequent purchase minimum: none

**Minimum Balances** 

◼

Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

<sup>◼</sup>

A fee-based account held on an Edward Jones platform

<sup>◼</sup>

A 529 account held on an Edward Jones platform

<sup>◼</sup>

An account with an active systematic investment plan or LOI

**Exchanging Share Classes** 

◼

At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder's holdings in a fund to Class A shares of the same fund.

**Janney Montgomery Scott LLC ("Janney")**

Shareholders purchasing fund shares through a Janney brokerage account will be eligible only for the following load waivers (front-end sales charge waivers and CDSC, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund's Prospectus or SAI.

**Front-End Sales Charge Waivers on Class A shares available at Janney** 

◼

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

◼

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

◼

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and

**62**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Right of Reinstatement)

◼

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, SAR-SEPs or Keogh plans

◼

Shares acquired through a Right of Reinstatement

◼

Class C shares that are no longer subject to a CDSC and are converted to Class A shares of the same fund pursuant to Janney's policies and procedures

**CDSC Waivers on Class A and C shares available at Janney** 

◼

Shares sold upon the death or disability of the shareholder

◼

Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

◼

Shares purchased in connection with a 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 Internal Revenue Service regulations as described in a Fund's Prospectus

◼

Shares sold to pay Janney fees but only if the transaction is initiated by Janney

◼

Shares acquired through a Right of Reinstatement

◼

Shares exchanged into the same share class of a different fund

**Front-End Load Discounts available at Janney: Breakpoints, Rights of Accumulation and/or letters of intent**<sup>1</sup>

◼

Breakpoints as described in this Prospectus

◼

Rights of accumulation ("ROA"), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets

◼

Letters of intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets

<sup>1</sup> Also referred to as an "initial sales charge"

**J.P. Morgan Securities LLC**

If you purchase or hold fund shares through an applicable J.P. Morgan Securities LLC brokerage account, you will be eligible for the following sales charge waivers (front-end sales charge waivers and contingent deferred sales charge ("CDSC"), or back-end sales charge, waivers), share class conversion policy and discounts, which may differ from those disclosed elsewhere in this fund's prospectus or Statement of Additional Information.

**Front-End Sales Charge Waivers on Class A Shares available at J.P. Morgan Securities LLC**

◼

Shares exchanged from Class C (i.e. level-load) shares that are no longer subject to a CDSC and are exchanged into Class A shares of the same fund pursuant to J.P. Morgan Securities LLC's share class exchange policy.

◼

Qualified employer-sponsored defined contribution and defined benefit retirement plans, nonqualified deferred compensation plans, other employee benefit plans and trusts used to fund

**63**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

those plans. For purposes of this provision, such plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or 501(c)(3) accounts.

◼

Shares of funds purchased through J.P. Morgan Securities LLC Self-Directed Investing accounts.

◼

Shares purchased through rights of reinstatement.

◼

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

◼

Shares purchased by employees and registered representatives of J.P. Morgan Securities LLC or its affiliates and their spouse or financial dependent as defined by J.P. Morgan Securities LLC.

**Class C to Class A Share Conversion**

◼

A shareholder in the fund's Class C shares will have their shares converted to Class A shares (or the appropriate share class) of the same fund if the shares are no longer subject to a CDSC and the conversion is consistent with J.P. Morgan Securities LLC's policies and procedures.

**CDSC Waivers on Class A and C Shares available at J.P. Morgan Securities LLC**

◼

Shares sold upon the death or disability of the shareholder.

◼

Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus.

◼

Shares purchased in connection with a return of excess contributions from an IRA account.

◼

Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code.

◼

Shares acquired through a right of reinstatement.

**Front-end load Discounts Available at J.P. Morgan Securities LLC: Breakpoints, Rights of Accumulation & Letters of Intent** 

◼

Breakpoints as described in the Prospectus.

◼

Rights of Accumulation ("ROA") which entitle shareholders to breakpoint discounts as described in the fund's prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at J.P. Morgan Securities LLC. Eligible fund family assets not held at J.P. Morgan Securities LLC (including 529 program holdings, where applicable) may be included in the ROA calculation only if the shareholder notifies their financial advisor about such assets.

**Letters of Intent ("LOI"), which allow for breakpoint discounts based on anticipated purchases within a fund family, through J.P. Morgan Securities LLC, over a 13-month period of time (if applicable).**

**Merrill Lynch ("Merrill")**

Purchases or sales of front-end (i.e., Class A) or level-load (i.e., 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.

**64**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

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Additional information on waivers and discounts 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, SAR-SEPs 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 employees of Merrill or its affiliates and their family members who purchase shares in accounts within the employee's Merrill Household (as defined 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 22e(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

**65**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

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**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

◼

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

**Morgan Stanley Wealth Management**

Shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account are eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in the Fund's Prospectus or SAI.

**Front-end Sales Charge Waivers on Class A Shares available at Morgan Stanley** 

◼

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, SAR-SEPs or Keogh plans

◼

Morgan Stanley employee and employee-related accounts according to Morgan Stanley's account linking rules

◼

Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

◼

Shares purchased through a Morgan Stanley self-directed brokerage account

◼

Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management's share class conversion program

◼

Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge

**Oppenheimer & Co. Inc. ("OPCO")**

Shareholders purchasing Fund shares through an OPCO platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund's Prospectus or SAI.

**Front-End Sales Charge Waivers on Class A Shares available at OPCO** 

◼

Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan

◼

Shares purchased by or through a 529 Plan

◼

Shares purchased through an OPCO affiliated investment advisory program

**66**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

◼

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

◼

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement)

◼

A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of OPCO

◼

Employees and registered representatives of OPCO or its affiliates and their family members

◼

Directors or Trustees of the Fund, and employees of the Fund's investment adviser or any of its affiliates, as described in this Prospectus

**CDSC Waivers on A and C Shares available at OPCO** 

◼

Death or disability of the shareholder

◼

Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

◼

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 as described in the prospectus

◼

Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO

◼

Shares acquired through a Right of Reinstatement

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

◼

Breakpoints as described in this Prospectus

◼

Rights of Accumulation ("ROA") which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at OPCO. Eligible fund family assets not held at OPCO may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets

**Raymond James & Associates, Inc., Raymond James Financial Services, Inc. and each entity's affiliates ("Raymond James")**

Shareholders purchasing fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund's Prospectus or SAI.

**Front-End Sales Charge Waivers on Class A Shares available at Raymond James** 

◼

Shares purchased in an investment advisory program

◼

Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions

◼

Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James

◼

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase

**67**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

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occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement)

◼

A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James

**CDSC Waivers on Classes A and C Shares available at Raymond James** 

◼

Death or disability of the shareholder

◼

Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

◼

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 as described in the Fund's prospectus

◼

Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James

◼

Shares acquired through a Right of Reinstatement

**Front-End Load Discounts Available at Raymond James: Breakpoints, Rights of Accumulation, and/or Letters of Intent** 

◼

Breakpoints as described in this Prospectus

◼

Rights of Accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial advisor about such assets

◼

Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets

**Robert W. Baird & Co. ("Baird")**

Shareholders purchasing fund shares through a Baird platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or the SAI.

**Front-End Sales Charge Waivers on Class A Shares available at Baird** 

◼

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund

◼

Shares purchased by employees and registered representatives of Baird or its affiliate and their family members as designated by Baird

◼

Shares purchased using the proceeds of redemptions from a Victory Fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same accounts, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as Rights of Reinstatement)

◼

A shareholder in the Funds Investor C Shares will have their share converted at net asset value to Investor A shares of the same fund if the shares are no longer subject to CDSC and the conversion is in line with the policies and procedures of Baird

◼

Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit

**68**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

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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

**CDSC Waivers on Classes A and C Shares available at Baird**

◼

Shares sold due to death or disability of the shareholder

◼

Shares sold as part of a systematic withdrawal plan as described in the Fund's Prospectus

◼

Shares bought due to returns 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 Internal Revenue Service regulations as described in the Fund's Prospectus

◼

Shares sold to pay Baird fees but only if the transaction is initiated by Baird

◼

Shares acquired through a Right of Reinstatement

**Front-End Load Discounts Available at Baird: Breakpoints, Rights of Accumulation, and/or Letters of Intent** 

◼

Breakpoints as described in this Prospectus

◼

Rights of accumulations which entitles shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of Victory Funds assets held by accounts within the purchaser's household at Baird. Eligible Victory Funds assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets

◼

Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases of the Victory Funds through Baird, over a 13-month period of time

**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.

**69**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

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**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 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.

**70**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

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**Wells Fargo Advisors Financial Network, LLC (collectively, "Wells Fargo Advisors")**

**Wells Fargo Clearing Services, LLC operates a First Clearing business, but these rules are not intended to include First Clearing firms.**

Effective April 1, 2026, Clients of Wells Fargo Advisors purchasing fund shares through Wells Fargo Advisors are eligible for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the prospectus or statement of additional information ("SAI"). In all instances, it is the investor's responsibility to inform Wells Fargo Advisors at the time of purchase of any relationship, holdings, or other facts qualifying the investor for discounts or waivers. Wells Fargo Advisors can ask for documentation supporting the qualification.

**Wells Fargo Advisors Class A share front-end sales charge waivers information.**

Wells Fargo Advisors clients purchasing or converting to Class A shares of the fund in a Wells Fargo Advisors brokerage account are entitled to a waiver of the front-end load in the following circumstances:

◼

Wells Fargo Advisors employee and employee-related accounts according to Wells Fargo Advisor's employee account linking rules. Legacy accounts and positions receiving affiliate discounts prior to the effective date will continue to receive discounts. Going forward employees of affiliate businesses will not be offered NAV.

◼

Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund.

WellsTrade, the firm's online self-directed brokerage account, generally offers no-load share classes but there could be instances where a Class A share is offered without a front-end sales charge.

**Wells Fargo Advisors Class 529-A share front-end sales charge waivers information.**

Wells Fargo Advisors clients purchasing or converting to Class 529-A shares of the fund through Wells Fargo Advisors transactional brokerage accounts are entitled to a waiver of the front-end load in the following circumstances:

◼

Shares purchased through a rollover from another 529 plan.

◼

Recontribution(s) of distributed funds are only allowed during the NAV reinstatement period as dictated by the sponsor's specifications outlined by the plan.

Wells Fargo Advisors is not able to apply the NAV Reinstatement privilege for 529 Plan account purchases placed directly at the fund company. Investors wishing to utilize this privilege outside of Wells Fargo systems will need to do so directly with the Plan or a financial intermediary that supports this feature.

Unless specifically described above, other front-end load waivers are not available on mutual fund purchases through Wells Fargo Advisors.

**Wells Fargo Advisors Contingent Deferred Sales Charge information.**

◼

Contingent deferred sales charges (CDSC) imposed on fund redemptions will not be rebated based on future purchases.

**Wells Fargo Advisors Class A front-end load discounts**

Wells Fargo Advisors Clients purchasing Class A shares of the fund through Wells Fargo Advisors brokerage accounts will follow the following aggregation rules for breakpoint discounts:

◼

Effective April 1, 2026, SEP or SIMPLE IRAs will not be aggregated as a group plan. They will

**71**

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Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries

------

aggregate with the client's personal accounts based on Social Security Number. Previously established SEP and SIMPLE IRAs may still be aggregated as a group plan.

◼

Effective April 1, 2026, Employer-sponsored retirement plan (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans.

◼

Gift of shares will not be considered when determining breakpoint discounts

**72**

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VF-SMF-PRO (11/25)

**By mail:**

Victory Funds

P.O. Box 182593

Columbus, OH 43218-2593

![](imgbc9ded3b2.gif)

P.O. Box 182593

Columbus, OH 43218-2593

**Statement of Additional Information ("SAI"):** The SAI contains more information about the Funds' operations, investment restrictions, policies and practices. The SAI is incorporated by reference into this Prospectus, which means that it is legally part of this Prospectus, even if you do not request a copy.

**Annual/Semi Annual Reports and Form N-CSR/Form N-CSRS:** Annual and semi annual reports contain more information about the Funds' investments and the market conditions and investment strategies that significantly affected the Funds' performance during the most recent fiscal period. The Funds' Form N-CSR and Form N-CSRS filings contain the Funds' annual and semi-annual financial statements.

**How to Obtain Information:** You may obtain a free copy of the SAI, annual and semi annual reports and other information such as Fund financial statements and ask questions about the Funds or your accounts, online at VictorySharesLiterature.com, by contacting the Funds at the following address or telephone number, or by contacting your financial intermediary.

**By telephone:**

Call Victory Funds at

800-539-FUND (800-539-3863)

You also can get information about the Funds (including the SAI, other reports and other information such as Fund financial statements) from the Securities and Exchange Commission (SEC) on the SEC's Edgar database at sec.gov, or after paying a duplicating fee, by electronic request sent to the following e-mail address: publicinfo@sec.gov.

Investment Company Act File Number 811-4852

------

![](imgc7f40e1f1.jpg)

**VICTORY PORTFOLIOS**

**STATEMENT OF ADDITIONAL INFORMATION**

November 1, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **FUND NAME** | **CLASS**<br> **A**<br>| **CLASS**<br> **C**<br>| **CLASS**<br> **I**<br>| **CLASS**<br> **R**<br>| **CLASS**<br> **R6**<br>| **CLASS**<br> **Y**<br>| **MEMBER**<br> **CLASS**<br>|
| Victory Core Bond Fund  | MUCAX | MUCCX |  |  | MUCRX | MUCYX |  |
| Victory Integrity Discovery Fund | MMEAX | MMECX |  |  |  | MMEYX | MMMMX |
| Victory Integrity Mid-Cap Value Fund | MAIMX | MCIMX |  |  | MRIMX | MYIMX | MMIJX |
| Victory Integrity Small/Mid-Cap Value <br> Fund<br>| MAISX |  |  |  | MIRSX | MYISX | MMMSX |
| Victory Integrity Small-Cap Value Fund | VSCVX | MCVSX |  | MRVSX | MVSSX | VSVIX |  |
| Victory Mid-Cap Core Growth Fund <br> (formerly Victory Munder Mid-Cap Core <br> Growth Fund)<br>| MGOAX | MGOTX |  |  | MGOSX | MGOYX |  |
| Victory Multi-Cap Fund<br> (formerly Victory Munder Multi-Cap <br> Fund)<br>| MNNAX | MNNCX |  |  |  | MNNYX |  |
| Victory S&P 500 Index Fund | MUXAX |  |  | MUXRX |  | MUXYX |  |
| Victory Trivalent International <br> Fund—Core Equity<br>| MAICX |  | MICIX |  | MAIRX | MICYX |  |
| Victory Trivalent International Small-Cap <br> Fund<br>| MISAX | MCISX | MISIX |  | MSSIX | MYSIX |  |

---

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

*Each Fund is a series of Victory Portfolios (the "Trust")*

This Statement of Additional Information ("SAI") is not a prospectus and should be read in conjunction with each Funds' prospectus, dated November 1, 2025, as it may be amended or supplemented from time to time (each, a "Prospectus"). This SAI is incorporated by reference, in its entirety, into each Prospectus. Copies of the Prospectus of each Fund can be obtained without charge upon request made to Victory Funds, P.O. Box 182593, Columbus, Ohio 43218-2593, by calling toll free 800-539-FUND (800-539-3863), 800-235-8396 for Member Class or at VictoryFunds.com.

[The financial statements for each Fund and the Independent Registered Public Accounting Firm's Report thereon for the fiscal year](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000802716/000139834425017568/primary-document.htm)[ended June 30, 2025, are included in the respective Fund's N-CSR filing for the fiscal year ended June 30, 2025, and are incorporated](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000802716/000139834425017568/primary-document.htm)[herein by reference.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000802716/000139834425017568/primary-document.htm) which is available, without charge, at VictoryFunds.com. This information is also available by writing to the address or calling the phone number noted above.

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
| **[GENERAL INFORMATION](#xx_399f1dd6-00bd-4a56-b891-ccb1b4cbee85_1)** | **1** |
| **[INVESTMENT OBJECTIVES, POLICIES, AND LIMITATIONS](#xx_399f1dd6-00bd-4a56-b891-ccb1b4cbee85_1)** | **1** |
| **[INVESTMENT PRACTICES, INSTRUMENTS AND RISKS](#xx_399f1dd6-00bd-4a56-b891-ccb1b4cbee85_3)** | **3** |
| **[DETERMINING NET ASSET VALUE ("NAV") AND VALUING PORTFOLIO SECURITIES](#xx_399f1dd6-00bd-4a56-b891-ccb1b4cbee85_34)** | **34** |
| **[ADDITIONAL PURCHASE, EXCHANGE, AND REDEMPTION INFORMATION](#xx_399f1dd6-00bd-4a56-b891-ccb1b4cbee85_36)** | **36** |
| **[MANAGEMENT OF THE TRUST](#xx_399f1dd6-00bd-4a56-b891-ccb1b4cbee85_40)** | **40** |
| **[CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS](#xx_399f1dd6-00bd-4a56-b891-ccb1b4cbee85_47)** | **47** |
| **[INVESTMENT ADVISER AND OTHER SERVICE PROVIDERS](#xx_399f1dd6-00bd-4a56-b891-ccb1b4cbee85_57)** | **57** |
| **[PORTFOLIO MANAGERS](#xx_399f1dd6-00bd-4a56-b891-ccb1b4cbee85_63)** | **63** |
| **[DISTRIBUTION AND SERVICE PLANS](#xx_399f1dd6-00bd-4a56-b891-ccb1b4cbee85_66)** | **66** |
| **[CODE OF ETHICS](#xx_399f1dd6-00bd-4a56-b891-ccb1b4cbee85_68)** | **68** |
| **[PROXY VOTING POLICIES AND PROCEDURES](#xx_399f1dd6-00bd-4a56-b891-ccb1b4cbee85_68)** | **68** |
| **[PORTFOLIO TRANSACTIONS AND BROKERAGE COMMISSIONS](#xx_399f1dd6-00bd-4a56-b891-ccb1b4cbee85_70)** | **70** |
| **[DIVIDENDS, CAPITAL GAINS AND DISTRIBUTIONS](#xx_399f1dd6-00bd-4a56-b891-ccb1b4cbee85_74)** | **74** |
| **[TAXES](#xx_399f1dd6-00bd-4a56-b891-ccb1b4cbee85_74)** | **74** |
| **[ADDITIONAL INFORMATION](#xx_399f1dd6-00bd-4a56-b891-ccb1b4cbee85_83)** | **83** |
| **[APPENDIX A](#xx_719f6758-b435-4743-ab12-b379e74516c4_1)** | **88** |

---

------

**GENERAL INFORMATION**

The Trust was organized as a Delaware statutory trust (formerly referred to as a "business trust") on December 6, 1995, as a successor to a company of a similar name organized as a Massachusetts business trust on February 5, 1986. The Trust is an open-end management investment company. The Trust currently consists of 32 series of units of beneficial interest ("shares"). This SAI relates to the shares of 10 series of the Trust (each a "Fund," and collectively, the "Funds").

Victory Capital Management Inc. (the "Adviser" or "Victory Capital") is the Funds' investment adviser. Each Fund's investment objective(s), restrictions and policies are more fully described below and in each Fund's or each share class's Prospectus, as applicable. The Trust's Board of Trustees (the "Board" or "Trustees") may organize and offer shares of a new fund or liquidate a Fund or share class at any time.

This SAI relates to the shares of the Funds and their respective classes. Each Fund, was formed for the purposes of completing the October 31, 2014, reorganizations with the 10 corresponding series of Munder Series Trust, a registered investment company.

The Victory Trivalent International Fund—Core Equity and Victory Trivalent International Small-Cap Fund are referred to collectively in this SAI as the "International Funds." All Funds excluding the Victory Core Bond Fund (formerly, Victory Total Return Bond Fund) are referred collectively in this SAI as the "Equity Funds." The Victory Core Bond Fund is referred to in this SAI as the "Bond Fund."

Much of the information contained in this SAI expands on subjects discussed in each Fund's Prospectus. Capitalized terms not defined herein are used as defined in the Prospectuses. No investment in shares of a Fund should be made without first reading that Fund's Prospectus.

**INVESTMENT OBJECTIVES, POLICIES, AND LIMITATIONS**

**Investment Objectives**

Each Fund's investment objective is non-fundamental, meaning it may be changed by a vote of the Trustees without a vote of the holders of a majority of the Fund's outstanding voting securities. There can be no assurance that a Fund will achieve its investment objective.

**Investment Policies and Limitations of the Funds**

Unless a policy of a Fund is expressly deemed to be a fundamental policy, changeable only by an affirmative vote of the holders of a majority of that Fund's outstanding voting securities, the Fund's policies are non-fundamental and may be changed without a shareholder vote.

A Fund may, following notice to its shareholders, employ other investment practices that presently are not contemplated for use by the Fund or that currently are not available but that may be developed to the extent such investment practices are both consistent with the Fund's investment objective and legally permissible for the Fund. Such investment practices, if they arise, may involve risks that exceed those involved in the activities described in the Fund's Prospectus.

A Fund's classification and sub-classification is a matter of fundamental policy. Each Fund is classified as an open-end investment company. Each Fund is sub-classified as a diversified investment company, which under the Investment Company Act of 1940, as amended ("1940 Act") means that, with respect to 75% of a Fund's total assets, the Fund may not invest in securities of any issuer if, immediately after such investment, (i) more than 5% of the total assets of the Fund (taken at current value) would be invested in the securities of that issuer or (ii) more than 10% of the outstanding voting securities of the issuer would be held by the Fund (this limitation does not apply to obligations of the U.S. government, its agencies or instrumentalities, and securities of other investment companies). A diversified fund is not subject to this limitation with respect to the remaining 25% of its total assets. The S&P 500 Index Fund may become non-diversified, as defined under the 1940 Act, solely as a result of a rebalance of the S&P 500<sup>®</sup> Index or market movement. In addition, each Fund has elected to qualify as a "regulated investment company" under the United States Internal Revenue Code of 1986, as amended (the "Code"). To qualify as a regulated investment company, the Funds must meet certain diversification requirements as determined at the close of each quarter of each taxable year. The Code's diversification test is described in "TAXES."

The policies and limitations stated in this SAI supplement the Funds' investment policies set forth in each Fund's Prospectus. Unless otherwise noted, whenever an investment policy or limitation states a maximum percentage of a Fund's assets that may be invested in any security or other asset, or sets forth a policy regarding quality standards, such standard or percentage limitation will be determined immediately after and as a result of the Fund's acquisition of such security or other asset except in the case of borrowing (or other activities that may be deemed to result in the issuance of a "senior security" under the 1940 Act). Accordingly, any subsequent change in values, net assets, or other circumstances will not be considered when determining whether the investment complies with a Fund's investment policies and limitations. If the value of a Fund's holdings of illiquid investments at any time exceeds the percentage

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limitation applicable at the time of acquisition due to subsequent fluctuations in value or other reasons, the Board will consider what actions, if any, are appropriate to maintain adequate liquidity.

**Fundamental Investment Policies and Limitations of the Funds**

The following investment policies and limitations are fundamental and may not be changed without the affirmative vote of the holders of a majority of the Fund's outstanding voting securities, as defined under the 1940 Act. Under the 1940 Act, the vote of a majority of the outstanding voting securities of the Fund means the affirmative vote of the lesser of (a) 67% or more of the shares of the Fund present at a meeting at which the holders of more than 50% of the outstanding shares of the Fund are represented in person or by proxy, or (b) more than 50% of the outstanding shares of the Fund. Portions of the Funds' fundamental investment restrictions (e.g., references to "except as permitted under the 1940 Act, and as interpreted or modified from time to time by regulatory authorities having jurisdiction") provide the Funds with flexibility to change limitations in connection with changes in applicable law, rules, regulations or exemptive relief. The language used in these restrictions provides the necessary flexibility to allow the Board to respond efficiently to these kinds of developments without the delay and expense of a shareholder meeting.

**Senior Securities**

None of the Funds may issue senior securities, except as permitted under the 1940 Act, and as interpreted or modified from time to time by regulatory authorities having jurisdiction.

Rule 18f-4 under the 1940 Act permits a Fund to enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. Section 18 of the 1940 Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling any "senior security," other than borrowing from a bank (subject to a requirement to maintain 300% "asset coverage").

Under Rule 18f-4, "Derivatives Transactions" include the following: (1) any swap, security-based swap (including a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar instrument, under which the Funds is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar financing transactions (e.g., recourse and non-recourse tender option bonds, and borrowed bonds), if the Funds elect to treat these transactions as Derivatives Transactions under Rule 18f-4; and (4) when-issued or forward-settling securities (e.g., firm and standby commitments, including to-be-announced ("TBA") commitments, and dollar rolls) and non-standard settlement cycle securities, unless a Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date.

Unless a Fund is relying on the Limited Derivatives User Exception (as defined below), the Funds must comply with Rule 18f-4 with respect to its Derivatives Transactions. Rule 18f-4, among other things, requires the Funds to adopt and implement a comprehensive written derivatives risk management program ("DRMP") and comply with a relative or absolute limit on the Funds' leverage risks calculated based on value-at-risk ("VaR"). The DRMP is administered by a "derivatives risk manager," who is appointed by the Board, including a majority of Independent Trustees, and periodically reviews the DRMP and reports to the Board.

Rule 18f-4 provides an exception from the DRMP, VaR limit and certain other requirements if the Funds' "derivatives exposure" (as defined in Rule 18f-4) is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4) and the Fund adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the "Limited Derivatives User Exception"). As of the date of this SAI, the Funds rely on the Limited Derivatives User Exception.

**Underwriting**

None of the Funds may underwrite securities issued by others, except to the extent that a Fund may be considered an underwriter within the meaning of the Securities Act of 1933, as amended (the "Securities Act"), in the disposition of restricted securities.

**Borrowing**

None of the Funds may borrow money, except as permitted under the 1940 Act, or by order of the SEC and as interpreted or modified from time to time by regulatory authorities having jurisdiction.

A Fund's ability to borrow money is limited by its investment policies and limitations, by the 1940 Act, and by applicable exemptions, no action letters, interpretations, and other pronouncements issued from time to time by regulatory authorities, including the SEC and its staff. Under the 1940 Act, a Fund is required to maintain continuous asset coverage (that is, total assets including the proceeds of borrowings, less liabilities excluding borrowings) of not less than 300% of the amount borrowed, with an exception for borrowings not in excess of 5% of the Fund's total assets made for temporary purposes. Any borrowings for temporary purposes in excess of 5% are subject to the minimum 300% asset coverage requirement. If the value of the assets set aside to meet the 300% asset coverage were

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to decline below 300% due to market fluctuations or other causes, a Fund may be required to sell some of its portfolio holdings within three days (excluding Sundays and holidays) to reduce the debt and comply with the 300% minimum asset coverage requirement, even in circumstances where it is considered disadvantageous from an investment perspective to sell securities at that time or at the prices then available.

**Real Estate**

None of the Funds may purchase or sell real estate unless acquired as a result of direct ownership of securities or other instruments. This restriction shall not prevent any of these Funds from investing in the following: (i) securities or other instruments backed by real estate; (ii) securities of real estate operating companies; or (iii) securities of companies engaged in the real estate business, including real estate investment trusts. This restriction does not preclude any of the Funds from buying securities backed by mortgages on real estate or securities of companies engaged in such activities.

**Lending**

None of the Funds may make loans, except as permitted under the 1940 Act, and as interpreted or modified from time to time by regulatory authorities having jurisdiction.

Generally, the 1940 Act prohibits loans if a fund's investment policies do not permit loans, and if the loans are made, directly or indirectly, to persons deemed to control or to be under common control with the registered investment company.

**Commodities**

None of the Funds may purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments (but this shall not prevent a Fund from purchasing or selling options and futures contracts or from investing in securities or other instruments backed by physical commodities).

**Concentration**

None of the Funds may concentrate its investments in a particular industry, as the term "concentration" is used in the 1940 Act, and as interpreted or modified from time to time by regulatory authorities having jurisdiction. This restriction shall not prevent any Fund from investing all of its assets in a "master" fund that has adopted similar investment objectives, policies and restrictions.

Concentration means investing more than 25% of a Fund's net assets in a particular industry or a specified group of industries.

**INVESTMENT PRACTICES, INSTRUMENTS AND RISKS**

In addition to the principal investment strategies and the principal risks of the Funds described in each Prospectus, each Fund may, but will not necessarily, employ other investment practices and may be subject to additional risks which are described further below. Because the following is a combined description of investment strategies and risks for all of the Funds, certain strategies and/or risks described below may not apply to every Fund. Unless a strategy or policy described below is specifically prohibited with respect to a particular Fund by the investment restrictions listed in the Prospectus, under "Investment Objectives Policies and Limitations" in this SAI, or by applicable law, a Fund may, but will not necessarily, engage in each of the practices described below.

**Equity Securities**

Equity securities represent ownership interests in a company or partnership and consist of common stocks, preferred stocks, warrants to acquire common stock, securities convertible into common stock, and investments in master limited partnerships ("MLPs"). Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which a Fund invests will cause the net asset value of a Fund to fluctuate. A Fund may purchase equity securities traded in the United States on registered exchanges or the over-the-counter market. Among other types of securities described further below, equity securities include:

**Common stocks** represent an equity or ownership interest in an issuer. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds and preferred stock take precedence over the claims of those who own common stock.

**Preferred stocks** combine qualities both of equity and debt securities. Individual issues of preferred stock will have those rights and liabilities that are spelled out in the governing document. Preferred stocks usually pay a fixed dividend per quarter (or annum) and are senior to common stock in terms of liquidation and dividend rights and preferred stocks typically do not have voting rights.

**Warrants** give a Fund the right to purchase equity securities from the issuer at a specific price (the strike price) for a limited period of time. The strike price of warrants typically is much lower than the current market price of the underlying securities, yet warrants

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are subject to greater price fluctuations. As a result, warrants may be more volatile investments than the underlying securities and may offer greater potential for capital appreciation as well as capital loss.

Unlike bondholders, who have preference to a company's earnings and cash flow, preferred stockholders, followed by common stockholders in order of priority, are entitled only to the residual amount after a company meets its other obligations. For this reason, the value of a company's stock will usually react more strongly to actual or perceived changes in the company's financial condition or prospects than its debt obligations. Stockholders of a company that fares poorly can lose money.

Stock markets tend to move in cycles with short or extended periods of rising and falling stock prices. The value of a company's stock may fall because of, among other reasons: factors that directly relate to that company, such as decisions made by its management or lower demand for the company's products or services; factors affecting an entire industry, such as increases in production costs; and changes in general financial market conditions that are relatively unrelated to the company or its industry, such as changes in interest rates, currency exchange rates or inflation rates. Because preferred stock is generally junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics.

**Debt Securities**

**Asset-Backed Securities ("ABS").** The Bond Fund may invest in ABS (i.e., securities backed by mortgages, installment sales contracts, credit card receivables, or other assets). Consistent with each Fund's investment objectives and policies, the Adviser also may invest in other types of ABS. (Also see "Mortgage-Related Securities" below).

ABS are bonds backed by pools of loans or other receivables. ABS are created from many types of assets, including auto loans, credit card receivables, home equity loans, and student loans. ABS are issued through special purpose vehicles that are separate from the issuer of the collateral. The credit quality of an ABS transaction depends on the performance of the underlying assets. To protect ABS investors from the possibility that some borrowers could miss payments or even default on their loans, ABS include various forms of credit enhancement.

Some ABS, particularly home equity loan transactions, are subject to interest-rate risk and prepayment risk. A change in interest rates can affect the pace of payments on the underlying loans, which in turn affects total return on the securities. ABS also carry credit or default risk. If many borrowers on the underlying loans default, losses could exceed the credit enhancement level and result in losses to investors in an ABS transaction. Finally, ABS have structure risk due to a unique characteristic known as early amortization, or early payout, risk. Built into the structure of most ABS are triggers for early payout, designed to protect investors from losses. These triggers are unique to each transaction and can include: a big rise in defaults on the underlying loans, a sharp drop in the credit enhancement level, or even the bankruptcy of the originator. Once early amortization begins, all incoming loan payments are used to pay investors as quickly as possible.

The average life of ABS varies with the maturities of the underlying instruments. The average life of an asset-backed instrument is likely to be substantially less than the original maturity of the asset pools underlying the securities as the result of unscheduled principal payments and prepayments. The rate of such prepayments, and hence the life of the securities, will be primarily a function of current interest rates and current conditions in the relevant markets. Because of these and other reasons, an asset-backed security's total return may be difficult to predict precisely.

**Bank Obligations.** Each of the Funds may invest in U.S. dollar-denominated bank obligations, including certificates of deposit, bankers' acceptances, bank notes, deposit notes and interest-bearing savings and time deposits, issued by U.S. or foreign banks or savings institutions having total assets at the time of purchase in excess of $1 billion. For this purpose, the assets of a bank or savings institution include the assets of both its domestic and foreign branches. The Funds will invest in the obligations of domestic banks and savings institutions only if their deposits are federally insured. Investments by a Fund in (i) obligations of domestic banks and (ii) obligations of foreign banks and foreign branches of domestic banks each will not exceed 25% of the Fund's total assets at the time of investment.

Non-domestic bank obligations include Eurodollar Certificates of Deposit ("ECDs"), which are U.S. dollar-denominated certificates of deposit issued by offices of foreign and domestic banks located outside the United States; Eurodollar Time Deposits ("ETDs"), which are U.S. dollar-denominated deposits in a foreign branch of a U.S. bank or a foreign bank; Canadian Time Deposits ("CTDs"), which are essentially the same as ETDs except they are issued by Canadian offices of major Canadian banks; Schedule Bs, which are obligations issued by Canadian branches of foreign or domestic banks; Yankee Certificates of Deposit ("Yankee CDs"), which are U.S. dollar-denominated certificates of deposit issued by a U.S. branch of a foreign bank and held in the United States; and Yankee Bankers' Acceptances ("Yankee BAs"), which are U.S. dollar-denominated bankers' acceptances issued by a U.S. branch of a foreign bank and held in the United States. Generally, a Fund will invest in obligations of foreign banks or foreign branches of U.S. banks only when the Adviser deems the instrument to present minimal credit risks. However, such investments may nevertheless entail risks that are

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different from those of investments in domestic obligations of U.S. banks due to differences in political, regulatory and economic systems and conditions.

**Commercial Paper.** A Fund may purchase commercial paper, which consists of short-term (usually from 1 to 270 days) unsecured promissory notes issued by corporations in order to finance their current operations. It may be secured by letters of credit, a surety bond, or other forms of collateral. Commercial paper is usually repaid at maturity by the issuer from the proceeds of the issuance of new commercial paper.

Investments in commercial paper are subject to the risk the issuer cannot issue enough new commercial paper to satisfy its outstanding commercial paper, also known as rollover risk. Commercial paper may become illiquid or may suffer from reduced liquidity in certain circumstances. Like all fixed income securities, commercial paper prices are susceptible to fluctuations in interest rates. If interest rates rise, commercial paper prices will decline. The short-term nature of a commercial paper investment makes it less susceptible to interest rate risk than many other fixed income securities because interest rate risk typically increases as maturity lengths increase.

Commercial paper tends to yield smaller returns than longer-term corporate debt because securities with shorter maturities typically have lower effective yields than those with longer maturities. As with all fixed income securities, there is a chance that the issuer will default on its commercial paper obligation.

**Inflation-Indexed Bonds.** The Bond Fund may invest in inflation-indexed bonds, which are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. Two structures are common. The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of the bond. Most other issuers pay out the Consumer Price Index ("CPI") accruals as part of a semi-annual coupon.

Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten or thirty years, although it is possible that securities with other maturities will be issued in the future. The U.S. Treasury securities pay interest on a semi-annual basis, equal to a fixed percentage of the inflation-adjusted principal amount. For example, if a Fund purchased an inflation-indexed bond with a par value of $1,000 and a 3% real rate of return coupon (payable 1.5% semi-annually), and inflation over the first six months were 1%, the mid-year par value of the bond would be $1,010 and the first semi-annual interest payment would be $15.15 ($1,010 times 1.5%). If inflation during the second half of the year resulted in the whole years' inflation equaling 3%, the end-of-year par value of the bond would be $1,030 and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).

If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the current market value of the bonds is not guaranteed, and will fluctuate. The Funds may also invest in other inflation related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates in turn are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds.

While these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in these securities may not be protected to the extent that the increase is not reflected in the bond's inflation measure.

The periodic adjustment of U.S. inflation-indexed bonds is tied to the Consumer Price Index for All Urban Consumers ("CPI-U"), which is calculated monthly by the U.S. Bureau of Labor Statistics. The CPI-U is a measurement of changes in the cost of living, made up of components such as housing, food, transportation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to reflect a comparable inflation index, calculated by that government. There can be no assurance that the CPI-U or any foreign inflation index will accurately measure the real rate of inflation in the prices of goods and services. Moreover, there can be no assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the United States.

Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income, even though investors do not receive their principal until maturity.

**Lower-Rated Debt Securities.** Each Fund may not invest more than 5% of its total assets in debt securities that are rated below investment grade or in comparable unrated securities. A security is considered investment grade if, at the time of purchase, it is rated BBB- or higher by S&P or Baa3 or higher by Moody's. Whether or not a security is investment grade will be determined based on the ratings given by S&P and Moody's. If both agencies have rated the security, the lower rating will be used. If a single agency has

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rated the security, that rating will be used. Such securities are also known as junk bonds. The yields on lower-rated debt and comparable unrated securities generally are higher than the yields available on higher-rated securities. However, investments in lower-rated debt and comparable unrated securities generally involve greater volatility of price and risk of loss of income and principal, including the possibility of default by or bankruptcy of the issuers of such securities. Lower-rated debt and comparable unrated securities (a) will likely have some quality and protective characteristics that, in the judgment of the rating organization, are outweighed by large uncertainties or major risk exposures to adverse conditions and (b) are predominantly speculative with respect to the issuer's capacity to pay interest and repay principal in accordance with the terms of the obligation. Accordingly, it is possible that these types of factors could, in certain instances, reduce the value of securities held in each Fund's portfolio, with a commensurate effect on the value of each of the Fund's shares. Therefore, an investment in the Funds should not be considered as a complete investment program and may not be appropriate for all investors.

While the market values of lower-rated debt and comparable unrated securities tend to react more to fluctuations in interest rate levels than the market values of higher-rated securities, the market values of certain lower rated debt and comparable unrated securities also tend to be more sensitive to individual corporate developments and changes in economic conditions than higher-rated securities. In addition, lower-rated debt securities and comparable unrated securities generally present a higher degree of credit risk. Issuers of lower-rated debt and comparable unrated securities often are highly leveraged and may not have more traditional methods of financing available to them so that their ability to service their debt obligations during an economic downturn or during sustained periods of rising interest rates may be impaired. The risk of loss due to default by such issuers is significantly greater because lower-rated debt and comparable unrated securities generally are unsecured and frequently are subordinated to the prior payment of senior indebtedness. The Funds may incur additional expenses to the extent that they are required to seek recovery upon a default in the payment of principal or interest on their portfolio holdings. The existence of limited markets for lower-rated debt and comparable unrated securities may diminish each of the Fund's ability to (a) obtain accurate market quotations for purposes of valuing such securities and calculating its net asset value and (b) sell the securities at fair value either to meet redemption requests or to respond to changes in the economy or in financial markets.

Lower-rated debt securities and comparable unrated securities may have call or buy-back features that permit their issuers to call or repurchase the securities from their holders. If an issuer exercises these rights during periods of declining interest rates, the Funds may have to replace the security with a lower yielding security, thus resulting in a decreased return to the Funds. A description of applicable credit ratings is set forth in Appendix A of this SAI.

Ratings represent a rating agency's opinion regarding the quality of the security and are not a guarantee of quality. In addition, rating agencies may fail to make timely changes to credit ratings in response to subsequent events and a rating may become stale in that it fails to reflect changes in an issuer's financial condition. See Appendix A to this SAI for a more detailed discussion of securities ratings.

**Mortgage-Related Securities.** The Bond Fund may invest in mortgage-related securities, which are a form of asset-backed securities. Mortgage-related securities are interests in pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. Pools of mortgage loans are assembled as securities for sale to investors by various governmental, government-related and private organizations. (See "Mortgage Pass-Through Securities" below). Mortgage-related securities also include debt securities which are secured with collateral consisting of mortgage-backed securities (See "Collateralized Mortgage Obligations" below).

**Mortgage Pass-Through Securities.** Interests in pools of mortgage-related securities provide a monthly payment which consists of both interest and principal payments. In effect, these payments are a "pass-through" of the monthly payments made by the individual borrowers on the underlying residential or commercial mortgage loans and of the repayment of principal resulting from the sale of the underlying property, refinancing or foreclosure, net of fees or costs which may be incurred. Some mortgage-related securities (such as securities issued by the Government National Mortgage Association ("GNMA" or "Ginnie Mae") are described as "modified pass-through." These securities entitle the holder to receive all interest and principal payments owed on the mortgage pool, net of certain fees, at the scheduled payment dates regardless of whether or not the mortgagor actually makes the payment.

The rate of pre-payments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. To the extent that unanticipated rates of pre-payment on underlying mortgages increase the effective duration of a mortgage-related security, the volatility of such security can be expected to increase. The residential mortgage market in the United States has in the past experienced significant difficulties that may adversely affect the performance and market value of certain of the Funds' mortgage-related investments. Borrowers with adjustable rate mortgage loans are more sensitive to changes in interest rates, which affect their monthly mortgage payments, and may be unable to secure replacement mortgages at comparably low interest rates, which can increase risk of default. Market factors can cause reduced investor demand for mortgage loans and mortgage-related securities and increased investor yield requirements, resulting in limited liquidity in the secondary market for mortgage-related securities, which can adversely affect the market value of mortgage-related securities. It is possible that such limited liquidity in such secondary markets could occur again.

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The principal governmental guarantor of mortgage-related securities is GNMA. GNMA is a wholly owned United States government corporation within the Department of Housing and Urban Development. GNMA is authorized to guarantee, with the full faith and credit of the United States government, the timely payment of principal and interest on securities issued by institutions approved by GNMA (such as savings and loan institutions, commercial banks and mortgage bankers) and backed by pools of mortgages insured by the Federal Housing Administration ("FHA"), or guaranteed by the Department of Veterans Affairs ("VA").

On September 6, 2008, the Federal Housing Finance Agency ("FHFA") placed FNMA and FHMLC into conservatorship. As the conservator, FHFA succeeded to all rights, titles, powers and privileges of FNMA and FHLMC and of any stockholder, officer or director of FNMA and FHLMC with respect to FNMA and FHLMC and the assets of FNMA and FHLMC. FHFA selected a new chief executive officer and chairman of the board of directors for each of FNMA and FHLMC. In connection with the conservatorship, the U.S. Treasury entered into a Senior Preferred Stock Purchase Agreement with each of FNMA and FHLMC pursuant to which the U.S. Treasury will purchase up to an aggregate of $100 billion of each of FNMA and FHLMC to maintain a positive net worth in each enterprise. This agreement contains various covenants that severely limit each enterprise's operations. In exchange for entering into these agreements, the U.S. Treasury received $1 billion of each enterprise's senior preferred stock and warrants to purchase 79.9% of each enterprise's common stock. On February 18, 2009, the U.S. Treasury announced that it was doubling the size of its commitment to each enterprise under the Senior Preferred Stock Program to $200 billion. The U.S. Treasury's obligations under the Senior Preferred Stock Program are for an indefinite period of time for a maximum amount of $200 billion per enterprise. In August 2012, the Senior Preferred Stock Purchase Agreement was further amended to, among other things, accelerate the wind down of the retained portfolio, terminate the requirement that FNMA and FHLMC each pay a 10% dividend annually on all amounts received under the funding commitment, and require the submission of an annual risk management plan to the U.S. Treasury.

FNMA and FHLMC are continuing to operate as going concerns while in conservatorship and each remains liable for all of its obligations, including its guaranty obligations, associated with its mortgage-backed securities. The Senior Preferred Stock Purchase Agreement is intended to enhance each of FNMA's and FHLMC's ability to meet its obligations. The FHFA has indicated that the conservatorship of each enterprise will end when the director of the FHFA determines that FHFA's plan to restore the enterprise to a safe and solvent condition has been completed.

Under the Federal Housing Finance Regulatory Reform Act of 2008 ("Reform Act"), which was included as part of the Housing and Economic Recovery Act of 2008, FHFA, as conservator or receiver of FNMA and FHLMC, has the power to repudiate any contract entered into by FNMA or FHLMC prior to FHFA's appointment as conservator or receiver, as applicable, if FHFA determines, in its sole discretion, that performance of the contract is burdensome and that repudiation of the contract promotes the orderly administration of FNMA's or FHLMC's affairs. The Reform Act requires FHFA to exercise its right to repudiate any contract within a reasonable period of time after its appointment as conservator or receiver.

FHFA, in its capacity as conservator, has indicated that it has no intention to repudiate the guaranty obligations of FNMA or FHLMC because FHFA views repudiation as incompatible with the goals of the conservatorship. However, in the event that FHFA, as conservator or if it is later appointed as receiver for FNMA or FHLMC, were to repudiate any such guaranty obligation, the conservatorship or receivership estate, as applicable, would be liable for actual direct compensatory damages in accordance with the provisions of the Reform Act. Any such liability could be satisfied only to the extent of FNMA's or FHLMC's assets available therefore. The future financial performance of Fannie Mae and Freddie Mac is heavily dependent on the performance of the U.S. housing market.

In the event of repudiation, the payments of interest to holders of FNMA or FHLMC mortgage-backed securities would be reduced if payments on the mortgage loans represented in the mortgage loan groups related to such mortgage-backed securities are not made by the borrowers or advanced by the servicer. Any actual direct compensatory damages for repudiating these guaranty obligations may not be sufficient to offset any shortfalls experienced by such mortgage-backed security holders.

Further, in its capacity as conservator or receiver, FHFA has the right to transfer or sell any asset or liability of FNMA or FHLMC without any approval, assignment or consent. Although FHFA has stated that it has no present intention to do so, if FHFA, as

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conservator or receiver, were to transfer any such guaranty obligation to another party, holders of FNMA or FHLMC mortgage-backed securities would have to rely on that party for satisfaction of the guaranty obligation and would be exposed to the credit risk of that party.

In addition, certain rights provided to holders of mortgage-backed securities issued by FNMA and FHLMC under the operative documents related to such securities may not be enforced against FHFA, or enforcement of such rights may be delayed, during the conservatorship or any future receivership. The operative documents for FNMA and FHLMC mortgage-backed securities may provide (or with respect to securities issued prior to the date of the appointment of the conservator may have provided) that upon the occurrence of an event of default on the part of FNMA or FHLMC, in its capacity as guarantor, which includes the appointment of a conservator or receiver, holders of such mortgage-backed securities have the right to replace FNMA or FHLMC as trustee if the requisite percentage of mortgage-backed securities holders consent. The Reform Act prevents mortgage-backed security holders from enforcing such rights if the event of default arises solely because a conservator or receiver has been appointed. The Reform Act also provides that no person may exercise any right or power to terminate, accelerate or declare an event of default under certain contracts to which FNMA or FHLMC is a party, or obtain possession of or exercise control over any property of FNMA or FHLMC, or affect any contractual rights of FNMA or FHLMC, without the approval of FHFA, as conservator or receiver, for a period of 45 or 90 days following the appointment of FHFA as conservator or receiver, respectively.

In addition, in a February 2011 report to Congress from the Treasury Department and the Department of Housing and Urban Development, the Obama administration provided a plan to reform America's housing finance market. The plan would reduce the role of and eventually eliminate FNMA and FHLMC. Notably, the plan does not propose similar significant changes to GNMA, which guarantees payments on mortgage-related securities backed by federally insured or guaranteed loans such as those issued by the Federal Housing Association or guaranteed by the Department of Veterans Affairs. The report also identified three proposals for Congress and the administration to consider for the long-term structure of the housing finance markets after the elimination of FNMA and FHLMC, including implementing: (i) a privatized system of housing finance that limits government insurance to very limited groups of creditworthy low-and moderate-income borrowers; (ii) a privatized system with a government backstop mechanism that would allow the government to insure a larger share of the housing finance market during a future housing crisis; and (iii) a privatized system where the government would offer reinsurance to holders of certain highly-rated mortgage-related securities insured by private insurers and would pay out under the reinsurance arrangements only if the private mortgage insurers were insolvent.

As a result of continuing conservatorship, congressional interest in Fannie Mae and Freddie Mac has increased in recent years. Uncertainty in the housing, mortgage, and financial markets has raised concerns about the potential total costs to the Treasury Department of providing a backstop for the Government-Sponsored Enterprises ("GSE"). Because more than 60% of households are homeowners, a large number of citizens could be affected by the future of the GSEs. Congress exercises oversight of the FHFA and may consider legislation to shape the GSEs' future. While no such legislation has been introduced, policymakers have proposed reforms to the housing finance system and the future of GSEs remains a topic of debate.

Securities issued by certain private organizations may not be readily marketable. A Fund will not purchase mortgage-related securities or any other assets which in the Adviser's opinion are illiquid if, as a result, more than 15% of the value of the Fund's net assets will be illiquid.

Mortgage-backed securities that are issued or guaranteed by the U.S. government, its agencies or instrumentalities, are not subject to the Funds' industry concentration restrictions, set forth under "Fundamental Investment Policies and Limitations of the Funds," by virtue of the exclusion from that test available to all U.S. government securities. In the case of privately issued mortgage-related securities, the Funds take the position that mortgage-related securities do not represent interests in any particular "industry" or group of industries. The assets underlying such securities may be represented by a portfolio of first lien residential mortgages (including both whole mortgage loans and mortgage participation interests) or portfolios of mortgage pass-through securities issued or guaranteed by GNMA, FNMA or FHLMC. (Please see the discussion above regarding FNMA and FHLMC.) Mortgage loans underlying a

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mortgage-related security may in turn be insured or guaranteed by the FHA or the VA. In the case of private issue mortgage-related securities whose underlying assets are neither U.S. government securities nor U.S. government-insured mortgages, to the extent that real properties securing such assets may be located in the same geographical region, the security may be subject to a greater risk of default than other comparable securities in the event of adverse economic, political or business developments that may affect such region and, ultimately, the ability of residential homeowners to make payments of principal and interest on the underlying mortgages.

**Collateralized Mortgage Obligations ("CMOs").** A CMO is a debt obligation of a legal entity that is collateralized by mortgages and divided into classes. Similar to a bond, interest and prepaid principal is paid, in most cases, on a monthly basis. CMOs may be collateralized by whole mortgage loans or private mortgage bonds, but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed by GNMA, FHLMC, or FNMA, and their income streams.

CMOs are structured into multiple classes, often referred to as "tranches," with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including pre-payments. Actual maturity and average life will depend upon the pre-payment experience of the collateral. In the case of certain CMOs (known as "sequential pay" CMOs), payments of principal received from the pool of underlying mortgages, including pre-payments, are applied to the classes of CMOs in the order of their respective final distribution dates. Thus, no payment of principal will be made to any class of sequential pay CMOs until all other classes having an earlier final distribution date have been paid in full.

In a typical CMO transaction, a corporation ("issuer") issues multiple series (e.g., A, B, C, Z) of CMO bonds ("Bonds"). Proceeds of the Bond offering are used to purchase mortgages or mortgage pass-through certificates ("Collateral"). The Collateral is pledged to a third party trustee as security for the Bonds. Principal and interest payments from the Collateral are used to pay principal on the Bonds in the order A, B, C, Z. The Series A, B, and C Bonds all bear current interest. Interest on the Series Z Bond is accrued and added to principal and a like amount is paid as principal on the Series A, B, or C Bond currently being paid off. When the Series A, B, and C Bonds are paid in full, interest and principal on the Series Z Bond begins to be paid currently. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-or asset-backed securities.

**Commercial Mortgage-Backed Securities.** These include securities that reflect an interest in, and are secured by, mortgage loans on commercial real property. Many of the risks of investing in commercial mortgage-backed securities reflect the risks of investing in the real estate securing the underlying mortgage loans. These risks reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make loan payments, and the ability of a property to attract and retain tenants. Commercial mortgage-backed securities may be less liquid and exhibit greater price volatility than other types of mortgage-or asset-backed securities.

**Other Mortgage-Related Securities.** Other mortgage-related securities include securities other than those described above that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property, including mortgage dollar rolls, CMO residuals or stripped mortgage-backed securities ("SMBS"). Other mortgage-related securities may be equity or debt securities issued by agencies or instrumentalities of the U.S. government or by private originators of, or investors in, mortgage loans, including savings and loan associations, homebuilders, mortgage banks, commercial banks, investment banks, partnerships, trusts and special purpose entities of the foregoing.

**CMO Residuals.** CMO residuals are mortgage securities issued by agencies or instrumentalities of the U.S. government or by private originators of, or investors in, mortgage loans, including savings and loan associations, homebuilders, mortgage banks, commercial banks, investment banks and special purpose entities of the foregoing.

The cash flow generated by the mortgage assets underlying a series of CMOs is applied first to make required payments of principal and interest on the CMOs and second to pay the related administrative expenses and any management fee of the issuer. The residual in a CMO structure generally represents the interest in any excess cash flow remaining after making the foregoing payments. Each payment of such excess cash flow to a holder of the related CMO residual represents income and/or a return of capital. The amount of residual cash flow resulting from a CMO will depend on, among other things, the characteristics of the mortgage assets, the coupon rate of each class of CMO, prevailing interest rates, the amount of administrative expenses and the pre-payment experience on the mortgage assets. In particular, the yield to maturity on CMO residuals is extremely sensitive to pre-payments on the related underlying mortgage assets, in the same manner as an interest-only ("IO") class of stripped mortgage-backed securities. (See "Stripped Mortgage-Backed Securities" below). In addition, if a series of a CMO includes a class that bears interest at an adjustable rate, the yield to maturity on the related CMO residual will also be extremely sensitive to changes in the level of the index upon which interest rate adjustments are based. As described below with respect to stripped mortgage-backed securities, in certain circumstances a Fund may fail to recoup fully its initial investment in a CMO residual.

CMO residuals are generally purchased and sold by institutional investors through several investment banking firms acting as brokers or dealers. Transactions in CMO residuals are generally completed only after careful review of the characteristics of the securities in question. In addition, CMO residuals may, or pursuant to an exemption therefrom, may not have been registered under the Securities

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Act. CMO residuals, whether or not registered under the Securities Act, may be subject to certain restrictions on transferability, and may be deemed "illiquid" and subject to a Fund's limitations on investment in illiquid investments.

**Adjustable Rate Mortgage-Backed Securities.** Adjustable rate mortgage-backed securities ("ARMBSs") have interest rates that reset at periodic intervals. Acquiring ARMBSs permits a Fund to participate in increases in prevailing current interest rates through periodic adjustments in the coupons of mortgages underlying the pool on which ARMBSs are based. Such ARMBSs generally have higher current yield and lower price fluctuations than is the case with more traditional fixed income debt securities of comparable rating and maturity. In addition, when prepayments of principal are made on the underlying mortgages during periods of rising interest rates, a Fund can reinvest the proceeds of such prepayments at rates higher than those at which they were previously invested. Mortgages underlying most ARMBSs, however, have limits on the allowable annual or lifetime increases that can be made in the interest rate that the mortgagor pays. Therefore, if current interest rates rise above such limits over the period of the limitation, a Fund, when holding an ARMBS, does not benefit from further increases in interest rates. Moreover, when interest rates are in excess of coupon rates (i.e., the rates being paid by mortgagors) of the mortgages, ARMBSs behave more like fixed income securities and less like adjustable rate securities and are subject to the risks associated with fixed income securities. In addition, during periods of rising interest rates, increases in the coupon rate of adjustable rate mortgages generally lag current market interest rates slightly, thereby creating the potential for capital depreciation on such securities.

**Stripped Mortgage-Backed Securities.** SMBS are derivative multi-class mortgage securities. SMBS may be issued by agencies or instrumentalities of the U.S. government, or by private originators of, or investors in, mortgage loans, including savings and loan associations, mortgage banks, commercial banks, investment banks and special purpose entities of the foregoing.

SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. A common type of SMBS will have one class receiving some of the interest and most of the principal from the mortgage assets, while the other class will receive most of the interest and the remainder of the principal. In the most extreme case, one class will receive all of the interest (the "IO" class), while the other class will receive all of the principal (the principal-only or "PO" class). The yield to maturity on an IO class is extremely sensitive to the rate of principal payments (including pre-payments) on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on a Fund's yield to maturity from these securities. If the underlying mortgage assets experience greater than anticipated pre-payments of principal, a Fund may fail to recoup some or all of its initial investment in these securities even if the security is in one of the highest rating categories.

**Collateralized Debt Obligations.** The Funds may invest in collateralized debt obligations ("CDOs"), which include collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs") and other similarly structured securities. CBOs and CLOs are types of asset-backed securities. A CBO is a trust that is often backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. CDOs may charge management fees and administrative expenses.

For both CBOs and CLOs, the cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the "equity" tranche which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Since it is partially protected from defaults, a senior tranche from a CBO trust or CLO trust typically have higher ratings and lower yields than their underlying securities and can be rated investment grade. Despite the protection from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO or CLO securities as a class.

The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Fund invests. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in CDOs may be characterized by the Funds as illiquid investments, however an active dealer market may exist for CDOs allowing a CDO to qualify for Rule 144A transactions. In addition to the normal risks associated with fixed income securities discussed elsewhere in this Statement of Additional Information and the Funds' Prospectuses (e.g., interest rate risk and default risk), CDOs carry additional risks including, but are not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Funds may invest in CDOs that are subordinate to other classes; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

**Mortgage Dollar Rolls.** The Bond Fund may engage in mortgage dollar roll transactions. In a mortgage dollar roll transaction the Fund sells a mortgage-related security, such as a security issued by GNMA, to a dealer and simultaneously agrees to repurchase a similar security (but not the same security) in the future at a pre-determined price. A dollar roll can be viewed, like a reverse repurchase agreement, as a collateralized borrowing in which a Fund pledges a mortgage-related security to a dealer to obtain cash. Unlike in the case of reverse repurchase agreements, the dealer with which the Fund enters into a dollar roll transaction is not obligated to return

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the same securities as those originally sold by the Fund, but only securities which are substantially identical. To be considered substantially identical, the securities returned to the Fund generally must: (1) be collateralized by the same types of underlying mortgages; (2) be issued by the same agency and be part of the same program; (3) have a similar original stated maturity; (4) have identical net coupon rates; (5) have similar market yields (and therefore price); and (6) satisfy "good delivery" requirements, meaning that the aggregate principal amounts of the securities delivered and received back must be within 0.01% of the initial amount delivered.

Mortgage dollar rolls may be renewed by a new sale and repurchase with a cash settlement at each renewal without physical delivery of the securities. Certain risks may arise upon entering into mortgage dollar rolls from the potential inability of the counterparty to meet the terms of their commitment. Additionally, the value of the securities subject to the dollar roll may change adversely before the Fund is able to repurchase them.

The Fund's obligations under a dollar roll agreement must be covered by designating, or "segregating," on its records cash or liquid assets equal in value to the securities subject to repurchase by the Fund. As with reverse repurchase agreements, to the extent that positions in dollar roll agreements are not covered by designating cash or liquid assets at least equal to the amount of any forward purchase commitment, such transactions would be subject to the Fund's restrictions on borrowings.

**Municipal Obligations.** The Bond Fund may invest in securities the interest from which is exempt from regular federal income tax, i.e., municipal obligations.

Opinions relating to the validity of municipal obligations and to the exemption of interest thereon from regular federal income tax and/or state income tax, as applicable, are rendered by bond counsel or counsel to the respective issuers at the time of issuance. Neither the Funds nor the Adviser will review the proceedings relating to the issuance of municipal obligations or the basis for such opinions.

An issuer's obligations under its municipal obligations are subject to the provisions of bankruptcy, insolvency and other laws affecting the rights and remedies of creditors, such as the Federal Bankruptcy Code, and laws, if any, which may be enacted by federal or state legislatures extending the time for payment of principal or interest, or both, or imposing other constraints upon enforcement of such obligations or upon the ability of municipalities to levy taxes. The power or ability of an issuer to meet its obligations for the payment of interest on and principal of its municipal obligations may be materially adversely affected by litigation or other conditions.

In order to pay interest that is exempt from federal regular income tax, tax-exempt securities must meet certain legal requirements. Failure to meet such requirements may cause the interest received and distributed by the Fund to shareholders to be taxable. From time to time proposals have been introduced before Congress for the purpose of restricting or eliminating the federal income tax exemption for interest on municipal obligations. For example, under the Tax Reform Act of 1986 interest on certain private activity bonds must be included in an investor's federal alternative minimum taxable income, and corporate investors must include all tax-exempt interest in their federal alternative minimum taxable income. The Funds cannot predict what legislation, if any, may be proposed in Congress or in any state legislature in the future as regards the federal or state income tax status of interest on municipal obligations in general, or which proposals, if any, might be enacted. Changes or proposed changes in federal or state tax laws may cause the prices of tax-exempt securities to fall, and/or may affect the tax-exempt status of the securities in which the Fund invests. Such proposals, if enacted, might materially adversely affect the availability and valuation of municipal obligations for investment by a Fund and the liquidity and value of such Fund. Future changes in federal and/or state laws or future court decisions could possibly have a negative impact on the tax treatment and/or value of municipal securities.

Municipal bonds are generally considered riskier investments than U.S. Treasury securities. Contrary to historical trends, in recent years, the market has encountered downgrades, increased rates of default and lower yields on municipal bonds. This is a product of significant reductions in revenues for many states and municipalities as well as residual effects of a generally weakened economy.

**General Obligation Bonds**. General obligation bonds are obligations involving the credit of an issuer possessing taxing power and are payable from such issuer's general revenues and not from any particular source. Limited obligation bonds (or revenue bonds) are payable only from the revenues derived from a particular facility or class of facilities or, in some cases, from the proceeds of a special excise or other specific revenue source. Tax-exempt private activity bonds and industrial development bonds generally are also revenue bonds and thus are not payable from the issuer's general revenues. The credit and quality of private activity bonds and industrial development bonds are usually related to the credit of the corporate user of the facilities. Payment of interest on and repayment of principal of such bonds is the responsibility of the corporate user (and/or any guarantor). Under the Internal Revenue Code, certain limited obligation bonds are considered "private activity bonds" and interest paid on such bonds is treated as an item of tax preference for purposes of calculating federal alternative minimum tax liability. Pre-refunded bonds are municipal obligations that are generally backed or secured by U.S. Treasury bonds. In a typical pre-refunded issue, a municipality sells new bonds and uses the proceeds to buy Treasury securities. It then sets those Treasuries aside, keeping them in special escrow account that will be used to redeem the older, higher-coupon bonds either at the earliest possible date or some later date. Pre-refunded bonds can provide investors with a combination of the highest possible credit quality, and a taxable equivalent yield that compares favorably with that available on Treasuries.

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**Bond Anticipation Notes ("BANs").** BANs are short-term debt instruments issued by a state or municipality that will be paid off with the proceeds of an upcoming bond issue. Revenue anticipation notes ("RAN") are short-term debt issues of a municipal entity that are to be repaid out of anticipated revenues, such as sales taxes. When the anticipated revenues are collected, the RAN is paid off.

Some longer-term municipal obligations give the investor the right to "put" or sell the security at par (face value) within a specified number of days following the investor's request - usually one to seven days. This demand feature enhances a security's liquidity by shortening its effective maturity and enables it to trade at a price equal to or very close to par. If a demand feature terminates prior to being exercised, a Fund would hold the longer-term security, which could experience substantially more volatility.

Municipal obligations in which the Funds may invest include securities with credit enhancements such as letters of credit, municipal obligation insurance and stand-by purchase agreements ("SPAs"). Letters of credit are issued by a third party, usually a bank, to enhance liquidity and ensure repayment of principal and any accrued interest if the underlying municipal obligation should default. Municipal obligation insurance, which is usually purchased by the bond issuer from a private, non-governmental insurance company, provides an unconditional and irrevocable guarantee that the insured obligation's principal and interest will be paid when due. Insurance does not guarantee the price of the bond or the share price of any Fund. The credit rating of an insured municipal obligation reflects the credit rating of the insurer, based on its claims-paying ability. The obligation of a municipal bond insurance company to pay a claim extends over the life of each insured municipal obligation. Although defaults on insured municipal obligations have been low to date and municipal bond insurers have met their claims, there is no assurance this will continue. A higher-than-expected default rate could strain the insurer's loss reserves and adversely affect its ability to pay claims to bondholders. The number of municipal bond insurers is relatively small, and not all of them have the highest rating. An SPA is a liquidity facility provided to pay the purchase price of bonds that cannot be re-marketed. The obligation of the liquidity provider (usually a bank) is only to advance funds to purchase tendered bonds that cannot be remarketed and does not cover principal or interest under any other circumstances. The liquidity provider's obligations under the SPA are usually subject to numerous conditions, including the continued creditworthiness of the underlying borrower. (See "Stand-by Purchase Agreements" below).

In addition, the recent economic downturn and budgetary constraints make municipal securities more susceptible to downgrade, default, and bankruptcy. Factors affecting municipal securities include lower tax collections and budgetary constraints of local, state and federal governments upon which the municipalities issuing municipal securities may be relying for funding. Municipal securities are also subject to the risk that the perceived increased likelihood of difficulties in the municipal securities markets could result in increased illiquidity, volatility and credit risk, and certain municipal issuers may be unable to issue or market securities, which could result in a lower number of investment opportunities.

**Stand-by Purchase Agreements.** The Bond Fund may enter into stand-by purchase agreements with respect to municipal obligations. Under a stand-by purchase agreement, a dealer agrees to purchase from the Bond Fund at the Fund's option a specified municipal obligation at its amortized cost value to the Fund plus accrued interest, if any. Stand-by purchase agreements may be exercisable by the Bond Fund at any time before the maturity of the underlying municipal obligations and may be sold, transferred, or assigned only with the instruments involved.

The Bond Fund expects that stand-by purchase agreements will generally be available without the payment of any direct or indirect consideration. However, if necessary or advisable, the Bond Fund may pay for a stand-by purchase agreement either separately in cash or by paying a higher price for municipal obligations which are acquired subject to the commitment (thus reducing the yield to maturity otherwise available for the same securities). The total amount paid in either manner for outstanding stand-by purchase agreements held by the Bond Fund will not exceed ½ of 1% of the value of the Bond Fund's total assets calculated immediately after each stand-by purchase agreement is acquired.

The Bond Fund generally intends to enter into stand-by purchase agreements only with dealers, banks, and broker-dealers which, in the Adviser's opinion, present minimal credit risks. A stand-by purchase agreement will not affect the valuation of the underlying municipal obligation. The actual stand-by purchase agreement will be valued at zero in determining net asset value. Accordingly, where the Bond Fund pays directly or indirectly for a stand-by purchase agreement, its cost will be reflected as an unrealized loss for the period during of the agreement and will be reflected as a realized gain or loss when the purchase agreement is exercised or expires.

**Stripped Securities.** The Bond Fund may invest in U.S. government obligations and their unmatured interest coupons that have been separated ("stripped") by their holder, typically a custodian bank or investment brokerage firm. Having separated the interest coupons from the underlying principal of the U.S. government obligations, the holder will resell the stripped securities in custodial receipt programs. The stripped coupons are sold separately from the underlying principal, which is usually sold at a deep discount because the buyer receives only the right to receive a single future fixed payment on the security and does not receive any rights to periodic interest (cash) payments. The underlying U.S. Treasury bonds and notes themselves are held in book-entry form at the Federal Reserve Bank or, in the case of bearer securities (i.e., unregistered securities which are ostensibly owned by the bearer or holder), in trust on behalf of the owners. Counsel to the underwriters of these certificates or other evidences of ownership of U.S. Treasury securities have stated that, in their opinion, purchasers of the stripped securities most likely will be deemed the beneficial holders of the underlying U.S.

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government obligations for federal tax and securities purposes. The Bond Fund is not aware of any binding legislative, judicial or administrative authority on this issue.

Only instruments that are stripped by the issuing agency will be considered U.S. government obligations. Securities that are stripped by their holder do not qualify as U.S. government obligations.

The U.S. Treasury Department facilitates transfers of ownership of zero coupon securities by accounting separately for the beneficial ownership of particular interest coupon and principal payments on U.S. Treasury securities through the Federal Reserve book-entry recordkeeping system. The Federal Reserve program as established by the U.S. Treasury Department is known as "STRIPS" or "Separate Trading of Registered Interest and Principal of Securities." Under the STRIPS program, a Fund is able to have its beneficial ownership of zero coupon securities recorded directly in the book-entry recordkeeping system in lieu of having to hold certificates or other evidences of ownership of the underlying U.S. Treasury securities.

Certain types of stripped securities will normally be considered illiquid instruments and will be acquired subject to the limitation on illiquid investments unless the Adviser determines them to be liquid under guidelines established by the Board.

In addition, the Bond Fund may invest in SMBS, which represent beneficial ownership interests in the principal distributions and/or the interest distributions on mortgage assets. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. One type of SMBS will have one class receiving some of the interest and most of the principal from the mortgage assets, while the other class will receive most of the interest and the remainder of the principal. In the most common case, one class of SMBS will receive all of the interest (the interest-only or "IO" class), while the other class will receive all of the principal (the principal-only or "PO" class).

The original principal amount, if any, of each SMBS class represents the amount payable to the holder thereof over the life of such SMBS class from principal distributions of the underlying mortgage assets, which will be zero in the case of an IO class. Interest distributions allocable to a class of SMBS, if any, consist of interest at a specified rate on its principal amount, if any, or its notional principal amount in the case of an IO class. The notional principal amount is used solely for purposes of the determination of interest distributions and certain other rights of holders of such IO class and does not represent an interest in principal distributions of the mortgage assets.

Yields on SMBS will be extremely sensitive to the prepayment experience of the underlying mortgage loans, and there are other associated risks. For IO classes of SMBS and SMBS that were purchased at prices exceeding their principal amounts there is a risk that the Bond Fund may not fully recover its initial investment.

The determination of whether a particular government-issued IO or PO backed by fixed-rate mortgages is liquid may be made under guidelines and standards established by the Board. Such securities may be deemed liquid if they can be disposed of promptly in the ordinary course of business at a value reasonably close to that used in the calculation of the Bond Fund's net asset value per share.

**Supranational Bank Obligations.** The Bond Fund may invest in supranational bank obligations. Supranational banks are international banking institutions designed or supported by national governments to promote economic reconstruction, development, or trade between nations (e.g., The World Bank). Obligations of supranational banks may be supported by appropriated but unpaid commitments of their member countries, and there is no assurance that these commitments will be undertaken or met in the future.

**U.S. Government Obligations.** Each of the Funds may purchase obligations issued or guaranteed by the U.S. government and U.S. government agencies and instrumentalities. Obligations of certain agencies and instrumentalities of the U.S. government, such as those of GNMA, are supported by the full faith and credit of the U.S. Treasury. Others, such as those of FNMA, are supported by the right of the issuer to borrow from the U.S. Treasury; and still others, such as those of FHLMC and the Student Loan Marketing Association, are supported only by the credit of the agency or instrumentality issuing the obligation. No assurance can be given that the U.S. government would provide financial support to U.S. government-sponsored instrumentalities if it is not obligated to do so by law. Examples of the types of U.S. government obligations that may be acquired by the Funds include without limitation U.S. Treasury bills, U.S. Treasury notes and U.S. Treasury bonds and the obligations of Federal Home Loan Banks, Federal Farm Credit Banks, Federal Land Banks, the Federal Housing Administration, Farmers Home Administration, Export-Import Bank of the United States, Small Business Administration, FNMA, GNMA, General Services Administration, Student Loan Marketing Association, Central Bank for Cooperatives, FHLMC, Federal Intermediate Credit Banks and Maritime Administration.

U.S. Treasury securities differ in their interest rates, maturities, and times of issuance. Treasury bills have initial maturities of one year or less, Treasury notes have initial maturities of one to ten years and Treasury bonds generally have initial maturities greater than ten years. A portion of the U.S. Treasury securities purchased by the Funds may be "zero coupon" Treasury securities. These are U.S. Treasury notes and bonds which have been stripped of their unmatured interest coupons and receipts or which are certificates representing interests in such stripped debt obligations and coupons. Such securities are purchased at a discount from their face amount, giving the purchaser the right to receive their full value at maturity. A zero coupon security pays no interest to its holder during its life.

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Its value to an investor consists of the difference between its face value at the time of maturity and the price for which it was acquired, which is generally an amount significantly less than its face value (sometimes referred to as a "deep discount" price).

The interest earned on such securities is, implicitly, automatically compounded and paid out at maturity. While such compounding at a constant rate eliminates the risk of receiving lower yields upon reinvestment of interest if prevailing interest rates decline, the owner of a zero coupon security will be unable to participate in higher yields upon reinvestment of interest received if prevailing interest rates rise. For this reason, zero coupon securities are subject to substantially greater market price fluctuations during periods of changing prevailing interest rates than are comparable debt securities which make current distributions of interest. Current federal tax law requires that a holder (such as a Fund) of a zero coupon security accrue a portion of the discount at which the security was purchased as income each year even though the Fund receives no interest payments in cash on the security during the year.

Certain banks and brokerage firms have separated ("stripped") the principal portions ("corpus") from the coupon portions of the U.S. Treasury bonds and notes and sell them separately in the form of receipts or certificates representing undivided interests in these instruments (which instruments are generally held by a bank in a custodial or trust account). (See "Stripped Securities" above).

Although a Fund may hold securities that carry U.S. government guarantees, these guarantees do not extend to shares of the Fund itself and do not guarantee the market prices of the securities.

In recent periods, the values of U.S. government securities have been affected substantially by increased demand for them in the global markets. Increases or decreases in the demand for U.S. government securities may occur at any time and may result in increased volatility in the values of those securities.

**Variable Amount Master Demand Notes.** Each of the Funds may purchase variable amount master demand notes, which are unsecured instruments that permit the indebtedness thereunder to vary and provide for periodic adjustments in the interest rate. Although the notes are not normally traded and there may be no secondary market in the notes, a Fund may demand payment of the principal of the instrument at any time. The notes are not typically rated by credit rating agencies, but issuers of variable amount master demand notes must satisfy the same criteria as set forth above for issuers of commercial paper. If an issuer of a variable amount master demand note defaulted on its payment obligation, a Fund might be unable to dispose of the note because of the absence of a secondary market and might, for this or other reasons, suffer a loss to the extent of the default.

**Variable or Floating Rate Instruments.** To the extent a Fund may invest in debt obligations that Fund may invest in instruments with variable or floating interest rates. A floating rate security is a security the terms of which provide for the adjustment of its interest rate whenever a specified interest rate changes and that, at any time until the final maturity of the instrument or period remaining until the principal can be recovered through demand, can reasonably be expected to have a market value that approximates its amortized cost. A variable rate security is a security the terms of which provide for the adjustment of its interest rate on set dates (such as the last day of a month or calendar quarter) and that, upon each adjustment until the final maturity of the instrument or the period remaining until the principal amount can be recovered through a demand, can reasonably be expected to have a market value that approximates its amortized cost. Variable or floating rate obligations purchased by a Fund may have stated maturities in excess of a Fund's maturity limitation if the Fund can demand payment of the principal of the instrument at least once during such period on not more than thirty days' notice (this demand feature is not required if the instrument is guaranteed by the U.S. government or an agency thereof). These instruments may include variable amount master demand notes that permit the indebtedness to vary in addition to providing for periodic adjustments in the interest rates. The Adviser will consider the earning power, cash flows and other liquidity ratios of the issuers and guarantors of such instruments and, if the instrument is subject to a demand feature, will continuously monitor their financial ability to meet payment on demand. Where necessary to ensure that a variable or floating rate instrument is equivalent to the quality standards applicable to a Fund, the issuer's obligation to pay the principal of the instrument will be backed by an unconditional bank letter or line of credit, guarantee or commitment to lend.

In determining average weighted portfolio maturity of a Fund, short-term variable or floating rate securities are deemed to have a maturity equal to the earlier of the period remaining until the next readjustment of the interest rate or the period remaining until the principal amount can be recovered through demand. For purposes of this paragraph, "short-term" with respect to a security means that the principal amount, in accordance with the terms of the security, must unconditionally be paid in 397 calendar days or less.

In determining average weighted portfolio maturity of a Fund, long-term variable or floating rate securities are deemed to have a maturity equal to the longer of the period remaining until the next readjustment of the interest rate or the period remaining until the principal amount can be recovered through demand. For purposes of this paragraph, "long-term" with respect to a security means that the principal amount of the security is scheduled to be paid in more than 397 days.

Variable or floating rate government securities where the variable rate of interest is readjusted no less frequently than every 762 days shall be deemed to have a maturity equal to the period remaining until the next interest rate readjustment.

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**When-Issued Securities, Forward Commitments or Delayed-Delivery Transactions, and To-Be-Announced Transactions.** Each of the Funds may purchase securities on a when-issued, forward commitment or delayed-delivery, or to-be-announced ("TBA") basis. When-issued, forward commitment or delayed-delivery, and TBA transactions permit a Fund to lock in a price or yield on a security, regardless of future changes in interest rates. When-issued purchases and forward commitments (known as delayed-delivery transactions) are commitments by a Fund to purchase or sell particular securities with payment and delivery to occur at a future date (often one or two months later). TBA transactions are commitments to buy or sell an approximate principal amount of mortgage-backed securities with specified terms on a forward basis. For example, in a TBA mortgage-backed transaction, the purchaser and the seller would agree upon the issuer, coupon rate and terms of the underlying mortgages, and the seller would not identify the specific underlying mortgages until the settlement date.

When a Fund enters these transactions, a Fund may designate on its records cash or liquid assets equal to the amount of the commitment on the settlement date. If a Fund designates portfolio securities for this purpose, the Fund may be required subsequently to designate additional assets in order to ensure that the value of such assets remains equal to the amount of the Fund's commitments.

If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a commitment after it is entered into, and may sell securities it has committed to purchase before those securities are delivered to the Fund on the settlement date. In these cases, a Fund may realize a taxable capital gain or loss. When a Fund has sold a security pursuant to one of these transactions, the Fund does not participate in further gains or losses with respect to the security.

When a Fund engages in when-issued and forward commitment transactions, it relies on the other party to consummate the transaction and is exposed to counterparty risk. Failure of such party to consummate the transaction may result in a Fund incurring a loss or missing an opportunity to obtain a price or yield considered to be advantageous. Recently adopted industry standards effectively require margining of bilaterally traded forward-settling MBS transactions such as TBAs. This development may mitigate counterparty risk but may increase a Fund's expenses.

In some cases, a Fund may sell a security on a delayed delivery basis that it does not own, which may subject the Fund to additional risks generally associated with short sales. Among other things, the market price of the security may increase after the Fund enters into the delayed delivery transaction, and the Fund will suffer a loss when it purchases the security at a higher price in order to make delivery. In addition, the Fund may not always be able to purchase the security it is obligated to deliver at a particular time or at an acceptable price.

The market value of the securities underlying a when-issued purchase or a forward commitment to purchase securities, and any subsequent fluctuations in their market value, are taken into account when determining the net asset value of a Fund starting on the day the Fund agrees to purchase the securities. A Fund does not earn interest on the securities it has committed to purchase until they are paid for and delivered on the settlement date.

**International and Foreign Investments**

**Foreign Securities - General.** Each of the Funds may invest in foreign securities. Each Equity Fund (except the Mid-Cap Core Growth Fund, the Multi-Cap Fund, and International Funds) may invest up to 25% of its assets in foreign securities. The Bond Fund may invest up to 20% of its assets in foreign securities. The Mid-Cap Core Growth Fund and Multi-Cap Fund may invest up to 10% of their assets in foreign securities. There is no limit on the International Funds' investments in foreign securities investments; however, the Trivalent International Small-Cap Fund may not invest more than 20% of its assets in emerging market country companies or more than 5% of its assets in companies of any one emerging market country.

Income and gains on foreign securities may be subject to foreign withholding taxes. Investors should consider carefully the substantial risks involved in securities of companies and governments of foreign nations, which are in addition to the usual risks inherent in domestic investments. There may be less publicly available information about foreign companies comparable to the reports and ratings published about companies in the United States. Foreign companies are not generally subject to uniform accounting, auditing and financial reporting standards, and auditing practices and requirements may not be comparable to those applicable to United States companies. Foreign markets have substantially less trading volume than the New York Stock Exchange ("NYSE") and securities of some foreign companies are less liquid and more volatile than securities of comparable United States companies. Commission rates in foreign countries, which are generally fixed rather than subject to negotiation as in the United States, are likely to be higher. In many foreign countries there is less government supervision and less regulation of stock exchanges, brokers, and listed companies than in the United States. Such concerns are particularly heightened in emerging market countries and Eastern European countries.

Issuers of foreign securities may also suffer from social, political, and economic instability. Such instability can lead to illiquidity or price volatility in foreign securities traded on affected markets. Foreign issuers may be subject to the risk that during certain periods the liquidity of securities of a particular issuer or industry, or all the securities within a particular region, will be adversely affected by economic, market or political events, or adverse investor perceptions, which may cause temporary or permanent devaluation of the relevant securities. In addition, if a market for a foreign security closes as a result of such instability, it may be more difficult to obtain

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accurate independently sourced prices for securities traded on these markets and may be difficult to value the effected foreign securities for extended periods of time.

In connection with the purchase or sale of securities denominated in foreign currencies, the Adviser endeavors to buy and sell foreign currencies on as favorable a basis as practicable. Some price spread on currency exchange (to cover service charges) may be incurred, particularly when a Fund changes investments from one country to another or when proceeds of the sale of Fund shares in U.S. dollars are used for the purchase of securities in foreign countries. Also, some countries may adopt policies that would prevent a Fund from transferring cash out of the country or withhold portions of interest and dividends at the source. There is the possibility of expropriation, nationalization, or confiscatory taxation, withholding and other foreign taxes on income or other amounts, foreign exchange controls (which may include suspension of the ability to transfer currency from a given country), default in foreign government securities, political or social instability or diplomatic developments that could affect investments in securities of issuers in foreign nations.

Foreign securities markets have different clearance and settlement procedures, and in certain markets there have been times when settlements have been unable to keep pace with the volume of securities transactions, making it difficult to conduct such transactions. Delays in settlement could result in temporary periods when assets of a Fund are uninvested and no return is earned thereon. The inability of a Fund to make intended security purchases due to settlement problems could cause a Fund to miss attractive investment opportunities. Inability to dispose of portfolio securities due to settlement problems could result either in losses to a Fund due to subsequent declines in value of the portfolio security or, if the Fund has entered into a contract to sell the security, could result in possible liability to the purchaser. Furthermore, problems with the timely settlement of foreign securities transactions may impair a Fund's ability to value those securities accurately.

A Fund may be affected either unfavorably or favorably by fluctuations in the relative rates of exchange between the currencies of different nations, by exchange control regulations and by indigenous economic and political developments. Changes in foreign currency exchange rates will influence values within a Fund from the perspective of U.S. investors, and may also affect the value of dividends and interest earned, gains and losses realized on the sale of securities, and net investment income and gains, if any, to be distributed to shareholders by a Fund. The rate of exchange between the U.S. dollar and other currencies is determined by the forces of supply and demand in the foreign exchange markets. These forces are affected by the international balance of payments and other economic and financial conditions, government intervention, speculation and other factors. The Adviser will attempt to avoid unfavorable consequences and to take advantage of favorable developments in particular nations where, from time to time, it places a Fund's investments.

The exercise of this flexible policy may include decisions to purchase securities with substantial risk characteristics and other decisions such as changing the emphasis on investments from one nation to another and from one type of security to another. Some of these decisions may later prove profitable and others may not. No assurance can be given that profits, if any, will exceed losses.

**Foreign Securities — Emerging Market Countries.** There are greater risks involved in investing in companies in emerging market countries than those associated with investments in developed foreign markets. These risks, among others, include (i) less social, political and economic stability; (ii) the small current size of the markets for such securities and the currently low or nonexistent volume of trading and lower levels of government regulation of the markets, which may result in a relative lack of liquidity, greater price volatility and higher risk of settlement disruption and means the market in an emerging market country may be dominated by a few issues or sectors or only a few investors; (iii) high levels of debt and the potential for future periods of severe currency devaluation, (iv) inflation or recession; certain national policies which may restrict a Fund's investment opportunities, including restrictions on investment in issuers or industries deemed sensitive to national interest; (iv) foreign taxation; (v) the absence of developed legal structures governing private or foreign investment or allowing for judicial redress for injury to private property or resulting in disparate treatment of holders of the same class of shares of a company; (vi) the absence, in some cases, of a capital market structure or market-oriented economy; and (vii) the possibility that economic developments may be slowed or reversed by unanticipated political or social events in such countries. Investments in emerging market countries also may involve heightened risks of nationalization, expropriation and confiscatory taxation. The governments of a number of emerging market countries expropriated large amounts of private property in the past, in many cases without adequate compensation, and there can be no assurance that such expropriation will not occur in the future. In the event of such expropriation, a Fund could lose a substantial portion of any investments it has made in the affected countries. Further, no accounting standards exist in most emerging market countries and different or substantially less information about issuers may be available to investors. Finally, even though certain emerging market currencies may be convertible into United States dollars, the conversion rates may be artificial rather than reflecting their actual market values and may be adverse to a Fund.

Investment in emerging market countries may require special custody or other arrangements before investing. The securities settlement procedures in emerging market countries tend to be less sophisticated, and the Fund therefore may be required to deliver securities before receiving payment and may be unable to complete transactions during market disruptions. Limited liquidity, volume and information and heightened volatility may make emerging markets securities more difficult to fair value. The factors discussed above may result in increased transaction costs.

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Emerging countries may be subject to a substantially greater degree of economic, political and social instability and disruption than more developed countries. This instability may result from, among other things: (i) authoritarian governments or military involvement in political and economic decision making, including changes or attempted changes in governments through extra-constitutional means; (ii) popular unrest associated with demands for improved political, economic or social conditions; (iii) internal insurgencies; (iv) hostile relations with neighboring countries; (v) ethnic, religious and racial disaffection or conflict; and (vi) the absence of developed legal structures governing foreign private investments and private property; (vii) the small current size of the markets for such securities and the currently low or nonexistent volume of trading, which result in a lack of liquidity and in greater price volatility; (viii) certain national policies which may restrict the Fund's investment opportunities, including restrictions on investment in issuers or industries deemed sensitive to national interest; (ix) foreign taxation; (x) the absence, in some cases, of a capital market structure or market-oriented economy; or (xi) the possibility that economic developments may be slowed or reversed by unanticipated political or social events in such countries. Such economic, political, and social instability could disrupt the principal financial markets in which the Fund may invest and adversely affect the value of the Fund's assets. The Fund's investments can also be adversely affected by any increase in taxes or by political, economic, or diplomatic developments.

The economies of emerging countries may suffer from unfavorable growth of gross domestic product, rates of inflation, capital reinvestment, resources, self-sufficiency, and balance of payments. Many emerging countries have experienced in the past, and continue to experience, high rates of inflation. In certain countries inflation has at times accelerated rapidly to hyperinflationary levels, creating a negative interest rate environment, and sharply eroding the value of outstanding financial assets in those countries. Other emerging countries, on the other hand, have recently experienced deflationary pressures and are in economic recessions. In addition, many emerging countries are also highly dependent on international trade and exports, including exports of oil and other commodities to sustain their economic growth. As a result, emerging countries are particularly vulnerable to downturns of the world economy. The recent global financial crisis tightened international credit supplies and weakened global demand for their exports. As a result, certain of these economies faced significant economic difficulties, which caused some emerging market economies to fall into recession. Although economies in certain emerging countries have recently shown signs of recovery, such recovery may be gradual as weak economic conditions in Europe, Asia and North America may continue to suppress demand for exports from emerging countries.

**Depositary Receipts and New York Registered Shares.** Each of the Equity Funds may invest in depositary receipts. Depositary receipts are instruments generally issued by domestic banks or trust companies that represent the deposits of a security of a foreign issuer. Generally, investors may pay a fee to convert depositary receipts to the home-market shares.

American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), Global Depositary Receipts ("GDRs"), Holding Company Depositary Receipts ("HOLDRs"), New York Registry Shares ("NYRs") and American Depositary Shares ("ADSs") are considered foreign securities. ADRs are traded in U.S. dollars on U.S. exchanges or over-the-counter, are typically issued by a U.S. bank or trust company, and evidence ownership of underlying foreign securities. Certain institutions issuing ADRs may not be sponsored by the issuer. A non-sponsored depositary may not provide the same shareholder information that a sponsored depositary is required to provide under its contractual arrangements with the issuer. EDRs are issued by European financial institutions and typically trade in Europe and GDRs are issued by European financial institutions and typically trade in both Europe and the United States. HOLDRs are fixed baskets of U.S. or foreign stocks that give an investor an ownership interest in each of the underlying stocks. NYRs, also known as Guilder Shares since most of the issuing companies are Dutch, are dollar-denominated certificates issued by foreign companies specifically for the U.S. market. ADSs are shares issued under a deposit agreement that represents an underlying security in the issuer's home country. (An ADS is the actual share trading, while an ADR represents a bundle of ADSs.) Investments in these types of securities involve similar risks to investments in foreign securities.

Generally, foreign security depositary receipts in registered form are designed for use in the U.S. securities market and foreign security depositary receipts in bearer form are designed for use in securities markets outside the United States. Depositary receipts in which each of the Funds may invest are typically denominated in U.S. dollars, but may be denominated in other currencies. Depositary receipts may be issued pursuant to sponsored or unsponsored programs. In sponsored programs, an issuer has made arrangements to have its securities traded in the form of depositary receipts. In unsponsored programs, the issuer may not be directly involved in the creation of the program.

Although regulatory requirements with respect to sponsored and unsponsored programs are generally similar, in some cases it may be easier to obtain financial information from an issuer that has participated in the creation of a sponsored program. Accordingly, there may be less information available regarding issuers of securities underlying unsponsored programs and there may not be a correlation between such information and the market value of the depositary receipts. Depositary receipts evidencing ownership of a foreign corporation also involve the risks of other investments in foreign securities. For purposes of each of the Fund's investment policies, a Fund's investments in depositary receipts will be deemed to be investments in the underlying securities.

Unlike depositary receipts of foreign companies, NYRs are not receipts backed by the home market security, but represent dollar-denominated direct claims on the issuing company's capital. Investment in NYRs, therefore, involves similar risks to investing directly in other types of foreign securities. Like depositary receipts, however, investors may pay a fee to convert to the home-market

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shares. In addition, during periods of social, political, or economic unrest or instability in a country or region, the value of foreign securities traded on United States' exchanges tied to such country or region, such as ADRs and GDRs, could be affected by, among other things, increasing price volatility, illiquidity, or the closure of the primary market on which the securities underlying the foreign securities are traded.

**Foreign Currency Transactions.** In order to protect against a possible loss on investments resulting from a decline or appreciation in the value of a particular foreign currency against the U.S. dollar or another foreign currency or to facilitate local settlements or to protect against currency exposure in connection with distributions to Fund shareholders, each of the Funds is authorized, but is not required, to enter into forward foreign currency exchange contracts ("forward currency contracts") and spot currency contracts ("spot contracts"). Other currency transactions include currency futures, options on currencies, and currency swaps. Forward currency contracts involve a privately negotiated obligation to purchase or sell (with delivery generally required) a specified currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Neither forward currency contracts nor spot contracts eliminate fluctuations in the values of portfolio securities but rather allow a Fund to establish a rate of currency exchange for a future point in time or purchase currency at a particular point in time. Spot contracts involve the purchase of foreign currency at the current rate, typically in an effort to facilitate transactions in foreign securities. A currency swap is an agreement to exchange cash flows based on the notional difference among two or more currencies and operates similarly to an interest rate swap as described in this SAI. These instruments are subject to the risk that the counterparty will default.

A Fund may enter into currency transactions with counterparties that have received (or the guarantors of the obligations that have received) a credit rating of A-1 or P-1 by S&P or Moody's, respectively, or that have an equivalent rating from an NRSRO or are determined to be of equivalent credit quality by the Adviser. Ratings represent a rating agency's opinion regarding the quality of the security and are not a guarantee of quality. In addition, rating agencies may fail to make timely changes to credit ratings in response to subsequent events and a rating may become stale in that it fails to reflect changes in an issuer's financial condition. See Appendix A to this SAI for a more detailed discussion of securities ratings.

A Fund's dealings in forward currency contracts and other currency transactions such as futures, options, options on futures and swaps will be limited to hedging involving either specific transactions or portfolio positions. Transaction hedging is entering into a currency transaction with respect to specific assets or liabilities of the Fund, which will generally arise in connection with the purchase or sale of its portfolio securities or the receipt of income therefrom. Position hedging is entering into a currency transaction with respect to portfolio security positions denominated or generally quoted in that currency.

A Fund will not enter into a transaction to hedge currency exposure to an extent greater, after netting all transactions intended wholly or partially to offset other transactions, than the aggregate market value (at the time of entering into the transaction) of the securities held in its portfolio that are denominated or generally quoted in or currently convertible into such currency, other than with respect to proxy hedging as described below.

A Fund may also cross-hedge currencies by entering into transactions to purchase or sell one or more currencies that are expected to decline in value relative to other currencies to which the Fund has or in which the Fund expects to have portfolio exposure.

When the Adviser anticipates that a particular foreign currency may decline substantially relative to the U.S. dollar or other leading currencies, in order to reduce risk, a Fund may, but is not obligated to, enter into a forward currency contract to sell, for a fixed amount, the amount of foreign currency approximating the value of some or all of the Fund's securities denominated in such foreign currency. Similarly, when the obligations held by a Fund create a short position in a foreign currency, a Fund may enter into a forward currency contract to buy, for a fixed amount, an amount of foreign currency approximating the short position. With respect to any forward currency contract, it will not generally be possible to match precisely the amount covered by that contract and the value of the securities involved due to the changes in the values of such securities resulting from market movements between the date the forward contract is entered into and the date it matures. The projection of short-term currency market movement is extremely difficult, and the successful execution of a short-term hedging strategy is highly uncertain. Foreign currency transactions involve the risk that anticipated currency movements will not be accurately predicted and that the Fund's hedging strategies will be ineffective. In addition, while forward currency contracts may offer protection from losses resulting from declines or appreciation in the value of a particular foreign currency, they also limit potential gains that might result from changes in the value of such currency. A Fund will also incur costs in connection with forward currency contracts and conversions of foreign currencies and U.S. dollars.

When entering into a contract for the purchase or sale of a security denominated in a foreign currency, a Fund may enter into a forward currency contract for the amount of the purchase or sale price to protect against variations, between the date the security is purchased or sold and the date on which payment is made or received, in the value of the foreign currency relative to the U.S. dollar or other foreign currency.

For deliverable forward currency contracts, at maturity, the Fund may either, sell the portfolio security and make delivery of the foreign currency, or it may retain the security and terminate its contractual obligation to deliver the foreign currency by purchasing an "offsetting" contract obligating it to purchase, on the same maturity date, the same amount of the foreign currency. It is impossible to

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forecast with absolute precision the market value of portfolio securities at the expiration of the forward currency contract. Accordingly, it may be necessary for the Fund to purchase additional foreign currency on the spot market (and bear the expense of such purchase) if the market value of the security is less than the amount of foreign currency the Fund is obligated to deliver and if a decision is made to sell the security and make delivery of the foreign currency. Conversely, it may be necessary to sell on the spot market some of the foreign currency received upon the sale of the portfolio security if its market value exceeds the amount of foreign currency the Fund is obligated to deliver.

If the Fund retains the portfolio security and engages in offsetting transactions, the Fund will incur a gain or a loss (as described below) to the extent that there has been movement in forward contract prices. If the Fund engages in an offsetting transaction, it may subsequently enter into a new forward contract to sell the foreign currency. Should forward prices decline during the period between the Fund's entering into a forward currency contract for the sale of a foreign currency and the date it enters into an offsetting contract for the purchase of the foreign currency, the Fund will realize a gain to the extent the price of the currency it has agreed to sell exceeds the price of the currency it has agreed to purchase. Should forward prices increase, the Fund will suffer a loss to the extent the price of the currency it has agreed to purchase exceeds the price of the currency it has agreed to sell.

A Fund will cover its exposure to foreign currency transactions by segregating liquid assets in compliance with applicable requirements. A Fund will designate on its records cash or liquid assets equal to the amount of the Fund's assets that could be required to consummate a forward currency contract at the settlement date except to the extent the contracts are otherwise "covered." A forward currency contract to sell a foreign currency is "covered" if a Fund owns the currency (or securities denominated in the currency) underlying the contract, or holds a forward currency contract (or call option) permitting a Fund to buy the same currency at a price no higher than a Fund's price to sell the currency. A forward contract to buy a foreign currency is "covered" if a Fund holds a forward contract (or put option) permitting a Fund to sell the same currency at a price as high as or higher than the Fund's price to buy the currency. Although a Fund is not required to designate cash or liquid assets on its records with regard to "covered" forward currency contracts, each Fund will monitor its leverage exposure to such contracts daily.

Beginning on the date a Fund enters into a currency swap transaction, the Fund will designate on its records cash or liquid assets sufficient to make payment for each currency swap transaction on the next payment date. This amount will be equal to the net difference between the present value of the payments a Fund expects to receive and the present value of the payments the Fund expects to make. However, a Fund is not required to designate any assets in connection with currency swap transactions if the present value of the payments it expects to receive is greater than the present value of the payments it expects to make. Alternatively, the Fund may segregate an amount equal to the notional amount of the contract. For the purpose of determining the adequacy of the securities designated in connection with forward currency contracts and currency swap transactions, the value of the designated securities will be marked to market daily. If the market value of such securities declines or the designated securities become illiquid, additional cash or liquid assets will be designated daily so that the value of the designated securities will equal the amount of such commitments by the Fund.

To reduce the effect of currency fluctuations on the value of existing or anticipated holdings of portfolio securities, the Fund may also engage proxy hedging. Proxy hedging is often used when the currency to which the Fund's portfolio is exposed is difficult to hedge or to hedge against the dollar. Proxy hedging entails entering into a commitment or option to sell a currency whose changes in value are generally considered to be correlated to a currency or currencies in which some or all of the Fund's portfolio securities are or are expected to be denominated, in exchange for U.S. dollars. The amount of the commitment or option would not exceed the value of the Fund's securities denominated in correlated currencies. For example, if the Adviser considers that the Canadian dollar is correlated to the Australian dollar, the Fund holds securities denominated in Canadian dollars and the Adviser believes that the value of the Canadian dollar will decline against the U.S. dollar, the Adviser may enter into a commitment or option to sell Australian dollars and buy U.S. dollars. Currency hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency transactions can result in losses to the Fund if the currency being hedged fluctuates in value to a degree or in a direction that is not anticipated. Further, there is the risk that the perceived correlation between various currencies may not be present or may not be present during the particular time that the Fund is engaging in proxy hedging. If a Fund enters into a currency hedging transaction, beginning on the date that the hedging transaction is consummated, the Fund will designate cash or liquid assets on its records in an amount sufficient to make payment for the foreign currency at the settlement date, to the extent that the Fund's obligations are not otherwise "covered" through ownership of the underlying currency.

Currency transactions are subject to risks different from those of other portfolio transactions. Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchases and sales of currency and related instruments can be negatively affected by government exchange controls, blockages, and manipulations or exchange restrictions imposed by governments. These can result in losses to the Fund if it is unable to deliver or receive currency or funds in settlement of obligations and could also cause hedges it has entered into to be rendered useless, resulting in full currency exposure as well as incurring transaction costs. Buyers and sellers of currency futures are subject to the same risks that apply to the use of futures generally. Further, settlement of a currency futures contract for the purchase of most currencies must occur at a bank based in the issuing nation. Trading options on currency futures is relatively new, and the ability to establish and close positions on such options is subject to the

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maintenance of a liquid market which may not always be available. Currency exchange rates may fluctuate based on factors extrinsic to that country's economy.

Certain foreign currency forwards are now regulated by the CFTC and many are expected eventually to be subject to mandatory exchange trading and clearing. Central clearing is expected to decrease counterparty risk and increase liquidity, but will not make such transactions risk free and may require a Fund to incur increased expenses.

<u>Special Risk Considerations of Investing in China.</u> Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others, more frequent trading suspensions and government interventions (including by nationalization of assets), currency exchange rate fluctuations or blockages, limits on the use of brokers and on foreign ownership, different financial reporting standards, higher dependence on exports and international trade, potential for increased trade tariffs, sanctions, embargoes and other trade limitations, custody risks, and potential adverse tax consequences. U.S. sanctions or other investment restrictions could preclude a Fund from investing in certain Chinese issuers or cause a Fund to sell investments at a disadvantageous time. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events.

The government of China provided new guidance to and placed restrictions on China-based companies raising capital offshore, including through associated offshore shell companies. These developments include government-led cybersecurity reviews of certain companies raising capital through offshore entities. In a number of sectors in China in which a Fund may invest, companies are not allowed to have foreign ownership and cannot directly list on exchanges outside of China. To raise money on such exchanges, many China-based operating companies are structured as Variable Interest Entities ("VIEs"). In such an arrangement, a China-based operating company often establishes an offshore shell company in another jurisdiction to issue stock to public shareholders. That shell company enters into service and other contracts with the China-based operating company, then issues shares on a foreign exchange, such as the NYSE. While the shell company has no equity ownership in the China-based operating company, for accounting purposes the shell company is able to consolidate the operating company into its financial statements. For an investor such as a Fund, this arrangement creates "exposure" to the China-based operating company, though only through a series of service contracts and other contracts.

Uncertainty about future actions by the government of China could significantly affect the operating company's financial performance and the enforceability of the contractual arrangements. The government of China could determine at any time and without notice that the underlying contractual arrangements on which control of the VIE is based violate Chinese law. In addition, if either the China-based company (or its officers, directors, or Chinese equity owners) breach those contracts with the U.S.-listed shell company, or Chinese law changes in a way that affects the enforceability of these arrangements, or those contracts are otherwise not enforceable under Chinese law, investors, such as a Fund, may suffer significant losses with little or no recourse available. Moreover, if the parties to these contracts do not meet their obligations as intended or there are effects on the enforceability of these arrangements from changes in Chinese law or practice, the U.S.-listed company may lose control over the China-based company, and investments in its securities may suffer significant economic losses. Additional risks, among others, could entail that a breach of the contractual agreements between the U.S.-listed company and the China-based VIE (or its officers, directors, or Chinese equity owners) will likely be subject to Chinese law and jurisdiction, and investments in the U.S.-listed company may be affected by conflicts of interest and duties between the legal owners of the China-based VIE and the stockholders of the U.S.-listed company.

**Derivatives**

The use of derivatives is a highly specialized activity that can involve investment techniques and risks different from, and in some respects greater than, those associated with investing in more traditional investments such as stocks and bonds. Derivatives may have a return that is tied to a formula based upon an interest rate, index or other reference measurement, which may differ from the return of a simple security of the same maturity. A formula may have a cap or other limitation on the rate of interest to be paid. Derivatives may have varying degrees of volatility at different times, or under different market conditions, and may perform in unanticipated ways. New regulation of derivatives may make them more costly, or may otherwise adversely affect their liquidity, value, or performance.

**Credit Default Swaps.** The Bond Fund may enter into credit default swap agreements. Swap agreements are contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than one year and may be negotiated bilaterally and traded OTC between two parties or, in some instances, must be transacted through a futures commission merchant and cleared through a clearing house that serves as central counterparty and exchange traded. A credit default swap agreement may have as reference obligations one or more securities that are not currently held by the Bond Fund. The protection "buyer" in a credit default contract is generally obligated to pay the protection "seller" an upfront or a periodic stream of payments over the term of the contract provided that no credit event, such as a default, on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the "par value" (full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. The Bond Fund may be either the buyer or seller in the transaction. If the Bond Fund is a buyer and no credit event occurs, the Bond Fund may recover nothing if the swap is held through its termination date. However, depending on the terms of the swap, if a credit

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event occurs, the buyer generally may elect to receive the full notional value of the swap in exchange for an equal face amount of deliverable obligations of the reference entity whose value may have significantly decreased. As a seller, the Bond Fund generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, the Bond Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Bond Fund would be subject to exposure on the notional amount of the swap.

Credit default swap agreements involve greater risks than if the Bond Fund had invested in the reference obligation directly since, in addition to general market risks, illiquidity risk associated with a particular issuer, and issuer credit risk, each of which will be similar in either case, credit default swaps are often illiquid and are subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. A buyer generally also will lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. If a credit event were to occur, depending on the terms of the swap, the value of any deliverable obligation received by the seller, coupled with the upfront or periodic payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value to the seller.

Swaps are regulated by the Commodity Futures Trading Commission ("CTFC"). Use of swaps can cause the Bond Fund to be subject to additional regulatory requirements, which may generate additional Fund expenses. The Bond Fund may be subject to mandatory central clearing and exchange-trading requirements for certain standardized credit default swaps (e.g., certain credit default swaps tied to an index). These requirements may reduce counterparty credit risk and increase liquidity, but will not make credit default swap transactions risk free and may require the Bond Fund to incur increased expenses to access the same types of swaps previously available on a bilateral basis. Depending on the swap, the margin required under the rules of the clearinghouse and by the futures commission merchant may be in excess of the collateral required to be posted by the Fund to support its obligations under a similar uncleared swap. Regulators are expected to adopt rules imposing certain margin requirements, including minimums on uncleared swaps, which could change this comparison.

The Bond Fund's obligations under a credit default swap agreement will be accrued daily and offset against any amounts owing to the Bond Fund. For credit default swaps that involve the sale of credit protection (e.g., the Bond Fund takes on the on the risk of a default in an underlying bond), the Bond Fund will segregate an amount equal to the notional amount of the contract. For credit default swaps that involve the purchase of credit protection (e.g., the Bond Fund takes on the obligation effectively to pay a premium for insurance), the Bond Fund will segregate an amount equal to the face amount of unpaid premiums. Such segregation will ensure that the Bond Fund has assets available to satisfy its obligations with respect to the transaction and will limit any potential leveraging of the Bond Fund's portfolio. Such segregation will not limit the Bond Fund's exposure to loss.

**Futures Transactions and Related Options.** Each of the Funds may enter into futures contracts and options on futures contracts, as described below.

**Futures Contracts.** The Funds may purchase and sell futures contracts on securities and other instruments. Futures contracts are traded on organized exchanges regulated by the CFTC. Transactions on such exchanges are cleared through a clearing corporation, which guarantees the performance of the parties to each contract. The terms of futures contracts are set forth in the rules of the exchange on which the futures contracts are traded. The following provides a detailed description of the use of such futures contracts.

**Description of Interest Rate Futures Contracts.** Interest rate futures contracts are tied to interest-bearing instruments (such as U.S. Treasury notes) and may be used by the Funds to manage the risk that interest rates will move in an adverse direction. Selling an interest rate futures contract creates an obligation to deliver the specific type of financial instrument called for in the contract at a specific future time for a specified price. Purchasing a futures contract creates an obligation to take delivery of the specific type of financial instrument at a specific future time at a specific price for contracts that require physical delivery, or a net payment, for cash-settled contracts. The specific securities delivered or taken, respectively, at settlement date, would not be determined until or near that date.

Although interest rate futures contracts by their terms call for actual delivery or acceptance of securities, in most cases the contracts are closed out before the settlement date without making or taking delivery of securities. Closing out a futures contract is effected by the Fund's entering into an offsetting futures contract for the same aggregate amount of the specific type of financial instrument and the same delivery date. Depending on the current price at which a Fund enters the offsetting transaction, the Fund will realize or pay the difference between the prices of the two contracts and realize a gain or a loss.

The Funds may sell an interest rate futures contract to maintain the income advantage from continued holding of a long-term bond while endeavoring to avoid part or all of the loss in market value that would otherwise accompany a decline in long-term securities prices. However in the event of an increase in the market value of the portfolio securities, including the portfolio security being protected, the benefit of this increase would be reduced by the loss realized on closing out the futures contract sale. If interest rate levels did not change, the Fund might incur a loss (which might be reduced by an offsetting transaction prior to the settlement date). In each transaction, transaction expenses would also be incurred.

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The Funds may purchase an interest rate futures contract when they are not fully invested in long-term bonds but wish to defer for a time the purchase of long-term bonds in light of the availability of advantageous interim investments, e.g., shorter term securities whose yields are greater than those available on long-term bonds. A Fund's basic motivation would be to maintain for a time the income advantage from investing in the short-term securities. A Fund would be endeavoring at the same time to eliminate the effect of all or part of an expected increase in market price of the long-term bonds that the Fund may purchase.

**Use of Interest Rate Futures Contracts.** Bond prices are established in both the cash market and the futures market. In the cash market, bonds are purchased and sold with payment for the full purchase price of the bond being made in cash, generally within five business days after the trade. In the futures market, a contract is made to purchase or sell a bond in the future for a set price on a certain future date. Historically, the prices for bonds established in the futures markets have tended to move generally in the aggregate in concert with the cash market prices and have maintained fairly predictable relationships. Accordingly, the Funds may use interest rate futures contracts as a defense, or hedge, against anticipated interest rate changes, selling of futures contracts to protect against expected increases in interest rates and purchasing futures contracts to offset the impact of interest rate declines.

**Margin Payments.** Unlike the purchase or sale of portfolio securities, no price is paid or received by a Fund upon the purchase or sale of a futures contract. Initially, the Fund will be required to deposit with the broker an amount of cash or cash equivalents, known as initial margin, based on the value of the contract. The initial margin is a performance bond or good faith deposit on the contract, which is returned to the Fund upon termination of the futures contract after all contractual obligations have been satisfied. On a daily basis, exchange rules require the calculation and transfer between the parties of that day's gain or loss on the futures contract, a process known as "marking to market" and payment of "variation margin". For example, when a Fund has purchased a futures contract and the price of the contract increases in response to a rise in the price of the underlying instruments, the Fund will be entitled to receive a variation margin payment equal to that increase in value. Conversely, where the Fund has purchased a futures contract and the price of the futures contract declines in response to a decrease in the underlying instrument, the Fund would be required to make a variation margin payment. At any time prior to expiration of a futures contract, the Adviser may close the position by taking an offsetting position, subject to the availability of a secondary market. A final determination of variation margin is then made and paid by the applicable party, and the Fund realizes a loss or gain on the transaction.

**Risks of Transactions in Futures Contracts*.*** There are several risks in connection with the use of futures by the Funds as hedging devices. One risk arises because of the imperfect correlation between movements in the price of futures and movements in the price of the instruments which are the subject of the hedge. The price of futures may move more than or less than the price of the instruments being hedged. If the price of futures moves less than the price of the instruments which are the subject of the hedge, the hedge will not be fully effective, but, if the price of the instruments being hedged has moved in an unfavorable direction, a Fund would be in a better position than if it had not hedged at all. If the price of the instruments being hedged has moved in a favorable direction, this advantage will be partially offset by the loss on the futures. If the price of the futures moves more than the price of the hedged instrument, the Fund will experience either a loss or gain on the futures contract that will not be completely offset by movements in the price of the instrument subject to the hedge. To compensate for the imperfect correlation of contrary movements in the price of instruments being hedged and movements in the price of futures contracts, the Fund may buy or sell futures contracts in a greater dollar amount than the dollar amount of instruments being hedged if the volatility over a particular time period of the prices of such instruments has been greater than the volatility over such time period of the futures, or if otherwise deemed to be appropriate by the Adviser. Conversely, the Funds may buy or sell fewer futures contracts if the volatility over a particular time period of the prices of the instruments being hedged is less than the volatility over such time period of the futures contract being used, or if otherwise deemed to be appropriate by the Adviser. It is also possible that, when a Fund sells futures contracts to hedge its portfolio against a decline in the market, the market may advance and the value of the futures instruments held in the Fund may decline.

Where futures contracts are purchased to hedge against a possible increase in the price of securities before a Fund is able to invest its cash (or cash equivalents) in an orderly fashion, it is possible that the market may decline instead. If the Fund then concludes not to invest its cash at that time because of concern as to possible further market decline or for other reasons, the Fund will realize a loss on the futures contract that is not offset by a reduction in the price of the securities that were to be purchased and will have incurred transaction fees.

In addition, the price of futures contracts may not correlate perfectly with movement in the cash market due to certain market distortions. For example, an increase in volume in futures contracts due to offsetting transactions near the expiration of a contract could distort the normal relationship between the cash and futures markets. Also, the liquidity of the futures market depends on participants entering into offsetting transactions rather than making or taking delivery. To the extent participants decide to make or take delivery, liquidity in the futures market could be reduced, thus producing distortions. These factors can mean that correct forecast of general market trends or interest rate movements by the Adviser may still not result in a successful hedging transaction over a short time frame.

Positions in futures may be closed out only on an exchange or board of trade that provides a secondary market for such futures contracts. There is no assurance that a liquid secondary market on any exchange or board of trade will exist for any particular contract or at any particular time. When there is no liquid market, it may not be possible to close a futures contract, and in the event of adverse

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price movements, the Funds would continue to be required to make daily cash payments of variation margin and make or take delivery of the underlying investment upon expiration of the futures contract.

Further, it should be noted that the liquidity of a secondary market in a futures contract may be adversely affected by "daily price fluctuation limits" established by exchanges which limit the amount of fluctuation in a futures contract price during a single trading day. Once the daily limit has been reached in the contract, no trades may be entered into at a price beyond the limit, thus preventing the liquidation of open futures positions. The trading of futures contracts is also subject to the risk of trading halts, suspensions, exchange or clearing house equipment failures, government intervention, insolvency of a brokerage firm or clearing house or other disruptions of normal activity, which could at times make it difficult or impossible to liquidate existing positions or to recover equity.

Successful use of futures to hedge portfolio securities can protect against adverse market movements but also can reduce potential gain. For example, if a particular Fund has hedged against the possibility of a decline in the market adversely affecting securities held by it and securities prices increase instead, the Fund will lose part or all of the benefit to the increased value of its securities which it has hedged because it will have offsetting losses in its futures positions. In addition, in such situations, if the Fund has insufficient cash, it may have to sell securities to meet daily variation margin requirements. Such sales of securities may be, but will not necessarily be, at increased prices which reflect the rising market. The Funds may have to sell securities at a time when it may be disadvantageous to do so.

**Options on Futures Contracts.** The Funds may purchase and write options on the futures contracts described above. Buying a futures option gives the holder, in return for the premium paid, the right to buy from (call) or sell to (put) the writer of the option a futures contract at a specified price at a specified time or any time during the period of the option, depending on the terms of the options contract. Upon exercise, the writer of the option is obligated to pay the difference between the cash value of the futures contract and the exercise price. Like the buyer or seller of a futures contract, the holder, or writer, of an option has the right to terminate its position prior to the scheduled expiration of the option by selling or purchasing an option of the same series, at which time the person entering into the closing transaction will realize a gain or loss. A Fund will be required to deposit initial margin and variation margin with respect to put and call options on futures contracts written by it pursuant to requirements similar to those described above. Net option premiums received will be included as initial margin deposits.

Investments in futures options involve some of the same considerations that are involved in connection with investments in future contracts (for example, the existence of a liquid secondary market). In addition, the purchase or sale of an option also entails the risk that changes in the value of the underlying futures contract will not correspond to changes in the value of the option purchased. Depending on the pricing of the option compared to either the futures contract upon which it is based, or upon the price of the securities being hedged, an option may or may not be less risky than ownership of the futures contract or such securities. In general, the market prices of options can be expected to be more volatile than the market prices on underlying futures contracts. Compared to the purchase or sale of futures contracts, however, the purchase of call or put options on futures contracts may frequently involve less potential risk to the Fund because the maximum amount at risk is the premium paid for the options (plus transaction costs). The writing of an option on a futures contract involves risks similar to those risks relating to the sale of futures contracts.

**Interest Rate Swap Transactions.** The Bond Fund may enter into interest rate swap agreements for purposes of attempting to obtain a particular desired return at a lower cost to the Bond Fund than if the Bond Fund had invested directly in an instrument that yielded that desired return. Interest rate swap transactions involve the exchange by the Bond Fund with another party of commitments to pay or receive interest, such as an exchange of fixed rate payments in exchange for floating rate payments. Swaps are regulated by the CFTC. Use of swaps can cause the Bond Fund to be subject to additional regulatory requirements, which may generate additional Fund expenses. The Bond Fund is subject to mandatory central clearing and exchange-trading requirements for many standardized interest rate swaps. These requirements may reduce counterparty credit risk and increase liquidity, but will not make interest rate swap transactions risk free and may require the Bond Fund to incur increased expenses to access the same types of swaps previously available on a bilateral basis. Depending on the swap, the margin required under the rules of the clearinghouse and by the futures commission merchant may be in excess of the collateral required to be posted by the Bond Fund to support its obligations under a similar uncleared swap. Regulators are expected to adopt rules imposing certain margin requirements, including minimums on uncleared swaps, which could change this comparison.

Certain federal income tax requirements may limit the Bond Fund's ability to engage in certain interest rate transactions. Gains from transactions in interest rate swaps distributed to shareholders of the Bond Fund will be taxable as ordinary income or, in certain circumstances, as long-term capital gains to the shareholders.

Interest rate swaps are also subject to correlation, valuation, liquidity and leveraging risks. The use of interest rate swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. If the Adviser is incorrect in its forecasts of market values, interest rates and other applicable factors, the investment performance of the Bond Fund would be lower than it would have been if interest rate swaps were not used. The swaps market has grown substantially in recent years with a large number of banks and investment banking firms acting both as principals and as agents utilizing standardized swap documentation. As a result, the interest rate swaps market has become relatively liquid in comparison with

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other similar instruments traded in the interbank market. It is possible that developments in the swaps market, including potential additional government regulation, could adversely affect the Bond Fund.

**Options.** Each of the Funds may purchase and sell put and call options, but will primarily write covered call options, purchase put options on securities held by the applicable Fund, or otherwise engage in options transactions that do not leverage the Fund. Such options may relate to particular securities and may or may not be listed on a national securities exchange and issued by the Options Clearing Corporation. Options trading is a highly specialized activity that entails greater than ordinary investment risk. Options on particular securities may be more volatile than the underlying securities, and therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying securities themselves. For risks associated with options on foreign securities, see "Foreign Currency Transactions" above.

A call option for a particular security gives the purchaser of the option the right to buy, and the writer of the option the obligation to sell, the underlying security at the stated exercise price at any time prior to the expiration of the option, regardless of the market price of the security. The premium paid to the writer is in consideration for undertaking the obligations under the option contract. A put option for a particular security gives the purchaser the right to sell, and the writer of the option the obligation to buy, the underlying security at the stated exercise price at any time prior to the expiration date of the option, regardless of the market price of the security.

The writer of an option that wishes to terminate its obligation may effect a "closing purchase transaction." This is accomplished by buying an option of the same series as the option previously written. The effect of the purchase is that the writer's position will be canceled by the clearing corporation. However, a writer may not effect a closing purchase transaction after being notified of the exercise of an option. Likewise, an investor who is the holder of an option may liquidate its position by effecting a "closing sale transaction." The cost of such a closing purchase transaction plus transaction costs may be greater than the premium received upon the original option, in which event the Fund will have incurred a loss in the transaction. There is no guarantee in any instance that either a closing purchase transaction or a closing sale transaction can be effected.

Effecting a closing sale transaction in the case of a written call option will permit the Funds to write another call option on the underlying security with either a different exercise price or expiration date or both. Also, effecting a closing sale transaction will permit the cash or proceeds from the concurrent sale of any securities subject to the option to be used for other Fund investments. If a Fund desires to sell a particular security from its portfolio on which it has written a call option, it will effect a closing sale transaction prior to or concurrent with the sale of the security.

The Funds may write options in connection with buy-and-write transactions; that is, the Funds may purchase a security and then write a call option against that security. The Funds will determine the exercise price of the call based upon the expected price movement of the underlying security. The exercise price of a call option may be below ("in-the-money"), equal to ("at-the-money") or above ("out-of-the-money") the current value of the underlying security at the time the option is written. Buy-and-write transactions using in-the-money call options may be used when it is expected that the price of the underlying security will remain flat or decline moderately during the option period. Buy-and-write transactions using out-of-the-money call options may be used when it is expected that the premiums received from writing the call option plus the appreciation in the market price of the underlying security up to the exercise price will be greater than the appreciation in the price of the underlying security alone. If the call options are exercised in such transactions, the maximum gain to the relevant Fund will be the premium received by it for writing the option, adjusted upwards or downwards by the difference between the Fund's purchase price of the security and the exercise price. If the options are not exercised and the price of the underlying security declines, the amount of such decline will be offset in part, or entirely, by the premium received.

In the case of writing a call option on a security, the option is "covered" if a Fund owns the security underlying the call or has an absolute and immediate right to acquire that security without additional cash consideration, such as conversion or exchange of other securities held by it, or, if additional cash consideration is required, the Fund has designated or "segregated" on its records cash or liquid assets equal in value to such amount. A call option is covered if a Fund holds a call on the same security or index as the call written where the exercise price of the call held is (1) equal to or less than the exercise price of the call written, or (2) greater than the exercise price of the call written provided the Fund designates on its records cash or liquid assets equal to the difference. A Fund will limit its investment in uncovered put or call options purchased or written, measured by the exercise price in the case of a put or market value in the case of a call, by the Fund to 33 1/3% of the Fund's total assets. A Fund will write put options only if they are covered by (1) designating on its records cash or liquid assets in an amount not less than the exercise price of the option at all times during the option period or (2) selling short the underlying security at a price at least equal to the strike price or purchasing a put option with a strike price at least equal to the strike price of the put option sold.

The writing of covered put options is similar in terms of risk/return characteristics to buy-and-write transactions. If the market price of the underlying security rises or otherwise is above the exercise price, the put option will expire worthless and the relevant Fund's gain will be limited to the premium received. If the market price of the underlying security declines or otherwise is below the exercise price, the Fund may elect to close the position or take delivery of the security at the exercise price and the Fund's return will be the premium received from the put option minus the amount by which the market price of the security is below the exercise price.

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The Funds may purchase put options to hedge against a decline in the value of their portfolios. By using put options in this way, a Fund will reduce any profit it might otherwise have realized in the underlying security by the amount of the premium paid for the put option and by transaction costs. The Funds may purchase call options to hedge against an increase in the price of securities that they anticipate purchasing in the future. The premium paid for the call option plus any transaction costs will reduce the benefit, if any, realized by a Fund upon exercise of the option, and, unless the price of the underlying security rises sufficiently, the option may expire worthless to the Fund.

When a Fund purchases an option, the premium paid by it is recorded as an asset of the Fund. When the Fund writes an option, an amount equal to the net premium (the premium less the commission) received by the Fund is included in the liability section of the Fund's statement of assets and liabilities as a deferred credit. The amount of this asset or deferred credit will be subsequently marked to market to reflect the current value of the option purchased or written. The current value of the traded option is the last sale price or, in the absence of a sale, the average of the closing bid and asked prices. If an option purchased by the Fund expires unexercised the Fund realizes a loss equal to the premium paid. If the Fund enters into a closing sale transaction on an option purchased by it, the Fund will realize a gain if the premium received by the Fund on the closing transaction is more than the premium paid to purchase the option, or a loss if it is less. If an option written by a Fund expires on the stipulated expiration date or if the Fund enters into a closing purchase transaction, it will realize a gain (or loss if the cost of a closing purchase transaction exceeds the net premium received when the option is sold) and the deferred credit related to such option will be eliminated. If an option written by a Fund is exercised, the proceeds of the sale will be increased by the net premium originally received and the Fund will realize a gain or loss.

There are several risks associated with transactions in options on securities and indices. For example, there are significant differences between the securities and options markets that could result in an imperfect correlation between these markets, causing a given transaction not to achieve its objectives. An option writer that is unable to effect a closing purchase transaction will not be able to sell the underlying security (in the case of a covered call option) or liquidate the segregated account (in the case of a secured put option) until the option expires or the optioned security is delivered upon exercise with the result that the writer in such circumstances will be subject to the risk of market decline or appreciation in the security during such period.

There is no assurance that a Fund will be able to close an unlisted option position. Furthermore, unlisted options are not subject to the protections afforded purchasers of listed options by the Options Clearing Corporation, which performs the obligations of its members who fail to do so in connection with the purchase or sale of options.

In addition, a liquid secondary market for particular options, whether traded over-the-counter or on a national securities exchange (an "Exchange"), may be absent for reasons which include the following: there may be insufficient trading interest in certain options; restrictions may be imposed by an Exchange on opening transactions or closing transactions or both; trading halts, suspensions or other restrictions may be imposed with respect to particular classes or series of options or underlying securities; unusual or unforeseen circumstances may interrupt normal operations on an Exchange; the facilities of an Exchange or the Options Clearing Corporation may not at all times be adequate to handle current trading volume; or one or more Exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the trading of options (or a particular class or series of options), in which event the secondary market on that Exchange (or in that class or series of options) would cease to exist, although outstanding options that had been issued by the Options Clearing Corporation as a result of trades on that Exchange would continue to be exercisable in accordance with their terms.

**Stock Index Futures, Options on Stock and Bond Indices and Options on Stock and Bond Index Futures Contracts.** Each of the Funds may enter into stock index futures contracts, and purchase and sell options on stock and bond indices and options on stock and bond index futures contracts as described in the applicable Prospectus. The Funds may use such options on futures contracts in connection with its hedging strategies in lieu of purchasing and selling the underlying futures or purchasing and writing options directly on the underlying securities or indices. For example, the Funds may purchase put options or write call options on stock and bond index futures, rather than selling futures contracts, in anticipation of a decline in general stock or bond market prices or purchase call options or write put options on stock or bond index futures, rather than purchasing such futures, to hedge against possible increases in the price of securities which such Funds intend to purchase. Index futures and options are subject to the same types of risks as are described under "Futures Transactions and Related Options" above.

A stock index assigns relative values to the stocks included in the index and the index fluctuates with changes in the market values of the stocks included. Some stock index futures contracts are based on broad market indices, such as the Standard & Poor's<sup>®</sup> 500 or the New York Stock Exchange Composite Index. In contrast, certain exchanges offer futures contracts on narrower market indices, such as the Standard & Poor's<sup>®</sup> 100 or indices based on an industry or market segment, such as oil and gas stocks. A stock index futures contract is an agreement in which one party agrees to deliver to the other an amount of cash equal to a specific dollar amount times the difference between the value of a specific stock index at the close of the last trading day of the contract and the price at which the agreement is made. No physical delivery of securities is made.

A bond index assigns relative values of the bonds included in the index and the index fluctuates with changes in the market values of the bonds included. The Chicago Board of Trade has designed a futures contract based on the Bond Buyer Municipal Bond Index. This

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Index is composed of 40 term revenue and general obligation bonds and its composition is updated regularly as new bonds meeting the criteria of the Index are issued and existing bonds mature. The Index is intended to provide an accurate indicator of trends and changes in the municipal bond market. Each bond in the Index is independently priced by six dealer-to-dealer municipal bond brokers daily. The 40 prices then are averaged and multiplied by a coefficient. The coefficient is used to maintain the continuity of the Index when its composition changes.

Options on stock and bond indices are similar to options on specific securities, described above, except that, rather than the right to take or make delivery of the specific security at a specific price, an option on a stock or bond index gives the holder the right to receive, upon exercise of the option, an amount of cash if the closing level of that stock or bond index is greater than, in the case of a call option, or less than, in the case of a put option, the exercise price of the option. This amount of cash is equal to such difference between the closing price of the index and the exercise price of the option expressed in dollars times a specified multiple. The writer of the option is obligated, in return for the premium received, to make delivery of this amount. Unlike options on specific securities, all settlements of options on stock or bond indices are in cash, and gain or loss depends on general movements in the stocks included in the index rather than price movements in particular stocks.

A Fund will sell index futures contracts in order to offset a decrease in market value of its portfolio securities that might otherwise result from a market decline. A Fund will purchase index futures contracts in anticipation of purchases of securities. In a substantial majority of these transactions, a Fund will purchase such securities upon termination of the long futures position, but a long futures position may be terminated without a corresponding purchase of securities.

In addition, a Fund may utilize index futures contracts in anticipation of changes in the composition of its portfolio holdings. For example, in the event that a Fund expects to narrow the range of industry groups represented in its holdings it may, prior to making purchases of the actual securities, establish a long futures position based on a more restricted index, such as an index comprised of securities of a particular industry group. A Fund may also sell futures contracts in connection with this strategy, in order to protect against the possibility that the value of the securities to be sold as part of the restructuring of the portfolio will decline prior to the time of sale.

For example, if the Adviser expects general stock or bond market prices to rise, it might enter into a long stock index futures contract, or purchase a call option on that index, as a hedge against an increase in prices of particular securities it ultimately wants to buy. If in fact the index does rise, the price of the particular securities intended to be purchased may also increase, but that increase would be offset in part by the increase in the value of the relevant Fund's futures contract or index option resulting from the increase in the index. If, on the other hand, the Adviser expects general stock or bond market prices to decline, it might take a short position in a futures contract, or purchase a put option, on the index. If that index does in fact decline, the value of some or all of the securities in the relevant Fund's portfolio may also be expected to decline, but that decrease would be offset in part by the increase in the value of the Fund's position in such futures contract or put option.

**Other Investments and Investment Practices**

**Borrowing.** Each Fund is authorized to borrow money as permitted under the 1940 Act, and as interpreted or modified by regulatory authority having jurisdiction from time to time. Borrowing may be unsecured. No Fund intends to borrow money for leveraging purposes.

The 1940 Act requires a mutual fund to maintain continuous asset coverage of 300% of the amount borrowed. If the 300% asset coverage declines as a result of market fluctuations or other reasons, a Fund may be required to sell some of its portfolio holdings within three days to reduce the debt and restore the 300% asset coverage, even though it may be disadvantageous from an investment standpoint to sell securities at that time. Borrowed funds are subject to interest costs that may or may not be offset by amounts earned on the borrowed funds. A Fund may also be required to maintain minimum average balances in connection with such borrowing or to pay a commitment or other fees to maintain a line of credit; either of these requirements would increase the cost of borrowing over the stated interest rate. Each Fund may, in connection with permissible borrowings, transfer, as collateral, securities owned by the Fund. However, borrowing may be unsecured.

**Convertible Securities.** Each Fund may invest in convertible securities, which include bonds or preferred stocks that may be converted (exchanged) into the common stock of the issuing company within a specified time period for a specified number of shares. Convertible securities offer the Fund a way to participate in the capital appreciation of the common stock into which the securities are convertible, while earning higher current income than is available from the common stock. However, convertible securities generally have less potential for gain or loss than common stocks. Furthermore, the yield provided by convertible securities is generally lower than comparable non-convertible securities. In addition, convertible securities may be sensitive to changes in interest rates. Therefore, the value of a convertible security may rise as interest rates fall and may decrease as interest rates rise.

**Guaranteed Investment Contracts and Funding Agreements.** The Bond Fund may make limited investments in guaranteed investment contracts ("GICs") or funding agreements issued by U.S. insurance companies. GICs and funding agreements are normally

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general obligations of the issuing insurance company. In some cases funding agreements may be part of an insurance company's separate account, but they still benefit from a guarantee from the general account. Pursuant to a GIC or a funding agreement, the Bond Fund makes cash contributions to a deposit fund of the insurance company's general account. The insurance company then credits the Fund on a periodic basis with interest that is based on an index. The Bond Fund will only purchase GICs or funding agreements from insurance companies that, at the time of purchase, have assets of $1 billion or more and meet quality and credit standards established by the Adviser pursuant to guidelines approved by the Board. Generally, GICs and funding agreements are not assignable or transferable without the permission of the issuing insurance company, and an active secondary market in GICs and funding agreements does not currently exist. Therefore, GICs and funding agreements will normally be considered illiquid investments, and will be acquired subject to the Bond Fund's limitation on illiquid investments. As such, GICs generally are subject to the same risks as other illiquid investments.

**Illiquid Investments.** Each of the Funds may invest up to 15% of the value of its net assets (determined at time of acquisition) in investments that are illiquid. If, after the time of acquisition, events cause this limit to be exceeded, the Fund will take steps to reduce the aggregate amount of illiquid investments within a time frame deemed to be in the best interest of the Fund, in addition to complying with other regulatory requirements.

Rule 22e-4 under the 1940 Act (the "Liquidity Rule") requires the Funds to establish a liquidity risk management program. The Liquidity Rule defines an "illiquid investment" as an investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the security. Such investments include, but are not limited to, time deposits and repurchase agreements with maturities longer than seven days. Investments that may be resold under the Liquidity Rule, securities offered pursuant to Section 4(a)(2) of the Securities Act, or investments otherwise subject to restrictions or limitations on resale under the Securities Act shall not be deemed illiquid solely by reason of being unregistered. Victory Capital, under oversight of the Board, determines whether a particular investment is deemed to be liquid based on the trading markets for the specific security and other factors.

It is possible that unregistered securities purchased by a Fund in reliance upon Rule 144A could have the effect of increasing the level of the Fund's illiquidity to the extent that qualified institutional buyers become, for a period, uninterested in purchasing these securities.

Unexpected episodes of illiquidity, including due to market or political factors, instrument, or issuer-specific factors and/or unanticipated outflows, may limit a Fund's ability to pay redemption proceeds within the allowable time period. To meet redemption requests during periods of illiquidity, a Fund may be forced to sell an investment at an unfavorable time and/or under unfavorable conditions.

**Initial Public Offerings ("IPOs").** The Funds may invest in securities that are made available in IPOs. IPO securities may be volatile, and a Fund cannot predict whether its investments in IPOs will be successful. Securities issued through an initial public offering (IPO) can experience an immediate drop in value if the demand for the securities does not continue to support the offering price. Information about the issuers of IPO securities is also difficult to acquire since they are new to the market and may not have lengthy operating histories. Any short-term trading in connection with IPO investments could produce higher trading costs and adverse tax consequences. As a Fund grows in size, the positive effect of any IPO investments on the Fund may decrease.

**Money Market Instruments.** Each Fund may invest in money market instruments, which are high-quality, short-term instruments, including commercial paper, bankers' acceptances, and negotiable certificates of deposit of banks or savings and loan associations, short-term corporate obligations, and short-term U.S. government securities.

**Master Limited Partnerships ("MLPs").** Each Equity Fund may invest in master limited partnerships in which ownership interests are publicly traded. The majority of MLPs operate in the energy sector, particularly in energy infrastructure industries such as pipelines, which provide stable income streams. Fees that pipelines are able to charge are highly regulated by the U.S. government; therefore, these types of MLPs are subject to the risk that regulatory action will decrease fee levels.

Generally, an MLP is operated under the supervision of one or more managing general partners. Limited partners (including a Fund that invests in an MLP) are not involved in the day-to-day management of the partnership. They are allocated income and capital gains associated with the partnership project in accordance with the terms established in the partnership agreement. Limited partners do not have voting rights in an MLP. The risks of investing in an MLP are generally those inherent in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded investors in an MLP than investors in a corporation.

Since MLPs are structured as partnerships they generally do not pay corporate income taxes. Taxes are only paid when distributions are received, thus avoiding the double taxation faced by investors in corporations. MLPs face stringent provisions including the requirement to pay minimum quarterly distributions to limited partners, by contract. Thus, the distributions of MLPs tend to be predictable and provide current income to investors. As with high-yielding equities, MLPs are often more appealing to investors at

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times of low interest rates, as this results in higher yields for MLPs relative to bonds and money market instruments. Increasing interest rates would result in lower relative yields versus other alternative assets.

MLPs generally enjoy the same tax treatment as limited liability companies ("LLCs") taxed as partnerships; that is, they are non-taxable entities with a tax shield on distributions, thus avoiding the double taxation of corporate profits. If MLPs were no longer able to pass through taxes to limited partners a large benefit of investing in MLPs would be removed.

The general partner in an MLP has what are called Incentive Distribution Rights ("IDRs"). IDRs are terms defined in the MLP partnership, which allow for the general partner to claim a higher proportion of incremental amounts of the distribution payments as these payments grow over specified levels. This is designed to provide general partners with a strong incentive to increase distributions, further enhancing the appeal of MLPs based on large, growing distributions. On the other hand, it raises the cost of equity for the MLP and can dilute the ownership claim of limited partners.

The profitability of MLPs could be adversely affected by changes in the regulatory environment. Most MLPs' assets are heavily regulated by federal and state governments in diverse matters, such as the way in which certain MLP assets are constructed, maintained and operated and the prices MLPs may charge for their services. Such regulation can change over time in scope and intensity. For example, a particular by-product of an MLP process may be declared hazardous by a regulatory agency and unexpectedly increase production costs. Moreover, many state and federal environmental laws provide for civil as well as regulatory remediation, thus adding to the potential exposure an MLP may face. Extreme weather patterns could result in significant volatility in the supply of energy and power. This volatility may create fluctuations in commodity prices and earnings of companies in the energy infrastructure industry and could adversely impact the value of the interests in an MLP.

**Other Investment Companies.** Each Fund may invest in securities issued by other investment companies, including exchange-traded funds ("ETFs"). As a shareholder of another investment company, a Fund will bear its pro rata portion of the other investment company's expenses, including investment advisory and administration fees. These expenses would be in addition to the expenses each Fund bears directly in connection with its own operations. Except as described in the following paragraphs, each Fund currently intends to limit its investments in securities issued by other investment companies so that, as determined immediately after a purchase of such securities is made: (i) not more than 5% of the value of a Fund's total assets will be invested in the securities of any one investment company; (ii) not more than 10% of the value of its total assets will be invested in the aggregate in securities of investment companies as a group; and (iii) not more than 3% of the outstanding voting stock of any one investment company will be owned by a Fund.

These limitations do not apply to investments in investment companies through a master-feeder type arrangement or to investments made in reliance on an exemption granted by the SEC. In addition, to the extent allowed by law or regulation, each Fund may invest its assets in securities of investment companies that are money market funds, including those that may be affiliated with the Adviser, in excess of the limits discussed above provided that either: the acquiring Fund pays no "sales charge" or "service fee" (as each of those terms is defined in the FINRA Conduct Rules); or (2) the Adviser waives its advisory fee in an amount necessary to offset any such sales charge or service fee.

For purposes of this investment restriction, a "money market fund" is either: (1) an open-end investment company registered under the 1940 Act and regulated as a money market fund in accordance with Rule 2a-7 under the 1940 Act; or (2) a company that is exempt from registration as in investment company under Sections 3(c)(1) or 3(c)(7) of the 1940 Act and that: (a) limits its investments to those permitted under Rule 2a-7 under the 1940 Act; and (b) undertakes to comply with all the other requirements of Rule 2a-7, except that, if the company has no board of directors, the company's investment adviser performs the duties of the board of directors.

Each of the Funds may invest in ETFs that seek to track the composition and/or performance of specific indexes or portions of specific indexes. ETFs are traded on a securities exchange. The market prices of index-based investments will fluctuate in accordance with both changes in the underlying portfolio securities of the investment company and also due to supply and demand of the investment company's shares on the exchange upon which their shares are traded. Index-based investments may not replicate or otherwise match the composition or performance of their specified index due to transaction costs, among other things.

Pursuant to an order issued by the SEC exempting certain ETFs from Section 12(d)(1) of the 1940 Act (SEC Order and Rule 12d1-4 under the 1940 Act), in addition to procedures approved by the Board, each Fund may invest in certain ETFs in excess of the 5% and 10% limits described above, provided it complies with relevant regulatory conditions, enters into a participation agreement and any other applicable investment limitations.

**Rights and Warrants.** Each Equity Fund may purchase common stock rights and warrants separately or may receive them as part of a unit or attached to securities purchased. Warrants are securities that give the holder the right, but not the obligation, to purchase equity issues of the company issuing the warrants, or a related company, at a fixed price either on a date certain or during a set time period. Subscription rights normally have a short life span to expiration.

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At the time of issuance, the cost of a warrant is substantially less than the cost of the underlying security itself, and price movements in the underlying security are generally magnified in the price movements of the warrant. This effect enables the investor to gain exposure to the underlying security with a relatively low capital investment but increases an investor's risk in the event of a decline in the value of the underlying security and can result in a complete loss of the amount invested in the warrant. In addition, the price of a warrant tends to be more volatile than, and may not correlate exactly to, the price of the underlying security. If the market price of the underlying security is below the exercise price of the warrant on its expiration date, the warrant will generally expire without value.

The equity security underlying a warrant is authorized at the time the warrant is issued or is issued together with the warrant. Investing in warrants can provide a greater potential for profit or loss than an equivalent investment in the underlying security, and, thus, can be a speculative investment. The value of a warrant may decline because of a decline in the value of the underlying security, the passage of time, changes in interest rates or in the dividend or other policies of the company whose equity underlies the warrant or a change in the perception as to the future price of the underlying security, or any combination thereof. Warrants generally pay no dividends and confer no voting or other rights other than to purchase the underlying security.

**Real Estate-Related Securities.** Each Equity Fund may invest in real estate investment trusts ("REITs"). None of the Funds will invest in real estate directly. REITs pool investors' funds for investment primarily in income producing real estate or real estate loans or interests. A REIT is generally not subject to U.S. federal income tax on income distributed to shareholders if it complies with several requirements relating to its organization, ownership, assets, and income and a requirement that it distribute to its shareholders at least 90% of its taxable income (other than net capital gains) for each taxable year.

REITs can generally be classified as equity REITs, mortgage REITs and hybrid REITs. Equity REITs, which invest the majority of their assets directly in real property, derive their income primarily from rents. Equity REITs can also realize capital gains by selling properties that have appreciated in value. Mortgage REITs, which invest the majority of their assets in real estate mortgages, derive their income primarily from interest payments. Hybrid REITs combine the characteristics of both equity REITs and mortgage REITs.

REITs may be subject to risks similar to those associated with the direct ownership of real estate (in addition to securities markets risks). These include declines in the value of real estate, risks related to general and local economic conditions, dependency on management skill, heavy cash flow dependency, possible lack of availability of mortgage funds, overbuilding, extended vacancies of properties, increased competition, increases in property taxes and operating expenses, changes in zoning laws, losses due to costs resulting from the clean-up of environmental problems, liability to third parties for damages resulting from environmental problems, casualty or condemnation losses, limitations on rents, changes in neighborhood values, the appeal of properties to tenants and changes in interest rates. In addition to these risks, equity REITs may be affected by changes in the value of the underlying property owned by the trusts, while mortgage REITs may be affected by the quality of any credit extended. Further, equity and mortgage REITs are dependent upon management skills and generally may not be diversified. Equity and mortgage REITs are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidation. In addition, equity and mortgage REITs could possibly fail to qualify for the beneficial tax treatment available to REITs under the Code, as amended, or to maintain their exemptions from registration under the 1940 Act. The above factors may also adversely affect a borrower's or a lessee's ability to meet its obligations to the REIT. In the event of a default by a borrower or lessee, the REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting investments. In addition, as REITs generally pay a higher rate of dividends (on a pre-tax basis) than operating companies, to the extent application of the Fund's investment strategy results in the Fund investing in REIT shares, the percentage of the Fund' s dividend income received from REIT shares will likely exceed the percentage of the Fund' s portfolio which is comprised of REIT shares.

**Short Sales.** Each Fund may engage in short sales, including short sales against the box. Short sales are transactions in which a Fund sells a security it does not own in anticipation of a decline in the market value of that security. A short sale against the box is a short sale where at the time of the sale, a Fund owns or has the right to obtain securities equivalent in kind and amounts. To complete a short sale transaction, a Fund must borrow the security to make delivery to the buyer. A Fund then is obligated to replace the security borrowed by purchasing it at the market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold by a Fund. Until the security is replaced, a Fund is required to pay to the lender amounts equal to any interest or dividends which accrue during the period of the loan. To borrow the security, a Fund also may be required to pay a premium, which would increase the cost of the security sold. There will also be other costs associated with short sales.

A Fund will incur a loss as a result of the short sale if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. A Fund will realize a gain if the security declines in price between those dates. This result is the opposite of what one would expect from a cash purchase of a long position in a security. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of any premium or amounts in lieu of interest or dividends a Fund may be required to pay in connection with a short sale, and will be also decreased by any transaction or other costs.

Until a Fund replaces a borrowed security in connection with a short sale, a Fund will (a) designate on its records as collateral cash or liquid assets at such a level that the designated assets plus any amount deposited with the broker as collateral will equal the current

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value of the security sold short or (b) otherwise cover its short position in accordance with applicable law. The amount designated on a Fund's records will be marked to market daily and at no time will the sum of the amount so designated and the amount deposited with the broker as collateral be less than the market value of the securities at the time they sold short. This may limit a Fund's investment flexibility, as well as its ability to meet redemption requests or other current obligations.

There is no guarantee that a Fund will be able to close out a short position at any particular time or at an acceptable price. During the time that a Fund is short a security, it is subject to the risk that the lender of the security will terminate the loan at a time when a Fund is unable to borrow the same security from another lender. If that occurs, a Fund may be "bought in" at the price required to purchase the security needed to close out the short position, which may be a disadvantageous price.

Short sales also involve other costs. A Fund must normally repay to the lender an amount equal to any dividends or interest that accrues while the loan is outstanding. In addition, to borrow the security, a Fund may be required to pay a premium. A Fund also will incur transaction costs in effecting short sales. The amount of any ultimate gain for a Fund resulting from a short sale will be decreased, and the amount of any ultimate loss will be increased, by the amount of premiums, dividends, interest or expenses a Fund may be required to pay in connection with the short sale.

In addition to the short sales discussed above, a Fund may make short sales "against the box," a transaction in which a Fund enters into a short sale of a security that a Fund owns or a security equivalent in kind and amount to the security sold short that the Fund has the right to obtain at no additional cost. A Fund does not immediately deliver the securities sold and is said to have a short position in those securities until delivery occurs. If a Fund effects a short sale of securities against the box at a time when it has an unrealized gain on the securities, it may be required to recognize that gain as if it had actually sold the securities (as a "constructive sale") on the date it effects the short sale. However, such constructive sale treatment may not apply if a Fund closes out the short sale with securities other than the appreciated securities held at the time of the short sale and if certain other conditions are satisfied.

**Temporary Defensive Measures.** Each Fund typically minimizes its cash holdings in an effort to provide investors with full market exposure to the particular asset class or classes represented by the Fund. This approach, which avoids trying to time broad market movements, allows investors to make their own asset allocation decisions. From time to time, however, each Fund temporarily may, but is not required to, invest all or any portion of its assets in short-term obligations, such as U.S. government obligations, high-quality money market instruments and exchange-traded funds, in order to meet redemption requests or as a defensive measure in response to adverse market or economic conditions.

**Interfund Borrowing and Lending.** The Funds have obtained an exemptive order from the SEC allowing them to lend money to, and borrow money from, each other pursuant to a master interfund lending agreement (the "Interfund Lending Program"). Under the Interfund Lending Program, the Funds may lend or borrow money for temporary purposes directly to or from one another (an "Interfund Loan"), subject to meeting the conditions of the SEC exemptive order. All Interfund Loans would consist only of uninvested cash reserves that the lending Fund otherwise would invest in short-term repurchase agreements or other short-term instruments.

If a Fund has outstanding bank borrowings, any Interfund Loans to the Fund would: (a) be at an interest rate equal to or lower than that of any outstanding bank borrowing, (b) be secured at least on an equal priority basis with at least an equivalent percentage of collateral to loan value as any outstanding bank loan that requires collateral, (c) have a maturity no longer than any outstanding bank loan (and in any event not over seven days), and (d) provide that, if an event of default occurs under any agreement evidencing an outstanding bank loan to the Fund, that event of default by the Fund will automatically (without need for action or notice by the lending Fund) constitute an immediate event of default under the master interfund lending agreement, entitling the lending Fund to call the Interfund Loan immediately (and exercise all rights with respect to any collateral), and that such call will be made if the lending bank exercises its right to call its loan under its agreement with the borrowing Fund.

A Fund may borrow on an unsecured basis through the Interfund Lending Program only if the relevant borrowing Fund's outstanding borrowings from all sources immediately after the interfund borrowing total 10% or less of its total assets, provided that if the borrowing Fund has a secured loan outstanding from any other lender, including but not limited to another Fund, the lending Fund's Interfund Loan will be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value as any outstanding loan that requires collateral. If a borrowing Fund's total outstanding borrowings immediately after an Interfund Loan would be greater than 10% of its total assets, the Fund may borrow through the Interfund Lending Program only on a secured basis. A Fund may not borrow under the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets or any lower threshold provided for by the Fund's fundamental restriction or nonfundamental policy.

No Fund may lend to another Fund through the Interfund Lending Program if the loan would cause the lending Fund's aggregate outstanding loans through the Interfund Lending Program to exceed 15% of its current net assets at the time of the loan. A Fund's Interfund Loans to any one Fund shall not exceed 5% of the lending Fund's net assets. The duration of Interfund Loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days, and for purposes of this condition, loans effected within seven days of each other will be treated as separate loan transactions. Each Interfund Loan may be called on one

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business day's notice by a lending Fund and may be repaid on any day by a borrowing Fund. The limitations detailed above and the other conditions of the SEC exemptive order permitting interfund borrowing and lending are designed to minimize the risks associated with interfund borrowing and lending for both a lending Fund and a borrowing Fund. However, no borrowing or lending activity is without risk. When a Fund borrows money from another Fund, there is a risk that the Interfund Loan could be called on one business day's notice or not renewed, in which case the Fund may have to borrow from a bank at higher rates if an Interfund Loan is not available from another Fund. Interfund Loans are subject to the risk that a borrowing Fund could be unable to repay the loan when due, and a delay in repayment to a lending Fund or from a borrowing Fund could result in a lost investment opportunity or additional costs. No Fund may borrow more than the amount permitted by its investment limitations. The Interfund Lending Program is subject to the oversight and periodic review of the Board.

**Lending of Portfolio Securities.** A Fund may, from time to time, lend securities from their portfolios to broker-dealers, banks, financial institutions, and institutional borrowers of securities and receive collateral in the form of cash or U.S. government obligations. Under the Fund's current practices (which are subject to change), a Fund must receive initial collateral at least equal to the maintenance requirements (e.g., 102% for U.S. equity securities and 105% for non-U.S. securities). This collateral must be valued daily and should the market value of the loaned securities increase, the borrower must furnish additional collateral to a Fund sufficient to maintain the value of the collateral equal to at least 100% of the value of the loaned securities. The lending agent receives a pre-negotiated percentage of the net earnings on the investment of the collateral. A Fund will not lend portfolio securities to: (a) any "affiliated person" (as that term is defined in the 1940 Act) of any Fund; (b) any affiliated person of the Adviser; or (c) any affiliated person of such an affiliated person. During the time portfolio securities are on loan, the borrower will pay the Fund any dividends or interest paid on such securities plus any fee negotiated between the parties to the lending agreement. Loans will be subject to termination by the Funds or the borrower at any time. While a Fund will not have the right to vote securities on loan, they intend to terminate loans and regain the right to vote if that is considered important with respect to the investment. A Fund will enter into loan arrangements only with broker-dealers, banks, or other institutions that either the Adviser or the lending agent has determined are creditworthy under guidelines established by the Board. Although these loans are fully collateralized, there are risks associated with securities lending. A Fund's performance could be hurt if a borrower defaults or becomes insolvent, or if the Fund wishes to sell a security before its return can be arranged. The return on invested cash collateral will result in gains and losses for the Funds. Each Fund will limit its securities lending to 33-1/3% of its total assets.

**Additional Risk Factors and Special Considerations**

**New or Smaller Funds.** Funds with limited operating history and/or small asset base may involve additional risk. For example, there can be no assurance that a new or smaller Fund will grow to or maintain an economically viable size. Should a Fund not grow to or maintain an economically viable size, the Board may determine to liquidate the Fund. Although the interests of shareholders in each Fund are the principal concern of the Board, in the event the Board determines to liquidate a Fund, the timing of any possible liquidation might not be favorable to certain individual shareholders.

**Impact of Activity by Other Shareholders.** The Funds, like all mutual funds, pool the investments of many investors. Actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. For example, significant levels of new investments in the Fund by shareholders may cause the Fund to have more cash than would otherwise be the case, which may have a positive or negative impact on Fund performance. Similarly, redemption activity might cause the Fund to sell portfolio securities, which may increase transaction costs and accelerate the realization of income and cause the Fund to make taxable distributions to shareholders earlier than the Fund otherwise would have, or cause it to borrow funds on a short-term basis to cover redemptions, which would cause the Fund to incur costs that, in effect, would be borne by all shareholders, not just the redeeming shareholders. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to a year in which there are large redemptions. To the extent a larger shareholder (including, for example, a fund-of-funds) invests in a Fund or the markets are highly volatile, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.

**Merger, Reorganization, or Liquidation of Funds.** The Board may determine to merge or reorganize a Fund or a class of shares, or to close and liquidate a Fund or a class of shares at any time, which may have adverse consequences for shareholders. In the event of the liquidation of a Fund, shareholders will receive a liquidating distribution in cash or in-kind equal to their proportionate interest in the Fund. Although the interests of shareholders in each Fund are the principal concern of the Board, in the event the Board determines to liquidate a Fund or a class of shares, the timing of any possible liquidation might not be favorable to certain individual shareholders. A liquidating distribution may be a taxable event to certain shareholders, resulting in a taxable gain or loss for tax purposes, depending upon such shareholder's basis in his or her shares of the Fund. A shareholder of a liquidating Fund or a class of shares will not be entitled to any refund or reimbursement of expenses borne, directly or indirectly, by the shareholder (such as sales loads, account fees, or fund expenses), and a shareholder may receive an amount in liquidation less than the shareholder's original investment.

**Responsible Investing Risk.** A Fund may incorporate specific responsible, environmental, social and governance ("ESG"), impact or sustainability considerations into its investment objectives, strategies, and/or processes, as described in the applicable Fund's

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Prospectus. These considerations will vary depending on a Fund's particular investment strategy and the investment process followed by the particular investment team that manages the Fund. A team may include consideration of third-party research as well as consideration of proprietary research across the ESG risks and opportunities regarding an issuer. The investment team considers those ESG characteristics it deems relevant or additive when making investment decisions for a Fund. The ESG characteristics utilized in a Fund's investment process are anticipated to evolve over time and one or more characteristics may not be relevant with respect to all issuers that are eligible for investment.

ESG characteristics are not the sole considerations when making investment decisions for a Fund. Further, investors can differ in their views of what constitutes positive or negative ESG characteristics. As a result, a Fund may invest in issuers that do not reflect the beliefs and values with respect to ESG of any particular investor. ESG considerations may affect a Fund's exposure to certain companies or industries and a Fund may forego certain investment opportunities. While the Adviser views ESG considerations as having the potential to contribute to a Fund's long-term performance, there is no guarantee that such results will be achieved.

**S&P 500 Index Fund.** Traditional methods of fund investment management typically involve relatively frequent changes in a portfolio of securities on the basis of economic, financial and market analysis. The S&P 500 Index Fund is not managed in this manner. Instead, the Adviser purchases and sells securities for the S&P 500 Index Fund in an attempt to produce investment results that substantially duplicate the investment composition and performance of the S&P 500<sup>®</sup> Index, taking into account redemptions, sales of additional S&P 500 Index Fund shares, and other adjustments as described below.

The S&P 500 Index Fund generally expects to hold all of the stocks included in the S&P 500<sup>®</sup> Index on the basis of each stock's weighted capitalization in such index. The Adviser does not intend to screen securities for investment by the S&P 500 Index Fund by traditional methods of financial and market analysis; however the Adviser may remove stocks of companies which exhibit extreme financial distress or which may impair for any reason the S&P 500 Index Fund's ability to achieve its investment objective. If an issuer drops in ranking, or is eliminated entirely from the S&P 500<sup>®</sup> Index, the Adviser may be required to sell some or all of the common stock of such issuer then held by the S&P 500 Index Fund. Such sales of portfolio securities may be made at times when, if the Adviser were not required to effect purchases and sales of portfolio securities in accordance with the S&P 500<sup>®</sup> Index, the securities might not otherwise be sold. These sales may result in lower prices for such securities than may have been realized or in losses that may not have been incurred if the Adviser were not required to effect the purchases and sales. The failure of an issuer to declare or pay dividends, potentially materially adverse legal proceedings against an issuer, the existence or threat of defaults materially and adversely affecting an issuer's future declaration and payment of dividends, or the existence of other materially adverse credit factors will not necessarily be the basis for the disposition of portfolio securities, unless such event causes the issuer to be eliminated entirely from the S&P 500<sup>®</sup> Index.

Redemptions of a substantial number of shares of the S&P 500 Index Fund could reduce the number of issuers represented in the S&P 500 Index Fund's investment portfolio, increase trading costs and/or increase hedging activities (such as the purchase or sale of options on indices or futures contracts), which could, in turn, adversely affect the accuracy with which the Fund tracks the performance of the S&P 500<sup>®</sup> Index.

While the S&P 500 Index Fund will invest primarily in the common stocks that constitute the S&P 500<sup>®</sup> Index in accordance with the relative capitalization as described above, it is possible that the S&P 500 Index Fund will from time to time receive, as part of a "spin-off" or other corporate reorganization of an issuer included in the S&P 500<sup>®</sup> Index, securities that are themselves outside the S&P 500<sup>®</sup> Index. Such securities will be disposed of by the S&P 500 Index Fund in due course consistent with the Fund's investment objective.

In addition, the S&P 500 Index Fund may invest in Standard & Poor's Depositary Receipts ("SPDRs"). SPDRs are securities that represent ownership in a SPDR Trust, unit investment trusts which are intended to provide investment results that generally correspond to the price and yield performance of an S&P<sup>®</sup> index. SPDR interest holders are paid a "Dividend Equivalent Amount" that corresponds to the amount of cash dividends accruing to the securities in the SPDR Trust, net of certain fees and expenses charged to the Trust. Because of these fees and expenses, the dividend yield for SPDRs may be less than that of the index it represents.

The S&P 500 Index Fund may also purchase put and call options on the S&P 500<sup>®</sup> Index that are traded on national securities exchanges. In addition, the S&P 500 Index Fund may enter into transactions involving futures contracts (and futures options) on the S&P 500<sup>®</sup> Index and may purchase securities of other investment companies that are structured to seek a similar correlation to the S&P 500<sup>®</sup> Index. These transactions are effected in an effort to have fuller exposure to price movements in the S&P 500<sup>®</sup> Index pending investment of purchase orders or while maintaining liquidity to meet potential shareholder redemptions. Transactions in option and stock index futures contracts may be desirable to hedge against a price movement in the S&P 500<sup>®</sup> Index at times when the S&P 500 Index Fund is not fully invested in stocks that are included in the S&P 500<sup>®</sup> Index. For example, by purchasing a futures contract, the S&P 500 Index Fund may be able to reduce the potential that cash inflows will disrupt its ability to track the S&P 500<sup>®</sup> Index, since the futures contracts may serve as a temporary substitute for stocks which may then be purchased in an orderly fashion. Similarly, because futures contracts only require a small initial margin deposit, the S&P 500 Index Fund may be able, as an effective matter, to be fully invested in the S&P 500<sup>®</sup> Index while keeping a cash reserve to meet potential redemptions.

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The S&P 500 Index Fund is not sponsored, endorsed, sold or promoted by S&P<sup>®</sup>. S&P<sup>®</sup> makes no representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of the S&P 500<sup>®</sup> Index to track general stock market performance. S&P<sup>®</sup>'s only relationship to the S&P 500 Index Fund is the licensing of certain trademarks and trade names of S&P<sup>®</sup> and of the indexes which are determined, composed and calculated by S&P<sup>®</sup> without regard to the Fund. S&P<sup>®</sup> has no obligation to take the needs of the Fund or the owners of the S&P 500 Index Fund into consideration in determining, composing or calculating the indexes. S&P<sup>®</sup> is not responsible for and has not participated in the determination of the price of the S&P 500 Index Fund or the timing of the issuance or sale of the S&P 500 Index Fund or in the determination or calculation of the equation by which the S&P 500 Index Fund is converted into cash. S&P<sup>®</sup> has no obligation or liability in connection with the administration, marketing or trading of the S&P 500 Index Fund.

S&P<sup>®</sup> does not guarantee the accuracy and/or the completeness of the S&P 500<sup>®</sup> Index or any data included therein and S&P<sup>®</sup> shall have no liability for any errors, omissions, or interruptions therein. S&P<sup>®</sup> makes no warranty, express or implied, as to results to be obtained by the S&P 500 Index Fund, owners of the S&P 500 Index Fund, or any other person or entity from the use of the S&P 500<sup>®</sup> Index or any data included therein. S&P<sup>®</sup> makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the S&P 500<sup>®</sup> Index or any data included therein. Without limiting any of the foregoing, in no event shall S&P<sup>®</sup> have any liability for any special, punitive, indirect, or consequential damages (including lost profits), even if notified of the possibility of such damages.

"Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>" and "S&P 500<sup>®</sup>", "S&P MidCap 400<sup>®</sup>", "Standard & Poor's MidCap 400<sup>®</sup>", "400", "S&P SmallCap 600<sup>®</sup>", "Standard & Poor's SmallCap 600<sup>®</sup>" and "600" are trademarks of McGraw-Hill Companies, Inc. and have been licensed for use by the Funds.

**Recent Market Conditions and Events**

There have been multiple periods in recent decades of high levels of stress and volatility in financial markets. Periods of market volatility, restrictive credit conditions, lack of confidence in key market participants, and broadly negative sentiment, sometimes limited to a particular sector or a geography, continue to recur. Political changes, trade policies and trade disputes (including sanctions and tariffs), tax and budget policies, debt disputes, geopolitical developments, environmental and public health events, and central bank actions (including withdrawals, or "tapering," of market support and changes in interest rate targets) have all at times represented sources of stress and instability in world economies and markets. For example, Russia's military campaign in Ukraine resulted in broad-based sanctions by the U.S. and other countries and rapid price movements in sectors (such as energy) where Russian companies are important market participants, with related impacts both globally and regionally. Also for example, the COVID-19 pandemic and related quarantines and restrictions resulted in high unemployment, disruptions to supply chains and customer activity, and general concern and uncertainty, with corresponding impacts on financial markets worldwide. COVID-19 remains a risk with the potential that new variants could lead to increased government restrictions and consumer caution. More recently, a number of major economies, including the United States, adjusted to reduced levels of market and monetary support following periods of fiscal and monetary interventions. Recent periods of rising inflation and increases in interest rate targets by central banks have generated significant market stress and volatility, with market sentiment changing rapidly in response to changes in inflation or interest rate expectations.

**Market Risk and Turmoil.** The Funds are subject to market risk. Market risk includes unexpected directional price movements, deviations from historical pricing relationships, changes in the regulatory environment, changes in market volatility, panicked or forced selling of assets and contraction of available credit or other financing sources. The success of a Fund's activities may be affected by general economic and market conditions, such as interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws and national and international political circumstances. Although globally and among developed countries there has been a relatively stable political environment for decades, there is no guarantee that such stability will be maintained in the future. International policies, relationships, and trade agreements, which have generally been perceived as stable or evolving, appear to be much more in flux. Adjustments in major trade relationships have already been met by retaliatory measures from other countries and could cause potential escalation in protectionist behavior leading to a drag on growth prospects as trade and investment and productivity growth are reinforcing and linked. Other drivers of geopolitical, economic and market risk also may come from, among other things, increased political tension on the domestic and international stages, substantial slowdown and outright recessions in certain markets, pressure on oil prices, rising corporate leverage, continuous abnormally low global interest rates, structural stresses in the European Union, international terrorist activity, and armed conflicts and risk of armed conflicts. Similarly, environmental and public health risks, such as natural disasters, pandemics or epidemics, or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In addition, the expanded influence of social media platforms on the market, combined with the access to low cost retail brokerage, can exacerbate the volatility of particular instruments. Any of these developments, or the perception that any of these developments are likely to occur or worsen, could have a material adverse effect on economic growth or business activity, result in the relocation of businesses, cause business interruptions, lead to economic recession (or depression), and impact the stability of financial markets or financial institutions and the financial and monetary system. A Fund may be affected by these developments in ways that are not foreseeable, and there is a possibility that such developments could have a significant adverse effect on a Fund and its ability to achieve its investment objective. Market turmoil may negatively affect a Fund's

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performance. Such factors may affect the level and volatility of security prices and liquidity of a Fund's investments. Credit markets may become illiquid, credit spreads may widen and the equity markets may lose substantial value. Such market conditions may cause a Fund to suffer substantial losses and/or implement measures that adversely affect a Fund. Changes in the value of securities may be temporary or may last for extended periods.

**Risks Related to Cybersecurity and Information Technology.** The Funds and their service providers have administrative and technical safeguards in place with respect to information security. Nevertheless, the Funds and their service providers are potentially susceptible to operational and information security risks resulting from a cyber-attack as the Funds are highly dependent upon the effective operation of their computer systems and those of their business partners. These risks include, among other things, the theft, misuse, corruption and destruction of data maintained online or digitally, denial of service on websites and other operational disruption and unauthorized release of confidential customer information. Cyber-attacks affecting the Funds' service providers, financial intermediaries, and other third parties may adversely affect the Funds and their shareholders. For instance, cyber-attacks may interfere with the processing of Fund transactions, including the processing of orders, impact a Fund's ability to calculate NAVs, cause the release and possible destruction of confidential customer or business information, impede trading, subject a Fund and/or its service providers and intermediaries to regulatory fines and financial losses and/or cause reputational damage. Cybersecurity risks may also affect the issuers of securities in which a Fund invests, which may cause a Fund's investments to lose value. A Fund may also incur additional costs for cybersecurity risk management in the future. Although the Funds and their service providers have adopted security procedures to minimize the risk of a cyber-attack, there can be no assurance that the Funds or their service providers will avoid losses affecting the Funds due to cyber-attacks or information security breaches in the future.

Recent technological advances in artificial intelligence, robotics and machine learning technologies, and their current and potential future applications including in the financial sectors, as well as the legal and regulatory frameworks within which they operate, continue to rapidly evolve. It is not possible to predict the full extent of current or future risks of these new technologies. Regulations related to these technologies also may impose certain obligations on organizations, and the costs of monitoring and responding to such regulations, as well as the consequences of non-compliance, could have an adverse effect on organizations connected to the Funds and their investments. In addition, the Funds and their investments could be exposed to risks to the extent third-party service providers or any counterparties use these technologies in their business activities.

**Reference Rate Transition Risk.** The London Interbank Offered Rate, or "LIBOR," which had historically been the principal floating rate benchmark in the financial markets, has been discontinued. Its discontinuation has affected and will continue to affect the financial markets generally and may also affect a Fund's operations, finances, and investments specifically. The UK Financial Conduct Authority, which is the regulator of the LIBOR administrator, has ceased publishing all LIBOR tenors. As an alternative to LIBOR, the market has generally coalesced around the use of the Secured Overnight Financing Rate ("SOFR") as a replacement for U.S. dollar LIBOR. SOFR is a risk-free overnight floating rate that is currently published in multiple formats, including as an overnight rate, as a compounded average and as an index. In addition to the SOFR rate variations, other alternative floating rates have been developed and various market participants have adopted these floating rates to various degrees, although market practice remains in flux. Uncertainty as to the nature of alternative reference rates and as to potential changes or other reforms to alternative reference rates, or any changes announced with respect to such reforms, may result in a sudden or prolonged increase or decrease in the reported reference rates and the value of reference rate-based loans and securities. The effects of these potential changes on the Funds, issuers of instruments in which the Funds invests and financial markets generally and the effectiveness of changes already made, remain uncertain. If a Fund invests in instruments that utilize an alternative reference rate that falls out of favor, the value of such instrument may decline due to a lack of liquidity or other factors.

**DETERMINING NET ASSET VALUE ("NAV") AND VALUING PORTFOLIO SECURITIES**

Normally, each Fund's NAV is determined, and the shares of each Fund are priced, as of the valuation time(s) indicated in the Prospectus on each Business Day. A "Business Day" is a day on which the NYSE is open. In the case of the Bond Fund, a Business Day on which the NYSE and the bond market are open. The Bond Fund is authorized to close earlier than is customary for a Business Day upon the recommendation of both the Securities Industry and Financial Markets Association and the Adviser. In the event that the Bond Fund closes earlier than is customary for a Business Day, the Bond Fund's NAV calculation for that day will occur as of the time of the earlier close. The NYSE generally is closed in observance of the following holidays: New Year's Day, Dr. Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving, and Christmas Day.

In the event of an emergency or other disruption in trading on the NYSE, a Fund's share price normally will be determined based upon the close of the NYSE. In the event of an emergency or other disruption in trading on the bond market, the Bond Fund's share price will normally be determined based upon the close of the bond market.

The Funds generally values their investments based upon their last reported sale prices, market quotations, or estimates of value provided by an independent pricing service as of the time as of which a Fund's share price is calculated. The Board has designated the Adviser as the "valuation designee" in accordance with Rule 2a-5 under the 1940 Act.

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**Investment Company Securities**

Shares of another open-end investment company (mutual fund) held by a Fund are valued at the latest closing NAV of such mutual fund. Shares of any ETFs held by a Fund are valued in the manner described below under "Equity Securities."

**Fixed Income Securities**

Fixed income securities are valued on the basis of security valuations provided by an independent pricing service, overseen by the Board, that determines value by using, among other things, information with respect to transactions of a security, quotations from dealers, market transactions in comparable securities and various relationships between securities. Specific investment securities that are not priced by the approved pricing service will be valued according to quotations obtained from dealers who are market makers in those securities. Investment securities with less than 60 days to maturity when purchased are valued at amortized cost that approximates market value. Investment securities not having readily available market quotations will be priced at fair value using a methodology approved in good faith by the Board or its designee in accordance with applicable Rules under the 1940 Act subject to Board oversight.

**Convertible Fixed Income Securities**

Convertible fixed income securities are valued in the same manner as any fixed income security. Non-convertible fixed income securities are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices and may reflect appropriate factors such as institution-sized trading in similar groups of securities, developments related to special securities, yield, quality, coupon rate, maturity, type of issue, individual trading characteristics, and other market data. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by or under the supervision of the Trust's officers in a manner specially authorized by the Board or its designee in accordance with applicable Rules under the 1940 Act, subject to Board oversight. Short-term obligations having 60 days or less to maturity are valued on the basis of amortized cost, except for convertible fixed income securities.

**Equity Securities**

Each equity security (including ETFs) is valued at the closing price on the exchange where the security is principally traded. Each security traded in the over-the-counter market (but not including securities the trading activity of which is reported on Nasdaq's Automated Confirmation Transaction ("ACT") System) is valued at the bid based upon quotes furnished by market makers for such securities. Each security the trading activity of which is reported on Nasdaq's ACT System is valued at the Nasdaq Official Closing Price.

**Futures and Options Contracts**

For purposes of determining NAV, futures and options contracts generally will be valued 15 minutes after the close of trading of the NYSE.

**Funds that Invest a Significant Amount of their Assets in Foreign Securities**

*Time zone arbitrage.* Funds that invest a significant amount of their assets in foreign securities, may be exposed to attempts by investors to engage in "time-zone arbitrage." Using this technique, investors seek to take advantage of differences in the values of foreign securities that might result from events that occur after the close of the foreign securities market on which a security is traded and before the close of the NYSE that day, when the Funds calculate their NAV.

If successful, time zone arbitrage might dilute the interests of other shareholders. These Funds use "fair value pricing" under certain circumstances, to adjust the closing market prices of foreign securities to reflect what the Board or its designee in accordance with applicable Rules under the 1940 Act subject to Board oversight considers to be their fair value. Fair value pricing may also help to deter time zone arbitrage.

**Fair Value Pricing**

If market quotations are not readily available, or (in the Adviser's judgment) do not accurately reflect the fair value of a security, or if after the close of the principal market on which a security held by a Fund is traded and before the time as of which the Funds' net asset value is calculated that day, an event occurs that the Adviser learns of and believes in the exercise of its judgment will cause a material change in the value of that security from the closing price of the security on the principal market on which it is traded, that security may be valued by another method that the Board or its designee, in accordance with applicable Rules under the 1940 Act subject to Board oversight, believes would more accurately reflect the security's fair value.

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The Funds' use of fair value pricing procedures involves subjective judgments and it is possible that the fair value determined for a security may be materially different from the value that could be realized upon the sale of that security. Accordingly, there can be no assurance that a Fund will obtain the fair value assigned to a security if it were to sell the security at approximately the same time at which the Fund determines its NAV per share.

**Other Valuation Information**

Under the 1940 Act, the Funds are required to act in good faith in determining the fair value of portfolio securities. The SEC has recognized that a security's valuation may differ depending on the method used for determining value. The fair value ascertained for a security is an estimate and there is no assurance, given the limited information available at the time of fair valuation, that a security's fair value will be the same as or close to the subsequent opening market price for that security.

The Board has adopted valuation procedures for the Funds and has delegated the day-to-day responsibility for fair valuation determinations to the Adviser and the Adviser's Pricing Committee. Those determinations may include consideration of recent transactions in comparable securities, information relating to a specific security, developments in and performance of foreign securities markets, current valuations of foreign or U.S. indices, and adjustment co-efficients based on fair value models developed by independent service providers. The Adviser may, for example, adjust the value of portfolio securities based on fair value models supplied by the service provider when the Adviser believes that the adjustments better reflect actual prices as of the close of the NYSE.

Generally, trading in foreign securities, corporate bonds, U.S. government securities and money market instruments is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the NAV of each Fund's shares generally are determined at such times. Foreign currency exchange rates are also generally determined prior the close of the NYSE. Occasionally, events affecting the values of such securities and such exchange rates may occur between the times at which such values are determined and the close of the NYSE. If events affecting the value of securities occur during such a period, and a Fund's NAV is materially affected by such changes in the value of the securities, then these securities will be valued at their fair value as determined in good faith by the Adviser in accordance with applicable law. Other securities and assets for which market quotations are not readily available or for which valuation cannot be provided are valued as determined in good faith by the Adviser in accordance with applicable law.

**ADDITIONAL PURCHASE, EXCHANGE, AND REDEMPTION INFORMATION**

The NYSE holiday closing schedule indicated in this SAI under "Determining Net Asset Value ("NAV") and Valuing Portfolio Securities" is subject to change. When the NYSE is closed or when trading is restricted for any reason other than its customary weekend or holiday closings, or under emergency circumstances as determined by the SEC to warrant such action, the Funds may not be able to accept purchase or redemption requests. Each Fund's NAV may be affected to the extent that its securities are traded on days that are not Business Days. Each Fund reserves the right to reject any purchase order in whole or in part.

The Trust has elected, pursuant to Rule 18f-1 under the 1940 Act, to redeem shares of each Fund solely in cash up to the lesser of $250,000 or 1.00% of the NAV of the Fund during any 90-day period for any one shareholder. The remaining portion of the redemption may be made in securities or other property, valued for this purpose as they are valued in computing the NAV of each class of the Fund. Shareholders receiving securities or other property on redemption may realize a gain or loss for tax purposes and may incur additional costs as well as the associated inconveniences of holding and/or disposing of such securities or other property.

Pursuant to Rule 11a-3 under the 1940 Act, the Funds' are required to give shareholders at least 60 days' notice prior to terminating or modifying each Fund's exchange privilege. The 60-day notification requirement may, however, be waived if (1) the only effect of a modification would be to reduce or eliminate an administrative fee, redemption fee, or CDSC ordinarily payable at the time of exchange or (2) a Fund temporarily suspends the offering of shares as permitted under the 1940 Act or by the SEC or because it is unable to invest amounts effectively in accordance with its investment objective and policies.

The Funds reserves the right at any time without prior notice to shareholders to refuse exchange purchases by any person or group if, in the Adviser's judgment, a Fund would be unable to invest effectively in accordance with its investment objective and policies, or would otherwise be adversely affected.

Each Fund has authorized one or more brokers or other financial services institutions to accept on its behalf purchase and redemption orders. Such brokers or other financial services institutions are authorized to designate plan administrators and other intermediaries to accept purchase and redemption orders on a Fund's behalf. A Fund will be deemed to have received a purchase or redemption order when an authorized broker or other financial services institutions, or, if applicable, a broker's or other financial services institutions authorized designee, accepts the order. Customer orders will be priced at each Fund's NAV next computed after they are accepted by an authorized broker or other financial services institutions or the broker's or other financial services institution's authorized designee.

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If you hold your Fund shares in an account established with a financial intermediary, contact your financial intermediary in advance of placing a request for an exchange to confirm your ability to exchange with a particular Victory Fund.

**Purchasing Shares**

**Alternative Sales Arrangements — Class A, C, I, R, R6, Y, and Member Class Shares.** Alternative sales arrangements permit an investor to choose the method of purchasing shares that is more beneficial depending on the amount of the purchase, the length of time the investor expects to hold shares and other relevant circumstances. When comparing the classes of shares, when more than one is offered in the same Fund, investors should understand that the purpose and function of the Class C and Class R shares asset-based sales charge are the same as those of the Class A initial sales charge. Any salesperson or other person entitled to receive compensation for selling Fund shares may receive different compensation with respect to one class of shares in comparison to another class of shares. Generally, Class A shares have lower ongoing expenses than Class C shares, but are subject to an initial sales charge. Which class would be advantageous to an investor depends on the number of years the shares will be held. Over very long periods of time, the lower expenses of Class A shares may offset the cost of the Class A initial sales charge. Not all Investment Professionals (as described in each Fund's Prospectus) will offer all classes of shares.

Each class of shares represents interests in the same portfolio investments of a Fund. However, each class has different shareholder privileges and features. The net income attributable to a particular class and the dividends payable on these shares will be reduced by incremental expenses borne solely by that class, including any asset-based sales charge to which these shares may be subject.

No initial sales charge is imposed on Class C shares. The Distributor may pay sales commissions to dealers and institutions who sell Class C shares of the Funds at the time of such sales. Payments with respect to Class C shares will equal 1.00% of the purchase price of the Class C shares sold by the dealer or institution. The Distributor will retain all payments received by it relating to Class C shares for the first year after they are purchased. After the first full year, the Distributor will make monthly payments in the amount of 0.75% for distribution services and 0.25% for personal shareholder services to dealers and institutions based on the average NAV of Class C shares, which are attributable to shareholders for whom the dealers and institutions are designated as dealers of record. Some of the compensation paid to dealers and institutions is recouped through the CDSC imposed on shares redeemed within 12 months of their purchase. Class C shares are subject to the Rule 12b-1 fees described in the SAI under "Rule 12b-1 Distribution and Service Plans." Class C shares of the Funds will automatically convert to Class A shares under circumstances described in each Fund's Prospectus. Financial institutions may be permitted to exchange Class C shares for a share class with lower expenses under circumstances described in each Fund's Prospectus. Any options with respect to the reinvestment of distributions made by the Funds to Class C shareholders are offered only by the broker through whom the shares were acquired.

No initial sales charges or CDSCs are imposed on Class R shares. Class R shares are subject to the Rule 12b-1 fees described in this SAI under "Rule 12b-1 Distribution and Service Plans." There is no automatic conversion feature applicable to Class R shares. Distributions paid to holders of a Fund's Class R shares may be reinvested in additional Class R shares of that Fund or Class R shares of a different Fund. Only certain investors are eligible to buy Class R shares, as set forth in a Fund's Prospectus, and your financial advisor or other financial intermediary can help you determine whether you are eligible to invest.

No initial sales charges or CDSCs are imposed on Class R6 shares. Class R6 shares are not subject to the Rule 12b-1 fees described in this SAI under "Rule 12b-1 Distribution and Service Plans." There is no automatic conversion feature applicable to Class R6 shares. Distributions paid to holders of a Fund's Class R6 shares may be reinvested in additional Class R6 shares of that Fund or Class R6 shares of a different Fund. Class A shareholders, Class C shareholders whose shares are not subject to a CDSC and Class I shareholders may exchange into Class R6 shares of a Fund offering such shares provided they meet the eligibility requirements applicable to Class R6. Only certain investors are eligible to buy Class R6 shares, as set forth in a Fund's Prospectus, and your financial advisor or other financial intermediary can help you determine whether you are eligible to invest.

No initial sales charges or CDSCs are imposed on Class I shares. Class I shares are not subject to the Rule 12b-1 fees described in this SAI under "Rule 12b-1 Distribution and Service Plans." There is no automatic conversion feature applicable to Class I shares. Distributions paid to holders of a Fund's Class I shares may be reinvested in additional Class I shares of that Fund or Class I shares of a different Fund.

The minimum investment required to open an account for Class I shares is $2,000,000. Class I shares are also available for purchase by retirement plans, including Section 401 and 457 Plans sponsored by a Section 501(c)(3) organization and certain non-qualified deferred compensation arrangements that operate in a similar manner to qualified plans. The Fund will consider a lower initial investment if, in the opinion of the Distributor, the investor has the adequate intent and availability of assets to reach a future level of investment of $2,000,000. Only certain investors are eligible to buy Class I shares and your financial adviser or other financial intermediary can help you determine whether you are eligible to invest.

Only certain investors are eligible to buy Member Class shares, as set forth in a Fund's Prospectus, and your financial adviser or other financial intermediary can help you determine whether you are eligible to invest.

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No initial sales charges or CDSCs are imposed on Class Y shares. Class Y shares are not subject to the Rule 12b-1 fees described in this SAI under "Rule 12b-1 Distribution and Service Plans." There is no automatic conversion feature applicable to Class Y shares. Distributions paid to holders of a Fund's Class Y shares may be reinvested in additional Class Y shares of that Fund or Class Y shares of a different Fund. Only certain investors are eligible to buy Class Y shares, as set forth in a Fund's Prospectus, and your financial advisor or other financial intermediary can help you determine whether you are eligible to invest.

Each Fund reserves the right to change the criteria for eligible investors and the investment minimums related to each class of shares. Each Fund also reserves the right to refuse a purchase order for any reason, including if it believes that doing so would be in the best interest of the Fund and shareholders.

The methodology for calculating the NAV, dividends and distributions of the share classes of each Fund recognizes two types of expenses. General expenses that do not pertain specifically to a class are allocated to the shares of each class, based upon the percentage that the net assets of such class bears to a Fund's total net assets and then pro rata to each outstanding share within a given class. Such general expenses include (1) management fees, (2) legal, bookkeeping and audit fees, (3) fees to the Trustees who are not affiliated with the Adviser, (4) custodian expenses, (5) share issuance costs, (6) organization and start-up costs, (7) interest, taxes and brokerage commissions, and (8) non-recurring expenses, such as litigation costs. Other expenses that are directly attributable to a class are allocated equally to each outstanding share within that class. Such expenses include (1) Rule 12b-1 distribution fees and shareholder servicing fees, (2) incremental transfer and shareholder servicing agent fees and expenses, (3) registration fees, and (4) printing and mailing costs of shareholder reports, prospectuses, statements of additional information, and other materials for current shareholders. As described below under "Expenses," unless agreed upon otherwise with a third party, all expenses incurred in administration of the Funds will be charged to each particular Fund.

**Dealer Reallowances.** The following table shows the amount of the front-end sales load that is reallowed to dealers as a percentage of the offering price of Class A shares of the Equity Funds excluding the S&P 500 Index Fund.

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| | | |
|:---|:---|:---|
| **Amount of**<br> **Purchase**<br>| &nbsp;&nbsp;&nbsp; **Initial Sales Charge:**<br> **% of Offering Price**<br>| &nbsp;&nbsp;&nbsp; **Concession to Dealers:**<br> **% of Offering Price**<br>|
| Up to $49,999 | &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | &nbsp;&nbsp;&nbsp;&nbsp; 5.00% |
| $50,000 to $99,999 | &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | &nbsp;&nbsp;&nbsp;&nbsp; 4.00% |
| $100,000 to $249,999 | &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | &nbsp;&nbsp;&nbsp;&nbsp; 3.00% |
| $250,000 to $499,999 | &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | &nbsp;&nbsp;&nbsp;&nbsp; 2.00% |
| $500,000 and above\* | &nbsp;&nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp;&nbsp; \*\* |

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\*

There is no initial sales charge on purchases of $500,000 or more; however, a sales concession and/or advance of a Rule 12b-1 fee may be paid and such purchases are potentially subject to a CDSC, as set forth below.

\*\*

Investment Professionals may receive payment on purchases of $500,000 or more of Class A shares that are sold at NAV as follows: 0.75% of the current purchase amount if cumulative prior purchases sold at NAV plus the current purchase is less than $3 million; 0.50% of the current purchase amount if the cumulative prior purchases sold at NAV plus the current purchase is $3 million to $4,999,999; and 0.25% on of the current purchase amount if the cumulative prior purchases sold at NAV plus the current purchase is $5 million or more. In addition, in connection with such purchases, the Distributor or its affiliates may advance Rule 12b-1 fees of 0.25% of the purchase amount to Investment Professionals for providing services to shareholders.

Except as noted in this SAI, a CDSC of up to 0.75% may be imposed on any such shares redeemed within the first 18 months after purchase. The CDSC is calculated on the current market value or the original cost of the shares you are selling, whichever is less. No CDSC is imposed on reinvested distributions.

The Distributor reserves the right to pay the entire commission to dealers. If that occurs, the dealer may be considered an "underwriter" under federal securities laws.

The following table shows the amount of the front-end sales load that is reallowed to dealers as a percentage of the offering price of the Class A shares of the Victory S&P 500 Index Fund:

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| | | |
|:---|:---|:---|
| **Your Investment in the Fund**  | &nbsp;&nbsp;&nbsp; **Initial Sales Charge:**<br> **% of Offering Price**<br>| &nbsp;&nbsp;&nbsp; **Concession to Dealers:**<br> **% of Offering Price**<br>|
| Up to $99,999 | &nbsp;&nbsp;&nbsp;&nbsp; 2.25%  | &nbsp;&nbsp;&nbsp;&nbsp; 2.00%  |
| $100,000 up to $249,999  | &nbsp;&nbsp;&nbsp;&nbsp; 1.75%  | &nbsp;&nbsp;&nbsp;&nbsp; 1.50%  |
| $250,000 and above | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  |

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The following table shows the amount of the front-end sales load that is reallowed to dealers as a percentage of the offering price of the Class A shares of the Bond Fund.

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| | | |
|:---|:---|:---|
| **Your Investment in the Fund**  | &nbsp;&nbsp;&nbsp; **Initial Sales Charge:**<br> **% of Offering Price**<br>| &nbsp;&nbsp;&nbsp; **Concession to Dealers:**<br> **% of Offering Price**<br>|
| Up to $99,999  | &nbsp;&nbsp;&nbsp;&nbsp; 2.25%  | &nbsp;&nbsp;&nbsp;&nbsp; 2.00%  |
| $100,000 up to $249,999  | &nbsp;&nbsp;&nbsp;&nbsp; 1.75%  | &nbsp;&nbsp;&nbsp;&nbsp; 1.50%  |
| $250,000 and above\* | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  | &nbsp;&nbsp;&nbsp;&nbsp; \*\* |

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\*

There is no initial sales charge on purchases of $250,000 or more; however, a sales concession and/or advance of a Rule 12b-1 fee may be paid and such purchases are potentially subject to a CDSC, as set forth below.

\*\*

Investment Professionals may receive payment on purchases of $250,000 or more of Class A shares that are sold at NAV as follows: 0.75% of the current purchase amount if cumulative prior purchases sold at NAV plus the current purchase is less than $3 million; 0.50% of the current purchase amount if the cumulative prior purchases sold at NAV plus the current purchase is $3 million to $4,999,999; and 0.25% on of the current purchase amount if the cumulative prior purchases sold at NAV plus the current purchase is $5 million or more. In addition, in connection with such purchases, the Distributor or its affiliates may advance Rule 12b-1 fees of 0.25% of the purchase amount to Investment Professionals for providing services to shareholders.

Except as noted in this SAI, a CDSC of up to 0.75% may be imposed on any such shares redeemed within the first 18 months after purchase. The CDSC is calculated on the current market value or the original cost of the shares you are selling, whichever is less. No CDSC is imposed on reinvested distributions.

The Distributor reserves the right to pay the entire commission to dealers. If that occurs, the dealer may be considered an "underwriter" under federal securities laws.

**Payments to Broker-Dealers and Other Financial Intermediaries.** If you purchase the Fund through a financial intermediary (including broker-dealers, banks, third party administrators, retirement plan record-keepers, or other financial intermediaries) the Fund may pay for sub-transfer agent, recordkeeping and/or similar administrative services (administrative services) for all classes other than Class R6. Depending upon the particular share class and/or contractual agreement, these payments may be calculated based on average net assets of the Fund that are serviced by the intermediary or on a per account basis. The administrative services may be related to investments by participants in retirement and benefit plans, investors in mutual fund advisory programs, and clients of financial intermediaries that maintain omnibus or other accounts for their clients. Services provided include but are not limited to the following: transmitting net purchase and redemption orders; maintaining separate records for shareholders that reflect purchases, redemptions and share balances; mailing shareholder confirmations and periodic statements; and furnishing proxy materials and periodic fund reports, prospectuses and other communications to shareholders as required.

In addition, the Adviser (or its affiliates), from its own resources, may make substantial payments to various financial intermediaries for the sale of Fund shares and related services for investments in all classes other than Class R6. The Adviser also may reimburse the Distributor (or the Distributor's affiliates) for making these payments. Depending on the particular share class and/or contractual arrangement, these payments may be calculated based on average net assets of the Fund that are serviced by the intermediary or on a per account basis.

These payments may create a conflict of interest by influencing the financial intermediary and its salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**Sample Calculation of Maximum Offering Price**

Each Class A shares of the Equity Funds (except the S&P 500 Index Fund) are sold with a maximum initial sales charge of 5.75%, Class A shares of the S&P 500 Index Fund and the Bond Funds are sold with a maximum initial sales charge of 2.25%. Set forth below is an example of the method of computing the offering price of the Class A shares of the Funds. The example assumes a purchase of Class A shares aggregating less than $50,000 subject to the schedule of sales charges set forth in the Prospectus at a price based upon the NAV of the Class A shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **All Equity Funds except Victory S&P 500 Index Fund** |  |
| NAV per Share | &nbsp;&nbsp;&nbsp;&nbsp; $10.00 |
| Per Share Sales Charge—5.75% of public offering price (6.10% of net asset value per share) for each Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| Per Share Offering Price to the Public | &nbsp;&nbsp;&nbsp;&nbsp; $10.61 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Fixed Income Funds and Victory S&P 500 Index Fund** |  |
| NAV per Share | &nbsp;&nbsp;&nbsp;&nbsp; $10.00 |
| Per Share Sales Charge—2.25% of public offering price (2.30% of net asset value per share) for each Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Per Share Offering Price to the Public | &nbsp;&nbsp;&nbsp;&nbsp; $10.23 |

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Class C shares of each relevant Fund are sold at NAV without any initial sales charges and with a 1.00% CDSC on shares redeemed within 12 months of purchase. Class I, Class R, Class R6, Class Y, and Member Class shares of each relevant Fund are sold at NAV without any initial sales charges or CDSCs.

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**Reinstatement Privilege.** Within 90 days of a redemption, a shareholder may reinvest all or part of the redemption proceeds of Class A or Class C shares in the same class of shares of a Fund or any of the other Funds into which shares of the Fund are exchangeable, as described above, at the NAV next computed after receipt by the transfer agent of the reinvestment order. No service charge is currently made for reinvestment in shares of the Funds. Class C share proceeds reinstated do not result in a refund of any CDSC paid by the shareholder, but the reinstated shares will be treated as CDSC exempt upon reinstatement. The shareholder must ask the Distributor for such privilege at the time of reinvestment. Any capital gain that was realized when the shares were redeemed is taxable, even if the proceeds are reinvested. Depending on the timing and amount of a potential reinvestment, some or all of a capital loss from redemption may not be deductible. If the redemption proceeds of Fund shares on which a sales charge was paid are reinvested in shares of the same Fund or another Fund offered by the Trust within 90 days of payment of the sales charge, the shareholder's basis in the redeemed shares may not include the amount of the sales charge paid. Without the additional basis, the shareholder will have more gain or less loss upon redemption. The Funds may amend, suspend, or cease offering this reinvestment privilege at any time as to shares redeemed after the date of such amendment, suspension, or cessation. The reinstatement must be into an account bearing the same registration.

**Redemptions in Kind.** Subject to its election under Rule 18f-1 under the 1940 Act, each Fund reserves the right to honor requests for redemption or repurchase orders by making payment in whole or in part in readily marketable securities ("redemption in kind") if the amount of such request is large enough to affect operations (for example, if the request is greater than $250,000 or 1% of the Fund's assets). The securities will be chosen by the Fund and valued at the price used in calculating the Fund's NAV on the day of redemption. A shareholder may incur transaction expenses in converting these securities to cash.

**MANAGEMENT OF THE TRUST**

**Board Leadership Structure**

The Trust is governed by the Board, which is comprised of eight Trustees, seven of whom are not "interested persons" of the Trust within the meaning of that term under the 1940 Act (the "Independent Trustees"). The Chair of the Board is an Independent Trustee, who functions as the lead Trustee. The Chair serves as liaison between the Board and its Committees, the Adviser and other service providers. The Chair is actively involved in setting the Board meeting agenda, and participates on certain Board Committees.

**Board Role in Risk Oversight**

In considering risks related to the Funds, the Board consults and receives reports from officers of the Funds and personnel of the Adviser, who are charged with the day-to-day risk oversight function. Matters regularly reported to the Board or a designated committee include certain risks involving, among other things, the Funds' investment portfolios, trading practices, operational matters, financial and accounting controls, and legal and regulatory compliance. The Board has delegated to each of the Compliance Committee and Audit and Risk Oversight Committee certain responsibilities for reviewing reports relating to compliance and enterprise risk, including operational risk, liquidity, and personnel. The Board relies on the Investment Committee to review reports relating to investment risks, that is, risks to the Funds resulting from pursuing the Funds' investment strategies (e.g., credit risk and market risk).

**Trustees and Officers**

The following tables list the Trustees and Officers, their year of birth, position with the Trust, length of time served, principal occupations during the past five years and, where applicable, any directorships of other investment companies or companies whose securities are registered under the Securities Exchange Act of 1934, as amended ("1934 Act"), or who file reports under the 1934 Act. Under the Trust's organizational documents, each Trustee serves as a Trustee of the Trust during the lifetime of the Trust and until its termination except as such Trustee sooner dies, resigns, retires, or is removed. However, pursuant to a policy adopted by the Board, each elected or appointed Independent Trustee may serve as a Trustee until the Trustee reaches age 80, and the Interested Trustee may serve as a Trustee until the Trustee reaches age 80. The Board may change or grant exceptions from this policy at any time without shareholder approval. Each Trustee's address is c/o Victory Funds, 15935 La Cantera Parkway, San Antonio, Texas 78256.

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**Independent Trustees** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and**<br> **Date of Birth**<br>| **Position** <br> **Held with**<br> **the Trust**<br>| **Date** <br> **Commenced**<br> **Service**<br>| **Principal Occupation**<br> **During Past 5 Years**<br>| **Number of Portfolios** <br> **in Fund Complex** <br> **Overseen by Trustee**<br>| **Other** <br> **Directorships** <br> **Held During** <br> **the**<br> **Past 5 Years**<br>|
| David Brooks <br> Adcock,<br> (1951)<br>| Trustee | May 2005 | Consultant (since 2006) | 60 portfolios comprised <br> of 32 portfolios in the <br> Trust, and 28 portfolios <br> in Victory Portfolios II<br>|  |
| Nigel D.T. <br> Andrews,<br> (1947)<br>| Trustee | August 2002 | Retired | 60 portfolios comprised <br> of 32 portfolios in the <br> Trust, and 28 portfolios <br> in Victory Portfolios II<br>| Director, <br> Carlyle Secured <br> Lending, Inc. <br> (formerly TCG <br> BDC I, Inc.) <br> (since 2012); <br> Director, <br> Carlyle Credit <br> Solutions, Inc. <br> (formerly TCG <br> BDC II, Inc.) <br> (since 2017)<br>|
| E. Lee Beard\*,<br> (1951)<br>| Trustee | May 2005 | Retired | 60 portfolios comprised <br> of 32 portfolios in the <br> Trust, and 28 portfolios <br> in Victory Portfolios II<br>|  |
| John L. Kelly,<br> (1953)<br>| Chair and <br> Trustee<br>| February 2015 | Managing Partner, <br> Active Capital <br> Partners LLC, a <br> strategic consultant <br> (since October 2017)<br>| 60 portfolios comprised <br> of 32 portfolios in the <br> Trust, and 28 portfolios <br> in Victory Portfolios II<br>| Director, <br> Caledonia <br> Mining <br> Corporation <br> (since May <br> 2012)<br>|
| David L. <br> Meyer\*,<br> (1957)<br>| Trustee | December 2008 | Retired | 60 portfolios comprised <br> of 32 portfolios in the <br> Trust, and 28 portfolios <br> in Victory Portfolios II<br>|  |
| Gloria S. <br> Nelund,<br> (1961)<br>| Trustee | July 2016 | Chair, CEO, and <br> Co-Founder of TriLinc <br> Global, LLC, an <br> investment firm<br>| 60 portfolios comprised <br> of 32 portfolios in the <br> Trust, and 28 portfolios <br> in Victory Portfolios II<br>| TriLinc Global <br> Impact Fund, <br> LLC (since <br> 2012)<br>|
| Timothy Pettee,<br> (1958)<br>| Trustee | January 2023 | Chief Investment <br> Officer, Hoya Capital <br> Real Estate LLC (since <br> February 2022); Chief <br> Investment Officer, Sun <br> America Asset <br> Management Corp. <br> (January 2003-July <br> 2021)<br>| 60 portfolios comprised <br> of 32 portfolios in the <br> Trust, and 28 portfolios <br> in Victory Portfolios II<br>|  |

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**Interested Trustee** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and** <br> **Date of Birth**<br>| **Position** <br> **Held with**<br> **the Trust**<br>| **Date** <br> **Commenced**<br> **Service**<br>| **Principal Occupation**<br> **During Past 5 Years**<br>| **Number of Portfolios** <br> **in Fund Complex** <br> **Overseen by Trustee**<br>| **Other** <br> **Directorships** <br> **Held During** <br> **the**<br> **Past 5 Years**<br>|
| David C. <br> Brown\*\*, <br> (1972)<br>| Trustee | May 2008 | Chief Executive Officer <br> and Chairman <br> (2013-present), Victory <br> Capital <br> Management Inc.; Chief <br> Executive Officer and <br> Chairman <br> (2013-present), Victory <br> Capital Holdings, Inc.; <br> Director, Victory Capital <br> Services, Inc. (2013- <br> present); Director, <br> Victory Capital Transfer <br> Agency, Inc. (2019- <br> present)<br>| 138 portfolios <br> comprised of 32 <br> portfolios in the Trust, <br> 28 portfolios in Victory <br> Portfolios II, 45 <br> Portfolios in Victory <br> Portfolios III, 26 <br> portfolios in Victory <br> Portfolios IV, and 7 <br> portfolios in Victory <br> Variable Insurance <br> Funds II.<br>| Trustee, Victory <br> Portfolios II, <br> Victory <br> Portfolios III, <br> Victory <br> Portfolios IV <br> and Victory <br> Variable <br> Insurance <br> Funds II; Board <br> Member, <br> Victory Capital <br> Services, Inc.<br>|

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\*

The Board has designated Ms. Beard and Mr. Meyer as its Audit Committee Financial Experts.

\*\*

Mr. Brown is an "Interested Person" by reason of his relationship with the Adviser.

**Trustee Qualifications**

The following summarizes the experience and qualifications of the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *David Brooks Adcock.* Mr. Adcock served for many years as general counsel to Duke University and Duke University Health System, where he provided oversight to complex business transactions such as mergers and acquisitions and dispositions. He has served for more than 20 years as a public interest arbitrator for, among others, the New York Stock Exchange, the American Stock Exchange, the National Futures Association, FINRA, and the American Arbitration Association. The Board believes that Mr. Adcock's knowledge of complex business transactions and the securities industry combined with his previous service on the boards of other mutual funds qualifies him to serve on the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Nigel D.T. Andrews.* Mr. Andrews served for many years as a management consultant for a nationally recognized consulting company and as a senior executive at GE, including Vice President of Corporate Business Development, reporting to the Chairman, and as Executive Vice President of GE Capital. He also served as a Director and member of the Audit and Risk Committee of Old Mutual plc, a large publicly traded company whose shares are traded on the London Stock Exchange. Mr. Andrews also formerly served as the non-executive chairman of Old Mutual's U.S. asset management business, where he also served on the audit and risk committee. Mr. Andrews also served as a Governor of the London Business School. He serves as a director of Carlyle Secured Lending, Inc. (formerly TCG BDC I, Inc.) and Carlyle Credit Solutions, Inc., (formerly TCG BDC II, Inc.), each a business development company. The Board believes that his experience in these positions, particularly with respect to oversight of risk and the audit function of public companies, as well as his previous service on the boards of other mutual funds qualifies him to serve as a Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *E. Lee Beard.* Ms. Beard, a certified public accountant, has served as the president, chief executive officer and director, and as a chief financial officer, of public, federally insured depository institutions. As such, Ms. Beard is familiar with issues relating to audits of financial institutions. The Board believes that Ms. Beard's experience as the chief executive officer of a depository institution, her service on the boards of other mutual funds and her knowledge of audit and accounting matters qualifies her to serve as a Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *David C. Brown.* Mr. Brown serves as the Chairman and Chief Executive Officer (since 2013) of the Adviser and, as such, is an "interested person" of the Trust. Previously, he served as Co-Chief Executive Officer (2011 - 2013), and President — Investments and Operations (2010 - 2011) and Chief Operating Officer (2004 - 2011) of the Adviser. The Board believes that his position and experience with the Adviser and his previous experience in the investment management business qualifies him to serve as a Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *John L. Kelly.* Mr. Kelly has more than 35 years of experience and leadership roles in the financial services industry including institutional electronic trading, capital markets, corporate and investment banking, retail brokerage, private equity, asset/wealth management, institutional services, mutual funds, and related technology enabled services. He previously served as an

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Independent Trustee of Victory Portfolios, Victory Institutional Funds, and Victory Variable Insurance Funds from 2008 to 2011. The Board believes that this experience qualifies him to serve as a Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *David L. Meyer.* For six years, Mr. Meyer served as chief operating officer, Investment Wealth Management Division, of Mercantile Bankshares Corp (now PNC Financial Services Corp.) and has served as an officer or on the boards of other mutual funds for many years. The Board believes that his experience, particularly as it related to the operation of registered investment companies, qualifies him to serve as a Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Gloria S. Nelund.* Ms. Nelund has executive and investment management industry experience, including service as chief executive officer of two investment advisory firms. Ms. Nelund also has experience as a co-founder and chief executive officer of an investment firm. Ms. Nelund previously served as the Chairman and Trustee of the boards of the RS Investment Trust and RS Variable Products Trust. The Board believes that this experience qualifies her to serve as a Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Timothy Pettee.* Mr. Pettee served for many years as Chief Investment Officer and Lead Portfolio Manager (Rules Based Funds) of SunAmerica Asset Management Corp., where he was responsible for investment oversight, portfolio management, and securities selection. At SunAmerica, Mr. Pettee also was Chair of the Portfolio Policy and Brokerage and Soft Dollar Committees, and a member of the Proxy and Executive Committees. The Board believes that Mr. Pettee's experience with other mutual funds and his knowledge qualifies him to serve as a Trustee.

**Committees of the Board**

The following standing Committees of the Board are currently in operation: Audit and Risk Oversight, Compliance, Continuing Education, Investment, Service Provider, Board Governance and Nominating, and Agenda. In addition to these standing Committees, the Board may form temporary Sub- or Special Committees to address particular areas of concern. A Committee may form a Sub-Committee to address particular areas of concern to that Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The members of the Audit and Risk Oversight Committee, all of whom are Independent Trustees, are Ms. Beard (Chair), Mr. Andrews, Mr. Kelly, and Ms. Nelund. The primary purpose of this Committee is to oversee the Trust's accounting and financial reporting policies, practices, and internal controls, as required by the statutes and regulations administered by the SEC, including the 1940 Act. The Committee also has overall responsibility for reviewing periodic reports with respect to compliance and enterprise risk, including operational risk and personnel. The Board has designated Mr. Meyer and Ms. Beard as its Audit Committee Financial Experts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The members of the Compliance Committee are Mr. Adcock (Chair), Mr. Andrews, Ms. Beard, Mr. Kelly, and Ms. Nelund. The Compliance Committee oversees matters related to the Funds' compliance program and compliance with applicable laws, rules and regulations and meets regularly with the Trust's Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The members of the Continuing Education Committee are Mr. Meyer (Chair), Mr. Adcock, Mr. Andrews, Ms. Beard, Mr. Kelly, and Ms. Nelund. The function of this Committee is to develop programs to educate the Trustees to enhance their effectiveness as a Board and individually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The members of the Investment Committee are Mr. Pettee (Chair), Mr. Adcock, Mr. Kelly, and Mr. Meyer. The function of this Committee is to oversee the Funds' compliance with investment objectives, policies, and restrictions, including those imposed by law or regulation, and assist the Board in its annual review of the Funds' investment advisory agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The members of the Service Provider Committee are Ms. Nelund (Chair), Mr. Andrews, Ms. Beard, and Mr. Kelly. This Committee oversees the negotiation of the terms of the written agreements with the Funds' service providers, evaluates the quality of periodic reports from the service providers (including reports submitted by sub-service providers) and assists the Board in its review of each Fund's service providers, other than the investment adviser and independent auditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Board Governance and Nominating Committee consists of all of the Independent Trustees. Mr. Andrews currently serves as the Chair of this Committee. The functions of this Committee are: to oversee Fund governance, including the nomination and selection of Trustees; to evaluate and recommend to the Board the compensation and expense reimbursement policies applicable to Trustees; and periodically, to coordinate and facilitate an evaluation of the performance of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Board Governance and Nominating Committee will consider nominee recommendations from Fund shareholders, in accordance with procedures established by the Committee. A Fund shareholder should submit a nominee recommendation in writing to the attention of the Chair of the Trust, 15935 La Cantera Parkway, San Antonio, Texas 78256. The Committee (or a designated sub-committee) will screen shareholder recommendations in the same manner as it screens nominations received from other sources, such as current Trustees, management of the Funds or other individuals, including professional recruiters. The Committee need not consider any recommendations when no vacancy on the Board exists, but the Committee will consider any such recommendation if a vacancy occurs within six months after receipt of the recommendation. In administering the

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shareholder recommendation process, the Chair, in the Chair's sole discretion, may retain the services of counsel to the Trust or to the Independent Trustees, management of the Fund or any third party. The Committee will communicate the results of the evaluation of any shareholder recommendation to the shareholder who made the recommendation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Agenda Committee consists of the Chair of the Board and the Chair of each other Committee.

During the fiscal year ended June 30, 2025, the Board held eight meetings. The Audit and Risk Oversight Committee held four meetings; the Compliance Committee held four meetings; the Investment Committee held four meetings; the Service Provider Committee held four meetings; and the Board Governance and Nominating Committee held four meetings. The Continuing Education Committee met informally during the fiscal year.

**Officers of the Trust**

The officers of the Trust are elected by the Board to actively supervise the Trust's day-to-day operations. The officers of the Trust, their year of birth, the length of time served, and their principal occupations during the past five years, are detailed in the following table. Each individual holds the same position with the other registered investment companies in the Victory Fund Complex, and each officer serves until the earlier of his or her resignation, removal, retirement, death, or the election of a successor. The mailing address of each officer of the Trust is 15935 La Cantera Parkway, San Antonio, TX 78256. The officers of the Trust receive no compensation directly from the Trust for performing the duties of their offices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Name and** <br> **Date of Birth**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Position with**<br> **the Trust**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Date** <br> **Commenced**<br> **Service**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Principal Occupation** <br> **During Past 5 Years**<br>|
| Thomas <br> Dusenberry,<br> (1977)<br>| President | May 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Director, Fund Administration, the Adviser; Treasurer <br> and Principal Financial Officer (May 2023-present); <br> Manager, Fund Administration, the Adviser; Treasurer <br> and Principal Financial Officer (2020-2022), Assistant <br> Treasurer (2019), Salient MF Trust, Salient Midstream, <br> MLP Fund and Forward Funds; Principal Financial <br> Officer (2018-2021) and Treasurer (2020-2021), Salient <br> Private Access Funds and Endowment PMF Funds; <br> Senior Vice President of Fund Accounting and <br> Operations, Salient Partners (2020-2022); Director of <br> Fund Operations, Salient Partners (2016-2019). Mr. <br> Dusenberry also serves as President of Victory <br> Portfolios II, Victory Portfolios III, Victory Portfolios <br> IV, and Victory Variable Insurance Funds II.<br>|
| Scott A. Stahorsky, <br> (1969)<br>| Vice President | December 2014 | &nbsp;&nbsp;&nbsp;&nbsp; Director, Third-Party Dealer Services & Reg <br> Administration, Fund Administration, the Adviser <br> (5/1/2023-present); Vice President, Victory Capital <br> Transfer Agency, Inc. (4/20/23-present); Manager, Fund <br> Administration, the Adviser (4/30/23- 2015). Mr. <br> Stahorsky also serves as Vice President of Victory <br> Portfolios II, Victory Portfolios III, Victory Portfolios <br> IV, and Victory Variable Insurance Funds II.<br>|
| Patricia McClain<br> (1962)<br>| Secretary | June 2024 | &nbsp;&nbsp;&nbsp;&nbsp; Director, Regulatory Administration, Fund <br> Administration, the Adviser (7/1/19-present). Ms. <br> McClain also serves as Secretary of Victory Portfolios <br> II, Victory Portfolios III, Victory Portfolios IV, and <br> Victory Variable Insurance Funds II.<br>|
| Carol D. Trevino<br> (1965)<br>| Treasurer | February 2023 | &nbsp;&nbsp;&nbsp;&nbsp; Director, Financial Reporting, Fund Administration <br> (5/1/23-present); Director, Accounting and Finance, the <br> Adviser (7/1/19-4/30/23); Accounting/ Financial <br> Director, USAA (12/13-6/30/19). Ms. Trevino also <br> serves as Treasurer of Victory Portfolios II, Victory <br> Portfolios III, Victory Portfolios IV, and Victory <br> Variable Insurance Funds II.<br>|

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| | | | |
|:---|:---|:---|:---|
| **Name and** <br> **Date of Birth**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Position with**<br> **the Trust**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Date** <br> **Commenced**<br> **Service**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Principal Occupation** <br> **During Past 5 Years**<br>|
| Christopher Ponte, <br> (1984)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Assistant <br> Treasurer<br>| December 2017 | &nbsp;&nbsp;&nbsp;&nbsp; Director, Fund and Broker Dealer Finance, Fund <br> Administration, (5/1/23-present); Victory Capital <br> Transfer Agency, Inc. (5/23-present); Manager, Fund <br> Administration, the Adviser (2017-2023); Chief <br> Financial Officer, Victory Capital Services, Inc. (since <br> 2018). Mr. Ponte also serves as Assistant Treasurer of <br> Victory Portfolios II, Victory Portfolios III, Victory <br> Portfolios IV, and Victory Variable Insurance Funds II.<br>|
| Sean Fox, <br> (1976)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Chief <br> Compliance <br> Officer<br>| June 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Compliance Officer, the Adviser (2019-Present); <br> Compliance Officer, the Adviser (2015-2019). Mr. Fox <br> also serves as Chief Compliance Officer for Victory <br> Portfolios II, Victory Portfolios III, Victory Portfolios <br> IV, and Victory Variable Insurance Funds II.<br>|
| D. Brent Rowse, <br> (1981)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Anti-Money <br> Laundering <br> Compliance <br> Officer and <br> Identity Theft <br> Officer<br>| October 2024 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Compliance Officer, the Adviser (4/1/23-present); <br> Compliance Officer, the Adviser (7/1/19-3/31/23). Mr. <br> Rowse also serves as the Anti-Money Laundering <br> Compliance Officer and Identity Theft Officer for <br> Victory Portfolios II, Victory Portfolios III, Victory <br> Portfolios IV, and Victory Variable Insurance Funds II, <br> and the Anti-Money Laundering Compliance Officer for <br> Victory Capital Services, Inc.<br>|
| Jay G. Baris, <br> (1954)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Assistant <br> Secretary<br>| December 1997 | &nbsp;&nbsp;&nbsp;&nbsp; Senior Counsel, Sidley Austin LLP (since 2025); <br> Partner, Sidley Austin LLP (2020-2024); Partner, <br> Shearman & Sterling LLP (2018-2020).<br>|

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**Fund Ownership**

The following tables show the dollar ranges of Fund shares (and of shares of all series of the Victory Fund Complex) beneficially owned by each Trustee as of December 31, 2024. No Independent Trustee (or any immediate family member) owns beneficially or of record an interest in the Adviser or the Distributor or in any person directly or indirectly controlling, controlled by, or under common control with the Adviser or the Distributor (other than Funds in the Victory Funds Complex). As of December 31, 2024, the Trustees and officers as a group owned beneficially less than 1% of each class of outstanding shares of those series of the Trust.

**Independent Trustees** 

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| | | |
|:---|:---|:---|
| **Trustee** | &nbsp;&nbsp;&nbsp;&nbsp; **Dollar Range of Beneficial Ownership of Fund** <br> **Shares**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Aggregate Dollar Range of Ownership** <br> **of Shares of All Series** <br> **of the Victory Fund Complex**<br>|
| Mr. Adcock |  | Over $100,000 |
| Mr. Andrews |  | Over $100,000 |
| Ms. Beard | Victory Core Bond Fund: $10,001 - $50,000 | Over $100,000 |
| Mr. Kelly | &nbsp;&nbsp;&nbsp;&nbsp; Victory Integrity Discovery Fund: $10,001 - $50,000<br> Victory Integrity Mid-Cap Value Fund: $10,001 - $50,000<br> Victory Integrity Small-Cap Value Fund: $10,001 - $50,000<br> Victory Multi-Cap Fund: $10,001 - $50,000<br> Victory Trivalent International Small-Cap Fund: <br> $10,001-$50,000<br>| Over $100,000 |
| Mr. Meyer | &nbsp;&nbsp;&nbsp;&nbsp; Victory Integrity Discovery Fund: $10,001 - $50,000<br> Victory Mid-Cap Core Growth Fund: $10,000 - $50,000<br> Victory Multi-Cap Fund: $10,000 - $50,000<br> Victory Trivalent International Fund—Core Equity: $10,001 <br> - $50,000<br>| Over $100,000 |
| Ms. Nelund |  | Over $100,000 |
| Mr. Pettee |  |  |

---

------

**Interested Trustee** 

---

| | | |
|:---|:---|:---|
| **Trustee** | &nbsp;&nbsp;&nbsp;&nbsp; **Dollar Range of Beneficial Ownership of Fund** <br> **Shares**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Aggregate Dollar Range of Ownership** <br> **of Shares of All Series** <br> **of the Victory Fund Complex**<br>|
| Mr. Brown\* | &nbsp;&nbsp;&nbsp;&nbsp; Victory Integrity Discovery Fund: Over $100,000<br> Victory Integrity Mid-Cap Value Fund: Over $100,000<br> Victory Integrity Small/Mid-Cap Value Fund: Over <br> $100,000<br> Victory Trivalent International Small-Cap Fund: Over <br> $100,000<br>| Over $100,000 |

---

\*

Mr. Brown is an "Interested Person" by reason of his relationship with the Adviser.

**Compensation**

The Victory Fund Complex pays each Independent Trustee $375,000 per year for his or her services to the Complex. The Board Chair is paid an additional retainer of $140,000 per year. While the Board reserves the right to award reasonable compensation to any Interested Trustee, as of the date of this SAI no Interested Trustee receives compensation for services as a Trustee.

The following tables indicate the compensation received by each Trustee from the Funds covered in this SAI and from the Victory Fund Complex for the fiscal year ended June 30, 2025. As of June 30, 2025, there were 63 funds in the Victory Fund Complex for which the Trustees listed below were compensated. The Trust does not maintain a retirement plan for its Trustees.

**Independent Trustees**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Trustee** | &nbsp;&nbsp;&nbsp; **Aggregate Compensation**<br> **from the Funds**<br>| &nbsp;&nbsp;&nbsp; **Total Compensation from the**<br> **Victory Fund Complex**<br>|
| Mr. Adcock | &nbsp;&nbsp;&nbsp;&nbsp; $32673 | &nbsp;&nbsp;&nbsp;&nbsp; $365000 |
| Mr. Andrews\* | &nbsp;&nbsp;&nbsp;&nbsp; $46676 | &nbsp;&nbsp;&nbsp;&nbsp; $365000 |
| Ms. Beard | &nbsp;&nbsp;&nbsp;&nbsp; $33916 | &nbsp;&nbsp;&nbsp;&nbsp; $365000 |
| Mr. Kelly | &nbsp;&nbsp;&nbsp;&nbsp; $64595 | &nbsp;&nbsp;&nbsp;&nbsp; $505000 |
| Mr. Meyer | &nbsp;&nbsp;&nbsp;&nbsp; $46676 | &nbsp;&nbsp;&nbsp;&nbsp; $365000 |
| Ms. Nelund | &nbsp;&nbsp;&nbsp;&nbsp; $46676 | &nbsp;&nbsp;&nbsp;&nbsp; $365000 |
| Mr. Pettee | &nbsp;&nbsp;&nbsp;&nbsp; $46676 | &nbsp;&nbsp;&nbsp;&nbsp; $365000 |

---

\*

Mr. Andrews no longer elects to receive a portion of his compensation as deferred compensation. As of June 30, 2025, the value of Mr. Andrews' deferred compensation account was $668,176.

**Interested Trustee**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Trustee** | &nbsp;&nbsp;&nbsp; **Aggregate Compensation**<br> **from the Funds**<br>| &nbsp;&nbsp;&nbsp; **Total Compensation from the**<br> **Victory Fund Complex**<br>|
| Mr. Brown\* |  |  |

---

\*

Mr. Brown is an "Interested Person" by reason of his relationship with the Adviser.

**Deferred Compensation**

Each Trustee may elect to defer a portion of his or her compensation from the Victory Fund Complex in accordance with a Deferred Compensation Plan adopted by the Board (the "Plan"). Such amounts are invested in one or more Funds in the Victory Fund Complex offered under the Plan or a money market fund, as selected by the Trustee.

As of the current fiscal year ended June 30, 2025, the following current Trustees have elected to defer a portion of his or her compensation from the Victory Fund Complex.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Trustee** | &nbsp;&nbsp;&nbsp; **Aggregate Compensation**<br> **from the Funds**<br>| &nbsp;&nbsp;&nbsp; **Total Compensation from the**<br> **Victory Fund Complex**<br>|
| Mr. Adcock\* | &nbsp;&nbsp;&nbsp;&nbsp; $14668 | &nbsp;&nbsp;&nbsp;&nbsp; $109500 |
| Ms. Beard\*\* | &nbsp;&nbsp;&nbsp;&nbsp; $13356 | &nbsp;&nbsp;&nbsp;&nbsp; $99700 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As of June 30, 2025, the value of Mr. Adcock's deferred compensation account was $536,259.

\*\*&nbsp;&nbsp;&nbsp;&nbsp; As of June 30, 2025, the value of Ms. Beard's deferred compensation account was $264,405.

------

.

**CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS**

As of September 30, 2025, the following shareholders owned 5% or more of a class of the indicated Funds. Each shareholder that beneficially owns more than 25% of the voting securities of a class of a Fund may be deemed a control person of that class of the Fund's outstanding shares and, thereby, may influence the outcome of matters on which shareholders are entitled to vote. Since the economic benefit of investing in a Fund and related voting authority is passed through to the underlying investors of the record owners, it is expected that these record owners generally will not be considered the beneficial owners of the Fund's shares or control persons of the Fund.

The names and addresses of the record holders and the percentage of the outstanding shares held by such holders are set forth in the following table.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Fund - Class** | **Name and Address of Owner** | &nbsp;&nbsp;&nbsp; **Percentage**<br> **Owned of**<br> **Record**<br>|
| VICTORY CORE BOND FUND CL A | &nbsp;&nbsp;&nbsp;&nbsp; MERRILL LYNCH, PIERCE, FENNER & SMITH<br> ATTN: COMPENSATION TEAM<br> 4800 DEER LAKE DR E FL 2<br> JACKSONVILLE FL 322466484<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.27% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; CHARLES SCHWAB & CO., INC.<br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.90% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; EDWARD D. JONES & CO., L.P.<br> 12555 MANCHESTER ROAD<br> SAINT LOUIS MO 631313729<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.43% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; AMERIPRISE FINANCIAL SERVICES, INC.<br> 5221 AMERIPRISE FINANCIAL CENTER<br> MINNEAPOLIS MN 55474<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.15% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; WELLS FARGO CLEARING SERVICES, LLC.<br> ATTN: DEBBIE BELL MAILCODE: MO3970<br> 1 NORTH JEFFERSON AVENUE<br> ST. LOUIS MO 63103<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.24% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; PERSHING LLC<br> ONE PERSHING PLAZA<br> PRODUCT SUPPORT, 14TH FLOOR<br> JERSEY CITY NJ 07399<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.81% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; JEROME ALAN HOTLZ<br> IRA ROLLOVER<br> MONTGOMERY MN 56069-1414<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.09% |
| VICTORY CORE BOND FUND CL C | &nbsp;&nbsp;&nbsp;&nbsp; RAYMOND JAMES & ASSOCIATES, INC.<br> 880 CARILLON PARKWAY<br> ST PETERSBURG FL 337332749<br>| &nbsp;&nbsp;&nbsp;&nbsp; 53.27% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; EDWARD D. JONES & CO., L.P.<br> 12555 MANCHESTER ROAD<br> SAINT LOUIS MO 631313729<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.94% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; PTA<br> MURRAY MATHESON<br> 9785 TOWNE CENTER DR<br> SAN DIEGO CA 92121-1968<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.87% |
| VICTORY CORE BOND FUND CL R6 | &nbsp;&nbsp;&nbsp;&nbsp; RELIANCE TRUST CO FBO<br> COMERICA EB C C<br> PO BOX 570788<br> ATLANTA GA 30357<br>| &nbsp;&nbsp;&nbsp;&nbsp; 93.57% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; MATRIX TRUST COMPANY AS TTEE<br> MANAGEMENT INC 401K PLAN<br> PO BOX 52129<br> PHOENIX AZ 850722129<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.41% |

---

------

---

| | | |
|:---|:---|:---|
| **Fund - Class** | **Name and Address of Owner** | &nbsp;&nbsp;&nbsp; **Percentage**<br> **Owned of**<br> **Record**<br>|
| VICTORY CORE BOND FUND CL Y | &nbsp;&nbsp;&nbsp;&nbsp; RELIANCE TRUST CO FBO<br> COMERICA EB C C<br> PO BOX 570788<br> ATLANTA GA 30357<br>| &nbsp;&nbsp;&nbsp;&nbsp; 84.16% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TUSCOLA COUNTY COMMUNITY <br> FOUNDATION<br> PO BOX 534<br> CARO MI 487230534<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.29% |
| VICTORY INTEGRITY DISCOVERY FUND CL <br> A<br>| &nbsp;&nbsp;&nbsp;&nbsp; MERRILL LYNCH, PIERCE, FENNER & SMITH<br> ATTN: COMPENSATION TEAM<br> 4800 DEER LAKE DR E FL 2<br> JACKSONVILLE FL 322466484<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.17% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; PERSHING LLC<br> ONE PERSHING PLAZA<br> PRODUCT SUPPORT, 14TH FLOOR<br> JERSEY CITY NJ 07399<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.79% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> NEWPORT OFFICE CENTER III 5TH FLOOR<br> 499 WASHINGTON BOULEVARD<br> JERSEY CITY NJ 07310<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.68% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; CHARLES SCHWAB & CO., INC.<br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.03% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; PTC<br> MURRAY MATHESON<br> 9785 TOWNE CENTER DR<br> SAN DIEGO CA 92121-1968<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.57% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; MORGAN STANLEY SMITH BARNEY LLC<br> 2000 WESTCHESTER AVE LD<br> PURCHASE NY 105772530<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.18% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; WELLS FARGO CLEARING SERVICES, LLC.<br> ATTN: DEBBIE BELL MAILCODE: MO3970<br> 1 NORTH JEFFERSON AVENUE<br> ST. LOUIS MO 63103<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% |
| VICTORY INTEGRITY DISCOVERY FUND CL <br> C<br>| &nbsp;&nbsp;&nbsp;&nbsp; MONROE GOSS<br> ROTH IRA<br> 716 JULIE DR<br> VIDALIA GA 304740000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.84% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; PERSHING LLC<br> ONE PERSHING PLAZA<br> PRODUCT SUPPORT, 14TH FLOOR<br> JERSEY CITY NJ 07399<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.41% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; RAYMOND JAMES & ASSOCIATES, INC.<br> 880 CARILLON PARKWAY<br> ST PETERSBURG FL 337332749<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.58% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; PTC<br> MURRAY MATHESON<br> 9785 TOWNE CENTER DR<br> SAN DIEGO CA 92121-1968<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.58% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; WELLS FARGO CLEARING SERVICES, LLC.<br> ATTN: DEBBIE BELL MAILCODE: MO3970<br> 1 NORTH JEFFERSON AVENUE<br> ST. LOUIS MO 63103<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.98% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NATASHA W GOSS<br> ROTH IRA<br> VIDALIA GA 30474<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.92% |

---

------

---

| | | |
|:---|:---|:---|
| **Fund - Class** | **Name and Address of Owner** | &nbsp;&nbsp;&nbsp; **Percentage**<br> **Owned of**<br> **Record**<br>|
| VICTORY INTEGRITY DISCOVERY FUND CL <br> Y<br>| &nbsp;&nbsp;&nbsp;&nbsp; MATRIX TRUST COMPANY AS TTEE<br> MANAGEMENT INC 401K PLAN<br> PO BOX 52129<br> PHOENIX AZ 850722129<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.64% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> NEWPORT OFFICE CENTER III 5TH FLOOR<br> 499 WASHINGTON BOULEVARD<br> JERSEY CITY NJ 07310<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.54% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; PTC<br> MURRAY MATHESON<br> 9785 TOWNE CENTER DR<br> SAN DIEGO CA 92121-1968<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.71% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; PERSHING LLC<br> ONE PERSHING PLAZA<br> PRODUCT SUPPORT, 14TH FLOOR<br> JERSEY CITY NJ 07399<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.91% |
| VICTORY INTEGRITY DISCOVERY FUND <br> MEMBER CLASS<br>| &nbsp;&nbsp;&nbsp;&nbsp; VICTORY CAPITAL TRANSFER AGENCY INC<br> 15935 LA CANTERA PARKWAY BLDG TWO<br> SAN ANTONIO TX 78256<br>| &nbsp;&nbsp;&nbsp;&nbsp; 98.58% |
| VICTORY INTEGRITY MID-CAP VALUE FD CL <br> C<br>| &nbsp;&nbsp;&nbsp;&nbsp; MATRIX TRUST COMPANY AS TTEE<br> MANAGEMENT INC 401K PLAN<br> PO BOX 52129<br> PHOENIX AZ 850722129<br>| &nbsp;&nbsp;&nbsp;&nbsp; 70.21% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; EDWARD D. JONES & CO., L.P.<br> 12555 MANCHESTER ROAD<br> SAINT LOUIS MO 631313729<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.79% |
| VICTORY INTEGRITY MID-CAP VALUE FUND <br> CL A<br>| &nbsp;&nbsp;&nbsp;&nbsp; EDWARD D. JONES & CO., L.P.<br> 12555 MANCHESTER ROAD<br> SAINT LOUIS MO 631313729<br>| &nbsp;&nbsp;&nbsp;&nbsp; 54.20% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; MID ATLANTIC TRUST COMPANY FBO<br> SAVINO 401 K<br> 1251 WATERFRONT PLACE SUITE 525<br> PITTSBURGH PA 15222<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.91% |
| VICTORY INTEGRITY MID-CAP VALUE FUND <br> CL R6<br>| &nbsp;&nbsp;&nbsp;&nbsp; EDWARD D. JONES & CO., L.P.<br> 12555 MANCHESTER ROAD<br> SAINT LOUIS MO 631313729<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41.04% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; GERLACH CO LLC CITIBANK OPEN WE1<br> 3800 CITIGROUP CENTER<br> BUILDING B3-14<br> TAMPA FL 33610<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.97% |
| VICTORY INTEGRITY MID-CAP VALUE FUND <br> CL Y<br>| &nbsp;&nbsp;&nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> NEWPORT OFFICE CENTER III 5TH FLOOR<br> 499 WASHINGTON BOULEVARD<br> JERSEY CITY NJ 07310<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.54% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; WELLS FARGO CLEARING SERVICES, LLC.<br> ATTN: DEBBIE BELL MAILCODE: MO3970<br> 1 NORTH JEFFERSON AVENUE<br> ST. LOUIS MO 63103<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.29% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; PTC<br> MURRAY MATHESON<br> 9785 TOWNE CENTER DR<br> SAN DIEGO CA 92121-1968<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.18% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; CHARLES SCHWAB & CO., INC.<br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.12% |

---

------

---

| | | |
|:---|:---|:---|
| **Fund - Class** | **Name and Address of Owner** | &nbsp;&nbsp;&nbsp; **Percentage**<br> **Owned of**<br> **Record**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; PERSHING LLC<br> ONE PERSHING PLAZA<br> PRODUCT SUPPORT, 14TH FLOOR<br> JERSEY CITY NJ 07399<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.47% |
| VICTORY INTEGRITY MID-CAP VALUE FUND <br> MEMBER CL<br>| &nbsp;&nbsp;&nbsp;&nbsp; VICTORY CAPITAL TRANSFER AGENCY INC<br> 15935 LA CANTERA PARKWAY BLDG TWO<br> SAN ANTONIO TX 78256<br>| &nbsp;&nbsp;&nbsp;&nbsp; 99.18% |
| VICTORY INTEGRITY SMALL MID-CAP <br> VALUE FD CL A<br>| &nbsp;&nbsp;&nbsp;&nbsp; EDWARD D. JONES & CO., L.P.<br> 12555 MANCHESTER ROAD<br> SAINT LOUIS MO 631313729<br>| &nbsp;&nbsp;&nbsp;&nbsp; 73.10% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; CHARLES SCHWAB & CO., INC.<br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.22% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; STATE STREET BANK CUSTODIAN<br> ADP ACCESS LARGE MARKET 401K<br> 1 LINCOLN STREET<br> BOSTON MA 02111<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.41% |
| VICTORY INTEGRITY SMALL MID-CAP <br> VALUE FD CL R6<br>| &nbsp;&nbsp;&nbsp;&nbsp; EDWARD D. JONES & CO., L.P.<br> 12555 MANCHESTER ROAD<br> SAINT LOUIS MO 631313729<br>| &nbsp;&nbsp;&nbsp;&nbsp; 53.48% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> NEWPORT OFFICE CENTER III 5TH FLOOR<br> 499 WASHINGTON BOULEVARD<br> JERSEY CITY NJ 07310<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.19% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NORTHERN TRUST CO FBO ST. LOUIS FIR<br> TR A/C 2660378<br> PO BOX 92956<br> CHICAGO IL 60675<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.84% |
| VICTORY INTEGRITY SMALL MID-CAP <br> VALUE FD CL Y<br>| &nbsp;&nbsp;&nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> NEWPORT OFFICE CENTER III 5TH FLOOR<br> 499 WASHINGTON BOULEVARD<br> JERSEY CITY NJ 07310<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40.96% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; SEI PRIVATE TRUST COMPANY<br> C O TRUIST ID 866<br> FBO CLINTON UTILITIES BOARD<br> 1 FREEDOM VALLEY DRIVE<br> PEN PLAN<br> OAKS PA 19456<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.39% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; VANGUARD FIDUCIARY TRUST COMPANY<br> MUNDER FUNDS<br> 400 DEVON PARK DR<br> WAYNE PA 190871816<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.52% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; MORGAN STANLEY SMITH BARNEY LLC<br> 2000 WESTCHESTER AVE LD<br> PURCHASE NY 105772530<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.60% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; CHARLES SCHWAB & CO., INC.<br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.98% |
| VICTORY INTEGRITY SMALL MID-CAP <br> VALUE MEMBER CL<br>| &nbsp;&nbsp;&nbsp;&nbsp; VICTORY CAPITAL TRANSFER AGENCY INC<br> 15935 LA CANTERA PARKWAY BLDG TWO<br> SAN ANTONIO TX 78256<br>| &nbsp;&nbsp;&nbsp;&nbsp; 99.43% |
| VICTORY INTEGRITY SMALL-CAP VALUE <br> FUND CL A<br>| &nbsp;&nbsp;&nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> NEWPORT OFFICE CENTER III 5TH FLOOR<br> 499 WASHINGTON BOULEVARD<br> JERSEY CITY NJ 07310<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.73% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; EDWARD D. JONES & CO., L.P.<br> 12555 MANCHESTER ROAD<br> SAINT LOUIS MO 631313729<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.64% |

---

------

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| | | |
|:---|:---|:---|
| **Fund - Class** | **Name and Address of Owner** | &nbsp;&nbsp;&nbsp; **Percentage**<br> **Owned of**<br> **Record**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; MORGAN STANLEY SMITH BARNEY LLC<br> 2000 WESTCHESTER AVE LD<br> PURCHASE NY 105772530<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.46% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; STATE STREET BANK CUSTODIAN<br> ADP ACCESS LARGE MARKET 401K<br> 1 LINCOLN STREET<br> BOSTON MA 02111<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.35% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; MERRILL LYNCH, PIERCE, FENNER & SMITH<br> ATTN: COMPENSATION TEAM<br> 4800 DEER LAKE DR E FL 2<br> JACKSONVILLE FL 322466484<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.08% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; CHARLES SCHWAB & CO., INC.<br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.97% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; PERSHING LLC<br> ONE PERSHING PLAZA<br> PRODUCT SUPPORT, 14TH FLOOR<br> JERSEY CITY NJ 07399<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.98% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; RAYMOND JAMES & ASSOCIATES, INC.<br> 880 CARILLON PARKWAY<br> ST PETERSBURG FL 337332749<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.64% |
| VICTORY INTEGRITY SMALL-CAP VALUE <br> FUND CL C<br>| &nbsp;&nbsp;&nbsp;&nbsp; RAYMOND JAMES & ASSOCIATES, INC.<br> 880 CARILLON PARKWAY<br> ST PETERSBURG FL 337332749<br>| &nbsp;&nbsp;&nbsp;&nbsp; 67.30% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; PTC<br> MURRAY MATHESON<br> 9785 TOWNE CENTER DR<br> SAN DIEGO CA 92121-1968<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.33% |
| VICTORY INTEGRITY SMALL-CAP VALUE <br> FUND CL R<br>| &nbsp;&nbsp;&nbsp;&nbsp; STATE STREET BANK CUSTODIAN<br> ADP ACCESS LARGE MARKET 401K<br> 1 LINCOLN STREET<br> BOSTON MA 02111<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41.92% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TALCOTT RESOLUTION LIFE INSURANCE CO<br> PO BOX 5051<br> HARTFORD CT 06102<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.86% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; MASSACHUSETTS MUTUAL LIFE<br> INSURANCE COMPANY<br> 1295 STATE ST<br> MIP M200 INVST<br> SPRINGFIELD MA 011110000<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.57% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; EMPOWER TRUST FBO<br> CECIL COUNTY EMPLOYEES DCP<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VILLAGE CO 80111<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.41% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; MID ATLANTIC TRUST COMPANY FBO<br> LAUDERDALE TANKERS CORP 401 K PROF<br> 1251 WATERFRONT PLACE SUITE 525<br> PITTSBURGH PA 15222<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.39% |
| VICTORY INTEGRITY SMALL-CAP VALUE <br> FUND CL R6<br>| &nbsp;&nbsp;&nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> NEWPORT OFFICE CENTER III 5TH FLOOR<br> 499 WASHINGTON BOULEVARD<br> JERSEY CITY NJ 07310<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.65% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; EDWARD D. JONES & CO., L.P.<br> 12555 MANCHESTER ROAD<br> SAINT LOUIS MO 631313729<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.56% |

---

------

---

| | | |
|:---|:---|:---|
| **Fund - Class** | **Name and Address of Owner** | &nbsp;&nbsp;&nbsp; **Percentage**<br> **Owned of**<br> **Record**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; EMPOWER TRUST FBO<br> EMPLOYEE BENEFIT CLIENTS 401K<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VILLAGE CO 80111<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.63% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TIAA TRUST N A AS CUST TTEE<br> OF RETIREMENT PLANS<br> RECORDKEPT BY TIAA<br> 8500 ANDREW CARNEGIE BLVD<br> ATTN FUND OPERATIONS<br> CHARLOTTE NC 282628500<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.83% |
| VICTORY INTEGRITY SMALL-CAP VALUE <br> FUND CL Y<br>| &nbsp;&nbsp;&nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> NEWPORT OFFICE CENTER III 5TH FLOOR<br> 499 WASHINGTON BOULEVARD<br> JERSEY CITY NJ 07310<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36.67% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; CHARLES SCHWAB & CO., INC.<br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.20% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; RAYMOND JAMES & ASSOCIATES, INC.<br> 880 CARILLON PARKWAY<br> ST PETERSBURG FL 337332749<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.96% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; MERRILL LYNCH, PIERCE, FENNER & SMITH<br> ATTN: COMPENSATION TEAM<br> 4800 DEER LAKE DR E FL 2<br> JACKSONVILLE FL 322466484<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.88% |
| VICTORY MID-CAP CORE GROWTH FUND CL <br> A<br>| &nbsp;&nbsp;&nbsp;&nbsp; CHARLES SCHWAB & CO., INC.<br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.16% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> NEWPORT OFFICE CENTER III 5TH FLOOR<br> 499 WASHINGTON BOULEVARD<br> JERSEY CITY NJ 07310<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.64% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; PERSHING LLC<br> ONE PERSHING PLAZA<br> PRODUCT SUPPORT, 14TH FLOOR<br> JERSEY CITY NJ 07399<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.39% |
| VICTORY MID-CAP CORE GROWTH FUND CL <br> A<br>| &nbsp;&nbsp;&nbsp;&nbsp; MERRILL LYNCH, PIERCE, FENNER & SMITH<br> ATTN: COMPENSATION TEAM<br> 4800 DEER LAKE DR E FL 2<br> JACKSONVILLE FL 322466484<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.22% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; MORGAN STANLEY SMITH BARNEY LLC<br> 2000 WESTCHESTER AVE LD<br> PURCHASE NY 105772530<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.03% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; PTC<br> MURRAY MATHESON<br> 9785 TOWNE CENTER DR<br> SAN DIEGO CA 92121-1968<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.60% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; EDWARD D. JONES & CO., L.P.<br> 12555 MANCHESTER ROAD<br> SAINT LOUIS MO 631313729<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.35% |
| VICTORY MID-CAP CORE GROWTH FUND CL <br> C<br>| &nbsp;&nbsp;&nbsp;&nbsp; PTC<br> MURRAY MATHESON<br> 9785 TOWNE CENTER DR<br> SAN DIEGO CA 92121-1968<br>| &nbsp;&nbsp;&nbsp;&nbsp; 46.14% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; AMERIPRISE FINANCIAL SERVICES, INC.<br> 5221 AMERIPRISE FINANCIAL CENTER<br> MINNEAPOLIS MN 55474<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.18% |

---

------

---

| | | |
|:---|:---|:---|
| **Fund - Class** | **Name and Address of Owner** | &nbsp;&nbsp;&nbsp; **Percentage**<br> **Owned of**<br> **Record**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; PERSHING LLC<br> ONE PERSHING PLAZA<br> PRODUCT SUPPORT, 14TH FLOOR<br> JERSEY CITY NJ 07399<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.67% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; RAYMOND JAMES & ASSOCIATES, INC.<br> 880 CARILLON PARKWAY<br> ST PETERSBURG FL 337332749<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.29% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; WELLS FARGO CLEARING SERVICES, LLC.<br> ATTN: DEBBIE BELL MAILCODE: MO3970<br> 1 NORTH JEFFERSON AVENUE<br> ST. LOUIS MO 63103<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.43% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; CHARLES SCHWAB & CO., INC.<br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.05% |
| VICTORY MID-CAP CORE GROWTH FUND CL <br> R6<br>| &nbsp;&nbsp;&nbsp;&nbsp; EDWARD D. JONES & CO., L.P.<br> 12555 MANCHESTER ROAD<br> SAINT LOUIS MO 631313729<br>| &nbsp;&nbsp;&nbsp;&nbsp; 66.45% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> NEWPORT OFFICE CENTER III 5TH FLOOR<br> 499 WASHINGTON BOULEVARD<br> JERSEY CITY NJ 07310<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.25% |
| VICTORY MID-CAP CORE GROWTH FUND CL <br> Y<br>| &nbsp;&nbsp;&nbsp;&nbsp; CHARLES SCHWAB & CO., INC.<br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.48% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; UBS FINANCIAL SERVICES INC.<br> C/O CENTRAL DEPOSIT/MUTUAL FUNDS <br> 1000 HARBOR BLVD 7TH FL<br> A/C YY011410610<br> WEEHAWKEN NJ 07086-6727<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.57% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; VOYA RETIREMENT INSURANCE & <br> ANNUITY COMP<br> ONE ORANGE WAY<br> WINDSOR CT 06095<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.50% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; RAYMOND JAMES & ASSOCIATES, INC.<br> 880 CARILLON PARKWAY<br> ST PETERSBURG FL 337332749<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.73% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; WELLS FARGO CLEARING SERVICES, LLC.<br> ATTN: DEBBIE BELL MAILCODE: MO3970<br> 1 NORTH JEFFERSON AVENUE<br> ST. LOUIS MO 63103<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.66% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> NEWPORT OFFICE CENTER III 5TH FLOOR<br> 499 WASHINGTON BOULEVARD<br> JERSEY CITY NJ 07310<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.09% |
| VICTORY S&P 500 INDEX FUND CL R | &nbsp;&nbsp;&nbsp;&nbsp; EMPOWER TRUST FBO<br> CECIL COUNTY EMPLOYEES DCP<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VILLAGE CO 80111<br>| &nbsp;&nbsp;&nbsp;&nbsp; 57.18% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; MID ATLANTIC TRUST COMPANY FBO<br> LAUDERDALE TANKERS CORP 401 K PROF<br> 1251 WATERFRONT PLACE SUITE 525<br> PITTSBURGH PA 15222<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.10% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; ASCENSUS TRUST COMPANY FBO<br> PLUMBING SPECIALISTS INC 401 K P<br> PO BOX 10577<br> FARGO ND 58106<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.65% |

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| | | |
|:---|:---|:---|
| **Fund - Class** | **Name and Address of Owner** | &nbsp;&nbsp;&nbsp; **Percentage**<br> **Owned of**<br> **Record**<br>|
| VICTORY S&P 500 INDEX FUND CL R | &nbsp;&nbsp;&nbsp;&nbsp; ASCENSUS TRUST COMPANY<br> SAMINCO INC 401 K PLAN 221933<br> P O BOX 10758<br> FARGO ND 58106<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.42% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; MILLENNIUM TRUST CO LLC<br> FBO VARIOUS BENEFICIARIES<br> 2001 SPRING ROAD<br> SUITE 700<br> OAK BROOK IL 60523<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.72% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; PRINCIPAL SECURITIES, INC.<br> C/O PEN TRADE OPS N-004<br> PO BOX 14597<br> DES MOINES IA 50306<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.09% |
| VICTORY S&P 500 INDEX FUND CL Y | &nbsp;&nbsp;&nbsp;&nbsp; RELIANCE TRUST CO TTEE RELIANCE <br> TRUST CO<br> TTEE FBO AMERICAN<br> ASSOCIATION OF COLLEGES<br> 1100 ABERNATHY<br> ATLANTA GA 30328<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.70% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; MID ATLANTIC TRUST COMPANY FBO<br> LAUDERDALE TANKERS CORP 401 K PROF<br> 1251 WATERFRONT PLACE SUITE 525<br> PITTSBURGH PA 15222<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.49% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; PRINCIPAL SECURITIES, INC.<br> C/O PEN TRADE OPS N-004<br> P O BOX 10758<br> DES MOINES IA 50306<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.69% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; DRIVEWEALTH LLC MUTUAL OMNIBUS<br> ACCOUNT FBO CUSTOMERS<br> 28 LIBERTY STREET 50TH FLOOR<br> NY NY 10005<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.39% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; RAYMOND JAMES & ASSOCIATES, INC.<br> 880 CARILLON PARKWAY<br> ST PETERSBURG FL 33733-2749<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.17% |
| VICTORY S&P 500 INDEX FUND CL Y | &nbsp;&nbsp;&nbsp;&nbsp; RELIANCE TRUST CO FBO<br> COMERICA EB C C<br> PO BOX 570788<br> ATLANTA GA 30357<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.62% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; MATRIX TRUST COMPANY CUST<br> DATASPRING INC 401 K<br> 717 17TH STREET<br> SUITE 1300<br> DENVER CO 80202<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.99% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; PRINCIPAL SECURITIES, INC.<br> C/O PEN TRADE OPS N-004<br> PO BOX 14597<br> DES MOINES IA 50306<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.17% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; CHARLES SCHWAB & CO., INC.<br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.25% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; RAYMOND JAMES & ASSOCIATES, INC.<br> 880 CARILLON PARKWAY<br> ST PETERSBURG FL 337332749<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.17% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; MORGAN STANLEY SMITH BARNEY LLC<br> 2000 WESTCHESTER AVE LD<br> PURCHASE NY 105772530<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.06% |

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------

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| | | |
|:---|:---|:---|
| **Fund - Class** | **Name and Address of Owner** | &nbsp;&nbsp;&nbsp; **Percentage**<br> **Owned of**<br> **Record**<br>|
| VICTORY TRIVALENT INTERNATIONAL <br> FUND - CORE EQUITY CL A<br>| &nbsp;&nbsp;&nbsp;&nbsp; MERRILL LYNCH, PIERCE, FENNER & SMITH<br> ATTN: COMPENSATION TEAM<br> 4800 DEER LAKE DR E FL 2<br> JACKSONVILLE FL 322466484<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.01% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NATIONWIDE INVESTMENT SERVICES CORP.<br> CO IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 432182029<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.87% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; PERSHING LLC<br> ONE PERSHING PLAZA<br> PRODUCT SUPPORT, 14TH FLOOR<br> JERSEY CITY NJ 07399<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.66% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; MORGAN STANLEY SMITH BARNEY LLC<br> 2000 WESTCHESTER AVE LD<br> PURCHASE NY 10577-2530<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.57% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; AMERIPRISE FINANCIAL SERVICES, INC.<br> 5221 AMERIPRISE FINANCIAL CENTER<br> MINNEAPOLIS MN 55474<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.09% |
| VICTORY TRIVALENT INTERNATIONAL <br> FUND-CORE EQTY CL R6<br>| &nbsp;&nbsp;&nbsp;&nbsp; GERLACH CO LLC CITIBANK OPEN WE1<br> 3800 CITIGROUP CENTER<br> BUILDING B3-14<br> TAMPA FL 33610<br>| &nbsp;&nbsp;&nbsp;&nbsp; 95.07% |
| VICTORY TRIVALENT INTERNATIONAL <br> FUND-CORE EQUITY CL I<br>| &nbsp;&nbsp;&nbsp;&nbsp; CHARLES SCHWAB & CO., INC.<br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105<br>| &nbsp;&nbsp;&nbsp;&nbsp; 68.86% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; RELIANCE TRUST CO FBO<br> COMERICA EB C C<br> PO BOX 570788<br> ATLANTA GA 30357<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.61% |
| VICTORY TRIVALENT INTERNATIONAL <br> FUND-CORE EQUITY CL Y<br>| &nbsp;&nbsp;&nbsp;&nbsp; SEI PRIVATE TRUST COMPANY<br> C O TRUIST ID 866<br> FBO CLINTON UTILITIES BOARD<br> 1 FREEDOM VALLEY DRIVE<br> PEN PLAN<br> OAKS PA 19456<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.67% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TUSCOLA COUNTY COMMUNITY <br> FOUNDATION<br> PO BOX 534<br> CARO MI 487230534<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.52% |
| VICTORY TRIVALENT INTERNATIONAL <br> SMALL-CAP CL R6<br>| &nbsp;&nbsp;&nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> NEWPORT OFFICE CENTER III 5TH FLOOR<br> 499 WASHINGTON BOULEVARD<br> JERSEY CITY NJ 07310<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.38% |
| VICTORY TRIVALENT INTERNATIONAL <br> SMALL-CAP FUND CL A<br>| &nbsp;&nbsp;&nbsp;&nbsp; MERRILL LYNCH, PIERCE, FENNER & SMITH<br> ATTN: COMPENSATION TEAM<br> 4800 DEER LAKE DR E FL 2<br> JACKSONVILLE FL 322466484<br>| &nbsp;&nbsp;&nbsp;&nbsp; 33.26% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> NEWPORT OFFICE CENTER III 5TH FLOOR<br> 499 WASHINGTON BOULEVARD<br> JERSEY CITY NJ 07310<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.69% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; CHARLES SCHWAB & CO., INC.<br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.85% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; RAYMOND JAMES & ASSOCIATES, INC.<br> 880 CARILLON PARKWAY<br> ST PETERSBURG FL 337332749<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.57% |

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| | | |
|:---|:---|:---|
| **Fund - Class** | **Name and Address of Owner** | &nbsp;&nbsp;&nbsp; **Percentage**<br> **Owned of**<br> **Record**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; MORGAN STANLEY SMITH BARNEY LLC<br> 2000 WESTCHESTER AVE LD<br> PURCHASE NY 10577-2530<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.09% |
| VICTORY TRIVALENT INTERNATIONAL <br> SMALL-CAP FUND CL C<br>| &nbsp;&nbsp;&nbsp;&nbsp; PERSHING LLC<br> ONE PERSHING PLAZA<br> PRODUCT SUPPORT, 14TH FLOOR<br> JERSEY CITY NJ 07399<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.16% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; MORGAN STANLEY SMITH BARNEY LLC<br> 2000 WESTCHESTER AVE LD<br> PURCHASE NY 105772530<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.19% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; PTC<br> MURRAY MATHESON<br> 9785 TOWNE CENTER DR<br> SAN DIEGO CA 92121-1968<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.43% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; RAYMOND JAMES & ASSOCIATES, INC.<br> 880 CARILLON PARKWAY<br> ST PETERSBURG FL 337332749<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.24% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; WELLS FARGO CLEARING SERVICES, LLC.<br> ATTN: DEBBIE BELL MAILCODE: MO3970<br> 1 NORTH JEFFERSON AVENUE<br> ST. LOUIS MO 63103<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.24% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; MID ATLANTIC TRUST COMPANY FBO<br> LAUDERDALE TANKERS CORP 401 K PROF<br> 1251 WATERFRONT PLACE SUITE 525<br> PITTSBURGH PA 15222<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.15% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; UBS FINANCIAL SERVICES INC.<br> C/O CENTRAL DEPOSIT/MUTUAL FUNDS <br> 1000 HARBOR BLVD 7TH FL<br> A/C YY011410610<br> WEEHAWKEN NJ 070866727<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.28% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; CHARLES SCHWAB & CO., INC.<br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.75% |
| VICTORY TRIVALENT INTERNATIONAL <br> SMALL-CAP FUND CL I<br>| &nbsp;&nbsp;&nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> NEWPORT OFFICE CENTER III 5TH FLOOR<br> 499 WASHINGTON BOULEVARD<br> JERSEY CITY NJ 07310<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.42% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; EDWARD D. JONES & CO., L.P.<br> 12555 MANCHESTER ROAD<br> SAINT LOUIS MO 631313729<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.99% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; FACTORY MUTUAL INSURANCE COMPANY<br> ATTN KENT E MOFFATT<br> 404 WYMAN ST SUITE 390<br> WALTHAM MA 02451<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.52% |
| VICTORY TRIVALENT INTERNATIONAL <br> SMALL-CAP FUND CL R6<br>| &nbsp;&nbsp;&nbsp;&nbsp; PRINCIPAL SECURITIES, INC.<br> C/O PEN TRADE OPS N-004<br> PO BOX 14597<br> DES MOINES IA 50306<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.93% |
| VICTORY TRIVALENT INTERNATIONAL <br> SMALL-CAP FUND CL R6<br>| &nbsp;&nbsp;&nbsp;&nbsp; LACIBA CO CASH CASH<br> LAKE CITY BANK<br> 114 E MARKET ST<br> WARSAW IN 46580<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.38% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; VOYA INSTITUTIONAL TRUST COMPANY<br> 151 FARMINGTON AVE<br> HARTFORD CT 061560002<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.34% |

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| | | |
|:---|:---|:---|
| **Fund - Class** | **Name and Address of Owner** | &nbsp;&nbsp;&nbsp; **Percentage**<br> **Owned of**<br> **Record**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; VOYA RETIREMENT INSURANCE & <br> ANNUITY COMP<br> ONE ORANGE WAY<br> WINDSOR CT 06095<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; RELIANCE TRUST CO FBO<br> TTEE FBO AMERICAN<br> ASSOCATION OF COLLEGES<br> 1100 ABERNATHY<br> ATLANTA GA 30328<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.47% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; EMPOWER TRUST FBO<br> EMPLOYEE BENEFIT CLIENTS 401K<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VILLAGE CO 80111<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.35% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; SEI PRIVATE TRUST COMPANY<br> C O TRUIST ID 866<br> FBO CLINTON UTILITIES BOARD<br> 1 FREEDOM VALLEY DRIVE<br> PEN PLAN<br> OAKS PA 19456<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.98% |
| VICTORY TRIVALENT INTERNATIONAL <br> SMALL-CAP FUND CL Y<br>| &nbsp;&nbsp;&nbsp;&nbsp; RAYMOND JAMES & ASSOCIATES, INC.<br> 880 CARILLON PARKWAY<br> ST PETERSBURG FL 337332749<br>| &nbsp;&nbsp;&nbsp;&nbsp; 37.26% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; PERSHING LLC<br> ONE PERSHING PLAZA<br> PRODUCT SUPPORT, 14TH FLOOR<br> JERSEY CITY NJ 07399<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.08% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; CHARLES SCHWAB & CO., INC.<br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.30% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; PTC<br> MURRAY MATHESON<br> 9785 TOWNE CENTER DR<br> SAN DIEGO CA 92121-1968<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.11% |
| VICTORY TRIVALENT <br> INTERNATIONAL-CORE EQUITY CL Y<br>| &nbsp;&nbsp;&nbsp;&nbsp; RELIANCE TRUST CO FBO<br> COMERICA EB C C<br> PO BOX 570788<br> ATLANTA GA 30357<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51.44% |
| VICTORYMID-CAP CORE GROWTH FUND CL <br> A<br>| &nbsp;&nbsp;&nbsp;&nbsp; RAYMOND JAMES & ASSOCIATES, INC.<br> 880 CARILLON PARKWAY<br> ST PETERSBURG FL 337332749<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.09% |

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**INVESTMENT ADVISER AND OTHER SERVICE PROVIDERS**

**Investment Adviser**

Victory Capital, a New York corporation registered as an investment adviser with the SEC, serves as investment adviser to the Funds. Victory Capital's principal business address is 15935 La Cantera Parkway, San Antonio, TX 78256. Subject to the authority of the Board, the Adviser is responsible for the overall management and administration of the Funds' business affairs. Each of the Adviser's multiple investment teams, referred to separately as investment franchises utilizes its own independent approach to investing. The Adviser is responsible for selecting each Fund's investments according to its investment objective, policies, and restrictions. The Adviser is an indirect wholly owned subsidiary of Victory Capital Holdings, Inc. ("VCH"), a publicly traded Delaware corporation. As of September 30, 2025, the Adviser managed assets totaling in excess of $310.6 billion for numerous clients including large corporate and public retirement plans, Taft-Hartley plans, foundations and endowments, high net worth individuals and mutual funds.

The Adviser is a diversified global asset manager comprised of multiple investment teams, referred to as investment franchises, each of which utilizes an independent approach to investing.

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**The Advisory Agreement**

The Adviser serves as the Funds' investment adviser pursuant to an advisory agreement dated as of August 1, 2013 (the "Advisory Agreement"). Unless sooner terminated, the Advisory Agreement between the Adviser and the Trust, on behalf of the Funds, provides that it will continue in effect as to the Funds for two years and for consecutive one-year terms thereafter, provided that such renewal is approved at least annually by the Trustees or by vote of the majority of the outstanding shares of each such Fund (as defined under "Miscellaneous" below) and, in either case, by a majority of the Trustees who are not parties to the Advisory Agreement or "interested persons" (as defined in the 1940 Act) of any party to the Advisory Agreement, by votes cast in person at a meeting called for such purpose. The Advisory Agreement is terminable as to any particular Fund at any time on 60 days' written notice without penalty by a vote of the majority of the outstanding shares of a Fund, by vote of the Trustees, or as to all applicable Funds by the Adviser. The Advisory Agreement also terminates automatically in the event of any assignment, as defined by the 1940 Act.

The Advisory Agreement provides that the Adviser shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Funds in connection with the performance of the services pursuant thereto, except a loss resulting from a breach of fiduciary duty with respect to the receipt of compensation for services or a loss resulting from willful misfeasance, bad faith, gross negligence on the part of the Adviser in the performance of its duties, or from reckless disregard by the Adviser of its duties and obligations thereunder.

Under the Advisory Agreement, the Adviser may delegate a portion of its responsibilities to a sub-adviser. In addition, the agreements provide that the Adviser may render services through its own employees or the employees of one or more affiliated companies that are qualified to act as an investment adviser of the Fund provided all such persons are functioning as part of an organized group of persons, managed by authorized officers of the Adviser.

The following schedule lists the advisory fees for each Fund, as an annual percentage of its average daily net assets:

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| | |
|:---|:---|
| **Fund** | **Advisory Fee** |
| Victory Core Bond Fund | 0.40% |
| Victory Integrity Discovery <br> Fund<br>| 1.00% |
| Victory Integrity Mid-Cap <br> Value Fund<br>| 0.75% on the first $500 million and 0.70% on assets in excess of $500 million |
| Victory Integrity <br> Small/Mid-Cap Value Fund<br>| 0.80% on the first $300 million and 0.75% in excess of $300 million |
| Victory Integrity Small-Cap <br> Value Fund<br>| 0.90% on the first $300 million and 0.85% on assets in excess of $300 million |
| Victory Mid-Cap Core Growth <br> Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75% on the first $6 billion, 0.70% on the next $2 billion and 0.65% on assets in excess <br> of $8 billion<br>|
| Victory Multi-Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.75% on the first $1 billion, 0.72% of the next $1 billion and 0.70% on assets in excess <br> of $2 billion<br>|
| Victory S&P 500 Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.20% on the first $250 million, 0.12% of the next $250 million and 0.07% on assets in <br> excess of $500 million<br>|
| Victory Trivalent International <br> Fund-Core Equity<br>| 0.80% on the first $1 billion, 0.75% on assets in excess of $1 billion |
| Victory Trivalent International <br> Small-Cap Fund<br>| 0.95% on the first $1 billion and 0.90% of the assets in excess of $1 billion |

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Advisory fees paid by the Funds to the Adviser for the last three fiscal years ended June 30, are shown in the table below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **2025** | **2024** | **2023** |
| Victory Integrity Discovery Fund | &nbsp;&nbsp;&nbsp;&nbsp; $640910 | &nbsp;&nbsp;&nbsp;&nbsp; $599056 | &nbsp;&nbsp;&nbsp;&nbsp; $649232 |
| Victory Integrity Mid-Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; $2350381 | &nbsp;&nbsp;&nbsp;&nbsp; $2349416 | &nbsp;&nbsp;&nbsp;&nbsp; $2254249 |
| Victory Integrity Small/Mid-Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; $2546089 | &nbsp;&nbsp;&nbsp;&nbsp; $2336923 | &nbsp;&nbsp;&nbsp;&nbsp; $1875019 |
| Victory Integrity Small-Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; $9956231 | &nbsp;&nbsp;&nbsp;&nbsp; $12502999 | &nbsp;&nbsp;&nbsp;&nbsp; $12894963 |
| Victory Mid-Cap Core Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; $2240351 | &nbsp;&nbsp;&nbsp;&nbsp; $2462808 | &nbsp;&nbsp;&nbsp;&nbsp; $2679265 |
| Victory Multi-Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp; $3580410 | &nbsp;&nbsp;&nbsp;&nbsp; $3206242 | &nbsp;&nbsp;&nbsp;&nbsp; $2895330 |
| Victory S&P 500 Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; $511132 | &nbsp;&nbsp;&nbsp;&nbsp; $502497 | &nbsp;&nbsp;&nbsp;&nbsp; $447029 |
| Victory Core Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $179256 | &nbsp;&nbsp;&nbsp;&nbsp; $250001 | &nbsp;&nbsp;&nbsp;&nbsp; $254558 |
| Victory Trivalent International Fund-Core Equity | &nbsp;&nbsp;&nbsp;&nbsp; $1801768 | &nbsp;&nbsp;&nbsp;&nbsp; $1633937 | &nbsp;&nbsp;&nbsp;&nbsp; $1518421 |
| Victory Trivalent International Small-Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp; $32102020 | &nbsp;&nbsp;&nbsp;&nbsp; $29384635 | &nbsp;&nbsp;&nbsp;&nbsp; $25310558 |

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**Management Fee Waiver/Expense Reimbursement**

The Adviser has contractually agreed to waive its management fee and/or reimburse Fund expenses so that the total annual operating expenses (excluding any acquired fund fees and expenses and certain other items such as interest, taxes, dividend, and interest expenses on short sales and brokerage commissions) of a Fund (by share class) do not exceed a certain percentage for a predetermined amount of time. In these instances, the fee and expense table in the Fund's Prospectus provides more details about this arrangement and shows the impact it will have on a Fund's total annual fund operating expenses. Under its contractual agreement with the Funds, the Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Board. From time to time, the Adviser may also voluntarily waive its management fee and/or reimburse expenses for a Fund. These voluntary reductions are not reflected in the fee and expense table in a Fund's Prospectus.

From time to time, the Manager may, without prior notice to shareholders, waive all or any portion of fees or agree to reimburse expenses incurred by a Fund. As a result of the Funds' expense limitation agreement, for the last three fiscal years ended June 30, Victory Capital waived its management fee and/or reimbursed the Funds the amount listed in the table below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **2025** | **2024** | **2023** |
| Victory Integrity Discovery Fund | &nbsp;&nbsp;&nbsp;&nbsp; $28351 | &nbsp;&nbsp;&nbsp;&nbsp; $39236 | &nbsp;&nbsp;&nbsp;&nbsp; $32696 |
| Victory Integrity Mid-Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; $861109 | &nbsp;&nbsp;&nbsp;&nbsp; $886598 | &nbsp;&nbsp;&nbsp;&nbsp; $864794 |
| Victory Integrity Small/Mid-Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; $308254 | &nbsp;&nbsp;&nbsp;&nbsp; $357352 | &nbsp;&nbsp;&nbsp;&nbsp; $283305 |
| Victory Integrity Small-Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; $20603 | &nbsp;&nbsp;&nbsp;&nbsp; $12657 | &nbsp;&nbsp;&nbsp;&nbsp; $11535 |
| Victory Mid-Cap Core Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; $11638 | &nbsp;&nbsp;&nbsp;&nbsp; $23279 | &nbsp;&nbsp;&nbsp;&nbsp; $23797 |
| Victory Multi-Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp; $9955 | &nbsp;&nbsp;&nbsp;&nbsp; $10312 | &nbsp;&nbsp;&nbsp;&nbsp; $6866 |
| Victory Core Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $113324 | &nbsp;&nbsp;&nbsp;&nbsp; $103053 | &nbsp;&nbsp;&nbsp;&nbsp; $82021 |
| Victory Trivalent International Fund-Core Equity | &nbsp;&nbsp;&nbsp;&nbsp; $961321 | &nbsp;&nbsp;&nbsp;&nbsp; $909587 | &nbsp;&nbsp;&nbsp;&nbsp; $857477 |
| Victory Trivalent International Small-Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp; $6084613 | &nbsp;&nbsp;&nbsp;&nbsp; $6101070 | &nbsp;&nbsp;&nbsp;&nbsp; $5200559 |

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For the last three fiscal years ended June 30, Victory Capital recouped management fees previously waived and/or reimbursed in the amounts listed in the table below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Fund (Class)** | **2025** | **2024** | **2023** |
| Victory Integrity Discovery Fund (Class Y) | &nbsp;&nbsp;&nbsp;&nbsp; $– | &nbsp;&nbsp;&nbsp;&nbsp; $3432 | &nbsp;&nbsp;&nbsp;&nbsp; $– |
| Victory Trivalent International Small-Cap Fund (Class Y) | &nbsp;&nbsp;&nbsp;&nbsp; $– | &nbsp;&nbsp;&nbsp;&nbsp; $34813 | &nbsp;&nbsp;&nbsp;&nbsp; $13048 |
| Victory Core Bond Fund (Class Y) | &nbsp;&nbsp;&nbsp;&nbsp; $– | &nbsp;&nbsp;&nbsp;&nbsp; $2471 | &nbsp;&nbsp;&nbsp;&nbsp; $2221 |
| Victory Core Bond Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp; $– | &nbsp;&nbsp;&nbsp;&nbsp; $96 | &nbsp;&nbsp;&nbsp;&nbsp; $2504 |

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**Compliance Services**

The Trust and the Adviser are parties to the Agreement to Provide Compliance Services (the "Compliance Agreement") pursuant to which the Adviser furnishes its compliance personnel, including the services of the CCO, and other resources reasonably necessary to provide the Trust with compliance oversight services related to the design, administration, and oversight of a compliance program for the Trust in accordance with Rule 38a-1 under 1940 Act. The funds in the Victory Fund Complex, in the aggregate, compensate the Adviser for these services.

For the last three fiscal years ended June 30, the Funds paid the Adviser the following fees under the terms of the Compliance Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **2025** | **2024** | **2023** |
| Victory Integrity Discovery Fund | &nbsp;&nbsp;&nbsp;&nbsp; $550 | &nbsp;&nbsp;&nbsp;&nbsp; $539 | &nbsp;&nbsp;&nbsp;&nbsp; $596 |
| Victory Integrity Mid-Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; $2671 | &nbsp;&nbsp;&nbsp;&nbsp; $2854 | &nbsp;&nbsp;&nbsp;&nbsp; $2696 |
| Victory Integrity Small/Mid-Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; $2722 | &nbsp;&nbsp;&nbsp;&nbsp; $2604 | &nbsp;&nbsp;&nbsp;&nbsp; $2107 |
| Victory Integrity Small-Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; $10122 | &nbsp;&nbsp;&nbsp;&nbsp; $13240 | &nbsp;&nbsp;&nbsp;&nbsp; $13568 |
| Victory Mid-Cap Core Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; $2585 | &nbsp;&nbsp;&nbsp;&nbsp; $2978 | &nbsp;&nbsp;&nbsp;&nbsp; $3265 |
| Victory Multi-Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp; $4052 | &nbsp;&nbsp;&nbsp;&nbsp; $3843 | &nbsp;&nbsp;&nbsp;&nbsp; $3499 |
| Victory S&P 500 Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; $2230 | &nbsp;&nbsp;&nbsp;&nbsp; $2290 | &nbsp;&nbsp;&nbsp;&nbsp; $2029 |
| Victory Core Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $343 | &nbsp;&nbsp;&nbsp;&nbsp; $579 | &nbsp;&nbsp;&nbsp;&nbsp; $572 |
| Victory Trivalent International Fund-Core Equity | &nbsp;&nbsp;&nbsp;&nbsp; $1907 | &nbsp;&nbsp;&nbsp;&nbsp; $1844 | &nbsp;&nbsp;&nbsp;&nbsp; $1715 |

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **2025** | **2024** | **2023** |
| Victory Trivalent International Small-Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp; $29770 | &nbsp;&nbsp;&nbsp;&nbsp; $28815 | &nbsp;&nbsp;&nbsp;&nbsp; $24822 |

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**Administrator and Fund Accountant**

Victory Capital serves as the administrator and fund accountant to the Trust pursuant to an agreement dated July 1, 2006, as amended (the "Administration and Fund Accounting Agreement"). Citi Fund Services Ohio, Inc. ("Citi") serves as sub-administrator and sub-fund accountant to the Trust pursuant to an agreement with Victory Capital dated October 1, 2015, as amended (the "Sub-Administration and Sub-Fund Accounting Agreement"). As administrator, Victory Capital supervises the Trust's operations, including the services that Citi provides to the Funds as sub-administrator and sub-fund accountant, but excluding those that Victory Capital supervises as investment adviser, subject to the supervision of the Board.

Under the Administration and Fund Accounting Agreement, for the administration and fund accounting services that Victory Capital renders to the Funds, the Trust, and Victory Portfolios II ("VP II") pays Victory Capital an annual fee, accrued daily and paid monthly, at the following annual rates based on the aggregate average daily net assets of the Trust, VP II: 0.08% of the first $15 billion in aggregate Trust, VP II net assets, plus 0.05% of aggregate Trust, VP II net assets in excess of $15 billion to $30 billion, plus 0.04% of aggregate Trust, VP II net assets in excess of $30 billion. Victory Capital may periodically waive all or a portion of the amount of its fee that is allocated to any Fund in order to increase the Fund's net income available for distribution to shareholders. In addition, the Trust, VP II reimburse Victory Capital for all of its reasonable out-of-pocket expenses incurred as a result of providing the services under the Administration and Fund Accounting Agreement, including costs associated with implementing new reports required by the new RIC Modernization rules adopted by the SEC under the 1940 Act.

Except as otherwise provided in the Administration and Fund Accounting Agreement, Victory Capital pays all expenses that it incurs in performing its services and duties as administrator. Unless sooner terminated, the Administration and Fund Accounting Agreement continues in effect for a period of three years and for consecutive one-year terms thereafter, provided that such continuance is approved by the Board or by vote of a majority of the outstanding shares of each Fund and, in either case, by a majority of the Independent Trustees. The Administration and Fund Accounting Agreement provides that Victory Capital shall not be liable for any error of judgment or mistake of law or any loss suffered by the Trust in connection with the matters to which the Agreement relates, except a loss resulting from bad faith, willful misfeasance, negligence or reckless disregard of its obligations and duties under the Agreement.

Under the Administration and Fund Accounting Agreement, Victory Capital, among other things, coordinates the preparation, filing and distribution of amendments to the Trust's registration statement on Form N-1A, supplements to prospectuses and SAIs, and proxy materials in connection with shareholder meetings; drafts shareholder communications, including annual and semi-annual reports and financial statements; administers the Trust's other service provider contracts; monitors compliance with investment restrictions imposed by the 1940 Act, each Fund's investment objective, defined investment policies, and restrictions, tax diversification, and distribution and income requirements; coordinates each Fund's service arrangements with financial institutions that make the Funds' shares available to their customers; assists with regulatory compliance; supplies individuals to serve as Trust officers; prepares Board meeting materials; and annually determines whether the services that it provides (or the services that Citi provides as sub-administrator) are adequate and complete.

Victory Capital also performs fund accounting services for each Fund, excluding those services that Citi performs as sub-fund accountant. The fund accountant calculates each Fund's NAV, its dividend and capital gain distribution, if any, and its yield. The fund accountant also provides a current security position report, a summary report of transactions and pending maturities, a current cash position report, and maintains the general ledger accounting records for the Funds. The fees that Citi receives for sub-administration and sub-fund accounting services are described in the SAI section entitled "Sub-Administrator and Sub-Fund Accountant."

For the last three fiscal years ended June 30, the Funds accrued the following amounts in administrative, fund accountant fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **2025** | **2024** | **2023** |
| Victory Integrity Discovery Fund | &nbsp;&nbsp;&nbsp;&nbsp; $34776 | &nbsp;&nbsp;&nbsp;&nbsp; $33108 | &nbsp;&nbsp;&nbsp;&nbsp; $35707 |
| Victory Integrity Mid-Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; $170069 | &nbsp;&nbsp;&nbsp;&nbsp; $173036 | &nbsp;&nbsp;&nbsp;&nbsp; $165347 |
| Victory Integrity Small/Mid-Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; $173416 | &nbsp;&nbsp;&nbsp;&nbsp; $161514 | &nbsp;&nbsp;&nbsp;&nbsp; $128938 |
| Victory Integrity Small-Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; $625999 | &nbsp;&nbsp;&nbsp;&nbsp; $803083 | &nbsp;&nbsp;&nbsp;&nbsp; $824809 |
| Victory Mid-Cap Core Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; $162113 | &nbsp;&nbsp;&nbsp;&nbsp; $181638 | &nbsp;&nbsp;&nbsp;&nbsp; $196479 |
| Victory Multi-Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp; $259072 | &nbsp;&nbsp;&nbsp;&nbsp; $236443 | &nbsp;&nbsp;&nbsp;&nbsp; $212353 |
| Victory S&P 500 Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; $141360 | &nbsp;&nbsp;&nbsp;&nbsp; $140983 | &nbsp;&nbsp;&nbsp;&nbsp; $122951 |
| Victory Core Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $24324 | &nbsp;&nbsp;&nbsp;&nbsp; $34542 | &nbsp;&nbsp;&nbsp;&nbsp; $35007 |
| Victory Trivalent International Fund-Core Equity | &nbsp;&nbsp;&nbsp;&nbsp; $122244 | &nbsp;&nbsp;&nbsp;&nbsp; $112891 | &nbsp;&nbsp;&nbsp;&nbsp; $104410 |
| Victory Trivalent International Small-Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp; $1905913 | &nbsp;&nbsp;&nbsp;&nbsp; $1773939 | &nbsp;&nbsp;&nbsp;&nbsp; $1516540 |

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**Sub-Administrator and Sub-Fund Accountant**

Citi serves as sub-administrator and sub-fund accountant to the Funds pursuant to the Sub-Administration and Sub-Fund Accounting Agreement. Citi assists in supervising all operations of the Funds (other than those performed by Victory Capital either as investment adviser or administrator), subject to the supervision of the Board.

Unless sooner terminated, the Sub-Administration and Sub-Fund Accounting Agreement continues in effect as to each Fund for a period of three years and for consecutive one-year terms thereafter. The Sub-Administration and Sub-Fund Accounting Agreement provides that Citi shall not be liable for any error of judgment or mistake of law or any loss suffered by the Trust in connection with the matters to which the Agreement relates, except a loss resulting from bad faith, willful misfeasance, negligence, or reckless disregard of its obligations and duties under the Agreement.

Under the Sub-Administration and Sub-Fund Accounting Agreement, Citi calculates Trust expenses and make disbursements; calculates capital gain and distribution information; registers the Funds' shares with the states; prepares shareholder reports, financial statements, and reports to the SEC on Forms N-CEN and N-PORT; coordinates dividend payments; calculates the Funds' performance information; files the Trust's tax returns; supplies individuals to serve as Trust officers; monitors the Funds' status as regulated investment companies under the Code; assists in developing portfolio compliance procedures; reports to the Board amounts paid under shareholder service agreements; assists with regulatory compliance; obtains, maintains and files fidelity bonds and trustees' and officers'/errors and omissions insurance policies for the Trust; assists with liquidity and derivatives risk management services; and assists in the annual audit of the Funds, among other services.

**Transfer Agent**

FIS Investor Services LLC ("FIS"), 4249 Easton Way, Suite 400, Columbus, Ohio 43219, serves as transfer agent and dividend disbursing agent for the Funds. Under its agreement with the Funds, FIS has agreed to (1) issue and redeem shares of the Funds; (2) address and mail all communications by the Funds to their shareholders, including reports to shareholders, dividend and distribution notices, and proxy material for its meetings of shareholders; (3) respond to correspondence or inquiries by shareholders and others relating to its duties; (4) maintain shareholder accounts and certain sub-accounts; and (5) make periodic reports to the Board concerning the Funds' operations.

**Custodian**

**General.** Citibank, 388 Greenwich St., New York, New York 10013, ("Citibank" or the "Custodian") serves as the custodian of the assets of each Fund pursuant to the Global Custodial Services Agreement dated August 5, 2008, as amended (the "Custody Agreement"). The Custodian's responsibilities include safeguarding and controlling each Fund's cash and securities, handling the receipt and delivery of securities, and collecting interest and dividends on each Fund's investments. Pursuant to the Custody Agreement, the Custodian also maintains original entry documents and books of record and general ledgers; posts cash receipts and disbursements; and records purchases and sales based upon communications from the Adviser. The Custodian may, with the approval of a Fund and at its own expense, open and maintain a sub-custody account or accounts on behalf of a Fund, provided that it shall remain liable for the performance of all of its duties under the Custody Agreement.

**Foreign Custody.** Rule 17f-5 under the 1940 Act, which governs the custody of investment company assets outside the United States, allows a mutual fund's board of directors to delegate to a "Foreign Custody Manager" the selection and monitoring of foreign sub-custodian arrangements for the Trust's assets. Accordingly, the Board delegated these responsibilities to the Custodian pursuant to the Custody Agreement. As Foreign Custody Manager, the Custodian must (a) determine that the assets of the Funds held by a foreign sub-custodian will be subject to reasonable care, based on the standards applicable to custodians in the relevant market; (b) determine that the Trust's foreign custody arrangements are governed by written contracts in compliance with Rule 17f-5 (or, in the case of a compulsory depository, by such a contract and/or established practices or procedures); and (c) monitor the appropriateness of these arrangements and any material change in the relevant contract, practices or procedures. In determining appropriateness, the Custodian will not evaluate a particular country's investment risks, such as (a) the use of compulsory depositories, (b) such country's financial infrastructure, (c) such country's prevailing custody and settlement practices, (d) nationalization, expropriation or other governmental actions, (e) regulation of the banking or securities industry, (f) currency controls, restrictions, devaluations, or fluctuations, and (g) market conditions that affect the orderly execution of securities transactions or affect the value of securities. The Custodian will provide to the Board quarterly written reports regarding the Trust's foreign custody arrangements.

**Line of Credit.** Each Fund, along with other funds managed by the Adviser, participates in a 364-day committed credit facility and a 364-day uncommitted, demand credit facility with Citibank. Each such credit facility may be renewed if so agreed by the parties. Under the current agreement with Citibank, the Funds may borrow up to $600 million, of which $300 million is committed and $300 million is uncommitted. Of this amount, $40 million of the committed line of credit and $60 million of the uncommitted line of credit are reserved for use by the Victory Floating Rate Fund (a series of Victory Portfolios), with that Fund paying the related commitment fees for that amount. The purpose of each agreement is to meet temporary or emergency cash needs. For the committed

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credit facility, Citibank received an annual commitment fee of 0.15%. Each Fund pays a pro-rata portion (adjusted for the amount of credit reserved for the Victory Floating Rate Fund) of these fees and pays the interest on any amount that it borrows. Each Fund paid a pro-rata portion of the renewal fee.

**Securities Lending**

The Funds, through a Securities Lending Agreement with Citibank, N.A. ("Citibank"), may lend its securities to qualified financial institutions, such as certain broker-dealers and banks, to earn additional income, net of income retained by Citibank. Borrowers are required to initially secure their loans for collateral in the amount of at least 102% of the value of U.S. securities loaned or at least 105% of the value of non-U.S. securities loaned, marked-to-market daily. Any collateral shortfalls associated with increases in the valuation of the securities loaned generally are cured the next business day. The collateral can be received in the form of cash collateral and/or non-cash collateral. Non-cash collateral can include U.S. government securities and other securities as permitted by SEC guidelines.

The cash collateral is invested in short-term instruments or cash equivalents, primarily open-end investment companies. The Funds effectively do not have control of the non-cash collateral. Collateral requirements are determined daily based on the value of a Fund's securities on loan as of the end of the prior business day. During the time portfolio securities are on loan, the borrower will pay the Fund any dividends or interest paid on such securities plus any fee negotiated between the parties to the lending agreement. A Fund also earns a return from the collateral. A Fund pays Citibank various fees in connection with the investment of cash collateral and fees based on the investment income received from securities lending activities. Loans are terminable upon demand and the borrower must return the loaned securities within the lesser of one standard settlement period or five business days. Although risk is mitigated by the collateral, a Fund could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. In addition, there is a risk that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower.

The Funds' agreement with Citibank does not include master netting provisions. Non-cash collateral received by a Fund may not be sold or repledged, except to satisfy borrower default.

The following reflects the dollar amounts of income and fees/compensation related to the Funds' securities lending activities during the Funds' fiscal year ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Gross Income**<br> **from securities**<br> **lending activities**<br>| **Fees paid to**<br> **securities lending**<br> **agent from a**<br> **revenue split**<br>| **Rebate**<br> **(paid to**<br> **borrower)**<br>| **Aggregate**<br> **fees/compensation**<br> **for securities**<br> **lending activities**<br>| **Net income**<br> **from securities**<br> **lending**<br> **activities**<br>|
| Victory Integrity <br> Discovery Fund<br>| &nbsp;&nbsp; $42191 | &nbsp;&nbsp; $741 | &nbsp;&nbsp; $34769 | &nbsp;&nbsp; $35510 | &nbsp;&nbsp; $6681 |
| Victory Integrity <br> Mid-Cap Value Fund<br>| &nbsp;&nbsp; $14625 | &nbsp;&nbsp; $35 | &nbsp;&nbsp; $14276 | &nbsp;&nbsp; $14311 | &nbsp;&nbsp; $314 |
| Victory Integrity <br> Small-Cap Value Fund<br>| &nbsp;&nbsp; $487590 | &nbsp;&nbsp; $2234 | &nbsp;&nbsp; $465226 | &nbsp;&nbsp; $467460 | &nbsp;&nbsp; $20130 |
| Victory Integrity <br> Small/Mid-Cap Value <br> Fund<br>| &nbsp;&nbsp; $92049 | &nbsp;&nbsp; $223 | &nbsp;&nbsp; $89824 | &nbsp;&nbsp; $90047 | &nbsp;&nbsp; $2002 |
| Victory Multi-Cap <br> Fund<br>| &nbsp;&nbsp; $50823 | &nbsp;&nbsp; $289 | &nbsp;&nbsp; $47935 | &nbsp;&nbsp; $48224 | &nbsp;&nbsp; $2599 |
| Victory S&P 500 <br> Index Fund<br>| &nbsp;&nbsp; $3318 | &nbsp;&nbsp; $14 | &nbsp;&nbsp; $3180 | &nbsp;&nbsp; $3194 | &nbsp;&nbsp; $124 |
| Victory Mid-Cap Core <br> Growth Fund<br>| &nbsp;&nbsp; $65046 | &nbsp;&nbsp; $207 | &nbsp;&nbsp; $62990 | &nbsp;&nbsp; $63197 | &nbsp;&nbsp; $1849 |
| Victory Trivalent <br> International <br> Fund-Core Equity<br>| &nbsp;&nbsp; $63408 | &nbsp;&nbsp; $1646 | &nbsp;&nbsp; $46577 | &nbsp;&nbsp; $48223 | &nbsp;&nbsp; $15185 |
| Victory Trivalent <br> International <br> Small-Cap Fund<br>| &nbsp;&nbsp; $2836124 | &nbsp;&nbsp; $35645 | &nbsp;&nbsp; $2482679 | &nbsp;&nbsp; $2518324 | &nbsp;&nbsp; $317800 |
| Victory Core Bond <br> Fund<br>| &nbsp;&nbsp; $6599 | &nbsp;&nbsp; $152 | &nbsp;&nbsp; $5070 | &nbsp;&nbsp; $5222 | &nbsp;&nbsp; $1377 |

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**Distributor**

Victory Capital Services, Inc. (the "Distributor"), located at 4900 Tiedeman Road, 4th Floor, Brooklyn, Ohio 44144, serves as distributor for the continuous offering of the shares of the Funds pursuant to a Distribution Agreement between the Distributor and the Trust dated August 1, 2013, as amended (the "Distribution Agreement"). Unless otherwise terminated, the Distribution Agreement will remain in effect with respect to each Fund for two years and will continue thereafter for consecutive one-year terms, provided that the renewal is approved at least annually (1) by the Board or by the vote of a majority of the outstanding shares of each Fund, and (2) by the vote of a majority of the Trustees who are not parties to the Distribution Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval. The Distribution Agreement will terminate in the event of its assignment, as defined under the 1940 Act.

The Distributor has also entered into a Shareholder Services Agreement between the Distributor and Victory Transfer Agency Company Inc. ("VCTA") dated August 20, 2020, under which VCTA provides certain shareholder transactions, shareholder information, and shareholder account maintenance services to the Member Class shares of the Funds for an annual service fee.

The following table reflects the total underwriting commissions and the amount of those commissions retained by the Distributor in connection with the sale of shares of each Fund for the last three fiscal years ended June 30:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
|  | Total<br> Commissions<br>| Underwriting<br> Commissions<br> Retained<br>| Total<br> Commissions<br>| Underwriting<br> Commissions<br> Retained<br>| Total<br> Commissions<br>| Underwriting<br> Commissions<br> Retained<br>|
| Victory Integrity Discovery Fund | &nbsp;&nbsp; $1728 | &nbsp;&nbsp; $225 | &nbsp;&nbsp; $8334 | &nbsp;&nbsp; $964 | &nbsp;&nbsp; $6506 | &nbsp;&nbsp; $908 |
| Victory Integrity Mid-Cap Value Fund | &nbsp;&nbsp; $21359 | &nbsp;&nbsp; $3057 | &nbsp;&nbsp; $24345 | &nbsp;&nbsp; $3244 | &nbsp;&nbsp; $83292 | &nbsp;&nbsp; $10522 |
| Victory Integrity Small-Cap Value <br> Fund<br>| &nbsp;&nbsp; $18568 | &nbsp;&nbsp; $2463 | &nbsp;&nbsp; $46780 | &nbsp;&nbsp; $5977 | &nbsp;&nbsp; $23110 | &nbsp;&nbsp; $2982 |
| Victory Integrity Small/Mid-Cap Value <br> Fund<br>| &nbsp;&nbsp; $15980 | &nbsp;&nbsp; $2278 | &nbsp;&nbsp; $25568 | &nbsp;&nbsp; $3431 | &nbsp;&nbsp; $17021 | &nbsp;&nbsp; $2154 |
| Victory Multi-Cap Fund | &nbsp;&nbsp; $30907 | &nbsp;&nbsp; $4030 | &nbsp;&nbsp; $69570 | &nbsp;&nbsp; $8402 | &nbsp;&nbsp; $17076 | &nbsp;&nbsp; $2194 |
| Victory S&P 500 Index Fund | &nbsp;&nbsp; $49042 | &nbsp;&nbsp; $5872 | &nbsp;&nbsp; $16930 | &nbsp;&nbsp; $2017 | &nbsp;&nbsp; $5788 | &nbsp;&nbsp; $655 |
| Victory Mid-Cap Core Growth Fund | &nbsp;&nbsp; $9524 | &nbsp;&nbsp; $1252 | &nbsp;&nbsp; $16845 | &nbsp;&nbsp; $1987 | &nbsp;&nbsp; $11253 | &nbsp;&nbsp; $1550 |
| Victory Trivalent International <br> Fund-Core Equity<br>| &nbsp;&nbsp; $692 | &nbsp;&nbsp; $96 | &nbsp;&nbsp; $196 | &nbsp;&nbsp; $22 | &nbsp;&nbsp; $35 | &nbsp;&nbsp; $5 |
| Victory Trivalent International <br> Small-Cap Fund<br>| &nbsp;&nbsp; $13094 | &nbsp;&nbsp; $1685 | &nbsp;&nbsp; $7677 | &nbsp;&nbsp; $944 | &nbsp;&nbsp; $9192 | &nbsp;&nbsp; $1212 |
| Victory Core Bond Fund | &nbsp;&nbsp; $591 | &nbsp;&nbsp; $88 | &nbsp;&nbsp; $370 | &nbsp;&nbsp; $45 | &nbsp;&nbsp; $546 | &nbsp;&nbsp; $59 |

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**PORTFOLIO MANAGERS**

This section includes information about the Funds' portfolio managers, including information concerning other accounts they manage, the dollar range of Fund shares they own and how they are compensated.

<u>Other Accounts</u>

The following table lists the number and types of accounts managed by each individual and assets under management in those accounts as of the end of the last completed fiscal year:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Registered** <br> **Investment**<br> **Companies** | **Registered** <br> **Investment**<br> **Companies** | **Other Pooled** <br> **Investment**<br> **Vehicles** | **Other Pooled** <br> **Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| Name | Number <br> of<br> Accounts<br>| Total<br> Assets <br> (in Millions)<br>| Number <br> of<br> Accounts<br>| Total<br> Assets <br> (in Millions)<br>| Number <br> of<br> Accounts<br>| Total<br> Assets <br> (in Millions)<br>|
| **Victory Income Investors Team** | **Victory Income Investors Team** | **Victory Income Investors Team** | **Victory Income Investors Team** | **Victory Income Investors Team** | **Victory Income Investors Team** | **Victory Income Investors Team** |
| James F. Jackson, Jr. | &nbsp;&nbsp; 18 | &nbsp;&nbsp; $24591.70 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; $663.23 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; $303.25 |
| Kurt Daum | &nbsp;&nbsp; 8 | &nbsp;&nbsp; $17803.81 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— |
| R. Neal Graves | &nbsp;&nbsp; 18 | &nbsp;&nbsp; $24591.70 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— |
| **Integrity Team** | **Integrity Team** | **Integrity Team** | **Integrity Team** | **Integrity Team** | **Integrity Team** | **Integrity Team** |
| Daniel G. Bandi | &nbsp;&nbsp; 5 | &nbsp;&nbsp; $1930.54 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; $2006.81 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; $1713.91 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Registered** <br> **Investment**<br> **Companies** | **Registered** <br> **Investment**<br> **Companies** | **Other Pooled** <br> **Investment**<br> **Vehicles** | **Other Pooled** <br> **Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| Name | Number <br> of<br> Accounts<br>| Total<br> Assets <br> (in Millions)<br>| Number <br> of<br> Accounts<br>| Total<br> Assets <br> (in Millions)<br>| Number <br> of<br> Accounts<br>| Total<br> Assets <br> (in Millions)<br>|
| Sean A. Burke | &nbsp;&nbsp; 2 | &nbsp;&nbsp; $196.24 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; $89.10 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; $78.62 |
| Daniel J. DeMonica | &nbsp;&nbsp; 6 | &nbsp;&nbsp; $1988.69 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; $2038.20 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; $1713.91 |
| Adam I. Friedman | &nbsp;&nbsp; 5 | &nbsp;&nbsp; $1930.54 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; $2006.81 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; $1713.91 |
| Joe A. Gilbert | &nbsp;&nbsp; 5 | &nbsp;&nbsp; $1930.54 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; $2006.81 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; $1713.91 |
| Mirsat Nikovic | &nbsp;&nbsp; 2 | &nbsp;&nbsp; $196.24 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; $89.10 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; $78.62 |
| J. Bryan Tinsley | &nbsp;&nbsp; 5 | &nbsp;&nbsp; $1930.54 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; $2006.81 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; $1713.91 |
| Michael P. Wayton | &nbsp;&nbsp; 6 | &nbsp;&nbsp; $1988.69  | &nbsp;&nbsp; 6 | &nbsp;&nbsp; $2038.20 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; $1713.91 |
| **Victory Solutions** | **Victory Solutions** | **Victory Solutions** | **Victory Solutions** | **Victory Solutions** | **Victory Solutions** | **Victory Solutions** |
| Mannik Dhillon | &nbsp;&nbsp; 61 | &nbsp;&nbsp; $66316.09  | &nbsp;&nbsp; 3 | &nbsp;&nbsp; $70.20 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; $3104.86 |
| Lance Humphrey | &nbsp;&nbsp; 21 | &nbsp;&nbsp; $12470.74 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 4 | &nbsp;&nbsp; $1277.02 |
| Lela Dunlap | &nbsp;&nbsp; 15 | &nbsp;&nbsp; $10318.89 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— |
| Elie J. Masri | &nbsp;&nbsp; 3 | &nbsp;&nbsp; $3331.83 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— |
| **Trivalent Team** | **Trivalent Team** | **Trivalent Team** | **Trivalent Team** | **Trivalent Team** | **Trivalent Team** | **Trivalent Team** |
| Peter S. Carpenter | &nbsp;&nbsp; 4 | &nbsp;&nbsp; $569.80  | &nbsp;&nbsp; 2 | &nbsp;&nbsp; $100.90 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; $201.38 |
| John Evers | &nbsp;&nbsp; 5 | &nbsp;&nbsp; $4474.89 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; $982.60 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; $699.01 |
| Dan LeVan | &nbsp;&nbsp; 4 | &nbsp;&nbsp; $4172.77 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; $982.60 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; $699.01 |
| Jeffrey R. Sullivan | &nbsp;&nbsp; 4 | &nbsp;&nbsp; $569.80  | &nbsp;&nbsp; 2 | &nbsp;&nbsp; $100.90  | &nbsp;&nbsp; 1 | &nbsp;&nbsp; $201.38  |

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The following table sets forth performance-based accounts for which the Funds' portfolio managers were primarily responsible for the day-to-day portfolio management as of the last completed fiscal year.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Registered** <br> **Investment**<br> **Companies** | **Registered** <br> **Investment**<br> **Companies** | **Other Pooled** <br> **Investment**<br> **Vehicles** | **Other Pooled** <br> **Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| Name | Number <br> of<br> Accounts<br>| Total<br> Assets <br> (in Millions)<br>| Number <br> of<br> Accounts<br>| Total<br> Assets <br> (in Millions)<br>| Number <br> of<br> Accounts<br>| Total<br> Assets <br> (in Millions)<br>|
| **Victory Income Investors Team** | **Victory Income Investors Team** | **Victory Income Investors Team** | **Victory Income Investors Team** | **Victory Income Investors Team** | **Victory Income Investors Team** | **Victory Income Investors Team** |
| James F. Jackson, Jr. | &nbsp;&nbsp; 6 | &nbsp;&nbsp; $14421.33  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— |
| Kurt Daum | &nbsp;&nbsp; 4 | &nbsp;&nbsp; $13009.92 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— |
| R. Neal Graves | &nbsp;&nbsp; 6 | &nbsp;&nbsp; $14421.33  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— |
| Zach Winters | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— |
| Jason Lincoln | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— |
| **Integrity Team** | **Integrity Team** | **Integrity Team** | **Integrity Team** | **Integrity Team** | **Integrity Team** | **Integrity Team** |
| Daniel G. Bandi | &nbsp;&nbsp; 1 | &nbsp;&nbsp; $150.09  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— |
| Sean A. Burke | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— |
| Daniel J. DeMonica | &nbsp;&nbsp; 1 | &nbsp;&nbsp; $150.09  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— |
| Adam I. Friedman | &nbsp;&nbsp; 1 | &nbsp;&nbsp; $150.09  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— |
| Joe A. Gilbert | &nbsp;&nbsp; 1 | &nbsp;&nbsp; $150.09  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— |
| Mirsat Nikovic | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— |
| J. Bryan Tinsley | &nbsp;&nbsp; 1 | &nbsp;&nbsp; $150.09  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— |
| Michael P. Wayton | &nbsp;&nbsp; 1 | &nbsp;&nbsp; $150.09  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— |
| **Victory Solutions** | **Victory Solutions** | **Victory Solutions** | **Victory Solutions** | **Victory Solutions** | **Victory Solutions** | **Victory Solutions** |
| Mannik Dhillon | &nbsp;&nbsp; 14 | &nbsp;&nbsp; $20853.09  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— |
| Lance Humphrey | &nbsp;&nbsp; 2 | &nbsp;&nbsp; $543.06 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— |
| Lela Dunlap | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— |
| Elie J. Masri | &nbsp;&nbsp; 3 | &nbsp;&nbsp; $3331.83 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— |
| **Trivalent Team** | **Trivalent Team** | **Trivalent Team** | **Trivalent Team** | **Trivalent Team** | **Trivalent Team** | **Trivalent Team** |
| Peter S. Carpenter | &nbsp;&nbsp; 3 | &nbsp;&nbsp; $331.08  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— |
| John Evers | &nbsp;&nbsp; 1 | &nbsp;&nbsp; $302.12  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Registered** <br> **Investment**<br> **Companies** | **Registered** <br> **Investment**<br> **Companies** | **Other Pooled** <br> **Investment**<br> **Vehicles** | **Other Pooled** <br> **Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| Name | Number <br> of<br> Accounts<br>| Total<br> Assets <br> (in Millions)<br>| Number <br> of<br> Accounts<br>| Total<br> Assets <br> (in Millions)<br>| Number <br> of<br> Accounts<br>| Total<br> Assets <br> (in Millions)<br>|
| Dan LeVan | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— |
| Jeffrey R. Sullivan | &nbsp;&nbsp; 3 | &nbsp;&nbsp; $331.08  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— |

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**Fund Ownership**

As of the end of the last completed fiscal year, the portfolio managers of the Funds owned equity securities of the Funds in the amount indicated in the table below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **Portfolio**<br> **Manager**<br>| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp; **Dollar Range of Shares** <br> **Beneficially Owned as of**<br> **June 30, 2025**<br>|
| **Victory Income Investor** <br> **Team**<br>|  |  |
| James F. Jackson, Jr. | Victory Core Bond Fund |  |
| Kurt Daum | Victory Core Bond Fund |  |
| R. Neal Graves | Victory Core Bond Fund |  |
| **Integrity Team** |  |  |
| Daniel G. Bandi | &nbsp;&nbsp;&nbsp;&nbsp; Victory Integrity Discover Fund<br> Victory Integrity Small-Cap Value Fund<br> Victory Integrity Small/Mid-Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; Over $1,000,000<br> Over $1,000,000<br> $500,001 - $1,000,000<br>|
| Sean A. Burke | Victory Integrity Discovery Fund | $100001 - $500000 |
| Daniel J. DeMonica | &nbsp;&nbsp;&nbsp;&nbsp; Victory Integrity Discovery Fund<br> Victory Integrity Mid-Cap Value Fund<br> Victory Integrity Small/Mid-Cap Value Fund<br> Victory Integrity Small-Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; $100001 - $500000<br> $100001 - $500000<br> $100001 - $500000<br> $100001 - $500000<br>|
| Adam I. Friedman | &nbsp;&nbsp;&nbsp;&nbsp; Victory Integrity Mid-Cap Value Fund<br> Victory Integrity Small/Mid-Cap Value Fund<br> Victory Integrity Small-Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; $100,001 - $500,000<br> None<br> $100,001 - $500,000<br>|
| Joe A. Gilbert | &nbsp;&nbsp;&nbsp;&nbsp; Victory Integrity Mid-Cap Value Fund<br> Victory Integrity Small/Mid-Cap Value Fund<br> Victory Integrity Small-Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; $100,001 - $500,000<br> None<br> $100,001 - $500,000<br>|
| Mirsat Nikovic | Victory Integrity Discovery Fund | $50001 - $100000 |
| J. Bryan Tinsley | &nbsp;&nbsp;&nbsp;&nbsp; Victory Integrity Mid-Cap Value Fund<br> Victory Integrity Small/Mid-Cap Value Fund<br> Victory Integrity Small-Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; $100001 - $500000<br> $50001 - $100000<br> $100001 - $500000<br>|
| Michael P. Wayton | &nbsp;&nbsp;&nbsp;&nbsp; Victory Integrity Discovery Fund<br> Victory Integrity Mid-Cap Value Fund<br> Victory Integrity Small-Cap Value Fund<br> Victory Integrity Small/Mid-Cap Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; $50,001 - $100,000<br> $100,001 - $500,000<br> $50,001 - $100,000<br> None<br>|
| **Victory Solutions** |  |  |
| Mannik Dhillon | Victory S&P 500 Index Fund | $1 - $10000 |
| Lela Dunlap | Victory S&P 500 Index Fund |  |
| Lance Humphrey | &nbsp;&nbsp;&nbsp;&nbsp; Victory Mid-Cap Core Growth Fund<br> Victory Multi-Cap Fund<br>|  |
| Elie J. Masri | &nbsp;&nbsp;&nbsp;&nbsp; Victory Mid-Cap Core Growth Fund<br> Victory Multi-Cap Fund<br>|  |
| **Trivalent Team** |  |  |
| Peter S. Carpenter | &nbsp;&nbsp;&nbsp;&nbsp; Victory Trivalent International Fund – Core Equity <br> Fund<br>| $100001 - $500000 |
| John Evers | Victory Trivalent International Small-Cap Fund | Over $1,000,000 |
| Dan LeVan | Victory Trivalent International Small-Cap Fund | Over $1,000,000 |

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| | | |
|:---|:---|:---|
| **Portfolio**<br> **Manager**<br>| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp; **Dollar Range of Shares** <br> **Beneficially Owned as of**<br> **June 30, 2025**<br>|
| Jeffrey R Sullivan | &nbsp;&nbsp;&nbsp;&nbsp; Victory Trivalent International Small Cap Fund <br> Victory Trivalent International Fund – Core Equity <br> Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; $100001 - $500000<br> $100001 - $500000<br>|

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**Portfolio Manager Compensation**

The Adviser has designed the structure of its portfolio managers' compensation to (1) align portfolio managers' interests with those of the Adviser's clients with an emphasis on long-term, risk-adjusted investment performance, (2) help the Adviser attract and retain high-quality investment professionals, and (3) contribute to the Adviser's overall financial success. Each of the portfolio managers receives a base salary plus an annual incentive bonus for managing a Fund, separate accounts, other investment companies, other pooled investment vehicles and other accounts (including any accounts for which the Adviser receives a performance fee) (together, "Accounts"). A portfolio manager's base salary is dependent on the manager's level of experience and expertise. The Adviser monitors each manager's base salary relative to salaries paid for similar positions with peer firms by reviewing data provided by various independent third-party consultants that specialize in competitive salary information. Such data, however, is not considered to be a definitive benchmark.

Each of the Adviser's investment franchises may earn incentive compensation based on a percentage of the Adviser's revenue attributable to fees paid by Accounts managed by the team. The chief investment officer or a senior member of each team, in coordination with the Adviser, determines the allocation of the incentive compensation earned by the team among the team's portfolio managers by establishing a "target" incentive for each portfolio manager based on the manager's level of experience and expertise in the manager's investment style. Individual performance is based on objectives established annually using performance metrics such as portfolio structure and positioning, research, stock selection, asset growth, client retention, presentation skills, marketing to prospective clients and contribution to the Adviser's philosophy and values, such as leadership, risk management and teamwork. The annual incentive bonus also factors in individual investment performance of each portfolio manager's portfolio or Fund relative to a selected peer group(s). The overall performance results for a manager are based on the composite performance of all Accounts managed by that manager on a combination of one-, three-, and five-year rolling performance periods as compared to the performance information of a peer group of similarly managed competitors.

The Adviser's portfolio managers may participate in the equity ownership plan of the Adviser's parent company. There is an ongoing annual equity pool granted to certain employees based on their contribution to the firm. Eligibility for participation in these incentive programs depends on the manager's performance and seniority.

**Conflicts of Interest**

The Adviser's portfolio managers are often responsible for managing one or more Funds as well as other accounts, such as separate accounts, and other pooled investment vehicles, such as collective trust funds or unregistered hedge funds. A portfolio manager may manage other accounts which have materially higher fee arrangements than a Fund and may, in the future, manage other accounts which have a performance-based fee. A portfolio manager also may make personal investments in accounts he or she manages or supports. The side-by-side management of the Funds along with other accounts may raise potential conflicts of interest by incenting a portfolio manager to direct a disproportionate amount of: (1) their attention; (2) limited investment opportunities, such as less-liquid securities or initial public offering; and/or (3) desirable trade allocations, to such other accounts. In addition, certain trading practices, such as cross-trading between Funds or between a Fund and another account, raise conflict of interest issues. The Adviser has adopted numerous compliance policies and procedures, including a Code of Ethics, and brokerage and trade allocation policies and procedures, which seek to address the conflicts associated with managing multiple accounts for multiple clients. In addition, the Adviser has a designated Chief Compliance Officer (selected in accordance with the federal securities laws) and compliance staff whose activities are focused on monitoring the activities of the Adviser's investment franchises and employees in order to detect and address potential and actual conflicts of interest. However, there can be no assurance that the Adviser's compliance program will achieve its intended result.

**DISTRIBUTION AND SERVICE PLANS**

The Trust has adopted distribution and service plans in accordance with Rule 12b-1 under the 1940 Act (each a "Rule 12b-1 Plan") on behalf of Class A, Class C and Class R shares of various Funds. Rule 12b-1 provides in substance that a mutual fund may not engage directly or indirectly in financing any activity that is primarily intended to result in the sale of shares of such mutual fund except pursuant to a plan adopted by the fund under the Rule.

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**Class A Rule 12b-1 Plan.** Under the Trust's Class A Rule 12b-1 Plan, Class A shares of each Fund pay the Distributor a distribution and service fee of up to 0.25%. Under the Class A Rule 12b-1 Plan, the Distributor may use Rule 12b-1 fees for: (a) costs of printing and distributing each such Fund's Prospectus, SAI and reports to prospective Class A investors in these Funds; (b) costs involved in preparing, printing and distributing sales literature pertaining to Class A shares of the Funds; (c) an allocation of overhead and other branch office distribution-related expenses of the Distributor; (d) payments to persons who provide support services in connection with the distribution of each such Fund's Class A shares, including but not limited to, office space and equipment, telephone facilities, answering routine inquiries regarding the Funds, processing shareholder transactions and providing any other shareholder services not otherwise provided by the Funds' transfer agent; (e) accruals for interest on the amount of the foregoing expenses that exceed the distribution fee and the contingent deferred sales charges ("CDSCs") received by the Distributor; and (f) any other expense primarily intended to result in the sale of the Funds' Class A shares, including, without limitation, payments to salespersons and selling dealers at the time of the sale of such shares, if applicable, and continuing fees to each such salesperson and selling dealers, which fee shall begin to accrue immediately after the sale of such Class A shares.

The Class A Rule 12b-1 Plan specifically recognizes that either the Adviser or the Distributor, directly or through an affiliate, may use its fee revenue, past profits, or other resources, without limitation, to pay promotional and administrative expenses in connection with the offer and sale of Class A shares of the Funds. In addition, the Class A Rule 12b-1 Plan provides that the Adviser and the Distributor may use their respective resources, including fee revenues, to make payments to third parties that provide assistance in selling the Funds' Class A shares, or to third parties, including banks, that render shareholder support services to holders of Class A shares, or to third parties, including banks, that render shareholder support services.

**Class C Rule 12b-1 Plan.** Under the Trust's Class C Rule 12b-1 Plan, Class C shares of each of applicable Fund pay the Distributor a distribution and service fee of 1.00%. The Distributor may use fees received under the Class C Rule 12b-1 Plan to pay for activities primarily intended to result in the sale of Class C shares, including but not limited to: (i) costs of printing and distributing a Fund's Prospectus, SAI and reports to prospective investors in Class C shares of the Fund; (ii) costs involved in preparing, printing and distributing sales literature pertaining to a Class C shares of a Fund; and (iii) payments to salespersons and selling dealers at the time of the sale of Class C shares, if applicable, and continuing fees to each such salesperson and selling dealers, which fees shall begin to accrue immediately after the sale of such Class C shares. Fees may also be used to pay persons, including but not limited to the Funds' transfer agent, any sub-transfer agents, or any administrators, for providing services to the Funds and their Class C shareholders, including but not limited to: (i) maintaining shareholder accounts; (ii) answering routine inquiries regarding a Fund; (iii) processing shareholder transactions; and (iv) providing any other shareholder services not otherwise provided by a Fund's transfer agent. In addition, the Distributor may use the Rule 12b-1 fees paid under the Class C Rule 12b-1 Plan for an allocation of overhead and other branch office distribution-related expenses of the Distributor such as office space and equipment and telephone facilities, and for accruals for interest on the amount of the foregoing expenses that exceed the Distribution Fee and the CDSC received by the Distributor. Of the 1.00% permitted under the Class C Rule 12b-1 Plan, no more than the maximum amount permitted by the NASD Conduct Rules will be used to finance activities primarily intended to result in the sale of Class C shares.

**Class R Rule 12b-1 Plan.** Under the Trust's Class R Rule 12b-1 Plan, Class R shares of each applicable Fund pay the Distributor a distribution and service fee of up to 0.50%. Under the Class R Rule 12b-1 Plan, the Distributor may use Rule 12b-1 fees for: (a) costs of printing and distributing each such Fund's Prospectus, SAI and reports to prospective investors in Class R shares of the Funds; (b) costs involved in preparing, printing and distributing sales literature pertaining to Class R shares of the Funds; (c) an allocation of overhead and other branch office distribution-related expenses of the Distributor; (d) payments to persons who provide support services in connection with the distribution of each such Fund's Class R shares, including but not limited to, office space and equipment, telephone facilities, answering routine inquiries regarding the Funds, processing shareholder transactions and providing any other shareholder services not otherwise provided by the Funds' transfer agent; (e) accruals for interest on the amount of the foregoing expenses that exceed the distribution fee and the CDSCs received by the Distributor; and (f) any other expense primarily intended to result in the sale of the Funds' Class R shares, including, without limitation, payments to salespersons and selling dealers at the time of the sale of Class R shares, if applicable, and continuing fees to each such salespersons and selling dealers, which fee shall begin to accrue immediately after the sale of such Class R shares.

The Class R Rule 12b-1 Plan specifically recognizes that either the Adviser or the Distributor, directly or through an affiliate, may use its fee revenue, past profits, or other resources, without limitation, to pay promotional and administrative expenses in connection with the offer and sale of Class R shares of these Funds. In addition, the Class R Rule 12b-1 Plan provides that the Adviser and the Distributor may use their respective resources, including fee revenues, to make payments to third parties that provide assistance in selling these Funds' Class R shares, or to third parties, including banks, that render shareholder support services to holders of Class R shares. To the extent that a Plan gives the Adviser or the Distributor greater flexibility in connection with the distribution of Class R shares of the Funds, additional sales of these shares may result.

**Rule 12b-1 Plans.** The amount of the Rule 12b-1 fees payable by any share class of a Fund under these Rule 12b-1 Plans is considered compensation and is not related directly to expenses incurred by the Distributor. None of the Rule 12b-1 Plans obligate a Fund to reimburse the Distributor for such expenses. The fees set forth under any Rule 12b-1 Plan will be paid by the respective share class

------

of a Fund to the Distributor unless and until such Plan is terminated or not renewed with respect to the relevant share class of a Fund; any distribution or service expenses incurred by the Distributor on behalf of the Funds in excess of payments of the distribution fees specified above that the Distributor has accrued through the termination date are the sole responsibility and liability of the Distributor and not an obligation of any such Fund.

Each of the Rule 12b-1 Plans has been approved by the Board, including the Independent Trustees, at a meeting called for that purpose. As required by Rule 12b-1, the Board carefully considered all pertinent factors relating to the implementation of the Plans prior to their approval and determined that there was a reasonable likelihood that the Plans would benefit the Funds and shareholders of the applicable class. Additionally, certain support services covered under a Plan may be provided more effectively under the Plan by local entities with whom shareholders have other relationships or by the shareholder's broker.

The following tables reflect the aggregate payment of Rule 12b-1 fees to the Distributor pursuant to the Plans for the most recent fiscal year ended June 30, 2025. All such payments consisted of compensation to broker-dealers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Class A** | **Class C** | **Class R** |
| Victory Integrity Discovery Fund | &nbsp;&nbsp;&nbsp;&nbsp; $82243 | &nbsp;&nbsp;&nbsp;&nbsp; $4900 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Victory Integrity Mid-Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; $64817 | &nbsp;&nbsp;&nbsp;&nbsp; $1123 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Victory Integrity Small-Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; $166685 | &nbsp;&nbsp;&nbsp;&nbsp; $24529 | &nbsp;&nbsp;&nbsp;&nbsp; $29118 |
| Victory Integrity Small/Mid-Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; $22253 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Victory Multi-Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp; $1075778 | &nbsp;&nbsp;&nbsp;&nbsp; $36314 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Victory S&P 500 Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; $295765 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $171633 |
| Victory Mid-Cap Core Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; $352543 | &nbsp;&nbsp;&nbsp;&nbsp; $13940 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Victory Trivalent International Fund-Core Equity | &nbsp;&nbsp;&nbsp;&nbsp; $9500 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Victory Trivalent International Small-Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp; $138932 | &nbsp;&nbsp;&nbsp;&nbsp; $10489 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Victory Core Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $14814 | &nbsp;&nbsp;&nbsp;&nbsp; $1133 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

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**CODE OF ETHICS**

The Trust and the Adviser each have adopted a Code of Ethics in accordance with Rule 17j-1 under the 1940 Act. The Adviser's Code of Ethics applies to all of the Adviser's directors and officers and employees with investment advisory duties ("Access Personnel") and all of the Adviser's directors, officers and employees ("Supervised Personnel"). Each Code of Ethics provides that Access Personnel must refrain from certain trading practices. Each Code also requires all Access Personnel (and, in the Adviser Code, all Supervised Personnel) to report certain personal investment activities, including, but not limited to, purchases or sales of securities that may be purchased or held by a Fund. Violations of any Code of Ethics can result in penalties, suspension, or termination of employment.

**PROXY VOTING POLICIES AND PROCEDURES**

In accordance with the 1940 Act, the Trust has adopted policies and procedures for voting proxies related to equity securities held by the Funds (the "Proxy Voting Policy"). The Trust's Proxy Voting Policy is designed to: (i) ensure that proxies are voted in the best interests of shareholders of the Funds with a view toward maximizing the value of their investments; (ii) address conflicts of interests between these shareholders, on the one hand, and affiliates of the Fund, the Adviser or the Distributor, on the other, that may arise regarding the voting of proxies; and (iii) provide for the disclosure of the Funds' proxy voting records and the Proxy Voting Policy.

The Proxy Voting Policy delegates to the Adviser the obligation to vote the Funds' proxies in the best interests of the Funds and their shareholders, subject to oversight by the Board.

To assist the Adviser in making proxy-voting decisions, the Adviser has adopted a Proxy Voting Policy ("Policy") that establishes voting guidelines ("Proxy Voting Guidelines") with respect to certain recurring issues. The Policy is reviewed on an annual basis by the Adviser's Proxy Committee ("Proxy Committee") and revised when the Committee determines that a change is appropriate. The Board annually reviews the Trust's Proxy Voting Policy and the Adviser's Policy and determines whether amendments are necessary or advisable. Voting under the Adviser's Policy may be executed through administrative screening per established guidelines with oversight by the Proxy Committee or upon vote by a quorum of the Proxy Committee. The Adviser allows its Investment Franchises to modify their voting instructions against that of the default policy on a case-by-case basis, provided sufficient justification is provided and approved by the Proxy Committee. The Adviser delegates to Institutional Shareholder Services ("ISS"), an independent service provider, the non-discretionary administration of proxy voting for the Trust, subject to oversight by the Adviser's Proxy Committee. In no circumstances shall ISS have the authority to vote proxies except in accordance with standing or specific instructions given to it by the Adviser.

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The Adviser votes proxies in the best interests of the Funds and their shareholders. This entails voting client proxies with the objective of increasing the long-term economic value of Fund assets. The Adviser's Proxy Committee determines how proxies are voted by following established guidelines, which are intended to assist in voting proxies and are not considered to be rigid rules. The Proxy Committee is directed to apply the guidelines as appropriate. On occasion, however, a contrary vote may be warranted when such action is in the best interests of the Funds or if required by the Board or the Funds' Proxy Voting Policy. In such cases, the Adviser may consider, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effect of the proposal on the underlying value of the securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effect on marketability of the securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effect of the proposal on future prospects of the issuer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the composition and effectiveness of the issuer's board of directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the issuer's corporate governance practices

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the quality of communications from the issuer to its shareholders

The Adviser may also take into account independent third party, general industry guidance or other corporate governance review sources when making decisions. It may additionally seek guidance from other senior internal sources with special expertise on a given topic where it is appropriate. The Adviser generally votes on a case-by-case basis, taking into consideration whether implementation of an Environmental, Social, and Governance ("ESG")-related proposal is likely to enhance or protect shareholder value. The investment team's opinion concerning the management and prospects of the issuer may be taken into account in determining whether a vote for or against a proposal is in a Fund's best interests. Insufficient information, onerous requests or vague, ambiguous wording may indicate that a vote against a proposal is appropriate, even when the general principal appears to be reasonable.

The following examples illustrate the Adviser's policy with respect to some common proxy votes. This summary is not an exhaustive list of all the issues that may arise or of all matters addressed in the Guidelines, and whether the Adviser supports or opposes a proposal will depend upon the specific facts and circumstances described in the proxy statement and other available information.

*Directors*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser generally supports the election of directors in uncontested elections, except when there are issues of accountability, responsiveness, composition, and/or independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser generally supports proposals for an independent chair taking into account factors such as the current board leadership structure, the company's governance practices, and company performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser generally supports proxy access proposals that are in line with the market standards regarding the ownership threshold, ownership duration, aggregation provisions, cap on nominees, and do not contain any other unreasonably restrictive guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser reviews contested elections on a case-by-case basis taking into account such factors as the company performance, particularly the long-term performance relative to the industry; the management track record; the nominee qualifications and compensatory arrangements; the strategic plan of the dissident and its critique of the current management; the likelihood that the proposed goals and objectives can be achieved; the ownership stakes of the relevant parties; and any other context that is particular to the company and the nature of the election.

*Capitalization & Restructuring*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser generally supports capitalization proposals that facilitate a corporate transaction that is also being supported and for general corporate purposes so long as the increase is not excessive and there are no issues of superior voting rights, company performance, previous abuses of capital, or insufficient justification for the need for additional capital.

*Mergers and Acquisitions*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser reviews mergers and acquisitions on a case-by-case basis to balance the merits and drawbacks of the transaction and factors such as valuation, strategic rationale, negotiations and process, conflicts of interest, and the governance profile of the company post-transaction.

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*Compensation*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser reviews all compensation proposals for pay-for-performance alignment, with emphasis on long-term shareholder value; arrangements that risk pay for failure; independence in the setting of compensation; inappropriate pay to non-executive directors, and the quality and rationale of the compensation disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser will generally vote FOR advisory votes on executive compensation ("say on pay") unless there is a pay-for-performance misalignment; problematic pay practice or non-performance based element; incentive for excessive risk-taking, options backdating; or a lack of compensation committee communication and/or responsiveness to shareholder concerns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser will vote case-by-case on equity based compensation plans taking into account factors such as the plan cost; the plan features; and the grant practices as well as any overriding factors that may have a significant negative impact on shareholder interests.

*Social and Environmental Issues*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser generally will vote in line with the Board's recommendations, with support limited to circumstances where it is considered that greater disclosure will directly enhance or protect shareholder value and is reflective of a clearly established reporting standard in the market.

Occasionally, conflicts of interest arise between the Adviser's interests and those of a Fund or another client. When this occurs, the Proxy Committee must document the nature of the conflict and vote the proxy in accordance with the Proxy Voting Guidelines unless such guidelines are judged by the Proxy Committee to be inapplicable to the proxy matter at issue. In the event that the Proxy Voting Guidelines are inapplicable or do not mitigate the conflict, the Adviser will seek the opinion of the Adviser's Chief Compliance Officer or consult with an external independent adviser. In the case of a Proxy Committee member having a personal conflict of interest (e.g. a family member is on the board of the issuer), such member will abstain from voting. Finally, the Adviser reports to the Board annually any proxy votes that took place involving a conflict, including the nature of the conflict and the basis or rationale for the voting decision made.

The Funds' Proxy Voting Policy provides that the Funds, in accordance with SEC rules, annually will disclose on Form N-PX the Funds' proxy voting record. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is updated each year by August 31st and is available without charge, upon request, by calling toll free 800-539-FUND (800-539-3863), 800-235-8396 for Member Class, or by accessing the SEC's website at www.sec.gov.

**PORTFOLIO TRANSACTIONS AND BROKERAGE COMMISSIONS**

Subject to the general supervision of the Board, the Adviser is responsible for making decisions with respect to the purchase and sale of portfolio securities on behalf of the Funds. The Adviser is also responsible for the implementation of those decisions, including the selection of broker/dealers to effect portfolio transactions, the negotiation of commissions, and the allocation of principal business and portfolio brokerage. Under the terms of the Advisory Agreement, the Adviser may delegate these responsibilities to a sub-adviser.

Transactions on stock exchanges involve the payment of brokerage commissions. In transactions on stock exchanges in the United States, these commissions are negotiated. Traditionally, commission rates have generally been fixed for trades on stock markets outside the United States. In recent years, however, an increasing number of overseas stock markets have adopted a system of negotiated commission rates. It is expected that equity securities will ordinarily be purchased in the primary markets for such securities, whether over-the-counter or listed, and that listed securities may be purchased in the over-the-counter market if such market is deemed the primary market. In the case of securities traded on the over-the- counter markets, there is generally no stated commission, but the price usually includes an undisclosed commission or markup. In underwritten offerings, the price includes a disclosed, fixed commission (the underwriter's concession) or discount.

Fixed income and convertible securities are bought and sold through broker-dealers acting on a principal basis. These trades generally are not charged a commission, but rather are marked up or marked down by the executing broker-dealer. The Adviser does not know the actual value of the markup/markdown. However, the Adviser attempts to ascertain whether the overall price of a security is reasonable through the use of competitive bids.

Subject to its obligation to seek best execution, the Adviser may use brokerage commissions generated from client transactions to obtain services and/or research from broker-dealers to assist in the Adviser's investment management decision-making process. These services and research are in addition to and do not replace the services and research that the Adviser is required to perform and do not reduce the investment advisory fees payable to the Adviser by the Funds. Such information may be useful to the Adviser in serving both the

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Funds and other clients and, conversely, such supplemental research information obtained by the placement of orders on behalf of other clients may be useful to the Adviser in carrying out its obligations to the Funds.

Brokerage commissions may never be used to compensate a third party for client referrals unless the client has directed such an arrangement. In addition, brokerage commissions may never be used to obtain research and/or services for the sole benefit of any employee or non-client entity.

It is the policy of the Adviser to seek the "best execution" of its clients' securities transactions. The Adviser strives to execute each client's securities transactions in such a manner that the client's total costs or proceeds in each transaction are the most favorable under the circumstances. Commission rates paid on securities transactions for client accounts must reflect comparative market rates.

The Adviser will consider the full range and quality of a broker's services in placing brokerage including, but not limited to, the value of research provided, execution capability, commission rate, willingness and ability to commit capital, ownership and responsiveness. The lowest possible commission cost alone does not determine broker selection. The transaction that represents the best quality execution for a client account will be executed. Commission ranges and the actual commission paid for trades of listed stocks and over-the-counter stocks may vary depending on, but not limited to, the liquidity and volatility of the stock and services provided to the Adviser by the broker.

The Adviser will make a good faith determination that the commissions paid are reasonable in relationship to the value of the services received. The continuous review of stock commissions is the responsibility of the Adviser's Head of Capital Markets and client trading, brokerage and soft-dollar oversight is performed by the Trade Oversight Committee. Quarterly, the Adviser's research analysts and portfolio managers will participate in a broker vote. The Adviser's Equity Trading Desk will utilize the vote results during the broker selection process. Some brokers executing trades for the Adviser's clients may, from time to time, receive liquidity rebates in connection with the routing of trades to Electronic Communications Networks. Since the Adviser is not a broker, however, it is ineligible to receive such rebates and does not obtain direct benefits for its clients from this broker practice.

Investment decisions for each Fund are made independently from those made for the other Funds or any other investment company or account managed by the Adviser. Such other investment companies or accounts may also invest in the same securities and may follow similar investment strategies as the Funds. The Adviser may combine transaction orders ("bunching" or "blocking" trades) for more than one client account where such action appears to be equitable and potentially advantageous for each account (e.g., for the purpose of reducing brokerage commissions or obtaining a more favorable transaction price.) The Adviser will aggregate transaction orders only if it believes that the aggregation is consistent with its duty to seek best execution for its clients and is consistent with the terms of investment advisory agreements with each client for whom trades are being aggregated. Both equity and fixed income securities may be aggregated. When making such a combination of transaction orders for a new issue or secondary market trade in an equity security, the Adviser adheres to the following objectives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fairness to clients both in the participation of execution of orders for their account, and in the allocation of orders for the accounts of more than one client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Allocation of all orders in a timely and efficient manner.

In some rare cases, "bunching" or "blocking" trades may affect the price paid or received by a Fund or the size of the position obtained by the Fund in an adverse manner relative to the result that would have been obtained if only that particular Fund had participated in or been allocated such trades.

The aggregation of transactions for advisory accounts and proprietary accounts (including partnerships and other accounts in which the Adviser or its associated persons are partners or participants, and managed employee accounts) is permissible. However, no proprietary account may be favored over any other participating account and such practice must be consistent with the Adviser's policies and procedures including its Code of Ethics.

Equity trade orders are executed based only on trade instructions received from portfolio managers by the trading desk. Portfolio managers may enter trades to meet the full target allocation immediately or may meet the allocation through moves in incremental blocks. Orders are processed on a "first-come, first-served" basis. At times, a rotation system may determine "first-come, first-served" treatment when the equity trading desk receives the same order for multiple accounts simultaneously. The Adviser will utilize a rotation whereby the Funds, even if aggregated with other orders, are in the first block(s) to trade within the rotation. To aggregate orders, the equity trading desk must determine that all accounts in the order will benefit. Any new trade that can be blocked with an existing open order may be added to the open order to form a larger block. The Adviser receives no additional compensation or remuneration of any kind as a result of the aggregation of trades. All accounts participating in a block execution receive the same execution price, an average share price, for securities purchased or sold on a trading day. Execution prices may not be carried overnight. Any portion of an order that remains unfilled at the end of a given day shall be rewritten (absent contrary instructions) on the following day as a new order. Accounts with trades executed the next day will receive a new daily average price to be determined at the end of the following day.

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If the order is filled in its entirety, securities purchased in the aggregate transaction will be allocated among accounts participating in the trade in accordance with an Allocation Statement prepared at the time of order entry. If the order is partially filled, the securities will be allocated pro rata based on the Allocation Statement. Portfolio managers may allocate executed trades in a different manner than indicated on the Allocation Statement (e.g., non-pro rata) only if all client accounts receive fair and equitable treatment.

In some instances, such as trading in fixed income securities, it may not be practical to complete the Allocation Statement prior to the placement of the order. In that case, the trading desk will complete the Allocation Statement as soon as practicable, but no later than the end of the same business day on which the securities have been allocated to the trading desk by the broker.

Where the full amount of a block execution is not executed, the partial amount actually executed will be allocated on a pro rata basis whenever possible. The following execution methods may be used in place of a pro rata procedure: relative size allocations, security position weighting, priority for specialized accounts, or a special allocation based on compliance approval.

In making investment decisions for the Funds, the Adviser will not inquire or take into consideration whether an issuer of securities proposed for purchase or sale by a Fund is a customer of the Adviser, its parents, subsidiaries or affiliates, and, in dealing with their commercial customers, the Adviser, its parents, subsidiaries and affiliates will not inquire or take into consideration whether securities of such customers are held by the Funds. Portfolio securities will not be purchased from or sold to the Adviser, or the Distributor, or any affiliated person of any of them acting as principal, except to the extent permitted by rule or order of the SEC.

The following table shows the dollar amount of brokerage commissions paid by each Fund during the last three fiscal years ended June 30, all of which were paid to entities that are not affiliated with the Funds, the Adviser, or the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **2025** | **2024** | **2023** |
| Victory Integrity Discovery Fund | &nbsp;&nbsp;&nbsp;&nbsp; $129404 | &nbsp;&nbsp;&nbsp;&nbsp; $141204 | &nbsp;&nbsp;&nbsp;&nbsp; $147536 |
| Victory Integrity Mid-Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; $228172 | &nbsp;&nbsp;&nbsp;&nbsp; $386046 | &nbsp;&nbsp;&nbsp;&nbsp; $221316 |
| Victory Integrity Small-Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; $1825828 | &nbsp;&nbsp;&nbsp;&nbsp; $2678482 | &nbsp;&nbsp;&nbsp;&nbsp; $2377148 |
| Victory Integrity Small/Mid-Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; $359256 | &nbsp;&nbsp;&nbsp;&nbsp; $428978 | &nbsp;&nbsp;&nbsp;&nbsp; $268281 |
| Victory Multi-Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp; $313882 | &nbsp;&nbsp;&nbsp;&nbsp; $256172 | &nbsp;&nbsp;&nbsp;&nbsp; $282912 |
| Victory S&P 500 Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; $4967 | &nbsp;&nbsp;&nbsp;&nbsp; $2233 | &nbsp;&nbsp;&nbsp;&nbsp; $3402 |
| Victory Mid-Cap Core Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; $197471 | &nbsp;&nbsp;&nbsp;&nbsp; $95374 | &nbsp;&nbsp;&nbsp;&nbsp; $143902 |
| Victory Trivalent International Fund-Core Equity | &nbsp;&nbsp;&nbsp;&nbsp; $193018 | &nbsp;&nbsp;&nbsp;&nbsp; $164363 | &nbsp;&nbsp;&nbsp;&nbsp; $199514 |
| Victory Trivalent International Small-Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp; $3617358 | &nbsp;&nbsp;&nbsp;&nbsp; $3077409 | &nbsp;&nbsp;&nbsp;&nbsp; $2931323 |
| Victory Core Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $706 | &nbsp;&nbsp;&nbsp;&nbsp; $7051 |

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**Affiliated Brokerage.** The Board has authorized the allocation of brokerage to affiliated broker-dealers on an agency basis to effect portfolio transactions. The Board has adopted procedures incorporating the standards of Rule 17e-1 under the 1940 Act, which require that the commission paid to affiliated broker-dealers must be "reasonable and fair compared to the commission, fee or other remuneration received, or to be received, by other broker-dealers in connection with comparable transactions involving similar securities during a comparable period of time."

The Trust will not acquire portfolio securities issued by, make savings deposits in, or enter into repurchase or reverse repurchase agreements with the Adviser or its affiliates. From time to time, when determined by the Adviser to be advantageous to the Funds, the Adviser may execute portfolio transactions through affiliated broker-dealers. All such transactions must be consistent with best execution and completed in accordance with procedures approved by the Board. For the last three fiscal years ended June 30, the Funds paid no commissions to affiliated broker-dealers.

**Allocation of Brokerage in Connection with Research Services.** During the last completed fiscal year ended June 30, the Adviser, through agreements or understandings with brokers, or otherwise through an internal allocation procedure, directed brokerage transactions of the Funds to brokers due to research services provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp; **Brokerage** <br> **Commissions Paid**<br>| &nbsp;&nbsp;&nbsp; **Total Dollar Amount** <br> **of Such Transactions**<br>|
| Victory Integrity Discovery Fund | &nbsp;&nbsp;&nbsp;&nbsp; $23953 | &nbsp;&nbsp;&nbsp;&nbsp; $50923015 |
| Victory Integrity Mid-Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; $36972 | &nbsp;&nbsp;&nbsp;&nbsp; $314104132 |
| Victory Integrity Small/Mid-Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; $88161 | &nbsp;&nbsp;&nbsp;&nbsp; $299577520 |
| Victory Integrity Small-Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; $437452 | &nbsp;&nbsp;&nbsp;&nbsp; $1163896539 |
| Victory Mid-Cap Core Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; $117683 | &nbsp;&nbsp;&nbsp;&nbsp; $597596976 |
| Victory Multi-Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp; $189364 | &nbsp;&nbsp;&nbsp;&nbsp; $873360357 |
| Victory Trivalent International Fund-Core Equity | &nbsp;&nbsp;&nbsp;&nbsp; $95990 | &nbsp;&nbsp;&nbsp;&nbsp; $213694551 |

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| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp; **Brokerage** <br> **Commissions Paid**<br>| &nbsp;&nbsp;&nbsp; **Total Dollar Amount** <br> **of Such Transactions**<br>|
| Victory Trivalent International Small-Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp; $1884889 | &nbsp;&nbsp;&nbsp;&nbsp; $3849164451 |

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**Securities of Regular Brokers or Dealers.** The SEC requires the Trust to provide certain information for those Funds that held securities of their regular brokers or dealers (or their parent companies) during the most recent fiscal year. The following table identifies, for each applicable Fund, those brokers or dealers, the type of security held and the value of the Fund's aggregate holdings of the securities of each such issuer as of the last fiscal year ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Broker-Dealer** | &nbsp;&nbsp;&nbsp;&nbsp; **Type of** <br> **Security** <br> **(Debt or** <br> **Equity)**<br>| &nbsp;&nbsp;&nbsp; **Aggregate** <br> **Value ($000s)**<br>|
| Victory S&P 500 Index Fund | Bank of America Corp. | Equity | &nbsp;&nbsp;&nbsp;&nbsp; $1564 |
| Victory S&P 500 Index Fund | JPMorgan Chase & Co. | Equity | &nbsp;&nbsp;&nbsp;&nbsp; $4064 |
| Victory S&P 500 Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, <br> Inc.<br>| Equity | &nbsp;&nbsp;&nbsp;&nbsp; $140 |
| Victory S&P 500 Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; The Goldman Sachs Group, <br> Inc.<br>| Equity | &nbsp;&nbsp;&nbsp;&nbsp; $1095 |
| Victory S&P 500 Index Fund | Wells Fargo & Co. | Equity | &nbsp;&nbsp;&nbsp;&nbsp; $1315 |
| Victory Multi-Cap Fund | JPMorgan Chase & Co. | Equity | &nbsp;&nbsp;&nbsp;&nbsp; $8610 |
| Victory Multi-Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, <br> Inc.<br>| Equity | &nbsp;&nbsp;&nbsp;&nbsp; $4739 |
| Victory Multi-Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp; The Goldman Sachs Group, <br> Inc.<br>| Equity | &nbsp;&nbsp;&nbsp;&nbsp; $3326 |
| Victory Mid-Cap Core Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, <br> Inc.<br>| Equity | &nbsp;&nbsp;&nbsp;&nbsp; $4555 |
| Victory Integrity Mid-Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, <br> Inc.<br>| Equity | &nbsp;&nbsp;&nbsp;&nbsp; $4253 |
| Victory Trivalent International Fund - Core Equity | Barclays PLC | Equity | &nbsp;&nbsp;&nbsp;&nbsp; $1320 |
| Victory Trivalent International Fund - Core Equity | BNP Paribas SA | Equity | &nbsp;&nbsp;&nbsp;&nbsp; $1386 |
| Victory Trivalent International Fund - Core Equity | Royal Bank of Canada | Equity | &nbsp;&nbsp;&nbsp;&nbsp; $1401 |
| Victory Core Bond Fund | Bank of America Corp. | Debt | &nbsp;&nbsp;&nbsp;&nbsp; $150 |
| Victory Core Bond Fund | Barclays PLC | Debt | &nbsp;&nbsp;&nbsp;&nbsp; $48 |
| Victory Core Bond Fund | Deutsche Bank AG | Debt | &nbsp;&nbsp;&nbsp;&nbsp; $76 |
| Victory Core Bond Fund | JPMorgan Chase & Co. | Debt | &nbsp;&nbsp;&nbsp;&nbsp; $180 |

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**Portfolio Turnover**

Each Fund may sell a portfolio investment soon after its acquisition if the Adviser believes that such a disposition is consistent with attaining the investment objective of the Fund. The Funds' portfolio turnover rates stated in the Prospectuses are calculated by dividing the lesser of each Fund's purchases or sales of portfolio securities for the year by the monthly average value of the portfolio securities. The calculation excludes all securities whose maturities, at the time of acquisition, were one year or less. Portfolio turnover is calculated on the basis of a Fund as a whole without distinguishing between the classes of shares issued.

The turnover rate for a Fund will vary from year-to-year, and, depending on market conditions, could be greater in periods of unusual market movement and volatility. Transaction costs associated with turnover are borne directly by the Fund and, ultimately, by its shareholders. A high rate of portfolio turnover (generally, over 100% annually) generally will involve correspondingly greater transaction costs. High portfolio turnover may result in the realization of substantial net capital gains. To the extent short-term capital gains are realized, distributions attributable to such gains will be ordinary income for federal income tax purposes.

The following table shows the portfolio turnover rates for each Fund for the last two fiscal years ended June 30.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **Fund** | **2025** | **2024** |
| Victory Integrity Discovery Fund | &nbsp;&nbsp;&nbsp;&nbsp; 33% | &nbsp;&nbsp;&nbsp;&nbsp; 37% |
| Victory Integrity Mid-Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 49% | &nbsp;&nbsp;&nbsp;&nbsp; 75% |
| Victory Integrity Small/Mid-Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 47% | &nbsp;&nbsp;&nbsp;&nbsp; 75% |
| Victory Integrity Small-Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 44% | &nbsp;&nbsp;&nbsp;&nbsp; 62% |
| Victory Mid-Cap Core Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 89% | &nbsp;&nbsp;&nbsp;&nbsp; 53% |

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| | | |
|:---|:---|:---|
| **Fund** | **2025** | **2024** |
| Victory Multi-Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp; 88% | &nbsp;&nbsp;&nbsp;&nbsp; 75% |
| Victory S&P 500 Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4% | &nbsp;&nbsp;&nbsp;&nbsp; 4% |
| Victory Core Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 36% | &nbsp;&nbsp;&nbsp;&nbsp; 142% |
| Victory Trivalent International Fund-Core Equity | &nbsp;&nbsp;&nbsp;&nbsp; 44% | &nbsp;&nbsp;&nbsp;&nbsp; 38% |
| Victory Trivalent International Small-Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp; 49% | &nbsp;&nbsp;&nbsp;&nbsp; 45% |

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**DIVIDENDS, CAPITAL GAINS AND DISTRIBUTIONS**

The Funds distributes substantially all of their net investment income and net capital gains, if any, to shareholders within each calendar year as well as on a fiscal year basis to the extent required for the Funds to qualify for favorable federal tax treatment. The Funds ordinarily declare and pay dividends separately for each class of shares, from their net investment income. The Victory S&P 500 Index Fund declares and pays dividends quarterly. The Victory Core Bond Fund pays dividends monthly. Each of the Victory Integrity Discovery Fund, Victory Integrity Mid-Cap Value Fund, Victory Integrity Small/Mid-Cap Value Fund, Victory Integrity Small-Cap Value Fund, Victory Multi-Cap Fund, Victory Mid-Cap Core Growth Fund, and Victory International Funds declare and pay dividends annually.

The amount of a class's distributions may vary from time to time depending on market conditions, the composition of a Fund's portfolio and expenses borne by a Fund or borne separately by a class. Dividends are calculated in the same manner, at the same time and on the same day for shares of each class. However, dividends attributable to a particular class will differ due to differences in distribution expenses and other class-specific expenses.

For this purpose, the net income of a Fund, from the time of the immediately preceding determination thereof, shall consist of all interest income accrued on the portfolio assets of the Fund, dividend income, if any, income from securities loans, if any and realized capital gains and losses on the Fund's assets, less all expenses and liabilities of the Fund chargeable against income. Interest income shall include discount earned, including both original issue and market discount, on discount paper accrued ratably to the date of maturity. Expenses, including the compensation payable to the Adviser, are accrued each day. The expenses and liabilities of a Fund shall include those appropriately allocable to the Fund as well as a share of the general expenses and liabilities of the Trust in proportion to the Fund's share of the total net assets of the Trust.

**TAXES**

Information set forth in the Prospectuses that relates to federal income taxation is only a summary of certain key federal income tax considerations generally affecting purchasers of shares of the Funds. The following is only a summary of certain additional federal income and excise tax considerations generally affecting each Fund and its shareholders that are not described in the Prospectuses. No attempt has been made to present a complete explanation of the federal tax treatment of the Funds or the implications to shareholders and the discussions here and in each Fund's Prospectus are not intended as substitutes for careful tax planning. The following summary does not, except as otherwise set forth herein, discuss any state, local or non-U.S. tax consequences associated with an investment in the Fund. Accordingly, potential purchasers of shares of the Funds are urged to consult their tax advisers with specific reference to their own tax circumstances. Special tax considerations may apply to certain types of investors subject to special treatment under the Code, including, without limitation, financial institutions, insurance companies, pass-through entities (or investors therein), U.S. shareholders whose "functional currency" is not the U.S. dollar, tax-exempt organizations, dealers in securities or currencies, traders in securities or commodities that elect mark to market treatment, or persons that will hold shares as a position in a "straddle," "hedge" or as part of a "constructive sale" for U.S. federal income tax purposes. Unless otherwise noted, this discussion applies only to U.S. shareholders that hold shares as capital assets. A U.S. shareholder is an individual who is a citizen or resident of the United States, a U.S. corporation, a trust if it (a) is subject to the primary supervision of a court in the United States and one or more U.S. persons have the authority to control all substantial decisions of the trust or (b) has made a valid election to be treated as a U.S. person, or any estate the income of which is subject to U.S. federal income tax regardless of its source. Lastly, the tax discussion in the Prospectuses and this SAI is based on tax law in effect on the date of the Prospectuses and this SAI and it does not address any proposals to modify such tax laws; such laws and regulations may be changed by legislative, judicial, or administrative action, sometimes with retroactive effect.

**Qualification as a Regulated Investment Company**

Each Fund intends to qualify as a regulated investment company under Subchapter M of the Code. As a regulated investment company, a Fund is not subject to federal income tax on the portion of its net investment income (i.e., taxable interest, dividends and other taxable ordinary income, net of expenses) and net capital gain (i.e., the excess of long-term capital gains over short-term capital losses) that it distributes to shareholders, provided that it distributes at least the sum of 90% of its investment company taxable income (i.e., net investment income and the excess of net short-term capital gain over net long-term capital loss) and 90% of its tax-exempt income (net of expenses allocable thereto) for the taxable year (the "Distribution Requirement") and satisfies certain other requirements of the Code

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that are described below. Distributions by a Fund made during the taxable year or, under specified circumstances, within twelve months after the close of the taxable year, will be considered distributions of income and gains for the taxable year and will therefore count toward satisfaction of the Distribution Requirement.

If a Fund has a net capital loss (i.e., an excess of capital losses over capital gains), the amount thereof may be carried forward and would retain its character as either a short-term capital loss or a long-term capital loss that can be used to offset such capital gains in future years. There is no limitation on the number of years to which net capital losses may be carried. However, the amount of capital loss that can be carried forward and used in any single year is subject to an annual limitation if there is a more than 50% "change in ownership" of the Fund.

The following table summarizes the capital loss carryforwards not subject to expiration for the applicable Funds as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp; **Short-Term**<br> **Amount ($000)**<br>| &nbsp;&nbsp;&nbsp; **Long-Term**<br> **Amount ($000)**<br>|
| Victory Trivalent International Small-Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp; $(28023) | &nbsp;&nbsp;&nbsp;&nbsp; $- |
| Victory Core Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $(1522) | &nbsp;&nbsp;&nbsp;&nbsp; $(9664) |

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In addition to satisfying the Distribution Requirement, a regulated investment company must derive at least 90% of its gross income from dividends, interest, certain payments with respect to securities loans, gains from the sale or other disposition of stock or securities or foreign currencies (to the extent such currency gains are directly related to the regulated investment company's principal business of investing in stock or securities), other income (including but not limited to gains from options, futures, or forward contracts) derived with respect to its business of investing in such stock, securities, or currencies and net income from interests in qualified publicly traded partnerships (the "Income Requirement").

A regulated investment company, in determining its investment company taxable income and net capital gain (i.e., the excess of net long-term capital gain over net short-term capital loss) for any taxable year, may elect (unless it has made a taxable year election for excise tax purposes as discussed below, in which case different rules apply) to treat all or any part of certain net capital losses incurred after October 31 of a taxable year, and certain net ordinary losses incurred after October 31 or December 31 of a taxable year, as if they had been incurred in the succeeding taxable year.

In addition to satisfying the Income and Distribution Requirements described above, a Fund must satisfy an asset diversification test in order to qualify as a regulated investment company. Under this test, at the close of each quarter of a Fund's taxable year, at least 50% of the value of the Fund's assets must consist of cash and cash items, U.S. government securities, securities of other regulated investment companies and securities of other issuers (provided that, with respect to each issuer, the Fund has not invested more than 5% of the value of the Fund's total assets in securities of each such issuer and the Fund does not hold more than 10% of the outstanding voting securities of each such issuer), and no more than 25% of the value of its total assets may be invested in the securities of any one issuer (other than U.S. government securities and securities of other regulated investment companies), two or more issuers that the Fund controls and that are engaged in the same or similar trades or businesses (other than securities of other regulated investment companies), or the securities of one or more qualified publicly traded partnerships. Generally, an option (call or put) with respect to a security is treated as issued by the issuer of the security, not the issuer of the option. For purposes of asset diversification testing, obligations issued or guaranteed by certain agencies or instrumentalities of the U.S. government, such as the Federal Agricultural Mortgage Corporation, the FFCB, FHLB, FHLMC, FNMA, GNMA, and SLMA, are treated as U.S. government securities.

Certain Funds may invest in futures contracts, options on futures contracts, and other similar investments that provide exposure to commodities such as gold or other precious metals, energy, or other commodities. Income or gain, if any, from such investments may not be qualifying income for purposes of the Income Requirements and a Fund's investments in such instruments may not be treated as an investment in a "security" for purposes of the asset diversification test.

If for any taxable year a Fund does not qualify as a regulated investment company after taking into account cure provisions available for certain failures to so qualify (certain of which would result in the imposition of a tax on the Fund), all of its taxable income (including its net capital gain) will be subject to tax at the regular corporate rate without any deduction for distributions to shareholders and such distributions will be taxable to the shareholders as dividends to the extent of the Fund's current and accumulated earnings and profits. Such distributions may be eligible for: (i) the dividends-received deduction, in the case of corporate shareholders; or (ii) treatment as "qualified dividend income," in the case of non-corporate shareholders. In addition, to qualify again to be taxed as a regulated investment company in a subsequent year, the Fund would be required to distribute to shareholders its earnings and profits attributable to non-qualifying years. Further, if the Fund failed to qualify for a period greater than two taxable years, then, in order to qualify as a regulated investment company in a subsequent year, the Fund would be required to elect to recognize and pay tax on any net built-in gain (i.e., the excess of aggregate gain, including items of income, over aggregate loss that would have been realized if the Fund had been liquidated) or, alternatively, be subject to taxation on such built-in gain recognized for a period of five years.

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**Excise Tax on Regulated Investment Companies**

A 4% non-deductible excise tax is imposed on a regulated investment company that fails to distribute in each calendar year an amount equal to at least the sum of (i) 98% of its ordinary taxable income for the calendar year and (ii) 98.2% of its capital gain net income for the one-year period ended on October 31 of such calendar year (or, with respect to capital gain net income, at the election of a regulated investment company having a taxable year ending November 30 or December 31, for its taxable year (a "taxable year election")). Tax-exempt interest on municipal obligations is not subject to the excise tax. The balance of such income must be distributed during the next calendar year. For the foregoing purposes, any ordinary income or capital gain net income retained by a regulated investment company that is subject to corporate income tax will be treated as having been distributed during the taxable year ending in such calendar year.

Each Fund intends to make sufficient distributions or deemed distributions of its ordinary taxable income and capital gain net income prior to the end of each calendar year to avoid liability for the excise tax. However, investors should note that a Fund may in certain circumstances be required to liquidate portfolio investments to make sufficient distributions to avoid excise tax liability.

**Fund Investments**

In general, gain or loss recognized by a Fund on the disposition of an asset will be a capital gain or loss. In addition, gain will be recognized as a result of certain constructive sales, including short sales "against the box." However, gain recognized on the disposition of a debt obligation (including municipal obligations) purchased by a Fund at a market discount (generally, at a price less than its principal amount) will be treated as ordinary income to the extent of the portion of the market discount that accrued while the Fund held the debt obligation. In addition, under the rules of Code Section 988, gain or loss recognized on the disposition of a debt obligation denominated in a foreign currency or an option with respect thereto, and gain or loss recognized on the disposition of a foreign currency forward contract, futures contract, option or similar financial instrument, or of foreign currency itself, except for regulated futures contracts or non-equity options subject to Code Section 1256 (unless a Fund elects otherwise), generally will be treated as ordinary income or loss to the extent attributable to changes in foreign currency exchange rates.

Certain transactions that may be engaged in by a Fund (such as regulated futures contracts, certain foreign currency contracts and options on stock indexes and futures contracts) will be subject to special tax treatment as "Section 1256 Contracts." Section 1256 Contracts are treated as if they are sold for their fair market value on the last business day of the taxable year, even though a taxpayer's obligations (or rights) under such Section 1256 Contracts have not terminated (by delivery, exercise, entering into a closing transaction, or otherwise) as of such date. Any gain or loss recognized as a consequence of the year-end deemed disposition of Section 1256 Contracts is taken into account for the taxable year together with any other gain or loss that was recognized previously upon the termination of Section 1256 Contracts during that taxable year. Any capital gain or loss for the taxable year with respect to Section 1256 Contracts (including any capital gain or loss arising as a consequence of the year-end deemed sale of such Section 1256 Contracts) generally is treated as 60% long-term capital gain or loss and 40% short-term capital gain or loss. A Fund, however, may elect not to have this special tax treatment apply to Section 1256 Contracts that are part of a "mixed straddle" with other investments of the Fund that are not Section 1256 Contracts.

A Fund may enter into notional principal contracts, including interest rate swaps, caps, floors, and collars. Treasury Regulations provide, in general, that the net income or net deduction from a notional principal contract for a taxable year is included in or deducted from gross income for that taxable year. The net income or deduction from a notional principal contract for a taxable year equals the total of all of the periodic payments (generally, payments that are payable or receivable at fixed periodic intervals of one year or less during the entire term of the contract) that are recognized from that contract for the taxable year, all of the non-periodic payments (including premiums for caps, floors and collars) that are recognized from that contract for the taxable year and any termination payments that are recognized from that contract for the taxable year. No portion of a payment by a party to a notional principal contract is recognized prior to the first year to which any portion of a payment by the counterparty relates. A periodic payment is recognized ratably over the period to which it relates. In general, a non-periodic payment must be recognized over the term of the notional principal contract in a manner that reflects the economic substance of the contract. A non-periodic payment that relates to an interest rate swap, cap, floor, or collar is recognized over the term of the contract by allocating it in accordance with the values of a series of cash-settled forward or option contracts that reflect the specified index and notional principal amount upon which the notional principal contract is based (or under an alternative method provided in Treasury Regulations). A termination payment is recognized in the year the notional principal contract is extinguished, assigned, or terminated (i.e., in the year the termination payment is made).

Income from options on individual securities written by a Fund will not be recognized by the Fund for tax purposes until an option is exercised or lapses. Any gain recognized by a Fund on the lapse of, or any gain or loss recognized by a Fund from a closing transaction with respect to, an option written by the Fund will be treated as a short-term capital gain or loss. If the Fund enters into a closing transaction, the difference between the premiums received and the amount paid by the Fund to close out its position will generally be treated as short-term capital gain or loss. If an option written by the Fund is exercised, thereby requiring the Fund to sell the underlying security, the premium will increase the amount realized upon the sale of the security, and the character of any gain on such sale of the underlying security as short-term or long-term capital gain will depend on the holding period of the Fund in the

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underlying security. Because the Fund will not have control over the exercise of the options it writes, such exercises or other required sales of the underlying securities may cause the Fund to realize gains or losses at inopportune times.

A Fund may purchase securities of certain foreign investment funds or trusts that constitute passive foreign investment companies ("PFICs") for federal income tax purposes. If a Fund invests in a PFIC, it has three separate options. First, it may elect to treat the PFIC as a qualified electing fund (a "QEF"), in which event the Fund will each year have ordinary income equal to its pro rata share of the PFIC's ordinary earnings for the year and long-term capital gain equal to its pro rata share of the PFIC's net capital gain for the year, regardless of whether the Fund receives distributions of any such ordinary earnings or capital gains from the PFIC, and such amounts would be subject to the 90% and excise tax distribution requirements described above. In order to make this election with respect to a PFIC in which it invests, a Fund must obtain certain information from the PFIC on an annual basis, which the PFIC may be unwilling or unable to provide. Second, a Fund that invests in marketable stock of a PFIC may make a mark-to-market election with respect to such stock. Pursuant to such election, the Fund will include as ordinary income any excess of the fair market value of such stock at the close of any taxable year over the Fund's adjusted tax basis in the stock. If the adjusted tax basis of the PFIC stock exceeds the fair market value of the stock at the end of a given taxable year, such excess will be deductible as ordinary loss in an amount equal to the lesser of the amount of such excess or the net mark-to-market gains on the stock that the Fund included in income in previous years. Solely for purposes of Code Sections 1291 through 1298, the Fund's holding period with respect to its PFIC stock subject to the election will commence on the first day of the first taxable year beginning after the last taxable year for which the mark-to-market election applied. If the Fund makes the mark-to-market election in the first taxable year it holds PFIC stock, it will not incur the tax described below under the third option.

Finally, if a Fund does not elect to treat the PFIC as a QEF and does not make a mark-to-market election, then, in general, (1) any gain recognized by the Fund upon the sale or other disposition of its interest in the PFIC or any excess distribution received by the Fund from the PFIC will be allocated ratably over the Fund's holding period of its interest in the PFIC stock, (2) the portion of such gain or excess distribution so allocated to the year in which the gain is recognized or the excess distribution is received shall be included in the Fund's gross income for such year as ordinary income (and the distribution of such portion by the Fund to shareholders will be taxable as a dividend, but such portion will not be subject to tax at the Fund level), (3) the Fund shall be liable for tax on the portions of such gain or excess distribution so allocated to prior years in an amount equal to, for each such prior year, (i) the amount of gain or excess distribution allocated to such prior year multiplied by the highest corporate tax rate in effect for such prior year, plus (ii) interest on the amount determined under clause (i) for the period from the due date for filing a return for such prior year until the date for filing a return for the year in which the gain is recognized or the excess distribution is received, at the rates and methods applicable to underpayments of tax for such period, and (4) the distribution by the Fund to its shareholders of the portions of such gain or excess distribution so allocated to prior years (net of the tax payable by the Fund thereon) will be taxable to the shareholders as a dividend.

Some of the debt securities (with a fixed maturity date of more than one year from the date of issuance) that may be acquired by the Fund may be treated as debt securities that are issued originally at a discount. Generally, the amount of the original issue discount ("OID") is treated as interest income and is included in income over the term of the debt security, even though payment of that amount is not received until a later time, usually when the debt security matures. A portion of the OID includable in income with respect to certain high-yield corporate debt securities (including certain pay-in-kind securities) may be treated as a dividend for U.S. federal income tax purposes.

Some of the debt securities (with a fixed maturity date of more than one year from the date of issuance) that may be acquired by the Fund in the secondary market may be treated as having market discount. Generally, any gain recognized on the disposition of, and any partial payment of principal on, a debt security having market discount is treated as ordinary income to the extent the gain, or principal payment, does not exceed the "accrued market discount" on such debt security. Market discount generally accrues in equal daily installments. The Fund may make one or more of the elections applicable to debt securities having market discount, which could affect the character and timing of recognition of income.

A Fund that holds the foregoing kinds of securities may be required to pay out as an income distribution each year an amount, which is greater than the total amount of cash interest the Fund actually received. Such distributions may be made from the cash assets of the Fund or by liquidation of portfolio securities, if necessary (including when it is not advantageous to do so). The Fund may realize gains or losses from such liquidations. In the event the Fund realizes net capital gains from such transactions, its shareholders may receive a larger capital gain distribution, if any, than they would in the absence of such transactions.

Gain or loss on the sale of securities by the Fund will generally be long-term capital gain or loss if the securities have been held by the Fund for more than one year. Gain or loss on the sale of securities held for one year or less will be short-term capital gain or loss.

The Fund may invest in preferred securities or other securities the federal income tax treatment of which may not be clear or may be subject to recharacterization by the Internal Revenue Service ("IRS"). To the extent the tax treatment of such securities or the income from such securities differs from the tax treatment expected by the Fund, it could affect the timing or character of income recognized by the Fund, potentially requiring the Fund to purchase or sell securities, or otherwise change its portfolio, in order to comply with the tax rules applicable to regulated investment companies under the Code.

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The Fund may invest a portion of its net assets in below investment grade securities. Investments in these types of securities may present special tax issues for the Fund. Federal income tax rules are not entirely clear about issues such as when the Fund may cease to accrue interest, OID or market discount, when and to what extent deductions may be taken for bad debts or worthless securities, how payments received on obligations in default should be allocated between principal and interest and whether modifications or exchanges of debt obligations in a bankruptcy or workout context are taxable. These and other issues could affect the Fund's ability to distribute sufficient income to preserve its status as a regulated investment company or to avoid the imposition of U.S. federal income or excise tax.

**Fund Distributions**

Each Fund anticipates distributing substantially all of its investment company taxable income for each taxable year. Such distributions will be treated as dividends for federal income tax purposes and may be taxable to non-corporate shareholders as long-term capital gains (a "qualified dividend"), provided that certain requirements, as discussed below, are met. Dividends received by corporate shareholders and dividends that do not constitute qualified dividends are taxable as ordinary income. The portion of dividends received from a Fund that are qualified dividends generally will be determined on a look-through basis. If the aggregate qualified dividends received by the Fund are less than 95% of the Fund's gross income (as specially computed), the portion of dividends received from the Fund that constitute qualified dividends will be reported by the Fund and cannot exceed the ratio that the qualified dividends received by the Fund bears to its gross income. If the aggregate qualified dividends received by the Fund equal at least 95% of its gross income, then all of the dividends received from the Fund will constitute qualified dividends.

No dividend will constitute a qualified dividend (1) if it has been paid with respect to any share of stock that the Fund has held for less than 61 days (91 days in the case of certain preferred stock) during the 121-day period (181-day period in the case of certain preferred stock) beginning on the date that is 60 days (90 days in the case of certain preferred stock) before the date on which such share becomes ex-dividend with respect to such dividend, excluding for this purpose, under the rules of Code Section 246(c), any period during which the Fund has an option to sell, is under a contractual obligation to sell, has made and not closed a short sale of, is the grantor of an option to buy, or has otherwise diminished its risk of loss by holding other positions with respect to, such (or substantially identical) stock; (2) if the non-corporate shareholder fails to meet the holding period requirements set forth in (1) with respect to its shares in the Fund to which the dividend is attributable; or (3) to the extent that the Fund (or shareholder, as applicable) is under an obligation (pursuant to a short sale or otherwise) to make related payments with respect to positions in property substantially similar or related to stock with respect to which an otherwise qualified dividend is paid.

Qualified dividends are, in general, dividends from taxable U.S. corporations and certain foreign corporations. Dividends from a foreign corporation may be qualified dividends if (1) the stock with respect to which the dividend is paid is readily tradable on an established securities market in the United States, (2) the foreign corporation is incorporated in a possession of the United States, or (3) the foreign corporation is eligible for the benefits of a comprehensive income tax treaty with the United States that includes an exchange of information program (and that the Treasury Department determines to be satisfactory for these purposes). The Treasury Department has issued guidance identifying which treaties are satisfactory for these purposes. Notwithstanding the above, dividends received from a foreign corporation that for the taxable year of the corporation in which the dividend was paid, or the preceding taxable year, is a PFIC will not constitute qualified dividends. Substitute payments received by a Fund representing dividends paid on securities loaned out by the Fund will not be considered qualified dividend income, and distributions by the Fund of such substitute payments will not be eligible to be treated as qualified dividends.

Distributions attributable to dividends received by a Fund from domestic corporations will qualify for the 50% dividends-received deduction ("DRD") for corporate shareholders only to the extent discussed below. Distributions attributable to dividends paid by a foreign corporation, a REIT or a corporation exempt from tax generally do not qualify for the DRD. Substitute payments received by a Fund representing dividends paid on securities loaned out by the Fund will not be treated as dividends eligible for the dividends paid deduction.

Ordinary income dividends paid by a Fund with respect to a taxable year may qualify for the 50% DRD generally available to corporations (other than corporations such as S corporations, which are not eligible for the deduction because of their special characteristics, and other than for purposes of special taxes such as the accumulated earnings tax and the personal holding company tax) to the extent of the amount of dividends received by the Fund from domestic corporations for the taxable year. No DRD will be allowed with respect to any dividend (1) if it has been received with respect to any share of stock that the Fund has held for less than 46 days (91 days in the case of certain preferred stock) during the 91-day period (181-day period in the case of certain preferred stock) beginning on the date that is 45 days (90 days in the case of certain preferred stock) before the date on which such share becomes ex-dividend with respect to such dividend, excluding for this purpose under the rules of Code Section 246(c) any period during which the Fund has an option to sell, is under a contractual obligation to sell, has made and not closed a short sale of, is the grantor of an option to buy, or has otherwise diminished its risk of loss by holding other positions with respect to, such (or substantially identical) stock; (2) to the extent that the Fund is under an obligation (pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property; or (3) to the extent the stock on which the dividend is paid is treated as

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debt-financed under the rules of Code Section 246A. Moreover, the DRD for a corporate shareholder may be disallowed or reduced (1) if the corporate shareholder fails to satisfy the foregoing requirements with respect to its shares of the Fund or (2) by application of Code Section 246(b), which in general limits the DRD to 50% of the shareholder's taxable income (determined without regard to the DRD and certain other items).

If a Fund receives a dividend (other than a capital gain dividend) in respect of any share of REIT stock, then Fund dividends attributable to that REIT dividend income (as reduced by certain Fund expenses) may be reported by the Fund as eligible for the 20% deduction for "qualified REIT dividends" generally available to non-corporate shareholders under the Code. A dividend from a Fund may not be treated as a qualified REIT dividend (1) if it has been paid with respect to any share of REIT stock that the Fund has held for less than 46 days during the 91-day period beginning on the date that is 45 days before the date on which such share becomes ex-dividend with respect to such dividend, excluding for this purpose, under the rules of Code Section 246(c), any period during which the Fund has an option to sell, is under a contractual obligation to sell, has made and not closed a short sale of, is the grantor of an option to buy, or has otherwise diminished its risk of loss by holding other positions with respect to, such (or substantially identical) stock; (2) if the non-corporate shareholder fails to meet the holding period requirements set forth in (1) with respect to its shares in the Fund to which the dividend is attributable; or (3) to the extent that the Fund (or shareholder, as applicable) is under an obligation (pursuant to a short sale or otherwise) to make related payments with respect to positions in property substantially similar or related to stock with respect to which an otherwise qualified dividend is paid. Substitute payments received by a Fund representing qualified REIT dividends paid on REIT securities loaned out by the Fund will not be considered qualified REIT dividends, and distributions by the Fund of such substitute payments will not be eligible for the 20% deduction currently available for ordinary REIT dividends paid to non-corporate shareholders.

A Fund may either retain or distribute to shareholders its net capital gain for each taxable year. Each Fund currently intends to distribute any such amounts. If net capital gain is distributed and reported as a capital gain dividend, it will be taxable to shareholders as long-term capital gain, regardless of the length of time the shareholder has held his shares or whether such gain was recognized by the Fund prior to the date on which the shareholder acquired his shares. The Code provides, however, that under certain conditions none of the capital gain recognized upon a Fund's disposition of domestic qualified "small business" stock will be subject to tax (with certain limitations).

Conversely, if a Fund elects to retain its net capital gain, the Fund will be subject to tax thereon (except to the extent of any available capital loss carryovers) at the corporate tax rates. If a Fund elects to retain its net capital gain, it is expected that the Fund also will elect to have shareholders of record on the last day of its taxable year treated as if each received a distribution of his pro rata share of such gain, with the result that each shareholder will be required to report his pro rata share of such gain on his tax return as long-term capital gain, will receive a refundable tax credit for his pro rata share of tax paid by the Fund on the gain, and will increase the tax basis for his shares by an amount equal to the deemed distribution less the tax credit. Organizations or persons not subject to U.S. federal income tax on such capital gains will be entitled to a refund of their pro rata share of such taxes paid by the Fund upon filing appropriate returns or claims for refund with the IRS.

Distributions by a Fund in excess of its current and accumulated earnings and profits will be treated as a tax-free return of capital to the extent of (and in reduction of) the shareholder's tax basis in his shares; any excess will be treated as gain from the sale of his shares, as discussed below.

Distributions by a Fund will be treated in the manner described above regardless of whether such distributions are paid in cash or reinvested in additional shares of the Fund (if that option is available). Distributions reinvested in additional shares of the Fund will be taxable to shareholders acquiring the additional shares to the same extent as if such distributions had been received in cash. In addition, if the NAV at the time a shareholder purchases shares of a Fund reflects undistributed net investment income, recognized net capital gain, or unrealized appreciation in the value of the assets of the Fund, distributions of such amounts will be taxable to the shareholder in the manner described above, although such distributions economically constitute a return of capital to the shareholder. The amount of undistributed income and gain the Fund has at the time a shareholder purchases or sells shares can impact the amount of the shareholder's gain or loss on the sale and the treatment and tax rates applicable to the shareholder's return on its investment in the Fund. Before investing you may want to consult your tax adviser.

Ordinarily, shareholders are required to take distributions by a Fund into account in the year in which the distributions are made. However, dividends declared in October, November, or December of any year and payable to shareholders of record on a specified date in such a month will be deemed to have been received by the shareholders (and paid by a Fund) on December 31 of such calendar year if such dividends are actually paid in January of the following year. In addition, certain other distributions made after the close of the Fund's taxable year may be "spilled back" and treated as paid by the Fund (except for the purposes of the 4% nondeductible excise tax) during such taxable year. In such case, a shareholder will be treated as having received such dividends in the taxable year in which the distributions were actually made. Shareholders will be advised annually as to the U.S. federal income tax consequences of distributions made (or deemed made) during the year.

Certain U.S. shareholders, including individuals and estates and trusts, are subject to an additional 3.8% Medicare tax on all or a portion of their "net investment income," which should include dividends from a Fund and net gains from the disposition of shares of a Fund.

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Exempt-interest dividends from the Funds generally are not included in net investment income for purposes of this tax. U.S. shareholders are urged to consult their own tax advisers regarding the implications of the additional Medicare tax resulting from an investment in a Fund.

Each Fund will be required in certain cases to withhold and remit to the U.S. Treasury backup withholding taxes at the applicable rate on distributions paid to any shareholder (1) who has failed to provide a correct taxpayer identification number, (2) who is subject to backup withholding for failure to report the receipt of interest or dividend income properly, or (3) who has failed to certify to the Fund that it is not subject to backup withholding or is an "exempt recipient" (such as a corporation). Amounts withheld under the backup withholding rules will be allowed as a refund or a credit against a shareholder's U.S. federal income tax liability provided the required information is furnished to the IRS.

If a Fund invests in underlying regulated investment companies, distributions of short-term capital gains by such underlying funds would be recognized as ordinary income by the Fund and would not be able to be offset by the Fund's capital losses or capital loss carryforwards (if any). Losses of an underlying fund would not offset any income or gain of the Fund. Losses realized by a Fund on the sale of shares of underlying funds may be indefinitely or permanently deferred under the wash sale rules. Each of these effects is caused by the Fund's investment in the underlying funds and may result in tax distributions to Fund shareholders being of higher magnitudes.

**Sale or Redemption of Shares**

A shareholder will generally recognize gain or loss on the sale or redemption of shares of a Fund (including an exchange of shares of a Fund for shares of another Fund) in an amount equal to the difference between the proceeds of the sale or redemption and the shareholder's adjusted tax basis in the shares. All or a portion of any loss may be disallowed if the shareholder purchases other shares of the same Fund within 30 days before or after the sale or redemption. In such a case, the basis of the shares acquired will be increased to reflect the disallowed loss. In general, any gain or loss arising from (or treated as arising from) the sale or redemption of shares of a Fund will be considered capital gain or loss and will be long-term capital gain or loss if the shares were held for longer than one year. However, any capital loss arising from the sale or redemption of shares held for six months or less will be disallowed to the extent of the amount of exempt-interest dividends received on such shares (unless the loss is with respect to shares of a Fund for which the holding period began after December 22, 2010, and the Fund declares exempt-interest dividends on a daily basis in an amount equal to at least 90% of its net tax-exempt interest and distributes such dividends at least monthly) and (to the extent not disallowed) will be treated as a long-term capital loss to the extent of the amount of capital gain dividends received on such shares. For these purposes, the special holding period rules of Code Section 246(c) (discussed above in connection with qualified dividends, qualified REIT dividends and the dividends-received deduction) generally will apply in determining the holding period of shares. Capital losses in any year are deductible only to the extent of capital gains plus, in the case of a noncorporate taxpayer, $3,000 of ordinary income.

If a shareholder (1) incurs a sales load in acquiring shares of a Fund, (2) disposes of such shares less than 91 days after they are acquired and (3) subsequently acquires, during the period beginning on the date of the disposition referred to in clause (2) and ending on January 31 of the calendar year following the calendar year that includes the date of such disposition, shares of the Fund or another Fund at a reduced sales load pursuant to a right acquired in connection with the acquisition of the shares disposed of, then the sales load on the shares disposed of (to the extent of the reduction in the sales load on the shares subsequently acquired) shall not be taken into account in determining gain or loss on such shares but shall be treated as incurred on the acquisition of the subsequently acquired shares.

**Tax Shelter and Other Reporting Requirements**

If a shareholder realizes a loss on the disposition of shares of a Fund of at least $2 million in any single taxable year or at least $4 million in any combination of taxable years for an individual shareholder, or at least $10 million in any single taxable year or at least $20 million in any combination of taxable years for a corporate shareholder, the shareholder must file with the IRS a disclosure statement on Form 8886. Shareholders should consult their tax advisers to determine the applicability of this requirement in light of their individual circumstances.

**Foreign Taxation**

Income received by a Fund from sources within foreign countries may be subject to withholding and other taxes imposed by such countries. Tax treaties and conventions between certain countries and the United States may reduce or eliminate such taxes. If more than 50% of the value of a Fund's total assets at the close of its taxable year consists of securities of foreign corporations, the Fund may be able to elect to "pass through" to the Fund's shareholders the amount of eligible foreign income and similar taxes paid by the Fund. If this election is made, a shareholder generally subject to tax will be required to include in gross income (in addition to taxable dividends actually received) his or her pro rata share of the foreign taxes paid by the Fund, and may be entitled either to deduct (as an itemized deduction) his or her pro rata share of foreign taxes in computing his or her taxable income or to use it as a foreign tax credit against his or her U.S. federal income tax liability, subject to certain limitations. In particular, a shareholder must hold his or her

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shares (without protection from risk of loss) on the ex-dividend date and for at least 15 more days during the 30-day period surrounding the ex-dividend date to be eligible to claim a foreign tax credit with respect to a gain dividend. No deduction for foreign taxes may be claimed by a non-corporate shareholder who does not itemize deductions. Each shareholder will be notified days after the close of the Fund's taxable year whether the foreign taxes paid by the Fund will "pass through" for that year.

Generally, a credit for foreign taxes is subject to the limitation that it may not exceed the shareholder's U.S. tax attributable to his or her total foreign source taxable income. For this purpose, if the pass-through election is made, the source of the Fund's income will flow through to shareholders of the Fund. With respect to a Fund, gains from the sale of securities will be treated as derived from U.S. sources and certain currency fluctuation gains, including fluctuation gains from foreign currency-denominated debt securities, receivables and payables will be treated as ordinary income derived from U.S. sources. The limitation on the foreign tax credit is applied separately to foreign source passive income, and to certain other types of income. A shareholder may be unable to claim a credit for the full amount of his or her proportionate share of the foreign taxes paid by the Fund.

**Foreign Shareholders**

Taxation of a shareholder who, as to the United States, is a nonresident alien individual or foreign corporation ("foreign shareholder"), depends on whether the income from a Fund is "effectively connected" with a U.S. trade or business carried on by such shareholder.

If the income from a Fund is not effectively connected with a U.S. trade or business carried on by a foreign shareholder, subject to the discussion below with respect to "interest-related dividends" and "short-term capital gain dividends," ordinary income dividends (including dividends that would otherwise be treated as qualified dividends to an applicable non-foreign shareholder) paid to such foreign shareholder would be subject to a 30% U.S. withholding tax (or lower applicable treaty rate) upon the gross amount of the dividend. Except as described below, such foreign shareholder would generally be exempt from U.S. federal income tax, including withholding tax, on gains realized on the sale of shares of a Fund or capital gain dividends unless the foreign shareholder is a nonresident alien individual present in the United States for a period or periods aggregating 183 days or more during the calendar year.

U.S. withholding tax generally does not apply to amounts properly designated by a Fund as an "interest-related dividend" or a "short-term capital gain dividend." The aggregate amount treated as an interest-related dividend for a year is limited to the Fund's qualified net interest income for the year, which is the excess of the sum of the Fund's qualified interest income (generally, its U.S.-source interest income) over the deductions properly allocable to such income. The aggregate amount treated as a "short-term capital gain dividend" is limited to the excess of the Fund's net short-term capital gain over its net long-term capital loss. In order to qualify for this exemption from withholding, a foreign investor needs to comply with applicable certification requirements relating to its non-U.S. status (including, in general, furnishing an IRS Form W-8BEN, W-8BEN-E or substitute Form). In the case of shares held through an intermediary, the intermediary may withhold even if the Fund reported the payment as qualified net interest income or qualified short-term capital gain. Foreign investors should contact their intermediaries with respect to the application of these rules to their accounts.

If the income from a Fund is effectively connected with a U.S. trade or business carried on by a foreign shareholder, then any dividends, and any gains realized upon the sale of shares of the Fund will be subject to U.S. federal income tax at the rates applicable to U.S. citizens or domestic corporations, and, if the foreign shareholder is a corporation, the shareholder may be subject to an additional "branch profits tax" imposed at the rate of 30% (or lower applicable treaty rate).

In the case of foreign noncorporate shareholders, a Fund may be required to withhold backup withholding taxes at the applicable rate on distributions that are otherwise exempt from withholding tax (or taxable at a reduced treaty rate) unless such shareholders furnish the Fund with proper notification of their foreign status.

Special rules may apply to a foreign shareholder receiving a Fund distribution if at least 50% of the Fund's assets consist of U.S. real property interests, including certain REITs and U.S. real property holding corporations (as defined in the Code and Treasury Regulations), at any time during the five-year period ending on the date of the distribution. Fund distributions that are attributable to gain from the disposition of a U.S. real property interest will be taxable as ordinary dividends and subject to withholding at a 30% or lower treaty rate if the foreign shareholder held no more than 5% of the Fund's shares at all times during the one-year period ending on the date of the distribution. If the foreign shareholder held at least 5% of the Fund's shares at any time during the one-year testing period, the distribution would be treated as income effectively connected with a trade or business within the U.S. and the foreign shareholder would be subject to withholding tax at a rate of 21% and would generally be required to file a U.S. federal income tax return. The distribution also may be subject to a 30% branch profits tax if the foreign shareholder is a corporation. Similar consequences would generally apply to a foreign shareholder's gain on the sale of Fund shares unless the Fund is domestically controlled (meaning that more than 50% of the value of the Fund's shares is held by U.S. shareholders at all times during the five-year period ending on the date of sale) or the foreign shareholder owns no more than 5% of the Fund's shares at all times during the five-year period ending on the date of sale. Finally, a domestically controlled Fund may be required to recognize a portion of its gain on the in-kind distribution of certain U.S. real property interests. A foreign shareholder may also be subject to certain "wash sale" rules to prevent the avoidance

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of the tax filing and payment obligations discussed above through the sale and repurchase of Fund shares. Foreign shareholders are urged to consult their own tax advisors concerning the particular tax consequences to them of an investment in the Fund.

Under the "Foreign Account Tax Compliance Act" and existing guidance thereunder, commonly known as "FATCA," a 30% withholding tax on dividends paid by the Fund generally applies if paid to a foreign entity unless: (i) if the foreign entity is a "foreign financial institution" as defined under FATCA, the foreign entity undertakes certain due diligence, reporting, withholding, and certification obligations, (ii) if the foreign entity is not a "foreign financial institution," it identifies certain of its U.S. investors, or (iii) the foreign entity is otherwise excepted under FATCA. If withholding is required under FATCA on a payment related to any Fund distribution, investors that otherwise would not be subject to withholding (or that otherwise would be entitled to a reduced rate of withholding) on such payment generally will be required to seek a refund or credit from the IRS to obtain the benefit of such exemption or reduction. An intergovernmental agreement between the United States and an applicable foreign country, or future Treasury regulations or other guidance, may modify the foregoing requirements. The Funds will not pay any additional amounts in respect of amounts withheld under FATCA. Each investor should consult its tax adviser regarding the effect of FATCA based on its individual circumstances.

The tax consequences to a foreign shareholder entitled to claim the benefits of an applicable tax treaty might be different from those described herein. Foreign shareholders are urged to consult their own tax advisers with respect to the particular tax consequences to them of an investment in a Fund, including the applicability of foreign taxes.

**Cost Basis Reporting**

A Fund is generally required by law to report to shareholders and the IRS on Form 1099-B "cost basis" information for shares of the Fund acquired on or after January 1, 2012, and sold or redeemed after that date. Upon a disposition of such shares, a Fund will be required to report the adjusted cost basis, the gross proceeds from the disposition, and the character of realized gains or losses attributable to such shares. These requirements do not apply to investments through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement plan. The "cost basis" of a share is generally its purchase price adjusted for dividend reinvestments, returns of capital, and other corporate actions. "Cost basis" is used to determine whether a sale or other disposition of the shares results in a gain or loss.

The Fund will permit shareholders to elect among several IRS-accepted cost basis methods to determine the cost basis in their shares. If a shareholder does not affirmatively elect a cost basis method, then the Fund's default cost basis calculation method, which is currently the average cost method, will be applied to their account. Non-covered shares (those shares purchased before January 1, 2012, and those shares that do not have complete cost basis information, regardless of purchase date) will be used first for any redemptions made after January 1, 2012, regardless of your cost basis method of election unless you have chosen the specific identification method and have designated covered shares (those purchased after January 1, 2012) at the time of your redemption. The cost basis method elected or applied may not be changed after the settlement date of a sale of shares.

If a shareholder holds shares through a broker, the shareholder should contact that broker with respect to the reporting of cost basis information.

Shareholders are urged to consult their tax advisers regarding specific questions with respect to the application of the new cost basis reporting rules and, in particular, which cost basis calculation method to elect.

**Effect of Future Legislation, Foreign, State, and Local Tax Considerations**

The foregoing general discussion of U.S. federal income and excise tax consequences is based on the Code and the Treasury Regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes or court decisions may significantly change the conclusions expressed herein and any such changes or decisions may have a retroactive effect.

Rules of foreign, state, and local taxation of ordinary income dividends, qualified dividends, exempt-interest dividends and capital gain dividends from regulated investment companies may differ from the rules for U.S. federal income taxation described above. Shareholders are urged to consult their tax advisers as to the consequences of these and other foreign, state and local tax rules affecting an investment in a Fund.

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**ADDITIONAL INFORMATION**

**Description of Shares**

The Trust is a Delaware statutory trust. The Trust's Second Amended and Restated Trust Instrument, dated as of February 26, 2019 ("Trust Instrument"), authorizes the Trustees to issue an unlimited number of shares, which are units of beneficial interest, with a par value of $0.001 per share. The Trust Instrument authorizes the Trustees to divide or redivide any unissued shares of the Trust into one or more additional series by setting or changing in any one or more aspects their respective preferences, conversion or other rights, voting power, restrictions, limitations as to dividends, qualifications and terms and conditions of redemption. The Trust is currently authorized to offer Class A, C, I, R, R6, Y, and Member Class shares of the Funds. A Fund may not offer all such share classes. Shares have no subscription or preemptive rights and only such conversion or exchange rights as the Trustees may grant in their discretion. When issued for payment as described in the Prospectuses and this SAI, the Trust's shares will be fully paid and non-assessable. In the event of a liquidation or dissolution of the Trust, shares of each Fund are entitled to receive the assets available for distribution belonging to the Fund, and a proportionate distribution, based upon the relative asset values of the respective series, of any general assets not belonging to any particular series that are available for distribution.

Each share class of a Fund represents an interest in the same assets of the Fund, has the same rights and is identical in all material respects except that (i) each class of shares may be subject to different (or no) sales loads; (ii) each class of shares may bear different (or no) distribution fees; (iii) each class of shares may have different shareholder features, such as minimum investment amounts; (iv) certain other class-specific expenses will be borne solely by the class to which such expenses are attributable, including transfer agent fees attributable to a specific class of shares, printing and postage expenses related to preparing and distributing materials to current shareholders of a specific class, registration fees paid by a specific class of shares, the expenses of administrative personnel and services required to support the shareholders of a specific class, litigation or other legal expenses relating to a class of shares, Trustees' fees or expenses paid as a result of issues relating to a specific class of shares and accounting fees and expenses relating to a specific class of shares; and (v) each class has exclusive voting rights with respect to matters relating to its own distribution arrangements. The Board may classify and reclassify the shares of the Fund into additional classes of shares at a future date.

Fund shareholders are entitled to one vote per share (with proportional voting for fractional shares) on such matters as shareholders are entitled to vote ("share-based voting"). Alternatively (except where the 1940 Act requires share-based voting), the Trustees in their discretion may determine that shareholders are entitled to one vote per dollar of NAV (with proportional voting for fractional dollar amounts). Shareholders of all series and classes will vote together as a single class on all matters except (1) when required by the 1940 Act or when the Trustees have determined that a matter affects one or more series or classes materially differently, shares shall be voted by individual series or class; and (2) when the Trustees have determined that the matter affects only the interests of a particular series or class, then only shareholders of such series or class shall be entitled to vote thereon.

There will normally be no meetings of shareholders for the purpose of electing Trustees unless and until such time as less than a majority of the Trustees have been elected by the shareholders, at which time the Trustees then in office will call a shareholders' meeting for the election of Trustees. A meeting shall be held for such purpose upon the written request of the holders of not less than 10% of the outstanding shares. Upon written request by 10 or more shareholders of record meeting the qualifications of Section 16(c) of the 1940 Act, (i.e., persons who have been shareholders of record for at least six months, and who hold shares having an NAV of at least $25,000 or constituting 1% of the outstanding shares, whichever is less) stating that such shareholders wish to communicate with the other shareholders for the purpose of obtaining the signatures necessary to demand a meeting to consider removal of a Trustee, the Trust will provide a list of shareholders or disseminate appropriate materials (at the expense of the requesting shareholders). Except as set forth above, the Trustees shall continue to hold office and may appoint their successors.

The Trust Instrument permits the Trustees to take certain actions without obtaining shareholder approval, if the Trustees determine that doing so would be in the best interests of shareholders. These actions include: (a) reorganizing a Fund with another investment company or another series of the Trust; (b) liquidating a Fund; (c) restructuring a Fund into a "master/feeder" structure, in which a Fund (the "feeder") would invest all of its assets in a separate "master" fund; and (d) amending the Trust Instrument, unless shareholder consent is required by law.

Rule 18f-2 under the 1940 Act provides that any matter required to be submitted to the holders of the outstanding voting securities of an investment company such as the Trust shall not be deemed to have been effectively acted upon unless approved by the holders of a majority of the outstanding shares, as defined under the 1940 Act, of the series affected by the matter. For purposes of determining whether the approval of a majority of the outstanding shares of a Fund will be required in connection with a matter, a Fund will be deemed to be affected by a matter unless it is clear that the interests of the Fund and any other series in the matter are identical, or that the matter does not affect any interest of other series of the Trust. Under Rule 18f-2, the approval of an investment advisory agreement or any change in investment policy would be effectively acted upon with respect to a Fund only if approved by a majority of the outstanding shares of the Fund. However, Rule 18f-2 also provides that the ratification of independent accountants, the approval of principal underwriting contracts, and the election of Trustees may be effectively acted upon by shareholders of the Trust voting without regard to series.

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**Shareholder and Trustee Liability**

The Delaware Statutory Trust Act provides that a shareholder of a Delaware statutory trust shall be entitled to the same limitation of personal liability extended to shareholders of Delaware corporations, and the Trust Instrument provides that shareholders of the Trust shall not be liable for the obligations of the Trust. The Trust Instrument also provides for indemnification out of the trust property of any shareholder held personally liable solely by reason of his or her being or having been a shareholder. The Trust Instrument also provides that the Trust shall, upon request, assume the defense of any claim made against any shareholder for any act or obligation of the Trust, and shall satisfy any judgment thereon. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is considered to be extremely remote.

The Trust Instrument states further that no Trustee, officer, or agent of the Trust shall be personally liable in connection with the administration or preservation of the assets of the Funds or the conduct of the Trust's business; nor shall any Trustee, officer, or agent be personally liable to any person for any action or failure to act except for his own bad faith, willful misfeasance, gross negligence, or reckless disregard of his duties. The Trust Instrument also provides that all persons having any claim against the Trustees or the Trust shall look solely to the assets of the Trust for payment.

**Derivative Actions Brought by Shareholders**

Pursuant to the Trust Instrument, and in addition to the requirements of Delaware law, a shareholder may bring a derivative action on behalf of the Trust only if the following conditions are met: (a) The shareholder or shareholders must make a pre-suit demand upon the Trustees to bring the subject action unless an effort to cause the Trustees to bring such an action is not likely to succeed. For this purpose, a demand on the Trustees shall only be deemed not likely to succeed and therefore excused if a majority of the Board of Trustees, or a majority of any committee established to consider the merits of such action, is composed of Trustees who are not "independent trustees" (as such term is defined in the Delaware Act); (b) Unless a demand is not required under paragraph (a) above, shareholders eligible to bring such derivative action under the Delaware Act who collectively hold at least 10% of the total combined net asset value of the outstanding shares of the Trust, or 10% of the total combined net asset value of the outstanding shares of the Fund or Class to which such action relates if it does not relate to all Funds and Classes, shall join in the request for the Trustees to commence such action; and (c) Unless a demand is not required under paragraph (a) above, the Trustees must be afforded a reasonable amount of time to consider such shareholder request and to investigate the basis of such claim. The Trustees shall be entitled to retain counsel or other advisors in considering the merits of the request and shall require an undertaking by the shareholders making such request to reimburse the Trust for the expense of any such advisors in the event that the Trustees determine not to bring such action.

The Board may designate a committee of one Trustee to consider a shareholder demand if necessary to create a committee with a majority of Trustees who do not have a personal financial interest in the transaction at issue. In addition to all suits, claims, or other actions (collectively, "claims") that under applicable law must be brought as derivative claims, each shareholder of the Trust or any Fund or Class agrees that any claim that affects all shareholders of a Fund or Class equally, that is, proportionately based on their number of shares in such Fund or Class, must be brought as a derivative claim subject to these provisions irrespective of whether such claim involves a violation of the shareholders' rights under the Trust Instrument or any other alleged violation of contractual or individual rights that might otherwise give rise to a direct claim. The provision requiring at least 10% of the outstanding voting securities of the Trust, applicable Fund or Class to join in the request to bring the derivative action and the provision requiring an undertaking by the requesting shareholders to reimburse the Trust for the expense of any advisors retained by the Board in the event that the Trustees determine not to bring such action, may not apply to claims brought under federal securities laws.

**Jurisdiction and Waiver of Jury Trial**

In accordance with Section 3804(e) of the Delaware Act, the Trust Instrument provides that any suit, action or proceeding brought by or in the right of any shareholder or any person or entity claiming any interest in any Shares seeking to enforce any provision of, or based on any matter arising out of, or in connection with, the Trust Instrument or the Trust, any Fund or class or any shares, including any claim of any nature against the Trust, any Fund or class, the Trustees or officers of the Trust, shall be brought exclusively in the Court of Chancery of the State of Delaware to the extent there is subject matter jurisdiction in such court for the claims asserted or, if not, then in the Superior Court of the State of Delaware, and all shareholders and other such persons or entities hereby irrevocably consent to the jurisdiction of such courts (and the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waive, to the fullest extent permitted by law, any objection they may make now or hereafter have to the laying of the venue of any such suit, action or proceeding in such court or that any such suit, action or proceeding brought in any such court as been brought in an inconvenient forum and further, in connection with any such suit, action, or proceeding brought in the Superior Court of the State of Delaware, all shareholders and all other such persons or entities hereby irrevocably waive the right to a trial by jury to the fullest extent permitted by law. All shareholders and other such persons and entities agree that service of summons, complaint or other process in connection with any proceedings may be made by registered or certified mail or by overnight courier addressed to such person or entity at the address shown on the books and records of the Trust for such person or entity or at the address of the person or entity shown on the books and records of the Trust with respect to the Shares that such person or entity claims an interest in. Service of process in

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any such suit, action or proceeding against the Trust or any Trustee or officer of the Trust may be made at the address of the Trust's registered agent in the State of Delaware. Any service so made shall be effective as if personally made in the State of Delaware.

These exclusive jurisdiction provisions may make it more expensive for a shareholder to bring a suit and may limit a shareholder's ability to litigate a claim in the jurisdiction and in a manner that may be more favorable to the shareholder. A court may choose not to enforce this provision of the Trust Instrument. There is a question regarding the enforceability of the exclusive forum provision in the Trust Instrument because the Securities Act of 1933 and the Investment Company Act of 1940 permit shareholders to bring claims arising under such statutes in both state and federal courts.

**Disclosure of Portfolio Holdings**

The Board has adopted policies and procedures with respect to the disclosure of each Fund's portfolio holdings by the Fund, the Adviser, or their affiliates. These policies and procedures provide that each Fund's portfolio holdings information generally may not be disclosed to any party prior to the information becoming public. Certain limited exceptions are described below. These policies and procedures apply to disclosures to all categories of persons, including individual investors, institutional investors, intermediaries who sell shares of a Fund, third parties providing services to the Funds (accounting agent, print vendors, etc.), rating and ranking organizations (Lipper, Morningstar, etc.) and affiliated persons of the Funds.

The Trust's Chief Compliance Officer is responsible for monitoring each Fund's compliance with these policies and procedures, and for providing regular reports (at least annually) to the Board regarding the adequacy and effectiveness of the policy and recommend changes, if necessary.

<u>Public Disclosure</u>

The Funds disclose their complete portfolio holdings in their financial statements and are available upon request on the Funds' website, VictoryFunds.com. The Funds also file their complete portfolio holdings with the SEC for the first and third fiscal quarters on Form N-PORT. You can find these filings on the SEC's website, sec.gov, and the Funds' portfolio holdings are available at VictoryFunds.com in accordance with Rule 30e-3 under the 1940 Act.

In addition, the Funds disclose their complete portfolio holdings as of the quarter-end on the Funds' website no earlier than the 15th day following the end of the calendar quarter. The Funds may also publish other information on the Funds' website relating to its portfolio holdings (e.g., top 10 holdings) on a monthly basis no earlier than the 10th day following the end of the month.

<u>Non-Public Disclosures</u>

The Adviser may authorize the disclosure of non-public portfolio holdings information under certain limited circumstances. The Funds' policies provide that non-public disclosures of a Fund's portfolio holdings may only be made if: (i) the Fund has a "legitimate business purpose" (as determined by the President of the Trust) for making such disclosure; and (ii) the party receiving the non-public information enters into a confidentiality agreement, which includes a duty not to trade on the non-public information and describes any compensation to be paid to the Fund or any "affiliated person" of the Adviser or Distributor, including any arrangement to maintain assets in the Fund or in other investment companies or accounts managed by the Adviser or by any "affiliated person" of the Adviser or Distributor.

The Adviser will consider any actual or potential conflicts of interest between the Adviser and a Fund's shareholders and will act in the best interest of the Fund's shareholders with respect to any such disclosure of portfolio holdings information. If a potential conflict can be resolved in a manner that does not present detrimental effects to Fund shareholders, the Adviser may authorize release of portfolio holdings information. Conversely, if the potential conflict cannot be resolved in a manner that does not present detrimental effects to Fund shareholders, the Adviser will not authorize such release.

<u>Ongoing Arrangements to Disclose Portfolio Holdings</u>

As previously authorized by the Board and/or the Trust's executive officers, a Fund periodically discloses non-public portfolio holdings on a confidential basis to various service providers that require such information in order to assist the Fund in its day-to-day operations, as well as public information to certain ratings organizations. These entities are described in the following table. The table also includes information as to the timing of these entities receiving the portfolio holdings information from a Fund. In none of these arrangements does a Fund or any "affiliated person" of the Adviser or Distributor receive any compensation, including any arrangement to maintain assets in the Fund or in other investment companies or accounts managed by the Adviser or by any "affiliated person" of the Adviser or Distributor.

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| | | |
|:---|:---|:---|
| **Type of Service Provider** | **Name of Service Provider** | &nbsp;&nbsp; **Timing of Release of** <br> **Portfolio Holdings Information**<br>|
| Adviser and Fund Accountant | Victory Capital Management Inc. | Daily. |

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| | | |
|:---|:---|:---|
| **Type of Service Provider** | **Name of Service Provider** | &nbsp;&nbsp; **Timing of Release of** <br> **Portfolio Holdings Information**<br>|
| Distributor | Victory Capital Services, Inc. | Daily. |
| Custodian | Citibank, N.A. | Daily. |
| Sub-Fund Accountant | Citi Fund Services Ohio, Inc. | Daily. |
| Financial Data Service | FactSet Research Systems, Inc. | Daily. |
| Liquidity Risk Management Service <br> Provider<br>| MSCI, Inc. | Daily. |
| Independent Registered Public <br> Accounting Firm<br>| Cohen & Company, Ltd. | &nbsp;&nbsp; Annual Reporting Period: within 15 <br> business days of end of reporting period.<br>|
| Printer for Financial Reports | Toppan Merrill LLC | &nbsp;&nbsp; Up to 30 days before distribution to <br> shareholders.<br>|
| Legal Counsel, for EDGAR filings on <br> Forms N-CSR and Form N-PORT<br>| Sidley Austin LLP | &nbsp;&nbsp; Up to 30 days before filing with the <br> SEC.<br>|
| Ratings Agency | Lipper | &nbsp;&nbsp; Quarterly, no sooner than 15 calendar <br> days after the end of the previous <br> quarter.<br>|
| Ratings Agency | Morningstar | &nbsp;&nbsp; Quarterly, no sooner than 15 calendar <br> days after the end of the previous <br> quarter.<br>|
| Financial Data Service | Bloomberg L.P. | &nbsp;&nbsp; Quarterly, no sooner than 15 calendar <br> days after the end of the previous <br> quarter.<br>|

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These service providers are required to keep all non-public information confidential and are prohibited from trading based on the information or otherwise using the information, except as necessary in providing services to a Fund.

There is no guarantee that a Fund's policies on use and dissemination of holdings information will protect the Fund from the potential misuse of holdings by individuals or firms in possession of such information.

**Expenses**

Unless agreed upon otherwise with a third party, all expenses incurred in administration of the Funds will be charged to a particular Fund, including investment management fees; fees and expenses of the Board; interest charges; taxes; brokerage commissions; expenses of valuing assets; expenses of continuing registration and qualification of the Funds and the shares under federal and state law; share issuance expenses; fees and disbursements of independent accountants and legal counsel; fees and expenses of custodians, including, transfer agents and shareholder account servicing organizations; expenses of preparing, printing and mailing prospectuses, reports, proxies, notices and statements sent to shareholders; expenses of shareholder meetings; costs of investing in underlying funds; and insurance premiums. The Funds are also liable for nonrecurring expenses, including litigation to which they may from time to time be a party. Expenses incurred for the operation of a particular Fund, including the expenses of communications with its shareholders, are paid by that Fund.

**Legal Counsel**

Sidley Austin LLP, 787 Seventh Avenue, New York, New York 10019, serves as counsel to the Trust.

**Independent Registered Public Accounting Firm**

Cohen & Company, Ltd., located at 1350 Euclid Avenue, Suite 800, Cleveland, OH 44115, serves as the independent registered public accounting firm for the Funds.

**Miscellaneous**

As used in the Prospectuses and in this SAI, "assets belonging to a fund" (or "assets belonging to the Fund") means the consideration received by the Trust upon the issuance or sale of shares of a Fund, together with all income, earnings, profits and proceeds derived from the investment thereof, including any proceeds from the sale, exchange, or liquidation of such investments and any funds or payments derived from any reinvestment of such proceeds and any general assets of the Trust, which general liabilities and expenses are not readily identified as belonging to a particular series that are allocated to that series by the Trustees. The Trustees may allocate such general assets in any manner they deem fair and equitable. It is anticipated that the factor that will be used by the Trustees in making allocations of general assets to a particular series will be the relative NAV of each respective series at the time of allocation. Assets belonging to a particular series are charged with the direct liabilities and expenses in respect of that series and with a share of

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the general liabilities and expenses of each of the series not readily identified as belonging to a particular series, which are allocated to each series in accordance with its proportionate share of the NAVs of the Trust at the time of allocation. The timing of allocations of general assets and general liabilities and expenses of the Trust to a particular series will be determined by the Trustees and will be in accordance with generally accepted accounting principles. Determinations by the Trustees as to the timing of the allocation of general liabilities and expenses and as to the timing and allocable portion of any general assets with respect to a particular series are conclusive.

As used in the Prospectuses and in this SAI, a "vote of a majority of the outstanding shares" of the Fund means the affirmative vote of the lesser of (a) 67% or more of the shares of the Fund present at a meeting at which the holders of more than 50% of the outstanding shares of the Fund are represented in person or by proxy, or (b) more than 50% of the outstanding shares of the Fund.

**Each Prospectus and this SAI are not an offering of the securities described in these documents in any state in which such offering may not lawfully be made. No salesperson, dealer, or other person is authorized to give any information or make any representation other than those contained in a Prospectus and this SAI.**

**While this SAI and each Prospectus describe pertinent information about the Trust and the Funds, neither this SAI nor any Prospectus represents a contract between the Trust or a Fund and any shareholder.**

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**APPENDIX A**

**Description of Security Ratings**

Set forth below are descriptions of the relevant ratings of some of the NRSROs. These NRSROs and the descriptions of the ratings are as of the date of this SAI and may subsequently change.

Ratings represent a rating agency's opinion regarding the quality of the security and are not a guarantee of quality. In addition, rating agencies may fail to make timely changes to credit ratings in response to subsequent events and a rating may become stale in that it fails to reflect changes in an issuer's financial condition.

**Moody's Investors Service, Inc. ("Moody's")**

**Global Long-Term Ratings.** Ratings assigned on Moody's global long-term rating scales are forward-looking opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities. Moody's defines credit risk as the risk that an entity may not meet its contractual financial obligations as they come due and any estimated financial loss in the event of default or impairment. The contractual financial obligations addressed by Moody's ratings are those that call for, without regard to enforceability, the payment of an ascertainable amount, which may vary based upon standard sources of variation (e.g., floating interest rates), by an ascertainable date. Moody's rating addresses the issuer's ability to obtain cash sufficient to service the obligation, and its willingness to pay. Moody's ratings do not address non-standard sources of variation in the amount of the principal obligation (e.g., equity indexed), absent an express statement to the contrary in a press release accompanying an initial rating. Long-term ratings are assigned to issuers or obligations with an original maturity of 11 months or more and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment. The following describes the global long- term ratings by Moody's.

**Aaa** — Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.

**Aa** — Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

**A** — Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.

**Baa** — Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

**Ba** — Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

**B** — Obligations rated B are considered speculative and are subject to high credit risk.

**Caa** — Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.

**Ca** — Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

**C** — Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

**Medium-Term Note Program Ratings.** Moody's assigns provisional ratings to medium-term note (MTN) or similar programs and definitive ratings to the individual debt securities issued from them (referred to as drawdowns or notes). MTN program ratings are intended to reflect the ratings likely to be assigned to drawdowns issued from the program with the specified priority of claim (e.g. senior or subordinated). To capture the contingent nature of a program rating, Moody's assigns provisional ratings to MTN programs. A provisional rating is denoted by a (P) in front of the rating.

The rating assigned to a drawdown from a rated MTN or bank/deposit note program is definitive in nature, and may differ from the program rating if the drawdown is exposed to additional credit risks besides the issuer's default, such as links to the defaults of other issuers, or has other structural features that warrant a different rating. In some circumstances, no rating may be assigned to a drawdown.

Moody's encourages market participants to contact Moody's Ratings Desks or visit moodys.com directly if they have questions regarding ratings for specific notes issued under a medium-term note program. Unrated notes issued under an MTN program may be assigned an NR (not rated) symbol.

Note: Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and

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the modifier 3 indicates a ranking in the lower end of that generic rating category. Additionally, a "(hyb)" indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms.

Global Short-Term Ratings. Ratings assigned on Moody's global short-term rating scales are forward-looking opinions of the relative credit risk of financial obligations issued by non-financial corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities. Short-term ratings are assigned to obligations with an original maturity of 13 or fewer months and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment.

Moody's employs the following designations to indicate the relative repayment ability of rated issuers:

**P-1.** — Ratings of Prime-1 reflect a superior ability to repay short-term obligations.

**P-2.** — Ratings of Prime-2 reflect a strong ability to repay short-term obligations.

**P-3.** — Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations.

**NP.** — Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

Speculative Grade Liquidity Ratings. Moody's Speculative Grade Liquidity Ratings are opinions of an issuer's relative ability to generate cash from internal resources and the availability of external sources of committed financing, in relation to its cash obligations over the coming 12 months. Speculative Grade Liquidity Ratings will consider the likelihood that committed sources of financing will remain available. Other forms of liquidity support will be evaluated and consideration will be given to the likelihood that these sources will be available during the coming 12 months. Speculative Grade Liquidity Ratings are assigned to speculative grade issuers that are by definition Not Prime issuers.

**SGL-1** — Issuers rated SGL-1 possess very good liquidity. They are most likely to have the capacity to meet their obligations over the coming 12 months through internal resources without relying on external sources of committed financing.

**SGL-2** — Issuers rated SGL-2 possess good liquidity. They are likely to meet their obligations over the coming 12 months through internal resources but may rely on external sources of committed financing. The issuer's ability to access committed sources of financing is highly likely based on Moody's evaluation of near-term covenant compliance.

**SGL-3** — Issuers rated SGL-3 possess adequate liquidity. They are expected to rely on external sources of committed financing. Based on its evaluation of near-term covenant compliance, Moody's believes there is only a modest cushion, and the issuer may require covenant relief in order to maintain orderly access to funding lines.

**SGL-4** — Issuers rated SGL-4 possess weak liquidity. They rely on external sources of financing and the availability of that financing is, in Moody's opinion, highly uncertain.

**U.S. Municipal Short-Term Debt and Demand Obligation Ratings.** Moody's uses the global short-term Prime rating scale for commercial paper issued by U.S. municipalities and nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by an issuer's self-liquidity. For other short-term municipal obligations, Moody's uses one of two other short-term rating scales the Municipal Investment Grade (MIG) and Variable Municipal Investment Grade (VMIG) scales discussed below.

The MIG scale is used for U.S. municipal cash flow notes, bond anticipation notes and certain other short-term obligations, which typically mature in three years or less. Under certain circumstances, the MIG scale is used for bond anticipation notes with maturities of up to five years.

**MIG-1.** This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing.

**MIG-2.** This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group.

**MIG-3.** This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established.

**SG.** This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection.

**VMIG Ratings.** In the case of variable rate demand obligations (VRDOs), a two-component rating is assigned. The components are a long-term rating and a short-term demand obligation rating. The long-term rating addresses the issuer's ability to meet scheduled

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principal and interest payments. The short-term demand obligation rating addresses the ability of the issuer or the liquidity provider to make payments associated with the purchase-price-upon-demand feature ("demand feature") of the VRDO. The short-term demand obligation rating uses the VMIG scale. VMIG ratings with liquidity support use as an input the short-term Counterparty Risk Assessment of the support provider, or the long-term rating of the underlying obligor in the absence of third-party liquidity support. Transitions of VMIG ratings of demand obligations with conditional liquidity support differ from transitions on the Prime scale to reflect the risk that external liquidity support will terminate if the issuer's long-term rating drops below investment grade.

For VRDOs, Moody's typically assigns the VMIG short-term demand obligation rating if the frequency of the demand feature is less than every three years. If the frequency of the demand feature is less than three years but the purchase price is payable only with remarketing proceeds, the short-term demand obligation rating is "NR."

Industrial development bonds in the United States where the obligor is a corporate may carry a VMIG rating that reflects Moody's view of the relative likelihood of default and loss. In these cases, liquidity assessment is based on the liquidity of the corporate obligor.

**VMIG-1.** This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections.

**VMIG-2.** This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections.

**VMIG-3.** This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections.

**SG.** This designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity provider that does not have a sufficiently strong short-term rating or may lack the structural or legal protections.

**S&P Global Ratings**

An S&P Global Ratings issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in which the obligation is denominated. The opinion reflects S&P Global Ratings' view of the obligor's capacity and willingness to meet its financial commitments as they come due, and this opinion may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default.

Issue credit ratings can be either long-term or short-term. Short-term issue credit ratings are generally assigned to those obligations considered short-term in the relevant market, typically with an original maturity of no more than 365 days. Short-term issue credit ratings are also used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations. S&P Global Ratings would typically assign a long-term issue credit rating to an obligation with an original maturity of greater than 365 days. However, the ratings assigned by S&P Global Ratings to certain instruments may diverge from these guidelines based on market practices. Medium-term notes are assigned long-term ratings.

**Long-Term Issue Credit Ratings.** Issue credit ratings are based, in varying degrees, on S&P Global Ratings analysis of the following considerations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitment on an obligation in accordance with the terms of the obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The nature of and provisions of the financial obligation, and the promise imputed by S&P Global Ratings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors' rights.

An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.)

**AAA** — An obligation rated "AAA" has the highest rating assigned by S&P Global Ratings. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

**AA** — An obligation rated "AA" differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitment on the obligation is very strong.

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**A** — An obligation rated "A" is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

**BBB** — An obligation rated "BBB" exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation.

**BB, B, CCC, CC, and C** — Obligations rated "BB," "B," "CCC," "CC," and "C" are regarded as having significant speculative characteristics. "BB" indicates the least degree of speculation and "C" the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure to adverse conditions.

**BB** — An obligation rated "BB" is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation.

**B** — An obligation rated "B" is more vulnerable to nonpayment than obligations rated "BB," but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation.

**CCC** — An obligation rated "CCC" is currently vulnerable to nonpayment, and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.

**CC** — An obligation rated "CC" is currently highly vulnerable to nonpayment. The "CC" rating is used when a default has not yet occurred, but S&P Global Ratings expects default to be a virtual certainty, regardless of the anticipated time to default.

**C** — An obligation rated "C" is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher.

**D** — An obligation rated "D" is in default or in breach of an imputed promise. For non-hybrid capital instruments, the "D" rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within the next five business days in the absence of a stated grace period or within the earlier of the stated grace period or the next 30 calendar days. The "D" rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to "D" if it is subject to a distressed debt restructuring.

**NR** — This indicates that a rating has not been assigned or is no longer assigned.

**Plus (+) or minus (-)** — Ratings from "AA" to "CCC" may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.

**Short-Term Issue Credit Ratings.** The following describes S&P Global Ratings' short-term issue credit ratings.

**A-1** — A short-term obligation rated "A-1" is rated in the highest category by S&P Global Ratings. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these obligations is extremely strong.

**A-2** — A short-term obligation rated "A-2" is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

**A-3** — A short-term obligation rated "A-3" exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitment on the obligation.

**B** — A short-term obligation rated "B" is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity to meet its financial commitments.

**C** — A short-term obligation rated "C" is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation.

**D** — A short-term obligation rated "D" is in default or in breach of an imputed promise. For non-hybrid capital instruments, the "D" rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such

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payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The "D" rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to "D" if it is subject to a distressed debt restructuring.

**Municipal Short-Term Note Ratings**. The following describes Standard & Poor's Municipal Short-Term Note Ratings.

An S&P Global Ratings U.S. municipal note rating reflects S&P Global Ratings' opinion about the liquidity factors and market access risks unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to assign, S&P Global Ratings' analysis will review the following considerations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amortization schedule — the larger the final maturity relative to other maturities, the more likely it will be treated as a note; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Source of payment — the more dependent the issue is on the market for its refinancing, the more likely it will be treated as a note.

**SP-1.** Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation.

**SP-2.** Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.

**SP-3.** Speculative capacity to pay principal and interest.

**D.** Assigned upon failure to pay the note when due, completion of a distressed debt restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions.

<u>Active Qualifiers</u>

S&P Global Ratings uses the following qualifiers that limit the scope of a rating. The structure of the transaction can require the use of a qualifier such as a 'p' qualifier, which indicates the rating addresses the principal portion of the obligation only. A qualifier appears as a suffix and is part of the rating.

**Federal deposit insurance limit: "L" qualifier** — Ratings qualified with "L" apply only to amounts invested up to federal deposit insurance limits.

**Principal: "p" qualifier** — This suffix is used for issues in which the credit factors, the terms, or both, that determine the likelihood of receipt of payment of principal are different from the credit factors, terms or both that determine the likelihood of receipt of interest on the obligation. The "p" suffix indicates that the rating addresses the principal portion of the obligation only and that the interest is not rated.

**Preliminary ratings: "prelim" qualifier** — Preliminary ratings, with the "prelim" suffix, may be assigned to obligors or obligations, including financial programs, in the circumstances described below. Assignment of a final rating is conditional on the receipt by S&P Global Ratings of appropriate documentation. S&P Global Ratings reserves the right not to issue a final rating. Moreover, if a final rating is issued, it may differ from the preliminary rating.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preliminary ratings may be assigned to obligations, most commonly structured and project finance issues, pending receipt of final documentation and legal opinions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preliminary ratings may be assigned to obligations that will likely be issued upon the obligor's emergence from bankruptcy or similar reorganization, based on late-stage reorganization plans, documentation, and discussions with the obligor. Preliminary ratings may also be assigned to the obligors. These ratings consider the anticipated general credit quality of the reorganized or post-bankruptcy issuer as well as attributes of the anticipated obligation(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preliminary ratings may be assigned to entities that are being formed or that are in the process of being independently established when, in S&P Global Ratings' opinion, documentation is close to final. Preliminary ratings may also be assigned to the obligations of these entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preliminary ratings may be assigned when a previously unrated entity is undergoing a well-formulated restructuring, recapitalization, significant financing, or other transformative event, generally at the point that investor or lender commitments are invited. The preliminary rating may be assigned to the entity and to its proposed obligation(s). These preliminary ratings

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consider the anticipated general credit quality of the obligor, as well as attributes of the anticipated obligation(s), assuming successful completion of the transformative event. Should the transformative event not occur, S&P Global Ratings would likely withdraw these preliminary ratings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A preliminary recovery rating may be assigned to an obligation that has a preliminary issue credit rating.

**Termination structures: "t" qualifier** — This symbol indicates termination structures that are designed to honor their contracts to full maturity or, should certain events occur, to terminate and cash settle all their contracts before their final maturity date.

**Counterparty instrument rating: "cir" qualifier** — This symbol indicates a counterparty instrument rating (CIR), which is a forward-looking opinion about the creditworthiness of an issuer in a securitization structure with respect to a specific financial obligation to a counterparty (including interest rate swaps, currency swaps, and liquidity facilities). The CIR is determined on an ultimate payment basis; these opinions do not take into account timeliness of payment.

**Fitch Ratings, Inc. ("Fitch")**

**International Long-Term Ratings**

**Investment Grade**

**AAA** — Highest credit quality. "AAA" ratings denote the lowest expectation of default risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

**AA** — Very high credit quality. "AA" ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

**A** — High credit quality. "A" ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

**BBB** — Good credit quality. "BBB" ratings indicate that expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate but adverse business or economic conditions are more likely to impair this capacity.

**Speculative Grade**

**BB** — Speculative. "BB" ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial flexibility exists that supports the servicing of financial commitments.

**B** — Highly speculative. "B" ratings indicate that material default risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in the business and economic environment.

**CCC** — Substantial credit risk. Very low margin for safety. Default is a real possibility.

**CC** — Very high levels of credit risk. Default of some kind appears probable.

**C** — Near default. A default or default-like process has begun, or the issuer is in standstill, or for a closed funding vehicle, payment capacity is irrevocably impaired. Conditions that are indicative of a "C" category rating for an issuer include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The issuer has entered into a grace or cure period following non-payment of a material financial obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The issuer has entered into a temporary negotiated waiver or standstill agreement following a payment default on a material financial obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The formal announcement by the issuer or their agent of a distressed debt exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A closed financing vehicle where payment capacity is irrevocably impaired such that it is not expected to pay interest and/or principal in full during the life of the transaction, but where no payment default is imminent.

**RD** — Restricted default. "RD" ratings indicate an issuer that in Fitch's opinion has experienced:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An uncured payment default or distressed debt exchange on a bond, loan, or other material financial obligation but

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Has not entered into bankruptcy filings, administration, receivership, liquidation, or other formal winding-up procedure, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Has not otherwise ceased operating. This would include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The selective payment default on a specific class or currency of debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The uncured expiry of any applicable grace period, cure period or default forbearance period following a payment default on a bank loan, capital markets security or other material financial obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The extension of multiple waivers or forbearance periods upon a payment default on one or more material financial obligations, either in series or in parallel; or ordinary execution of a distressed debt exchange on one or more material financial obligations.

**D** — Default. "D" ratings indicate an issuer that in Fitch's opinion has entered into bankruptcy filings, administration, receivership, liquidation, or other formal winding-up procedure or that has otherwise ceased business.

Default ratings are not assigned prospectively to entities or their obligations; within this context, non-payment on an instrument that contains a deferral feature or grace period will generally not be considered a default until after the expiration of the deferral or grace period, unless a default is otherwise driven by bankruptcy or other similar circumstance, or by a distressed debt exchange.

Imminent default, categorized under "C," typically refers to the occasion where a payment default has been intimated by the issuer and is all but inevitable. This may, for example, be where an issuer has missed a scheduled payment, but (as is typical) has a grace period during which it may cure the payment default. Another alternative would be where an issuer has formally announced a distressed debt exchange, but the date of the exchange still lies several days or weeks in the immediate future.

In all cases, the assignment of a default rating reflects the agency's opinion as to the most appropriate rating category consistent with the rest of its universe of ratings, and may differ from the definition of default under the terms of an issuer's financial obligations or local commercial practice.

**International Short-Term Ratings.** The following describes Fitch's two highest short-term ratings:

**F1.** Highest short-term credit quality. Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added "+" to denote any exceptionally strong credit feature.

**F2.** Good short-term credit quality. Good intrinsic capacity for timely payment of financial commitments.

**Notes to Long- and Short-term ratings:**

The modifiers "+" or "-" may be appended to a rating to denote relative status within major rating categories. Such suffixes are not added to "AAA" ratings and ratings below the "CCC" category. For the short-term rating category of "F1," a "+" may be appended.

**Withdrawn** —The rating has been withdrawn and the issue or issuer is no longer rated by Fitch. Ratings that have been withdrawn will be indicated by the symbol "WD."

**Rating Watch** — Rating Watches indicate that there is a heightened probability of a rating change and the likely direction of such a change. These are designated as "Positive," indicating that a rating could stay at its present level or potentially be upgraded, "Negative," to indicate that the rating could stay at its present level or potentially be downgraded, or "Evolving" if ratings may be raised, lowered, or affirmed. However, ratings can be raised or lowered without being placed on Rating Watch first.

A Rating Watch is typically event-driven and, as such, it is generally resolved over a relatively short period. The event driving the Watch may be either anticipated or have already occurred, but in both cases, the exact rating implications remain undetermined. The Watch period is typically used to gather further information and/or subject the information to further analysis. A Rating Watch must be reviewed and a RAC be published every six months after a rating has been placed on Rating Watch, except in the case described below.

Additionally, a Watch may be used where the rating implications are already clear, but where they remain contingent upon an event (e.g. shareholder or regulatory approval). The Watch will typically extend to cover the period until the event is resolved or its outcome is predictable with a high enough degree of certainty to permit resolution of the Watch. In these cases, where it has previously been communicated within the RAC that the Rating Watch will be resolved upon an event and where there are no material changes to the respective rating up to the event, the Rating Watch may not be reviewed within the six months interval. In any case, the affected ratings (and the Rating Watch) will remain subject to an annual review cycle.

**Rating Outlook** — Outlooks indicate the direction a rating is likely to move over a one- to two-year period. They reflect financial or other trends that have not yet reached or been sustained the level that would cause a rating action, but which may do so if such trends continue. A Positive Rating Outlook indicates an upward trend on the rating scale. Conversely, a Negative Rating Outlook signals a

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negative trend on the rating scale. Positive or Negative Rating Outlooks do not imply that a rating change is inevitable, and similarly, ratings with Stable Outlooks can be raised or lowered without a prior revision to the Outlook. Occasionally, where the fundamental trend has strong, conflicting elements of both positive and negative, the Rating Outlook may be described as "Evolving."

Outlooks are currently applied on the long-term scale to certain issuer ratings in corporate finance (including sovereigns, industrials, utilities, financial institutions and insurance companies) and to both issuer ratings and obligations ratings in public finance in the United States; to issues in infrastructure and project finance; to Insurer Financial Strength Ratings; to issuer and/or issue ratings in a number of National Rating scales; and to the ratings of structured finance transactions and covered bonds. Outlooks are not applied to ratings assigned on the short-term scale. For financial institutions, Outlooks are not assigned to Viability Ratings, Support Ratings and Support Rating Floors. Derivative counterparty ratings are also not assigned Outlooks.

Ratings in the "CCC," "CC," and "C" categories typically do not carry Outlooks since the volatility of these ratings is very high and outlooks would be of limited informational value. Defaulted ratings do not carry Outlooks.

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![](img11f791051.jpg)

**VICTORY PORTFOLIOS**

**STATEMENT OF ADDITIONAL INFORMATION**

November 1, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **FUND NAME** | **CLASS**<br> **A**<br>| **CLASS**<br> **C**<br>| **CLASS**<br> **I**<br>| **CLASS**<br> **R**<br>| **CLASS**<br> **R6**<br>| **CLASS**<br> **Y**<br>| **MEMBER**<br> **CLASS**<br>|
| Victory Diversified Stock Fund | SRVEX | VDSCX | VDSIX | GRINX | VDSRX | VDSYX |  |
| Victory Fund for Income  | IPFIX | VFFCX | VFFIX | GGIFX | VFFRX | VFFYX | VFFMX |
| Victory Investment Grade Convertible Fund  | SBFCX |  | VICIX |  |  |  | SBFMX |
| Victory Sycamore Established Value Fund | VETAX | VEVCX | VEVIX | GETGX | VEVRX | VEVYX |  |
| Victory Sycamore Small Company Opportunity <br> Fund<br>| SSGSX |  | VSOIX | GOGFX | VSORX | VSOYX |  |

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

*Each Fund is a series of Victory Portfolios (the "Trust")*

This Statement of Additional Information ("SAI") is not a prospectus and should be read in conjunction with each Funds' prospectus, dated November 1, 2025, as it may be amended or supplemented from time to time (each, a "Prospectus"). This SAI is incorporated by reference, in its entirety, into each Prospectus. Copies of the Prospectus of each Fund can be obtained without charge upon request made to Victory Funds, P.O. Box 182593, Columbus, Ohio 43218-2593, by calling toll free 800-539-FUND (800-539-3863), 800-235-8396 for Member Class or at VictoryFunds.com.

[The financial statements for each Fund and the Independent Registered Public Accounting Firm's Report thereon for the fiscal year](https://www.sec.gov/ix?doc=/Archives/edgar/data/802716/000139834425017568/primary-document.htm)[ended June 30, 2025, are included in the respective Fund's N-CSR filing for the fiscal year ended June 30, 2025, and are incorporated](https://www.sec.gov/ix?doc=/Archives/edgar/data/802716/000139834425017568/primary-document.htm)[herein by reference.](https://www.sec.gov/ix?doc=/Archives/edgar/data/802716/000139834425017568/primary-document.htm) which is available, without charge, at VictoryFunds.com. This information is also available by writing to the address or calling the phone number noted above.

**TABLE OF CONTENTS** 

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| | |
|:---|:---|
| **[GENERAL INFORMATION](#xx_beafbe3e-922e-433e-9406-3ea240b00082_1)** | **1** |
| **[INVESTMENT OBJECTIVES, POLICIES AND LIMITATIONS](#xx_beafbe3e-922e-433e-9406-3ea240b00082_1)** | **1** |
| **[INVESTMENT PRACTICES, INSTRUMENTS, AND RISKS](#xx_beafbe3e-922e-433e-9406-3ea240b00082_4)** | **4** |
| **[DETERMINING NET ASSET VALUE ("NAV") AND VALUING PORTFOLIO SECURITIES](#xx_beafbe3e-922e-433e-9406-3ea240b00082_30)** | **30** |
| **[ADDITIONAL PURCHASE, EXCHANGE, AND REDEMPTION INFORMATION](#xx_beafbe3e-922e-433e-9406-3ea240b00082_32)** | **32** |
| **[MANAGEMENT OF THE TRUST](#xx_beafbe3e-922e-433e-9406-3ea240b00082_35)** | **35** |
| **[CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS](#xx_beafbe3e-922e-433e-9406-3ea240b00082_42)** | **42** |
| **[INVESTMENT ADVISER AND OTHER SERVICE PROVIDERS](#xx_beafbe3e-922e-433e-9406-3ea240b00082_51)** | **51** |
| **[PORTFOLIO MANAGERS](#xx_beafbe3e-922e-433e-9406-3ea240b00082_56)** | **56** |
| **[DISTRIBUTION AND SERVICE PLANS](#xx_beafbe3e-922e-433e-9406-3ea240b00082_58)** | **58** |
| **[CODE OF ETHICS](#xx_beafbe3e-922e-433e-9406-3ea240b00082_59)** | **59** |
| **[PROXY VOTING POLICIES AND PROCEDURES](#xx_beafbe3e-922e-433e-9406-3ea240b00082_60)** | **60** |
| **[PORTFOLIO TRANSACTIONS AND BROKERAGE COMMISSIONS](#xx_beafbe3e-922e-433e-9406-3ea240b00082_61)** | **61** |
| **[DIVIDENDS, CAPITAL GAINS AND DISTRIBUTIONS](#xx_beafbe3e-922e-433e-9406-3ea240b00082_64)** | **64** |
| **[TAXES](#xx_beafbe3e-922e-433e-9406-3ea240b00082_65)** | **65** |
| **[ADDITIONAL INFORMATION](#xx_beafbe3e-922e-433e-9406-3ea240b00082_73)** | **73** |
| **[APPENDIX A](#xx_2bf5d912-bfe5-4d94-9918-b9dc9dcdd144_1)** | **78** |

---

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**GENERAL INFORMATION**

The Trust was organized as a Delaware statutory trust (formerly referred to as a "business trust") on December 6, 1995, as a successor to a company of a similar name organized as a Massachusetts business trust on February 5, 1986. The Trust is an open-end management investment company. The Trust currently consists of 32 series of units of beneficial interest ("shares"). This SAI relates to the shares of five series of the Trust (each a "Fund," and collectively, the "Funds").

Victory Capital Management Inc. (the "Adviser" or "Victory Capital") is the Funds' investment adviser. Each Fund's investment objective(s), restrictions and policies are more fully described below and in each Fund's or each share class's Prospectus, as applicable. The Trust's Board of Trustees (the "Board" or "Trustees") may organize and offer shares of a new fund or liquidate a Fund or share class at any time.

This SAI relates to the shares of five Funds and their respective classes. The Victory Diversified Stock Fund, Victory Sycamore Established Value Fund, and Victory Sycamore Small Company Opportunity, are referred to in this SAI, collectively, as the "Equity Funds." The Victory Fund for Income and Victory Investment Grade Convertible Fund are referred to in this SAI, collectively, as the "Fixed Income Funds."

Much of the information contained in this SAI expands on subjects discussed in each Fund's Prospectus. Capitalized terms not defined herein are used as defined in the Prospectuses. No investment in shares of a Fund should be made without first reading that Fund's Prospectus.

**INVESTMENT OBJECTIVES, POLICIES AND LIMITATIONS**

**Investment Objectives**

Each Fund's investment objective is fundamental, meaning it may not be changed by a vote of the Trustees without a vote of the holders of a majority of the Fund's outstanding voting securities. There can be no assurance that a Fund will achieve its investment objective.

**Investment Policies and Limitations of the Funds**

Unless a policy of a Fund is expressly deemed to be a fundamental policy of the Fund, changeable only by an affirmative vote of the holders of a majority of that Fund's outstanding voting securities, the Fund's policies are non-fundamental and may be changed without a shareholder vote.

A Fund may, following notice to its shareholders, employ other investment practices that presently are not contemplated for use by the Fund or that currently are not available but that may be developed to the extent such investment practices are both consistent with the Fund's investment objective and legally permissible for the Fund. Such investment practices, if they arise, may involve risks that exceed those involved in the activities described in the Fund's Prospectus.

A Fund's classification and sub-classification is a matter of fundamental policy. Each Fund is classified as an open-end investment company. Each Fund is sub-classified as a diversified investment company, which under the Investment Company Act of 1940, as amended ("1940 Act") means that, with respect to 75% of a Fund's total assets, the Fund may not invest in securities of any issuer if, immediately after such investment, (i) more than 5% of the total assets of the Fund (taken at current value) would be invested in the securities of that issuer or (ii) more than 10% of the outstanding voting securities of the issuer would be held by the Fund (this limitation does not apply to obligations of the U.S. government, its agencies or instrumentalities and securities of other investment companies). A diversified fund is not subject to this limitation with respect to the remaining 25% of its total assets. In addition, each Fund has elected to qualify as a "regulated investment company" under the United States Internal Revenue Code of 1986, as amended (the "Code"). To qualify as a regulated investment company, the Funds must meet certain diversification requirements as determined at the close of each quarter of each taxable year. The Code's diversification test is described in "TAXES."

The policies and limitations stated in this SAI supplement the Funds' investment policies set forth in each Fund's Prospectus. Unless otherwise noted, whenever an investment policy or limitation states a maximum percentage of a Fund's assets that may be invested in any security or other asset, or sets forth a policy regarding quality standards, such standard or percentage limitation will be determined immediately after and as a result of the Fund's acquisition of such security or other asset except in the case of borrowing (or other activities that may be deemed to result in the issuance of a "senior security" under the 1940 Act). Accordingly, any subsequent change in values, net assets, or other circumstances will not be considered when determining whether the investment complies with a Fund's investment policies and limitations. If the value of a Fund's holdings of illiquid investments at any time exceeds the percentage limitation applicable at the time of acquisition due to subsequent fluctuations in value or other reasons, the Board will consider what actions, if any, are appropriate to maintain adequate liquidity.

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**Fundamental Investment Policies and Limitations of the Funds**

The following investment policies and limitations are fundamental and may not be changed without the affirmative vote of the holders of a majority of the Fund's outstanding voting securities, as defined under the 1940 Act. Under the 1940 Act, the vote of a majority of the outstanding voting securities of the Fund means the affirmative vote of the lesser of (a) 67% or more of the shares of the Fund present at a meeting at which the holders of more than 50% of the outstanding shares of the Fund are represented in person or by proxy, or (b) more than 50% of the outstanding shares of the Fund. Portions of the Funds' fundamental investment restrictions (e.g., references to "except as permitted under the 1940 Act, and as interpreted or modified from time to time by regulatory authorities having jurisdiction") provide the Funds with flexibility to change limitations in connection with changes in applicable law, rules, regulations or exemptive relief. The language used in these restrictions provides the necessary flexibility to allow the Board to respond efficiently to these kinds of developments without the delay and expense of a shareholder meeting.

**Senior Securities**

None of the Funds may issue senior securities, except as permitted under the 1940 Act, and as interpreted or modified from time to time by regulatory authorities having jurisdiction.

Rule 18f-4 under the 1940 Act permits a Fund to enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. Section 18 of the 1940 Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling any "senior security," other than borrowing from a bank (subject to a requirement to maintain 300% "asset coverage").

Under Rule 18f-4, "Derivatives Transactions" include the following: (1) any swap, security-based swap (including a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar instrument, under which the Fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar financing transactions (e.g., recourse and non-recourse tender option bonds, and borrowed bonds), if the Fund elects to treat these transactions as Derivatives Transactions under Rule 18f-4; and (4) when-issued or forward-settling securities (e.g., firm and standby commitments, including to-be-announced ("TBA") commitments, and dollar rolls) and non-standard settlement cycle securities, unless a Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date.

Unless a Fund is relying on the Limited Derivatives User Exception (as defined below), a Fund must comply with Rule 18f-4 with respect to its Derivatives Transactions. Rule 18f-4, among other things, requires the Funds to adopt and implement a comprehensive written derivatives risk management program ("DRMP") and comply with a relative or absolute limit on Fund leverage risk calculated based on value-at-risk ("VaR"). The DRMP is administered by a "derivatives risk manager," who is appointed by the Board, including a majority of Independent Trustees, and periodically reviews the DRMP and reports to the Board.

Rule 18f-4 provides an exception from the DRMP, VaR limit and certain other requirements if the Fund's "derivatives exposure" (as defined in Rule 18f-4) is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4) and the Fund adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the "Limited Derivatives User Exception"). As of the date of this SAI, the Funds rely on the Limited Derivatives User Exception.

**Underwriting**

None of the Funds may underwrite securities issued by others, except to the extent that a Fund may be considered an underwriter within the meaning of the Securities Act of 1933, as amended (the "Securities Act"), in the disposition of restricted securities.

**Borrowing**

None of the Funds may borrow money, except as permitted under the 1940 Act, or by order of the SEC and as interpreted or modified from time to time by regulatory authorities having jurisdiction.

A Fund's ability to borrow money is limited by its investment policies and limitations, by the 1940 Act, and by applicable exemptions, no action letters, interpretations, and other pronouncements issued from time to time by regulatory authorities, including the SEC and its staff. Under the 1940 Act, a Fund is required to maintain continuous asset coverage (that is, total assets including the proceeds of borrowings, less liabilities excluding borrowings) of not less than 300% of the amount borrowed, with an exception for borrowings not in excess of 5% of the Fund's total assets made for temporary purposes. Any borrowings for temporary purposes in excess of 5% are subject to the minimum 300% asset coverage requirement. If the value of the assets set aside to meet the 300% asset coverage were to decline below 300% due to market fluctuations or other causes, a Fund may be required to sell some of its portfolio holdings within

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three days (excluding Sundays and holidays) to reduce the debt and comply with the 300% minimum asset coverage requirement, even in circumstances where it is considered disadvantageous from an investment perspective to sell securities at that time or at the prices then available.

**Real Estate**

None of the Funds may purchase or sell real estate unless acquired as a result of direct ownership of securities or other instruments. This restriction shall not prevent any of these Funds from investing in the following: (i) securities or other instruments backed by real estate; (ii) securities of real estate operating companies; or (iii) securities of companies engaged in the real estate business, including real estate investment trusts. This restriction does not preclude any of these Funds from buying securities backed by mortgages on real estate or securities of companies engaged in such activities.

**Lending**

None of the Funds may make loans, except as permitted under the 1940 Act, and as interpreted or modified from time to time by regulatory authorities having jurisdiction.

Generally, the 1940 Act prohibits loans if a fund's investment policies do not permit loans, and if the loans are made, directly or indirectly, to persons deemed to control or to be under common control with the registered investment company.

**Commodities**

None of the Funds may purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments (but this shall not prevent a Fund from purchasing or selling options and futures contracts or from investing in securities or other instruments backed by physical commodities).

**Concentration**

None of the Funds may concentrate its investments in a particular industry, as the term "concentration" is used in the 1940 Act, and as interpreted or modified from time to time by regulatory authorities having jurisdiction. This restriction shall not prevent any Fund from investing all of its assets in a "master" fund that has adopted similar investment objectives, policies and restrictions.

Concentration means investing more than 25% of a Fund's net assets in a particular industry or a specified group of industries.

**Non-Fundamental Investment Policies and Limitations of the Funds**

The following investment policies restrictions are non-fundamental and may be changed by a vote of a majority of the Trustees.

**Illiquid Investments**

No Fund may invest more than 15% of its net assets in illiquid investments.

Rule 22e-4 under the 1940 Act (the "Liquidity Rule") requires the Funds to establish and maintain a liquidity risk management program. The Liquidity Rule defines "illiquid investment" as any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Such investments include, but are not limited to, time deposits and repurchase agreements with maturities longer than seven days. Investments that may be resold under Rule 144A, investments offered pursuant to Section 4(a)(2) of the Securities Act, or investments otherwise subject to restrictions or limitations on resale under the Securities Act shall not be deemed illiquid solely by reason of being unregistered. Victory Capital, under oversight of the Board, determines whether a particular investment is deemed to be liquid based on the trading markets for the specific investment and other factors.

**Short Sales and Purchases on Margin**

No Fund may make short sales of securities, other than short sales "against the box," or purchase securities on margin except for short-term credits necessary for clearance of portfolio transactions, provided that this restriction will not be applied to limit the use of options, futures contracts and related options, in the manner otherwise permitted by the investment restrictions, policies and investment program of the Fund.

**Miscellaneous**

**a. Concentration**

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For purposes of calculating concentration of investments in the utility and finance categories, each Fund will operate as follows: neither finance companies as a group nor utility companies as a group are considered a single industry for purposes of a Fund's concentration policy (i.e., finance companies will be considered a part of the industry they finance and utilities will be divided according to the types of services they provide).

**b. Foreign Issuers**

The Victory Investment Grade Convertible Fund may not invest in excess of 10% of its total assets in the securities of foreign issuers, excluding from such limitation securities listed on any U.S. securities exchange.

**c. Unseasoned Issuers**

The Victory Investment Grade Convertible Fund may not invest in excess of 5% of its total assets in securities of issuers which, including predecessors, do not have a record of at least three years' operation.

**d. Mortgage, Pledge or Hypothecation of Securities or Assets**

The Victory Investment Grade Convertible Fund may not pledge or hypothecate any of its assets. For the purpose of this limitation, collateral arrangements with respect to stock options or forward transactions are not deemed to be a pledge of assets.

**e. Lending or Borrowing**

No Fund intends to borrow money for leveraging purposes.

**Secondary Investment Strategies**

In addition to the investment strategies described in each Fund's Prospectus, the Funds may engage in other investment strategies outlined below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Victory Fund for Income may, but is not required to, use derivative instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Diversified Stock Fund may invest up to 20% of its total assets in preferred stocks, investment-grade corporate debt securities, short-term debt obligations and U.S. government obligations; and may, but is not required to, use derivative instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Victory Investment Grade Convertible Fund may invest up to 35% of its total assets in corporate debt securities, common stock, U.S. government securities and high-quality short-term debt obligations, preferred stock and repurchase agreements; and up to 10% of its total assets in foreign debt and equity securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Sycamore Established Value Fund may invest up to 20% of its total assets in short-term U.S. government obligations, repurchase agreements, short-term debt obligations and investment-grade debt securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Sycamore Small Company Opportunity Fund may invest up to 20% of its total assets in equity securities of larger companies (those with market capitalizations in the top 20% of the 5,000 largest U.S. companies), investment-grade securities, preferred stocks, short-term debt obligations and repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Equity Funds may invest in futures contracts, exchange-traded fund ("ETFs"), options on futures contracts, ETFs and other similar investment vehicles that provide exposure to commodities such as gold or other precious metals, energy or other commodities, regardless of whether such vehicles invest in mines, producers, bullion, or futures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each of the Diversified Stock Fund, Sycamore Established Value Fund, Victory Investment Grade Convertible Fund, and Sycamore Small Company Opportunity Fund may invest no more than 20% of their assets in securities of foreign companies traded on U.S. exchanges, including in American and Global Depositary Receipts ("ADRs" and" GDRs").

**INVESTMENT PRACTICES, INSTRUMENTS, AND RISKS**

In addition to the principal investment strategies and the principal risks of the Fund described in each Prospectus, each Fund may, but will not necessarily, employ other investment practices and may be subject to additional risks which are described further below. Because the following is a combined description of investment strategies and risks for all of the Funds, certain strategies and/or risks described below may not apply to every Fund. Unless a strategy or policy described below is specifically prohibited with respect to a particular Fund by the investment restrictions listed in the Prospectus, under "Investment Objectives Policies and Limitations" in this SAI, or by applicable law, a Fund may, but will not necessarily, engage in each of the practices described below. The Funds' use of the investment practices and instruments, and exposure to risks, discussed below may be through a Fund's investments in ETFs.

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A Fund may, following notice to its shareholders, take advantage of other investment practices that presently are not contemplated for use by the Fund or that currently are not available but that may be developed, to the extent such investment practices are both consistent with the Fund's investment objective and are legally permissible for the Fund. Such investment practices, if they arise, may involve risks that exceed those involved in the activities described in a Fund's Prospectus and this SAI.

**Temporary Defensive Measures.** For temporary defensive purposes in response to market conditions, each Fund may hold up to 100% of its assets in cash or high quality, short-term obligations such as domestic and foreign commercial paper (including variable-amount master demand notes), bankers' acceptances, CDs and demand and time deposits of domestic and foreign branches of U.S. banks and foreign banks and repurchase agreements. (See "International and Foreign Investments" for a description of risks associated with investments in foreign securities.) These temporary defensive measures may result in performance that is inconsistent with a Fund's investment objective.

**Equity Securities**

Equity securities represent ownership interests in a company or partnership and consist of common stocks, preferred stocks, warrants to acquire common stock, securities convertible into common stock, and investments in master limited partnerships ("MLPs"). Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which a Fund invests will cause the net asset value of a Fund to fluctuate. A Fund may purchase equity securities traded in the United States on registered exchanges or the over-the-counter market. Among other types of securities described further below, equity securities include:

**Common stocks** represent an equity or ownership interest in an issuer. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds and preferred stock take precedence over the claims of those who own common stock.

**Preferred stocks** combine qualities both of equity and debt securities. Individual issues of preferred stock will have those rights and liabilities that are spelled out in the governing document. Preferred stocks usually pay a fixed dividend per quarter (or annum) and are senior to common stock in terms of liquidation and dividend rights and preferred stocks typically do not have voting rights.

**Warrants** give a Fund the right to purchase equity securities from the issuer at a specific price (the strike price) for a limited period of time. The strike price of warrants typically is much lower than the current market price of the underlying securities, yet warrants are subject to greater price fluctuations. As a result, warrants may be more volatile investments than the underlying securities and may offer greater potential for capital appreciation as well as capital loss.

The Victory Investment Grade Convertible Fund may invest up to 35% of its total assets in preferred stocks. Each of the Diversified Stock Fund, and Sycamore Small Company Opportunity Fund may invest up to 20% of its total assets in preferred stocks. Each Equity Fund may invest up to 10% of its total assets in warrants. The Victory Investment Grade Convertible Fund may invest up to 5% of its total assets in warrants that are attached to the underlying securities.

Unlike bondholders, who have preference to a company's earnings and cash flow, preferred stockholders, followed by common stockholders in order of priority, are entitled only to the residual amount after a company meets its other obligations. For this reason, the value of a company's stock will usually react more strongly to actual or perceived changes in the company's financial condition or prospects than its debt obligations. Stockholders of a company that fares poorly can lose money.

Stock markets tend to move in cycles with short or extended periods of rising and falling stock prices. The value of a company's stock may fall because of, among other reasons: factors that directly relate to that company, such as decisions made by its management or lower demand for the company's products or services; factors affecting an entire industry, such as increases in production costs; and changes in general financial market conditions that are relatively unrelated to the company or its industry, such as changes in interest rates, currency exchange rates or inflation rates. Because preferred stock is generally junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics.

**Debt Securities**

**Corporate Obligations.** Corporate debt obligations include bonds, debentures and notes. Debentures represent unsecured promises to pay, while notes and bonds may be secured by mortgages on real property or security interests in personal property. Bonds include, but are not limited to, debt instruments with maturities of approximately one year or more, debentures, mortgage-related securities, stripped government securities and zero coupon obligations. Bonds, notes and debentures in which the Funds may invest may differ in interest rates, maturities, and times of issuance. The market value of a Fund's fixed income investments will change in response to interest rate changes and other factors. During periods of falling interest rates, the values of outstanding fixed income securities generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline. Moreover, while

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securities with longer maturities tend to produce higher yields, the price of longer maturity securities also are subject to greater market fluctuations as a result of changes in interest rates.

Changes by nationally recognized statistical rating organizations ("NRSROs") in the rating of any fixed income security and in the ability of an issuer to make payments of interest and principal also affect the value of these investments. Except under conditions of default, changes in the value of a Fund's securities will not affect cash income derived from these securities but may affect the Fund's net asset value per share ("NAV"). Ratings represent a rating agency's opinion regarding the quality of the security and are not a guarantee of quality. In addition, rating agencies may fail to make timely changes to credit ratings in response to subsequent events and a rating may become stale in that it fails to reflect changes in an issuer's financial condition. See Appendix A to this SAI for a more detailed discussion of securities ratings.

**Convertible and Exchangeable Debt Obligations.** A convertible debt obligation is typically a bond or preferred stock that may be converted at a stated price within a specified period of time into a specified number of shares of common stock of the same or a different issuer. Convertible debt obligations are usually senior to common stock in a corporation's capital structure, but usually are subordinate to similar non-convertible debt obligations. While providing a fixed income stream (generally higher in yield than the income derivable from a common stock but lower than that afforded by a similar non-convertible debt obligation), a convertible debt obligation also affords an investor the opportunity, through its conversion feature, to participate in the capital appreciation of the common stock into which it is convertible.

An exchangeable debt obligation is debt that is redeemable in either cash or a specified number of common shares of a company different from the issuing company. Exchangeable debt obligations have characteristics and risks similar to those of convertible debt obligations and behave in the market place the same way as convertible debt obligations.

In general, the market value of a convertible debt obligation is at least the higher of its "investment value" (i.e., its value as a fixed income security) or its "conversion value" (i.e., the value of the underlying share of common stock if the security is converted). As a fixed-income security, a convertible debt obligation tends to increase in market value when interest rates decline and tends to decrease in value when interest rates rise. However, the price of a convertible debt obligation also is influenced by the market value of the security's underlying common stock. Thus, the price of a convertible debt obligation tends to increase as the market value of the underlying stock increases, and tends to decrease as the market value of the underlying stock declines. While no securities investment is without some risk, investments in convertible debt obligations generally entail less risk than investments in the common stock of the same issuer.

Securities received upon conversion of convertible debt obligations or upon exercise of call options or warrants forming elements of synthetic convertibles (described below) may be retained temporarily to permit orderly disposition or to defer realization of gain or loss for federal tax purposes, and will be included in calculating the amount of the Fund's total assets invested in true and synthetic convertibles.

The Funds may invest in securities convertible into common stock, such as convertible bonds, convertible notes, and convertible preferred stocks. In making investment decisions involving convertible securities, the Adviser considers the attractiveness of the underlying common stock, the financial condition of the issuer, the effect on portfolio diversification, equity sensitivity or delta, current income or yield, upside/downside analysis (how the Adviser expects the convertible security to perform over a given time period given a change in the underlying common stock), convertible valuation (convertible price relative to its theoretical value), and the liquidity of the security.

A holder of a synthetic convertible faces the risk of a decline in the price of the stock or the level of the index involved in the convertibility component, causing a decline in the value of the option or warrant. Should the price of the stock fall below the exercise price and remain there throughout the exercise period, the entire amount paid for the call option or warrant would be lost. Since a synthetic convertible includes the fixed-income component as well, the holder of a synthetic convertible also faces the risk that interest rates will rise, causing a decline in the value of the fixed-income instrument.

**Short-Term Corporate Obligations.** Corporations and other business organizations may issue short-term obligations in order to finance their short-term credit needs. Corporate bonds in which a Fund may invest generally consist of those rated in the two highest

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rating categories of an NRSRO that possess many favorable investment attributes. In the lower end of this category, credit quality may be more susceptible to potential future changes in circumstances.

**Demand Features.** A Fund may acquire securities that are subject to puts and standby commitments ("demand features") to purchase the securities at their principal amount (usually with accrued interest) within a fixed period (usually seven days) following a demand by the Fund. The demand feature may be issued by the issuer of the underlying securities, a dealer in the securities or by another third party, and may not be transferred separately from the underlying security. A Fund uses these arrangements to obtain liquidity and not to protect against changes in the market value of the underlying securities. The bankruptcy, receivership, or default by the issuer of the demand feature, or a default on the underlying security or other event that terminates the demand feature before its exercise, will adversely affect the liquidity of the underlying security. Demand features that are exercisable even after a payment default on the underlying security may be treated as a form of credit enhancement.

**Bankers' Acceptances** are negotiable drafts or bills of exchange, typically drawn by an importer or exporter to pay for specific merchandise, which are "accepted" by a bank, meaning, in effect, that the bank unconditionally agrees to pay the face value of the instrument on maturity. Bankers' acceptances will be those guaranteed by domestic and foreign banks, if at the time of purchase such banks have capital, surplus and undivided profits in excess of $100 million (as of the date of their most recently published financial statements).

**Certificates of Deposit** ("CDs") are negotiable certificates issued against funds deposited in a commercial bank or a savings and loan association for a definite period of time and earning a specified return. A Fund may invest in CDs and demand and time deposits of domestic and foreign banks and savings and loan associations, if (a) at the time of purchase such financial institutions have capital, surplus and undivided profits in excess of $100 million (as of the date of their most recently published financial statements) or (b) the principal amount of the instrument is insured in full by the Federal Deposit Insurance Corporation (the "FDIC") or the Savings Association Insurance Fund.

**Eurodollar CDs** are U.S. dollar-denominated CDs issued by branches of foreign and domestic banks located outside the United States. Eurodollar time deposits are U.S. dollar-denominated deposits in a foreign branch of a U.S. bank or a foreign bank.

**Yankee CDs** are issued by a U.S. branch of a foreign bank denominated in U.S. dollars and held in the United States.

**Canadian Time Deposits** are U.S. dollar-denominated CDs issued by Canadian offices of major Canadian banks.

**Commercial Paper** consists of short-term (usually from 1 to 270 days) unsecured promissory notes issued by corporations in order to finance their current operations. A variable amount master demand note (which is a type of commercial paper) represents a direct borrowing arrangement involving periodically fluctuating rates of interest under a letter agreement between a commercial paper issuer and an institutional lender pursuant to which the lender may determine to invest varying amounts. Except as noted below, with respect to variable amount master demand notes, issues of commercial paper normally have maturities of less than nine months and fixed rates of return. In addition to corporate issuers, borrowers that issue municipal securities also may issue tax-exempt commercial paper.

Investments in commercial paper are subject to the risk the issuer cannot issue enough new commercial paper to satisfy its outstanding commercial paper, also known as rollover risk. Commercial paper may become illiquid or may suffer from reduced liquidity in certain circumstances. Like all fixed-income securities, commercial paper prices are susceptible to fluctuations in interest rates. If interest rates rise, commercial paper prices will decline. The short-term nature of a commercial paper investment makes it less susceptible to interest rate risk than many other fixed-income securities because interest rate risk typically increases as maturity lengths increase. Commercial paper tends to yield smaller returns than longer-term corporate debt because securities with shorter maturities typically have lower effective yields than those with longer maturities. As with all fixed-income securities, there is a chance that the issuer will default on its commercial paper obligation.

Where necessary to ensure that an instrument meets, or is of comparable quality to, a Fund's rating criteria, the Fund may require that the issuer's obligation to pay the principal of, and the interest on, the instrument be backed by insurance or by an unconditional bank letter or line of credit, guarantee, or commitment to lend. In addition, each of the Funds may acquire commercial paper and corporate bonds of issuers that are not rated but are determined by the Adviser at the time of purchase to be of comparable quality to instruments of issuers that may be acquired by such Fund as previously described.

**Short-Term Funding Agreements.** Short-term funding agreements (sometimes referred to as guaranteed investment contracts or "GICs") are issued by insurance companies. Pursuant to such agreements, a Fund makes cash contributions to a deposit fund of the insurance company's general account. The insurance company then credits the Fund, on a monthly basis, guaranteed interest that is based on an index. The short-term funding agreement provides that this guaranteed interest will not be less than a certain minimum rate. Because the principal amount of a short-term funding agreement may not be received from the insurance company on seven days' notice or less, the agreement is considered to be an illiquid investment and subject to the restrictions on investing in illiquid

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investments. In determining dollar-weighted average portfolio maturity, a short-term funding agreement will be deemed to have a maturity equal to the period of time remaining until the next readjustment of the guaranteed interest rate.

**Variable and Adjustable Rate Debt Securities**

**Variable Amount Master Demand Notes** are unsecured demand notes that permit the indebtedness thereunder to vary and provide for periodic adjustments in the interest rate according to the terms of the instrument. Although there is no secondary market for these notes, a Fund may demand payment of principal and accrued interest at any time and may resell the notes at any time to a third party. The absence of an active secondary market, however, could make it difficult for a Fund to dispose of a variable amount master demand note if the issuer defaulted on its payment obligations, and the Fund could, for this or other reasons, suffer a loss to the extent of the default. While the notes typically are not rated by credit rating agencies, issuers of variable amount master demand notes must satisfy the same criteria as set forth above for unrated commercial paper, and the Adviser will monitor continuously the issuer's financial status and ability to make payments due under the instrument. Where necessary to ensure that a note is of "high quality," a Fund will require that the issuer's obligation to pay the principal of the note be backed by an unconditional bank letter or line of credit, guarantee or commitment to lend. For purposes of a Fund's investment policies, a variable amount master demand note will be deemed to have a maturity equal to the longer of the period of time remaining until the next readjustment of its interest rate or the period of time remaining until the principal amount can be recovered from the issuer through demand.

**Variable Rate Demand Notes** are tax-exempt obligations containing a floating or variable interest rate adjustment formula, together with an unconditional right to demand payment of the unpaid principal balance plus accrued interest upon a short notice period, generally not to exceed seven days. The Funds also may invest in participation variable rate demand notes, which provide a Fund with an undivided interest in underlying variable rate demand notes held by major investment banking institutions. Any purchase of variable rate demand notes will meet applicable diversification and concentration requirements.

**Variable and Floating Rate Notes.** A variable rate note is one whose terms provide for the readjustment of its interest rate on set dates and that, upon such readjustment, reasonably can be expected to have a market value that approximates its par value. A floating rate note is one whose terms provide for the readjustment of its interest rate whenever a specified interest rate changes and that, at any time, reasonably can be expected to have a market value that approximates its par value. Such notes frequently are not rated by credit rating agencies; however, unrated variable and floating rate notes purchased by the Fund will only be those determined by the Adviser, pursuant to guidelines approved by the Trustees, to pose minimal credit risks and to be of comparable quality, at the time of purchase, to rated instruments eligible for purchase under the Fund's investment policies. In making such determinations, the Adviser will consider the earning power, cash flow and other liquidity ratios of the issuers of such notes (such issuers include financial, merchandising, bank holding and other companies) and will continuously monitor their financial condition. Although there may be no active secondary market with respect to a particular variable or floating rate note purchased by a Fund, the Fund may resell the note at any time to a third party. The absence of an active secondary market, however, could make it difficult for a Fund to dispose of a variable or floating rate note in the event that the issuer of the note defaulted on its payment obligations and a Fund could, for this or other reasons, suffer a loss to the extent of the default. Bank letters of credit may secure variable or floating rate notes.

The maturities of variable or floating rate notes are determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. A variable or floating rate note that is issued or guaranteed by the U.S. government or any agency thereof and that has a variable rate of interest readjusted no less frequently than annually will be deemed to have a maturity equal to the period remaining until the next readjustment of the interest rate.

&nbsp;&nbsp;&nbsp;&nbsp;2. A variable or floating rate note, the principal amount of which is scheduled on the face of the instrument to be paid in one year or less, will be deemed by the Fund to have a maturity equal to the period remaining until the next readjustment of the interest rate.

&nbsp;&nbsp;&nbsp;&nbsp;3. A variable or floating rate note that is subject to a demand feature scheduled to be paid in one year or more will be deemed to have a maturity equal to the longer of the period remaining until the next readjustment of the interest rate or the period remaining until the principal amount can be recovered through demand.

&nbsp;&nbsp;&nbsp;&nbsp;4. A variable or floating rate note that is subject to a demand feature will be deemed to have a maturity equal to the period remaining until the principal amount can be recovered through demand.

As used above, a note is "subject to a demand feature" where a Fund is entitled to receive the principal amount of the note either at any time on no more than 30 days' notice or at specified intervals not exceeding one year and upon no more than 30 days' notice.

The Victory Investment Grade Convertible Fund may invest up to 35% of its total assets in variable and floating rate notes. The Victory Fund for Income may invest up to 35% of its total assets in variable and floating rate U.S. government securities. The Diversified Stock Fund may invest up to 20% of its total assets in variable amount master demand notes.

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**Extendible Debt Securities** are securities that can be retired at the option of a Fund at various dates prior to maturity. In calculating average portfolio maturity, a Fund may treat extendible debt securities as maturing on the next optional retirement date.

**Receipts and Zero Coupon Bonds**

The Victory Fund for Income may invest up to 20% of its total assets in U.S. government security receipts. Each of the Diversified Stock, Sycamore Established Value, and Sycamore Small Company Opportunity may invest up to 20% of its total assets in receipts.

**Zero Coupon Bonds** are purchased at a discount from the face amount because the buyer receives only the right to a fixed payment on a certain date in the future and does not receive any periodic interest payments. The effect of owning instruments that do not make current interest payments is that a fixed yield is earned not only on the original investment but also, in effect, on accretion during the life of the obligations. This implicit reinvestment of earnings at the same rate eliminates the risk of being unable to reinvest distributions at a rate as high as the implicit yields on the zero coupon bond, but at the same time eliminates the holder's ability to reinvest at higher rates. For this reason, zero coupon bonds are subject to substantially greater price fluctuations during periods of changing market interest rates than are comparable securities that pay interest currently. This fluctuation increases in accordance with the length of the period to maturity.

The Victory Fund for Income may invest up to 20% of its total assets in zero coupon U.S. government securities.

**Investment-Grade and High-Quality Securities.** The Funds may invest in "investment-grade" obligations, which are those that are rated at the time of purchase within the four highest rating categories assigned by an NRSRO or, if unrated, are obligations that the Adviser determines to be of comparable quality. The applicable securities ratings are described in Appendix A to this SAI. "High-quality" short-term obligations are those obligations that, at the time of purchase, (1) possess a rating in one of the two highest ratings categories from at least one NRSRO or (2) are unrated by an NRSRO but are determined by the Adviser to present minimal credit risks and to be of comparable quality to rated instruments eligible for purchase by the Funds under guidelines adopted by the Board.

Ratings represent a rating agency's opinion regarding the quality of the security and are not a guarantee of quality. In addition, rating agencies may fail to make timely changes to credit ratings in response to subsequent events and a rating may become stale in that it fails to reflect changes in an issuer's financial condition.

**High-Yield Debt Securities.** High-yield debt securities are below-investment grade debt securities, commonly referred to as "junk bonds" (those rated "Ba" to "C" by Moody's or "BB" to "C" by S&P), that have poor protection with respect to the payment of interest and repayment of principal, or may be in default. These securities are often considered to be speculative and involve greater risk of loss or price changes due to changes in the issuer's capacity to pay. The market prices of high-yield debt securities may fluctuate more than those of higher-rated debt securities and may decline significantly in periods of general economic difficulty, which may follow periods of rising interest rates.

An economic downturn could disrupt the high yield debt market and impair the ability of issuers to repay principal and interest. Also, an increase in interest rates would have a greater adverse impact on the value of such obligations than on higher quality debt securities. During an economic downturn or period of rising interest rates, highly leveraged issues may experience financial stress which would adversely affect their ability to service their principal and interest payment obligations. Prices and yields of high yield securities will fluctuate over time and, during periods of economic uncertainty, volatility of high-yield securities may adversely affect a Fund's NAV.

While the market for high-yield debt securities has been in existence for many years and has weathered previous economic downturns, the 1980s brought a dramatic increase in the use of such securities to fund highly leveraged corporate acquisitions and restructurings. Past experience may not provide an accurate indication of future performance of the high-yield bond market, especially during periods of economic recession.

The market for high-yield debt securities may be thinner and less active than that for higher-rated debt securities, which can adversely affect the prices at which the former are sold. If market quotations are not available, high-yield debt securities will be valued in accordance with procedures established by the Board, including the use of outside pricing services.

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Judgment plays a greater role in valuing high-yield debt securities than is the case for securities for which more external sources for quotations and last-sale information are available. Adverse publicity and changing investor perceptions may affect the ability of outside pricing services to value high-yield debt securities and a Fund's ability to sell these securities.

Credit quality (or perceived credit quality) in the high-yield securities market can change suddenly and unexpectedly, and even recently issued credit ratings may not fully reflect the actual risks posed by a particular high- yield security. Ratings represent a rating agency's opinion regarding the quality of the security and are not a guarantee of quality. In addition, rating agencies may fail to make timely changes to credit ratings in response to subsequent events and a rating may become stale in that it fails to reflect changes in an issuer's financial condition. For these reasons, among others, the Adviser will not rely exclusively on ratings issued by established credit rating agencies, but to supplement such ratings with its own independent and on-going review of credit quality. The achievement of a Fund's investment objective by investment in such securities may be more dependent on the Adviser's credit analysis than is the case for higher quality bonds. Should the rating of a portfolio security be downgraded, the Adviser will determine whether it is in the best interests of the Fund to retain or dispose of such security.

Since the risk of default is higher for high-yield debt securities, the Adviser's research and credit analysis are an especially important part of managing securities of this type held by a Fund. In considering investments for a Fund, the Adviser will attempt to identify those issuers of high-yielding debt securities whose financial conditions are adequate to meet future obligations, has improved, or is expected to improve in the future. Analysis by the Adviser focuses on relative values based on such factors as interest or dividend coverage, asset coverage, earnings prospects, and the experience and managerial strength of the issuer.

Prices for high-yield debt securities may also be affected by legislative and regulatory developments. For example, new federal rules require savings and loan institutions to gradually reduce their holdings of this type of security. Congress has from time to time considered legislation which would restrict or eliminate the corporate tax deduction for interest payments in these securities and regulate corporate restructurings. Such legislation may significantly depress the prices of outstanding securities of this type.

A Fund may choose, at its expense or in conjunction with others, to pursue litigation or otherwise exercise its rights as security holder to seek to protect the interests of security holders if it determines this to be in the best interest of the Fund's shareholders.

The Victory Investment Grade Convertible Fund may invest up to 20% in securities that are either not rated or rated below investment grade. Included within this limit are credit derivatives that are considered high yield instruments.

**Loans and Other Direct Debt Instruments.** Loans and other direct debt instruments are interests in amounts owed by a corporate, governmental, or other borrower to another party. They may represent amounts owed to lenders or lending syndicates (loans and loan participations), to suppliers of goods or services (trade claims or other receivables), or to other parties. Direct debt instruments involve a risk of loss in case of default or insolvency of the borrower and may offer less legal protection to a Fund in the event of fraud or misrepresentation. In addition, loan participations involve a risk of insolvency of the lending bank or other financial intermediary. Direct debt instruments also may include standby financing commitments that obligate a Fund to supply additional cash to the borrower on demand.

**U.S. Government Obligations**

**U.S. Government Securities** are obligations issued or guaranteed by the U.S. government, its agencies and instrumentalities. Obligations of certain agencies and instrumentalities of the U.S. government are supported by the full faith and credit of the U.S. Treasury; others are supported by the right of the issuer to borrow from the U.S. Treasury; others are supported by the discretionary authority of the U.S. government to purchase the agency's obligations; and still others are supported only by the credit of the agency or instrumentality. Although a Fund may hold securities that carry U.S. government guarantees, these guarantees do not extend to shares of the Fund itself and do not guarantee the market prices of the securities. No assurance can be given that the U.S. government will provide financial support to U.S. government-sponsored agencies or instrumentalities if it is not obligated to do so by law. The Victory Investment Grade Convertible Fund may invest up to 35% of its total assets in these securities. Each of the Diversified Stock, Sycamore Established Value, and Sycamore Small Company Opportunity Funds may invest up to 20% of its total assets in U.S. government securities.

**Wholly Owned Government Corporations** include: (A) the Commodity Credit Corporation; (B) the Community Development Financial Institutions Fund; (C) the Export-Import Bank of the United States; (D) the Federal Crop Insurance Corporation; (E) Federal Prison Industries, Incorporated; (F) the Corporation for National and Community Service; (G) the Government National Mortgage Association ("GNMA"); (H) the Overseas Private Investment Corporation; (I) the Pennsylvania Avenue Development Corporation; (J) the Pension Benefit Guaranty Corporation; (K) the Rural Telephone Bank until the ownership, control and operation of the Bank are converted under section 410(a) of the Rural Electrification Act of 1936 (7 U.S.C. 950(a)); (L) the Saint Lawrence Seaway Development Corporation; (M) the Secretary of Housing and Urban Development when carrying out duties and powers related to the Federal Housing Administration Fund; (N) the Tennessee Valley Authority; (O) the Panama Canal Commission; and (P) the Alternative Agricultural Research and Commercialization Corporation.

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**The Tennessee Valley Authority ("TVA")**, a federal corporation and the nation's largest public power company, issues a number of different power bonds, quarterly income debt securities ("QUIDs") and discount notes to provide capital for its power program. TVA bonds include: global and domestic power bonds, valley inflation-indexed power securities, which are indexed to inflation as measured by the Consumer Price Index; and put-able automatic rate reset securities, which are 30-year non-callable securities. QUIDs pay interest quarterly, are callable after five years and are due at different times. TVA discount notes are available in various amounts and with maturity dates less than one year from the date of issue. Although TVA is a federal corporation, the U.S. government does not guarantee its securities, although TVA may borrow under a line of credit from the U.S. Treasury.

In recent periods, the values of U.S. government securities have been affected substantially by increased demand. Increases (or decreases) in demand of such securities may occur at any time and may result in increased volatility in the values of those securities.

**Municipal Obligations**

The Funds may invest in municipal securities. Municipal securities are obligations, typically bonds and notes, issued by or on behalf of states, territories and possessions of the United States and the District of Columbia and their political subdivisions, agencies, authorities and instrumentalities, the interest on which, in the opinion of the issuer's bond counsel at the time of issuance, is both exempt from federal income tax and not treated as a preference item for individuals for purposes of the federal alternative minimum tax.

Generally, municipal securities are issued by governmental entities to obtain funds for various public purposes, such as the construction of a wide range of public facilities, the refunding of outstanding obligations, the payment of general operating expenses and the extension of loans to other public institutions and facilities. Municipal securities may include fixed, variable, or floating rate obligations. Municipal securities may be purchased on a when-issued or delayed-delivery basis (including refunding contracts).

The prices and yields on municipal securities are subject to change from time to time and depend upon a variety of factors, including general money market conditions, the financial condition of the issuer (or other entities whose financial resources are supporting the municipal security), general conditions in the market for tax-exempt obligations, the size of a particular offering, the maturity of the obligation and the rating(s) of the issue. There are variations in the quality of municipal securities, both within a particular category of municipal securities and between categories. Current information about the financial condition of an issuer of tax-exempt bonds or notes usually is not as extensive as that which is made available by corporations whose securities are publicly traded.

An issuer's obligations under its municipal obligations are subject to the provisions of bankruptcy, insolvency and other laws affecting the rights and remedies of creditors, such as the Federal Bankruptcy Code, and laws, if any, which may be enacted by federal or state legislatures extending the time for payment of principal or interest, or both, or imposing other constraints upon enforcement of such obligations or upon the ability of municipalities to levy taxes. The power or ability of an issuer to meet its obligations for the payment of interest on and principal of its municipal obligations may be materially adversely affected by litigation or other conditions. Moreover, changes in the financial health of a municipality or other issuer, or an insurer of municipalities, may make it difficult to pay interest and principal when due and may affect the overall municipal securities market.

From time to time, proposals have been introduced before Congress for the purpose of restricting or eliminating the federal income tax exemption for interest on tax-exempt bonds, and similar proposals may be introduced in the future. The U.S. Supreme Court has held that Congress has the constitutional authority to enact such legislation. It is not possible to determine what effect the adoption of such proposals could have on the availability of tax-exempt bonds for investment by a Fund and the value of its portfolio. Proposals also may be introduced before state legislatures that would affect the state tax treatment of municipal securities. If such proposals were enacted, the availability of municipal securities and their value would be affected.

The ratings of NRSROs represent their opinions as to the quality of municipal securities. In this regard, it should be emphasized that the ratings of any NRSRO are general and are not absolute standards of quality, and municipal securities with the same maturity, interest rate and rating may have different yields, while municipal securities of the same maturity and interest rate with different ratings may have the same yield. Subsequent to purchase by a Fund, an issue of municipal securities may cease to be rated or its rating may be reduced below the minimum rating required for purchase by the Fund. The Adviser will consider such an event in determining whether the Fund should continue to hold the obligation.

Subsequent to its purchase by a Fund, an issue of rated municipal obligations may cease to be rated or its rating may be reduced below the minimum required for purchase by the Fund. Neither event will require the sale of such municipal obligations by the Fund. To the extent that the ratings given by Moody's or S&P for municipal obligations may change as a result of changes in such organizations or their rating systems, the Fund will attempt to use comparable ratings as standards for its investments in accordance with the investment policies contained in the Prospectus and this SAI. See Appendix A to this SAI for a more detailed discussion of securities ratings.

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Municipal bonds are generally considered riskier investments than U.S. Treasury securities. Contrary to historical trends, in recent years, the market has encountered downgrades, increased rates of default and lower yields on municipal bonds. This is a product of significant reductions in revenues for many states and municipalities as well as residual effects of a generally weakened economy.

**Mortgage- and Asset-Backed Securities**

**Mortgage-Backed Securities** are backed by mortgage obligations including, among others, conventional 30-year fixed rate mortgage obligations, graduated payment mortgage obligations, 15-year mortgage obligations and adjustable-rate mortgage obligations. All of these mortgage obligations can be used to create pass-through securities. A pass-through security is created when mortgage obligations are pooled together and undivided interests in the pool or pools are sold. The cash flow from the mortgage obligations is passed through to the holders of the securities in the form of periodic payments of interest, principal, and prepayments (net of a service fee).

Prepayments occur when the holder of an individual mortgage obligation prepays the remaining principal before the mortgage obligation's scheduled maturity date. As a result of the pass-through of prepayments of principal on the underlying securities, mortgage-backed securities are often subject to more rapid prepayment of principal than their stated maturity indicates. Because the prepayment characteristics of the underlying mortgage obligations vary, it is not possible to predict accurately the realized yield or average life of a particular issue of pass-through certificates. Prepayment rates are important because of their effect on the yield and price of the securities.

Accelerated prepayments have an adverse impact on yields for pass-throughs purchased at a premium (i.e., a price in excess of principal amount) and may involve additional risk of loss of principal because the premium may not have been fully amortized at the time the obligation is repaid. The opposite is true for pass-throughs purchased at a discount. A Fund may purchase mortgage-backed securities at a premium or at a discount. Among the U.S. government securities in which a Fund may invest are government mortgage-backed securities (or government guaranteed mortgage-related securities). Such guarantees do not extend to the value of yield of the mortgage-backed securities themselves or of the Fund's shares.

The Victory Investment Grade Convertible Fund may invest up to 35% of its total assets in tax-exempt mortgage-backed securities.

**Federal Farm Credit Bank Securities.** Established by the Farm Credit Act of 1971 as a U.S. government-sponsored institution to provide credit to farmers and farm-related enterprises, the Federal Farm Credit Bank System ("FFCB") consolidates the financing activities of the component banks. The FFCB sells short-term discount notes maturing in 1 to 365 days, short-term bonds with three- and six-month maturities and adjustable rate securities through a national syndicate of securities dealers. Several dealers also maintain an active secondary market in these securities. FFCB securities are not guaranteed by the U.S. government and no assurance can be given that the U.S. government will provide financial support to this instrumentality.

**Federal Home Loan Bank Securities.** Similar to the role played by the Federal Reserve System with respect to U.S. commercial banks, the Federal Home Loan Bank ("FHLB"), created in 1932, supplies credit reserves to savings and loans, cooperative banks and other mortgage lenders. FHLB sells short-term discount notes maturing in one to 360 days and variable rate securities, and lends the money to mortgage lenders based on the amount of collateral provided by the institution. FHLB securities are not guaranteed by the U.S. government, although FHLB may borrow under a line of credit from the U.S. Treasury.

**U.S. Government Mortgage-Backed Securities.** Certain obligations of certain agencies and instrumentalities of the U.S. government are mortgage-backed securities. Some such obligations, such as those issued by GNMA, are supported by the full faith and credit of the U.S. Treasury; others, such as those of the Federal National Mortgage Association ("FNMA"), are supported by the right of the issuer to borrow from the Treasury; others are supported by the discretionary authority of the U.S. government to purchase the agency's obligations; still others, such as those of FFCB or the Federal Home Loan Mortgage Corporation ("FHLMC"), are supported only by the credit of the instrumentality. No assurance can be given that the U.S. government would provide financial support to U.S. government-sponsored agencies and instrumentalities if it is not obligated to do so by law.

GNMA is the principal governmental (i.e., backed by the full faith and credit of the U.S. government) guarantor of mortgage-backed securities. GNMA is a wholly owned U.S. government corporation within the Department of Housing and Urban Development. GNMA is authorized to guarantee, with the full faith and credit of the U.S. government, the timely payment of principal and interest on securities issued by institutions approved by GNMA (such as savings and loan institutions, commercial banks, and mortgage bankers) and pools of FHA-insured or VA- guaranteed mortgages. Government-related (i.e., not backed by the full faith and credit of the U.S. government) guarantors include FNMA and FHLMC, which are government-sponsored corporations owned entirely by private stockholders. Pass-through securities issued by FNMA and FHLMC are guaranteed as to timely payment of principal and interest, but are not backed by the full faith and credit of the U.S. government.

**GNMA Certificates** are mortgage-backed securities that evidence an undivided interest in a pool or pools of mortgages. GNMA Certificates that a Fund may purchase are the "modified pass-through" type, which entitle the holder to receive timely payment of all

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interest and principal payments due on the mortgage pool, net of fees paid to the "issuer" and GNMA, regardless of whether or not the mortgagor actually makes the payment.

The National Housing Act authorizes GNMA to guarantee the timely payment of principal and interest on securities backed by a pool of mortgages insured by the Federal Housing Administration ("FHA") or guaranteed by the Veterans Administration ("VA"). The GNMA guarantee is backed by the full faith and credit of the U.S. government. GNMA also is empowered to borrow without limitation from the U.S. Treasury if necessary to make any payments required under its guarantee.

The estimated average life of a GNMA Certificate is likely to be substantially shorter than the original maturity of the underlying mortgages. Prepayments of principal by mortgagors and mortgage foreclosures usually will result in the return of the greater part of principal investment long before the maturity of the mortgages in the pool. Foreclosures impose no risk to principal investment because of the GNMA guarantee, except to the extent that a Fund has purchased the certificates above par in the secondary market.

A Fund may purchase construction loan securities, a form of GNMA certificate, that are issued to finance building costs. The funds are paid by a Fund and disbursed as needed or in accordance with a prearranged plan over a period as long as three years. The securities provide for the timely payment to the registered holder of interest at the specified rate plus scheduled installments of principal. Upon completion of the construction phase, the construction loan securities are terminated and project loan securities are issued. GNMA certificates are recorded on the day after trade date and to segregate assets to cover its commitments on the day after trade date as well. When a Fund sells a construction loan security, the settlement of the trade is not completed as to any additional funds that are scheduled to be paid by the owner of the security until those payments are made, which may be as long as three years. During this period of time prior to settlement of the trade, the Fund's segregation of assets continues in the amount of the additional funds scheduled to be paid by the owner of the security. If the security fails to settle at any time during this period because the current owner fails to make a required additional payment of funds, a Fund could be subject to a loss similar to the loss that a seller normally is subject to upon the failed settlement of a security.

**FHLMC Securities.** FHLMC was created in 1970 to promote development of a nationwide secondary market in conventional residential mortgages. FHLMC issues two types of mortgage pass-through securities ("FHLMC Certificates"), mortgage participation certificates and collateralized mortgage obligations ("CMOs"). Participation Certificates resemble GNMA Certificates in that each Participation Certificate represents a pro rata share of all interest and principal payments made and owed on the underlying pool. FHLMC guarantees timely monthly payment of interest on Participation Certificates and the ultimate payment of principal. FHLMC Gold Participation Certificates guarantee the timely payment of both principal and interest.

FHLMC CMOs are backed by pools of agency mortgage-backed securities and the timely payment of principal and interest of each tranche is guaranteed by the FHLMC. Although the FHLMC guarantee is not backed by the full faith and credit of the U.S. government, FHLMC may borrow under a line of credit from the U.S. Treasury.

**FNMA Securities.** FNMA was established in 1938 to create a secondary market in mortgages insured by the FHA, but has expanded its activity to the secondary market for conventional residential mortgages. FNMA primarily issues two types of mortgage-backed securities, guaranteed mortgage pass-through certificates ("FNMA Certificates") and CMOs. FNMA Certificates resemble GNMA Certificates in that each FNMA Certificate represents a pro rata share of all interest and principal payments made and owed on the underlying pool. FNMA guarantees timely payment of interest and principal on FNMA Certificates and CMOs. Although the FNMA guarantee is not backed by the full faith and credit of the U.S. government, FNMA may borrow under a line of credit from the U.S. Treasury.

**SLMA Securities.** Established by federal decree in 1972 to increase the availability of education loans to college and university students, the Student Loan Marketing Association ("SLMA") is a publicly traded corporation that guarantees student loans traded in the secondary market. SLMA purchases student loans from participating financial institutions that originate these loans and provides financing to state education loan agencies. SLMA issues short- and medium-term notes and floating rate securities. SLMA securities are not guaranteed by the U.S. government, although SLMA may borrow under a line of credit from the U.S. Treasury.

**Collateralized Mortgage Obligations.** Mortgage-backed securities also may include CMOs. CMOs are securities backed by a pool of mortgages in which the principal and interest cash flows of the pool are channeled on a prioritized basis into two or more classes, or tranches, of bonds. The Victory Investment Grade Convertible Fund may invest up to 35% of its total assets in CMOs.

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are issued by government entities, private insurers, and the mortgage poolers. Such insurance and guarantees and the creditworthiness of the issuers, thereof will be considered in determining whether a non-government mortgage-backed security meets a Fund's investment quality standards. There can be no assurance that the private insurers can meet their obligations under the policies. A Fund may buy non-government mortgage-backed securities without insurance or guarantees if, through an examination of the loan experience and practices of the poolers, the Adviser determines that the securities meet the Fund's quality standards. Although the market for such securities is becoming increasingly liquid, securities issued by certain private organizations may not be readily marketable and subject to a Fund's restrictions on acquiring illiquid investments.

A Fund may purchase mortgage-related securities with stated maturities in excess of 10 years. Mortgage-related securities include CMOs and participation certificates in pools of mortgages. The average life of mortgage-related securities varies with the maturities of the underlying mortgage instruments, which have maximum maturities of 40 years. The average life is likely to be substantially less than the original maturity of the mortgage pools underlying the securities as the result of mortgage prepayments. The rate of such prepayments, and hence the average life of the certificates, will be a function of current market interest rates and current conditions in the relevant housing markets. The impact of prepayment of mortgages is described under "Mortgage-Backed Securities." Estimated average life will be determined by the Adviser. Various independent mortgage-related securities dealers publish estimated average life data using proprietary models, and in making such determinations, the Adviser will rely on such data except to the extent such data are deemed unreliable by the Adviser. The Adviser might deem data unreliable that appeared to present a significantly different estimated average life for a security than data relating to the estimated average life of comparable securities as provided by other independent mortgage-related securities dealers.

**Forward Roll Transactions.** A Fund can enter into "forward roll" transactions with respect to mortgage-related securities. In this type of transaction, the Fund sells a mortgage-related security to a buyer and simultaneously agrees to repurchase a similar security (the same type of security and having the same coupon and maturity) at a later date at a set price. The securities that are repurchased will have the same interest rate as the securities that are sold, but typically will be collateralized by different pools of mortgages (with different prepayment histories) than the securities that have been sold. Proceeds from the sale are invested in short-term instruments, such as repurchase agreements. The income from those investments, plus the fees from the forward roll transaction, are expected to generate income to the Fund in excess of the yield on the securities that have been sold. A Fund will only enter into "covered" rolls. To assure its future payment of the purchase price, the Fund will identify on its books liquid assets in an amount equal to the payment obligation under the roll. For financial reporting and tax purposes, the Fund treats each forward roll transaction as two separate transactions: one involving the purchase of a security and a separate transaction involving a sale. The Funds currently do not intend to enter into forward roll transactions that are accounted for as a financing.

**Asset-Backed Securities** are debt securities backed by pools of automobile or other commercial or consumer finance loans. The collateral backing asset-backed securities cannot be foreclosed upon. These issues are normally traded over-the-counter and typically have a short to intermediate maturity structure, depending on the pay-down characteristics of the underlying financial assets that are passed through to the security holder. The value of asset- backed securities, including those issued by structured investment vehicles ("SIVs"), may be affected by, among other things, changes in interest rates, the quality of underlying assets or the market's assessment of those assets, factors concerning the interests in and structure of the issuer or the originator of the receivables, or the creditworthiness of entities that provide any credit enhancements. SIVs generally have experienced significantly decreased liquidity as well as declines in the market value of certain categories of collateral underlying the SIVs.

**Prime Rate Indexed Adjustable Rate Securities.** Floating rate notes include prime rate-indexed adjustable rate securities, which are securities whose interest rate is calculated based on the prime rate, that is, the interest rate that banks charge to their most creditworthy customers. Market forces affecting a bank's cost of funds and the rates that borrowers will accept determine the prime rate. The prime rate tends to become standard across the banking industry when a major bank moves its prime rate up or down.

**Repurchase Agreements.** Securities held by a Fund may be subject to repurchase agreements. Repurchase agreements with maturities of more than seven days are considered illiquid for purposes of complying with a Fund's restriction on purchasing illiquid investments. Under the terms of a repurchase agreement, a Fund would acquire securities from financial institutions or registered broker-dealers deemed creditworthy by the Adviser pursuant to guidelines adopted by the Trustees, subject to the seller's agreement to repurchase such securities at a mutually agreed upon date and price. The seller is required to maintain the value of collateral held pursuant to the agreement at not less than the repurchase price (including accrued interest). If the seller were to default on its repurchase obligation or become insolvent, a Fund would suffer a loss to the extent that the proceeds from a sale of the underlying portfolio securities were less than the repurchase price, or to the extent that the disposition of such securities by the Fund is delayed pending court action.

The acquisition of a repurchase agreement will be deemed to be an acquisition of the underlying securities, provided that the obligation of the seller to repurchase the securities from a Fund is collateralized fully and the Adviser, pursuant to its authority as delegated by the Board, has evaluated the seller's creditworthiness. In this regard, the underlying securities must be consistent with a Fund's investment policies and limitations.

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Each of the Victory Fund for Income and Victory Investment Grade Convertible Funds may invest up to 35% of its total assets in repurchase agreements. Each of the Diversified Stock, Sycamore Established Value, and Sycamore Small Company Opportunity Funds may invest up to 20% of its total assets in repurchase agreements. All of the other Funds may invest in repurchase agreements without limit. Subject to the conditions of an exemptive order (if any) from the SEC, the Adviser may be able to combine repurchase transactions among one or more Funds into a single transaction.

**Reverse Repurchase Agreements.** A Fund may borrow funds for temporary purposes by entering into reverse repurchase agreements. Reverse repurchase agreements are considered to be borrowings under the 1940 Act. Pursuant to such an agreement, a Fund would sell a portfolio security to a financial institution, such as a bank or a broker-dealer, and agree to repurchase such security at a mutually agreed-upon date and price. At the time a Fund enters into a reverse repurchase agreement, it will segregate assets (such as cash or liquid securities) consistent with a Fund's investment restrictions having a value equal to the repurchase price (including accrued interest). The collateral will be marked-to-market on a daily basis and will be monitored continuously to ensure that such equivalent value is maintained. Reverse repurchase agreements involve the risk that the market value of the securities sold by a Fund may decline below the price at which the Fund is obligated to repurchase the securities.

**When-Issued Securities.** A Fund may purchase securities on a when-issued basis (i.e., for delivery beyond the normal settlement date at a stated price and yield). When a Fund engages in when-issued transactions, it relies on the seller to consummate the trade. Failure of the seller to do so may result in the Fund incurring a loss or missing the opportunity to obtain a price considered to be advantageous. The Funds do not intend to purchase when-issued securities for speculative purposes, but only in furtherance of their investment objectives.

**Delayed-Delivery Transactions.** A Fund may buy and sell securities on a delayed-delivery basis. These transactions involve a commitment by a Fund to purchase or sell specific securities at a predetermined price or yield, with payment and delivery taking place after the customary settlement period for that type of security (and more than seven days in the future). Typically, no interest accrues to the purchaser until the security is delivered. A Fund may receive fees for entering into delayed-delivery transactions.

When purchasing securities on a delayed-delivery basis, a Fund assumes the rights and risks of ownership, including the risks of price and yield fluctuations in addition to the risks associated with a Fund's other investments. Because a Fund is not required to pay for securities until the delivery date, these delayed-delivery purchases may result in a form of leverage. When a Fund has sold a security on a delayed-delivery basis, it does not participate in further gains or losses with respect to the security. If the other party to a delayed-delivery transaction fails to deliver or pay for the securities, a Fund could miss a favorable price or yield opportunity or suffer a loss.

A Fund may renegotiate delayed-delivery transactions after they are entered into or may sell underlying securities before they are delivered, either of which may result in capital gains or losses.

**To-Be-Announced Securities.** A Fund may purchase securities that are to-be-announced ("TBA"). The term TBA is derived from the fact that the actual mortgage-backed security that will be delivered to fulfill a TBA trade is not designated at the time the trade is made. In a TBA transaction, a seller generally agrees to deliver a mortgage- backed security meeting certain criteria at a future date. Failure of the seller to do so may result in the Fund incurring a loss or missing the opportunity to obtain a price considered to be advantageous. The Funds do not intend to purchase TBA securities for speculative purposes, but only in furtherance of their investment objectives.

**Forward Transactions.** A Fund may invest in securities (including, for example, Government Mortgage-Backed Securities) on a forward basis. When purchasing securities on a forward basis, a Fund assumes the rights and risks of ownership, including the risks of price and yield fluctuations in addition to the risks associated with a Fund's other investments. Because a Fund is not required to pay for securities until the settlement date, these forward purchases may result in a form of leverage. When forward purchases are outstanding, the Fund will segregate cash and appropriate liquid assets to cover its purchase obligations. When a Fund has sold a security on a forward basis, it does not participate in further gains or losses with respect to the security. If the other party to a forward transaction fails to deliver or pay for the securities, a Fund could miss a favorable price or yield opportunity or suffer a loss.

When a Fund enters into a forward transaction, the Fund may be required to provide collateral to cover potential losses of the counterparty, due to changes in the value of the security, in the event that the transaction is unable to settle (e.g., in the event of a default or a failure to deliver the security). Similarly, the counterparty may be required to provide collateral to cover the potential losses of the Fund, due to changes in the value of the security, in the event that the transaction is unable to settle. A Fund may reduce the amount of liquid assets it will segregate to the extent it provides such collateral.

**International and Foreign Investments**

**General considerations.** There may be less information publicly available about a foreign issuer than about a U.S. issuer, and foreign issuers may not be subject to accounting, auditing and financial reporting standards and practices comparable to those in the United States. The securities of some foreign issuers are less liquid and at times more volatile than securities of comparable U.S.

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issuers. Foreign brokerage commissions and other fees are also generally higher than in the United States. Foreign settlement procedures and trade regulations may involve certain risks (such as delay in payment or delivery of securities or in the recovery of a Fund's assets held abroad) and expenses not present in the settlement of investments in U.S. markets. Payment for securities without delivery may be required in certain foreign markets.

In addition, foreign securities may be subject to the risk of nationalization or expropriation of assets, imposition of currency exchange controls or restrictions on the repatriation of foreign currency, confiscatory taxation, political or financial instability and diplomatic developments which could affect the value of a Fund's investments in certain foreign countries. Governments of many countries have exercised and continue to exercise substantial influence over many aspects of the private sector through the ownership or control of many companies, including some of the largest in these countries. As a result, government actions in the future could have a significant effect on economic conditions which may adversely affect prices of certain portfolio securities. There is also generally less government supervision and regulation of stock exchanges, brokers, and listed companies than in the U.S. Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding taxes, and special U.S. tax considerations may apply. Moreover, foreign economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross national product, rate of inflation, capital reinvestment, resource self- sufficiency and balance of payments position.

Legal remedies available to investors in certain foreign countries may be more limited than those available with respect to investments in the United States. or in other foreign countries. The laws of some foreign countries may limit a Fund's ability to invest in securities of certain issuers organized under the laws of those foreign countries.

Of particular importance, many foreign countries are heavily dependent upon exports, particularly to developed countries, and, accordingly, have been and may continue to be adversely affected by trade barriers, managed adjustments in relative currency values, and other protectionist measures imposed or negotiated by the United States and other countries with which they trade. These economies also have been and may continue to be negatively impacted by economic conditions in the United States and other trading partners, which can lower the demand for goods produced in those countries.

The risks described above, including the risks of nationalization or expropriation of assets, typically are increased in connection with investments in "emerging markets." For example, political and economic structures in these countries may be in their infancy and developing rapidly, and such countries may lack the social, political and economic stability characteristic of more developed countries (including amplified risk of war and terrorism).

Certain countries have in the past failed to recognize private property rights and have at times nationalized and expropriated the assets of private companies. Investments in emerging markets may be considered speculative.

The currencies of certain emerging market countries have experienced devaluations relative to the U.S. dollar, and future devaluations may adversely affect the value of assets denominated in such currencies. In addition, currency hedging techniques may be unavailable in certain emerging market countries. Many emerging market countries have experienced substantial, and in some periods extremely high, rates of inflation or deflation for many years, and future inflation may adversely affect the economies and securities markets of such countries.

In addition, unanticipated political or social developments may affect the value of investments in emerging markets and the availability of additional investments in these markets. Any change in the leadership or politics of emerging market countries, or the countries that exercise a significant influence over those countries, may halt the expansion of or reverse the liberalization of foreign investment policies now occurring and adversely affect existing investment opportunities. The small size, limited trading volume and relative inexperience of the securities markets in these countries may make investments in securities traded in emerging markets illiquid and more volatile than investments in securities traded in more developed countries. For example, limited market size may cause prices to be unduly influenced by traders who control large positions. In addition, a Fund may be required to establish special custodial or other arrangements before making investments in securities traded in emerging markets. There may be little financial or accounting information available with respect to issuers of emerging market securities, and it may be difficult as a result to assess the value of prospects of an investment in such securities.

The risk also exists that an emergency situation may arise in one or more emerging markets as a result of which trading of securities may cease or may be substantially curtailed and prices for a Fund's securities in such markets may not be readily available. A Fund may suspend redemption of its shares for any period during which an emergency exists, as determined by the SEC. Accordingly, if a Fund believes that appropriate circumstances exist, it may apply to the SEC for a determination that an emergency is present. During the period commencing from a Fund's identification of such condition until the date of the SEC action, a Fund's securities in the affected markets will be valued at fair value determined in good faith by the Adviser under the oversight of the Board.

Foreign markets may offer less protection to investors than U.S. markets. Foreign issuers, brokers and securities markets may be subject to less government supervision. Foreign security trading practices, including those involving the release of assets in advance of

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payment, may involve increased risks in the event of a failed trade or the insolvency of a broker-dealer, which may result in substantial delays. It also may be difficult to enforce legal rights in foreign countries.

Investing abroad also involves different political and economic risks. Foreign investments may be affected by actions of foreign governments adverse to the interests of U.S. investors, including the possibility of expropriation or nationalization of assets, confiscatory taxation, restrictions on U.S. investment or on the ability to repatriate assets or convert currency into U.S. dollars, or other government intervention. There may be a greater possibility of default by foreign governments or foreign government-sponsored enterprises. Investments in foreign countries also involve a risk of local political, economic, or social instability, military action or unrest, or adverse diplomatic developments. Additionally, economic or other sanctions imposed on the United States by a foreign country, or imposed on a foreign country or issuer by the United States, could impair a Fund's ability to buy, sell, hold, receive, deliver, or otherwise transact in certain investment securities. Sanctions could also affect the value and/or liquidity of a foreign security. There is no assurance that the Adviser will be able to anticipate these potential events or counter their effects.

The considerations noted above generally are intensified for investments in developing countries. Emerging countries may have relatively unstable governments, economies based on only a few industries, and securities markets that trade a small number of securities.

A Fund may invest in foreign securities that impose restrictions on transfer within the United States or to U.S. persons. Although securities subject to transfer restrictions may be marketable abroad, they may be less liquid than foreign securities of the same class that are not subject to such restrictions.

**Depositary Receipts.** A Fund may invest in sponsored or unsponsored ADRs, European Depositary Receipts ("EDRs"), GDRs, International Depositary Receipts ("IDRs") and other types of depositary receipts (which, together with ADRs, EDRs, GDRs and IDRs are hereinafter referred to as "Depositary Receipts"). Depositary Receipts provide indirect investment in securities of foreign issuers. Prices of unsponsored Depositary Receipts may be more volatile than if they were sponsored by the issuer of the underlying securities. Depositary Receipts may not necessarily be denominated in the same currency as the underlying securities into which they may be converted. In addition, the issuers of the stock of unsponsored Depositary Receipts are not obligated to disclose material information in the U.S. and, therefore, there may not be a correlation between such information and the market value of the Depositary Receipts.

ADRs are depositary receipts that are bought and sold in the United States and are typically issued by a U.S. bank or trust company which evidences ownership of underlying securities by a foreign corporation. GDRs, IDRs and other types of Depositary Receipts are typically issued by foreign banks or trust companies, although they may also be issued by U.S. banks or trust companies, and evidence ownership of underlying securities issued by either a foreign or a United States corporation. Generally, Depositary Receipts in registered form are designed for use in the U.S. securities markets and Depositary Receipts in bearer form are designed for use in securities markets outside the United States.

For purposes of a Fund's investment policies, a Fund's investments in ADRs, GDRs, IDRs and other types of Depositary Receipts will be deemed to be investments in the underlying securities. Depositary Receipts, including those denominated in U.S. dollars will be subject to foreign currency exchange rate risk. However, by investing in U.S. dollar-denominated ADRs rather than directly in foreign issuers' stock, a Fund avoids currency risks during the settlement period. In general, there is a large, liquid market in the United States for most ADRs. However, certain Depositary Receipts may not be listed on an exchange and therefore may be illiquid investments. Depositary Receipts continue to be subject to many of the risks associated with investing directly in foreign securities. Positions in these securities are not necessarily denominated in the same currency as the common stocks into which they may be converted, and there may be imperfect correlation between the market value of depositary receipts and the underlying foreign securities.

**Investing through Stock Connect.** Certain Funds may invest in developing markets through trading structures or protocols that subject them to certain risks (such as risks associated with illiquidity, custody of assets, different settlement and clearance procedures, asserting legal title under developing legal and regulatory regimes and other risks) to a greater degree than in developed markets or even other developing markets. For example, a Fund may invest in certain eligible Chinese securities ("China A-Shares") listed and traded on Chinese stock exchanges such as the Shanghai Stock Exchange ("SSE") through the Hong Kong—Shanghai Stock Connect ("Stock Connect") program. Stock Connect is a securities trading and clearing program developed by the Hong Kong Stock Exchange ("SEHK"), SSE, Hong Kong Securities Clearing Company Limited and China Securities Depository and Clearing Corporation Limited for the establishment of mutual market access between SEHK and SSE. Stock Connect is subject to regulations promulgated by regulatory authorities for both SSE and SEHK. Further regulations or restrictions, such as limitations on redemptions or suspension of trading, may adversely affect Stock Connect and the value of the China A-Shares held by a Fund. There is no guarantee that the systems required to operate Stock Connect will function properly or will continue to be adapted to changes and developments in both markets or that both exchanges will continue to support Stock Connect in the future. In the event that the relevant systems do not function properly, trading through Stock Connect could be disrupted.

Although trading through Stock Connect is not subject to individual investment quotas, daily and aggregate investment quotas apply to the aggregate volume of trading on Stock Connect, which may restrict or preclude a Fund's ability to invest in Stock Connect

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securities or to enter into or exit trades on a timely basis. In addition, Stock Connect securities generally may not be sold, purchased or otherwise transferred other than through Stock Connect pursuant to the program's rules, which may further subject a Fund to liquidity risk in respect of China A-Shares. Stock Connect can only operate when both Chinese and Hong Kong markets are open for trading and when banking services are available in both markets on the corresponding settlement days. As a result, if either or both of these markets are closed on a U.S. trading day, a Fund may not be able to dispose of its China A-Shares in a timely manner, which could adversely affect the Fund's performance. Because of the way in which China A-Shares are held through Stock Connect, a Fund may not be able to exercise the rights of a shareholder and may be limited in its ability to pursue claims against the issuer of a security, and may suffer losses in the event the depository of the SSE becomes insolvent. Only certain China A-Shares are eligible to be accessed through Stock Connect. Such securities may lose their eligibility at any time, in which case they presumably could be sold but could no longer be purchased through Stock Connect. Investments in China A-shares may not be covered by the securities investor protection programs of either exchange and, without the protection of such programs, will be subject to the risk of default by the broker.

**International and Foreign Debt Securities**

**International Bonds** include Yankee and Euro obligations, which are U.S. dollar-denominated international bonds for which the primary trading market is in the United States ("Yankee Bonds"), or for which the primary trading market is abroad ("Eurodollar Bonds"). International bonds also include Canadian and supranational agency bonds (e.g., those issued by the International Monetary Fund). (See "Foreign Debt Securities" for a description of risks associated with investments in foreign securities.)

**Foreign Debt Securities.** Investments in securities of foreign companies generally involve greater risks than are present in U.S. investments. Compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign stock exchanges, brokers and listed companies.

Foreign companies generally are not subject to uniform accounting, auditing and financial reporting standards, practices and requirements comparable to those prevalent in the U.S. Securities of some foreign companies are less liquid, and their prices more volatile, than securities of comparable U.S. companies. Settlement of transactions in some foreign markets may be delayed or may be less frequent than in the U.S., which could affect the liquidity of a Fund's investment.

In addition, with respect to some foreign countries, there is the possibility of nationalization, expropriation, or confiscatory taxation; limitations on the removal of securities, property, or other assets of a Fund; political or social instability; increased difficulty in obtaining legal judgments; or diplomatic developments that could affect U.S. investments in those countries. The Adviser will take such factors into consideration in managing a Fund's investments.

Since most foreign debt securities are not rated, a Fund will invest in those foreign debt securities based on the Adviser's analysis without relying on published ratings. Achievement of a Fund's goals, therefore, may depend more upon the abilities of the Adviser than would otherwise be the case. The value of the foreign debt securities held by a Fund, and thus the net asset value of a Fund's shares, generally will fluctuate with (a) changes in the perceived creditworthiness of the issuers of those securities, (b) movements in interest rates, and (c) changes in the relative values of the currencies in which a Fund's investments in debt securities are denominated with respect to the U.S. dollar. The extent of the fluctuation will depend on various factors, such as the average maturity of a Fund's investments in foreign debt securities, and the extent to which a Fund hedges its interest rate, credit and currency exchange rate risks. A longer average maturity generally is associated with a higher level of volatility in the market value of such securities in response to changes in market conditions. In the event of default, there may be limited or no legal recourse in that, generally, remedies for defaults must be pursued in the courts of the defaulting party.

**Foreign Currency Considerations.** Because investments in foreign securities usually involve currencies of foreign countries, and because a Fund may hold foreign currencies and forward contracts, futures contracts, options on foreign currencies and foreign currency futures contracts and other currency related instruments, the value of the assets of a Fund as measured in U.S. dollars may be affected favorably or unfavorably by changes in foreign currency exchange rates and exchange control regulations, and a Fund may incur costs and experience conversion difficulties and uncertainties in connection with conversions between various currencies. Fluctuations in exchange rates may also affect the earning power and asset value of the foreign entity issuing the security.

The value of securities denominated in or indexed to foreign currencies and of dividends and interest from such securities, can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. The strength or weakness of the U.S. dollar against these currencies is responsible for part of a Fund's investment performance. If the dollar falls in value relative to the Japanese yen, for example, the dollar value of a Japanese stock held in the portfolio will rise even though the price of the stock remains unchanged. Conversely, if the dollar rises in value relative to the yen, the dollar value of the Japanese stock will fall. Many foreign currencies have experienced significant devaluation relative to the dollar.

Although a Fund values its assets daily in terms of U.S. dollars, it does not intend to convert its holdings of foreign currencies into U.S. dollars on a daily basis. It will do so from time to time, and investors should be aware of the costs of currency conversion. Although foreign exchange dealers do not charge a fee for conversion, they do realize a profit based on the difference (the "spread")

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between the prices at which they are buying and selling various currencies. Thus, a dealer may offer to sell a foreign currency to a Fund at one rate, while offering a lesser rate of exchange should a Fund desire to resell that currency to the dealer. A Fund will conduct its foreign currency exchange transactions either on a spot (i.e., cash) basis at the spot rate prevailing in the foreign currency exchange market, or through entering into options or forward or futures contracts to purchase or sell foreign currencies.

**Derivatives**

The use of derivatives is a highly specialized activity that can involve investment techniques and risks different from, and in some respects greater than, those associated with investing in more traditional investments such as stocks and bonds. Derivatives may have a return that is tied to a formula based upon an interest rate, index or other measurement, which may differ from the return of a simple security of the same maturity. A formula may have a cap or other limitation on the rate of interest to be paid. Derivatives may have varying degrees of volatility at different times, or under different market conditions, and may perform in unanticipated ways. Rule 18f-4 regulates the use of derivatives for certain funds registered under the 1940 Act. Unless a Fund qualifies as a "limited derivatives user," Rule 18f-4 requires, among other things, that the Funds establish a comprehensive derivatives risk management program, to comply with certain value-at-risk based leverage limits, to appoint a derivatives risk manager and to provide additional disclosure both publicly and to the SEC regarding its derivatives positions. Rule 18f-4 also has eliminated the general asset segregation requirement in connection with certain derivatives transactions, in light of Rule 18f-4's requirements for funds to establish and maintain derivatives risk management programs that comply with certain risk-based limits. For Funds that qualify as limited derivatives users, Rule 18f-4 requires policies and procedures to manage aggregate derivatives risk. These requirements could have an impact on a Fund, including a potential increase in cost to enter into derivatives transactions. The full impact of Rule 18f-4 on the Funds, however, remains uncertain.

**Forward Contracts.** A forward currency exchange contract ("forward contract") involves an obligation to buy or sell a specific currency at a future date that may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are traded in the interbank market conducted directly between currency traders (usually large commercial banks). A Fund may engage in cross- hedging by using forward contracts in one currency to hedge against fluctuations in the value of securities denominated in a different currency if the managers determine that there is a pattern of correlation between the two currencies. A Fund may also buy and sell forward contracts (to the extent they are not deemed "commodities") for non-hedging purposes when the managers anticipate that the foreign currency will appreciate or depreciate in value, but securities denominated in that currency do not present attractive investment opportunities and are not held in a Fund's portfolio.

A Fund's custodian bank will place cash or liquid high grade debt securities (securities rated in one of the top three ratings categories by Moody's or S&P or, if unrated, deemed by the managers to be of comparable quality) into a segregated account of the Fund maintained by its custodian bank in an amount equal to the value of the Fund's total assets committed to the forward foreign currency exchange contracts requiring the funds to purchase foreign currencies. If the value of the securities placed in the segregated account declines, additional cash or securities is placed in the account on a daily basis so that the value of the account equals the amount of the Fund's commitments with respect to such contracts. The segregated account is marked-to-market on a daily basis.

Although the contracts are not presently regulated by the Commodity Futures Trading Commission (the "CFTC"), a U.S. governmental agency, the CFTC may in the future assert authority to regulate these contracts. In such event, a Fund's ability to utilize forward foreign currency exchange contracts may be restricted. A Fund generally will not enter into a forward contract with a term of greater than one year. A Fund will not enter into forward currency exchange contracts or maintain a net exposure to such contracts where the completion of the contracts would obligate the Fund to deliver an amount of currency other than U.S. dollars in excess of the value of the Fund's portfolio securities or other assets denominated in that currency or, in the case of cross-hedging, in a currency closely correlated to that currency.

Hedging the Fund's currency risks through forward foreign currency exchange contracts involves the risk of mismatching the Fund's objectives under a forward foreign currency exchange contract with the value of securities denominated in a particular currency. There is additional risk that such transactions reduce or preclude the opportunity for gain and that currency contracts create exposure to currencies in which the Fund's securities are not denominated.

**Futures Contracts.** A Fund may enter into futures contracts, including stock index futures contracts and options on futures contracts, for the purposes of remaining fully invested and reducing transaction costs. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific security, class of securities, or an index, at a specified future time and at a specified price. In a stock index futures contract, two parties agree to receive or deliver a specified amount of cash multiplied by the difference between the stock index value at the close of trading of the contracts and the price at which the futures contract is originally struck.

Futures contracts, which are standardized as to maturity date and underlying financial instrument, are traded on national futures exchanges. The CFTC regulates futures exchanges and trading under the Commodity Exchange Act. The Adviser has claimed an exclusion from the definition of "commodity pool operator" in connection with its operation of the Funds pursuant to CFTC Regulation

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4.5. Accordingly, the Adviser is not subject to regulation as a "commodity pool operator" with respect to the Funds. In connection with this exemption, the Adviser has undertaken to submit to any CFTC special calls for information.

Although futures contracts by their terms call for actual delivery and receipt of the underlying securities, in most cases these contracts are closed out before the settlement date without actual delivery or receipt. Closing out an open futures position is done by taking an offsetting position in an identical contract to terminate the position (buying a contract that has previously been "sold," or "selling" a contract previously purchased). Taking an offsetting position also can be accomplished by the acquisition of put and call options on futures contracts that will, respectively, give a Fund the right (but not the obligation), in return for the premium paid, for a specified price, to sell or to purchase the underlying futures contract, upon exercise of the option, at any time during the option period. Brokerage commissions are incurred when a futures contract is bought or sold.

Futures traders, such as the Funds, are required to make a good faith margin deposit in cash or liquid securities with a broker or custodian to initiate and maintain open positions in futures contracts. A margin deposit is intended to assure completion of the contract (delivery or acceptance of the underlying security) if it is not terminated prior to the specified delivery date. Minimal initial margin requirements are established by the futures exchange and are subject to change. Brokers may establish deposit requirements that are higher than the exchange minimums. Initial margin deposits on futures contracts are customarily set at levels much lower than the prices at which the underlying securities are purchased and sold, typically ranging upward from less than 5% of the value of the contract being traded.

After a futures contract position is opened, the value of the contract is marked-to-market daily. If the futures contract price changes to the extent that the margin on deposit does not satisfy margin requirements, payment of additional "variation" margin will be required. Conversely, change in the contract value may reduce the required margin, resulting in a repayment of excess margin to the contract holder. Variation margin payments are made to and from the futures broker for as long as the contract remains open. The Funds expect to earn interest income on their margin deposits.

When interest rates are expected to rise or market values of portfolio securities are expected to fall, a Fund may seek to offset a decline in the value of its portfolio securities through the sale of futures contracts. When interest rates are expected to fall or market values of portfolio securities are expected to rise, a Fund may purchase futures contracts in an attempt to secure better rates or prices on anticipated purchases than those that might later be available in the market.

Positions in futures contracts may be closed out only on an exchange that provides a secondary market for such futures. However, there can be no assurance that a liquid secondary market will exist for any particular futures contract at any specific time. Thus, it may not be possible to close a futures position. In the event of adverse price movements, a Fund would continue to be required to make daily cash payments to maintain the required margin. In such situations, if a Fund has insufficient cash, it may have to sell portfolio securities to meet daily margin requirements at a time when it may be disadvantageous to do so. In addition, a Fund may be required to make delivery of the instruments underlying the futures contracts that it holds. The inability to close options and futures positions also could have an adverse impact on the ability to effectively hedge them. A Fund will minimize the risk that it will be unable to close out a futures contract by only entering into futures contracts that are traded on national futures exchanges and for which there appears to be a liquid secondary market.

The risk of loss in trading futures contracts in some strategies can be substantial, due both to the low margin deposits required and the extremely high degree of leverage involved in futures pricing. Because the deposit requirements in the futures markets are less onerous than margin requirements in the securities markets, there may be increased participation by speculators in the futures market that also may cause temporary price distortions. A relatively small price movement in a futures contract may result in immediate and substantial loss (as well as gain) to the investor. For example, if at the time of purchase, 10% of the value of the futures contract is deposited as margin, a subsequent 10% decrease in the value of the futures contract would result in a total loss of the margin deposit, before any deduction for the transaction costs, if the account were then closed out. A 15% decrease would result in a loss equal to 150% of the original margin deposit if the contract were closed out. Thus, a purchase or sale of a futures contract may result in losses in excess of the amount invested in the contract. However, because the futures strategies engaged in by the Funds are generally only for hedging purposes, the Adviser does not believe that the Funds are subject to the risks of loss frequently associated with futures transactions. The Funds would presumably have sustained comparable losses if, instead of the futures contract, it had invested in the underlying financial instrument and sold it after the decline.

Use of futures transactions by the Funds involves the risk of imperfect or no correlation where the securities underlying futures contract have different maturities than the portfolio securities being hedged. It also is possible that a Fund could both lose money on futures contracts and also experience a decline in value of its portfolio securities. There also is the risk of loss by the Funds of margin deposits in the event of bankruptcy of a broker with whom the Funds have open positions in a futures contract or related option.

A Fund may lose the expected benefit of futures transactions if interest rates, exchange rates or securities prices move in an unanticipated manner. Such unanticipated changes also may result in poorer overall performance than if a Fund had not entered into

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any futures transactions. Futures transactions involve brokerage costs and may require a Fund to segregate assets to cover contracts that would require it to purchase securities or currencies.

**Restrictions on the Use of Futures Contracts.** Any Fund (other than the Sycamore Established Value Fund) may invest in futures contracts, including stock index futures contracts and options on futures contracts, in a manner consistent with its policies for investing in derivative instruments, as established by the Board.

These investments may be made (i) as a substitute for investing directly in securities to keep the Fund fully invested and reduce transaction costs, (ii) for speculative purposes (for example, to generate income), (iii) to hedge, and (iv) as a temporary substitute to maintain exposure to a particular market or security pending investment in that market or security. The Funds will not enter into futures contract transactions for purposes other than bona fide hedging if, immediately thereafter, the sum of its initial margin deposits on open contracts exceeds 5% of the market value of the Fund's total assets. In addition, the Funds will not enter into futures contracts to the extent that the value of the futures contracts held would exceed 1/3 of a Fund's total assets. In addition, futures transactions may be limited by a Fund's intention to remain qualified as a regulated investment company under the Code. A Fund will only sell futures contracts to protect securities it owns against price declines or purchase contracts to protect against an increase in the price of securities it intends to purchase.

**Options.** Options are complex instruments whose value depends on many variables. Options may be listed on a national securities exchange or traded over-the-counter. Call options and put options typically have similar structural characteristics and operational mechanics regardless of the underlying instrument on which they are purchased or sold. Thus, the following general discussion relates to each of the particular types of options discussed in greater detail below.

Exchange-listed options are traded on U.S. securities exchanges, such as the Chicago Board Options Exchange, the American Stock Exchange, the Philadelphia Stock Exchange and the Pacific Stock Exchange. Exchange-listed options are issued by a regulated intermediary such as the Options Clearing Corporation ("OCC"), which guarantees the performance of the obligations of the parties to such options.

Rather than taking or making delivery of the underlying instrument through the process of exercising the option, listed options are frequently closed by entering into offsetting purchase or sale transactions that do not result in ownership of the new option. A Fund's ability to close out its position as a purchaser or seller of an OCC or exchange-listed put or call option is dependent, in part, upon the liquidity of the option market. If a secondary trading market in options were to become unavailable, the Fund could no longer engage in closing transactions which may limit the Fund's ability to realize its profits or limit its losses and adversely affect the performance of the Funds. Among the possible reasons for the absence of a liquid option market on an exchange are: (i) insufficient trading interest in certain options; (ii) restrictions on transactions imposed by an exchange; (iii) trading halts, suspensions or other restrictions imposed with respect to particular classes or series of options or underlying securities including reaching daily price limits; (iv) interruption of the normal operations of the OCC or an exchange; (v) inadequacy of the facilities of an exchange or OCC to handle current trading volume; or (vi) a decision by one or more exchanges to discontinue the trading of options (or a particular class or series of options), in which event the relevant market for that option on that exchange would cease to exist, although outstanding options on that exchange would generally continue to be exercisable in accordance with their terms.

The hours of trading for listed options may not coincide with the hours during which the underlying financial instruments are traded. To the extent that the option markets close before the markets for the underlying financial instruments, significant price and rate movements can take place in the underlying markets that cannot be reflected in the option markets.

Over-the-counter ("OTC") options are purchased from or sold to securities dealers, financial institutions or other parties ("Counterparties") through direct bilateral agreement with the Counterparty. In contrast to exchange-listed options, which generally have standardized terms and performance mechanics, all the terms of an OTC option, including such terms as method of settlement, term, exercise price, premium, guarantees and security, are set by negotiation of the parties.

Unless the parties provide for it, there is no central clearing or guaranty function in an OTC option. As a result, if the Counterparty fails to make or take delivery of the security, currency or other instrument underlying an OTC option it has entered into with the Fund or fails to make a cash settlement payment due in accordance with the terms of that option, the Fund will lose any premium it paid for the option as well as any anticipated benefit of the transaction. Accordingly, the Adviser must assess the creditworthiness of each such Counterparty or any guarantor or credit enhancement period.

Utilizing options is a specialized investment technique that entails a substantial risk, up to and including a complete loss of the amount invested.

**Call Options.** A call option, upon payment of a premium, gives the purchaser of the option the right to buy, and the seller the obligation to sell, the underlying instrument at the exercise price. The seller of a call option remains obligated to sell the security to the buyer until the expiration of the option. A seller also may enter into "closing purchase transactions" in order to terminate its

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obligation as a writer of a call option prior to the expiration of the option. A call option is said to be covered when the seller of a call option owns the underlying instrument at all times prior to the exercise or expiration of the call option.

A Fund may purchase a call option on a security, financial future, index, currency or other instrument to protect the Fund against an increase in the price of the underlying instrument that it intends to purchase in the future by fixing the price at which it may purchase such instrument.

A Fund may write (*i.e*., sell) call options in an attempt to realize a greater level of current income than would be realized on the securities alone as the writer of a call option receives a premium for undertaking the obligation to sell the underlying security at a fixed price during the option period, if the option is exercised. A Fund also may write call options as a partial hedge against a possible stock market decline. In view of its investment objective, a Fund generally would write call options only in circumstances where the Adviser does not anticipate significant appreciation of the underlying security in the near future or has otherwise determined to dispose of the security.

The following risks are associated with call writing transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• So long as a Fund remains obligated as a call option writer, it forgoes the opportunity to profit from increases in the market price of the underlying security above the exercise price of the option, except insofar as the premium represents such a profit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A Fund retains the risk of loss should the value of the underlying security decline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Although the writing of call options only on national securities exchanges increases the likelihood of a Fund's ability to make closing purchase transactions, there is no assurance that a Fund will be able to effect such transactions at any particular time or at any acceptable price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Call option writing could result in increases in the Fund's portfolio turnover rate, especially during periods when market prices of the underlying securities appreciate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund may be forced to acquire the underlying security of an uncovered call option transaction at a price in excess of the exercise price of the option, that is, the price at which the Fund has agreed to sell the underlying security to the purchaser of the option.

**Put Options.** A put option gives the purchaser of the option, upon payment of a premium, the right to sell, and the writer the obligation to buy, the underlying security, commodity, index, currency, or other instrument at the exercise price. A put option is said to be covered when the buyer of a put option owns the underlying instrument at all times prior to the exercise or expiration of the put option. A Fund's purchase of a put option on a security might be designed to protect its holdings in the underlying instrument (or, in some cases, a similar instrument) against a substantial decline in the market value by giving the Fund the right to sell such instrument at the option exercise price.

A Fund may sell, transfer, or assign a put only in conjunction with the sale, transfer, or assignment of the underlying security or securities. The amount payable to the Fund upon its exercise of a "put" is normally (i) the Fund's acquisition cost of the securities (excluding any accrued interest that the Fund paid on the acquisition), less any amortized market premium or plus any amortized market or original issue discount during the period the Fund owned the securities, plus (ii) all interest accrued on the securities since the last interest payment date during that period.

A Fund may acquire puts to facilitate the liquidity of its portfolio assets. A Fund also may use puts to facilitate the reinvestment of its assets at a rate of return more favorable than that of the underlying security. A Fund generally will acquire puts only where the puts are available without the payment of any direct or indirect consideration. However, if necessary or advisable, a Fund may pay for puts either separately in cash or by paying a higher price for portfolio securities that are acquired subject to the puts (thus reducing the yield to maturity otherwise available for the same securities). The Funds intend to acquire puts only from dealers, banks and broker-dealers that, in the Adviser's opinion, present minimal credit risks.

The risk of writing put options is that the Fund may be unable to terminate its position in a put option before exercise by closing out the option in the secondary market at its current price if the secondary market is not liquid for a put option the Fund has written. In such a case, the Fund must continue to be prepared to pay the strike price while the option is outstanding, regardless of price changes and must continue to set aside assets to cover its position. Upon the exercise of a put option written by the Fund, the Fund is not entitled to the gains in excess of the strike price, if any, on securities underlying the options.

**Restrictions on the use of Options.** Except where allowed below, a Fund must at all times have in its portfolio the securities that it may be obligated to deliver if the option is exercised.

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The Sycamore Small Company Opportunity Fund may write (*i.e*., sell) call options that are traded on national securities exchanges with respect to common stock in its portfolio. The Fund may write covered calls on up to 25% of its total assets.

The Victory Fund for Income may write covered call options on up to 25% of its total assets and may also invest up to 5% of its total assets to purchase options or to close out open options transactions.

The Victory Investment Grade Convertible Fund may purchase and write call options that are traded on U.S. securities exchanges. The Victory Investment Grade Convertible Fund may write call options only if they are covered, on portfolio securities amounting to up to 25% of its total assets and the options must remain covered so long as the Fund is obligated as a writer.

The Sycamore Small Company Opportunity Fund may write (*i.e.* sell) call options that are traded on national securities exchanges with respect to common stock in its portfolio on up to 25% of its total assets. The Sycamore Small Company Opportunity Fund may write uncovered calls or puts on up to 5% of its total assets, that is, put or call options on securities that it does not own. Such options may be listed on a national securities exchange and issued by the OCC or traded over-the-counter. The Fund also may purchase index put and call options and write index options. Through the writing or purchase of index options, the Fund may seek to achieve many of the same objectives as through the use of options on individual securities.

**Credit Default Swap Agreements.** In a credit default swap transaction ("CDS"), the "buyer" in a credit default contract is obligated to pay the "seller" a periodic stream of payments over the term of the contract provided that no event of default on an underlying reference obligation has occurred. If an event of default occurs, the seller must pay the buyer the full notional value, or "par value," of the reference obligation in exchange for the reference obligation. A Fund may be either the buyer or the seller in a credit default transaction. If a Fund is a buyer and no event of default occurs, the Fund will lose its investment and recover nothing. However, if an event of default occurs, the Fund (if the buyer) will receive the full notional value of the reference obligation that may have little or no value. As a seller, a Fund receives a quarterly fixed rate of income throughout the term of the contract, the contract of which typically is between six months and ten years, provided that there is no default event. If an event of default occurs, the seller must pay the buyer the full notional value of the reference obligation. CDS involve greater risks than if a Fund had invested in the reference obligation directly.

Whether a Fund's use of CDS agreements will be successful in furthering its investment objective of total return will depend on the Adviser's ability to predict correctly whether certain types of investments are likely to produce greater returns than other investments. Because they are two party contracts and because they may have terms of greater than seven days, CDS agreements may be considered to be illiquid. Moreover, a Fund bears the risk of loss of the amount expected to be received under a CDS agreement in the event of the default or bankruptcy of a CDS agreement counterparty. The Funds will enter into CDS agreements only with counterparties that meet certain standards of creditworthiness (generally, such counterparties would have to be eligible counterparties under the terms of the Funds' repurchase agreement guidelines). Certain restrictions imposed on the Funds by the Code may limit the Fund's ability to use CDS agreements. The swap market is a relatively new market and is largely unregulated. It is possible that developments in the swaps market, including potential government regulation, could adversely affect a Fund's ability to terminate existing CDS agreements or to realize amounts to be received under such agreements.

Most swap agreements entered into by the Funds would calculate the obligations of the parties to the agreement on a "net basis." Consequently, a Fund's current obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the "net amount"). A Fund's current obligations under a swap agreement will be accrued daily (offset against any amounts owed to the Fund).

**Initial Public Offerings ("IPOs").** The Funds may invest in securities that are made available in IPOs. IPO securities may be volatile, and a Fund cannot predict whether its investments in IPOs will be successful. Securities issued through an IPO can experience an immediate drop in value if the demand for the securities does not continue to support the offering price. Information about the issuers of IPO securities is also difficult to acquire since they are new to the market and may not have lengthy operating histories. Any short-term trading in connection with IPO investments could produce higher trading costs and adverse tax consequences. As a Fund grows in size, the positive effect of any IPO investments on the Fund may decrease.

**Master Limited Partnerships.** Master Limited Partnerships ("MLPs") are publicly traded limited partnerships that combine the tax benefits of limited partnerships with the liquidity of common stock. MLPs have a partnership structure, with one or more general partners who oversee the business operations and one or more limited partners who contribute capital. MLPs issue investment units that are registered with the SEC and trade freely on a securities exchange or in the over-the-counter market. To be considered an MLP, a firm must earn 90% of its income through activities or interest and dividend payments relating to real estate, natural resources or commodities.

As a limited partner in an MLP, a Fund will have limited control of the partnership and limited rights to vote on matters affecting the partnership. While a Fund would not be liable for the debts of an MLP beyond the amounts a Fund has contributed, it will not be shielded from potential liability to the same extent it would be if it were a shareholder of a corporation. In certain circumstances,

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creditors of an MLP may have the right to seek a return of capital that has been distributed to a limited partner, such as a Fund. This right continues even after a Fund has sold its interest in the MLP. Each Equity Fund may, from time to time, invest in MLPs.

**Restricted Securities.** Restricted securities are securities that generally can be sold in privately negotiated transactions, pursuant to an exemption from registration under the Securities Act, or in a registered public offering. Where registration is required, a Fund may be obligated to pay all or part of the registration expense and a considerable period may elapse between the time it decides to seek registration and the time the Fund may be permitted to sell a security under an effective registration statement. If, during such a period, adverse market conditions were to develop, a Fund might obtain a less favorable price than that which prevailed when it decided to seek registration of the shares.

Subject to the limitation on illiquid investments, the Funds may invest in restricted securities without limit.

**Securities of Smaller-Capitalization Companies.** While historically small- and mid-capitalization company stocks have outperformed the stocks of larger companies, the stocks of smaller companies have customarily involved more investment risk as well. There can be no assurance that this will continue to be true in the future. Smaller-capitalization companies may have limited product lines, markets or financial resources; may lack management depth or experience; and may be more vulnerable to adverse general market or economic developments than large companies. The prices of small-capitalization company securities are often more volatile than prices associated with large company issues, and can display abrupt or erratic movements at times, due to limited trading volumes and less publicly available information.

In addition, because smaller-capitalization companies normally have fewer shares outstanding and these shares trade less frequently than larger companies, it may be more difficult for a Fund to buy and sell significant amounts of such shares without an unfavorable impact on prevailing market prices. Some of the companies in which a Fund may invest may distribute, sell or produce products that have recently been brought to market and may be dependent on key personnel. The securities of micro-capitalization companies are often traded over-the-counter and may not be traded in the volumes typical on a national securities exchange. Consequently, in order to sell this type of holding, a Fund may need to discount the securities from recent prices or dispose of the securities over a long period of time.

**Participation Interests.** The Funds may purchase interests in securities from financial institutions such as commercial and investment banks, savings and loan associations and insurance companies. These interests may take the form of participation, beneficial interests in a trust, partnership interests or any other form of indirect ownership. The Funds invest in these participation interests in order to obtain credit enhancement or demand features that would not be available through direct ownership of the underlying securities.

**Refunding Contracts.** Securities may be purchased on a when-issued basis in connection with the refinancing of an issuer's outstanding indebtedness. Refund contracts require the issuer to sell and a purchaser to buy refunded municipal obligations at a stated price and yield on a settlement date that may be several months or several years in the future. A Fund generally will not be obligated to pay the full purchase price if it fails to perform under a refunding contract. Instead, refunding contracts generally provide for payment of liquidated damages to the issuer (currently 15-20% of the purchase price). A Fund may secure its obligations under a refunding contract by depositing collateral or a letter of credit equal to the liquidated damages provisions of the refunding contract.

**Standby Commitments.** A Fund may enter into standby commitments, which are puts that entitle holders to same-day settlement at an exercise price equal to the amortized cost of the underlying security plus accrued interest, if any, at the time of exercise. The Funds may acquire standby commitments to enhance the liquidity of portfolio securities. Ordinarily, the Funds may not transfer a standby commitment to a third party, although they could sell the underlying municipal security to a third party at any time. The Funds may purchase standby commitments separate from or in conjunction with the purchase of securities subject to such commitments. In the latter case, the Funds would pay a higher price for the securities acquired, thus reducing their yield to maturity. Standby commitments are subject to certain risks, including the ability of issuers of standby commitments to pay for securities at the time the commitments are exercised; the fact that standby commitments are not marketable by the Funds; and the possibility that the maturities of the underlying securities may be different from those of the commitments.

**Other Pooled Investment Vehicles.** A Fund may invest in securities of other pooled investment vehicles, including shares of open- or closed-end investment companies and ETFs. Provisions of the 1940 Act may limit the ability of a Fund to invest in certain investment companies or may limit the amount of its assets that a Fund may invest in any investment company or investment companies in general.

As an investor in a pooled investment vehicle, a Fund will bear its ratable share of that investment company's expenses, in addition to the fees and expenses the Fund bears directly in connection with its own operations. These securities represent interests in professionally managed portfolios that may invest in various types of instruments pursuant to a wide range of investment styles. A Fund would also bear the risk of all of the underlying investments held by the other investment company. An investment company may not achieve its investment objective.

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Generally, for investments in other investment companies other than money market funds, a Fund may invest up to 5% of its total assets in the securities of any one investment company, but may not own more than 3% of the securities of any one investment company or invest more than 10% of its total assets in the securities of other investment companies. For all Funds, absent any other investment restrictions to the contrary, Rule 12d1-4 under the 1940 Act ("Rule 12d1-4"), permits a Fund to invest in ETFs and other investment companies in excess of the limits set forth in Section 12(d) of the 1940 Act, subject to the conditions of Rule 12d1-4.

Each Fund may purchase and redeem shares issued by a money market fund without limit, provided that either: (1) the Fund pays no "sales charge" or "service fee" (as each of those terms is defined in the FINRA Conduct Rules); or (2) the Adviser waives its advisory fee in an amount necessary to offset any such sales charge or service fee. For purposes of this investment restriction, a "money market fund" is either: (1) an open-end investment company registered under the 1940 Act and regulated as a money market fund in accordance with Rule 2a-7 under the 1940 Act; or (2) a company that is exempt from registration as in investment company under Sections 3(c)(1) or 3(c)(7) of the 1940 Act and that: (a) limits its investments to those permitted under Rule 2a-7 under the 1940 Act; and (b) undertakes to comply with all the other requirements of Rule 2a-7, except that, if the company has no board of directors, the company's investment adviser performs the duties of the board of directors.

ETFs are investment companies the shares of which trade throughout the day on an exchange. ETFs often pursue investment objectives to achieve the same rate of return as a particular market index or commodity. Certain ETFs are actively managed portfolios rather than being based upon an underlying index. ETF shares are sold initially in the primary market generally in units of 50,000 or more ("creation units"). A creation unit represents a bundle of securities or commodities that replicates, or is a representative sample of, a particular index or commodity and that is deposited with the ETF. Once owned, the individual shares comprising each creation unit are traded on an exchange in secondary market transactions for cash. The secondary market for ETF shares allows them to be readily converted into cash, like commonly traded stocks. The combination of primary and secondary markets permits ETF shares to be traded throughout the day close to the value of the ETF's underlying portfolio securities. A Fund would purchase and sell individual shares of ETFs in the secondary market. These secondary market transactions require the payment of commissions.

Unit investment trusts ("UITs") are investment companies that hold a fixed portfolio of securities until the fixed maturity date of the UIT. A Fund would generally only purchase UITs in the secondary market for cash, which would result in the payment of commissions.

ETF and UIT shares are subject to the same risk of price fluctuation due to supply and demand as any other stock traded on an exchange, which means that a Fund could receive less from the sale of shares of an ETF or UIT it holds than it paid at the time it purchased those shares. Furthermore, there may be times when the exchange halts trading, in which case a Fund owning ETF or UIT shares would be unable to sell them until trading is resumed. There can be no assurance that an ETF or UIT will continue to meet the listing requirements of the exchange or that an active secondary market will develop for shares. In addition, because ETFs and UITs invest in a portfolio of common stocks or other instruments or commodities, the value of an ETF or UIT could decline if prices of those instruments or commodities decline. An overall decline of those instruments or commodities comprising an ETF's or UIT's benchmark index could have a greater impact on the ETF or UIT and investors than might be the case in an investment company with a more widely diversified portfolio. Losses could also occur if the ETF or UIT is unable to replicate the performance of the chosen benchmark index. There may be times when the market price for an ETF or UIT and its NAV vary significantly and a Fund may pay more than (premium) or less than (discount) NAV when buying shares on the secondary market. The market price of an ETF's or UIT's shares includes a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. In times of severe market disruption, the bid-ask spread often increases significantly. This means that the shares may trade at a discount to NAV and the discount is likely to be greatest when the price of shares is falling fastest.

Other risks associated with ETFs and UITs include the possibility that: (i) an ETF's or UIT's distributions may decline if the issuers of the ETF's or UIT's portfolio securities fail to continue to pay dividends; and (ii) under certain circumstances, an ETF or UIT could be terminated. Should termination occur, the ETF or UIT could have to liquidate its portfolio securities when the prices for those securities are falling. In addition, inadequate or irregularly provided information about an ETF or UIT or its investments, because ETFs and UITs are generally passively managed, could expose investors in ETFs and UITs to unknown risks. Actively managed ETFs are also subject to the risk of underperformance relative to their chosen benchmark.

**Precious Metals and Other Commodities.** Investments in precious metal and other commodities or in shares of companies principally engaged in activities related to precious metals or other commodities may be subject to the risk of sharp price volatility and may fluctuate in price significantly over short periods of time due to a variety of global economic, financial, and political factors. These factors include without limitation: economic cycles; changes in inflation or expectations about inflation in various countries; interest rates; currency fluctuations; metal sales by governments, central banks, or international agencies; investment speculation; resource availability; commodity prices; fluctuations in industrial and commercial supply and demand; government regulation of the metals and other commodities industries; and government prohibitions or restrictions on the private ownership of certain precious and rare metals.

**Convertible Preferred Stock.** The Victory Investment Grade Convertible Fund may invest in convertible preferred stock, which is a class of stock that pays dividends at a specified rate and that has preference over common stock in the payment of dividends and the liquidation of assets and it convertible into common stock.

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**Real Estate Investment Trusts.** A Fund may invest in securities of real estate investment trusts ("REITs"). REITs are corporations or trusts that specialize in financing or acquiring, holding and managing residential, commercial or industrial real estate. A REIT is generally not subject to U.S. federal income tax at the entity level on income distributed to its shareholders or unitholders if it distributes to shareholders or unitholders at least 90% of its taxable income for each taxable year and complies with regulatory requirements relating to its organization, ownership, assets and income.

REITs generally can be classified as "Equity REITs", "Mortgage REITs" and "Hybrid REITs." An Equity REIT invests the majority of its assets directly in real property and derives its income primarily from rents and from capital gains on real estate appreciation, which are realized through property sales. A Mortgage REIT invests the majority of its assets in real estate mortgage loans; the main source of their income is mortgage interest payments. A Hybrid REIT combines the characteristics of an Equity REIT and a Mortgage REIT. Although a Fund can invest in all three kinds of REITs, its emphasis is expected to be on investments in Equity REITs.

Investments in the real estate industry involve particular risks. The real estate industry has been subject to substantial fluctuations and declines on a local, regional and national basis in the past and may continue to be in the future. Real property values and income from real property may decline due to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses, changes in zoning laws, casualty or condemnation losses, regulatory limitations on rents, changes in neighborhoods and in demographics, increases in market interest rates, or other factors. Factors such as these may adversely affect companies that own and operate real estate directly, companies that lend to such companies, and companies that service the real estate industry.

Investments in REITs also involve risks. Equity REITs will be affected by changes in the values of and income from the properties they own, while Mortgage REITs may be affected by the credit quality of the mortgage loans they hold. In addition, REITs are dependent on specialized management skills and on their ability to generate cash flow for operating purposes and to satisfy distribution requirements. REITs also may have limited diversification and have limited financial resources, as well as to the risk of self-liquidation. REITs may also fail to qualify for the "dividends paid deduction" under the Code, which allows REITs to reduce their corporate taxable income for dividends paid to their shareholders, or fail to maintain an exemption from registration under the 1940 Act. By investing in REITs indirectly through a Fund, a shareholder bears not only a proportionate share of the expenses of a Fund, but also may indirectly bear similar expenses of some of the REITs in which it invests. In addition, as REITs generally pay a higher rate of dividends (on a pre-tax basis) than operating companies, to the extent application of the Fund's investment strategy results in the Fund investing in REIT shares, the percentage of the Fund's dividend income received from REIT shares will likely exceed the percentage of the Fund's portfolio which is comprised of REIT shares. The real estate industry has been subject to substantial fluctuations and declines on a local, regional and national basis in the past and may continue to be in the future.

Each of the Victory Diversified Stock Fund, Victory Investment Grade Convertible Fund, Victory Sycamore Established Value Fund, and Victory Sycamore Small Company Opportunity Fund may invest up to 25% of its total assets in REITs.

**Additional Investment Practices, Risk Factors, and Other Special Considerations**

**Illiquid Investments.** No Fund may invest more than 15% of its net assets in illiquid investments. Under the Liquidity Rule, the term "illiquid investment" is defined as any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If the limitation on illiquid investments is exceeded, other than by a change in market values, the condition will be reported to the Board and, when required by the Liquidity Rule, to the SEC. Compliance with the Liquidity Rule could impact a Fund's performance and its ability to achieve its investment objective.

Under the supervision of the Board, the Adviser determines the liquidity of the Funds' investments and, through reports from the Adviser, the Board monitors investments in illiquid instruments. In determining the liquidity of a Fund's investments, the Adviser may consider various factors, including (1) the frequency of trades and quotations, (2) the number of dealers and prospective purchasers in the marketplace, (3) dealer undertakings to make a market, (4) the nature of the security (including any demand or tender features), and (5) the nature of the marketplace for trades (including the ability to assign or offset the Funds' rights and obligations relating to the investment). The Funds have adopted and implemented a written liquidity risk management program, under the supervision of the Board, that is reasonably designed to assess and manage liquidity risk.

Investments currently considered by the Funds to be illiquid include repurchase agreements not entitling the holder to payment of principal and interest within seven days and certain restricted securities the Adviser has determined not to be liquid.

In the absence of market quotations, illiquid investments are priced at fair value as determined in good faith pursuant to procedures approved by the Trustees. If, through a change in values, net assets, or other circumstances, a Fund were to exceed its limitations on investing in illiquid investments, the Fund would consider appropriate actions to protect liquidity.

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**Impact of Activity by Other Shareholders.** The Funds, like all mutual funds, pool the investments of many investors. Actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. For example, significant levels of new investments in the Fund by shareholders may cause the Fund to have more cash than would otherwise be the case, which may have a positive or negative impact on Fund performance. Similarly, redemption activity might cause the Fund to sell portfolio securities, which may increase transaction costs and accelerate the realization of income and cause the Fund to make taxable distributions to shareholders earlier than the Fund otherwise would have, or cause it to borrow funds on a short-term basis to cover redemptions, which would cause the Fund to incur costs that, in effect, would be borne by all shareholders, not just the redeeming shareholders. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to a year in which there are large redemptions. To the extent a larger shareholder (including, for example, a fund-of-funds) invests in a Fund or the markets are highly volatile, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.

**Interfund Borrowing and Lending.** The Funds have obtained an exemptive order from the SEC allowing them to lend money to, and borrow money from, each other pursuant to a master interfund lending agreement (the "Interfund Lending Program"). Under the Interfund Lending Program, the Funds may lend or borrow money for temporary purposes directly to or from one another (an "Interfund Loan"), subject to meeting the conditions of the SEC exemptive order. All Interfund Loans will consist only of uninvested cash reserves that the lending Fund otherwise would invest in short-term repurchase agreements or other short-term instruments.

If a Fund has outstanding bank borrowings, any Interfund Loans to the Fund would: (a) be at an interest rate equal to or lower than that of any outstanding bank borrowing, (b) be secured at least on an equal priority basis with at least an equivalent percentage of collateral to loan value as any outstanding bank loan that requires collateral, (c) have a maturity no longer than any outstanding bank loan (and in any event not over seven days), and (d) provide that, if an event of default occurs under any agreement evidencing an outstanding bank loan to the Fund, that event of default by the Fund will automatically (without need for action or notice by the lending Fund) constitute an immediate event of default under the master interfund lending agreement, entitling the lending Fund to call the Interfund Loan immediately (and exercise all rights with respect to any collateral), and that such call will be made if the lending bank exercises its right to call its loan under its agreement with the borrowing Fund.

A Fund may borrow on an unsecured basis through the Interfund Lending Program only if its outstanding borrowings from all sources immediately after the interfund borrowing total 10% or less of its total assets, provided that if the borrowing Fund has a secured loan outstanding from any other lender, including but not limited to another Fund, the lending Fund's Interfund Loan will be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value as any outstanding loan that requires collateral. If a borrowing Fund's total outstanding borrowings immediately after an Interfund Loan would be greater than 10% of its total assets, the Fund may borrow through the Interfund Lending Program only on a secured basis. A Fund may not borrow under the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets or any lower threshold provided for by the Fund's fundamental restrictions or non-fundamental policies.

No Fund may lend to another Fund through the Interfund Lending Program if the loan would cause the lending Fund's aggregate outstanding loans through the Interfund Lending Program to exceed 15% of its current net assets at the time of the loan. A Fund's Interfund Loans to any one Fund shall not exceed 5% of the lending Fund's net assets. The duration of Interfund Loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days, and for purposes of this condition, loans effected within seven days of each other will be treated as separate loan transactions. Each Interfund Loan may be called on one business day's notice by a lending Fund and may be repaid on any day by a borrowing Fund. The limitations detailed above and the other conditions of the SEC exemptive order permitting interfund borrowing and lending are designed to minimize the risks associated with interfund borrowing and lending for both a lending Fund and a borrowing Fund. However, no borrowing or lending activity is without risk. When a Fund borrows money from another Fund, there is a risk that the Interfund Loan could be called on one business day's notice or not renewed, in which case the Fund may have to borrow from a bank at higher rates if an Interfund Loan is not available from another Fund. Interfund Loans are subject to the risk that a borrowing Fund could be unable to repay the loan when due, and a delay in repayment to a lending Fund or from a borrowing Fund could result in a lost investment opportunity or additional costs. No Fund may borrow more than the amount permitted by its investment limitations. The Interfund Lending Program is subject to the oversight and periodic review of the Board.

**Lending of Portfolio Securities.** A Fund may, from time to time, lend securities from their portfolios to broker-dealers, banks, financial institutions, and institutional borrowers of securities and receive collateral in the form of cash or U.S. government obligations. Under the Fund's current practices (which are subject to change), a Fund must receive initial collateral at least equal to the maintenance requirements (e.g., 102% for U.S. equity securities and 105% for non-U.S. securities). This collateral must be valued daily and should the market value of the loaned securities increase, the borrower must furnish additional collateral to a Fund sufficient to maintain the value of the collateral equal to at least 100% of the value of the loaned securities. The lending agent receives a pre-negotiated percentage of the net earnings on the investment of the collateral. A Fund will not lend portfolio securities to: (a) any "affiliated person" (as that term is defined in the 1940 Act) of any Fund; (b) any affiliated person of the Adviser; or (c) any affiliated person of such an affiliated person. During the time portfolio securities are on loan, the borrower will pay the Fund any dividends or interest paid on such

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securities plus any fee negotiated between the parties to the lending agreement. Loans will be subject to termination by the Funds or the borrower at any time. While a Fund will not have the right to vote securities on loan, they intend to terminate loans and regain the right to vote if that is considered important with respect to the investment. A Fund will enter into loan arrangements only with broker-dealers, banks, or other institutions that either the Adviser or the lending agent has determined are creditworthy under guidelines established by the Board. Although these loans are fully collateralized, there are risks associated with securities lending. A Fund's performance could be hurt if a borrower defaults or becomes insolvent, or if the Fund wishes to sell a security before its return can be arranged. The return on invested cash collateral will result in gains and losses for the Funds. Each Fund will limit its securities lending to 33-1/3% of its total assets.

**New or Smaller Funds.** Funds with limited operating history and/or small asset base may involve additional risk. For example, there can be no assurance that a new or smaller Fund will grow to or maintain an economically viable size. Should a Fund not grow to or maintain an economically viable size, the Board may determine to liquidate the Fund. Although the interests of shareholders in each Fund are the principal concern of the Board, in the event the Board determines to liquidate a Fund, the timing of any possible liquidation might not be favorable to certain individual shareholders.

**Responsible Investing Risk.** A Fund may incorporate specific responsible, environmental, social and governance ("ESG"), impact or sustainability considerations into its investment objectives, strategies, and/or processes, as described in the applicable Fund's Prospectus. These considerations will vary depending on a Fund's particular investment strategy and the investment process followed by the particular investment team that manages the Fund. A team may include consideration of third-party research as well as consideration of proprietary research across the ESG risks and opportunities regarding an issuer. The investment team considers those ESG characteristics it deems relevant or additive when making investment decisions for a Fund. The ESG characteristics utilized in a Fund's investment process are anticipated to evolve over time and one or more characteristics may not be relevant with respect to all issuers that are eligible for investment.

ESG characteristics are not the sole considerations when making investment decisions for a Fund. Further, investors can differ in their views of what constitutes positive or negative ESG characteristics. As a result, a Fund may invest in issuers that do not reflect the beliefs and values with respect to ESG of any particular investor. ESG considerations may affect a Fund's exposure to certain companies or industries and a Fund may forego certain investment opportunities. While the Adviser views ESG considerations as having the potential to contribute to a Fund's long-term performance, there is no guarantee that such results will be achieved.

**Market Risk and Turmoil.** The Funds are subject to market risk. Market risk includes unexpected directional price movements, deviations from historical pricing relationships, changes in the regulatory environment, changes in market volatility, panicked or forced selling of assets and contraction of available credit or other financing sources. The success of a Fund's activities may be affected by general economic and market conditions, such as interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws and national and international political circumstances. Although globally and among developed countries there has been a relatively stable political environment for decades, there is no guarantee that such stability will be maintained in the future. International policies, relationships, and trade agreements, which have generally been perceived as stable or evolving, appear to be much more in flux. Adjustments in major trade relationships have already been met by retaliatory measures from other countries and could cause potential escalation in protectionist behavior leading to a drag on growth prospects as trade and investment and productivity growth are reinforcing and linked. Other drivers of geopolitical, economic and market risk also may come from, among other things, increased political tension on the domestic and international stages, substantial slowdown and outright recessions in certain markets, pressure on oil prices, rising corporate leverage, continuous abnormally low global interest rates, structural stresses in the European Union, international terrorist activity, and armed conflicts and risk of armed conflicts. Similarly, environmental and public health risks, such as natural disasters, pandemics or epidemics, or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In addition, the expanded influence of social media platforms on the market, combined with the access to low cost retail brokerage, can exacerbate the volatility of particular instruments. Any of these developments, or the perception that any of these developments are likely to occur or worsen, could have a material adverse effect on economic growth or business activity, result in the relocation of businesses, cause business interruptions, lead to economic recession (or depression), and impact the stability of financial markets or financial institutions and the financial and monetary system. A Fund may be affected by these developments in ways that are not foreseeable, and there is a possibility that such developments could have a significant adverse effect on a Fund and its ability to achieve its investment objective. Market turmoil may negatively affect a Fund's performance. Such factors may affect the level and volatility of security prices and liquidity of a Fund's investments. Credit markets may become illiquid, credit spreads may widen and the equity markets may lose substantial value. Such market conditions may cause a Fund to suffer substantial losses and/or implement measures that adversely affect a Fund. Changes in the value of securities may be temporary or may last for extended periods.

**Recent Market Conditions and Events**

There have been multiple periods in recent decades of high levels of stress and volatility in financial markets. Periods of market volatility, restrictive credit conditions, lack of confidence in key market participants, and broadly negative sentiment, sometimes limited

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to a particular sector or a geography, continue to recur. Political changes, trade policies and trade disputes (including sanctions and tariffs), tax and budget policies, debt disputes, geopolitical developments, environmental and public health events, and central bank actions (including withdrawals, or "tapering," of market support and changes in interest rate targets) have all at times represented sources of stress and instability in world economies and markets. For example, Russia's military campaign in Ukraine resulted in broad-based sanctions by the U.S. and other countries and rapid price movements in sectors (such as energy) where Russian companies are important market participants, with related impacts both globally and regionally. Also for example, the COVID-19 pandemic and related quarantines and restrictions resulted in high unemployment, disruptions to supply chains and customer activity, and general concern and uncertainty, with corresponding impacts on financial markets worldwide. COVID-19 remains a risk with the potential that new variants could lead to increased government restrictions and consumer caution. More recently, a number of major economies, including the United States, adjusted to reduced levels of market and monetary support following periods of fiscal and monetary interventions. Recent periods of rising inflation and increases in interest rate targets by central banks have generated significant market stress and volatility, with market sentiment changing rapidly in response to changes in inflation or interest rate expectations.

**Market Risk and Turmoil.** The Funds are subject to market risk. Market risk includes unexpected directional price movements, deviations from historical pricing relationships, changes in the regulatory environment, changes in market volatility, panicked or forced selling of assets and contraction of available credit or other financing sources. The success of a Fund's activities may be affected by general economic and market conditions, such as interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws and national and international political circumstances. Although globally and among developed countries there has been a relatively stable political environment for decades, there is no guarantee that such stability will be maintained in the future. International policies, relationships, and trade agreements, which have generally been perceived as stable or evolving, appear to be much more in flux. Adjustments in major trade relationships have already been met by retaliatory measures from other countries and could cause potential escalation in protectionist behavior leading to a drag on growth prospects as trade and investment and productivity growth are reinforcing and linked. Other drivers of geopolitical, economic and market risk also may come from, among other things, increased political tension on the domestic and international stages, substantial slowdown and outright recessions in certain markets, pressure on oil prices, rising corporate leverage, continuous abnormally low global interest rates, structural stresses in the European Union, international terrorist activity, and armed conflicts and risk of armed conflicts. Similarly, environmental and public health risks, such as natural disasters, pandemics or epidemics, or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. In addition, the expanded influence of social media platforms on the market, combined with the access to low cost retail brokerage, can exacerbate the volatility of particular instruments. Any of these developments, or the perception that any of these developments are likely to occur or worsen, could have a material adverse effect on economic growth or business activity, result in the relocation of businesses, cause business interruptions, lead to economic recession (or depression), and impact the stability of financial markets or financial institutions and the financial and monetary system. A Fund may be affected by these developments in ways that are not foreseeable, and there is a possibility that such developments could have a significant adverse effect on a Fund and its ability to achieve its investment objective. Market turmoil may negatively affect a Fund's performance. Such factors may affect the level and volatility of security prices and liquidity of a Fund's investments. Credit markets may become illiquid, credit spreads may widen and the equity markets may lose substantial value. Such market conditions may cause a Fund to suffer substantial losses and/or implement measures that adversely affect a Fund. Changes in the value of securities may be temporary or may last for extended periods.

**Risks Related to Cybersecurity and Information Technology.** The Funds and their service providers have administrative and technical safeguards in place with respect to information security. Nevertheless, the Funds and their service providers are potentially susceptible to operational and information security risks resulting from a cyber-attack as the Funds are highly dependent upon the effective operation of their computer systems and those of their business partners. These risks include, among other things, the theft, misuse, corruption and destruction of data maintained online or digitally, denial of service on websites and other operational disruption and unauthorized release of confidential customer information. Cyber-attacks affecting the Funds' service providers, financial intermediaries, and other third parties may adversely affect the Funds and their shareholders. For instance, cyber-attacks may interfere with the processing of Fund transactions, including the processing of orders, impact a Fund's ability to calculate NAVs, cause the release and possible destruction of confidential customer or business information, impede trading, subject a Fund and/or its service providers and intermediaries to regulatory fines and financial losses and/or cause reputational damage. Cybersecurity risks may also affect the issuers of securities in which a Fund invests, which may cause a Fund's investments to lose value. A Fund may also incur additional costs for cybersecurity risk management in the future. Although the Funds and their service providers have adopted security procedures to minimize the risk of a cyber-attack, there can be no assurance that the Funds or their service providers will avoid losses affecting the Funds due to cyber-attacks or information security breaches in the future.

Recent technological advances in artificial intelligence, robotics and machine learning technologies, and their current and potential future applications including in the financial sectors, as well as the legal and regulatory frameworks within which they operate, continue to rapidly evolve. It is not possible to predict the full extent of current or future risks of these new technologies. Regulations related to these technologies also may impose certain obligations on organizations, and the costs of monitoring and responding to such regulations, as well as the consequences of non-compliance, could have an adverse effect on organizations connected to the Funds and

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their investments. In addition, the Funds and their investments could be exposed to risks to the extent third-party service providers or any counterparties use these technologies in their business activities.

**Reference Rate Transition Risk.** The London Interbank Offered Rate, or "LIBOR," which had historically been the principal floating rate benchmark in the financial markets, has been discontinued. Its discontinuation has affected and will continue to affect the financial markets generally and may also affect a Fund's operations, finances, and investments specifically. The UK Financial Conduct Authority, which is the regulator of the LIBOR administrator, has ceased publishing all LIBOR tenors. As an alternative to LIBOR, the market has generally coalesced around the use of the Secured Overnight Financing Rate ("SOFR") as a replacement for U.S. dollar LIBOR. SOFR is a risk-free overnight floating rate that is currently published in multiple formats, including as an overnight rate, as a compounded average and as an index. In addition to the SOFR rate variations, other alternative floating rates have been developed and various market participants have adopted these floating rates to various degrees, although market practice remains in flux. Uncertainty as to the nature of alternative reference rates and as to potential changes or other reforms to alternative reference rates, or any changes announced with respect to such reforms, may result in a sudden or prolonged increase or decrease in the reported reference rates and the value of reference rate-based loans and securities. The effects of these potential changes on the Funds, issuers of instruments in which the Funds invests and financial markets generally and the effectiveness of changes already made, remain uncertain. If a Fund invests in instruments that utilize an alternative reference rate that falls out of favor, the value of such instrument may decline due to a lack of liquidity or other factors.

**DETERMINING NET ASSET VALUE ("NAV") AND VALUING PORTFOLIO SECURITIES**

Normally, each Fund's NAV is determined, and the shares of each Fund are priced, as of the valuation time(s) indicated in the Prospectus on each Business Day. A "Business Day" is a day on which the NYSE is open. The Fixed Income Funds are authorized to close earlier than is customary for a Business Day upon the recommendation of both the Securities Industry and Financial Markets Association and the Adviser. In the event that a Fixed Income Fund closes earlier than is customary for a Business Day, the Fund's NAV calculation for that day will occur as of the time of the earlier close. The NYSE generally is closed in observance of the following holidays: New Year's Day, Dr. Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving, and Christmas Day.

In the event of an emergency or other disruption in trading on the NYSE, a Fund's share price normally will be determined based upon the close of the NYSE. In the event of an emergency or other disruption in trading on the bond market, a Fixed Income Fund's share price will normally be determined based upon the close of the bond market.

The Funds generally value their investments based upon their last reported sale prices, market quotations, or estimates of value provided by an independent pricing service as of the time as of which a Fund's share price is calculated. The Board has designated the Adviser as the "valuation designee" in accordance with Rule 2a-5 under the 1940 Act.

**Investment Company Securities**

Shares of another open-end investment company (mutual fund) held by a Fund are valued at the latest closing NAV of such mutual fund. Shares of any ETFs held by a Fund are valued in the manner described below under "Equity Securities."

**Fixed Income Securities**

Fixed income securities are valued on the basis of security valuations provided by an independent pricing service, overseen by the Board, that determines value by using, among other things, information with respect to transactions of a security, quotations from dealers, market transactions in comparable securities and various relationships between securities. Specific investment securities that are not priced by the approved pricing service will be valued according to quotations obtained from dealers who are market makers in those securities. Investment securities with less than 60 days to maturity when purchased are valued at amortized cost that approximates market value. Investment securities not having readily available market quotations will be priced at fair value using a methodology approved in good faith by the Board or its designee in accordance with applicable Rules under the 1940 Act subject to Board oversight.

**Convertible Fixed Income Securities**

Convertible fixed income securities are valued in the same manner as any fixed income security. Non-convertible fixed income securities are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices and may reflect appropriate factors such as institution-sized trading in similar groups of securities, developments related to special securities, yield, quality, coupon rate, maturity, type of issue, individual trading characteristics, and other market data. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by or under the supervision of the Trust's officers in a manner specially authorized by the Board or its designee

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in accordance with applicable Rules under the 1940 Act, subject to Board oversight. Short-term obligations having 60 days or less to maturity are valued on the basis of amortized cost, except for convertible fixed income securities.

**Equity Securities**

Each equity security (including ETFs) is valued at the closing price on the exchange where the security is principally traded. Each security traded in the over-the-counter market (but not including securities the trading activity of which is reported on Nasdaq's Automated Confirmation Transaction ("ACT") System) is valued at the bid based upon quotes furnished by market makers for such securities. Each security the trading activity of which is reported on Nasdaq's ACT System is valued at the Nasdaq Official Closing Price.

**Futures and Options Contracts**

For purposes of determining NAV, futures and options contracts generally will be valued 15 minutes after the close of trading of the NYSE.

**Funds that Invest a Significant Amount of their Assets in Foreign Securities**

*Time zone arbitrage.* Funds that invest a significant amount of their assets in foreign securities, may be exposed to attempts by investors to engage in "time-zone arbitrage." Using this technique, investors seek to take advantage of differences in the values of foreign securities that might result from events that occur after the close of the foreign securities market on which a security is traded and before the close of the NYSE that day, when the Funds calculate their NAV.

If successful, time zone arbitrage might dilute the interests of other shareholders. These Funds use "fair value pricing" under certain circumstances, to adjust the closing market prices of foreign securities to reflect what the Board or its designee in accordance with applicable Rules under the 1940 Act subject to Board oversight considers to be their fair value. Fair value pricing may also help to deter time zone arbitrage.

**Fair Value Pricing**

If market quotations are not readily available, or (in the Adviser's judgment) do not accurately reflect the fair value of a security, or if after the close of the principal market on which a security held by a Fund is traded and before the time as of which the Funds' net asset value is calculated that day, an event occurs that the Adviser learns of and believes in the exercise of its judgment will cause a material change in the value of that security from the closing price of the security on the principal market on which it is traded, that security may be valued by another method that the Board or its designee, in accordance with applicable Rules under the 1940 Act subject to Board oversight, believes would more accurately reflect the security's fair value.

The Funds' use of fair value pricing procedures involves subjective judgments and it is possible that the fair value determined for a security may be materially different from the value that could be realized upon the sale of that security. Accordingly, there can be no assurance that a Fund will obtain the fair value assigned to a security if it were to sell the security at approximately the same time at which the Fund determines its NAV per share.

**Other Valuation Information**

Under the 1940 Act, the Funds are required to act in good faith in determining the fair value of portfolio securities. The SEC has recognized that a security's valuation may differ depending on the method used for determining value. The fair value ascertained for a security is an estimate and there is no assurance, given the limited information available at the time of fair valuation, that a security's fair value will be the same as or close to the subsequent opening market price for that security.

The Board has adopted valuation procedures for the Funds and has delegated the day-to-day responsibility for fair valuation determinations to the Adviser and the Adviser's Pricing Committee. Those determinations may include consideration of recent transactions in comparable securities, information relating to a specific security, developments in and performance of foreign securities markets, current valuations of foreign or U.S. indices, and adjustment co-efficients based on fair value models developed by independent service providers. The Adviser may, for example, adjust the value of portfolio securities based on fair value models supplied by the service provider when the Adviser believes that the adjustments better reflect actual prices as of the close of the NYSE.

Generally, trading in foreign securities, corporate bonds, U.S. government securities and money market instruments is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the NAV of each Fund's shares generally are determined at such times. Foreign currency exchange rates are also generally determined prior the close of the NYSE. Occasionally, events affecting the values of such securities and such exchange rates may occur between the times at which such values are determined and the close of the NYSE. If events affecting the value of securities occur during such a period, and a Fund's NAV is materially affected by such changes in the value of the securities, then these securities will be valued at their fair

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value as determined in good faith by the Adviser in accordance with applicable law. Other securities and assets for which market quotations are not readily available or for which valuation cannot be provided are valued as determined in good faith by the Adviser in accordance with applicable law.

**ADDITIONAL PURCHASE, EXCHANGE, AND REDEMPTION INFORMATION**

The NYSE holiday closing schedule indicated in this SAI under "Determining Net Asset Value ("NAV") and Valuing Portfolio Securities" is subject to change. When the NYSE is closed or when trading is restricted for any reason other than its customary weekend or holiday closings, or under emergency circumstances as determined by the SEC to warrant such action, the Funds may not be able to accept purchase or redemption requests. Each Fund's NAV may be affected to the extent that its securities are traded on days that are not Business Days. Each Fund reserves the right to reject any purchase order in whole or in part.

The Trust has elected, pursuant to Rule 18f-1 under the 1940 Act, to redeem shares of each Fund solely in cash up to the lesser of $250,000 or 1.00% of the NAV of the Fund during any 90-day period for any one shareholder. The remaining portion of the redemption may be made in securities or other property, valued for this purpose as they are valued in computing the NAV of each class of the Fund. Shareholders receiving securities or other property on redemption may realize a gain or loss for tax purposes and may incur additional costs as well as the associated inconveniences of holding and/or disposing of such securities or other property.

Pursuant to Rule 11a-3 under the 1940 Act, the Funds' are required to give shareholders at least 60 days' notice prior to terminating or modifying each Fund's exchange privilege. The 60-day notification requirement may, however, be waived if (1) the only effect of a modification would be to reduce or eliminate an administrative fee, redemption fee, or CDSC ordinarily payable at the time of exchange or (2) a Fund temporarily suspends the offering of shares as permitted under the 1940 Act or by the SEC or because it is unable to invest amounts effectively in accordance with its investment objective and policies.

The Funds reserve the right at any time without prior notice to shareholders to refuse exchange purchases by any person or group if, in the Adviser's judgment, a Fund would be unable to invest effectively in accordance with its investment objective and policies, or would otherwise be adversely affected.

Each Fund has authorized one or more brokers or other financial services institutions to accept on its behalf purchase and redemption orders. Such brokers or other financial services institutions are authorized to designate plan administrators and other intermediaries to accept purchase and redemption orders on a Fund's behalf. A Fund will be deemed to have received a purchase or redemption order when an authorized broker or other financial services institutions, or, if applicable, a broker's or other financial services institutions authorized designee, accepts the order. Customer orders will be priced at each Fund's NAV next computed after they are accepted by an authorized broker or other financial services institutions or the broker's or other financial services institution's authorized designee.

If you hold your Fund shares in an account established with a financial intermediary, contact your financial intermediary in advance of placing a request for an exchange to confirm your ability to exchange with a particular Victory Fund.

**Purchasing Shares**

**Alternative Sales Arrangements — Class A, C, I, R, R6, Y, and Member Class Shares.** Alternative sales arrangements permit an investor to choose the method of purchasing shares that is more beneficial depending on the amount of the purchase, the length of time the investor expects to hold shares and other relevant circumstances. When comparing the classes of shares, when more than one is offered in the same Fund, investors should understand that the purpose and function of the Class C and Class R shares asset-based sales charge are the same as those of the Class A initial sales charge. Any salesperson or other person entitled to receive compensation for selling Fund shares may receive different compensation with respect to one class of shares in comparison to another class of shares. Generally, Class A shares have lower ongoing expenses than Class C shares, but are subject to an initial sales charge. Which class would be advantageous to an investor depends on the number of years the shares will be held. Over very long periods of time, the lower expenses of Class A shares may offset the cost of the Class A initial sales charge. Not all Investment Professionals (as described in each Fund's Prospectus) will offer all classes of shares.

Each class of shares represents interests in the same portfolio investments of a Fund. However, each class has different shareholder privileges and features. The net income attributable to a particular class and the dividends payable on these shares will be reduced by incremental expenses borne solely by that class, including any asset-based sales charge to which these shares may be subject.

No initial sales charge is imposed on Class C shares. The Distributor may pay sales commissions to dealers and institutions who sell Class C shares of the Funds at the time of such sales. Payments with respect to Class C shares will equal 1.00% of the purchase price of the Class C shares sold by the dealer or institution. The Distributor will retain all payments received by it relating to Class C shares for the first year after they are purchased. After the first full year, the Distributor will make monthly payments in the amount of 0.75% for distribution services and 0.25% for personal shareholder services to dealers and institutions based on the average NAV of Class C shares, which are attributable to shareholders for whom the dealers and institutions are designated as dealers of record. Some of the

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compensation paid to dealers and institutions is recouped through the CDSC imposed on shares redeemed within 12 months of their purchase. Class C shares are subject to the Rule 12b-1 fees described in the SAI under "Rule 12b-1 Distribution and Service Plans." Class C shares of the Funds will automatically convert to Class A shares under circumstances described in each Fund's Prospectus. Financial institutions may be permitted to exchange Class C shares for a share class with lower expenses under circumstances described in each Fund's Prospectus. Any options with respect to the reinvestment of distributions made by the Funds to Class C shareholders are offered only by the broker through whom the shares were acquired.

No initial sales charges or CDSCs are imposed on Class R shares. Class R shares are subject to the Rule 12b-1 fees described in this SAI under "Rule 12b-1 Distribution and Service Plans." There is no automatic conversion feature applicable to Class R shares. Distributions paid to holders of a Fund's Class R shares may be reinvested in additional Class R shares of that Fund or Class R shares of a different Fund. Only certain investors are eligible to buy Class R shares, as set forth in a Fund's Prospectus, and your financial advisor or other financial intermediary can help you determine whether you are eligible to invest.

No initial sales charges or CDSCs are imposed on Class R6 shares. Class R6 shares are not subject to the Rule 12b-1 fees described in this SAI under "Rule 12b-1 Distribution and Service Plans." There is no automatic conversion feature applicable to Class R6 shares. Distributions paid to holders of a Fund's Class R6 shares may be reinvested in additional Class R6 shares of that Fund or Class R6 shares of a different Fund. Class A shareholders, Class C shareholders whose shares are not subject to a CDSC and Class I shareholders may exchange into Class R6 shares of a Fund offering such shares provided they meet the eligibility requirements applicable to Class R6. Only certain investors are eligible to buy Class R6 shares, as set forth in a Fund's Prospectus, and your financial advisor or other financial intermediary can help you determine whether you are eligible to invest.

No initial sales charges or CDSCs are imposed on Class I shares. Class I shares are not subject to the Rule 12b-1 fees described in this SAI under "Rule 12b-1 Distribution and Service Plans." There is no automatic conversion feature applicable to Class I shares. Distributions paid to holders of a Fund's Class I shares may be reinvested in additional Class I shares of that Fund or Class I shares of a different Fund.

The minimum investment required to open an account for Class I shares is $2,000,000. Class I shares are also available for purchase by retirement plans, including Section 401 and 457 Plans sponsored by a Section 501(c)(3) organization and certain non-qualified deferred compensation arrangements that operate in a similar manner to qualified plans. The Fund will consider a lower initial investment if, in the opinion of the Distributor, the investor has the adequate intent and availability of assets to reach a future level of investment of $2,000,000. Only certain investors are eligible to buy Class I shares and your financial adviser or other financial intermediary can help you determine whether you are eligible to invest.

Only certain investors are eligible to buy Member Class shares, as set forth in a Fund's Prospectus, and your financial adviser or other financial intermediary can help you determine whether you are eligible to invest.

No initial sales charges or CDSCs are imposed on Class Y shares. Class Y shares are not subject to the Rule 12b-1 fees described in this SAI under "Rule 12b-1 Distribution and Service Plans." There is no automatic conversion feature applicable to Class Y shares. Distributions paid to holders of a Fund's Class Y shares may be reinvested in additional Class Y shares of that Fund or Class Y shares of a different Fund. Only certain investors are eligible to buy Class Y shares, as set forth in a Fund's Prospectus, and your financial advisor or other financial intermediary can help you determine whether you are eligible to invest.

Each Fund reserves the right to change the criteria for eligible investors and the investment minimums related to each class of shares. Each Fund also reserves the right to refuse a purchase order for any reason, including if it believes that doing so would be in the best interest of the Fund and shareholders.

The methodology for calculating the NAV, dividends and distributions of the share classes of each Fund recognizes two types of expenses. General expenses that do not pertain specifically to a class are allocated to the shares of each class, based upon the percentage that the net assets of such class bears to a Fund's total net assets and then pro rata to each outstanding share within a given class. Such general expenses include (1) management fees, (2) legal, bookkeeping and audit fees, (3) fees to the Trustees who are not affiliated with the Adviser, (4) custodian expenses, (5) share issuance costs, (6) organization and start-up costs, (7) interest, taxes and brokerage commissions, and (8) non-recurring expenses, such as litigation costs. Other expenses that are directly attributable to a class are allocated equally to each outstanding share within that class. Such expenses include (1) Rule 12b-1 distribution fees and shareholder servicing fees, (2) incremental transfer and shareholder servicing agent fees and expenses, (3) registration fees, and (4) printing and mailing costs of shareholder reports, prospectuses, statements of additional information, and other materials for current shareholders. As described below under "Expenses," unless agreed upon otherwise with a third party, all expenses incurred in administration of the Funds will be charged to each particular Fund.

**Dealer Reallowances.** The following table shows the amount of the front-end sales load that is reallowed to dealers as a percentage of the offering price of Class A shares of the Equity Funds.

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| | | |
|:---|:---|:---|
| **Amount of**<br> **Purchase**<br>| &nbsp;&nbsp;&nbsp; **Initial Sales Charge:**<br> **% of Offering Price**<br>| &nbsp;&nbsp;&nbsp; **Concession to Dealers:**<br> **% of Offering Price**<br>|
| Up to $49,999 | &nbsp;&nbsp;&nbsp;&nbsp; 5.75% | &nbsp;&nbsp;&nbsp;&nbsp; 5.00% |
| $50,000 to $99,999 | &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | &nbsp;&nbsp;&nbsp;&nbsp; 4.00% |
| $100,000 to $249,999 | &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | &nbsp;&nbsp;&nbsp;&nbsp; 3.00% |
| $250,000 to $499,999 | &nbsp;&nbsp;&nbsp;&nbsp; 2.50% | &nbsp;&nbsp;&nbsp;&nbsp; 2.00% |
| $500,000 and above\* | &nbsp;&nbsp;&nbsp;&nbsp; 0.00% | &nbsp;&nbsp;&nbsp;&nbsp; \*\* |

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\*

There is no initial sales charge on purchases of $500,000 or more; however, a sales concession and/or advance of a Rule 12b-1 fee may be paid and such purchases are potentially subject to a CDSC, as set forth below.

\*\*

Investment Professionals may receive payment on purchases of $500,000 or more of Class A shares that are sold at NAV as follows: 0.75% of the current purchase amount if cumulative prior purchases sold at NAV plus the current purchase is less than $3 million; 0.50% of the current purchase amount if the cumulative prior purchases sold at NAV plus the current purchase is $3 million to $4,999,999; and 0.25% on of the current purchase amount if the cumulative prior purchases sold at NAV plus the current purchase is $5 million or more. In addition, in connection with such purchases, the Distributor or its affiliates may advance Rule 12b-1 fees of 0.25% of the purchase amount to Investment Professionals for providing services to shareholders.

Except as noted in this SAI, a CDSC of up to 0.75% may be imposed on any such shares redeemed within the first 18 months after purchase. The CDSC is calculated on the current market value or the original cost of the shares you are selling, whichever is less. No CDSC is imposed on reinvested distributions.

The Distributor reserves the right to pay the entire commission to dealers. If that occurs, the dealer may be considered an "underwriter" under federal securities laws.

The following table shows the amount of the front-end sales load that is reallowed to dealers as a percentage of the offering price of the Class A shares of the Fixed Income Funds.

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| | | |
|:---|:---|:---|
| **Your Investment in the Fund**  | &nbsp;&nbsp;&nbsp; **Initial Sales Charge:**<br> **% of Offering Price**<br>| &nbsp;&nbsp;&nbsp; **Concession to Dealers:**<br> **% of Offering Price**<br>|
| Up to $99,999  | &nbsp;&nbsp;&nbsp;&nbsp; 2.25%  | &nbsp;&nbsp;&nbsp;&nbsp; 2.00%  |
| $100,000 up to $249,999  | &nbsp;&nbsp;&nbsp;&nbsp; 1.75%  | &nbsp;&nbsp;&nbsp;&nbsp; 1.50%  |
| $250,000 and above\* | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%  | &nbsp;&nbsp;&nbsp;&nbsp; \*\* |

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\*

There is no initial sales charge on purchases of $250,000 or more; however, a sales concession and/or advance of a Rule 12b-1 fee may be paid and such purchases are potentially subject to a CDSC, as set forth below.

\*\*

Investment Professionals may receive payment on purchases of $250,000 or more of Class A shares that are sold at NAV as follows: 0.75% of the current purchase amount if cumulative prior purchases sold at NAV plus the current purchase is less than $3 million; 0.50% of the current purchase amount if the cumulative prior purchases sold at NAV plus the current purchase is $3 million to $4,999,999; and 0.25% on of the current purchase amount if the cumulative prior purchases sold at NAV plus the current purchase is $5 million or more. In addition, in connection with such purchases, the Distributor or its affiliates may advance Rule 12b-1 fees of 0.25% of the purchase amount to Investment Professionals for providing services to shareholders.

Except as noted in this SAI, a CDSC of up to 0.75% may be imposed on any such shares redeemed within the first 18 months after purchase. The CDSC is calculated on the current market value or the original cost of the shares you are selling, whichever is less. No CDSC is imposed on reinvested distributions.

The Distributor reserves the right to pay the entire commission to dealers. If that occurs, the dealer may be considered an "underwriter" under federal securities laws.

**Payments to Broker-Dealers and Other Financial Intermediaries.** If you purchase the Fund through a financial intermediary (including broker-dealers, banks, third party administrators, retirement plan record-keepers, or other financial intermediaries) the Fund may pay for sub-transfer agent, recordkeeping and/or similar administrative services (administrative services) for all classes other than Class R6. Depending upon the particular share class and/or contractual agreement, these payments may be calculated based on average net assets of the Fund that are serviced by the intermediary or on a per account basis. The administrative services may be related to investments by participants in retirement and benefit plans, investors in mutual fund advisory programs, and clients of financial intermediaries that maintain omnibus or other accounts for their clients. Services provided include but are not limited to the following: transmitting net purchase and redemption orders; maintaining separate records for shareholders that reflect purchases, redemptions and share balances; mailing shareholder confirmations and periodic statements; and furnishing proxy materials and periodic fund reports, prospectuses and other communications to shareholders as required.

In addition, the Adviser (or its affiliates), from its own resources, may make substantial payments to various financial intermediaries for the sale of Fund shares and related services for investments in all classes other than Class R6. The Adviser also may reimburse the Distributor (or the Distributor's affiliates) for making these payments. Depending on the particular share class and/or contractual arrangement, these payments may be calculated based on average net assets of the Fund that are serviced by the intermediary or on a per account basis.

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These payments may create a conflict of interest by influencing the financial intermediary and its salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**Sample Calculation of Maximum Offering Price**

Class A shares of the Equity Funds are sold with a maximum initial sales charge of 5.75% and Class A shares of the Fixed Income Fund are sold with a maximum initial sales charge of 2.25%. Set forth below is an example of the method of computing the offering price of the Class A shares of the Funds. The example assumes a purchase of Class A shares aggregating less than $50,000 subject to the schedule of sales charges set forth in the Prospectus at a price based upon the NAV of the Class A shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **All Equity Funds** |  |
| NAV per Share | &nbsp;&nbsp;&nbsp;&nbsp; $10.00 |
| Per Share Sales Charge—5.75% of public offering price (6.10% of net asset value per share) for each Fund | &nbsp;&nbsp;&nbsp;&nbsp; $0.61 |
| Per Share Offering Price to the Public | &nbsp;&nbsp;&nbsp;&nbsp; $10.61 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Fixed Income Funds** |  |
| NAV per Share | &nbsp;&nbsp;&nbsp;&nbsp; $10.00 |
| Per Share Sales Charge—2.25% of public offering price (2.30% of net asset value per share) for each Fund | &nbsp;&nbsp;&nbsp;&nbsp; $0.23 |
| Per Share Offering Price to the Public | &nbsp;&nbsp;&nbsp;&nbsp; $10.23 |

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Class C shares of each relevant Fund are sold at NAV without any initial sales charges and with a 1.00% CDSC on shares redeemed within 12 months of purchase. Class I, Class R, Class R6, Class Y, and Member Class shares of each relevant Fund are sold at NAV without any initial sales charges or CDSCs.

**Reinstatement Privilege.** Within 90 days of a redemption, a shareholder may reinvest all or part of the redemption proceeds of Class A or Class C shares in the same class of shares of a Fund or any of the other Funds into which shares of the Fund are exchangeable, as described above, at the NAV next computed after receipt by the transfer agent of the reinvestment order. No service charge is currently made for reinvestment in shares of the Funds. Class C share proceeds reinstated do not result in a refund of any CDSC paid by the shareholder, but the reinstated shares will be treated as CDSC exempt upon reinstatement. The shareholder must ask the Distributor for such privilege at the time of reinvestment. Any capital gain that was realized when the shares were redeemed is taxable, even if the proceeds are reinvested. Depending on the timing and amount of a potential reinvestment, some or all of a capital loss from redemption may not be deductible. If the redemption proceeds of Fund shares on which a sales charge was paid are reinvested in shares of the same Fund or another Fund offered by the Trust within 90 days of payment of the sales charge, the shareholder's basis in the redeemed shares may not include the amount of the sales charge paid. Without the additional basis, the shareholder will have more gain or less loss upon redemption. The Funds may amend, suspend, or cease offering this reinvestment privilege at any time as to shares redeemed after the date of such amendment, suspension, or cessation. The reinstatement must be into an account bearing the same registration.

**Redemptions in Kind.** Subject to its election under Rule 18f-1 under the 1940 Act, each Fund reserves the right to honor requests for redemption or repurchase orders by making payment in whole or in part in readily marketable securities ("redemption in kind") if the amount of such request is large enough to affect operations (for example, if the request is greater than $250,000 or 1% of the Fund's assets). The securities will be chosen by the Fund and valued at the price used in calculating the Fund's NAV on the day of redemption. A shareholder may incur transaction expenses in converting these securities to cash.

**MANAGEMENT OF THE TRUST**

**Board Leadership Structure**

The Trust is governed by the Board, which is comprised of eight Trustees, seven of whom are not "interested persons" of the Trust within the meaning of that term under the 1940 Act (the "Independent Trustees"). The Chair of the Board is an Independent Trustee, who functions as the lead Trustee. The Chair serves as liaison between the Board and its Committees, the Adviser and other service providers. The Chair is actively involved in setting the Board meeting agenda, and participates on certain Board Committees.

**Board Role in Risk Oversight**

In considering risks related to the Funds, the Board consults and receives reports from officers of the Funds and personnel of the Adviser, who are charged with the day-to-day risk oversight function. Matters regularly reported to the Board or a designated committee include certain risks involving, among other things, the Funds' investment portfolios, trading practices, operational matters, financial and accounting controls, and legal and regulatory compliance. The Board has delegated to each of the Compliance Committee and Audit and Risk Oversight Committee certain responsibilities for reviewing reports relating to compliance and enterprise risk, including

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operational risk, liquidity, and personnel. The Board relies on the Investment Committee to review reports relating to investment risks, that is, risks to the Funds resulting from pursuing the Funds' investment strategies (e.g., credit risk and market risk).

**Trustees and Officers**

The following tables list the Trustees and Officers, their year of birth, position with the Trust, length of time served, principal occupations during the past five years and, where applicable, any directorships of other investment companies or companies whose securities are registered under the Securities Exchange Act of 1934, as amended ("1934 Act"), or who file reports under the 1934 Act. Under the Trust's organizational documents, each Trustee serves as a Trustee of the Trust during the lifetime of the Trust and until its termination except as such Trustee sooner dies, resigns, retires, or is removed. However, pursuant to a policy adopted by the Board, each elected or appointed Independent Trustee may serve as a Trustee until the Trustee reaches age 80, and the Interested Trustee may serve as a Trustee until the Trustee reaches age 80. The Board may change or grant exceptions from this policy at any time without shareholder approval. Each Trustee's address is c/o Victory Funds, 15935 La Cantera Parkway, San Antonio, Texas 78256.

**Independent Trustees** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and**<br> **Date of Birth**<br>| **Position** <br> **Held with**<br> **the Trust**<br>| **Date** <br> **Commenced**<br> **Service**<br>| **Principal Occupation**<br> **During Past 5 Years**<br>| **Number of Portfolios** <br> **in Fund Complex** <br> **Overseen by Trustee**<br>| **Other** <br> **Directorships** <br> **Held During** <br> **the**<br> **Past 5 Years**<br>|
| David Brooks <br> Adcock,<br> (1951)<br>| Trustee | May 2005 | Consultant (since 2006) | 60 portfolios comprised <br> of 32 portfolios in the <br> Trust, and 28 portfolios <br> in Victory Portfolios II<br>|  |
| Nigel D.T. <br> Andrews,<br> (1947)<br>| Trustee | August 2002 | Retired | 60 portfolios comprised <br> of 32 portfolios in the <br> Trust, and 28 portfolios <br> in Victory Portfolios II<br>| Director, <br> Carlyle Secured <br> Lending, Inc. <br> (formerly TCG <br> BDC I, Inc.) <br> (since 2012); <br> Director, <br> Carlyle Credit <br> Solutions, Inc. <br> (formerly TCG <br> BDC II, Inc.) <br> (since 2017)<br>|
| E. Lee Beard\*,<br> (1951)<br>| Trustee | May 2005 | Retired | 60 portfolios comprised <br> of 32 portfolios in the <br> Trust, and 28 portfolios <br> in Victory Portfolios II<br>|  |
| John L. Kelly,<br> (1953)<br>| Chair and <br> Trustee<br>| February 2015 | Managing Partner, <br> Active Capital <br> Partners LLC, a <br> strategic consultant <br> (since October 2017)<br>| 60 portfolios comprised <br> of 32 portfolios in the <br> Trust, and 28 portfolios <br> in Victory Portfolios II<br>| Director, <br> Caledonia <br> Mining <br> Corporation <br> (since May <br> 2012)<br>|
| David L. <br> Meyer\*,<br> (1957)<br>| Trustee | December 2008 | Retired | 60 portfolios comprised <br> of 32 portfolios in the <br> Trust, and 28 portfolios <br> in Victory Portfolios II<br>|  |
| Gloria S. <br> Nelund,<br> (1961)<br>| Trustee | July 2016 | Chair, CEO, and <br> Co-Founder of TriLinc <br> Global, LLC, an <br> investment firm<br>| 60 portfolios comprised <br> of 32 portfolios in the <br> Trust, and 28 portfolios <br> in Victory Portfolios II<br>| TriLinc Global <br> Impact Fund, <br> LLC (since <br> 2012)<br>|

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and**<br> **Date of Birth**<br>| **Position** <br> **Held with**<br> **the Trust**<br>| **Date** <br> **Commenced**<br> **Service**<br>| **Principal Occupation**<br> **During Past 5 Years**<br>| **Number of Portfolios** <br> **in Fund Complex** <br> **Overseen by Trustee**<br>| **Other** <br> **Directorships** <br> **Held During** <br> **the**<br> **Past 5 Years**<br>|
| Timothy Pettee,<br> (1958)<br>| Trustee | January 2023 | Chief Investment <br> Officer, Hoya Capital <br> Real Estate LLC (since <br> February 2022); Chief <br> Investment Officer, Sun <br> America Asset <br> Management Corp. <br> (January 2003-July <br> 2021)<br>| 60 portfolios comprised <br> of 32 portfolios in the <br> Trust, and 28 portfolios <br> in Victory Portfolios II<br>|  |

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**Interested Trustee** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and** <br> **Date of Birth**<br>| **Position** <br> **Held with**<br> **the Trust**<br>| **Date** <br> **Commenced**<br> **Service**<br>| **Principal Occupation**<br> **During Past 5 Years**<br>| **Number of Portfolios** <br> **in Fund Complex** <br> **Overseen by Trustee**<br>| **Other** <br> **Directorships** <br> **Held During** <br> **the**<br> **Past 5 Years**<br>|
| David C. <br> Brown\*\*, <br> (1972)<br>| Trustee | May 2008 | Chief Executive Officer <br> and Chairman <br> (2013-present), Victory <br> Capital <br> Management Inc.; Chief <br> Executive Officer and <br> Chairman <br> (2013-present), Victory <br> Capital Holdings, Inc.; <br> Director, Victory Capital <br> Services, Inc. (2013- <br> present); Director, <br> Victory Capital Transfer <br> Agency, Inc. (2019- <br> present)<br>| 138 portfolios <br> comprised of 32 <br> portfolios in the Trust, <br> 28 portfolios in Victory <br> Portfolios II, 45 <br> Portfolios in Victory <br> Portfolios III, 26 <br> portfolios in Victory <br> Portfolios IV, and 7 <br> portfolios in Victory <br> Variable Insurance <br> Funds II.<br>| Trustee, Victory <br> Portfolios II, <br> Victory <br> Portfolios III, <br> Victory <br> Portfolios IV <br> and Victory <br> Variable <br> Insurance <br> Funds II; Board <br> Member, <br> Victory Capital <br> Services, Inc.<br>|

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\*

The Board has designated Ms. Beard and Mr. Meyer as its Audit Committee Financial Experts.

\*\*

Mr. Brown is an "Interested Person" by reason of his relationship with the Adviser.

**Trustee Qualifications**

The following summarizes the experience and qualifications of the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *David Brooks Adcock.* Mr. Adcock served for many years as general counsel to Duke University and Duke University Health System, where he provided oversight to complex business transactions such as mergers and acquisitions and dispositions. He has served for more than 20 years as a public interest arbitrator for, among others, the New York Stock Exchange, the American Stock Exchange, the National Futures Association, FINRA, and the American Arbitration Association. The Board believes that Mr. Adcock's knowledge of complex business transactions and the securities industry combined with his previous service on the boards of other mutual funds qualifies him to serve on the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Nigel D.T. Andrews.* Mr. Andrews served for many years as a management consultant for a nationally recognized consulting company and as a senior executive at GE, including Vice President of Corporate Business Development, reporting to the Chairman, and as Executive Vice President of GE Capital. He also served as a Director and member of the Audit and Risk Committee of Old Mutual plc, a large publicly traded company whose shares are traded on the London Stock Exchange. Mr. Andrews also formerly served as the non-executive chairman of Old Mutual's U.S. asset management business, where he also served on the audit and risk committee. Mr. Andrews also served as a Governor of the London Business School. He serves as a director of Carlyle Secured Lending, Inc. (formerly TCG BDC I, Inc.) and Carlyle Credit Solutions, Inc., (formerly TCG BDC II, Inc.), each a business development company. The Board believes that his experience in these positions, particularly with respect to oversight of risk and the audit function of public companies, as well as his previous service on the boards of other mutual funds qualifies him to serve as a Trustee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *E. Lee Beard.* Ms. Beard, a certified public accountant, has served as the president, chief executive officer and director, and as a chief financial officer, of public, federally insured depository institutions. As such, Ms. Beard is familiar with issues relating to audits of financial institutions. The Board believes that Ms. Beard's experience as the chief executive officer of a depository institution, her service on the boards of other mutual funds and her knowledge of audit and accounting matters qualifies her to serve as a Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *David C. Brown.* Mr. Brown serves as the Chairman and Chief Executive Officer (since 2013) of the Adviser and, as such, is an "interested person" of the Trust. Previously, he served as Co-Chief Executive Officer (2011 - 2013), and President — Investments and Operations (2010 - 2011) and Chief Operating Officer (2004 - 2011) of the Adviser. The Board believes that his position and experience with the Adviser and his previous experience in the investment management business qualifies him to serve as a Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *John L. Kelly.* Mr. Kelly has more than 35 years of experience and leadership roles in the financial services industry including institutional electronic trading, capital markets, corporate and investment banking, retail brokerage, private equity, asset/wealth management, institutional services, mutual funds, and related technology enabled services. He previously served as an Independent Trustee of Victory Portfolios, Victory Institutional Funds, and Victory Variable Insurance Funds from 2008 to 2011. The Board believes that this experience qualifies him to serve as a Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *David L. Meyer.* For six years, Mr. Meyer served as chief operating officer, Investment Wealth Management Division, of Mercantile Bankshares Corp (now PNC Financial Services Corp.) and has served as an officer or on the boards of other mutual funds for many years. The Board believes that his experience, particularly as it related to the operation of registered investment companies, qualifies him to serve as a Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Gloria S. Nelund.* Ms. Nelund has executive and investment management industry experience, including service as chief executive officer of two investment advisory firms. Ms. Nelund also has experience as a co-founder and chief executive officer of an investment firm. Ms. Nelund previously served as the Chairman and Trustee of the boards of the RS Investment Trust and RS Variable Products Trust. The Board believes that this experience qualifies her to serve as a Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Timothy Pettee.* Mr. Pettee served for many years as Chief Investment Officer and Lead Portfolio Manager (Rules Based Funds) of SunAmerica Asset Management Corp., where he was responsible for investment oversight, portfolio management, and securities selection. At SunAmerica, Mr. Pettee also was Chair of the Portfolio Policy and Brokerage and Soft Dollar Committees, and a member of the Proxy and Executive Committees. The Board believes that Mr. Pettee's experience with other mutual funds and his knowledge qualifies him to serve as a Trustee.

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**Committees of the Board**

The following standing Committees of the Board are currently in operation: Audit and Risk Oversight, Compliance, Continuing Education, Investment, Service Provider, Board Governance and Nominating, and Agenda. In addition to these standing Committees, the Board may form temporary Sub- or Special Committees to address particular areas of concern. A Committee may form a Sub-Committee to address particular areas of concern to that Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The members of the Audit and Risk Oversight Committee, all of whom are Independent Trustees, are Ms. Beard (Chair), Mr. Andrews, Mr. Kelly, and Ms. Nelund. The primary purpose of this Committee is to oversee the Trust's accounting and financial reporting policies, practices, and internal controls, as required by the statutes and regulations administered by the SEC, including the 1940 Act. The Committee also has overall responsibility for reviewing periodic reports with respect to compliance and enterprise risk, including operational risk and personnel. The Board has designated Mr. Meyer and Ms. Beard as its Audit Committee Financial Experts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The members of the Compliance Committee are Mr. Adcock (Chair), Mr. Andrews, Ms. Beard, Mr. Kelly, and Ms. Nelund. The Compliance Committee oversees matters related to the Funds' compliance program and compliance with applicable laws, rules and regulations and meets regularly with the Trust's Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The members of the Continuing Education Committee are Mr. Meyer (Chair), Mr. Adcock, Mr. Andrews, Ms. Beard, Mr. Kelly, and Ms. Nelund. The function of this Committee is to develop programs to educate the Trustees to enhance their effectiveness as a Board and individually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The members of the Investment Committee are Mr. Pettee (Chair), Mr. Adcock, Mr. Kelly, and Mr. Meyer. The function of this Committee is to oversee the Funds' compliance with investment objectives, policies, and restrictions, including those imposed by law or regulation, and assist the Board in its annual review of the Funds' investment advisory agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The members of the Service Provider Committee are Ms. Nelund (Chair), Mr. Andrews, Ms. Beard, and Mr. Kelly. This Committee oversees the negotiation of the terms of the written agreements with the Funds' service providers, evaluates the quality of periodic reports from the service providers (including reports submitted by sub-service providers) and assists the Board in its review of each Fund's service providers, other than the investment adviser and independent auditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Board Governance and Nominating Committee consists of all of the Independent Trustees. Mr. Andrews currently serves as the Chair of this Committee. The functions of this Committee are: to oversee Fund governance, including the nomination and selection of Trustees; to evaluate and recommend to the Board the compensation and expense reimbursement policies applicable to Trustees; and periodically, to coordinate and facilitate an evaluation of the performance of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Board Governance and Nominating Committee will consider nominee recommendations from Fund shareholders, in accordance with procedures established by the Committee. A Fund shareholder should submit a nominee recommendation in writing to the attention of the Chair of the Trust, 15935 La Cantera Parkway, San Antonio, Texas 78256. The Committee (or a designated sub-committee) will screen shareholder recommendations in the same manner as it screens nominations received from other sources, such as current Trustees, management of the Funds or other individuals, including professional recruiters. The Committee need not consider any recommendations when no vacancy on the Board exists, but the Committee will consider any such recommendation if a vacancy occurs within six months after receipt of the recommendation. In administering the shareholder recommendation process, the Chair, in the Chair's sole discretion, may retain the services of counsel to the Trust or to the Independent Trustees, management of the Fund or any third party. The Committee will communicate the results of the evaluation of any shareholder recommendation to the shareholder who made the recommendation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Agenda Committee consists of the Chair of the Board and the Chair of each other Committee.

During the fiscal year ended June 30, 2025, the Board held eight meetings. The Audit and Risk Oversight Committee held four meetings; the Compliance Committee held four meetings; the Investment Committee held four meetings; the Service Provider Committee held four meetings; and the Board Governance and Nominating Committee held four meetings. The Continuing Education Committee met informally during the fiscal year.

**Officers of the Trust**

The officers of the Trust are elected by the Board to actively supervise the Trust's day-to-day operations. The officers of the Trust, their year of birth, the length of time served, and their principal occupations during the past five years, are detailed in the following table. Each individual holds the same position with the other registered investment companies in the Victory Fund Complex, and each officer serves until the earlier of his or her resignation, removal, retirement, death, or the election of a successor. The mailing address of each officer of the Trust is 15935 La Cantera Parkway, San Antonio, TX 78256. The officers of the Trust receive no compensation directly from the Trust for performing the duties of their offices.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Name and** <br> **Date of Birth**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Position with**<br> **the Trust**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Date** <br> **Commenced**<br> **Service**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Principal Occupation** <br> **During Past 5 Years**<br>|
| Thomas <br> Dusenberry,<br> (1977)<br>| President | May 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Director, Fund Administration, the Adviser; Treasurer <br> and Principal Financial Officer (May 2023-present); <br> Manager, Fund Administration, the Adviser; Treasurer <br> and Principal Financial Officer (2020-2022), Assistant <br> Treasurer (2019), Salient MF Trust, Salient Midstream, <br> MLP Fund and Forward Funds; Principal Financial <br> Officer (2018-2021) and Treasurer (2020-2021), Salient <br> Private Access Funds and Endowment PMF Funds; <br> Senior Vice President of Fund Accounting and <br> Operations, Salient Partners (2020-2022); Director of <br> Fund Operations, Salient Partners (2016-2019). Mr. <br> Dusenberry also serves as President of Victory <br> Portfolios II, Victory Portfolios III, Victory Portfolios <br> IV, and Victory Variable Insurance Funds II.<br>|
| Scott A. Stahorsky, <br> (1969)<br>| Vice President | December 2014 | &nbsp;&nbsp;&nbsp;&nbsp; Director, Third-Party Dealer Services & Reg <br> Administration, Fund Administration, the Adviser <br> (5/1/2023-present); Vice President, Victory Capital <br> Transfer Agency, Inc. (4/20/23-present); Manager, Fund <br> Administration, the Adviser (4/30/23- 2015). Mr. <br> Stahorsky also serves as Vice President of Victory <br> Portfolios II, Victory Portfolios III, Victory Portfolios <br> IV, and Victory Variable Insurance Funds II.<br>|
| Patricia McClain<br> (1962)<br>| Secretary | June 2024 | &nbsp;&nbsp;&nbsp;&nbsp; Director, Regulatory Administration, Fund <br> Administration, the Adviser (7/1/19-present). Ms. <br> McClain also serves as Secretary of Victory Portfolios <br> II, Victory Portfolios III, Victory Portfolios IV, and <br> Victory Variable Insurance Funds II.<br>|
| Carol D. Trevino<br> (1965)<br>| Treasurer | February 2023 | &nbsp;&nbsp;&nbsp;&nbsp; Director, Financial Reporting, Fund Administration <br> (5/1/23-present); Director, Accounting and Finance, the <br> Adviser (7/1/19-4/30/23); Accounting/ Financial <br> Director, USAA (12/13-6/30/19). Ms. Trevino also <br> serves as Treasurer of Victory Portfolios II, Victory <br> Portfolios III, Victory Portfolios IV, and Victory <br> Variable Insurance Funds II.<br>|
| Christopher Ponte, <br> (1984)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Assistant <br> Treasurer<br>| December 2017 | &nbsp;&nbsp;&nbsp;&nbsp; Director, Fund and Broker Dealer Finance, Fund <br> Administration, (5/1/23-present); Victory Capital <br> Transfer Agency, Inc. (5/23-present); Manager, Fund <br> Administration, the Adviser (2017-2023); Chief <br> Financial Officer, Victory Capital Services, Inc. (since <br> 2018). Mr. Ponte also serves as Assistant Treasurer of <br> Victory Portfolios II, Victory Portfolios III, Victory <br> Portfolios IV, and Victory Variable Insurance Funds II.<br>|
| Sean Fox, <br> (1976)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Chief <br> Compliance <br> Officer<br>| June 2022 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Compliance Officer, the Adviser (2019-Present); <br> Compliance Officer, the Adviser (2015-2019). Mr. Fox <br> also serves as Chief Compliance Officer for Victory <br> Portfolios II, Victory Portfolios III, Victory Portfolios <br> IV, and Victory Variable Insurance Funds II.<br>|
| D. Brent Rowse, <br> (1981)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Anti-Money <br> Laundering <br> Compliance <br> Officer and <br> Identity Theft <br> Officer<br>| October 2024 | &nbsp;&nbsp;&nbsp;&nbsp; Sr. Compliance Officer, the Adviser (4/1/23-present); <br> Compliance Officer, the Adviser (7/1/19-3/31/23). Mr. <br> Rowse also serves as the Anti-Money Laundering <br> Compliance Officer and Identity Theft Officer for <br> Victory Portfolios II, Victory Portfolios III, Victory <br> Portfolios IV, and Victory Variable Insurance Funds II, <br> and the Anti-Money Laundering Compliance Officer for <br> Victory Capital Services, Inc.<br>|

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| | | | |
|:---|:---|:---|:---|
| **Name and** <br> **Date of Birth**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Position with**<br> **the Trust**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Date** <br> **Commenced**<br> **Service**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Principal Occupation** <br> **During Past 5 Years**<br>|
| Jay G. Baris, <br> (1954)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Assistant <br> Secretary<br>| December 1997 | &nbsp;&nbsp;&nbsp;&nbsp; Senior Counsel, Sidley Austin LLP (since 2025); <br> Partner, Sidley Austin LLP (2020-2024); Partner, <br> Shearman & Sterling LLP (2018-2020).<br>|

---

**Fund Ownership**

The following tables show the dollar ranges of Fund shares (and of shares of all series of the Victory Fund Complex) beneficially owned by each Trustee as of December 31, 2024. No Independent Trustee (or any immediate family member) owns beneficially or of record an interest in the Adviser or the Distributor or in any person directly or indirectly controlling, controlled by, or under common control with the Adviser or the Distributor (other than Funds in the Victory Funds Complex). As of December 31, 2024, the Trustees and officers as a group owned beneficially less than 1% of each class of outstanding shares of those series of the Trust.

**Independent Trustees** 

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| | | |
|:---|:---|:---|
| **Trustee** | &nbsp;&nbsp;&nbsp;&nbsp; **Dollar Range of Beneficial** <br> **Ownership of Fund Shares**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Aggregate Dollar Range** <br> **of Ownership of Shares** <br> **of All Series of the** <br> **Victory Fund Complex**<br>|
| Mr. Adcock |  | Over $100,000 |
| Mr. Andrews | &nbsp;&nbsp;&nbsp;&nbsp; Fund for Income: $1 - $10,000<br> Sycamore Established Value: Over $100,000<br>| Over $100,000 |
| Ms. Beard | &nbsp;&nbsp;&nbsp;&nbsp; Fund for Income: $10,001 - $50,000<br> Investment Grade Convertible Fund: $10,001 - $50,000<br> Sycamore Established Value: Over $100,000<br> Sycamore Small Company Opportunity: $50,001-$100,000<br>| Over $100,000 |
| Mr. Kelly | &nbsp;&nbsp;&nbsp;&nbsp; Diversified Stock: $50,001 - $100,000<br> Sycamore Established Value: $50,001 - $100,000<br> Sycamore Small Company Opportunity: $50,001 - $100,000<br>| Over $100,000 |
| Mr. Meyer | &nbsp;&nbsp;&nbsp;&nbsp; Diversified Stock: $50,001 - $100,000<br> Sycamore Established Value: $10,001 - $50,000<br> Sycamore Small Company Opportunity: $50,001 - $100,000<br>| Over $100,000 |
| Ms. Nelund |  | Over $100,000 |
| Mr. Pettee |  |  |

---

**Interested Trustee** 

---

| | | |
|:---|:---|:---|
| **Trustee** | **Dollar Range of Beneficial Ownership of Fund Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **Aggregate Dollar Range** <br> **of Ownership of Shares** <br> **of All Series of the** <br> **Victory Fund Complex**<br>|
| Mr. Brown\* | &nbsp;&nbsp;&nbsp;&nbsp; Sycamore Established Value: Over $100,000<br> Sycamore Small Company Opportunity: Over $100,000<br>| Over $100,000 |

---

\*

Mr. Brown is an "Interested Person" by reason of his relationship with the Adviser.

**Compensation**

The Victory Fund Complex pays each Independent Trustee $375,000 per year for his or her services to the Complex. The Board Chair is paid an additional retainer of $140,000 per year. While the Board reserves the right to award reasonable compensation to any Interested Trustee, as of the date of this SAI no Interested Trustee receives compensation for services as a Trustee.

The following tables indicate the compensation received by each Trustee from the Funds covered in this SAI and from the Victory Fund Complex for the fiscal year ended June 30, 2025. As of June 30, 2025, there were 63 funds in the Victory Fund Complex for which the Trustees listed below were compensated. The Trust does not maintain a retirement plan for its Trustees.

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**Independent Trustees**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **Trustee** | &nbsp;&nbsp;&nbsp; **Aggregate Compensation**<br> **from the Funds**<br>| &nbsp;&nbsp;&nbsp; **Total Compensation from the**<br> **Victory Fund Complex**<br>|
| Mr. Adcock | &nbsp;&nbsp;&nbsp;&nbsp; $128325 | &nbsp;&nbsp;&nbsp;&nbsp; $365000 |
| Mr. Andrews\* | &nbsp;&nbsp;&nbsp;&nbsp; $183322 | &nbsp;&nbsp;&nbsp;&nbsp; $365000 |
| Ms. Beard | &nbsp;&nbsp;&nbsp;&nbsp; $133225 | &nbsp;&nbsp;&nbsp;&nbsp; $365000 |
| Mr. Kelly | &nbsp;&nbsp;&nbsp;&nbsp; $253671 | &nbsp;&nbsp;&nbsp;&nbsp; $505000 |
| Mr. Meyer | &nbsp;&nbsp;&nbsp;&nbsp; $183322 | &nbsp;&nbsp;&nbsp;&nbsp; $365000 |
| Ms. Nelund | &nbsp;&nbsp;&nbsp;&nbsp; $183322 | &nbsp;&nbsp;&nbsp;&nbsp; $365000 |
| Mr. Pettee | &nbsp;&nbsp;&nbsp;&nbsp; $183322 | &nbsp;&nbsp;&nbsp;&nbsp; $365000 |

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\*

Mr. Andrews no longer elects to receive a portion of his compensation as deferred compensation. As of June 30, 2025, the value of Mr. Andrews' deferred compensation account was $668,176.

**Interested Trustee**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **Trustee** | &nbsp;&nbsp;&nbsp; **Aggregate Compensation**<br> **from the Funds**<br>| &nbsp;&nbsp;&nbsp; **Total Compensation from the**<br> **Victory Fund Complex**<br>|
| Mr. Brown\* |  |  |

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\*

Mr. Brown is an "Interested Person" by reason of his relationship with the Adviser.

**Deferred Compensation**

Each Trustee may elect to defer a portion of his or her compensation from the Victory Fund Complex in accordance with a Deferred Compensation Plan adopted by the Board (the "Plan"). Such amounts are invested in one or more Funds in the Victory Fund Complex offered under the Plan or a money market fund, as selected by the Trustee.

As of the current fiscal year ended June 30, 2025, the following current Trustees have elected to defer a portion of his or her compensation from the Victory Fund Complex.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **Trustee** | &nbsp;&nbsp;&nbsp; **Aggregate Compensation**<br> **from the Funds**<br>| &nbsp;&nbsp;&nbsp; **Total Compensation from the**<br> **Victory Fund Complex**<br>|
| Mr. Adcock\* | &nbsp;&nbsp;&nbsp;&nbsp; $56351 | &nbsp;&nbsp;&nbsp;&nbsp; $109500 |
| Ms. Beard\*\* | &nbsp;&nbsp;&nbsp;&nbsp; $51308 | &nbsp;&nbsp;&nbsp;&nbsp; $99700 |

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\*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As of June 30, 2025, the value of Mr. Adcock's deferred compensation account was $536,259.

\*\*&nbsp;&nbsp;&nbsp;&nbsp; As of June 30, 2025, the value of Ms. Beard's deferred compensation account was $264,405.

.

**CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS**

As of September 30, 2025, the following shareholders owned 5% or more of a class of the indicated Funds. Each shareholder that beneficially owns more than 25% of the voting securities of a class of a Fund may be deemed a control person of that class of the Fund's outstanding shares and, thereby, may influence the outcome of matters on which shareholders are entitled to vote. Since the economic benefit of investing in a Fund and related voting authority is passed through to the underlying investors of the record owners, it is expected that these record owners generally will not be considered the beneficial owners of the Fund's shares or control persons of the Fund.

The names and addresses of the record holders and the percentage of the outstanding shares held by such holders are set forth in the following table.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **Fund - Class** | **Name and Address of Owner** | &nbsp;&nbsp;&nbsp; **Percentage**<br> **Owned of**<br> **Record**<br>|
| VICTORY DIVERSIFIED STOCK FUND CL I | &nbsp;&nbsp;&nbsp;&nbsp; EMPOWER TRUST FBO<br> CECIL COUNTY EMPLOYEES DCP<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VILLAGE CO 80111<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.23% |

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| | | |
|:---|:---|:---|
| **Fund - Class** | **Name and Address of Owner** | &nbsp;&nbsp;&nbsp; **Percentage**<br> **Owned of**<br> **Record**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; PERSHING LLC<br> ONE PERSHING PLAZA<br> PRODUCT SUPPORT, 14TH FLOOR<br> JERSEY CITY NJ 07399<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.99% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; PTC<br> MURRAY MATHESON<br> 9785 TOWNE CENTRE DR<br> SAN DIEGO CA 92121-1968<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.20% |
| VICTORY DIVERSIFIED STOCK FUND CL A | &nbsp;&nbsp;&nbsp;&nbsp; NORTHERN TRUST COMPANY TRUSTEE<br> MERILLAT<br> PO BOX 92956<br> CHICAGO IL 60675-2956<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.49% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; PERSHING LLC<br> ONE PERSHING PLAZA<br> PRODUCT SUPPORT, 14TH FLOOR<br> JERSEY CITY NJ 07399<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.35% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> NEWPORT OFFICE CENTER III 5TH FLOOR<br> 499 WASHINGTON BOULEVARD<br> JERSEY CITY NJ 07310<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.13% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; CHARLES SCHWAB & CO., INC.<br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.98% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; UBS FINANCIAL SERVICES INC.<br> E TAYLOR NEWTON<br> PO BOX 3321<br> WEEHAWKEN NJ 07086-8154<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.74% |
| VICTORY DIVERSIFIED STOCK FUND CL C | &nbsp;&nbsp;&nbsp;&nbsp; PTC<br> MURRAY MATHESON<br> 9785 TOWNE CENTRE DR<br> SAN DIEGO CA 92121-1968<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.57% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; RAYMOND JAMES & ASSOCIATES, INC.<br> 880 CARILLON PARKWAY<br> ST PETERSBURG FL 33733-2749<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.29% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; PERSHING LLC<br> ONE PERSHING PLAZA<br> PRODUCT SUPPORT, 14TH FLOOR<br> JERSEY CITY NJ 07399<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.94% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; JAMES M ROBERTSON<br> MADISON AL 35758-6643<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.43% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; CHARLES SCHWAB & CO., INC.<br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.86% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; CARL MIKE REEL<br> COOKEVILLE TN 38503<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.20% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; MORGAN STANLEY SMITH BARNEY LLC<br> 2000 WESTCHESTER AVE LD<br> PURCHASE NY 10577-2530<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.43% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; WELLS FARGO CLEARING SERVICES, LLC.<br> ATTN: DEBBIE BELL MAILCODE: MO3970<br> 1 NORTH JEFFERSON AVENUE<br> ST. LOUIS MO 63103<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.07% |
| VICTORY DIVERSIFIED STOCK FUND CL I | &nbsp;&nbsp;&nbsp;&nbsp; CHARLES SCHWAB & CO., INC.<br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.97% |

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| | | |
|:---|:---|:---|
| **Fund - Class** | **Name and Address of Owner** | &nbsp;&nbsp;&nbsp; **Percentage**<br> **Owned of**<br> **Record**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> NEWPORT OFFICE CENTER III 5TH FLOOR<br> 499 WASHINGTON BOULEVARD<br> JERSEY CITY NJ 07310<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.71% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; FIDELITY INVESTMENTS INSTITUTIONAL<br> OPERATIONS CO INC<br> FIIOC AGENT CERTAIN<br> EMPLOYEE BENEFIT PLANS<br> 100 MAGELLAN WAY KW1C<br> COVINGTON KY 41015-1987<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.97% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; UBS FINANCIAL SERVICES INC.<br> C/O CENTRAL DEPOSIT/MUTUAL FUNDS <br> 1000 HARBOR BLVD 7TH FL<br> A/C YY011410610<br> WEEHAWKEN NJ 07086-6727<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.72% |
| VICTORY DIVERSIFIED STOCK FUND CL R | &nbsp;&nbsp;&nbsp;&nbsp; UBS FINANCIAL SERVICES INC.<br> C/O CENTRAL DEPOSIT/MUTUAL FUNDS <br> 1000 HARBOR BLVD 7TH FL<br> A/C YY011410610<br> WEEHAWKEN NJ 070866727<br>| &nbsp;&nbsp;&nbsp;&nbsp; 43.57% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; PERSHING LLC<br> ONE PERSHING PLAZA<br> PRODUCT SUPPORT, 14TH FLOOR<br> JERSEY CITY NJ 07399<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.12% |
| VICTORY DIVERSIFIED STOCK FUND CL R6 | &nbsp;&nbsp;&nbsp;&nbsp; EMPOWER TRUST FBO<br> CECIL COUNTY EMPLOYEES DCP<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VILLAGE CO 80111<br>| &nbsp;&nbsp;&nbsp;&nbsp; 42.20% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OPPENHEIMER & CO. INC.<br> 85 BROAD STREET<br> 22ND, 24TH FLOOR<br> NEW YORK NY 10004<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.14% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; FIDELITY INVESTMENTS INSTITUTIONAL<br> THE SIGNATURE REAL ESTATE<br> COMPANIES 401K PLAN<br> 100 MAGELLAN WAY KW1C<br> COVINGTON KY 41015-1987<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.74% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OPPENHEIMER & CO. INC.<br> 85 BROAD STREET<br> 22ND, 24TH FLOOR<br> NEW YORK NY 10004<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.15% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; PERSHING LLC<br> ONE PERSHING PLAZA<br> PRODUCT SUPPORT, 14TH FLOOR<br> JERSEY CITY NJ 07399<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.01% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OPPENHEIMER & CO. INC.<br> 85 BROAD STREET<br> 22ND, 24TH FLOOR<br> NEW YORK NY 10004<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.43% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; OPPENHEIMER & CO. INC.<br> 85 BROAD STREET<br> 22ND, 24TH FLOOR<br> NEW YORK NY 10004<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.40% |
| VICTORY DIVERSIFIED STOCK FUND CL Y | &nbsp;&nbsp;&nbsp;&nbsp; RAYMOND JAMES & ASSOCIATES, INC.<br> 880 CARILLON PARKWAY<br> ST PETERSBURG FL 33733-2749<br>| &nbsp;&nbsp;&nbsp;&nbsp; 63.23% |

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| | | |
|:---|:---|:---|
| **Fund - Class** | **Name and Address of Owner** | &nbsp;&nbsp;&nbsp; **Percentage**<br> **Owned of**<br> **Record**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; PTC<br> MURRAY MATHESON<br> 9785 TOWNE CENTRE DR<br> SAN DIEGO CA 92121-1968<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.72% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; MERRILL LYNCH PIERCE FENNER AND <br> SMITH<br> 4800 DEER LAKE<br> DRIVE EAST JACKSONVILLE FL 32246<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.12% |
| VICTORY FUND FOR INCOME CL I | &nbsp;&nbsp;&nbsp;&nbsp; RBC CAPITAL MARKETS LLC<br> 60 SOUTH SIX STREET P08<br> MINNEAPOLIS MN 554024400<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41.48% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> NEWPORT OFFICE CENTER III 5TH FLOOR<br> 499 WASHINGTON BOULEVARD<br> JERSEY CITY NJ 07310<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.93% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; COGNIZANT TECHNOLOGY SOLUTIONS <br> CORP<br> ATTN ROBERT TELESMANIC<br> 500 FRANK W BURR BLVD<br> TEANECK NJ 07666<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.40% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NATIONWIDE INVESTMENT SERVICES CORP.<br> CO IPO PORTFOLIO ACCOUNTING<br> PO BOX 182029<br> COLUMBUS OH 432182029<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.15% |
| VICTORY FUND FOR INCOME CL R | &nbsp;&nbsp;&nbsp;&nbsp; PRINCIPAL SECURITIES, INC.<br> C/O PEN TRADE OPS N-004<br> PO BOX 14597<br> DES MOINES IA 50306<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.91% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; UBS FINANCIAL SERVICES INC.<br> E TAYLOR NEWTON<br> PO BOX 3321<br> WEEHAWKEN NJ 07086-8154<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.49% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; MINNESOTA LIFE INSURANCE COMPANY<br> 400 ROBERT STREET NORTH<br> SAINT PAUL MN 55101<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.81% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; PERSHING LLC<br> ONE PERSHING PLAZA<br> PRODUCT SUPPORT, 14TH FLOOR<br> JERSEY CITY NJ 07399<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.05% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; CHARLES SCHWAB & CO., INC.<br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.52% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; ASCENSUS TRUST COMPANY FBO<br> PLUMBING SPECIALISTS INC 401 K P<br> 214116<br> PO BOX 10577<br> FARGO ND 58106<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.13% |
| VICTORY INVESTMENT GRADE <br> CONVERTIBLE FUND CL A<br>| &nbsp;&nbsp;&nbsp;&nbsp; RBC CAPITAL MARKETS LLC<br> 250 NICOLLET MALL<br> SUITE 1600<br> MINNEAPOLIS MN 55401<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.49% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; MORGAN STANLEY SMITH BARNEY LLC<br> 2000 WESTCHESTER AVE LD<br> PURCHASE NY 105772530<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.20% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> NEWPORT OFFICE CENTER III 5TH FLOOR<br> 499 WASHINGTON BOULEVARD<br> JERSEY CITY NJ 07310<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.86% |

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| | | |
|:---|:---|:---|
| **Fund - Class** | **Name and Address of Owner** | &nbsp;&nbsp;&nbsp; **Percentage**<br> **Owned of**<br> **Record**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; AMERIPRISE FINANCIAL SERVICES, INC.<br> 5221 AMERIPRISE FINANCIAL CENTER<br> MINNEAPOLIS MN 55474<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.33% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; WELLS FARGO CLEARING SERVICES, LLC.<br> ATTN: DEBBIE BELL MAILCODE: MO3970<br> 1 NORTH JEFFERSON AVENUE<br> ST. LOUIS MO 63103<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.57% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; CHARLES SCHWAB & CO., INC.<br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.11% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; MERRILL LYNCH PIERCE FENNER AND <br> SMITH<br> 4800 DEER LAKE<br> DRIVE EAST JACKSONVILLE FL 32246<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.12% |
| VICTORY INVESTMENT GRADE <br> CONVERTIBLE FUND CL I<br>| &nbsp;&nbsp;&nbsp;&nbsp; MORGAN STANLEY SMITH BARNEY LLC<br> 2000 WESTCHESTER AVE LD<br> PURCHASE NY 105772530<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.81% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; RAYMOND JAMES & ASSOCIATES, INC.<br> 880 CARILLON PARKWAY<br> ST PETERSBURG FL 337332749<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.72% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; CHARLES SCHWAB & CO., INC.<br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.60% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; UBS FINANCIAL SERVICES INC.<br> C/O CENTRAL DEPOSIT/MUTUAL FUNDS <br> 1000 HARBOR BLVD 7TH FL<br> A/C YY011410610<br> WEEHAWKEN NJ 070866727<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.16% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> NEWPORT OFFICE CENTER III 5TH FLOOR<br> 499 WASHINGTON BOULEVARD<br> JERSEY CITY NJ 07310<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.04% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; AMERIPRISE FINANCIAL SERVICES, INC.<br> 5221 AMERIPRISE FINANCIAL CENTER<br> MINNEAPOLIS MN 55474<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.79% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; WELLS FARGO CLEARING SERVICES, LLC.<br> ATTN: DEBBIE BELL MAILCODE: MO3970<br> 1 NORTH JEFFERSON AVENUE<br> ST. LOUIS MO 63103<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.14% |
| VICTORY INVESTMENT GRADE <br> CONVERTIBLE FUND MEMBER CL<br>| &nbsp;&nbsp;&nbsp;&nbsp; VICTORY CAPITAL TRANSFER AGENCY INC<br> 15935 LA CANTERA PARKWAY BLDG TWO<br> SAN ANTONIO TX 78256<br>| &nbsp;&nbsp;&nbsp;&nbsp; 98.78% |
| VICTORY SYCAMORE ESTABLISHED VALUE <br> FUND CL A<br>| &nbsp;&nbsp;&nbsp;&nbsp; CHARLES SCHWAB & CO., INC.<br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.55% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; MERRILL LYNCH PIERCE FENNER AND <br> SMITH<br> 4800 DEER LAKE<br> DRIVE EAST JACKSONVILLE FL 32246<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.29% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; EDWARD D. JONES & CO., L.P.<br> 12555 MANCHESTER ROAD<br> SAINT LOUIS MO 63131-3729<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.71% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; EMPOWER TRUST FBO<br> CECIL COUNTY EMPLOYEES DCP<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VILLAGE CO 80111<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.68% |

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| | | |
|:---|:---|:---|
| **Fund - Class** | **Name and Address of Owner** | &nbsp;&nbsp;&nbsp; **Percentage**<br> **Owned of**<br> **Record**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; STATE STREET BANK CUSTODIAN<br> ADP ACCESS LARGE MARKET 401K<br> 1 LINCOLN STREET<br> BOSTON MA 02111<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.26% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; FIDELITY INVESTMENTS INSTITUTIONAL<br> THE SIGNATURE REAL ESTATE<br> COMPANIES 401K PLAN<br> 100 MAGELLAN WAY KW1C<br> COVINGTON KY 41015-1987<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.00% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> NEWPORT OFFICE CENTER III 5TH FLOOR<br> 499 WASHINGTON BOULEVARD<br> JERSEY CITY NJ 07310<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.54% |
| VICTORY SYCAMORE ESTABLISHED VALUE <br> FUND CL C<br>| &nbsp;&nbsp;&nbsp;&nbsp; WELLS FARGO CLEARING SERVICES, LLC.<br> ATTN: DEBBIE BELL MAILCODE: MO3970<br> 1 NORTH JEFFERSON AVENUE<br> ST. LOUIS MO 63103<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.13% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; PTC<br> MURRAY MATHESON<br> 9785 TOWNE CENTRE DR<br> SAN DIEGO CA 92121-1968<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.56% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; RBC CAPITAL MARKETS LLC<br> 250 NICOLLET MALL<br> SUITE 1600<br> MINNEAPOLIS MN 55401<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.24% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; CHARLES SCHWAB & CO., INC.<br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.52% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; RAYMOND JAMES & ASSOCIATES, INC.<br> 880 CARILLON PARKWAY<br> ST PETERSBURG FL 33733-2749<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.10% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> NEWPORT OFFICE CENTER III 5TH FLOOR<br> 499 WASHINGTON BOULEVARD<br> JERSEY CITY NJ 07310<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.82% |
| VICTORY SYCAMORE ESTABLISHED VALUE <br> FUND CL I<br>| &nbsp;&nbsp;&nbsp;&nbsp; CHARLES SCHWAB & CO., INC.<br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.96% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> NEWPORT OFFICE CENTER III 5TH FLOOR<br> 499 WASHINGTON BOULEVARD<br> JERSEY CITY NJ 07310<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.39% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; FIDELITY INVESTMENTS INSTITUTIONAL<br> OPERATIONS CO INC<br> FIIOC AGENT CERTAIN<br> EMPLOYEE BENEFIT PLANS<br> 100 MAGELLAN WAY KW1C<br> COVINGTON KY 41015-1987<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.34% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; EMPOWER TRUST FBO<br> CECIL COUNTY EMPLOYEES DCP<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VILLAGE CO 80111<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.94% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; PERSHING LLC<br> ONE PERSHING PLAZA<br> PRODUCT SUPPORT, 14TH FLOOR<br> JERSEY CITY NJ 07399<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.93% |

---

------

---

| | | |
|:---|:---|:---|
| **Fund - Class** | **Name and Address of Owner** | &nbsp;&nbsp;&nbsp; **Percentage**<br> **Owned of**<br> **Record**<br>|
| VICTORY SYCAMORE ESTABLISHED VALUE <br> FUND CL R<br>| &nbsp;&nbsp;&nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> NEWPORT OFFICE CENTER III 5TH FLOOR<br> 499 WASHINGTON BOULEVARD<br> JERSEY CITY NJ 07310<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.33% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; EMPOWER TRUST FBO<br> EMPLOYEE BENEFITS CLIENTS 401K<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VILLAGE CO 80111<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.18% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; UBS FINANCIAL SERVICES INC.<br> C/O CENTRAL DEPOSIT/MUTUAL FUNDS <br> 1000 HARBOR BLVD 7TH FL<br> A/C YY011410610<br> WEEHAWKEN NJ 070866727<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.51% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; STATE STREET BANK AND TRUST AS <br> TRUSTEE<br> AND/OR CUSTODIAN FBO ADP ACCESS <br> PRODUCT<br> 1 LINCOLN STREET<br> BOSTON MA 02110<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.49% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; PRINCIPAL SECURITIES, INC.<br> C/O PEN TRADE OPS N-004<br> PO BOX 14597<br> DES MOINES IA 50306<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.99% |
| VICTORY SYCAMORE ESTABLISHED VALUE <br> FUND CL R6<br>| &nbsp;&nbsp;&nbsp;&nbsp; EDWARD D. JONES & CO., L.P.<br> 12555 MANCHESTER ROAD<br> SAINT LOUIS MO 63131-3729<br>| &nbsp;&nbsp;&nbsp;&nbsp; 43.39% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; FIDELITY INVESTMENTS INSTITUTIONAL<br> THE SIGNATURE REAL ESTATE<br> COMPANIES 401K PLAN<br> 100 MAGELLAN WAY KW1C<br> COVINGTON KY 41015-1987<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.76% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; EMPOWER TRUST FBO<br> CECIL COUNTY EMPLOYEES DCP<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VILLAGE CO 80111<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.31% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> NEWPORT OFFICE CENTER III 5TH FLOOR<br> 499 WASHINGTON BOULEVARD<br> JERSEY CITY NJ 07310<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.49% |
| VICTORY SYCAMORE ESTABLISHED VALUE <br> FUND CL Y<br>| &nbsp;&nbsp;&nbsp;&nbsp; AMERIPRISE FINANCIAL SERVICES, INC.<br> 5221 AMERIPRISE FINANCIAL CENTER<br> MINNEAPOLIS MN 55474<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.82% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; EDWARD D. JONES & CO., L.P.<br> 12555 MANCHESTER ROAD<br> SAINT LOUIS MO 63131-3729<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.42% |
| VICTORY SYCAMORE ESTABLISHED VALUE <br> FUND CL Y<br>| &nbsp;&nbsp;&nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> NEWPORT OFFICE CENTER III 5TH FLOOR<br> 499 WASHINGTON BOULEVARD<br> JERSEY CITY NJ 07310<br>| &nbsp;&nbsp;&nbsp;&nbsp; 54.00% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; PTC<br> MURRAY MATHESON<br> 9785 TOWNE CENTRE DR<br> SAN DIEGO CA 92121-1968<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.63% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; VANTAGETRUST - UNITIZED<br> C O MISSIONSQUARE RETIREMENT<br> 777 NORTH CAPITOL STREET NE<br> WASHINGTON DC 20002<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.54% |

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------

---

| | | |
|:---|:---|:---|
| **Fund - Class** | **Name and Address of Owner** | &nbsp;&nbsp;&nbsp; **Percentage**<br> **Owned of**<br> **Record**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; AMERIPRISE FINANCIAL SERVICES, INC.<br> 5221 AMERIPRISE FINANCIAL CENTER<br> MINNEAPOLIS MN 55474<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.68% |
| VICTORY SYCAMORE SMALL COMP <br> OPPORTUNITY CL A<br>| &nbsp;&nbsp;&nbsp;&nbsp; EMPOWER TRUST FBO<br> CECIL COUNTY EMPLOYEES DCP<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VILLAGE CO 80111<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.34% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; MERRILL LYNCH PIERCE FENNER AND <br> SMITH<br> 4800 DEER LAKE<br> DRIVE EAST JACKSONVILLE FL 32246<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.13% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; EDWARD D. JONES & CO., L.P.<br> 12555 MANCHESTER ROAD<br> SAINT LOUIS MO 63131-3729<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.90% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; CHARLES SCHWAB & CO., INC.<br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.26% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; STATE STREET BANK CUSTODIAN<br> ADP ACCESS LARGE MARKET 401K<br> 1 LINCOLN STREET<br> BOSTON MA 02111<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.54% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; MASSACHUSETTS MUTUAL INSURANCE <br> COM<br> 1295 STATE STREET MIP M200-INVST<br> SPRINGFIELD MA 01111<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.54% |
| VICTORY SYCAMORE SMALL COMP <br> OPPORTUNITY CL I<br>| &nbsp;&nbsp;&nbsp;&nbsp; WELLS FARGO CLEARING SERVICES, LLC.<br> ATTN: DEBBIE BELL MAILCODE: MO3970<br> 1 NORTH JEFFERSON AVENUE<br> ST. LOUIS MO 63103<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.24% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; CHARLES SCHWAB & CO., INC.<br> 211 MAIN STREET<br> SAN FRANCISCO CA 94105<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.60% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; FIDELITY INVESTMENTS INSTITUTIONAL<br> OPERATIONS CO INC<br> FIIOC AGENT CERTAIN<br> EMPLOYEE BENEFIT PLANS<br> 100 MAGELLAN WAY KW1C<br> COVINGTON KY 41015-1987<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.20% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> NEWPORT OFFICE CENTER III 5TH FLOOR<br> 499 WASHINGTON BOULEVARD<br> JERSEY CITY NJ 07310<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.46% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; EMPOWER TRUST FBO<br> CECIL COUNTY EMPLOYEES DCP<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VILLAGE CO 80111<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.50% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; MAC CO 822471<br> FBO STATE OF NEW HAMPSHIRE<br> 500 GRANT STREET<br> ROOM 151-1010<br> PITTSBURGH PA 15258<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.43% |
| VICTORY SYCAMORE SMALL COMP <br> OPPORTUNITY CL R<br>| &nbsp;&nbsp;&nbsp;&nbsp; TALCOTT RESOLUTION LIFE INSURANCE CO<br> CURT NADEAU TTEE<br> PO BOX 5051<br> ATTN UIT OPERATIONS<br> HARTFORD CT 06102<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.06% |

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------

---

| | | |
|:---|:---|:---|
| **Fund - Class** | **Name and Address of Owner** | &nbsp;&nbsp;&nbsp; **Percentage**<br> **Owned of**<br> **Record**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; FIDELITY INVESTMENTS INSTITUTIONAL<br> THE SIGNATURE REAL ESTATE<br> COMPANIES 401K PLAN<br> 100 MAGELLAN WAY KW1C<br> COVINGTON KY 41015-1987<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.74% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; UBS FINANCIAL SERVICES INC.<br> E TAYLOR NEWTON<br> PO BOX 3321<br> WEEHAWKEN NJ 07086-6727<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.40% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; STATE STREET BANK CUSTODIAN<br> ADP ACCESS LARGE MARKET 401K<br> 1 LINCOLN STREET<br> BOSTON MA 02111<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.82% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; EMPOWER TRUST FBO<br> CECIL COUNTY EMPLOYEES DCP<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VILLAGE CO 80111<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.95% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> NEWPORT OFFICE CENTER III 5TH FLOOR<br> 499 WASHINGTON BOULEVARD<br> JERSEY CITY NY 07310<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.88% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; MASSACHUSETTS MUTUAL INSURANCE <br> COM<br> 1295 STATE STREET<br> MIP M200-INVST<br> SPRINGFIELD MA 01111<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.94% |
| VICTORY SYCAMORE SMALL COMP <br> OPPORTUNITY CL R6<br>| &nbsp;&nbsp;&nbsp;&nbsp; EDWARD D. JONES & CO., L.P.<br> 12555 MANCHESTER ROAD<br> SAINT LOUIS MO 6313-13729<br>| &nbsp;&nbsp;&nbsp;&nbsp; 53.08% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; NATIONAL FINANCIAL SERVICES LLC<br> NEWPORT OFFICE CENTER III 5TH FLOOR<br> 499 WASHINGTON BOULEVARD<br> JERSEY CITY NY 07310<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.91% |
| VICTORY SYCAMORE SMALL COMP <br> OPPORTUNITY CL Y<br>| &nbsp;&nbsp;&nbsp;&nbsp; FIDELITY INVESTMENTS INSTITUTIONAL<br> THE SIGNATURE REAL ESTATE<br> COMPANIES 401K PLAN<br> 100 MAGELLAN WAY KW1C<br> COVINGTON KY 41015-1987<br>| &nbsp;&nbsp;&nbsp;&nbsp; 53.47% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; PTC<br> MURRAY MATHESON<br> 9785 TOWNE CENTRE DR<br> SAN DIEGO CA 92121-1968<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.87% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; MATRIX TRUST COMPANY CUST FBO<br> COLEMAN CHAMBERS ROGERS<br> 717 17TH STREET<br> SUITE 1300<br> DENVER CO 80202<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.82% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; AMERIPRISE FINANCIAL SERVICES, INC.<br> 5221 AMERIPRISE FINANCIAL CENTER<br> MINNEAPOLIS MN 55474<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.24% |
|  | &nbsp;&nbsp;&nbsp;&nbsp; TIAA TRUST N A AS CUST TTEE<br> OF RETIREMENT PLAN<br> 8500 ANDREW CARNEGIE BLVD<br> ATTN FUND OPERATIONS<br> CHARLOTTE NC 28262-8500<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.27% |

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**INVESTMENT ADVISER AND OTHER SERVICE PROVIDERS**

**Investment Adviser**

Victory Capital, a New York corporation registered as an investment adviser with the SEC, serves as investment adviser to the Fund. Victory Capital's principal business address is 15935 La Cantera Parkway, San Antonio, TX 78256. Subject to the authority of the Board, the Adviser is responsible for the overall management and administration of the Funds' business affairs. Each of the Adviser's multiple investment teams, referred to separately as investment franchises utilizes its own independent approach to investing. The Adviser is responsible for selecting each Fund's investments according to its investment objective, policies, and restrictions. The Adviser is an indirect wholly owned subsidiary of Victory Capital Holdings, Inc. ("VCH"), a publicly traded Delaware corporation. As of September 30, 2025, the Adviser managed assets totaling in excess of $310.6 billion for numerous clients including large corporate and public retirement plans, Taft-Hartley plans, foundations and endowments, high net worth individuals and mutual funds.

The Adviser is a diversified global asset manager comprised of multiple investment teams, referred to as investment franchises, each of which utilizes an independent approach to investing.

**The Advisory Agreement**

The Adviser serves as the Funds' investment adviser pursuant to an advisory agreement dated as of August 1, 2013 (the "Advisory Agreement"). Unless sooner terminated, the Advisory Agreement between the Adviser and the Trust, on behalf of the Fund, provides that it will continue in effect as to the Fund for two years and for consecutive one-year terms thereafter, provided that such renewal is approved at least annually by the Trustees or by vote of the majority of the outstanding shares of each such Fund (as defined under "Miscellaneous" below) and, in either case, by a majority of the Trustees who are not parties to the Advisory Agreement or "interested persons" (as defined in the 1940 Act) of any party to the Advisory Agreement, by votes cast in person at a meeting called for such purpose. The Advisory Agreement is terminable as to any particular Fund at any time on 60 days' written notice without penalty by a vote of the majority of the outstanding shares of a Fund, by vote of the Trustees, or as to all applicable Fund by the Adviser. The Advisory Agreement also terminates automatically in the event of any assignment, as defined by the 1940 Act.

The Advisory Agreement provides that the Adviser shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with the performance of the services pursuant thereto, except a loss resulting from a breach of fiduciary duty with respect to the receipt of compensation for services or a loss resulting from willful misfeasance, bad faith, gross negligence on the part of the Adviser in the performance of its duties, or from reckless disregard by the Adviser of its duties and obligations thereunder.

Under the Advisory Agreement, the Adviser may delegate a portion of its responsibilities to a sub-adviser. In addition, the agreements provide that the Adviser may render services through its own employees or the employees of one or more affiliated companies that are qualified to act as an investment adviser of the Fund provided all such persons are functioning as part of an organized group of persons, managed by authorized officers of the Adviser.

The following schedule lists the advisory fees for each Fund, as an annual percentage of its average daily net assets.

**Equity Funds** 

---

| | |
|:---|:---|
| **Fund** | **Advisory Fee** |
| Victory Diversified Stock Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.65% on the first $800 million, 0.60% on the next $1.6 billion and 0.55% on assets in <br> excess of $2.4 billion<br>|
| Victory Sycamore Established <br> Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65% on the first $100 million, 0.55% on the next $100 million and 0.45% on assets in <br> excess of $200 million<br>|
| Victory Sycamore Small <br> Company Opportunity Fund<br>| 0.85% on the first $500 million and 0.75% on assets in excess of $500 million |

---

**Fixed Income Funds** 

---

| | |
|:---|:---|
| **Fund** | **Advisory Fee** |
| Victory Investment Grade <br> Convertible Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75% on the first $400 million, 0.65% on the next $400 million and 0.60% on assets in <br> excess of $800 million<br>|
| Victory Fund for Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.50% on the first $400 million, 0.45% on the next $400 million and 0.40% on assets in <br> excess of $800 million<br>|

---

Advisory fees paid by the Funds to the Adviser for the last three fiscal years ended June 30, are shown in the table below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **2025** | **2024** | **2023** |
| Victory Diversified Stock Fund | &nbsp;&nbsp;&nbsp;&nbsp; $2101341 | &nbsp;&nbsp;&nbsp;&nbsp; $1888801 | &nbsp;&nbsp;&nbsp;&nbsp; $1717897 |
| Victory Fund for Income | &nbsp;&nbsp;&nbsp;&nbsp; $1654403 | &nbsp;&nbsp;&nbsp;&nbsp; $1763942 | &nbsp;&nbsp;&nbsp;&nbsp; $2213020 |
| Victory Investment Grade Convertible Fund | &nbsp;&nbsp;&nbsp;&nbsp; $2034339 | &nbsp;&nbsp;&nbsp;&nbsp; $2131578 | &nbsp;&nbsp;&nbsp;&nbsp; $3011649 |
| Victory Sycamore Established Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; $82496013 | &nbsp;&nbsp;&nbsp;&nbsp; $80626453 | &nbsp;&nbsp;&nbsp;&nbsp; $75564809 |
| Victory Sycamore Small Company Opportunity Fund | &nbsp;&nbsp;&nbsp;&nbsp; $48161981 | &nbsp;&nbsp;&nbsp;&nbsp; $51519905 | &nbsp;&nbsp;&nbsp;&nbsp; $49382504 |

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**Management Fee Waiver/Expense Reimbursement**

The Adviser has contractually agreed to waive its management fee and/or reimburse Fund expenses so that the total annual operating expenses (excluding any acquired fund fees and expenses and certain other items such as interest, taxes, dividend, and interest expenses on short sales and brokerage commissions) of a Fund (by share class) do not exceed a certain percentage for a predetermined amount of time. In these instances, the fee and expense table in the Fund's Prospectus provides more details about this arrangement and shows the impact it will have on a Fund's total annual fund operating expenses. Under its contractual agreement with the Fund, the Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Board. From time to time, the Adviser may also voluntarily waive its management fee and/or reimburse expenses for a Fund. These voluntary reductions are not reflected in the fee and expense table in a Fund's Prospectus.

From time to time, the Manager may, without prior notice to shareholders, waive all or any portion of fees or agree to reimburse expenses incurred by a Fund. As a result of the Funds' expense limitation agreement, for the last three fiscal years ended June 30, Victory Capital waived its management fee and/or reimbursed the Fund the amount listed in the table below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **2025** | **2024** | **2023** |
| Victory Diversified Stock Fund | &nbsp;&nbsp;&nbsp;&nbsp; $47450 | &nbsp;&nbsp;&nbsp;&nbsp; $49589 | &nbsp;&nbsp;&nbsp;&nbsp; $39984 |
| Victory Fund for Income | &nbsp;&nbsp;&nbsp;&nbsp; $234913 | &nbsp;&nbsp;&nbsp;&nbsp; $244473 | &nbsp;&nbsp;&nbsp;&nbsp; $254817 |
| Victory Investment Grade Convertible Fund | &nbsp;&nbsp;&nbsp;&nbsp; $16144 | &nbsp;&nbsp;&nbsp;&nbsp; $16513 | &nbsp;&nbsp;&nbsp;&nbsp; $9958 |

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For the last three fiscal years ended June 30, Victory Capital recouped management fees previously waived and/or reimbursed in the amounts listed in the table below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Fund (Class)** | **2025** | **2024** | **2023** |
| Victory Diversified Stock Fund (Class I) | &nbsp;&nbsp;&nbsp;&nbsp; $– | &nbsp;&nbsp;&nbsp;&nbsp; $119 | &nbsp;&nbsp;&nbsp;&nbsp; $– |
| Victory Fund for Income (Class I) | &nbsp;&nbsp;&nbsp;&nbsp; $– | &nbsp;&nbsp;&nbsp;&nbsp; $388 | &nbsp;&nbsp;&nbsp;&nbsp; $– |
| Victory Fund for Income (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp; $– | &nbsp;&nbsp;&nbsp;&nbsp; $– | &nbsp;&nbsp;&nbsp;&nbsp; $163 |
| Victory Fund for Income (Class Y) | &nbsp;&nbsp;&nbsp;&nbsp; $394 | &nbsp;&nbsp;&nbsp;&nbsp; $3196 | &nbsp;&nbsp;&nbsp;&nbsp; $8571 |

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**Compliance Services**

The Trust and the Adviser are parties to the Agreement to Provide Compliance Services (the "Compliance Agreement") pursuant to which the Adviser furnishes its compliance personnel, including the services of the CCO, and other resources reasonably necessary to provide the Trust with compliance oversight services related to the design, administration, and oversight of a compliance program for the Trust in accordance with Rule 38a-1 under 1940 Act. The funds in the Victory Fund Complex, in the aggregate, compensate the Adviser for these services.

For the last three fiscal years ended June 30, the Fund paid the Adviser the following fees under the terms of the Compliance Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **2025** | **2024** | **2023** |
| Victory Diversified Stock Fund | &nbsp;&nbsp;&nbsp;&nbsp; $2743 | &nbsp;&nbsp;&nbsp;&nbsp; $2612 | &nbsp;&nbsp;&nbsp;&nbsp; $2397 |
| Victory Fund for Income | &nbsp;&nbsp;&nbsp;&nbsp; $2836 | &nbsp;&nbsp;&nbsp;&nbsp; $3244 | &nbsp;&nbsp;&nbsp;&nbsp; $4146 |
| Victory Investment Grade Convertible Fund | &nbsp;&nbsp;&nbsp;&nbsp; $2324 | &nbsp;&nbsp;&nbsp;&nbsp; $2625 | &nbsp;&nbsp;&nbsp;&nbsp; $3749 |
| Victory Sycamore Established Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; $156677 | &nbsp;&nbsp;&nbsp;&nbsp; $161239 | &nbsp;&nbsp;&nbsp;&nbsp; $150029 |
| Victory Sycamore Small Company Opportunity Fund | &nbsp;&nbsp;&nbsp;&nbsp; $55077 | &nbsp;&nbsp;&nbsp;&nbsp; $61643 | &nbsp;&nbsp;&nbsp;&nbsp; $58498 |

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**Administrator and Fund Accountant**

Victory Capital serves as the administrator and fund accountant to the Trust pursuant to an agreement dated July 1, 2006, as amended (the "Administration and Fund Accounting Agreement"). Citi Fund Services Ohio, Inc. ("Citi") serves as sub-administrator and sub-fund accountant to the Trust pursuant to an agreement with Victory Capital dated October 1, 2015, as amended (the "Sub-Administration and Sub-Fund Accounting Agreement"). As administrator, Victory Capital supervises the Trust's operations, including the services that Citi provides to the Fund as sub-administrator and sub-fund accountant, but excluding those that Victory Capital supervises as investment adviser, subject to the supervision of the Board.

Under the Administration and Fund Accounting Agreement, for the administration and fund accounting services that Victory Capital renders to the Fund, the Trust, and Victory Portfolios II ("VP II") pays Victory Capital an annual fee, accrued daily and paid monthly, at the following annual rates based on the aggregate average daily net assets of the Trust, VP II: 0.08% of the first $15 billion in aggregate Trust, VP II net assets, plus 0.05% of aggregate Trust, VP II net assets in excess of $15 billion to $30 billion, plus 0.04% of aggregate Trust, VP II net assets in excess of $30 billion. Victory Capital may periodically waive all or a portion of the amount of its fee that is allocated to any Fund in order to increase the Fund's net income available for distribution to shareholders. In addition, the Trust, VP II reimburse Victory Capital for all of its reasonable out-of-pocket expenses incurred as a result of providing the services under the Administration and Fund Accounting Agreement, including costs associated with implementing new reports required by the new RIC Modernization rules adopted by the SEC under the 1940 Act.

Except as otherwise provided in the Administration and Fund Accounting Agreement, Victory Capital pays all expenses that it incurs in performing its services and duties as administrator. Unless sooner terminated, the Administration and Fund Accounting Agreement continues in effect for a period of three years and for consecutive one-year terms thereafter, provided that such continuance is approved by the Board or by vote of a majority of the outstanding shares of each Fund and, in either case, by a majority of the Independent Trustees. The Administration and Fund Accounting Agreement provides that Victory Capital shall not be liable for any error of judgment or mistake of law or any loss suffered by the Trust in connection with the matters to which the Agreement relates, except a loss resulting from bad faith, willful misfeasance, negligence or reckless disregard of its obligations and duties under the Agreement.

Under the Administration and Fund Accounting Agreement, Victory Capital, among other things, coordinates the preparation, filing and distribution of amendments to the Trust's registration statement on Form N-1A, supplements to prospectuses and SAIs, and proxy materials in connection with shareholder meetings; drafts shareholder communications, including annual and semi-annual reports and financial statements; administers the Trust's other service provider contracts; monitors compliance with investment restrictions imposed by the 1940 Act, each Fund's investment objective, defined investment policies, and restrictions, tax diversification, and distribution and income requirements; coordinates each Fund's service arrangements with financial institutions that make the Funds' shares available to their customers; assists with regulatory compliance; supplies individuals to serve as Trust officers; prepares Board meeting materials; and annually determines whether the services that it provides (or the services that Citi provides as sub-administrator) are adequate and complete.

Victory Capital also performs fund accounting services for each Fund, excluding those services that Citi performs as sub-fund accountant. The fund accountant calculates each Fund's NAV, its dividend and capital gain distribution, if any, and its yield. The fund accountant also provides a current security position report, a summary report of transactions and pending maturities, a current cash position report, and maintains the general ledger accounting records for the Fund. The fees that Citi receives for sub-administration and sub-fund accounting services are described in the SAI section entitled "Sub-Administrator and Sub-Fund Accountant."

For the last three fiscal years ended June 30, the Fund accrued the following amounts in administrative, fund accountant fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **2025** | **2024** | **2023** |
| Victory Diversified Stock Fund | &nbsp;&nbsp;&nbsp;&nbsp; $175442 | &nbsp;&nbsp;&nbsp;&nbsp; $160692 | &nbsp;&nbsp;&nbsp;&nbsp; $145379 |
| Victory Fund for Income | &nbsp;&nbsp;&nbsp;&nbsp; $179599 | &nbsp;&nbsp;&nbsp;&nbsp; $193147 | &nbsp;&nbsp;&nbsp;&nbsp; $246068 |
| Victory Investment Grade Convertible Fund | &nbsp;&nbsp;&nbsp;&nbsp; $147203 | &nbsp;&nbsp;&nbsp;&nbsp; $157487 | &nbsp;&nbsp;&nbsp;&nbsp; $222855 |
| Victory Sycamore Established Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; $9912535 | &nbsp;&nbsp;&nbsp;&nbsp; $9863911 | &nbsp;&nbsp;&nbsp;&nbsp; $9201086 |
| Victory Sycamore Small Company Opportunity Fund | &nbsp;&nbsp;&nbsp;&nbsp; $3448437 | &nbsp;&nbsp;&nbsp;&nbsp; $3760845 | &nbsp;&nbsp;&nbsp;&nbsp; $3585525 |

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**Sub-Administrator and Sub-Fund Accountant**

Citi serves as sub-administrator and sub-fund accountant to the Funds pursuant to the Sub-Administration and Sub-Fund Accounting Agreement. Citi assists in supervising all operations of the Funds (other than those performed by Victory Capital either as investment adviser or administrator), subject to the supervision of the Board.

Unless sooner terminated, the Sub-Administration and Sub-Fund Accounting Agreement continues in effect as to each Fund for a period of three years and for consecutive one-year terms thereafter. The Sub-Administration and Sub-Fund Accounting Agreement provides that Citi shall not be liable for any error of judgment or mistake of law or any loss suffered by the Trust in connection with the matters

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to which the Agreement relates, except a loss resulting from bad faith, willful misfeasance, negligence, or reckless disregard of its obligations and duties under the Agreement.

Under the Sub-Administration and Sub-Fund Accounting Agreement, Citi calculates Trust expenses and make disbursements; calculates capital gain and distribution information; registers the Funds' shares with the states; prepares shareholder reports, financial statements, and reports to the SEC on Forms N-CEN and N-PORT; coordinates dividend payments; calculates the Funds' performance information; files the Trust's tax returns; supplies individuals to serve as Trust officers; monitors the Funds' status as regulated investment companies under the Code; assists in developing portfolio compliance procedures; reports to the Board amounts paid under shareholder service agreements; assists with regulatory compliance; obtains, maintains and files fidelity bonds and trustees' and officers'/errors and omissions insurance policies for the Trust; assists with liquidity and derivatives risk management services; and assists in the annual audit of the Funds, among other services.

**Transfer Agent**

FIS Investor Services LLC ("FIS"), 4249 Easton Way, Suite 400, Columbus, Ohio 43219, serves as transfer agent and dividend disbursing agent for the Fund. Under its agreement with the Fund, FIS has agreed to (1) issue and redeem shares of the Fund; (2) address and mail all communications by the Fund to their shareholders, including reports to shareholders, dividend and distribution notices, and proxy material for its meetings of shareholders; (3) respond to correspondence or inquiries by shareholders and others relating to its duties; (4) maintain shareholder accounts and certain sub-accounts; and (5) make periodic reports to the Board concerning the Funds' operations.

**Custodian**

**General.** Citibank, 388 Greenwich St., New York, New York 10013, ("Citibank" or the "Custodian") serves as the custodian of the assets of each Fund pursuant to the Global Custodial Services Agreement dated August 5, 2008, as amended (the "Custody Agreement"). The Custodian's responsibilities include safeguarding and controlling each Fund's cash and securities, handling the receipt and delivery of securities, and collecting interest and dividends on each Fund's investments. Pursuant to the Custody Agreement, the Custodian also maintains original entry documents and books of record and general ledgers; posts cash receipts and disbursements; and records purchases and sales based upon communications from the Adviser. The Custodian may, with the approval of a Fund and at its own expense, open and maintain a sub-custody account or accounts on behalf of a Fund, provided that it shall remain liable for the performance of all of its duties under the Custody Agreement.

**Foreign Custody.** Rule 17f-5 under the 1940 Act, which governs the custody of investment company assets outside the United States, allows a mutual fund's board of directors to delegate to a "Foreign Custody Manager" the selection and monitoring of foreign sub-custodian arrangements for the Trust's assets. Accordingly, the Board delegated these responsibilities to the Custodian pursuant to the Custody Agreement. As Foreign Custody Manager, the Custodian must (a) determine that the assets of the Funds held by a foreign sub-custodian will be subject to reasonable care, based on the standards applicable to custodians in the relevant market; (b) determine that the Trust's foreign custody arrangements are governed by written contracts in compliance with Rule 17f-5 (or, in the case of a compulsory depository, by such a contract and/or established practices or procedures); and (c) monitor the appropriateness of these arrangements and any material change in the relevant contract, practices or procedures. In determining appropriateness, the Custodian will not evaluate a particular country's investment risks, such as (a) the use of compulsory depositories, (b) such country's financial infrastructure, (c) such country's prevailing custody and settlement practices, (d) nationalization, expropriation or other governmental actions, (e) regulation of the banking or securities industry, (f) currency controls, restrictions, devaluations, or fluctuations, and (g) market conditions that affect the orderly execution of securities transactions or affect the value of securities. The Custodian will provide to the Board quarterly written reports regarding the Trust's foreign custody arrangements.

**Line of Credit.** Each Fund, along with other funds managed by the Adviser, participates in a 364-day committed credit facility and a 364-day uncommitted, demand credit facility with Citibank. Each such credit facility may be renewed if so agreed by the parties. Under the current agreement with Citibank, the Funds may borrow up to $600 million, of which $300 million is committed and $300 million is uncommitted. Of this amount, $40 million of the committed line of credit and $60 million of the uncommitted line of credit are reserved for use by the Victory Floating Rate Fund (a series of Victory Portfolios), with that Fund paying the related commitment fees for that amount. The purpose of each agreement is to meet temporary or emergency cash needs. For the committed credit facility, Citibank received an annual commitment fee of 0.15%. Each Fund pays a pro-rata portion (adjusted for the amount of credit reserved for the Victory Floating Rate Fund) of these fees and pays the interest on any amount that it borrows. Each Fund paid a pro-rata portion of the renewal fee.

**Securities Lending**

The Funds, through a Securities Lending Agreement with Citibank, N.A. ("Citibank"), may lend its securities to qualified financial institutions, such as certain broker-dealers and banks, to earn additional income, net of income retained by Citibank. Borrowers are required to initially secure their loans for collateral in the amount of at least 102% of the value of U.S. securities loaned or at least 105%

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of the value of non-U.S. securities loaned, marked-to-market daily. Any collateral shortfalls associated with increases in the valuation of the securities loaned generally are cured the next business day. The collateral can be received in the form of cash collateral and/or non-cash collateral. Non-cash collateral can include U.S. government securities and other securities as permitted by SEC guidelines.

The cash collateral is invested in short-term instruments or cash equivalents, primarily open-end investment companies. The Funds effectively do not have control of the non-cash collateral. Collateral requirements are determined daily based on the value of a Fund's securities on loan as of the end of the prior business day. During the time portfolio securities are on loan, the borrower will pay the Fund any dividends or interest paid on such securities plus any fee negotiated between the parties to the lending agreement. A Fund also earns a return from the collateral. A Fund pays Citibank various fees in connection with the investment of cash collateral and fees based on the investment income received from securities lending activities. Loans are terminable upon demand and the borrower must return the loaned securities within the lesser of one standard settlement period or five business days. Although risk is mitigated by the collateral, a Fund could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. In addition, there is a risk that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower.

The Funds' agreement with Citibank does not include master netting provisions. Non-cash collateral received by a Fund may not be sold or repledged, except to satisfy borrower default.

The following reflects the dollar amounts of income and fees/compensation related to the Funds' securities lending activities during the Funds' fiscal year ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Gross Income**<br> **from securities**<br> **lending activities**<br>| **Fees paid to**<br> **securities lending**<br> **agent from a**<br> **revenue split**<br>| **Rebate**<br> **(paid to**<br> **borrower)**<br>| **Aggregate**<br> **fees/compensation**<br> **for securities**<br> **lending activities**<br>| **Net income**<br> **from securities**<br> **lending**<br> **activities**<br>|
| Victory Diversified <br> Stock Fund<br>| &nbsp;&nbsp; $45349 | &nbsp;&nbsp; $214 | &nbsp;&nbsp; $43207 | &nbsp;&nbsp; $43421 | &nbsp;&nbsp; $1928 |
| Victory Fund for <br> Income<br>| &nbsp;&nbsp; $79973 | &nbsp;&nbsp; $6984 | &nbsp;&nbsp; $10134 | &nbsp;&nbsp; $17118 | &nbsp;&nbsp; $62855 |
| Victory Investment <br> Grade Convertible <br> Fund<br>| &nbsp;&nbsp; $305311 | &nbsp;&nbsp; $2428 | &nbsp;&nbsp; $280849 | &nbsp;&nbsp; $283277 | &nbsp;&nbsp; $22034 |
| Victory Sycamore <br> Established Value <br> Fund<br>| &nbsp;&nbsp; $358770 | &nbsp;&nbsp; $2098 | &nbsp;&nbsp; $337929 | &nbsp;&nbsp; $340027 | &nbsp;&nbsp; $18743 |
| Victory Sycamore <br> Small Company <br> Opportunity Fund<br>| &nbsp;&nbsp; $3961960 | &nbsp;&nbsp; $122265 | &nbsp;&nbsp; $2726247 | &nbsp;&nbsp; $2848512 | &nbsp;&nbsp; $1113448 |

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**Distributor**

Victory Capital Services, Inc. (the "Distributor"), located at 4900 Tiedeman Road, 4th Floor, Brooklyn, Ohio 44144, serves as distributor for the continuous offering of the shares of the Funds pursuant to a Distribution Agreement between the Distributor and the Trust dated August 1, 2013, as amended (the "Distribution Agreement"). Unless otherwise terminated, the Distribution Agreement will remain in effect with respect to each Fund for two years and will continue thereafter for consecutive one-year terms, provided that the renewal is approved at least annually (1) by the Board or by the vote of a majority of the outstanding shares of each Fund, and (2) by the vote of a majority of the Trustees who are not parties to the Distribution Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval. The Distribution Agreement will terminate in the event of its assignment, as defined under the 1940 Act.

The Distributor has also entered into a Shareholder Services Agreement between the Distributor and Victory Transfer Agency Company Inc. ("VCTA") dated August 20, 2020, under which VCTA provides certain shareholder transactions, shareholder information, and shareholder account maintenance services to the Member Class shares of the Funds for an annual service fee.

The following table reflects the total underwriting commissions and the amount of those commissions retained by the Distributor in connection with the sale of shares of each Fund for the last three fiscal years ended June 30:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
|  | Total<br> Commissions<br>| Underwriting<br> Commissions<br> Retained<br>| Total<br> Commissions<br>| Underwriting<br> Commissions<br> Retained<br>| Total<br> Commissions<br>| Underwriting<br> Commissions<br> Retained<br>|
| Victory Diversified Stock Fund | &nbsp;&nbsp; $7988 | &nbsp;&nbsp; $996 | &nbsp;&nbsp; $17679 | &nbsp;&nbsp; $2065 | &nbsp;&nbsp; $2763 | &nbsp;&nbsp; $368 |
| Victory Fund for Income | &nbsp;&nbsp; $4603 | &nbsp;&nbsp; $584 | &nbsp;&nbsp; $3132 | &nbsp;&nbsp; $2304 | &nbsp;&nbsp; $4733 | &nbsp;&nbsp; $495 |
| Victory Investment Grade Convertible <br> Fund<br>| &nbsp;&nbsp; $499 | &nbsp;&nbsp; $55 | &nbsp;&nbsp; $2273 | &nbsp;&nbsp; $336 | &nbsp;&nbsp; $3303 | &nbsp;&nbsp; $388 |
| Victory Sycamore Established Value <br> Fund<br>| &nbsp;&nbsp; $64753 | &nbsp;&nbsp; $8552 | &nbsp;&nbsp; $60728 | &nbsp;&nbsp; $8027 | &nbsp;&nbsp; $80149 | &nbsp;&nbsp; $10970 |
| Victory Sycamore Small Company <br> Opportunity Fund<br>| &nbsp;&nbsp; $7656 | &nbsp;&nbsp; $1054 | &nbsp;&nbsp; $9808 | &nbsp;&nbsp; $1261 | &nbsp;&nbsp; $8698 | &nbsp;&nbsp; $1129 |

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**PORTFOLIO MANAGERS**

This section includes information about the Funds' portfolio managers, including information concerning other accounts managed, the dollar range of Fund shares owned and compensation. For each Fund, the portfolio managers listed in the following table manage all of the other investment companies, other pooled investment vehicles and other accounts shown below as a team.

<u>Other Accounts</u>

The following table lists the number and types of accounts managed by the portfolio managers and assets under management in those accounts as of the end of the last completed fiscal year:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Registered** <br> **Investment**<br> **Company Accounts** | **Registered** <br> **Investment**<br> **Company Accounts** | **Pooled Investment**<br> **Vehicle Accounts** | **Pooled Investment**<br> **Vehicle Accounts** | **Other Accounts** | **Other Accounts** |
|  | Number of<br> Accounts<br>| Assets <br> Managed<br> (In Millions)<br>| Number of<br> Accounts<br>| Assets <br> Managed<br> (In Millions)<br>| Number of<br> Accounts<br>| Assets <br> Managed<br> (In Millions)<br>|
| Heidi Adelman | &nbsp;&nbsp; 1 | &nbsp;&nbsp; $336.56  | &nbsp;&nbsp; 4 | &nbsp;&nbsp; $100.87  | &nbsp;&nbsp; 3 | &nbsp;&nbsp; $21.56  |
| James Albers | &nbsp;&nbsp; 10 | &nbsp;&nbsp; $26867.81  | &nbsp;&nbsp; 7 | &nbsp;&nbsp; $2037.88  | &nbsp;&nbsp; 18 | &nbsp;&nbsp; $2291.51  |
| Gregory Conners | &nbsp;&nbsp; 10 | &nbsp;&nbsp; $26867.81  | &nbsp;&nbsp; 7 | &nbsp;&nbsp; $2037.88  | &nbsp;&nbsp; 18 | &nbsp;&nbsp; $2291.51  |
| Jeffrey Graff | &nbsp;&nbsp; 10 | &nbsp;&nbsp; $26867.81  | &nbsp;&nbsp; 7 | &nbsp;&nbsp; $2037.88  | &nbsp;&nbsp; 18 | &nbsp;&nbsp; $2291.51  |
| Lance Humphrey | &nbsp;&nbsp; 21 | &nbsp;&nbsp; $12470.74  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 4 | &nbsp;&nbsp; $1277.02  |
| James Kaesberg | &nbsp;&nbsp; 1 | &nbsp;&nbsp; $252.93  | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 13 | &nbsp;&nbsp; $1945.70  |
| Elie J. Masri | &nbsp;&nbsp; 3 | &nbsp;&nbsp; $3331.83 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— |
| Gary Miller | &nbsp;&nbsp; 10 | &nbsp;&nbsp; $26867.81  | &nbsp;&nbsp; 7 | &nbsp;&nbsp; $2037.88  | &nbsp;&nbsp; 18 | &nbsp;&nbsp; $2291.51  |
| Michael Rodarte | &nbsp;&nbsp; 10 | &nbsp;&nbsp; $26867.81 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; $2037.88  | &nbsp;&nbsp; 18 | &nbsp;&nbsp; $2291.51  |
| Harriet Uhlir | &nbsp;&nbsp; 1 | &nbsp;&nbsp; $336.56 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; $100.87  | &nbsp;&nbsp; 3 | &nbsp;&nbsp; $21.56  |
| Mark Vucenovic | &nbsp;&nbsp; 1 | &nbsp;&nbsp; $252.93 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 13 | &nbsp;&nbsp; $1945.70  |

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The following table sets forth performance-based accounts for which the Funds' portfolio managers were primarily responsible for the day-to-day portfolio management as of the end of the last completed fiscal year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Registered** <br> **Investment**<br> **Company Accounts** | **Registered** <br> **Investment**<br> **Company Accounts** | **Pooled Investment**<br> **Vehicle Accounts** | **Pooled Investment**<br> **Vehicle Accounts** | **Other Accounts** | **Other Accounts** |
|  | Number of<br> Accounts<br>| Assets <br> Managed<br> (In Millions)<br>| Number of<br> Accounts<br>| Assets <br> Managed<br> (In Millions)<br>| Number of<br> Accounts<br>| Assets <br> Managed<br> (In Millions)<br>|
| Heidi Adelman | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— |
| James Albers | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— |
| Gregory Conners | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— |
| Jeffrey Graff | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— |
| Lance Humphrey | &nbsp;&nbsp; 2 | &nbsp;&nbsp; $543.06 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— |
| James Kaesberg | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— |
| Elie J. Masri | &nbsp;&nbsp; 3 | &nbsp;&nbsp; $3331.83 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Registered** <br> **Investment**<br> **Company Accounts** | **Registered** <br> **Investment**<br> **Company Accounts** | **Pooled Investment**<br> **Vehicle Accounts** | **Pooled Investment**<br> **Vehicle Accounts** | **Other Accounts** | **Other Accounts** |
|  | Number of<br> Accounts<br>| Assets <br> Managed<br> (In Millions)<br>| Number of<br> Accounts<br>| Assets <br> Managed<br> (In Millions)<br>| Number of<br> Accounts<br>| Assets <br> Managed<br> (In Millions)<br>|
| Gary Miller | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— |
| Michael Rodarte | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— |
| Harriet Uhlir | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— |
| Mark Vucenovic | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— | &nbsp;&nbsp; 0 | &nbsp;&nbsp; $— |

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**Fund Ownership**

As of the fiscal year ended June 30, 2025, the portfolio managers of the Funds owned equity securities of the Funds in the amount indicated in the table below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **Portfolio**<br> **Manager**<br>| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp; **Dollar Range of Shares**<br> **Beneficially Owned** <br>|
| Heidi Adelman | Victory Fund for Income | $100,001 to $500,000 |
| James Albers | &nbsp;&nbsp;&nbsp;&nbsp; Victory Sycamore Established Value Fund<br> Victory Sycamore Small Company Opportunity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; Over $1,000,000<br> Over $1,000,000<br>|
| Gregory Conners | &nbsp;&nbsp;&nbsp;&nbsp; Victory Sycamore Established Value Fund<br> Victory Sycamore Small Company Opportunity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; Over $1,000,000<br> Over $1,000,000<br>|
| Jeffrey Graff | &nbsp;&nbsp;&nbsp;&nbsp; Victory Sycamore Established Value Fund<br> Victory Sycamore Small Company Opportunity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; Over $1,000,000<br> Over $1,000,000<br>|
| Lance Humphrey | Victory Diversified Stock Fund |  |
| James Kaesberg | Victory Investment Grade Convertible Fund | $50001-$100000 |
| Elie J. Masri | Victory Diversified Stock Fund |  |
| Gary Miller | &nbsp;&nbsp;&nbsp;&nbsp; Victory Sycamore Established Value Fund<br> Victory Sycamore Small Company Opportunity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; Over $1,000,000<br> $500,001 to $1,000,000<br>|
| Michael Rodarte | &nbsp;&nbsp;&nbsp;&nbsp; Victory Sycamore Established Value Fund<br> Victory Sycamore Small Company Opportunity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; $500,001 to $1,000,000<br> $500,001 to $1,000,000<br>|
| Harriet Uhlir | Victory Fund for Income | $50001-$100000 |
| Mark Vucenovic | Victory Investment Grade Convertible Fund |  |

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**Portfolio Manager Compensation**

The Adviser has designed the structure of its portfolio managers' compensation to (1) align portfolio managers' interests with those of the Adviser's clients with an emphasis on long-term, risk-adjusted investment performance, (2) help the Adviser attract and retain high-quality investment professionals, and (3) contribute to the Adviser's overall financial success. Each of the portfolio managers receives a base salary plus an annual incentive bonus for managing a Fund, separate accounts, other investment companies, other pooled investment vehicles and other accounts (including any accounts for which the Adviser receives a performance fee) (together, "Accounts"). A portfolio manager's base salary is dependent on the manager's level of experience and expertise. The Adviser monitors each manager's base salary relative to salaries paid for similar positions with peer firms by reviewing data provided by various independent third-party consultants that specialize in competitive salary information. Such data, however, is not considered to be a definitive benchmark.

Each of the Adviser's investment franchises may earn incentive compensation based on a percentage of the Adviser's revenue attributable to fees paid by Accounts managed by the team. The chief investment officer or a senior member of each team, in coordination with the Adviser, determines the allocation of the incentive compensation earned by the team among the team's portfolio managers by establishing a "target" incentive for each portfolio manager based on the manager's level of experience and expertise in the manager's investment style. Individual performance is based on objectives established annually using performance metrics such as portfolio structure and positioning, research, stock selection, asset growth, client retention, presentation skills, marketing to prospective clients and contribution to the Adviser's philosophy and values, such as leadership, risk management and teamwork. The annual incentive bonus also factors in individual investment performance of each portfolio manager's portfolio or Fund relative to a selected peer group(s). The overall performance results for a manager are based on the composite performance of all Accounts managed by that manager on a combination of one-, three-, and five-year rolling performance periods as compared to the performance information of a peer group of similarly managed competitors.

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The Adviser's portfolio managers may participate in the equity ownership plan of the Adviser's parent company. There is an ongoing annual equity pool granted to certain employees based on their contribution to the firm. Eligibility for participation in these incentive programs depends on the manager's performance and seniority.

**Conflicts of Interest**

The Adviser's portfolio managers are often responsible for managing one or more Funds as well as other accounts, such as separate accounts, and other pooled investment vehicles, such as collective trust funds or unregistered hedge funds. A portfolio manager may manage other accounts which have materially higher fee arrangements than a Fund and may, in the future, manage other accounts which have a performance-based fee. A portfolio manager also may make personal investments in accounts he or she manages or supports. The side-by-side management of the Funds along with other accounts may raise potential conflicts of interest by incenting a portfolio manager to direct a disproportionate amount of: (1) their attention; (2) limited investment opportunities, such as less-liquid securities or initial public offering; and/or (3) desirable trade allocations, to such other accounts. In addition, certain trading practices, such as cross-trading between Funds or between a Fund and another account, raise conflict of interest issues. The Adviser has adopted numerous compliance policies and procedures, including a Code of Ethics, and brokerage and trade allocation policies and procedures, which seek to address the conflicts associated with managing multiple accounts for multiple clients. In addition, the Adviser has a designated Chief Compliance Officer (selected in accordance with the federal securities laws) and compliance staff whose activities are focused on monitoring the activities of the Adviser's investment franchises and employees in order to detect and address potential and actual conflicts of interest. However, there can be no assurance that the Adviser's compliance program will achieve its intended result.

**DISTRIBUTION AND SERVICE PLANS**

The Trust has adopted distribution and service plans in accordance with Rule 12b-1 under the 1940 Act (each a "Rule 12b-1 Plan") on behalf of Class A, Class C and Class R shares of various Funds. Rule 12b-1 provides in substance that a mutual fund may not engage directly or indirectly in financing any activity that is primarily intended to result in the sale of shares of such mutual fund except pursuant to a plan adopted by the fund under the Rule.

**Class A Rule 12b-1 Plan.** Under the Trust's Class A Rule 12b-1 Plan, Class A shares of each Fund pay the Distributor a distribution and service fee of up to 0.25%. Under the Class A Rule 12b-1 Plan, the Distributor may use Rule 12b-1 fees for: (a) costs of printing and distributing each such Fund's Prospectus, SAI and reports to prospective Class A investors in these Funds; (b) costs involved in preparing, printing and distributing sales literature pertaining to Class A shares of the Funds; (c) an allocation of overhead and other branch office distribution-related expenses of the Distributor; (d) payments to persons who provide support services in connection with the distribution of each such Fund's Class A shares, including but not limited to, office space and equipment, telephone facilities, answering routine inquiries regarding the Funds, processing shareholder transactions and providing any other shareholder services not otherwise provided by the Funds' transfer agent; (e) accruals for interest on the amount of the foregoing expenses that exceed the distribution fee and the contingent deferred sales charges ("CDSCs") received by the Distributor; and (f) any other expense primarily intended to result in the sale of the Funds' Class A shares, including, without limitation, payments to salespersons and selling dealers at the time of the sale of such shares, if applicable, and continuing fees to each such salesperson and selling dealers, which fee shall begin to accrue immediately after the sale of such Class A shares.

The Class A Rule 12b-1 Plan specifically recognizes that either the Adviser or the Distributor, directly or through an affiliate, may use its fee revenue, past profits, or other resources, without limitation, to pay promotional and administrative expenses in connection with the offer and sale of Class A shares of the Funds. In addition, the Class A Rule 12b-1 Plan provides that the Adviser and the Distributor may use their respective resources, including fee revenues, to make payments to third parties that provide assistance in selling the Funds' Class A shares, or to third parties, including banks, that render shareholder support services to holders of Class A shares, or to third parties, including banks, that render shareholder support services.

**Class C Rule 12b-1 Plan.** Under the Trust's Class C Rule 12b-1 Plan, Class C shares of each of applicable Fund pay the Distributor a distribution and service fee of 1.00%. The Distributor may use fees received under the Class C Rule 12b-1 Plan to pay for activities primarily intended to result in the sale of Class C shares, including but not limited to: (i) costs of printing and distributing a Fund's Prospectus, SAI and reports to prospective investors in Class C shares of the Fund; (ii) costs involved in preparing, printing and distributing sales literature pertaining to a Class C shares of a Fund; and (iii) payments to salespersons and selling dealers at the time of the sale of Class C shares, if applicable, and continuing fees to each such salesperson and selling dealers, which fees shall begin to accrue immediately after the sale of such Class C shares. Fees may also be used to pay persons, including but not limited to the Funds' transfer agent, any sub-transfer agents, or any administrators, for providing services to the Funds and their Class C shareholders, including but not limited to: (i) maintaining shareholder accounts; (ii) answering routine inquiries regarding a Fund; (iii) processing shareholder transactions; and (iv) providing any other shareholder services not otherwise provided by a Fund's transfer agent. In addition, the Distributor may use the Rule 12b-1 fees paid under the Class C Rule 12b-1 Plan for an allocation of overhead and other branch office distribution-related expenses of the Distributor such as office space and equipment and telephone facilities, and for

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accruals for interest on the amount of the foregoing expenses that exceed the Distribution Fee and the CDSC received by the Distributor. Of the 1.00% permitted under the Class C Rule 12b-1 Plan, no more than the maximum amount permitted by the NASD Conduct Rules will be used to finance activities primarily intended to result in the sale of Class C shares.

**Class R Rule 12b-1 Plan.** Under the Trust's Class R Rule 12b-1 Plan, Class R shares of each applicable Fund pay the Distributor a distribution and service fee of up to 0.50%. Under the Class R Rule 12b-1 Plan, the Distributor may use Rule 12b-1 fees for: (a) costs of printing and distributing each such Fund's Prospectus, SAI and reports to prospective investors in Class R shares of the Funds; (b) costs involved in preparing, printing and distributing sales literature pertaining to Class R shares of the Funds; (c) an allocation of overhead and other branch office distribution-related expenses of the Distributor; (d) payments to persons who provide support services in connection with the distribution of each such Fund's Class R shares, including but not limited to, office space and equipment, telephone facilities, answering routine inquiries regarding the Funds, processing shareholder transactions and providing any other shareholder services not otherwise provided by the Funds' transfer agent; (e) accruals for interest on the amount of the foregoing expenses that exceed the distribution fee and the CDSCs received by the Distributor; and (f) any other expense primarily intended to result in the sale of the Funds' Class R shares, including, without limitation, payments to salespersons and selling dealers at the time of the sale of Class R shares, if applicable, and continuing fees to each such salespersons and selling dealers, which fee shall begin to accrue immediately after the sale of such Class R shares.

The Class R Rule 12b-1 Plan specifically recognizes that either the Adviser or the Distributor, directly or through an affiliate, may use its fee revenue, past profits, or other resources, without limitation, to pay promotional and administrative expenses in connection with the offer and sale of Class R shares of these Funds. In addition, the Class R Rule 12b-1 Plan provides that the Adviser and the Distributor may use their respective resources, including fee revenues, to make payments to third parties that provide assistance in selling these Funds' Class R shares, or to third parties, including banks, that render shareholder support services to holders of Class R shares. To the extent that a Plan gives the Adviser or the Distributor greater flexibility in connection with the distribution of Class R shares of the Funds, additional sales of these shares may result.

**Rule 12b-1 Plans.** The amount of the Rule 12b-1 fees payable by any share class of a Fund under these Rule 12b-1 Plans is considered compensation and is not related directly to expenses incurred by the Distributor. None of the Rule 12b-1 Plans obligate a Fund to reimburse the Distributor for such expenses. The fees set forth under any Rule 12b-1 Plan will be paid by the respective share class of a Fund to the Distributor unless and until such Plan is terminated or not renewed with respect to the relevant share class of a Fund; any distribution or service expenses incurred by the Distributor on behalf of the Funds in excess of payments of the distribution fees specified above that the Distributor has accrued through the termination date are the sole responsibility and liability of the Distributor and not an obligation of any such Fund.

Each of the Rule 12b-1 Plans has been approved by the Board, including the Independent Trustees, at a meeting called for that purpose. As required by Rule 12b-1, the Board carefully considered all pertinent factors relating to the implementation of the Plans prior to their approval and determined that there was a reasonable likelihood that the Plans would benefit the Funds and shareholders of the applicable class. Additionally, certain support services covered under a Plan may be provided more effectively under the Plan by local entities with whom shareholders have other relationships or by the shareholder's broker.

The following tables reflect the aggregate payment of Rule 12b-1 fees to the Distributor pursuant to the Plans for the most recent fiscal year ended June 30, 2025. All such payments consisted of compensation to broker-dealers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Class A** | **Class C** | **Class R** |
| Victory Diversified Stock Fund | &nbsp;&nbsp;&nbsp;&nbsp; $619283 | &nbsp;&nbsp;&nbsp;&nbsp; $5018 | &nbsp;&nbsp;&nbsp;&nbsp; $192611 |
| Victory Fund for Income | &nbsp;&nbsp;&nbsp;&nbsp; $169069 | &nbsp;&nbsp;&nbsp;&nbsp; $22985 | &nbsp;&nbsp;&nbsp;&nbsp; $37225 |
| Victory Investment Grade Convertible Fund | &nbsp;&nbsp;&nbsp;&nbsp; $38958 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Victory Sycamore Established Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; $3404904 | &nbsp;&nbsp;&nbsp;&nbsp; $205657 | &nbsp;&nbsp;&nbsp;&nbsp; $3825535 |
| Victory Sycamore Small Company Opportunity Fund | &nbsp;&nbsp;&nbsp;&nbsp; $653162 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $894779 |

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**CODE OF ETHICS**

The Trust and the Adviser each have adopted a Code of Ethics in accordance with Rule 17j-1 under the 1940 Act. The Adviser's Code of Ethics applies to all of the Adviser's directors and officers and employees with investment advisory duties ("Access Personnel") and all of the Adviser's directors, officers and employees ("Supervised Personnel"). Each Code of Ethics provides that Access Personnel must refrain from certain trading practices. Each Code also requires all Access Personnel (and, in the Adviser Code, all Supervised Personnel) to report certain personal investment activities, including, but not limited to, purchases or sales of securities that may be purchased or held by a Fund. Violations of any Code of Ethics can result in penalties, suspension, or termination of employment.

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**PROXY VOTING POLICIES AND PROCEDURES**

In accordance with the 1940 Act, the Trust has adopted policies and procedures for voting proxies related to equity securities held by the Funds (the "Proxy Voting Policy"). The Trust's Proxy Voting Policy is designed to: (i) ensure that proxies are voted in the best interests of shareholders of the Funds with a view toward maximizing the value of their investments; (ii) address conflicts of interests between these shareholders, on the one hand, and affiliates of the Fund, the Adviser or the Distributor, on the other, that may arise regarding the voting of proxies; and (iii) provide for the disclosure of the Funds' proxy voting records and the Proxy Voting Policy.

The Proxy Voting Policy delegates to the Adviser the obligation to vote the Funds' proxies in the best interests of the Funds and their shareholders, subject to oversight by the Board.

To assist the Adviser in making proxy-voting decisions, the Adviser has adopted a Proxy Voting Policy ("Policy") that establishes voting guidelines ("Proxy Voting Guidelines") with respect to certain recurring issues. The Policy is reviewed on an annual basis by the Adviser's Proxy Committee ("Proxy Committee") and revised when the Committee determines that a change is appropriate. The Board annually reviews the Trust's Proxy Voting Policy and the Adviser's Policy and determines whether amendments are necessary or advisable. Voting under the Adviser's Policy may be executed through administrative screening per established guidelines with oversight by the Proxy Committee or upon vote by a quorum of the Proxy Committee. The Adviser allows its Investment Franchises to modify their voting instructions against that of the default policy on a case-by-case basis, provided sufficient justification is provided and approved by the Proxy Committee. The Adviser delegates to Institutional Shareholder Services ("ISS"), an independent service provider, the non-discretionary administration of proxy voting for the Trust, subject to oversight by the Adviser's Proxy Committee. In no circumstances shall ISS have the authority to vote proxies except in accordance with standing or specific instructions given to it by the Adviser.

The Adviser votes proxies in the best interests of the Funds and their shareholders. This entails voting client proxies with the objective of increasing the long-term economic value of Fund assets. The Adviser's Proxy Committee determines how proxies are voted by following established guidelines, which are intended to assist in voting proxies and are not considered to be rigid rules. The Proxy Committee is directed to apply the guidelines as appropriate. On occasion, however, a contrary vote may be warranted when such action is in the best interests of the Funds or if required by the Board or the Funds' Proxy Voting Policy. In such cases, the Adviser may consider, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effect of the proposal on the underlying value of the securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effect on marketability of the securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effect of the proposal on future prospects of the issuer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the composition and effectiveness of the issuer's board of directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the issuer's corporate governance practices

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the quality of communications from the issuer to its shareholders

The Adviser may also take into account independent third party, general industry guidance or other corporate governance review sources when making decisions. It may additionally seek guidance from other senior internal sources with special expertise on a given topic where it is appropriate. The Adviser generally votes on a case-by-case basis, taking into consideration whether implementation of an Environmental, Social, and Governance ("ESG")-related proposal is likely to enhance or protect shareholder value. The investment team's opinion concerning the management and prospects of the issuer may be taken into account in determining whether a vote for or against a proposal is in a Fund's best interests. Insufficient information, onerous requests or vague, ambiguous wording may indicate that a vote against a proposal is appropriate, even when the general principal appears to be reasonable.

The following examples illustrate the Adviser's policy with respect to some common proxy votes. This summary is not an exhaustive list of all the issues that may arise or of all matters addressed in the Guidelines, and whether the Adviser supports or opposes a proposal will depend upon the specific facts and circumstances described in the proxy statement and other available information.

*Directors*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser generally supports the election of directors in uncontested elections, except when there are issues of accountability, responsiveness, composition, and/or independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser generally supports proposals for an independent chair taking into account factors such as the current board leadership structure, the company's governance practices, and company performance.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser generally supports proxy access proposals that are in line with the market standards regarding the ownership threshold, ownership duration, aggregation provisions, cap on nominees, and do not contain any other unreasonably restrictive guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser reviews contested elections on a case-by-case basis taking into account such factors as the company performance, particularly the long-term performance relative to the industry; the management track record; the nominee qualifications and compensatory arrangements; the strategic plan of the dissident and its critique of the current management; the likelihood that the proposed goals and objectives can be achieved; the ownership stakes of the relevant parties; and any other context that is particular to the company and the nature of the election.

*Capitalization & Restructuring*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser generally supports capitalization proposals that facilitate a corporate transaction that is also being supported and for general corporate purposes so long as the increase is not excessive and there are no issues of superior voting rights, company performance, previous abuses of capital, or insufficient justification for the need for additional capital.

*Mergers and Acquisitions*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser reviews mergers and acquisitions on a case-by-case basis to balance the merits and drawbacks of the transaction and factors such as valuation, strategic rationale, negotiations and process, conflicts of interest, and the governance profile of the company post-transaction.

*Compensation*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser reviews all compensation proposals for pay-for-performance alignment, with emphasis on long-term shareholder value; arrangements that risk pay for failure; independence in the setting of compensation; inappropriate pay to non-executive directors, and the quality and rationale of the compensation disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser will generally vote FOR advisory votes on executive compensation ("say on pay") unless there is a pay-for-performance misalignment; problematic pay practice or non-performance based element; incentive for excessive risk-taking, options backdating; or a lack of compensation committee communication and/or responsiveness to shareholder concerns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser will vote case-by-case on equity based compensation plans taking into account factors such as the plan cost; the plan features; and the grant practices as well as any overriding factors that may have a significant negative impact on shareholder interests.

*Social and Environmental Issues*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser generally will vote in line with the Board's recommendations, with support limited to circumstances where it is considered that greater disclosure will directly enhance or protect shareholder value and is reflective of a clearly established reporting standard in the market.

Occasionally, conflicts of interest arise between the Adviser's interests and those of a Fund or another client. When this occurs, the Proxy Committee must document the nature of the conflict and vote the proxy in accordance with the Proxy Voting Guidelines unless such guidelines are judged by the Proxy Committee to be inapplicable to the proxy matter at issue. In the event that the Proxy Voting Guidelines are inapplicable or do not mitigate the conflict, the Adviser will seek the opinion of the Adviser's Chief Compliance Officer or consult with an external independent adviser. In the case of a Proxy Committee member having a personal conflict of interest (e.g. a family member is on the board of the issuer), such member will abstain from voting. Finally, the Adviser reports to the Board annually any proxy votes that took place involving a conflict, including the nature of the conflict and the basis or rationale for the voting decision made.

The Funds' Proxy Voting Policy provides that the Funds, in accordance with SEC rules, annually will disclose on Form N-PX the Funds' proxy voting record. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is updated each year by August 31st and is available without charge, upon request, by calling toll free 800-539-FUND (800-539-3863), 800-235-8396 for Member Class, or by accessing the SEC's website at www.sec.gov.

**PORTFOLIO TRANSACTIONS AND BROKERAGE COMMISSIONS**

Subject to the general supervision of the Board, the Adviser is responsible for making decisions with respect to the purchase and sale of portfolio securities on behalf of the Funds. The Adviser is also responsible for the implementation of those decisions, including the

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selection of broker/dealers to effect portfolio transactions, the negotiation of commissions, and the allocation of principal business and portfolio brokerage. Under the terms of the Advisory Agreement, the Adviser may delegate these responsibilities to a sub-adviser.

Transactions on stock exchanges involve the payment of brokerage commissions. In transactions on stock exchanges in the United States, these commissions are negotiated. Traditionally, commission rates have generally been fixed for trades on stock markets outside the United States. In recent years, however, an increasing number of overseas stock markets have adopted a system of negotiated commission rates. It is expected that equity securities will ordinarily be purchased in the primary markets for such securities, whether over-the-counter or listed, and that listed securities may be purchased in the over-the-counter market if such market is deemed the primary market. In the case of securities traded on the over-the- counter markets, there is generally no stated commission, but the price usually includes an undisclosed commission or markup. In underwritten offerings, the price includes a disclosed, fixed commission (the underwriter's concession) or discount.

Fixed income and convertible securities are bought and sold through broker-dealers acting on a principal basis. These trades generally are not charged a commission, but rather are marked up or marked down by the executing broker-dealer. The Adviser does not know the actual value of the markup/markdown. However, the Adviser attempts to ascertain whether the overall price of a security is reasonable through the use of competitive bids.

Subject to its obligation to seek best execution, the Adviser may use brokerage commissions generated from client transactions to obtain services and/or research from broker-dealers to assist in the Adviser's investment management decision-making process. These services and research are in addition to and do not replace the services and research that the Adviser is required to perform and do not reduce the investment advisory fees payable to the Adviser by the Funds. Such information may be useful to the Adviser in serving both the Funds and other clients and, conversely, such supplemental research information obtained by the placement of orders on behalf of other clients may be useful to the Adviser in carrying out its obligations to the Funds.

Brokerage commissions may never be used to compensate a third party for client referrals unless the client has directed such an arrangement. In addition, brokerage commissions may never be used to obtain research and/or services for the sole benefit of any employee or non-client entity.

It is the policy of the Adviser to seek the "best execution" of its clients' securities transactions. The Adviser strives to execute each client's securities transactions in such a manner that the client's total costs or proceeds in each transaction are the most favorable under the circumstances. Commission rates paid on securities transactions for client accounts must reflect comparative market rates.

The Adviser will consider the full range and quality of a broker's services in placing brokerage including, but not limited to, the value of research provided, execution capability, commission rate, willingness and ability to commit capital, ownership and responsiveness. The lowest possible commission cost alone does not determine broker selection. The transaction that represents the best quality execution for a client account will be executed. Commission ranges and the actual commission paid for trades of listed stocks and over-the-counter stocks may vary depending on, but not limited to, the liquidity and volatility of the stock and services provided to the Adviser by the broker.

The Adviser will make a good faith determination that the commissions paid are reasonable in relationship to the value of the services received. The continuous review of stock commissions is the responsibility of the Adviser's Head of Capital Markets and client trading, brokerage and soft-dollar oversight is performed by the Trade Oversight Committee. Quarterly, the Adviser's research analysts and portfolio managers will participate in a broker vote. The Adviser's Equity Trading Desk will utilize the vote results during the broker selection process. Some brokers executing trades for the Adviser's clients may, from time to time, receive liquidity rebates in connection with the routing of trades to Electronic Communications Networks. Since the Adviser is not a broker, however, it is ineligible to receive such rebates and does not obtain direct benefits for its clients from this broker practice.

Investment decisions for each Fund are made independently from those made for the other Funds or any other investment company or account managed by the Adviser. Such other investment companies or accounts may also invest in the same securities and may follow similar investment strategies as the Funds. The Adviser may combine transaction orders ("bunching" or "blocking" trades) for more than one client account where such action appears to be equitable and potentially advantageous for each account (e.g., for the purpose of reducing brokerage commissions or obtaining a more favorable transaction price.) The Adviser will aggregate transaction orders only if it believes that the aggregation is consistent with its duty to seek best execution for its clients and is consistent with the terms of investment advisory agreements with each client for whom trades are being aggregated. Both equity and fixed income securities may be aggregated. When making such a combination of transaction orders for a new issue or secondary market trade in an equity security, the Adviser adheres to the following objectives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fairness to clients both in the participation of execution of orders for their account, and in the allocation of orders for the accounts of more than one client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Allocation of all orders in a timely and efficient manner.

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In some rare cases, "bunching" or "blocking" trades may affect the price paid or received by a Fund or the size of the position obtained by the Fund in an adverse manner relative to the result that would have been obtained if only that particular Fund had participated in or been allocated such trades.

The aggregation of transactions for advisory accounts and proprietary accounts (including partnerships and other accounts in which the Adviser or its associated persons are partners or participants, and managed employee accounts) is permissible. However, no proprietary account may be favored over any other participating account and such practice must be consistent with the Adviser's policies and procedures including its Code of Ethics.

Equity trade orders are executed based only on trade instructions received from portfolio managers by the trading desk. Portfolio managers may enter trades to meet the full target allocation immediately or may meet the allocation through moves in incremental blocks. Orders are processed on a "first-come, first-served" basis. At times, a rotation system may determine "first-come, first-served" treatment when the equity trading desk receives the same order for multiple accounts simultaneously. The Adviser will utilize a rotation whereby the Funds, even if aggregated with other orders, are in the first block(s) to trade within the rotation. To aggregate orders, the equity trading desk must determine that all accounts in the order will benefit. Any new trade that can be blocked with an existing open order may be added to the open order to form a larger block. The Adviser receives no additional compensation or remuneration of any kind as a result of the aggregation of trades. All accounts participating in a block execution receive the same execution price, an average share price, for securities purchased or sold on a trading day. Execution prices may not be carried overnight. Any portion of an order that remains unfilled at the end of a given day shall be rewritten (absent contrary instructions) on the following day as a new order. Accounts with trades executed the next day will receive a new daily average price to be determined at the end of the following day.

If the order is filled in its entirety, securities purchased in the aggregate transaction will be allocated among accounts participating in the trade in accordance with an Allocation Statement prepared at the time of order entry. If the order is partially filled, the securities will be allocated pro rata based on the Allocation Statement. Portfolio managers may allocate executed trades in a different manner than indicated on the Allocation Statement (e.g., non-pro rata) only if all client accounts receive fair and equitable treatment.

In some instances, such as trading in fixed income securities, it may not be practical to complete the Allocation Statement prior to the placement of the order. In that case, the trading desk will complete the Allocation Statement as soon as practicable, but no later than the end of the same business day on which the securities have been allocated to the trading desk by the broker.

Where the full amount of a block execution is not executed, the partial amount actually executed will be allocated on a pro rata basis whenever possible. The following execution methods may be used in place of a pro rata procedure: relative size allocations, security position weighting, priority for specialized accounts, or a special allocation based on compliance approval.

In making investment decisions for the Funds, the Adviser will not inquire or take into consideration whether an issuer of securities proposed for purchase or sale by a Fund is a customer of the Adviser, its parents, subsidiaries or affiliates, and, in dealing with their commercial customers, the Adviser, its parents, subsidiaries and affiliates will not inquire or take into consideration whether securities of such customers are held by the Funds. Portfolio securities will not be purchased from or sold to the Adviser, or the Distributor, or any affiliated person of any of them acting as principal, except to the extent permitted by rule or order of the SEC.

The following table shows the dollar amount of brokerage commissions paid by each Fund during the last three fiscal years ended June 30, all of which were paid to entities that are not affiliated with the Fund, the Adviser, or the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **2025** | **2024** | **2023** |
| Victory Diversified Stock Fund | &nbsp;&nbsp;&nbsp;&nbsp; $212042 | &nbsp;&nbsp;&nbsp;&nbsp; $177866 | &nbsp;&nbsp;&nbsp;&nbsp; $197440 |
| Victory Investment Grade Convertible Fund | &nbsp;&nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp;&nbsp; $2715 | &nbsp;&nbsp;&nbsp;&nbsp; $17708 |
| Victory Sycamore Established Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; $5771685 | &nbsp;&nbsp;&nbsp;&nbsp; $4943187 | &nbsp;&nbsp;&nbsp;&nbsp; $4388142 |
| Victory Sycamore Small Company Opportunity Fund | &nbsp;&nbsp;&nbsp;&nbsp; $4726741 | &nbsp;&nbsp;&nbsp;&nbsp; $2929366 | &nbsp;&nbsp;&nbsp;&nbsp; $2430278 |

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**Affiliated Brokerage.** The Board has authorized the allocation of brokerage to affiliated broker-dealers on an agency basis to effect portfolio transactions. The Board has adopted procedures incorporating the standards of Rule 17e-1 under the 1940 Act, which require that the commission paid to affiliated broker-dealers must be "reasonable and fair compared to the commission, fee or other remuneration received, or to be received, by other broker-dealers in connection with comparable transactions involving similar securities during a comparable period of time."

The Trust will not acquire portfolio securities issued by, make savings deposits in, or enter into repurchase or reverse repurchase agreements with the Adviser or its affiliates. From time to time, when determined by the Adviser to be advantageous to the Funds, the Adviser may execute portfolio transactions through affiliated broker-dealers. All such transactions must be consistent with best execution and completed in accordance with procedures approved by the Board. For the last three fiscal years ended June 30, the Funds paid no commissions to affiliated broker-dealers.

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**Allocation of Brokerage in Connection with Research Services.** During the last completed fiscal year ended June 30, the Adviser, through agreements or understandings with brokers, or otherwise through an internal allocation procedure, directed brokerage transactions of the Funds to brokers due to research services provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **Fund** | **Brokerage Commissions Paid** | &nbsp;&nbsp;&nbsp; **Total Dollar Amount** <br> **of Such Transactions**<br>|
| Victory Diversified Stock Fund | &nbsp;&nbsp;&nbsp;&nbsp; $128054 | &nbsp;&nbsp;&nbsp;&nbsp; $619900872 |
| Victory Sycamore Established Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; $3477620 | &nbsp;&nbsp;&nbsp;&nbsp; $17413579535 |
| Victory Sycamore Small Company Opportunity Fund | &nbsp;&nbsp;&nbsp;&nbsp; $2767171 | &nbsp;&nbsp;&nbsp;&nbsp; $7357128045 |

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**Securities of Regular Brokers or Dealers.** The SEC requires the Trust to provide certain information for those Funds that held securities of their regular brokers or dealers (or their parent companies) during the most recent fiscal year. The following table identifies, for each applicable Fund, those brokers or dealers, the type of security held and the value of the Fund's aggregate holdings of the securities of each such issuer as of the last fiscal year ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Broker-Dealer** |  |  |
| Victory Diversified Stock Fund | JPMorgan Chase & Co. | Equity | &nbsp;&nbsp;&nbsp;&nbsp; $5441 |
| Victory Diversified Stock Fund | &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, <br> Inc.<br>| Equity | &nbsp;&nbsp;&nbsp;&nbsp; $3163 |
| Victory Diversified Stock Fund | &nbsp;&nbsp;&nbsp;&nbsp; The Goldman Sachs Group, <br> Inc.<br>| Equity | &nbsp;&nbsp;&nbsp;&nbsp; $2206 |
| Victory Investment Grade Convertible Fund | Bank of America Corp. | Equity | &nbsp;&nbsp;&nbsp;&nbsp; $13889 |
| Victory Investment Grade Convertible Fund | Wells Fargo & Co. | Equity | &nbsp;&nbsp;&nbsp;&nbsp; $13349 |
| Victory Sycamore Established Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, <br> Inc.<br>| Equity | &nbsp;&nbsp;&nbsp;&nbsp; $255361 |
| Victory Sycamore Small Company Opportunity Fund | Stifel Financial Corp. | Equity | &nbsp;&nbsp;&nbsp;&nbsp; $57598 |
| Victory Investment Grade Convertible Fund | Barclays Bank PLC | Debt | &nbsp;&nbsp;&nbsp;&nbsp; $9726 |
| Victory Investment Grade Convertible Fund | &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase Financial <br> Co. LLC<br>| Debt | &nbsp;&nbsp;&nbsp;&nbsp; $2026 |

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**Portfolio Turnover**

Each Fund may sell a portfolio investment soon after its acquisition if the Adviser believes that such a disposition is consistent with attaining the investment objective of the Fund. The Funds' portfolio turnover rates stated in the Prospectuses are calculated by dividing the lesser of each Fund's purchases or sales of portfolio securities for the year by the monthly average value of the portfolio securities. The calculation excludes all securities whose maturities, at the time of acquisition, were one year or less. Portfolio turnover is calculated on the basis of a Fund as a whole without distinguishing between the classes of shares issued.

The turnover rate for a Fund will vary from year-to-year, and, depending on market conditions, could be greater in periods of unusual market movement and volatility. Transaction costs associated with turnover are borne directly by the Fund and, ultimately, by its shareholders. A high rate of portfolio turnover (generally, over 100% annually) generally will involve correspondingly greater transaction costs. High portfolio turnover may result in the realization of substantial net capital gains. To the extent short-term capital gains are realized, distributions attributable to such gains will be ordinary income for federal income tax purposes.

The following table shows the portfolio turnover rates for each Fund for the last two fiscal years ended June 30.

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| | | |
|:---|:---|:---|
| **Fund** | **2025** | **2024** |
| Victory Diversified Stock Fund | &nbsp;&nbsp;&nbsp;&nbsp; 92% | &nbsp;&nbsp;&nbsp;&nbsp; 81% |
| Victory Fund for Income | &nbsp;&nbsp;&nbsp;&nbsp; 22% | &nbsp;&nbsp;&nbsp;&nbsp; 3% |
| Victory Investment Grade Convertible Fund | &nbsp;&nbsp;&nbsp;&nbsp; 24% | &nbsp;&nbsp;&nbsp;&nbsp; 36% |
| Victory Sycamore Established Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 45% | &nbsp;&nbsp;&nbsp;&nbsp; 34% |
| Victory Sycamore Small Company Opportunity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 50% | &nbsp;&nbsp;&nbsp;&nbsp; 37% |

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**DIVIDENDS, CAPITAL GAINS AND DISTRIBUTIONS**

The Funds distribute substantially all of their net investment income and net capital gains, if any, to shareholders within each calendar year as well as on a fiscal year basis to the extent required for the Funds to qualify for favorable federal tax treatment. The Funds ordinarily declare and pay dividends separately for each class of shares, from their net investment income. Each Fund declares and pays capital gains annually. The Victory Fund for Income declares and pays dividends monthly. Each of the Victory Diversified Stock

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Fund, Victory Investment Grade Convertible Fund, and Victory Sycamore Established Value Fund declares and pays dividends quarterly. The Victory Sycamore Small Company Opportunity Fund declares and pays dividends annually.

The amount of a class's distributions may vary from time to time depending on market conditions, the composition of a Fund's portfolio and expenses borne by a Fund or borne separately by a class. Dividends are calculated in the same manner, at the same time and on the same day for shares of each class. However, dividends attributable to a particular class will differ due to differences in distribution expenses and other class-specific expenses.

For this purpose, the net income of a Fund, from the time of the immediately preceding determination thereof, shall consist of all interest income accrued on the portfolio assets of the Fund, dividend income, if any, income from securities loans, if any and realized capital gains and losses on the Fund's assets, less all expenses and liabilities of the Fund chargeable against income. Interest income shall include discount earned, including both original issue and market discount, on discount paper accrued ratably to the date of maturity. Expenses, including the compensation payable to the Adviser, are accrued each day. The expenses and liabilities of a Fund shall include those appropriately allocable to the Fund as well as a share of the general expenses and liabilities of the Trust in proportion to the Fund's share of the total net assets of the Trust.

**TAXES**

Information set forth in the Prospectuses that relates to federal income taxation is only a summary of certain key federal income tax considerations generally affecting purchasers of shares of the Funds. The following is only a summary of certain additional federal income and excise tax considerations generally affecting each Fund and its shareholders that are not described in the Prospectuses. No attempt has been made to present a complete explanation of the federal tax treatment of the Funds or the implications to shareholders and the discussions here and in each Fund's Prospectus are not intended as substitutes for careful tax planning. The following summary does not, except as otherwise set forth herein, discuss any state, local or non-U.S. tax consequences associated with an investment in the Fund. Accordingly, potential purchasers of shares of the Funds are urged to consult their tax advisers with specific reference to their own tax circumstances. Special tax considerations may apply to certain types of investors subject to special treatment under the Code, including, without limitation, financial institutions, insurance companies, pass-through entities (or investors therein), U.S. shareholders whose "functional currency" is not the U.S. dollar, tax-exempt organizations, dealers in securities or currencies, traders in securities or commodities that elect mark to market treatment, or persons that will hold shares as a position in a "straddle," "hedge" or as part of a "constructive sale" for U.S. federal income tax purposes. Unless otherwise noted, this discussion applies only to U.S. shareholders that hold shares as capital assets. A U.S. shareholder is an individual who is a citizen or resident of the United States, a U.S. corporation, a trust if it (a) is subject to the primary supervision of a court in the United States and one or more U.S. persons have the authority to control all substantial decisions of the trust or (b) has made a valid election to be treated as a U.S. person, or any estate the income of which is subject to U.S. federal income tax regardless of its source. Lastly, the tax discussion in the Prospectuses and this SAI is based on tax law in effect on the date of the Prospectuses and this SAI and it does not address any proposals to modify such tax laws; such laws and regulations may be changed by legislative, judicial, or administrative action, sometimes with retroactive effect.

**Qualification as a Regulated Investment Company**

Each Fund intends to qualify as a regulated investment company under Subchapter M of the Code. As a regulated investment company, a Fund is not subject to federal income tax on the portion of its net investment income (i.e., taxable interest, dividends and other taxable ordinary income, net of expenses) and net capital gain (i.e., the excess of long-term capital gains over short-term capital losses) that it distributes to shareholders, provided that it distributes at least the sum of 90% of its investment company taxable income (i.e., net investment income and the excess of net short-term capital gain over net long-term capital loss) and 90% of its tax-exempt income (net of expenses allocable thereto) for the taxable year (the "Distribution Requirement") and satisfies certain other requirements of the Code that are described below. Distributions by a Fund made during the taxable year or, under specified circumstances, within twelve months after the close of the taxable year, will be considered distributions of income and gains for the taxable year and will therefore count toward satisfaction of the Distribution Requirement.

If a Fund has a net capital loss (i.e., an excess of capital losses over capital gains), the amount thereof may be carried forward and would retain its character as either a short-term capital loss or a long-term capital loss that can be used to offset such capital gains in future years. There is no limitation on the number of years to which net capital losses may be carried. However, the amount of capital loss that can be carried forward and used in any single year is subject to an annual limitation if there is a more than 50% "change in ownership" of the Fund.

The following table summarizes the capital loss carryforwards not subject to expiration for the applicable Funds as of June 30, 2025.

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| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp; **Short-Term**<br> **Amount ($000)**<br>| &nbsp;&nbsp;&nbsp; **Long-Term**<br> **Amount ($000)**<br>|
| Victory Fund for Income | &nbsp;&nbsp;&nbsp;&nbsp; $(134727) | &nbsp;&nbsp;&nbsp;&nbsp; $(293073) |

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In addition to satisfying the Distribution Requirement, a regulated investment company must derive at least 90% of its gross income from dividends, interest, certain payments with respect to securities loans, gains from the sale or other disposition of stock or securities or foreign currencies (to the extent such currency gains are directly related to the regulated investment company's principal business of investing in stock or securities), other income (including but not limited to gains from options, futures, or forward contracts) derived with respect to its business of investing in such stock, securities, or currencies and net income from interests in qualified publicly traded partnerships (the "Income Requirement").

A regulated investment company, in determining its investment company taxable income and net capital gain (i.e., the excess of net long-term capital gain over net short-term capital loss) for any taxable year, may elect (unless it has made a taxable year election for excise tax purposes as discussed below, in which case different rules apply) to treat all or any part of certain net capital losses incurred after October 31 of a taxable year, and certain net ordinary losses incurred after October 31 or December 31 of a taxable year, as if they had been incurred in the succeeding taxable year.

In addition to satisfying the Income and Distribution Requirements described above, a Fund must satisfy an asset diversification test in order to qualify as a regulated investment company. Under this test, at the close of each quarter of a Fund's taxable year, at least 50% of the value of the Fund's assets must consist of cash and cash items, U.S. government securities, securities of other regulated investment companies and securities of other issuers (provided that, with respect to each issuer, the Fund has not invested more than 5% of the value of the Fund's total assets in securities of each such issuer and the Fund does not hold more than 10% of the outstanding voting securities of each such issuer), and no more than 25% of the value of its total assets may be invested in the securities of any one issuer (other than U.S. government securities and securities of other regulated investment companies), two or more issuers that the Fund controls and that are engaged in the same or similar trades or businesses (other than securities of other regulated investment companies), or the securities of one or more qualified publicly traded partnerships. Generally, an option (call or put) with respect to a security is treated as issued by the issuer of the security, not the issuer of the option. For purposes of asset diversification testing, obligations issued or guaranteed by certain agencies or instrumentalities of the U.S. government, such as the Federal Agricultural Mortgage Corporation, the FFCB, FHLB, FHLMC, FNMA, GNMA, and SLMA, are treated as U.S. government securities.

Certain Funds may invest in futures contracts, options on futures contracts, and other similar investments that provide exposure to commodities such as gold or other precious metals, energy, or other commodities. Income or gain, if any, from such investments may not be qualifying income for purposes of the Income Requirements and a Fund's investments in such instruments may not be treated as an investment in a "security" for purposes of the asset diversification test.

If for any taxable year a Fund does not qualify as a regulated investment company after taking into account cure provisions available for certain failures to so qualify (certain of which would result in the imposition of a tax on the Fund), all of its taxable income (including its net capital gain) will be subject to tax at the regular corporate rate without any deduction for distributions to shareholders and such distributions will be taxable to the shareholders as dividends to the extent of the Fund's current and accumulated earnings and profits. Such distributions may be eligible for: (i) the dividends-received deduction, in the case of corporate shareholders; or (ii) treatment as "qualified dividend income," in the case of non-corporate shareholders. In addition, to qualify again to be taxed as a regulated investment company in a subsequent year, the Fund would be required to distribute to shareholders its earnings and profits attributable to non-qualifying years. Further, if the Fund failed to qualify for a period greater than two taxable years, then, in order to qualify as a regulated investment company in a subsequent year, the Fund would be required to elect to recognize and pay tax on any net built-in gain (i.e., the excess of aggregate gain, including items of income, over aggregate loss that would have been realized if the Fund had been liquidated) or, alternatively, be subject to taxation on such built-in gain recognized for a period of five years.

**Excise Tax on Regulated Investment Companies**

A 4% non-deductible excise tax is imposed on a regulated investment company that fails to distribute in each calendar year an amount equal to at least the sum of (i) 98% of its ordinary taxable income for the calendar year and (ii) 98.2% of its capital gain net income for the one-year period ended on October 31 of such calendar year (or, with respect to capital gain net income, at the election of a regulated investment company having a taxable year ending November 30 or December 31, for its taxable year (a "taxable year election")). Tax-exempt interest on municipal obligations is not subject to the excise tax. The balance of such income must be distributed during the next calendar year. For the foregoing purposes, any ordinary income or capital gain net income retained by a regulated investment company that is subject to corporate income tax will be treated as having been distributed during the taxable year ending in such calendar year.

Each Fund intends to make sufficient distributions or deemed distributions of its ordinary taxable income and capital gain net income prior to the end of each calendar year to avoid liability for the excise tax. However, investors should note that a Fund may in certain circumstances be required to liquidate portfolio investments to make sufficient distributions to avoid excise tax liability.

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**Fund Investments**

In general, gain or loss recognized by a Fund on the disposition of an asset will be a capital gain or loss. In addition, gain will be recognized as a result of certain constructive sales, including short sales "against the box." However, gain recognized on the disposition of a debt obligation (including municipal obligations) purchased by a Fund at a market discount (generally, at a price less than its principal amount) will be treated as ordinary income to the extent of the portion of the market discount that accrued while the Fund held the debt obligation. In addition, under the rules of Code Section 988, gain or loss recognized on the disposition of a debt obligation denominated in a foreign currency or an option with respect thereto, and gain or loss recognized on the disposition of a foreign currency forward contract, futures contract, option or similar financial instrument, or of foreign currency itself, except for regulated futures contracts or non-equity options subject to Code Section 1256 (unless a Fund elects otherwise), generally will be treated as ordinary income or loss to the extent attributable to changes in foreign currency exchange rates.

Certain transactions that may be engaged in by a Fund (such as regulated futures contracts, certain foreign currency contracts and options on stock indexes and futures contracts) will be subject to special tax treatment as "Section 1256 Contracts." Section 1256 Contracts are treated as if they are sold for their fair market value on the last business day of the taxable year, even though a taxpayer's obligations (or rights) under such Section 1256 Contracts have not terminated (by delivery, exercise, entering into a closing transaction, or otherwise) as of such date. Any gain or loss recognized as a consequence of the year-end deemed disposition of Section 1256 Contracts is taken into account for the taxable year together with any other gain or loss that was recognized previously upon the termination of Section 1256 Contracts during that taxable year. Any capital gain or loss for the taxable year with respect to Section 1256 Contracts (including any capital gain or loss arising as a consequence of the year-end deemed sale of such Section 1256 Contracts) generally is treated as 60% long-term capital gain or loss and 40% short-term capital gain or loss. A Fund, however, may elect not to have this special tax treatment apply to Section 1256 Contracts that are part of a "mixed straddle" with other investments of the Fund that are not Section 1256 Contracts.

A Fund may enter into notional principal contracts, including interest rate swaps, caps, floors, and collars. Treasury Regulations provide, in general, that the net income or net deduction from a notional principal contract for a taxable year is included in or deducted from gross income for that taxable year. The net income or deduction from a notional principal contract for a taxable year equals the total of all of the periodic payments (generally, payments that are payable or receivable at fixed periodic intervals of one year or less during the entire term of the contract) that are recognized from that contract for the taxable year, all of the non-periodic payments (including premiums for caps, floors and collars) that are recognized from that contract for the taxable year and any termination payments that are recognized from that contract for the taxable year. No portion of a payment by a party to a notional principal contract is recognized prior to the first year to which any portion of a payment by the counterparty relates. A periodic payment is recognized ratably over the period to which it relates. In general, a non-periodic payment must be recognized over the term of the notional principal contract in a manner that reflects the economic substance of the contract. A non-periodic payment that relates to an interest rate swap, cap, floor, or collar is recognized over the term of the contract by allocating it in accordance with the values of a series of cash-settled forward or option contracts that reflect the specified index and notional principal amount upon which the notional principal contract is based (or under an alternative method provided in Treasury Regulations). A termination payment is recognized in the year the notional principal contract is extinguished, assigned, or terminated (i.e., in the year the termination payment is made).

Income from options on individual securities written by a Fund will not be recognized by the Fund for tax purposes until an option is exercised or lapses. Any gain recognized by a Fund on the lapse of, or any gain or loss recognized by a Fund from a closing transaction with respect to, an option written by the Fund will be treated as a short-term capital gain or loss. If the Fund enters into a closing transaction, the difference between the premiums received and the amount paid by the Fund to close out its position will generally be treated as short-term capital gain or loss. If an option written by the Fund is exercised, thereby requiring the Fund to sell the underlying security, the premium will increase the amount realized upon the sale of the security, and the character of any gain on such sale of the underlying security as short-term or long-term capital gain will depend on the holding period of the Fund in the underlying security. Because the Fund will not have control over the exercise of the options it writes, such exercises or other required sales of the underlying securities may cause the Fund to realize gains or losses at inopportune times.

A Fund may purchase securities of certain foreign investment funds or trusts that constitute passive foreign investment companies ("PFICs") for federal income tax purposes. If a Fund invests in a PFIC, it has three separate options. First, it may elect to treat the PFIC as a qualified electing fund (a "QEF"), in which event the Fund will each year have ordinary income equal to its pro rata share of the PFIC's ordinary earnings for the year and long-term capital gain equal to its pro rata share of the PFIC's net capital gain for the year, regardless of whether the Fund receives distributions of any such ordinary earnings or capital gains from the PFIC, and such amounts would be subject to the 90% and excise tax distribution requirements described above. In order to make this election with respect to a PFIC in which it invests, a Fund must obtain certain information from the PFIC on an annual basis, which the PFIC may be unwilling or unable to provide. Second, a Fund that invests in marketable stock of a PFIC may make a mark-to-market election with respect to such stock. Pursuant to such election, the Fund will include as ordinary income any excess of the fair market value of such stock at the close of any taxable year over the Fund's adjusted tax basis in the stock. If the adjusted tax basis of the PFIC stock exceeds the fair market value of the stock at the end of a given taxable year, such excess will be deductible as ordinary loss in an amount equal

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to the lesser of the amount of such excess or the net mark-to-market gains on the stock that the Fund included in income in previous years. Solely for purposes of Code Sections 1291 through 1298, the Fund's holding period with respect to its PFIC stock subject to the election will commence on the first day of the first taxable year beginning after the last taxable year for which the mark-to-market election applied. If the Fund makes the mark-to-market election in the first taxable year it holds PFIC stock, it will not incur the tax described below under the third option.

Finally, if a Fund does not elect to treat the PFIC as a QEF and does not make a mark-to-market election, then, in general, (1) any gain recognized by the Fund upon the sale or other disposition of its interest in the PFIC or any excess distribution received by the Fund from the PFIC will be allocated ratably over the Fund's holding period of its interest in the PFIC stock, (2) the portion of such gain or excess distribution so allocated to the year in which the gain is recognized or the excess distribution is received shall be included in the Fund's gross income for such year as ordinary income (and the distribution of such portion by the Fund to shareholders will be taxable as a dividend, but such portion will not be subject to tax at the Fund level), (3) the Fund shall be liable for tax on the portions of such gain or excess distribution so allocated to prior years in an amount equal to, for each such prior year, (i) the amount of gain or excess distribution allocated to such prior year multiplied by the highest corporate tax rate in effect for such prior year, plus (ii) interest on the amount determined under clause (i) for the period from the due date for filing a return for such prior year until the date for filing a return for the year in which the gain is recognized or the excess distribution is received, at the rates and methods applicable to underpayments of tax for such period, and (4) the distribution by the Fund to its shareholders of the portions of such gain or excess distribution so allocated to prior years (net of the tax payable by the Fund thereon) will be taxable to the shareholders as a dividend.

Some of the debt securities (with a fixed maturity date of more than one year from the date of issuance) that may be acquired by the Fund may be treated as debt securities that are issued originally at a discount. Generally, the amount of the original issue discount ("OID") is treated as interest income and is included in income over the term of the debt security, even though payment of that amount is not received until a later time, usually when the debt security matures. A portion of the OID includable in income with respect to certain high-yield corporate debt securities (including certain pay-in-kind securities) may be treated as a dividend for U.S. federal income tax purposes.

Some of the debt securities (with a fixed maturity date of more than one year from the date of issuance) that may be acquired by the Fund in the secondary market may be treated as having market discount. Generally, any gain recognized on the disposition of, and any partial payment of principal on, a debt security having market discount is treated as ordinary income to the extent the gain, or principal payment, does not exceed the "accrued market discount" on such debt security. Market discount generally accrues in equal daily installments. The Fund may make one or more of the elections applicable to debt securities having market discount, which could affect the character and timing of recognition of income.

A Fund that holds the foregoing kinds of securities may be required to pay out as an income distribution each year an amount, which is greater than the total amount of cash interest the Fund actually received. Such distributions may be made from the cash assets of the Fund or by liquidation of portfolio securities, if necessary (including when it is not advantageous to do so). The Fund may realize gains or losses from such liquidations. In the event the Fund realizes net capital gains from such transactions, its shareholders may receive a larger capital gain distribution, if any, than they would in the absence of such transactions.

Gain or loss on the sale of securities by the Fund will generally be long-term capital gain or loss if the securities have been held by the Fund for more than one year. Gain or loss on the sale of securities held for one year or less will be short-term capital gain or loss.

The Fund may invest in preferred securities or other securities the federal income tax treatment of which may not be clear or may be subject to recharacterization by the Internal Revenue Service ("IRS"). To the extent the tax treatment of such securities or the income from such securities differs from the tax treatment expected by the Fund, it could affect the timing or character of income recognized by the Fund, potentially requiring the Fund to purchase or sell securities, or otherwise change its portfolio, in order to comply with the tax rules applicable to regulated investment companies under the Code.

The Fund may invest a portion of its net assets in below investment grade securities. Investments in these types of securities may present special tax issues for the Fund. Federal income tax rules are not entirely clear about issues such as when the Fund may cease to accrue interest, OID or market discount, when and to what extent deductions may be taken for bad debts or worthless securities, how payments received on obligations in default should be allocated between principal and interest and whether modifications or exchanges of debt obligations in a bankruptcy or workout context are taxable. These and other issues could affect the Fund's ability to distribute sufficient income to preserve its status as a regulated investment company or to avoid the imposition of U.S. federal income or excise tax.

**Fund Distributions**

Each Fund anticipates distributing substantially all of its investment company taxable income for each taxable year. Such distributions will be treated as dividends for federal income tax purposes and may be taxable to non-corporate shareholders as long-term capital gains (a "qualified dividend"), provided that certain requirements, as discussed below, are met. Dividends received by corporate shareholders

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and dividends that do not constitute qualified dividends are taxable as ordinary income. The portion of dividends received from a Fund that are qualified dividends generally will be determined on a look-through basis. If the aggregate qualified dividends received by the Fund are less than 95% of the Fund's gross income (as specially computed), the portion of dividends received from the Fund that constitute qualified dividends will be reported by the Fund and cannot exceed the ratio that the qualified dividends received by the Fund bears to its gross income. If the aggregate qualified dividends received by the Fund equal at least 95% of its gross income, then all of the dividends received from the Fund will constitute qualified dividends.

No dividend will constitute a qualified dividend (1) if it has been paid with respect to any share of stock that the Fund has held for less than 61 days (91 days in the case of certain preferred stock) during the 121-day period (181-day period in the case of certain preferred stock) beginning on the date that is 60 days (90 days in the case of certain preferred stock) before the date on which such share becomes ex-dividend with respect to such dividend, excluding for this purpose, under the rules of Code Section 246(c), any period during which the Fund has an option to sell, is under a contractual obligation to sell, has made and not closed a short sale of, is the grantor of an option to buy, or has otherwise diminished its risk of loss by holding other positions with respect to, such (or substantially identical) stock; (2) if the non-corporate shareholder fails to meet the holding period requirements set forth in (1) with respect to its shares in the Fund to which the dividend is attributable; or (3) to the extent that the Fund (or shareholder, as applicable) is under an obligation (pursuant to a short sale or otherwise) to make related payments with respect to positions in property substantially similar or related to stock with respect to which an otherwise qualified dividend is paid.

Qualified dividends are, in general, dividends from taxable U.S. corporations and certain foreign corporations. Dividends from a foreign corporation may be qualified dividends if (1) the stock with respect to which the dividend is paid is readily tradable on an established securities market in the United States, (2) the foreign corporation is incorporated in a possession of the United States, or (3) the foreign corporation is eligible for the benefits of a comprehensive income tax treaty with the United States that includes an exchange of information program (and that the Treasury Department determines to be satisfactory for these purposes). The Treasury Department has issued guidance identifying which treaties are satisfactory for these purposes. Notwithstanding the above, dividends received from a foreign corporation that for the taxable year of the corporation in which the dividend was paid, or the preceding taxable year, is a PFIC will not constitute qualified dividends. Substitute payments received by a Fund representing dividends paid on securities loaned out by the Fund will not be considered qualified dividend income, and distributions by the Fund of such substitute payments will not be eligible to be treated as qualified dividends.

Distributions attributable to dividends received by a Fund from domestic corporations will qualify for the 50% dividends-received deduction ("DRD") for corporate shareholders only to the extent discussed below. Distributions attributable to dividends paid by a foreign corporation, a REIT or a corporation exempt from tax generally do not qualify for the DRD. Substitute payments received by a Fund representing dividends paid on securities loaned out by the Fund will not be treated as dividends eligible for the dividends paid deduction.

Ordinary income dividends paid by a Fund with respect to a taxable year may qualify for the 50% DRD generally available to corporations (other than corporations such as S corporations, which are not eligible for the deduction because of their special characteristics, and other than for purposes of special taxes such as the accumulated earnings tax and the personal holding company tax) to the extent of the amount of dividends received by the Fund from domestic corporations for the taxable year. No DRD will be allowed with respect to any dividend (1) if it has been received with respect to any share of stock that the Fund has held for less than 46 days (91 days in the case of certain preferred stock) during the 91-day period (181-day period in the case of certain preferred stock) beginning on the date that is 45 days (90 days in the case of certain preferred stock) before the date on which such share becomes ex-dividend with respect to such dividend, excluding for this purpose under the rules of Code Section 246(c) any period during which the Fund has an option to sell, is under a contractual obligation to sell, has made and not closed a short sale of, is the grantor of an option to buy, or has otherwise diminished its risk of loss by holding other positions with respect to, such (or substantially identical) stock; (2) to the extent that the Fund is under an obligation (pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property; or (3) to the extent the stock on which the dividend is paid is treated as debt-financed under the rules of Code Section 246A. Moreover, the DRD for a corporate shareholder may be disallowed or reduced (1) if the corporate shareholder fails to satisfy the foregoing requirements with respect to its shares of the Fund or (2) by application of Code Section 246(b), which in general limits the DRD to 50% of the shareholder's taxable income (determined without regard to the DRD and certain other items).

If a Fund receives a dividend (other than a capital gain dividend) in respect of any share of REIT stock, then Fund dividends attributable to that REIT dividend income (as reduced by certain Fund expenses) may be reported by the Fund as eligible for the 20% deduction for "qualified REIT dividends" generally available to non-corporate shareholders under the Code. A dividend from a Fund may not be treated as a qualified REIT dividend (1) if it has been paid with respect to any share of REIT stock that the Fund has held for less than 46 days during the 91-day period beginning on the date that is 45 days before the date on which such share becomes ex-dividend with respect to such dividend, excluding for this purpose, under the rules of Code Section 246(c), any period during which the Fund has an option to sell, is under a contractual obligation to sell, has made and not closed a short sale of, is the grantor of an option to buy, or has otherwise diminished its risk of loss by holding other positions with respect to, such (or substantially identical) stock; (2) if the

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non-corporate shareholder fails to meet the holding period requirements set forth in (1) with respect to its shares in the Fund to which the dividend is attributable; or (3) to the extent that the Fund (or shareholder, as applicable) is under an obligation (pursuant to a short sale or otherwise) to make related payments with respect to positions in property substantially similar or related to stock with respect to which an otherwise qualified dividend is paid. Substitute payments received by a Fund representing qualified REIT dividends paid on REIT securities loaned out by the Fund will not be considered qualified REIT dividends, and distributions by the Fund of such substitute payments will not be eligible for the 20% deduction currently available for ordinary REIT dividends paid to non-corporate shareholders.

A Fund may either retain or distribute to shareholders its net capital gain for each taxable year. Each Fund currently intends to distribute any such amounts. If net capital gain is distributed and reported as a capital gain dividend, it will be taxable to shareholders as long-term capital gain, regardless of the length of time the shareholder has held his shares or whether such gain was recognized by the Fund prior to the date on which the shareholder acquired his shares. The Code provides, however, that under certain conditions none of the capital gain recognized upon a Fund's disposition of domestic qualified "small business" stock will be subject to tax (with certain limitations).

Conversely, if a Fund elects to retain its net capital gain, the Fund will be subject to tax thereon (except to the extent of any available capital loss carryovers) at the corporate tax rates. If a Fund elects to retain its net capital gain, it is expected that the Fund also will elect to have shareholders of record on the last day of its taxable year treated as if each received a distribution of his pro rata share of such gain, with the result that each shareholder will be required to report his pro rata share of such gain on his tax return as long-term capital gain, will receive a refundable tax credit for his pro rata share of tax paid by the Fund on the gain, and will increase the tax basis for his shares by an amount equal to the deemed distribution less the tax credit. Organizations or persons not subject to U.S. federal income tax on such capital gains will be entitled to a refund of their pro rata share of such taxes paid by the Fund upon filing appropriate returns or claims for refund with the IRS.

Distributions by a Fund in excess of its current and accumulated earnings and profits will be treated as a tax-free return of capital to the extent of (and in reduction of) the shareholder's tax basis in his shares; any excess will be treated as gain from the sale of his shares, as discussed below.

Distributions by a Fund will be treated in the manner described above regardless of whether such distributions are paid in cash or reinvested in additional shares of the Fund (if that option is available). Distributions reinvested in additional shares of the Fund will be taxable to shareholders acquiring the additional shares to the same extent as if such distributions had been received in cash. In addition, if the NAV at the time a shareholder purchases shares of a Fund reflects undistributed net investment income, recognized net capital gain, or unrealized appreciation in the value of the assets of the Fund, distributions of such amounts will be taxable to the shareholder in the manner described above, although such distributions economically constitute a return of capital to the shareholder. The amount of undistributed income and gain the Fund has at the time a shareholder purchases or sells shares can impact the amount of the shareholder's gain or loss on the sale and the treatment and tax rates applicable to the shareholder's return on its investment in the Fund. Before investing you may want to consult your tax adviser.

Ordinarily, shareholders are required to take distributions by a Fund into account in the year in which the distributions are made. However, dividends declared in October, November, or December of any year and payable to shareholders of record on a specified date in such a month will be deemed to have been received by the shareholders (and paid by a Fund) on December 31 of such calendar year if such dividends are actually paid in January of the following year. In addition, certain other distributions made after the close of the Fund's taxable year may be "spilled back" and treated as paid by the Fund (except for the purposes of the 4% nondeductible excise tax) during such taxable year. In such case, a shareholder will be treated as having received such dividends in the taxable year in which the distributions were actually made. Shareholders will be advised annually as to the U.S. federal income tax consequences of distributions made (or deemed made) during the year.

Certain U.S. shareholders, including individuals and estates and trusts, are subject to an additional 3.8% Medicare tax on all or a portion of their "net investment income," which should include dividends from a Fund and net gains from the disposition of shares of a Fund. Exempt-interest dividends from the Funds generally are not included in net investment income for purposes of this tax. U.S. shareholders are urged to consult their own tax advisers regarding the implications of the additional Medicare tax resulting from an investment in a Fund.

Each Fund will be required in certain cases to withhold and remit to the U.S. Treasury backup withholding taxes at the applicable rate on distributions paid to any shareholder (1) who has failed to provide a correct taxpayer identification number, (2) who is subject to backup withholding for failure to report the receipt of interest or dividend income properly, or (3) who has failed to certify to the Fund that it is not subject to backup withholding or is an "exempt recipient" (such as a corporation). Amounts withheld under the backup withholding rules will be allowed as a refund or a credit against a shareholder's U.S. federal income tax liability provided the required information is furnished to the IRS.

If a Fund invests in underlying regulated investment companies, distributions of short-term capital gains by such underlying funds would be recognized as ordinary income by the Fund and would not be able to be offset by the Fund's capital losses or capital loss

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carryforwards (if any). Losses of an underlying fund would not offset any income or gain of the Fund. Losses realized by a Fund on the sale of shares of underlying funds may be indefinitely or permanently deferred under the wash sale rules. Each of these effects is caused by the Fund's investment in the underlying funds and may result in tax distributions to Fund shareholders being of higher magnitudes.

**Sale or Redemption of Shares**

A shareholder will generally recognize gain or loss on the sale or redemption of shares of a Fund (including an exchange of shares of a Fund for shares of another Fund) in an amount equal to the difference between the proceeds of the sale or redemption and the shareholder's adjusted tax basis in the shares. All or a portion of any loss may be disallowed if the shareholder purchases other shares of the same Fund within 30 days before or after the sale or redemption. In such a case, the basis of the shares acquired will be increased to reflect the disallowed loss. In general, any gain or loss arising from (or treated as arising from) the sale or redemption of shares of a Fund will be considered capital gain or loss and will be long-term capital gain or loss if the shares were held for longer than one year. However, any capital loss arising from the sale or redemption of shares held for six months or less will be disallowed to the extent of the amount of exempt-interest dividends received on such shares (unless the loss is with respect to shares of a Fund for which the holding period began after December 22, 2010, and the Fund declares exempt-interest dividends on a daily basis in an amount equal to at least 90% of its net tax-exempt interest and distributes such dividends at least monthly) and (to the extent not disallowed) will be treated as a long-term capital loss to the extent of the amount of capital gain dividends received on such shares. For these purposes, the special holding period rules of Code Section 246(c) (discussed above in connection with qualified dividends, qualified REIT dividends and the dividends-received deduction) generally will apply in determining the holding period of shares. Capital losses in any year are deductible only to the extent of capital gains plus, in the case of a noncorporate taxpayer, $3,000 of ordinary income.

If a shareholder (1) incurs a sales load in acquiring shares of a Fund, (2) disposes of such shares less than 91 days after they are acquired and (3) subsequently acquires, during the period beginning on the date of the disposition referred to in clause (2) and ending on January 31 of the calendar year following the calendar year that includes the date of such disposition, shares of the Fund or another Fund at a reduced sales load pursuant to a right acquired in connection with the acquisition of the shares disposed of, then the sales load on the shares disposed of (to the extent of the reduction in the sales load on the shares subsequently acquired) shall not be taken into account in determining gain or loss on such shares but shall be treated as incurred on the acquisition of the subsequently acquired shares.

**Tax Shelter and Other Reporting Requirements**

If a shareholder realizes a loss on the disposition of shares of a Fund of at least $2 million in any single taxable year or at least $4 million in any combination of taxable years for an individual shareholder, or at least $10 million in any single taxable year or at least $20 million in any combination of taxable years for a corporate shareholder, the shareholder must file with the IRS a disclosure statement on Form 8886. Shareholders should consult their tax advisers to determine the applicability of this requirement in light of their individual circumstances.

**Foreign Taxation**

Income received by a Fund from sources within foreign countries may be subject to withholding and other taxes imposed by such countries. Tax treaties and conventions between certain countries and the United States may reduce or eliminate such taxes. If more than 50% of the value of a Fund's total assets at the close of its taxable year consists of securities of foreign corporations, the Fund may be able to elect to "pass through" to the Fund's shareholders the amount of eligible foreign income and similar taxes paid by the Fund. If this election is made, a shareholder generally subject to tax will be required to include in gross income (in addition to taxable dividends actually received) his or her pro rata share of the foreign taxes paid by the Fund, and may be entitled either to deduct (as an itemized deduction) his or her pro rata share of foreign taxes in computing his or her taxable income or to use it as a foreign tax credit against his or her U.S. federal income tax liability, subject to certain limitations. In particular, a shareholder must hold his or her shares (without protection from risk of loss) on the ex-dividend date and for at least 15 more days during the 30-day period surrounding the ex-dividend date to be eligible to claim a foreign tax credit with respect to a gain dividend. No deduction for foreign taxes may be claimed by a non-corporate shareholder who does not itemize deductions. Each shareholder will be notified days after the close of the Fund's taxable year whether the foreign taxes paid by the Fund will "pass through" for that year.

Generally, a credit for foreign taxes is subject to the limitation that it may not exceed the shareholder's U.S. tax attributable to his or her total foreign source taxable income. For this purpose, if the pass-through election is made, the source of the Fund's income will flow through to shareholders of the Fund. With respect to a Fund, gains from the sale of securities will be treated as derived from U.S. sources and certain currency fluctuation gains, including fluctuation gains from foreign currency-denominated debt securities, receivables and payables will be treated as ordinary income derived from U.S. sources. The limitation on the foreign tax credit is applied separately to foreign source passive income, and to certain other types of income. A shareholder may be unable to claim a credit for the full amount of his or her proportionate share of the foreign taxes paid by the Fund.

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**Foreign Shareholders**

Taxation of a shareholder who, as to the United States, is a nonresident alien individual or foreign corporation ("foreign shareholder"), depends on whether the income from a Fund is "effectively connected" with a U.S. trade or business carried on by such shareholder.

If the income from a Fund is not effectively connected with a U.S. trade or business carried on by a foreign shareholder, subject to the discussion below with respect to "interest-related dividends" and "short-term capital gain dividends," ordinary income dividends (including dividends that would otherwise be treated as qualified dividends to an applicable non-foreign shareholder) paid to such foreign shareholder would be subject to a 30% U.S. withholding tax (or lower applicable treaty rate) upon the gross amount of the dividend. Except as described below, such foreign shareholder would generally be exempt from U.S. federal income tax, including withholding tax, on gains realized on the sale of shares of a Fund or capital gain dividends unless the foreign shareholder is a nonresident alien individual present in the United States for a period or periods aggregating 183 days or more during the calendar year.

U.S. withholding tax generally does not apply to amounts properly designated by a Fund as an "interest-related dividend" or a "short-term capital gain dividend." The aggregate amount treated as an interest-related dividend for a year is limited to the Fund's qualified net interest income for the year, which is the excess of the sum of the Fund's qualified interest income (generally, its U.S.-source interest income) over the deductions properly allocable to such income. The aggregate amount treated as a "short-term capital gain dividend" is limited to the excess of the Fund's net short-term capital gain over its net long-term capital loss. In order to qualify for this exemption from withholding, a foreign investor needs to comply with applicable certification requirements relating to its non-U.S. status (including, in general, furnishing an IRS Form W-8BEN, W-8BEN-E or substitute Form). In the case of shares held through an intermediary, the intermediary may withhold even if the Fund reported the payment as qualified net interest income or qualified short-term capital gain. Foreign investors should contact their intermediaries with respect to the application of these rules to their accounts.

If the income from a Fund is effectively connected with a U.S. trade or business carried on by a foreign shareholder, then any dividends, and any gains realized upon the sale of shares of the Fund will be subject to U.S. federal income tax at the rates applicable to U.S. citizens or domestic corporations, and, if the foreign shareholder is a corporation, the shareholder may be subject to an additional "branch profits tax" imposed at the rate of 30% (or lower applicable treaty rate).

In the case of foreign noncorporate shareholders, a Fund may be required to withhold backup withholding taxes at the applicable rate on distributions that are otherwise exempt from withholding tax (or taxable at a reduced treaty rate) unless such shareholders furnish the Fund with proper notification of their foreign status.

Special rules may apply to a foreign shareholder receiving a Fund distribution if at least 50% of the Fund's assets consist of U.S. real property interests, including certain REITs and U.S. real property holding corporations (as defined in the Code and Treasury Regulations), at any time during the five-year period ending on the date of the distribution. Fund distributions that are attributable to gain from the disposition of a U.S. real property interest will be taxable as ordinary dividends and subject to withholding at a 30% or lower treaty rate if the foreign shareholder held no more than 5% of the Fund's shares at all times during the one-year period ending on the date of the distribution. If the foreign shareholder held at least 5% of the Fund's shares at any time during the one-year testing period, the distribution would be treated as income effectively connected with a trade or business within the U.S. and the foreign shareholder would be subject to withholding tax at a rate of 21% and would generally be required to file a U.S. federal income tax return. The distribution also may be subject to a 30% branch profits tax if the foreign shareholder is a corporation. Similar consequences would generally apply to a foreign shareholder's gain on the sale of Fund shares unless the Fund is domestically controlled (meaning that more than 50% of the value of the Fund's shares is held by U.S. shareholders at all times during the five-year period ending on the date of sale) or the foreign shareholder owns no more than 5% of the Fund's shares at all times during the five-year period ending on the date of sale. Finally, a domestically controlled Fund may be required to recognize a portion of its gain on the in-kind distribution of certain U.S. real property interests. A foreign shareholder may also be subject to certain "wash sale" rules to prevent the avoidance of the tax filing and payment obligations discussed above through the sale and repurchase of Fund shares. Foreign shareholders are urged to consult their own tax advisors concerning the particular tax consequences to them of an investment in the Fund.

Under the "Foreign Account Tax Compliance Act" and existing guidance thereunder, commonly known as "FATCA," a 30% withholding tax on dividends paid by the Fund generally applies if paid to a foreign entity unless: (i) if the foreign entity is a "foreign financial institution" as defined under FATCA, the foreign entity undertakes certain due diligence, reporting, withholding, and certification obligations, (ii) if the foreign entity is not a "foreign financial institution," it identifies certain of its U.S. investors, or (iii) the foreign entity is otherwise excepted under FATCA. If withholding is required under FATCA on a payment related to any Fund distribution, investors that otherwise would not be subject to withholding (or that otherwise would be entitled to a reduced rate of withholding) on such payment generally will be required to seek a refund or credit from the IRS to obtain the benefit of such exemption or reduction. An intergovernmental agreement between the United States and an applicable foreign country, or future Treasury regulations or other guidance, may modify the foregoing requirements. The Funds will not pay any additional amounts in respect of amounts withheld under FATCA. Each investor should consult its tax adviser regarding the effect of FATCA based on its individual circumstances.

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The tax consequences to a foreign shareholder entitled to claim the benefits of an applicable tax treaty might be different from those described herein. Foreign shareholders are urged to consult their own tax advisers with respect to the particular tax consequences to them of an investment in a Fund, including the applicability of foreign taxes.

**Cost Basis Reporting**

A Fund is generally required by law to report to shareholders and the IRS on Form 1099-B "cost basis" information for shares of the Fund acquired on or after January 1, 2012, and sold or redeemed after that date. Upon a disposition of such shares, a Fund will be required to report the adjusted cost basis, the gross proceeds from the disposition, and the character of realized gains or losses attributable to such shares. These requirements do not apply to investments through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement plan. The "cost basis" of a share is generally its purchase price adjusted for dividend reinvestments, returns of capital, and other corporate actions. "Cost basis" is used to determine whether a sale or other disposition of the shares results in a gain or loss.

The Fund will permit shareholders to elect among several IRS-accepted cost basis methods to determine the cost basis in their shares. If a shareholder does not affirmatively elect a cost basis method, then the Fund's default cost basis calculation method, which is currently the average cost method, will be applied to their account. Non-covered shares (those shares purchased before January 1, 2012, and those shares that do not have complete cost basis information, regardless of purchase date) will be used first for any redemptions made after January 1, 2012, regardless of your cost basis method of election unless you have chosen the specific identification method and have designated covered shares (those purchased after January 1, 2012) at the time of your redemption. The cost basis method elected or applied may not be changed after the settlement date of a sale of shares.

If a shareholder holds shares through a broker, the shareholder should contact that broker with respect to the reporting of cost basis information.

Shareholders are urged to consult their tax advisers regarding specific questions with respect to the application of the new cost basis reporting rules and, in particular, which cost basis calculation method to elect.

**Effect of Future Legislation, Foreign, State, and Local Tax Considerations**

The foregoing general discussion of U.S. federal income and excise tax consequences is based on the Code and the Treasury Regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes or court decisions may significantly change the conclusions expressed herein and any such changes or decisions may have a retroactive effect.

Rules of foreign, state, and local taxation of ordinary income dividends, qualified dividends, exempt-interest dividends and capital gain dividends from regulated investment companies may differ from the rules for U.S. federal income taxation described above. Shareholders are urged to consult their tax advisers as to the consequences of these and other foreign, state and local tax rules affecting an investment in a Fund.

**ADDITIONAL INFORMATION**

**Description of Shares**

The Trust is a Delaware statutory trust. The Trust's Second Amended and Restated Trust Instrument, dated as of February 26, 2019 ("Trust Instrument"), authorizes the Trustees to issue an unlimited number of shares, which are units of beneficial interest, with a par value of $0.001 per share. The Trust Instrument authorizes the Trustees to divide or redivide any unissued shares of the Trust into one or more additional series by setting or changing in any one or more aspects their respective preferences, conversion or other rights, voting power, restrictions, limitations as to dividends, qualifications and terms and conditions of redemption. The Trust is currently authorized to offer Class A, C, I, R, R6, Y, and Member Class shares of the Funds. A Fund may not offer all such share classes. Shares have no subscription or preemptive rights and only such conversion or exchange rights as the Trustees may grant in their discretion. When issued for payment as described in the Prospectuses and this SAI, the Trust's shares will be fully paid and non-assessable. In the event of a liquidation or dissolution of the Trust, shares of each Fund are entitled to receive the assets available for distribution belonging to the Fund, and a proportionate distribution, based upon the relative asset values of the respective series, of any general assets not belonging to any particular series that are available for distribution.

Each share class of a Fund represents an interest in the same assets of the Fund, has the same rights and is identical in all material respects except that (i) each class of shares may be subject to different (or no) sales loads; (ii) each class of shares may bear different (or no) distribution fees; (iii) each class of shares may have different shareholder features, such as minimum investment amounts; (iv) certain other class-specific expenses will be borne solely by the class to which such expenses are attributable, including transfer agent fees attributable to a specific class of shares, printing and postage expenses related to preparing and distributing materials to current shareholders of a specific class, registration fees paid by a specific class of shares, the expenses of administrative personnel and services

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required to support the shareholders of a specific class, litigation or other legal expenses relating to a class of shares, Trustees' fees or expenses paid as a result of issues relating to a specific class of shares and accounting fees and expenses relating to a specific class of shares; and (v) each class has exclusive voting rights with respect to matters relating to its own distribution arrangements. The Board may classify and reclassify the shares of the Fund into additional classes of shares at a future date.

Fund shareholders are entitled to one vote per share (with proportional voting for fractional shares) on such matters as shareholders are entitled to vote ("share-based voting"). Alternatively (except where the 1940 Act requires share-based voting), the Trustees in their discretion may determine that shareholders are entitled to one vote per dollar of NAV (with proportional voting for fractional dollar amounts). Shareholders of all series and classes will vote together as a single class on all matters except (1) when required by the 1940 Act or when the Trustees have determined that a matter affects one or more series or classes materially differently, shares shall be voted by individual series or class; and (2) when the Trustees have determined that the matter affects only the interests of a particular series or class, then only shareholders of such series or class shall be entitled to vote thereon.

There will normally be no meetings of shareholders for the purpose of electing Trustees unless and until such time as less than a majority of the Trustees have been elected by the shareholders, at which time the Trustees then in office will call a shareholders' meeting for the election of Trustees. A meeting shall be held for such purpose upon the written request of the holders of not less than 10% of the outstanding shares. Upon written request by 10 or more shareholders of record meeting the qualifications of Section 16(c) of the 1940 Act, (i.e., persons who have been shareholders of record for at least six months, and who hold shares having an NAV of at least $25,000 or constituting 1% of the outstanding shares, whichever is less) stating that such shareholders wish to communicate with the other shareholders for the purpose of obtaining the signatures necessary to demand a meeting to consider removal of a Trustee, the Trust will provide a list of shareholders or disseminate appropriate materials (at the expense of the requesting shareholders). Except as set forth above, the Trustees shall continue to hold office and may appoint their successors.

The Trust Instrument permits the Trustees to take certain actions without obtaining shareholder approval, if the Trustees determine that doing so would be in the best interests of shareholders. These actions include: (a) reorganizing a Fund with another investment company or another series of the Trust; (b) liquidating a Fund; (c) restructuring a Fund into a "master/feeder" structure, in which a Fund (the "feeder") would invest all of its assets in a separate "master" fund; and (d) amending the Trust Instrument, unless shareholder consent is required by law.

Rule 18f-2 under the 1940 Act provides that any matter required to be submitted to the holders of the outstanding voting securities of an investment company such as the Trust shall not be deemed to have been effectively acted upon unless approved by the holders of a majority of the outstanding shares, as defined under the 1940 Act, of the series affected by the matter. For purposes of determining whether the approval of a majority of the outstanding shares of a Fund will be required in connection with a matter, a Fund will be deemed to be affected by a matter unless it is clear that the interests of the Fund and any other series in the matter are identical, or that the matter does not affect any interest of other series of the Trust. Under Rule 18f-2, the approval of an investment advisory agreement or any change in investment policy would be effectively acted upon with respect to a Fund only if approved by a majority of the outstanding shares of the Fund. However, Rule 18f-2 also provides that the ratification of independent accountants, the approval of principal underwriting contracts, and the election of Trustees may be effectively acted upon by shareholders of the Trust voting without regard to series.

**Shareholder and Trustee Liability**

The Delaware Statutory Trust Act provides that a shareholder of a Delaware statutory trust shall be entitled to the same limitation of personal liability extended to shareholders of Delaware corporations, and the Trust Instrument provides that shareholders of the Trust shall not be liable for the obligations of the Trust. The Trust Instrument also provides for indemnification out of the trust property of any shareholder held personally liable solely by reason of his or her being or having been a shareholder. The Trust Instrument also provides that the Trust shall, upon request, assume the defense of any claim made against any shareholder for any act or obligation of the Trust, and shall satisfy any judgment thereon. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is considered to be extremely remote.

The Trust Instrument states further that no Trustee, officer, or agent of the Trust shall be personally liable in connection with the administration or preservation of the assets of the Funds or the conduct of the Trust's business; nor shall any Trustee, officer, or agent be personally liable to any person for any action or failure to act except for his own bad faith, willful misfeasance, gross negligence, or reckless disregard of his duties. The Trust Instrument also provides that all persons having any claim against the Trustees or the Trust shall look solely to the assets of the Trust for payment.

**Derivative Actions Brought by Shareholders**

Pursuant to the Trust Instrument, and in addition to the requirements of Delaware law, a shareholder may bring a derivative action on behalf of the Trust only if the following conditions are met: (a) The shareholder or shareholders must make a pre-suit demand upon the Trustees to bring the subject action unless an effort to cause the Trustees to bring such an action is not likely to succeed. For this

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purpose, a demand on the Trustees shall only be deemed not likely to succeed and therefore excused if a majority of the Board of Trustees, or a majority of any committee established to consider the merits of such action, is composed of Trustees who are not "independent trustees" (as such term is defined in the Delaware Act); (b) Unless a demand is not required under paragraph (a) above, shareholders eligible to bring such derivative action under the Delaware Act who collectively hold at least 10% of the total combined net asset value of the outstanding shares of the Trust, or 10% of the total combined net asset value of the outstanding shares of the Fund or Class to which such action relates if it does not relate to all Funds and Classes, shall join in the request for the Trustees to commence such action; and (c) Unless a demand is not required under paragraph (a) above, the Trustees must be afforded a reasonable amount of time to consider such shareholder request and to investigate the basis of such claim. The Trustees shall be entitled to retain counsel or other advisors in considering the merits of the request and shall require an undertaking by the shareholders making such request to reimburse the Trust for the expense of any such advisors in the event that the Trustees determine not to bring such action.

The Board may designate a committee of one Trustee to consider a shareholder demand if necessary to create a committee with a majority of Trustees who do not have a personal financial interest in the transaction at issue. In addition to all suits, claims, or other actions (collectively, "claims") that under applicable law must be brought as derivative claims, each shareholder of the Trust or any Fund or Class agrees that any claim that affects all shareholders of a Fund or Class equally, that is, proportionately based on their number of shares in such Fund or Class, must be brought as a derivative claim subject to these provisions irrespective of whether such claim involves a violation of the shareholders' rights under the Trust Instrument or any other alleged violation of contractual or individual rights that might otherwise give rise to a direct claim. The provision requiring at least 10% of the outstanding voting securities of the Trust, applicable Fund or Class to join in the request to bring the derivative action and the provision requiring an undertaking by the requesting shareholders to reimburse the Trust for the expense of any advisors retained by the Board in the event that the Trustees determine not to bring such action, may not apply to claims brought under federal securities laws.

**Jurisdiction and Waiver of Jury Trial**

In accordance with Section 3804(e) of the Delaware Act, the Trust Instrument provides that any suit, action or proceeding brought by or in the right of any shareholder or any person or entity claiming any interest in any Shares seeking to enforce any provision of, or based on any matter arising out of, or in connection with, the Trust Instrument or the Trust, any Fund or class or any shares, including any claim of any nature against the Trust, any Fund or class, the Trustees or officers of the Trust, shall be brought exclusively in the Court of Chancery of the State of Delaware to the extent there is subject matter jurisdiction in such court for the claims asserted or, if not, then in the Superior Court of the State of Delaware, and all shareholders and other such persons or entities hereby irrevocably consent to the jurisdiction of such courts (and the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waive, to the fullest extent permitted by law, any objection they may make now or hereafter have to the laying of the venue of any such suit, action or proceeding in such court or that any such suit, action or proceeding brought in any such court as been brought in an inconvenient forum and further, in connection with any such suit, action, or proceeding brought in the Superior Court of the State of Delaware, all shareholders and all other such persons or entities hereby irrevocably waive the right to a trial by jury to the fullest extent permitted by law. All shareholders and other such persons and entities agree that service of summons, complaint or other process in connection with any proceedings may be made by registered or certified mail or by overnight courier addressed to such person or entity at the address shown on the books and records of the Trust for such person or entity or at the address of the person or entity shown on the books and records of the Trust with respect to the Shares that such person or entity claims an interest in. Service of process in any such suit, action or proceeding against the Trust or any Trustee or officer of the Trust may be made at the address of the Trust's registered agent in the State of Delaware. Any service so made shall be effective as if personally made in the State of Delaware.

These exclusive jurisdiction provisions may make it more expensive for a shareholder to bring a suit and may limit a shareholder's ability to litigate a claim in the jurisdiction and in a manner that may be more favorable to the shareholder. A court may choose not to enforce this provision of the Trust Instrument. There is a question regarding the enforceability of the exclusive forum provision in the Trust Instrument because the Securities Act of 1933 and the Investment Company Act of 1940 permit shareholders to bring claims arising under such statutes in both state and federal courts.

**Disclosure of Portfolio Holdings**

The Board has adopted policies and procedures with respect to the disclosure of each Fund's portfolio holdings by the Fund, the Adviser, or their affiliates. These policies and procedures provide that each Fund's portfolio holdings information generally may not be disclosed to any party prior to the information becoming public. Certain limited exceptions are described below. These policies and procedures apply to disclosures to all categories of persons, including individual investors, institutional investors, intermediaries who sell shares of a Fund, third parties providing services to the Fund (accounting agent, print vendors, etc.), rating and ranking organizations (Lipper, Morningstar, etc.) and affiliated persons of the Fund.

The Trust's Chief Compliance Officer is responsible for monitoring each Fund's compliance with these policies and procedures, and for providing regular reports (at least annually) to the Board regarding the adequacy and effectiveness of the policy and recommend changes, if necessary.

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<u>Public Disclosure</u>

The Funds discloses their complete portfolio holdings in their financial statements and are available upon request on the Funds' website, VictoryFunds.com. The Funds also files their complete portfolio holdings with the SEC for the first and third fiscal quarters on Form N-PORT. You can find these filings on the SEC's website, sec.gov, and the Funds' portfolio holdings are available at VictoryFunds.com in accordance with Rule 30e-3 under the 1940 Act.

In addition, the Funds discloses their complete portfolio holdings as of the quarter-end on the Funds' website no earlier than the 15th day following the end of the calendar quarter. The Funds may also publish other information on the Funds' website relating to its portfolio holdings (e.g., top 10 holdings) on a monthly basis no earlier than the 10th day following the end of the month.

<u>Non-Public Disclosures</u>

The Adviser may authorize the disclosure of non-public portfolio holdings information under certain limited circumstances. The Funds' policies provide that non-public disclosures of a Fund's portfolio holdings may only be made if: (i) the Fund has a "legitimate business purpose" (as determined by the President of the Trust) for making such disclosure; and (ii) the party receiving the non-public information enters into a confidentiality agreement, which includes a duty not to trade on the non-public information and describes any compensation to be paid to the Fund or any "affiliated person" of the Adviser or Distributor, including any arrangement to maintain assets in the Fund or in other investment companies or accounts managed by the Adviser or by any "affiliated person" of the Adviser or Distributor.

The Adviser will consider any actual or potential conflicts of interest between the Adviser and a Fund's shareholders and will act in the best interest of the Fund's shareholders with respect to any such disclosure of portfolio holdings information. If a potential conflict can be resolved in a manner that does not present detrimental effects to Fund shareholders, the Adviser may authorize release of portfolio holdings information. Conversely, if the potential conflict cannot be resolved in a manner that does not present detrimental effects to Fund shareholders, the Adviser will not authorize such release.

<u>Ongoing Arrangements to Disclose Portfolio Holdings</u>

As previously authorized by the Board and/or the Trust's executive officers, a Fund periodically discloses non-public portfolio holdings on a confidential basis to various service providers that require such information in order to assist the Fund in its day-to-day operations, as well as public information to certain ratings organizations. These entities are described in the following table. The table also includes information as to the timing of these entities receiving the portfolio holdings information from a Fund. In none of these arrangements does a Fund or any "affiliated person" of the Adviser or Distributor receive any compensation, including any arrangement to maintain assets in the Fund or in other investment companies or accounts managed by the Adviser or by any "affiliated person" of the Adviser or Distributor.

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| | | |
|:---|:---|:---|
| **Type of Service Provider** | **Name of Service Provider** | &nbsp;&nbsp; **Timing of Release of** <br> **Portfolio Holdings Information**<br>|
| Adviser and Fund Accountant | Victory Capital Management Inc. | Daily. |
| Distributor | Victory Capital Services, Inc. | Daily. |
| Custodian | Citibank, N.A. | Daily. |
| Sub-Fund Accountant | Citi Fund Services Ohio, Inc. | Daily. |
| Financial Data Service | FactSet Research Systems, Inc. | Daily. |
| Liquidity Risk Management Service <br> Provider<br>| MSCI, Inc. | Daily. |
| Independent Registered Public <br> Accounting Firm<br>| Cohen & Company, Ltd. | &nbsp;&nbsp; Annual Reporting Period: within 15 <br> business days of end of reporting period.<br>|
| Printer for Financial Reports | Toppan Merrill LLC | &nbsp;&nbsp; Up to 30 days before distribution to <br> shareholders.<br>|
| Legal Counsel, for EDGAR filings on <br> Forms N-CSR and Form N-PORT<br>| Sidley Austin LLP | &nbsp;&nbsp; Up to 30 days before filing with the <br> SEC.<br>|
| Ratings Agency | Lipper | &nbsp;&nbsp; Quarterly, no sooner than 15 calendar <br> days after the end of the previous <br> quarter.<br>|
| Ratings Agency | Morningstar | &nbsp;&nbsp; Quarterly, no sooner than 15 calendar <br> days after the end of the previous <br> quarter.<br>|

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| | | |
|:---|:---|:---|
| **Type of Service Provider** | **Name of Service Provider** | &nbsp;&nbsp; **Timing of Release of** <br> **Portfolio Holdings Information**<br>|
| Financial Data Service | Bloomberg L.P. | &nbsp;&nbsp; Quarterly, no sooner than 15 calendar <br> days after the end of the previous <br> quarter.<br>|

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These service providers are required to keep all non-public information confidential and are prohibited from trading based on the information or otherwise using the information, except as necessary in providing services to a Fund.

There is no guarantee that a Fund's policies on use and dissemination of holdings information will protect the Fund from the potential misuse of holdings by individuals or firms in possession of such information.

**Expenses**

Unless agreed upon otherwise with a third party, all expenses incurred in administration of the Funds will be charged to a particular Fund, including investment management fees; fees and expenses of the Board; interest charges; taxes; brokerage commissions; expenses of valuing assets; expenses of continuing registration and qualification of the Funds and the shares under federal and state law; share issuance expenses; fees and disbursements of independent accountants and legal counsel; fees and expenses of custodians, including, transfer agents and shareholder account servicing organizations; expenses of preparing, printing and mailing prospectuses, reports, proxies, notices and statements sent to shareholders; expenses of shareholder meetings; costs of investing in underlying funds; and insurance premiums. The Funds are also liable for nonrecurring expenses, including litigation to which they may from time to time be a party. Expenses incurred for the operation of a particular Fund, including the expenses of communications with its shareholders, are paid by that Fund.

**Legal Counsel**

Sidley Austin LLP, 787 Seventh Avenue, New York, New York 10019, serves as counsel to the Trust.

**Independent Registered Public Accounting Firm**

Cohen & Company, Ltd., located at 1350 Euclid Avenue, Suite 800, Cleveland, OH 44115, serves as the independent registered public accounting firm for the Funds.

**Miscellaneous**

As used in the Prospectuses and in this SAI, "assets belonging to a fund" (or "assets belonging to the Fund") means the consideration received by the Trust upon the issuance or sale of shares of a Fund, together with all income, earnings, profits and proceeds derived from the investment thereof, including any proceeds from the sale, exchange, or liquidation of such investments and any funds or payments derived from any reinvestment of such proceeds and any general assets of the Trust, which general liabilities and expenses are not readily identified as belonging to a particular series that are allocated to that series by the Trustees. The Trustees may allocate such general assets in any manner they deem fair and equitable. It is anticipated that the factor that will be used by the Trustees in making allocations of general assets to a particular series will be the relative NAV of each respective series at the time of allocation. Assets belonging to a particular series are charged with the direct liabilities and expenses in respect of that series and with a share of the general liabilities and expenses of each of the series not readily identified as belonging to a particular series, which are allocated to each series in accordance with its proportionate share of the NAVs of the Trust at the time of allocation. The timing of allocations of general assets and general liabilities and expenses of the Trust to a particular series will be determined by the Trustees and will be in accordance with generally accepted accounting principles. Determinations by the Trustees as to the timing of the allocation of general liabilities and expenses and as to the timing and allocable portion of any general assets with respect to a particular series are conclusive.

As used in the Prospectuses and in this SAI, a "vote of a majority of the outstanding shares" of the Fund means the affirmative vote of the lesser of (a) 67% or more of the shares of the Fund present at a meeting at which the holders of more than 50% of the outstanding shares of the Fund are represented in person or by proxy, or (b) more than 50% of the outstanding shares of the Fund.

**Each Prospectus and this SAI are not an offering of the securities described in these documents in any state in which such offering may not lawfully be made. No salesperson, dealer, or other person is authorized to give any information or make any representation other than those contained in a Prospectus and this SAI.**

**While this SAI and each Prospectus describe pertinent information about the Trust and the Funds, neither this SAI nor any Prospectus represents a contract between the Trust or a Fund and any shareholder.**

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**APPENDIX A**

**Description of Security Ratings**

Set forth below are descriptions of the relevant ratings of some of the NRSROs. These NRSROs and the descriptions of the ratings are as of the date of this SAI and may subsequently change.

Ratings represent a rating agency's opinion regarding the quality of the security and are not a guarantee of quality. In addition, rating agencies may fail to make timely changes to credit ratings in response to subsequent events and a rating may become stale in that it fails to reflect changes in an issuer's financial condition.

**Moody's Investors Service, Inc. ("Moody's")**

**Global Long-Term Ratings.** Ratings assigned on Moody's global long-term rating scales are forward-looking opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities. Moody's defines credit risk as the risk that an entity may not meet its contractual financial obligations as they come due and any estimated financial loss in the event of default or impairment. The contractual financial obligations addressed by Moody's ratings are those that call for, without regard to enforceability, the payment of an ascertainable amount, which may vary based upon standard sources of variation (e.g., floating interest rates), by an ascertainable date. Moody's rating addresses the issuer's ability to obtain cash sufficient to service the obligation, and its willingness to pay. Moody's ratings do not address non-standard sources of variation in the amount of the principal obligation (e.g., equity indexed), absent an express statement to the contrary in a press release accompanying an initial rating. Long-term ratings are assigned to issuers or obligations with an original maturity of 11 months or more and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment. The following describes the global long- term ratings by Moody's.

**Aaa** — Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.

**Aa** — Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

**A** — Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.

**Baa** — Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

**Ba** — Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

**B** — Obligations rated B are considered speculative and are subject to high credit risk.

**Caa** — Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.

**Ca** — Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

**C** — Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

**Medium-Term Note Program Ratings.** Moody's assigns provisional ratings to medium-term note (MTN) or similar programs and definitive ratings to the individual debt securities issued from them (referred to as drawdowns or notes). MTN program ratings are intended to reflect the ratings likely to be assigned to drawdowns issued from the program with the specified priority of claim (e.g. senior or subordinated). To capture the contingent nature of a program rating, Moody's assigns provisional ratings to MTN programs. A provisional rating is denoted by a (P) in front of the rating.

The rating assigned to a drawdown from a rated MTN or bank/deposit note program is definitive in nature, and may differ from the program rating if the drawdown is exposed to additional credit risks besides the issuer's default, such as links to the defaults of other issuers, or has other structural features that warrant a different rating. In some circumstances, no rating may be assigned to a drawdown.

Moody's encourages market participants to contact Moody's Ratings Desks or visit moodys.com directly if they have questions regarding ratings for specific notes issued under a medium-term note program. Unrated notes issued under an MTN program may be assigned an NR (not rated) symbol.

Note: Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and

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the modifier 3 indicates a ranking in the lower end of that generic rating category. Additionally, a "(hyb)" indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms.

Global Short-Term Ratings. Ratings assigned on Moody's global short-term rating scales are forward-looking opinions of the relative credit risk of financial obligations issued by non-financial corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities. Short-term ratings are assigned to obligations with an original maturity of 13 or fewer months and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment.

Moody's employs the following designations to indicate the relative repayment ability of rated issuers:

**P-1.** — Ratings of Prime-1 reflect a superior ability to repay short-term obligations.

**P-2.** — Ratings of Prime-2 reflect a strong ability to repay short-term obligations.

**P-3.** — Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations.

**NP.** — Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

Speculative Grade Liquidity Ratings. Moody's Speculative Grade Liquidity Ratings are opinions of an issuer's relative ability to generate cash from internal resources and the availability of external sources of committed financing, in relation to its cash obligations over the coming 12 months. Speculative Grade Liquidity Ratings will consider the likelihood that committed sources of financing will remain available. Other forms of liquidity support will be evaluated and consideration will be given to the likelihood that these sources will be available during the coming 12 months. Speculative Grade Liquidity Ratings are assigned to speculative grade issuers that are by definition Not Prime issuers.

**SGL-1** — Issuers rated SGL-1 possess very good liquidity. They are most likely to have the capacity to meet their obligations over the coming 12 months through internal resources without relying on external sources of committed financing.

**SGL-2** — Issuers rated SGL-2 possess good liquidity. They are likely to meet their obligations over the coming 12 months through internal resources but may rely on external sources of committed financing. The issuer's ability to access committed sources of financing is highly likely based on Moody's evaluation of near-term covenant compliance.

**SGL-3** — Issuers rated SGL-3 possess adequate liquidity. They are expected to rely on external sources of committed financing. Based on its evaluation of near-term covenant compliance, Moody's believes there is only a modest cushion, and the issuer may require covenant relief in order to maintain orderly access to funding lines.

**SGL-4** — Issuers rated SGL-4 possess weak liquidity. They rely on external sources of financing and the availability of that financing is, in Moody's opinion, highly uncertain.

**U.S. Municipal Short-Term Debt and Demand Obligation Ratings.** Moody's uses the global short-term Prime rating scale for commercial paper issued by U.S. municipalities and nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by an issuer's self-liquidity. For other short-term municipal obligations, Moody's uses one of two other short-term rating scales the Municipal Investment Grade (MIG) and Variable Municipal Investment Grade (VMIG) scales discussed below.

The MIG scale is used for U.S. municipal cash flow notes, bond anticipation notes and certain other short-term obligations, which typically mature in three years or less. Under certain circumstances, the MIG scale is used for bond anticipation notes with maturities of up to five years.

**MIG-1.** This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing.

**MIG-2.** This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group.

**MIG-3.** This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established.

**SG.** This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection.

**VMIG Ratings.** In the case of variable rate demand obligations (VRDOs), a two-component rating is assigned. The components are a long-term rating and a short-term demand obligation rating. The long-term rating addresses the issuer's ability to meet scheduled

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principal and interest payments. The short-term demand obligation rating addresses the ability of the issuer or the liquidity provider to make payments associated with the purchase-price-upon-demand feature ("demand feature") of the VRDO. The short-term demand obligation rating uses the VMIG scale. VMIG ratings with liquidity support use as an input the short-term Counterparty Risk Assessment of the support provider, or the long-term rating of the underlying obligor in the absence of third-party liquidity support. Transitions of VMIG ratings of demand obligations with conditional liquidity support differ from transitions on the Prime scale to reflect the risk that external liquidity support will terminate if the issuer's long-term rating drops below investment grade.

For VRDOs, Moody's typically assigns the VMIG short-term demand obligation rating if the frequency of the demand feature is less than every three years. If the frequency of the demand feature is less than three years but the purchase price is payable only with remarketing proceeds, the short-term demand obligation rating is "NR."

Industrial development bonds in the United States where the obligor is a corporate may carry a VMIG rating that reflects Moody's view of the relative likelihood of default and loss. In these cases, liquidity assessment is based on the liquidity of the corporate obligor.

**VMIG-1.** This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections.

**VMIG-2.** This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections.

**VMIG-3.** This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections.

**SG.** This designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity provider that does not have a sufficiently strong short-term rating or may lack the structural or legal protections.

**S&P Global Ratings**

An S&P Global Ratings issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in which the obligation is denominated. The opinion reflects S&P Global Ratings' view of the obligor's capacity and willingness to meet its financial commitments as they come due, and this opinion may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default.

Issue credit ratings can be either long-term or short-term. Short-term issue credit ratings are generally assigned to those obligations considered short-term in the relevant market, typically with an original maturity of no more than 365 days. Short-term issue credit ratings are also used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations. S&P Global Ratings would typically assign a long-term issue credit rating to an obligation with an original maturity of greater than 365 days. However, the ratings assigned by S&P Global Ratings to certain instruments may diverge from these guidelines based on market practices. Medium-term notes are assigned long-term ratings.

**Long-Term Issue Credit Ratings.** Issue credit ratings are based, in varying degrees, on S&P Global Ratings analysis of the following considerations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitment on an obligation in accordance with the terms of the obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The nature of and provisions of the financial obligation, and the promise imputed by S&P Global Ratings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors' rights.

An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.)

**AAA** — An obligation rated "AAA" has the highest rating assigned by S&P Global Ratings. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

**AA** — An obligation rated "AA" differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitment on the obligation is very strong.

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**A** — An obligation rated "A" is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

**BBB** — An obligation rated "BBB" exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation.

**BB, B, CCC, CC, and C** — Obligations rated "BB," "B," "CCC," "CC," and "C" are regarded as having significant speculative characteristics. "BB" indicates the least degree of speculation and "C" the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure to adverse conditions.

**BB** — An obligation rated "BB" is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation.

**B** — An obligation rated "B" is more vulnerable to nonpayment than obligations rated "BB," but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation.

**CCC** — An obligation rated "CCC" is currently vulnerable to nonpayment, and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.

**CC** — An obligation rated "CC" is currently highly vulnerable to nonpayment. The "CC" rating is used when a default has not yet occurred, but S&P Global Ratings expects default to be a virtual certainty, regardless of the anticipated time to default.

**C** — An obligation rated "C" is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher.

**D** — An obligation rated "D" is in default or in breach of an imputed promise. For non-hybrid capital instruments, the "D" rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within the next five business days in the absence of a stated grace period or within the earlier of the stated grace period or the next 30 calendar days. The "D" rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to "D" if it is subject to a distressed debt restructuring.

**NR** — This indicates that a rating has not been assigned or is no longer assigned.

**Plus (+) or minus (-)** — Ratings from "AA" to "CCC" may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.

**Short-Term Issue Credit Ratings.** The following describes S&P Global Ratings' short-term issue credit ratings.

**A-1** — A short-term obligation rated "A-1" is rated in the highest category by S&P Global Ratings. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these obligations is extremely strong.

**A-2** — A short-term obligation rated "A-2" is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

**A-3** — A short-term obligation rated "A-3" exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitment on the obligation.

**B** — A short-term obligation rated "B" is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity to meet its financial commitments.

**C** — A short-term obligation rated "C" is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation.

**D** — A short-term obligation rated "D" is in default or in breach of an imputed promise. For non-hybrid capital instruments, the "D" rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such

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payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The "D" rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to "D" if it is subject to a distressed debt restructuring.

**Municipal Short-Term Note Ratings**. The following describes Standard & Poor's Municipal Short-Term Note Ratings.

An S&P Global Ratings U.S. municipal note rating reflects S&P Global Ratings' opinion about the liquidity factors and market access risks unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to assign, S&P Global Ratings' analysis will review the following considerations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amortization schedule — the larger the final maturity relative to other maturities, the more likely it will be treated as a note; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Source of payment — the more dependent the issue is on the market for its refinancing, the more likely it will be treated as a note.

**SP-1.** Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation.

**SP-2.** Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.

**SP-3.** Speculative capacity to pay principal and interest.

**D.** Assigned upon failure to pay the note when due, completion of a distressed debt restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions.

<u>Active Qualifiers</u>

S&P Global Ratings uses the following qualifiers that limit the scope of a rating. The structure of the transaction can require the use of a qualifier such as a 'p' qualifier, which indicates the rating addresses the principal portion of the obligation only. A qualifier appears as a suffix and is part of the rating.

**Federal deposit insurance limit: "L" qualifier** — Ratings qualified with "L" apply only to amounts invested up to federal deposit insurance limits.

**Principal: "p" qualifier** — This suffix is used for issues in which the credit factors, the terms, or both, that determine the likelihood of receipt of payment of principal are different from the credit factors, terms or both that determine the likelihood of receipt of interest on the obligation. The "p" suffix indicates that the rating addresses the principal portion of the obligation only and that the interest is not rated.

**Preliminary ratings: "prelim" qualifier** — Preliminary ratings, with the "prelim" suffix, may be assigned to obligors or obligations, including financial programs, in the circumstances described below. Assignment of a final rating is conditional on the receipt by S&P Global Ratings of appropriate documentation. S&P Global Ratings reserves the right not to issue a final rating. Moreover, if a final rating is issued, it may differ from the preliminary rating.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preliminary ratings may be assigned to obligations, most commonly structured and project finance issues, pending receipt of final documentation and legal opinions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preliminary ratings may be assigned to obligations that will likely be issued upon the obligor's emergence from bankruptcy or similar reorganization, based on late-stage reorganization plans, documentation, and discussions with the obligor. Preliminary ratings may also be assigned to the obligors. These ratings consider the anticipated general credit quality of the reorganized or post-bankruptcy issuer as well as attributes of the anticipated obligation(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preliminary ratings may be assigned to entities that are being formed or that are in the process of being independently established when, in S&P Global Ratings' opinion, documentation is close to final. Preliminary ratings may also be assigned to the obligations of these entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preliminary ratings may be assigned when a previously unrated entity is undergoing a well-formulated restructuring, recapitalization, significant financing, or other transformative event, generally at the point that investor or lender commitments are invited. The preliminary rating may be assigned to the entity and to its proposed obligation(s). These preliminary ratings

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consider the anticipated general credit quality of the obligor, as well as attributes of the anticipated obligation(s), assuming successful completion of the transformative event. Should the transformative event not occur, S&P Global Ratings would likely withdraw these preliminary ratings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A preliminary recovery rating may be assigned to an obligation that has a preliminary issue credit rating.

**Termination structures: "t" qualifier** — This symbol indicates termination structures that are designed to honor their contracts to full maturity or, should certain events occur, to terminate and cash settle all their contracts before their final maturity date.

**Counterparty instrument rating: "cir" qualifier** — This symbol indicates a counterparty instrument rating (CIR), which is a forward-looking opinion about the creditworthiness of an issuer in a securitization structure with respect to a specific financial obligation to a counterparty (including interest rate swaps, currency swaps, and liquidity facilities). The CIR is determined on an ultimate payment basis; these opinions do not take into account timeliness of payment.

**Fitch Ratings, Inc. ("Fitch")**

**International Long-Term Ratings**

**Investment Grade**

**AAA** — Highest credit quality. "AAA" ratings denote the lowest expectation of default risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

**AA** — Very high credit quality. "AA" ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

**A** — High credit quality. "A" ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

**BBB** — Good credit quality. "BBB" ratings indicate that expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate but adverse business or economic conditions are more likely to impair this capacity.

**Speculative Grade**

**BB** — Speculative. "BB" ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial flexibility exists that supports the servicing of financial commitments.

**B** — Highly speculative. "B" ratings indicate that material default risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in the business and economic environment.

**CCC** — Substantial credit risk. Very low margin for safety. Default is a real possibility.

**CC** — Very high levels of credit risk. Default of some kind appears probable.

**C** — Near default. A default or default-like process has begun, or the issuer is in standstill, or for a closed funding vehicle, payment capacity is irrevocably impaired. Conditions that are indicative of a "C" category rating for an issuer include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The issuer has entered into a grace or cure period following non-payment of a material financial obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The issuer has entered into a temporary negotiated waiver or standstill agreement following a payment default on a material financial obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The formal announcement by the issuer or their agent of a distressed debt exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A closed financing vehicle where payment capacity is irrevocably impaired such that it is not expected to pay interest and/or principal in full during the life of the transaction, but where no payment default is imminent.

**RD** — Restricted default. "RD" ratings indicate an issuer that in Fitch's opinion has experienced:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An uncured payment default or distressed debt exchange on a bond, loan, or other material financial obligation but

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Has not entered into bankruptcy filings, administration, receivership, liquidation, or other formal winding-up procedure, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Has not otherwise ceased operating. This would include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The selective payment default on a specific class or currency of debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The uncured expiry of any applicable grace period, cure period or default forbearance period following a payment default on a bank loan, capital markets security or other material financial obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The extension of multiple waivers or forbearance periods upon a payment default on one or more material financial obligations, either in series or in parallel; or ordinary execution of a distressed debt exchange on one or more material financial obligations.

**D** — Default. "D" ratings indicate an issuer that in Fitch's opinion has entered into bankruptcy filings, administration, receivership, liquidation, or other formal winding-up procedure or that has otherwise ceased business.

Default ratings are not assigned prospectively to entities or their obligations; within this context, non-payment on an instrument that contains a deferral feature or grace period will generally not be considered a default until after the expiration of the deferral or grace period, unless a default is otherwise driven by bankruptcy or other similar circumstance, or by a distressed debt exchange.

Imminent default, categorized under "C," typically refers to the occasion where a payment default has been intimated by the issuer and is all but inevitable. This may, for example, be where an issuer has missed a scheduled payment, but (as is typical) has a grace period during which it may cure the payment default. Another alternative would be where an issuer has formally announced a distressed debt exchange, but the date of the exchange still lies several days or weeks in the immediate future.

In all cases, the assignment of a default rating reflects the agency's opinion as to the most appropriate rating category consistent with the rest of its universe of ratings, and may differ from the definition of default under the terms of an issuer's financial obligations or local commercial practice.

**International Short-Term Ratings.** The following describes Fitch's two highest short-term ratings:

**F1.** Highest short-term credit quality. Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added "+" to denote any exceptionally strong credit feature.

**F2.** Good short-term credit quality. Good intrinsic capacity for timely payment of financial commitments.

**Notes to Long- and Short-term ratings:**

The modifiers "+" or "-" may be appended to a rating to denote relative status within major rating categories. Such suffixes are not added to "AAA" ratings and ratings below the "CCC" category. For the short-term rating category of "F1," a "+" may be appended.

**Withdrawn** —The rating has been withdrawn and the issue or issuer is no longer rated by Fitch. Ratings that have been withdrawn will be indicated by the symbol "WD."

**Rating Watch** — Rating Watches indicate that there is a heightened probability of a rating change and the likely direction of such a change. These are designated as "Positive," indicating that a rating could stay at its present level or potentially be upgraded, "Negative," to indicate that the rating could stay at its present level or potentially be downgraded, or "Evolving" if ratings may be raised, lowered, or affirmed. However, ratings can be raised or lowered without being placed on Rating Watch first.

A Rating Watch is typically event-driven and, as such, it is generally resolved over a relatively short period. The event driving the Watch may be either anticipated or have already occurred, but in both cases, the exact rating implications remain undetermined. The Watch period is typically used to gather further information and/or subject the information to further analysis. A Rating Watch must be reviewed and a RAC be published every six months after a rating has been placed on Rating Watch, except in the case described below.

Additionally, a Watch may be used where the rating implications are already clear, but where they remain contingent upon an event (e.g. shareholder or regulatory approval). The Watch will typically extend to cover the period until the event is resolved or its outcome is predictable with a high enough degree of certainty to permit resolution of the Watch. In these cases, where it has previously been communicated within the RAC that the Rating Watch will be resolved upon an event and where there are no material changes to the respective rating up to the event, the Rating Watch may not be reviewed within the six months interval. In any case, the affected ratings (and the Rating Watch) will remain subject to an annual review cycle.

**Rating Outlook** — Outlooks indicate the direction a rating is likely to move over a one- to two-year period. They reflect financial or other trends that have not yet reached or been sustained the level that would cause a rating action, but which may do so if such trends continue. A Positive Rating Outlook indicates an upward trend on the rating scale. Conversely, a Negative Rating Outlook signals a

------

negative trend on the rating scale. Positive or Negative Rating Outlooks do not imply that a rating change is inevitable, and similarly, ratings with Stable Outlooks can be raised or lowered without a prior revision to the Outlook. Occasionally, where the fundamental trend has strong, conflicting elements of both positive and negative, the Rating Outlook may be described as "Evolving."

Outlooks are currently applied on the long-term scale to certain issuer ratings in corporate finance (including sovereigns, industrials, utilities, financial institutions and insurance companies) and to both issuer ratings and obligations ratings in public finance in the United States; to issues in infrastructure and project finance; to Insurer Financial Strength Ratings; to issuer and/or issue ratings in a number of National Rating scales; and to the ratings of structured finance transactions and covered bonds. Outlooks are not applied to ratings assigned on the short-term scale. For financial institutions, Outlooks are not assigned to Viability Ratings, Support Ratings and Support Rating Floors. Derivative counterparty ratings are also not assigned Outlooks.

Ratings in the "CCC," "CC," and "C" categories typically do not carry Outlooks since the volatility of these ratings is very high and outlooks would be of limited informational value. Defaulted ratings do not carry Outlooks.

------

**Registration Statement**

**of**

**VICTORY PORTFOLIOS**

**on**

**Form N-1A**

**PART C. OTHER INFORMATION** 

---

| | | |
|:---|:---|:---|
| **Item 28.**  | **Exhibits** |  |
| (a) | &nbsp;&nbsp; (1)(a) | [<u>Certificate of Trust dated December 6, 1995.</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465913075668/a13-21792_1ex99dba1.htm) |
|  | &nbsp;&nbsp; (1)(b) | [<u>Certificate of Amendment dated August 19, 2015, to the Certificate of Trust.</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465915073617/a15-21578_1ex99dba1b.htm) |
|  | (2) | [<u>Second Amended and Restated Trust Instrument dated as of February 26, 2019.</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465919013442/a19-2998_5ex99da2.htm) |
| (b) |  | [<u>Bylaws, Amended and Restated as of August 26, 2009.</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465909068535/a09-33940_1ex99dbb.htm) |
| (c) |  | &nbsp;&nbsp; [<u>The rights of holders of the securities being registered are set out in Articles II, VII, IX and X of the Trust</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465919013442/a19-2998_5ex99da2.htm)<br> [<u>Instrument referenced in Exhibit (a)(2) above</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465919013442/a19-2998_5ex99da2.htm) and [<u>in Article IV of the Bylaws referenced in Exhibit (b)</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465909068535/a09-33940_1ex99dbb.htm)<br> [<u>above.</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465909068535/a09-33940_1ex99dbb.htm)<br>|
| (d) | &nbsp;&nbsp; (1)(a) | &nbsp;&nbsp; [<u>Investment Advisory Agreement dated August 1, 2013, between Registrant and Victory Capital Manage-</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465913075668/a13-21792_1ex99dbd1a.htm)<br> [<u>ment Inc. ("Victory Capital" or the "Adviser") for June 30 fiscal year end funds.</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465913075668/a13-21792_1ex99dbd1a.htm)<br>|
|  | &nbsp;&nbsp; (1)(b) | [<u>Schedule A to the Advisory Agreement dated August 1, 2013, current as of December 5, 2024</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386325003951/f41497d2.htm).  |
|  | &nbsp;&nbsp; (2)(a)  | &nbsp;&nbsp; [<u>Investment Advisory Agreement dated as of July 29, 2016, between Registrant and the Adviser for Decem-</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465917027612/a17-11321_1ex99dbd2a.htm)<br> [<u>ber 31 fiscal year end funds.</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465917027612/a17-11321_1ex99dbd2a.htm)<br>|
|  | &nbsp;&nbsp; (2)(b) | [<u>Schedule A to the Advisory Agreement dated July 29, 2016, current as of January 17, 2024</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386324003121/f38246d2.htm).  |
|  | &nbsp;&nbsp; (3)(a) | &nbsp;&nbsp; [<u>Investment Sub-Advisory Agreement dated as of June 1, 2021, between the Adviser and SailingStone Capi-</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386321004749/f9501d2.htm)<br> [<u>tal Partners LLC regarding the Victory Global Energy Transition Fund.</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386321004749/f9501d2.htm)<br>|
|  | &nbsp;&nbsp; (4)(a) | &nbsp;&nbsp; [<u>Investment Sub-Advisory Agreement dated October 4, 2024, between the Adviser and Amundi Asset Man-</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386324006084/f39339d3.htm)<br> [<u>agement US, Inc. regarding the Victory Floating Rate Fund</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386324006084/f39339d3.htm).<br>|
| (e) | &nbsp;&nbsp; (1)(a) | &nbsp;&nbsp; [<u>Distribution Agreement dated August 1, 2013, between Registrant and Victory Capital Services, Inc.</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465913075668/a13-21792_1ex99dbe1.htm)<br> [<u>("VCS") fka Victory Capital Advisers, Inc.</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465913075668/a13-21792_1ex99dbe1.htm)<br>|
|  | &nbsp;&nbsp; (1)(b) | [<u>Amendment dated August 19, 2015, to the Distribution Agreement dated August 1, 2013.</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465918073349/a18-41511_1ex99dbe2.htm) |
|  | &nbsp;&nbsp; (1)(c) | [<u>Schedule I to the Distribution Agreement dated August 1, 2013, current as of December 5, 2024.</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386325003951/f41497d3.htm) |
|  | &nbsp;&nbsp; (1)(d) | [<u>Shareholder Services Agreement between VCS. and Victory Transfer Agency Company Inc.</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386325003951/f41497d4.htm) |
| (f) |  | None. |
| (g) | &nbsp;&nbsp; (1)(a) | &nbsp;&nbsp; [<u>Global Custodial Services Agreement between the Registrant and Citibank, N.A. dated as of August 5,</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465908071024/a08-21458_1ex99dbg1c.htm)<br> [<u>2008.</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465908071024/a08-21458_1ex99dbg1c.htm)<br>|
|  | &nbsp;&nbsp; (1)(b) | [<u>Amendment and Joinder to the Master Global Custodial Services Agreement dated August 19, 2015</u>](https://www.sec.gov/Archives/edgar/data/1068663/000168386324002520/f38241d4.htm).  |
|  | &nbsp;&nbsp; (1)(c) | [<u>Amendment and Joinder to the Master Global Custodial Services Agreement dated July 15, 2016.</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465917012565/a17-3236_1ex99dbg1b.htm) |
|  | &nbsp;&nbsp; (1)(d) | [<u>Amendment and Joinder to the Master Global Custodial Services Agreement dated August 24, 2016.</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465917012565/a17-3236_1ex99dbg1c.htm) |
|  | &nbsp;&nbsp; (1)(e) | [<u>Amendment and Joinder to the Master Global Custodial Services Agreement dated February 27, 2017.</u>](http://www.sec.gov/Archives/edgar/data/1547580/000110465917020677/a17-10121_1ex99dbg1e.htm) |
|  | &nbsp;&nbsp; (1)(f) | [<u>Amendment and Joinder to the Master Global Custodial Services Agreement dated March 1, 2019.</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465919024636/a19-6871_1ex99dbg1e.htm) |
|  | &nbsp;&nbsp; (1)(g) | [<u>Amendment and Joinder to the Master Global Custodial Services Agreement dated July 1, 2019.</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465920026262/a20-6597_1ex99dbg1f.htm) |
|  | &nbsp;&nbsp; (1)(h) | [<u>Amendment and Joinder to the Master Global Custodial Services Agreement dated June 18, 2020.</u>](https://www.sec.gov/Archives/edgar/data/1547580/000110465920101924/a20-29846_1ex99dg1g.htm) |
|  | &nbsp;&nbsp; (1)(i)  | [<u>Amendment and Joinder to the Master Global Custodial Services Agreement, dated December 2, 2020.</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386321001022/f8123d2.htm) |
|  | &nbsp;&nbsp; (1)(j)  | [<u>Amendment and Joinder to the Master Global Custodial Services Agreement, dated January 1, 2021.</u>](https://www.sec.gov/Archives/edgar/data/1547580/000168386321004176/f9242d9.htm) |
|  | &nbsp;&nbsp; (1)(k)  | [<u>Amendment and Joinder to the Master Global Custodial Services Agreement, dated May 18, 2021.</u>](https://www.sec.gov/Archives/edgar/data/1547580/000168386321004176/f9242d10.htm) |
|  | &nbsp;&nbsp; (1)(l) | [<u>Amendment and Joinder to the Master Global Custodial Services Agreement, dated August 30, 2022</u>](https://www.sec.gov/Archives/edgar/data/1547580/000168386322006657/f23350d6.htm). |
|  | &nbsp;&nbsp; (l)(m) | [<u>Amendment to Master Global Custodial Services Agreement dated April 24, 2023</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386323003885/f25126d5.htm). |
|  | &nbsp;&nbsp; (l)(n) | [<u>Amendment to Master Global Custodial Services Agreement dated June 1, 2024</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386324006084/f39339d4.htm).  |
|  | &nbsp;&nbsp; (l)(o) | [<u>Amendment to Master Global Custodial Services Agreement dated October 29, 2024</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386325003951/f41497d5.htm).  |
|  | &nbsp;&nbsp; (1)(p) | [<u>Amendment to Master Global Custodial Services Agreement dated June 4, 2025.</u>](f43130d2.htm) (filed herewith) |
| (h) | (1) | [<u>Revised Form of Broker-Dealer Agreement.</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465919024636/a19-6871_1ex99dbh1.htm) |
|  | &nbsp;&nbsp; (2)(a) | &nbsp;&nbsp; [<u>Administration and Fund Accounting Agreement dated July 1, 2006, between Registrant and Victory Capi-</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465906082890/a06-25262_1ex99dh1.htm)<br> [<u>tal.</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465906082890/a06-25262_1ex99dh1.htm)<br>|
|  | &nbsp;&nbsp; (2)(b) | [<u>Amendment dated July 1, 2009, to the Administration and Fund Accounting Agreement dated July 1, 2006.</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465909068535/a09-33940_1ex99dbh3c.htm) |
|  | &nbsp;&nbsp; (2)(c) | &nbsp;&nbsp; [<u>Amendment No. 2 dated July 1, 2012, to the Administration and Fund Accounting Agreement dated July 1,</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465913015010/a12-28699_1ex99dh2c.htm)<br> [<u>2006.</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465913015010/a12-28699_1ex99dh2c.htm)<br>|
|  | &nbsp;&nbsp; (2)(d) | &nbsp;&nbsp; [<u>Amendment No. 3 dated May 21, 2015, to the Administration and Fund Accounting Agreement dated</u>](http://www.sec.gov/Archives/edgar/data/1547580/000110465915073665/a15-20537_1ex99dbh3d.htm)<br> [<u>July 1, 2006.</u>](http://www.sec.gov/Archives/edgar/data/1547580/000110465915073665/a15-20537_1ex99dbh3d.htm)<br>|

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; (2)(e) | &nbsp;&nbsp; [<u>Amendment No. 4 dated August 19, 2015, to the Administration and Fund Accounting Agreement dated</u>](http://www.sec.gov/Archives/edgar/data/1547580/000110465915073665/a15-20537_1ex99dbh3e.htm)<br> [<u>July 1, 2006.</u>](http://www.sec.gov/Archives/edgar/data/1547580/000110465915073665/a15-20537_1ex99dbh3e.htm)<br>|
| &nbsp;&nbsp; (2)(f) | &nbsp;&nbsp; [<u>Amendment No. 5 dated August 24, 2016, to the Administration and Fund Accounting Agreement dated</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465917012565/a17-3236_1ex99dbh2f.htm)<br> [<u>July 1, 2006.</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465917012565/a17-3236_1ex99dbh2f.htm)<br>|
| &nbsp;&nbsp; (2)(g) | &nbsp;&nbsp; [<u>Amendment No. 6 dated February 28, 2018, to the Administration and Fund Accounting Agreement dated</u>](http://www.sec.gov/Archives/edgar/data/1068663/000110465918024484/a18-9196_1ex99dbh1g.htm)<br> [<u>July 1, 2006.</u>](http://www.sec.gov/Archives/edgar/data/1068663/000110465918024484/a18-9196_1ex99dbh1g.htm)<br>|
| &nbsp;&nbsp; (2)(h) | &nbsp;&nbsp; [<u>Amendment No. 7 dated February 27, 2019, to the Administration and Fund Accounting Agreement dated</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465919013442/a19-2998_5ex99dh2e.htm)<br> [<u>July 1, 2006.</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465919013442/a19-2998_5ex99dh2e.htm)<br>|
| &nbsp;&nbsp; (2)(i) | &nbsp;&nbsp; [<u>Amendment No. 8 dated June 18, 2020, to the Administration and Fund Accounting Agreement dated</u>](https://www.sec.gov/Archives/edgar/data/1547580/000110465920101924/a20-29846_1ex99dh2g.htm)<br> [<u>July 1, 2006.</u>](https://www.sec.gov/Archives/edgar/data/1547580/000110465920101924/a20-29846_1ex99dh2g.htm)<br>|
| &nbsp;&nbsp; (2)(j) | &nbsp;&nbsp; [<u>Amendment No. 9 dated February 2, 2021, to the Administration and Fund Accounting Agreement dated</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386321001022/f8123d3.htm)<br> [<u>July 1, 2006.</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386321001022/f8123d3.htm)<br>|
| &nbsp;&nbsp; (2)(k) | [<u>Amendment No 10 dated May 18, 2021, to the Administration and Fund Accounting Agreement.</u>](https://www.sec.gov/Archives/edgar/data/1547580/000168386321004176/f9242d12.htm) |
| &nbsp;&nbsp; (2)(l) | &nbsp;&nbsp; [<u>Amendment No. 11 dated November 18, 2021, to the Administration and Fund Accounting Agreement</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386322001045/f10757d6.htm)<br> [<u>dated July 1, 2006.</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386322001045/f10757d6.htm)<br>|
| &nbsp;&nbsp; (2)(m) | &nbsp;&nbsp; [<u>Amendment No. 12 dated May 24, 2022, to the Administration and Fund Accounting Agreement dated</u>](https://www.sec.gov/Archives/edgar/data/1547580/000168386322006657/f23350d7.htm)<br> [<u>July 1, 2006.</u>](https://www.sec.gov/Archives/edgar/data/1547580/000168386322006657/f23350d7.htm)<br>|
| &nbsp;&nbsp; (2)(n) | &nbsp;&nbsp; [<u>Amendment No. 13 dated August 30, 2022, to the Administration and Fund Accounting Agreement dated</u>](https://www.sec.gov/Archives/edgar/data/1547580/000168386322006657/f23350d8.htm)<br> [<u>July 1, 2006.</u>](https://www.sec.gov/Archives/edgar/data/1547580/000168386322006657/f23350d8.htm)<br>|
| &nbsp;&nbsp; (2)(o) | &nbsp;&nbsp; [<u>Amendment No. 14 dated January 1, 2023, to the Administration and Fund Accounting Agreement dated</u>](https://www.sec.gov/Archives/edgar/data/1547580/000168386323003132/f25125d3.htm)<br> [<u>July 1, 2006.</u>](https://www.sec.gov/Archives/edgar/data/1547580/000168386323003132/f25125d3.htm)<br>|
| &nbsp;&nbsp; (2)(p) | &nbsp;&nbsp; [<u>Amendment No. 15 dated May 23, 2023, to the Administration and Fund Accounting Agreement dated</u>](https://www.sec.gov/Archives/edgar/data/1547580/000168386323005083/f25735d5.htm)<br> [<u>July 1, 2006</u>](https://www.sec.gov/Archives/edgar/data/1547580/000168386323005083/f25735d5.htm).<br>|
| &nbsp;&nbsp; (2)(q) | &nbsp;&nbsp; [<u>Amendment No. 16 dated December 5, 2023, to the Administration and Fund Accounting Agreement dated</u>](https://www.sec.gov/Archives/edgar/data/1547580/000168386324002322/f38171d2.htm)<br> [<u>July 1, 2006</u>](https://www.sec.gov/Archives/edgar/data/1547580/000168386324002322/f38171d2.htm).<br>|
| &nbsp;&nbsp; (2)(r) | &nbsp;&nbsp; [<u>Amendment No. 17 dated May 21, 2024, to the Administration and Fund Accounting Agreement dated</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386324006084/f39339d5.htm)<br> [<u>July 1, 2006</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386324006084/f39339d5.htm).<br>|
| &nbsp;&nbsp; (2)(s) | &nbsp;&nbsp; [<u>Amendment No. 18 dated August 27, 2024, to the Administration and Fund Accounting Agreement dated</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386325003951/f41497d6.htm)<br> [<u>July 1, 2006</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386325003951/f41497d6.htm).<br>|
| &nbsp;&nbsp; (2)(t) | &nbsp;&nbsp; [<u>Amendment No. 19 dated October 22, 2024, to the Administration and Fund Accounting Agreement dated</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386325003951/f41497d7.htm)<br> [<u>July 1, 2026</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386325003951/f41497d7.htm).<br>|
| &nbsp;&nbsp; (2)(u) | &nbsp;&nbsp; [<u>Amendment No.20 dated May 20, 2025, to the Administration and Fund Accounting Agreement. (filed</u>](f43130d3.htm)<br> [<u>herewith)</u>](f43130d3.htm)<br>|
| &nbsp;&nbsp; (3)(a)  | &nbsp;&nbsp; [<u>Sub-Administration and Sub-Fund Accounting Agreement effective October 1, 2015, between Victory Capi-</u>](http://www.sec.gov/Archives/edgar/data/1547580/000110465917002631/a17-1496_1ex99dbh7a.htm)<br> [<u>tal and Citi Fund Services Ohio, Inc.</u>](http://www.sec.gov/Archives/edgar/data/1547580/000110465917002631/a17-1496_1ex99dbh7a.htm)<br>|
| &nbsp;&nbsp; (3)(b) | [<u>Amendment dated as of February 27, 2017, to Sub-Administration and Sub-Fund Accounting Agreement.</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465917012565/a17-3236_1ex99dbh3b.htm) |
| &nbsp;&nbsp; (3)(c) | &nbsp;&nbsp; [<u>Amendment No. 2 dated as of February 28, 2018, to the Sub-Administration and Sub-Fund Accounting</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465918063690/a18-36347_1ex99dbh3c.htm)<br> [<u>Agreement.</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465918063690/a18-36347_1ex99dbh3c.htm)<br>|
| &nbsp;&nbsp; (3)(d) | &nbsp;&nbsp; [<u>Amendment No. 3 dated as of February 27, 2019, to the Sub-Administration and Sub-Fund Accounting</u>](http://www.sec.gov/Archives/edgar/data/1068663/000110465919021702/a19-6868_1ex99dbh2d.htm)<br> [<u>Agreement.</u>](http://www.sec.gov/Archives/edgar/data/1068663/000110465919021702/a19-6868_1ex99dbh2d.htm)<br>|
| &nbsp;&nbsp; (3)(e) | &nbsp;&nbsp; [<u>Amendment No. 4 dated as of July 1, 2019, to the Sub-Administration and Sub-Fund Accounting Agree-</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465919056585/a19-19337_1ex99dbh3e.htm)<br> [<u>ment.</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465919056585/a19-19337_1ex99dbh3e.htm)<br>|
| &nbsp;&nbsp; (3)(f) | &nbsp;&nbsp; [<u>Amendment No. 5 dated as of May 12, 2020, to the Sub-Administration and Sub-Fund Accounting Agree-</u>](https://www.sec.gov/Archives/edgar/data/1547580/000110465920101924/a20-29846_1ex99dh5f.htm)<br> [<u>ment.</u>](https://www.sec.gov/Archives/edgar/data/1547580/000110465920101924/a20-29846_1ex99dh5f.htm)<br>|
| &nbsp;&nbsp; (3)(g) | &nbsp;&nbsp; [<u>Amendment No. 6 dated as of August 25, 2020, to the Sub-Administration and Sub-Fund Accounting</u>](https://www.sec.gov/Archives/edgar/data/1547580/000110465920101924/a20-29846_1ex99dh5g.htm)<br> [<u>Agreement.</u>](https://www.sec.gov/Archives/edgar/data/1547580/000110465920101924/a20-29846_1ex99dh5g.htm)<br>|
| &nbsp;&nbsp; (3)(h) | &nbsp;&nbsp; [<u>Amendment No. 7 dated as of December 2, 2020, to the Sub-Administration and Sub-Fund Accounting</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386321001022/f8123d4.htm)<br> [<u>Agreement.</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386321001022/f8123d4.htm)<br>|
| &nbsp;&nbsp; (3)(i) | &nbsp;&nbsp; [<u>Amendment No. 8 dated as of April 1, 2021, to the Sub-Administration and Sub-Fund Accounting Agree-</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386322001045/f10757d7.htm)<br> [<u>ment.</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386322001045/f10757d7.htm)<br>|
| &nbsp;&nbsp; (3)(j) | &nbsp;&nbsp; [<u>Amendment No. 9 dated as of November 30, 2021, to the Sub-Administration and Sub-Fund Accounting</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386322001045/f10757d8.htm)<br> [<u>Agreement.</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386322001045/f10757d8.htm)<br>|
| &nbsp;&nbsp; (3)(k) | &nbsp;&nbsp; [<u>Amendment No. 10 dated as of June 29, 2022, to the Sub-Administration and Sub-Fund Accounting Agree-</u>](https://www.sec.gov/Archives/edgar/data/1547580/000168386322006657/f23350d10.htm)<br> [<u>ment.</u>](https://www.sec.gov/Archives/edgar/data/1547580/000168386322006657/f23350d10.htm)<br>|
| &nbsp;&nbsp; (3)(l) | &nbsp;&nbsp; [<u>Amendment No. 11 dated as of August 30, 2022, to the Sub-Administration and Sub-Fund Accounting</u>](https://www.sec.gov/Archives/edgar/data/1547580/000168386322006657/f23350d11.htm)<br> [<u>Agreement.</u>](https://www.sec.gov/Archives/edgar/data/1547580/000168386322006657/f23350d11.htm)<br>|

---

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; (3)(m) | &nbsp;&nbsp; [<u>Amendment No. 12 dated as of January 1, 2023, to the Sub-Administration and Sub-Fund Accounting</u>](https://www.sec.gov/Archives/edgar/data/1068663/000168386323003220/f25124d5.htm)<br> [<u>Agreement.</u>](https://www.sec.gov/Archives/edgar/data/1068663/000168386323003220/f25124d5.htm)<br>|
|  | &nbsp;&nbsp; (3)(n) | &nbsp;&nbsp; [<u>Amendment No. 13 dated as of April 24, 2023, to the Sub-Administration and Sub-Fund Accounting Agree-</u>](https://www.sec.gov/Archives/edgar/data/1547580/000168386323005083/f25735d8.htm)<br> [<u>ment</u>](https://www.sec.gov/Archives/edgar/data/1547580/000168386323005083/f25735d8.htm).<br>|
|  | &nbsp;&nbsp; (3)(o) | &nbsp;&nbsp; [<u>Amendment No. 14 dated as of June 25, 2024, to the Sub-Administration and Sub-Fund Accounting Agree-</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386324006084/f39339d6.htm)<br> [<u>ment</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386324006084/f39339d6.htm).<br>|
|  | &nbsp;&nbsp; (3)(p) | &nbsp;&nbsp; [<u>Amendment No. 15 dated as of October 1, 2024, to the Sub-Administration and Sub-Fund Accounting</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386324006084/f39339d7.htm)<br> [<u>Agreement</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386324006084/f39339d7.htm). <br>|
|  | &nbsp;&nbsp; (3)(q) | &nbsp;&nbsp; [<u>Amendment No. 16 dated as of June 10, 2025, to the Sub-Administration and Sub-Fund Accounting</u>](f43130d4.htm)<br> [<u>Agreement.</u>](f43130d4.htm)(filed herewith)<br>|
|  | &nbsp;&nbsp; (4)(a)  | [<u>Transfer Agency Agreement dated April 1, 2002, between Registrant and BISYS.</u>](http://www.sec.gov/Archives/edgar/data/802716/000092242302001283/kl12014_ex99h3.txt) |
|  | &nbsp;&nbsp; (4)(b) | [<u>Schedule A to the Transfer Agency Agreement dated April 1, 2002, current as of December 2, 2009.</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465909068535/a09-33940_1ex99dbh4b.htm) |
|  | &nbsp;&nbsp; (4)(c)  | [<u>Supplement dated June 3, 2002, to the Transfer Agency Agreement dated April 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/802716/000092242302001283/kl12014_ex99h4.txt) |
|  | &nbsp;&nbsp; (4)(d)  | [<u>Amendment dated July 24, 2002, to the Transfer Agency Agreement dated April 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/802716/000092242302001283/kl12014_ex99h5.txt) |
|  | &nbsp;&nbsp; (4)(e)  | [<u>Amendment dated May 18, 2004, to the Transfer Agency Agreement dated April 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/802716/000092242305002071/kl12066_ex99h.txt) |
|  | &nbsp;&nbsp; (4)(f) | [<u>Amendment dated July 1, 2006, to the Transfer Agency Agreement dated April 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465906082890/a06-25262_1ex99dh3.htm) |
|  | &nbsp;&nbsp; (4)(g) | [<u>Amendment dated July 1, 2009, to the Transfer Agency Agreement dated April 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465909068535/a09-33940_1ex99dbh4g.htm) |
|  | &nbsp;&nbsp; (4)(h) | [<u>Amendment dated August 31, 2011, to the Transfer Agency Agreement dated April 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465911070891/a11-29266_1ex99dh4h.htm) |
|  | &nbsp;&nbsp; (4)(i) | [<u>Amendment dated July 1, 2012, to the Transfer Agency Agreement dated April 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465913015010/a12-28699_1ex99dh4i.htm) |
|  | &nbsp;&nbsp; (4)(j) | [<u>Amendment dated October 24, 2012, to the Transfer Agency Agreement dated April 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465912071603/a12-22718_1ex99d102h4i.htm) |
|  | &nbsp;&nbsp; (4)(k) | [<u>Amendment dated October 23, 2013, to the Transfer Agency Agreement dated April 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465913092003/a13-16301_1ex99dbh4k.htm) |
|  | &nbsp;&nbsp; (4)(l)  | [<u>Amendment dated February 19, 2014, to the Transfer Agency Agreement dated April 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465914024014/a14-7830_1ex99dbh4l.htm) |
|  | &nbsp;&nbsp; (4)(m)  | [<u>Amendment dated April 1, 2015, to the Transfer Agency Agreement dated April 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465915033255/a15-4362_15ex99dbh4m.htm) |
|  | &nbsp;&nbsp; (4)(n) | [<u>Amendment dated August 24, 2016, to the Transfer Agency Agreement dated April 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465916153019/a16-18677_1ex99dbh4n.htm) |
|  | &nbsp;&nbsp; (4)(o) | [<u>Amendment dated February 26, 2019, to the Transfer Agency Agreement dated April 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465919024636/a19-6871_1ex99dbh4o.htm) |
|  | &nbsp;&nbsp; (4)(p) | [<u>Amendment dated May 14, 2019, to the Transfer Agency Agreement dated April 1, 2002.</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465919056585/a19-19337_1ex99dbh4p.htm) |
|  | &nbsp;&nbsp; (4)(q) | [<u>Amendment dated February 2, 2021, to the Transfer Agency Agreement dated April 1, 2002.</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386321001022/f8123d5.htm) |
|  | &nbsp;&nbsp; (4)(r) | [<u>Amendment dated August 24, 2021, to the Transfer Agency Agreement dated April 1, 2002.</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386321006179/f10050d9.htm) |
|  | &nbsp;&nbsp; (4)(s) | [<u>Amendment dated January 1, 2024, to the Transfer Agency Agreement dated April 1, 2002</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386324003121/f38246d4.htm). |
|  | &nbsp;&nbsp; (4)(t) | [<u>Data Protection Addendum dated May 30, 2018, to the Transfer Agency Agreement.</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465918063690/a18-36347_1ex99dbh4o.htm) |
|  | &nbsp;&nbsp; (5)(a) | [<u>Expense Limitation Agreement Amended and Restated as of May 1, 2021.</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386321004749/f9501d3.htm) |
|  | &nbsp;&nbsp; (5)(b)  | &nbsp;&nbsp; [<u>Schedule A to the Expense Limitation Agreement dated May 1, 2021, current as of August 26, 2025</u>](f43130d5.htm).(filed <br> herewith)<br>|
|  | &nbsp;&nbsp; (6)(a) | [<u>Expense Limitation Agreement dated as of August 1, 2013, relating to the Strategic Allocation Fund.</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465913075668/a13-21792_1ex99dbh6a.htm) |
|  | &nbsp;&nbsp; (6)(b) | [<u>Schedule A to the Expense Limitation Agreement dated August 1, 2013</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386324006084/f39339d9.htm), current as of October 22, 2024. |
|  | &nbsp;&nbsp; (7)(a) | &nbsp;&nbsp; [<u>Fee Limitation Letter Agreement between Registrant and Adviser relating to the Strategic Allocation Fund</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386322006874/f23419d4.htm)<br> [<u>dated October 18, 2022.</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386322006874/f23419d4.htm)<br>|
|  | &nbsp;&nbsp; (8)(a) | &nbsp;&nbsp; [<u>Global Securities Lending Agency Agreement effective November 30, 2021, between Registrant and</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386322006874/f23419d5.htm)<br> [<u>CitiBank N.A.</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386322006874/f23419d5.htm)<br>|
|  | &nbsp;&nbsp; (8)(b) | [<u>Amendment No. 1 to Global Securities Lending Agency Agreement as of April 23, 2023</u>](https://www.sec.gov/Archives/edgar/data/1547580/000168386323005083/f25735d10.htm). |
|  | &nbsp;&nbsp; (8)(c) | [<u>Amendment No. 2 to Global Securities Lending Agency Agreement as of June 7, 2024</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386324006084/f39339d10.htm).  |
|  | &nbsp;&nbsp; (8)(d) | [<u>Amendment No. 3 to Global Securities Lending Agency Agreement as of November 1, 2024</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386325003951/f41497d9.htm).  |
|  | &nbsp;&nbsp; (8)(e) | [<u>Amendment No. 4 to Global Securities Lending Agency Agreement as of June 12, 2025</u>](f43130d6.htm). (filed herewith) |
| (i) | &nbsp;&nbsp; (1)(a) | &nbsp;&nbsp; [<u>Opinion of Morris Nichols Arsht & Tunnell LLP dated October 24, 2025, relating to all Funds and Classes</u>](f43130d7.htm)<br> [<u>of Shares with fiscal year ended June 30</u>](f43130d7.htm). (filed herewith)<br>|
|  | &nbsp;&nbsp; (1)(b) | &nbsp;&nbsp; [<u>Opinion of Morris Nichols Arsht & Tunnell LLP dated April 25, 2025, relating to all Funds and Classes of</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386325003951/f41497d10.htm)<br> [<u>Shares with fiscal year ended December 31</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386325003951/f41497d10.htm).<br>|
|  | &nbsp;&nbsp; (2)(a) | Reserved. |
| (j) | &nbsp;&nbsp; (1)(a) | [<u>Consent of Sidley Austin LLP dated October 24, 2025</u>](f43130d8.htm). (filed herewith) |
|  | &nbsp;&nbsp; (1)(b) | [<u>Consent of Sidley Austin LLP dated April 25, 2025</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386325003951/f41497d11.htm). |
|  | &nbsp;&nbsp; (2)(a) | &nbsp;&nbsp; [<u>Consent of Independent Registered Public Accounting Firm with respect to the Victory Portfolios June 30</u>](f43130d9.htm)<br> [<u>fiscal year end funds. (filed herewit</u>](f43130d9.htm)h)<br>|
|  | &nbsp;&nbsp; (2)(b) | &nbsp;&nbsp; [<u>Consent of Independent Registered Public Accounting Firm with respect to the Victory Portfolios December</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386325003951/f41497d12.htm)<br> [<u>31 fiscal year end funds</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386325003951/f41497d12.htm).<br>|
| (k) |  | Not applicable. |
| (l) | (1) | Not applicable. |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| (m) | &nbsp;&nbsp; (1)(a) | &nbsp;&nbsp; [<u>Amended and Restated Distribution and Service Plan dated December 11, 1998, as amended and restated</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465913075668/a13-21792_1ex99dbm1a.htm)<br> [<u>February 20, 2013, for Class R Shares.</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465913075668/a13-21792_1ex99dbm1a.htm)<br>|
|  | &nbsp;&nbsp; (1)(b) | &nbsp;&nbsp; [<u>Schedule I to the Amended and Restated Distribution and Service Plan for Class R Shares revised as of</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386324003121/f38246d9.htm)<br> [<u>March 29, 2024</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386324003121/f38246d9.htm).<br>|
|  | &nbsp;&nbsp; (2)(a) | [<u>Distribution and Service Plan dated February 26, 2002, as amended February 5, 2003, for Class C Shares.</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465913075668/a13-21792_1ex99dbm2a.htm) |
|  | &nbsp;&nbsp; (2)(b) | [<u>Schedule I to Distribution and Service Plan for Class C Shares, as revised as of December 5, 2024.</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386325003951/f41497d13.htm) |
|  | &nbsp;&nbsp; (3)(a) | [<u>Distribution and Service Plan dated August 1, 2013, for Class A shares of Registrant.</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465913075668/a13-21792_1ex99dbm3a.htm) |
|  | &nbsp;&nbsp; (3)(b) | &nbsp;&nbsp; [<u>Schedule I to the Amended and Restated Distribution and Service Plan for Class A Shares revised as of</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386325003951/f41497d14.htm)<br> [<u>December 5, 2024</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386325003951/f41497d14.htm). <br>|
| (n) | &nbsp;&nbsp; (1)(a) | [<u>Amended and Restated Rule 18f-3 Multi-Class Plan, amended and restated February 2, 2021.</u>](https://www.sec.gov/Archives/edgar/data/1547580/000168386321004176/f9242d19.htm) |
|  | &nbsp;&nbsp; (1)(b) | [<u>Schedule A to Amended and Restated Rule 18f-3 Multi-Class Plan, current as of March 29, 2024.</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386324006084/f39339d14.htm) |
| (p) | (1)  | [<u>Code of Ethics of Registrant as revised February 28, 2018.</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465918028601/a18-9201_1ex99dbp1.htm) |
|  | (2)  | [<u>Code of Ethics for Victory Capital, VCS, and WestEnd Advisors, LLC dated April 1, 2025. (filed herewith)</u>](f43130d10.htm) |
|  | (3) | [<u>Code of Ethics of SailingStone Capital Partners LLC dated May 31, 2018.</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465918063690/a18-36347_1ex99dbp4.htm) |
|  |  | &nbsp;&nbsp; [<u>Powers of Attorney for David Brooks Adcock, Nigel D.T. Andrews, E. Lee Beard, David C. Brown, John</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465916126923/a16-11050_1ex99.htm)<br> [<u>L. Kelly, and David L. Meyer.</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465916126923/a16-11050_1ex99.htm)<br>|
|  |  | [<u>Power of Attorney for Gloria S. Nelund.</u>](http://www.sec.gov/Archives/edgar/data/802716/000110465916153019/a16-18677_1ex99.htm) |
|  |  | [<u>Power of Attorney for Timothy Pettee</u>](https://www.sec.gov/Archives/edgar/data/802716/000168386324003121/f38246d12.htm) |

---

------

**Item 29. Persons Controlled by or Under Common Control with Registrant.**

Information pertaining to persons controlled by, or under common control with Registrant is hereby incorporated by reference to the section captioned "Management of the Trust" in the Statement of Additional Information ("SAI").

**Item 30. Indemnification**

Article X, Section 10.02 of Registrant's Delaware Trust Instrument, incorporated herein as Exhibit (a)(2) hereto, provides for the indemnification of Registrant's Trustees and officers, as follows:

Section 10.02 Indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the exceptions and limitations contained in Subsection 10.02(b):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) every person who is, or has been, a Trustee or officer of the Trust (hereinafter referred to as a "Covered Person") shall be indemnified by the Trust to the fullest extent permitted by law against liability
 and against all expenses reasonably incurred or paid by him in connection with any claim, action, suit or proceeding in
 which he becomes involved as a party or otherwise by virtue of his being or having been a Trustee or officer and
 against amounts paid or incurred by him in the settlement thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the words "claim," "action," "suit," or "proceeding" shall apply to all claims, actions, suits, or proceedings (civil, criminal, or other, including appeals), actual or threatened while in office or thereafter, and the words "liability" and "expenses" shall include, without limitation, attorneys' fees, costs, judgments, amounts paid in settlement, fines, penal- ties, and other liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(b) No indemnification shall be provided hereunder to a Covered Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) who shall have been adjudicated by a court or body before which the proceeding was
 brought (A) to be liable to the Trust or its Shareholders by reason of willful misfeasance, bad faith, gross negligence,
 or reckless disregard of the duties involved in the conduct of his office or (B) not to have acted in good faith
 in the reasonable belief that his action was in the best interest of the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the event of a settlement, unless there has been a determination that such Trustee
 or officer did not engage in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved
 in the conduct of his office, (A) by the court or other body approving the settlement; (B) by at least a majority of
 those Trustees who are neither inter- ested persons of the Trust nor are parties to the matter based upon a review of readily
 available facts (as opposed to a full trial-type inquiry); or (C) by written opinion of independent legal counsel based
 upon a review of readily available facts (as opposed to a full trial-type inquiry).

&nbsp;&nbsp;&nbsp;&nbsp;(c) The rights of indemnification herein provided may be insured against by policies maintained
 by the Trust, shall be sev- erable, shall not be exclusive of or affect any other rights to which any Covered
 Person may now or hereafter be entitled, shall continue as to a person who has ceased to be a Covered Person and
 shall inure to the benefit of the heirs, executors, and administrators of such a person. Nothing contained herein shall
 affect any rights to indemnifica- tion to which Trust personnel, other than Covered Persons, and other persons may be
 entitled by contract or otherwise under law.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Expenses in connection with the preparation and presentation of a defense to any claim,
 action, suit or proceeding of the character described in Subsection (a) of this Section 10.02 may be paid by the
 Trust or Series from time to time prior to final disposition thereof upon receipt of an undertaking by or on behalf
 of such Covered Person that such amount will be paid over by him to the Trust or Series if it is ultimately determined
 that he is not entitled to indemni- fication under this Section 10.02; provided, however, that either (i) such Covered
 Person shall have provided appropri- ate security for such undertaking, (ii) the Trust is insured against losses arising
 out of any such advance payments or (iii) either a majority of the Trustees who are neither interested persons of the
 Trust nor parties to the matter, or inde- pendent legal counsel in a written opinion, shall have determined, based upon a review
 of readily available facts (as opposed to a trial-type inquiry or full investigation), that there is reason to believe
 that such Covered Person will be found entitled to indemnification under this Section 10.02. The advancement of any
 expenses pursuant to this Sec- tion 10.02(d) shall under no circumstances be considered a "loan" under the Sarbanes-Oxley Act of 2002 or for any other reason.

Indemnification of the Fund's principal underwriter, custodian, fund accountant, and transfer agent is provided for, respectively, in Section V of the Distribution Agreement incorporated by reference as Exhibit (e)(1) hereto, Section 12 of the Global Custodial Services Agreement incorporated by reference as Exhibit (g)(1) hereto, Section 9 of the Administration and Fund Accounting Agreement incorporated by reference as Exhibit (h)(2) hereto and Section 9 of the Transfer Agency Agreement incorporated by reference as Exhibit (h)(4) hereto. Registrant has obtained from a major insurance carrier a trustees' and officers' liability policy covering certain types of errors and omissions. In no event will Registrant indemnify any of its trustees, officers, employees, or agents against any liability to which such person would otherwise be subject by reason of his willful misfeasance, bad faith, or

------

gross negligence in the performance of his duties, or by reason of his reckless disregard of the duties involved in the conduct of his office or under his agreement with Registrant. Registrant will comply with Rule 484 under the Securities Act of 1933 and Release 11330 under the Investment Company Act of 1940 in connection with any indemnification.

Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to trustees, officers, and controlling persons of Registrant pursuant to the foregoing provisions, or otherwise, Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act, as amended, and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by Registrant of expenses incurred or paid by a trustee, officer, or controlling person of Registrant in the successful defense of any action, suit, or proceeding) is asserted by such trustee, officer, or controlling person in connection with the securities being registered, Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

**Item 31. Business and Other Connections of the Investment Adviser**

Information pertaining to business and other connections of the Registrant's investment adviser, Victory Capital Management Inc. ("VCM" or "Adviser"), is hereby incorporated by reference to the section of the Prospectus captioned "Organization and Management of the Fund" and to the section of the SAI captioned "Investment Adviser and Other Service Providers." The Adviser is an indirect wholly-owned subsidiary of Victory Capital Holdings, Inc. ("VCH"), a publicly traded Delaware corporation.

**The principal executive officers and directors of the Adviser and VCH are as follows:** 

David C. Brown Director, Chairman, and Chief Executive Officer of Adviser and VCH <br> Michael D. Policarpo, II President, Chief Financial Officer, and Chief Administrative Officer of Adviser and VCH, Director of Adviser <br> Nina Gupta Chief Legal Officer and Secretary of Adviser and VCH, Director of Adviser

The business address of the foregoing individuals is 15935 La Cantera Parkway, San Antonio, Texas 78256.

To the knowledge of Registrant, none of the directors or officers of the Adviser is or has been at any time during the past two fiscal years engaged in any other business, profession, vocation, or employment of a substantial nature.

With respect to certain funds of the Registrant, Victory Capital Management Inc., currently engages the following sub-advisers:

(a) SailingStone Capital Partners LLC ("SailingStone"), located at 100 Waugh Drive, Suite 600, Houston, TX 77007, serves as a sub-adviser to the Victory Global Energy Transition Fund. The information required by this Item 31 with respect to each director and officer of SailingStone is incorporated herein by reference to SailingStone's current Form ADV as amended and filed with the SEC.

**Item 32. Principal Underwriter**

(a) Victory Capital Services, Inc. ("VCS") acts as principal underwriter for the shares of Registrant, Victory Portfolios II, Victory Variable Insurance Funds, and Victory Portfolios III.

(b) VCS, 4900 Tiedeman Road, 4th Floor, Brooklyn, Ohio 44144, acts solely as distributor for the investment companies listed above. The officers of VCS, all of whose principal business address is set forth above, are:

---

| | | |
|:---|:---|:---|
| Name | Positions and Offices with VCS | Position and Offices with Registrant |
| David C. Brown | Director | Trustee |
| Michael D. Policarpo, II | Director, President | None |
| Charles Mathes | &nbsp;&nbsp; Director, Chief Compliance <br> Officer<br>| None |
| Donald Inks | Chief Operations Officer | None |
| Christopher Ponte | Chief Financial Officer | Assistant Treasurer |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(c) Not applicable.

**Item 33. Location of Accounts and Records**

Victory Capital Management Inc., 15935 La Cantera Parkway, San Antonio, Texas 78256 (records relating to its functions as investment adviser and administrator).

Citibank, N.A., 388 Greenwich St., New York, New York 10013 (records relating to its function as custodian).

Citi Fund Services Ohio, Inc., 4400 Easton Commons, Suite 200, Columbus, Ohio 43219 (records relating to its functions as sub-administrator and sub-fund accountant).

FIS Investor Services LLC, 4249 Easton Way, Suite 400, Columbus, Ohio 43219 (records relating to its functions as transfer agent and dividend disbursing agent).

Victory Capital Services, Inc., 4900 Tiedeman Road, 4th Floor, Brooklyn, Ohio 44144 (records relating to its function as distributor).

SailingStone Capital Partners LLC, 100 Waugh Drive, Suite 600, Houston, TX 77007 (records relating to its function as sub-adviser to the Victory Global Energy Transition Fund).

**Item 34. Management Services**

None.

**Item 35. Undertakings**

Not applicable.

NOTICE

A copy of the Certificate of Trust of Registrant, and all amendments, is on file with the Secretary of State of Delaware and notice is hereby given that this Post-Effective Amendment to Registrant's Registration Statement has been executed on behalf of Registrant by officers of, and Trustees of, Registrant as officers and as Trustees, respectively, and not individually, and that the obligations of or arising out of this instrument are not binding upon any of the Trustees, officers or shareholders of Registrant individually but are binding only upon the assets and property of Registrant.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under rule 485(b) under the Securities Act and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of San Antonio and state of Texas, on the 24th day of October 2024.

VICTORY PORTFOLIOS

(Registrant)

By:/s/ Thomas Dusenberry

------

Thomas Dusenberry

President

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities indicated on the 24th day of October 2024.

---

| | |
|:---|:---|
| Signature | Title |
| /s/ Thomas Dusenberry<br>Thomas Dusenberry<br>| President (Principal Executive Officer) |
| /s/ Carol D. Trevino<br>Carol D. Trevino<br>| Treasurer (Principal Accounting Officer and Principal Financial Officer) |
| \*<br> David Brooks Adcock<br>| Trustee |
| \*<br> Nigel D.T. Andrews<br>| Trustee |
| \*<br> E. Lee Beard<br>| Trustee |
| \*<br> David C. Brown<br>| Trustee |
| \*<br> John L. Kelly<br>| Chairman of the Board and Trustee |
| \*<br> David L. Meyer<br>| Trustee |
| \*<br> Gloria S. Nelund<br>| Trustee |
| \*<br> Timothy Pettee<br>| Trustee |

---

\*By: /s/ Jay G. Baris

------

Jay G. Baris

Attorney-in-Fact

------

## Ex-99.G

**AMENDMENT TO**

**GLOBAL CUSTODIAL SERVICES AGREEMENT**

THIS AMENDMENT made as of June 10, 2025 ("**Amendment**") to that certain Global Custodial Services Agreement dated as of August 5, 2008 (as amended and in effect as of the date hereof, "**Agreement**") by and among (i) Victory Portfolios, Victory Portfolios II and Victory Variable Insurance Funds, each a Delaware Statutory Trust (each, a "**Trust**") on behalf of each Fund underneath the name of that Trust on Exhibit 1 to the Agreement (the "**Funds Appendix**") severally and not jointly (each a "**Fund**" and collectively with each Trust acting on behalf of such Funds, the "**Client**") and (ii) Citibank, N.A., acting as a global custodian through its office located in New York ("**Custodian**" and, with the Client, referred to herein individually as "**Party**" and collectively as "**Parties**"). All capitalized terms used but not defined herein shall have the meaning given to them in the Agreement.

**WHEREAS**, the Custodian performs certain custodial services for the Client pursuant to the Agreement;

**WHEREAS**, the Parties wish to replace the existing Funds Appendix to reflect the addition of new funds.

**NOW, THEREFORE**, in consideration of the mutual promises and covenants contained herein, the Parties hereby agree as follows:

1.<u>List of Funds (Exhibit 1)</u>

Exhibit 1 of the Agreement is deleted and replaced with Exhibit 1 attached hereto.

2.<u>Representations and Warranties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Party represents and warrants to the other that it has full power and authority to enter into and perform this Amendment, that this Amendment has been duly authorized and, when executed and delivered by it, will constitute a legal, valid and binding obligation of it, enforceable against it in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Client represents that it has provided this Amendment to the Boards.

3.<u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This Amendment supplements and amends the Agreement. The provisions set forth in this Amendment supersede all prior negotiations, understandings and agreements bearing upon the subject matter covered herein, including any conflicting provisions of the Agreement or any provisions of the Agreement that directly cover or indirectly bear upon matters covered under this Amendment.

&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;(b)Each reference to the Agreement in the Agreement and in every other agreement, contract or instrument to which the Parties are bound, shall hereafter be construed as a reference to the Agreement as separately amended by this Amendment. Except as provided in this Amendment, the provisions of the Agreement remain in full force and effect. No amendment or modification to this Amendment shall be valid unless made in writing and executed by each Party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Paragraph headings in this Amendment are included for convenience only and are not to be used to construe or interpret this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)This Amendment may be executed in counterparts, each of which shall be an original but all of which, taken together, shall constitute one and the same agreement.

[Signatures follow on next page. Remainder of page intentionally left blank.]

![](gak26shp425m546epc73i.jpg)

**IN WITNESS WHEREOF**, the Parties hereto have caused this Amendment to be duly executed all as of the day and year first above written.

**Victory Portfolios, acting for and on behalf of each of its Funds, severally and not jointly**

By: /S/THOMAS DUSENBERRY

Name: Thomas Dusenberry

Title: President

Date: June 10, 2025

**Victory Variable Insurance Funds, acting for and on behalf of each of its Funds, severally and not jointly**

**Victory Portfolios II, acting for and on behalf of each of its Funds, severally and not jointly**

By: /S/THOMAS DUSENBERRY

Name: Thomas Dusenberry

Title: President

Date: June 10, 2025

**Citibank, N.A.**

---

| | | | |
|:---|:---|:---|:---|
| By: | /S/THOMAS DUSENBERRY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: | /S/ PEGGY VEGA |
| By: | /S/THOMAS DUSENBERRY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: |  |
| Name: | Thomas Dusenberry | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: | &nbsp;&nbsp;Peggy Vega |
| Title: | President | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: | &nbsp;&nbsp;VP |
| Date: | June 10, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: | &nbsp;&nbsp;June 10, 2025 |
| Date: | June 10, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: |  |

---

![](gmd05a3azramd4tmsxjvv.jpg)

**Exhibit 1**

**(Funds Appendix)**

**Victory Portfolios**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Victory Diversified Stock Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Victory Floating Rate Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Victory Global Energy Transition Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Victory High Income Municipal Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Victory High Yield Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Victory Fund for Income

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Victory Investment Grade Convertible Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Victory Low Duration Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Victory Core Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.Victory Integrity Discovery Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.Victory Integrity Mid-Cap Value Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.Victory Integrity Small-Cap Value Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.Victory Integrity Small/Mid-Cap Value Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.Victory Munder Mid-Cap Core Growth Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.Victory Munder Multi-Cap Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.Victory RS Global Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.Victory RS Growth Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.Victory RS International Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.Victory RS Investors Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.Victory RS Large Cap Alpha Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.Victory RS Mid Cap Growth Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.Victory RS Partners Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.Victory RS Science and Technology Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.Victory RS Select Growth Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.Victory RS Small Cap Growth Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.Victory RS Value Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.Victory S&P 500 Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.Victory Sophus Emerging Markets Fund\*\*\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.Victory Sycamore Established Value Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.Victory Sycamore Small Company Opportunity Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.Victory Tax-Exempt Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.Victory Trivalent International Fund-Core Equity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.Victory Trivalent International Small-Cap Fund

**Victory Variable Insurance Funds**

Victory High Yield VIP Series\*\*\*\*

Victory RS International VIP Series\*\*\*\*

Victory RS Small Cap Growth Equity VIP Series\*\*\*\*

Victory 500 Index VIP Series\*\*\*\*

Victory Sophus Emerging Markets VIP Series\*\*\*

**Victory Portfolios II – Mutual Funds**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Victory Market Neutral Income Fund

![](g1qmcmwbvg9dky68xkxvp.jpg)

**Victory Portfolios II – ETFs**

&nbsp;&nbsp;&nbsp;&nbsp;1.VictoryShares Dividend Accelerator ETF

&nbsp;&nbsp;&nbsp;&nbsp;2.VictoryShares International Volatility Wtd ETF

&nbsp;&nbsp;&nbsp;&nbsp;3.VictoryShares US 500 Enhanced Volatility Wtd ETF

&nbsp;&nbsp;&nbsp;&nbsp;4.VictoryShares US 500 Volatility Wtd ETF

&nbsp;&nbsp;&nbsp;&nbsp;5.VictoryShares US EQ Income Enhanced Volatility Wtd ETF

&nbsp;&nbsp;&nbsp;&nbsp;6.VictoryShares US Large Cap High Div Volatility Wtd ETF

&nbsp;&nbsp;&nbsp;&nbsp;7.VictoryShares US Multi-Factor Minimum Volatility ETF

&nbsp;&nbsp;&nbsp;&nbsp;8.VictoryShares US Small Cap High Div Volatility Wtd ETF

&nbsp;&nbsp;&nbsp;&nbsp;9.VictoryShares Core Intermediate Bond ETF

&nbsp;&nbsp;&nbsp;&nbsp;10.VictoryShares Short-Term Bond ETF

&nbsp;&nbsp;&nbsp;&nbsp;11.VictoryShares Emerging Markets Value Momentum ETF

&nbsp;&nbsp;&nbsp;&nbsp;12.VictoryShares International Value Momentum ETF

&nbsp;&nbsp;&nbsp;&nbsp;13.VictoryShares US Small Mid Cap Value Momentum ETF

&nbsp;&nbsp;&nbsp;&nbsp;14.VictoryShares US Value Momentum ETF

&nbsp;&nbsp;&nbsp;&nbsp;15.VictoryShares Core Plus Intermediate Bond ETF

&nbsp;&nbsp;&nbsp;&nbsp;16.VictoryShares Corporate Bond ETF

&nbsp;&nbsp;&nbsp;&nbsp;17.VictoryShares WestEnd U.S. Sector ETF

&nbsp;&nbsp;&nbsp;&nbsp;18.VictoryShares Free Cash Flow ETF

&nbsp;&nbsp;&nbsp;&nbsp;19.VictoryShares Small Cap Free Cash Flow ETF

&nbsp;&nbsp;&nbsp;&nbsp;20.VictoryShares WestEnd Global Equity ETF

&nbsp;&nbsp;&nbsp;&nbsp;21.VictoryShares WestEnd Dynamic Equity ETF\*

&nbsp;&nbsp;&nbsp;&nbsp;22.VictoryShares WestEnd Economic Cycle Bond ETF

&nbsp;&nbsp;&nbsp;&nbsp;23.VictoryShares Hedged Equity Income ETF

&nbsp;&nbsp;&nbsp;&nbsp;24.VictoryShares Free Cash Flow Growth ETF

&nbsp;&nbsp;&nbsp;&nbsp;25.VictoryShares International Free Cash Flow ETF\*\*

&nbsp;&nbsp;&nbsp;&nbsp;26.VictoryShares International Free Cash Flow Growth ETF\*\*

&nbsp;&nbsp;&nbsp;&nbsp;27.VictoryShares Pioneer Asset-Based Income ETF\*\*

**\*Pending Launch - TBD**

**\*\*Pending Launch - June 25, 2025**

**\*\*\*Pending Liquidation - June 27, 2025**

**\*\*\*\*Pending Liquidation - August 28, 2025**

## Ex-99.H

**AMENDMENT No. 20 to**

**ADMINISTRATION**

**AGREEMENT**

**and**

**FUND ACCOUNTING AGREEMENT**

**AMENDMENT** made as of May 20, 2025, to that certain Administration and Fund Accounting Agreement entered into as of June 1, 2006, as amended ("Agreement") by and among (i) Victory Portfolios, Victory Variable Insurance Funds, and Victory Portfolios II, each a Delaware statutory trust (each, a "Trust" and, together, the "Trusts") on behalf of those investment company portfolios listed on Schedule D which may be amended from time to time (each, a "Fund" and, together, the "Funds") in the case of both the Trusts and the Funds, individually and not jointly and (ii) Victory Capital Management Inc. ("VCM"), a New York corporation. All capitalized terms used but not defined herein shall have the meanings given to them in the Agreement

**WHEREAS**, VCM and the Trusts wish to enter into this Amendment to the Agreement to

(1) update Schedule D to revise the list of Funds.

**NOW, THEREFORE**, in consideration of the mutual covenants and promises hereinafter contained and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, intending to be legally bound, VCM and the Trusts hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.For ease of reference, the term "Trust" as used singularly throughout the Agreement shall be read to refer to the multiple Trusts that are party to the Agreement from time to time, as the context requires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Schedule D to the Agreement is deleted in its entirety and replaced by the new Schedule D attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Except as set forth in this Amendment, the Agreement is unaffected and shall continue in full force and effect in accordance with its terms.

**IN WITNESS WHEREOF**, the parties hereto have caused this Amendment to be duly executed all as of the day and year first above written.

![](g8a8socx1romd3hpiser7.jpg)

**VICTORY PORTFOLIOS, on behalf of each Fund listed on Schedule D, individually and not jointly**

By: /S/THOMAS DUSENBERRY

Name: Thomas Dusenberry

Title: President

**VICTORY VARIABLE INSURANCE FUNDS,**

on behalf of each Fund listed on Schedule D, individually and not jointly

By: /S/THOMAS DUSENBERRY

Name: Thomas Dusenberry

Title: President

**VICTORY PORTFOLIOS II, on behalf of each Fund listed on Schedule D, individually and not jointly**

By: /S/THOMAS DUSENBERRY

Name: Thomas Dusenberry

Title: President

**VICTORY CAPITAL MANAGEMENT INC.**

By: /S/ <u>MICHAEL D. POLICARPO</u>

Name: Michael D. Policarpo

Title: <u>President, Chief Financial Officer and</u>

Chief Administrative Officer

**<u>SCHEDULE D</u>**

**TO THE ADMINISTRATION AND FUND ACCOUNTING AGREEMENT BETWEEN VCM, VICTORY PORTFOLIOS, VICTORY PORTFOLIOS II AND VICTORY VARIABLE INSURANCE FUNDS**

<u>Victory Portfolios</u>

Victory Diversified Stock Fund

Victory Floating Rate Fund

Victory Global Energy Transition Fund

Victory High Income Municipal Bond Fund

Victory High Yield Fund

Victory Fund for Income

Victory Investment Grade Convertible Fund

Victory Low Duration Bond Fund

Victory Core Bond Fund

Victory Integrity Discovery Fund

Victory Integrity Mid-Cap Value Fund

Victory Integrity Small/Mid-Cap Value Fund

Victory Integrity Small-Cap Value Fund

Victory Munder Mid-Cap Core Growth Fund

Victory Munder Multi-Cap Fund

Victory RS Global Fund

Victory RS Growth Fund

Victory RS International Fund

Victory RS Investors Fund

Victory RS Large Cap Alpha Fund

Victory RS Mid Cap Growth Fund

Victory RS Partners Fund

Victory RS Science and Technology Fund

Victory RS Select Growth Fund

Victory RS Small Cap Growth Fund

Victory RS Value Fund

Victory S&P 500 Index Fund

Victory Sophus Emerging Markets Fund\*\*\*

Victory Sycamore Established Value Fund

Victory Sycamore Small Company Opportunity Fund

Victory Tax-Exempt Fund

Victory Trivalent International Fund- Core Equity

Victory Trivalent International Small-Cap Fund

<u>Victory Variable Insurance Funds</u> Victory High Yield VIP Series\*\*\*\* Victory RS International VIP Series\*\*\*\*

Victory RS Small Cap Growth Equity VIP Series\*\*\*\* Victory 500 Index VIP Series\*\*\*\*

Victory Sophus Emerging Markets VIP Series\*\*\*

<u>Victory Portfolios II Mutual Funds</u>

Victory Market Neutral Income Fund

<u>Victory Portfolios II ETFs</u> VictoryShares Dividend Accelerator ETF VictoryShares International Volatility Wtd ETF VictoryShares Core Intermediate Bond ETF VictoryShares Short-Term Bond ETF

VictoryShares Emerging Markets Value Momentum ETF VictoryShares International Value Momentum ETF VictoryShares US Small Mid Cap Value Momentum ETF VictoryShares US Value Momentum ETF VictoryShares US 500 Enhanced Volatility Wtd ETF VictoryShares US 500 Volatility Wtd ETF VictoryShares US EQ Income Enhanced Volatility Wtd ETF VictoryShares US Large Cap High Div Volatility Wtd ETF VictoryShares US Multi-Factor Minimum Volatility ETF VictoryShares US Small Cap High Div Volatility Wtd ETF VictoryShares Core Plus Intermediate Bond ETF VictoryShares Corporate Bond ETF

VictoryShares WestEnd U.S. Sector ETF VictoryShares Free Cash Flow ETF VictoryShares Small Cap Free Cash Flow ETF VictoryShares WestEnd Global Equity ETF VictoryShares WestEnd Dynamic Equity ETF\* VictoryShares WestEnd Economic Cycle Bond ETF VictoryShares Hedged Equity Income ETF VictoryShares Free Cash Flow ETF VictoryShares International Free Cash Flow ETF\*\* VictoryShares International Free Cash Flow Growth ETF\*\* VictoryShares Pioneer Asset-Based Income ETF\*\*

\*Pending Launch - TBD \*\*Pending Launch June 25, 2025

\*\*\*Pending Liquidation on June 27, 2025

\*\*\*\*Pending Liquidation on August 28, 2025

## Ex-99.H

**AMENDMENT NO. 16 TO**

**SUB-ADMINISTRATION AND SUB-FUND**

**ACCOUNTING SERVICES AGREEMENT**

THIS AMENDMENT No. 16 made as of June 10, 2025 ("**Amendment**") to that certain Sub- Administration and Sub-Fund Accounting Services Agreement dated as of October 1, 2015 (as amended and in effect as of the date hereof) ("**Agreement**") between Victory Capital Management Inc. ("**Client**") and Citi Fund Services Ohio, Inc. ("**Service Provider**") and, with the Client, referred to herein individually as "**Party**" and collectively as "**Parties**." All capitalized terms used but not defined herein shall have the meaning given to them in the Agreement.

WHEREAS, the Service Provider performs certain sub-administrative and sub- accounting services for the Client pursuant to the Agreement;

WHEREAS, the Parties now wish to amend the Agreement pursuant to this Amendment to update the list of Funds subject to the Agreement as set forth in Schedule 6 (List of Funds);

NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, the Parties hereby agree as follows:

1.<u>Amendment to Schedule 6 (List of Funds) of Services Agreement</u>.

Schedule 6 (List of Funds) of the Services Agreement is hereby deleted in its entirety and replaced with the Schedule 6 (List of Funds) attached to the end of this Amendment.

2.<u>Representations and Warranties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Party represents and warrants to the other that it has full power and authority to enter into and perform this Amendment, that this Amendment has been duly authorized and, when executed and delivered by it, will constitute a legal, valid and binding obligation of it, enforceable against it in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Client represents that it has provided this Amendment to the Boards.

3.<u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This Amendment supplements and amends the Agreement. The provisions set forth in this Amendment supersede all prior negotiations, understandings and agreements bearing upon the subject matter covered herein, including any conflicting provisions of the Agreement or any provisions of the Agreement that

directly cover or indirectly bear upon matters covered under this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each reference to the Agreement in the Agreement and in every other agreement, contract or instrument to which the Parties are bound, shall hereafter be construed as a reference to the Agreement as separately amended by this Amendment. Except as provided in this Amendment, the provisions of the Agreement remain in full force and effect. No amendment or modification to this Amendment shall be valid unless made in writing and executed by each Party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Paragraph headings in this Amendment are included for convenience only and are not to be used to construe or interpret this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)This Amendment may be executed in counterparts, each of which shall be an original but all of which, taken together, shall constitute one and the same agreement.

**IN WITNESS WHEREOF**, the Parties hereto have caused this Amendment to be duly executed all as of the day and year first above written.

[Remainder of page intentionally left blank. Signatures follow on next page.]

![](gxgg41e6hrbu8h4voet8b.jpg)

**VICTORY CAPITAL MANAGEMENT INC.**

By: /S/ MICHAEL D. POLICARPO

<sup>Name:</sup> Michael D. Policarpo

<sup>Title:</sup> President, CFO & CAO

<sup>Date:</sup> June 10, 2025

**CITI FUND SERVICES OHIO, INC.**

By: /S/ JOHN DANKO

<sup>Name:</sup> John Danko

<sup>Title:</sup> President

<sup>Date:</sup> June 10, 2025

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**Schedule 6 to Services Agreement**

**List of Funds**

**Victory Portfolios**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Victory Diversified Stock Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Victory Floating Rate Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Victory Global Energy Transition Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Victory High Income Municipal Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Victory High Yield Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Victory Fund for Income

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Victory Investment Grade Convertible Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Victory Low Duration Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Victory Core Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.Victory Integrity Discovery Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.Victory Integrity Mid-Cap Value Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.Victory Integrity Small-Cap Value Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.Victory Integrity Small/Mid-Cap Value Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.Victory Munder Mid-Cap Core Growth Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.Victory Munder Multi-Cap Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.Victory RS Global Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.Victory RS Growth Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.Victory RS International Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.Victory RS Investors Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.Victory RS Large Cap Alpha Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.Victory RS Mid Cap Growth Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.Victory RS Partners Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.Victory RS Science and Technology Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.Victory RS Select Growth Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.Victory RS Small Cap Growth Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.Victory RS Value Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.Victory S&P 500 Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.Victory Sophus Emerging Markets Fund\*\*\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.Victory Sycamore Established Value Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.Victory Sycamore Small Company Opportunity Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.Victory Tax-Exempt Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.Victory Trivalent International Fund-Core Equity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.Victory Trivalent International Small-Cap Fund

**Victory Variable Insurance Funds**

Victory High Yield VIP Series\*\*\*\*

Victory RS International VIP Series\*\*\*\*

Victory RS Small Cap Growth Equity VIP Series\*\*\*\*

![](gkx9ncsvynmijx97kxuvi.jpg)

Victory 500 Index VIP Series\*\*\*\*

Victory Sophus Emerging Markets VIP Series\*\*\*

**Victory Portfolios II – Mutual Funds**

&nbsp;&nbsp;&nbsp;&nbsp;1. Victory Market Neutral Income Fund

**Victory Portfolios II – ETFs**

&nbsp;&nbsp;&nbsp;&nbsp;1.VictoryShares Dividend Accelerator ETF

&nbsp;&nbsp;&nbsp;&nbsp;2.VictoryShares International Volatility Wtd ETF

&nbsp;&nbsp;&nbsp;&nbsp;3.VictoryShares US 500 Enhanced Volatility Wtd ETF

&nbsp;&nbsp;&nbsp;&nbsp;4.VictoryShares US 500 Volatility Wtd ETF

&nbsp;&nbsp;&nbsp;&nbsp;5.VictoryShares US EQ Income Enhanced Volatility Wtd

ETF

&nbsp;&nbsp;&nbsp;&nbsp;6.VictoryShares US Large Cap High Div Volatility Wtd ETF

&nbsp;&nbsp;&nbsp;&nbsp;7.VictoryShares US Multi-Factor Minimum Volatility ETF

&nbsp;&nbsp;&nbsp;&nbsp;8.VictoryShares US Small Cap High Div Volatility Wtd ETF

&nbsp;&nbsp;&nbsp;&nbsp;9.VictoryShares Core Intermediate Bond ETF

&nbsp;&nbsp;&nbsp;&nbsp;10.VictoryShares Short-Term Bond ETF

&nbsp;&nbsp;&nbsp;&nbsp;11.VictoryShares Emerging Markets Value Momentum ETF

&nbsp;&nbsp;&nbsp;&nbsp;12.VictoryShares International Value Momentum ETF

&nbsp;&nbsp;&nbsp;&nbsp;13.VictoryShares US Small Mid Cap Value Momentum ETF

&nbsp;&nbsp;&nbsp;&nbsp;14.VictoryShares US Value Momentum ETF

&nbsp;&nbsp;&nbsp;&nbsp;15.VictoryShares Core Plus Intermediate Bond ETF

&nbsp;&nbsp;&nbsp;&nbsp;16.VictoryShares Corporate Bond ETF

&nbsp;&nbsp;&nbsp;&nbsp;17.VictoryShares WestEnd U.S. Sector ETF

&nbsp;&nbsp;&nbsp;&nbsp;18.VictoryShares Free Cash Flow ETF

&nbsp;&nbsp;&nbsp;&nbsp;19.VictoryShares Small Cap Free Cash Flow ETF

&nbsp;&nbsp;&nbsp;&nbsp;20.VictoryShares WestEnd Global Equity ETF

&nbsp;&nbsp;&nbsp;&nbsp;21.VictoryShares WestEnd Dynamic Equity ETF\*

&nbsp;&nbsp;&nbsp;&nbsp;22.VictoryShares WestEnd Economic Cycle Bond ETF

&nbsp;&nbsp;&nbsp;&nbsp;23.VictoryShares Hedged Equity Income ETF

&nbsp;&nbsp;&nbsp;&nbsp;24.VictoryShares Free Cash Flow Growth ETF

&nbsp;&nbsp;&nbsp;&nbsp;25.VictoryShares International Free Cash Flow ETF\*\*

&nbsp;&nbsp;&nbsp;&nbsp;26.VictoryShares International Free Cash Flow Growth ETF\*\*

&nbsp;&nbsp;&nbsp;&nbsp;27.VictoryShares Pioneer Asset-Based Income ETF\*\*

**Victory Portfolios III**

&nbsp;&nbsp;&nbsp;&nbsp;1.Victory Cornerstone Aggressive Fund

&nbsp;&nbsp;&nbsp;&nbsp;2.Victory Cornerstone Conservative Fund

&nbsp;&nbsp;&nbsp;&nbsp;3.Victory Cornerstone Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;4.Victory Cornerstone Moderate Fund

&nbsp;&nbsp;&nbsp;&nbsp;5.Victory Cornerstone Moderately Aggressive Fund

&nbsp;&nbsp;&nbsp;&nbsp;6.Victory Cornerstone Moderately Conservative Fund

&nbsp;&nbsp;&nbsp;&nbsp;7.Victory Growth and Tax Strategy Fund

&nbsp;&nbsp;&nbsp;&nbsp;8.Victory Target Managed Allocation Fund

&nbsp;&nbsp;&nbsp;&nbsp;9.Victory Target Retirement 2030 Fund

&nbsp;&nbsp;&nbsp;&nbsp;10.Victory Target Retirement 2040 Fund

&nbsp;&nbsp;&nbsp;&nbsp;11.Victory Target Retirement 2050 Fund

![](gwyzost9e9zu1uoq83vah.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.Victory Target Retirement 2060 Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.Victory Target Retirement Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.Victory Aggressive Growth Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.Victory Capital Growth Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.Victory Emerging Markets Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.Victory Growth & Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.Victory Growth Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.Victory International Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.Victory Science & Technology Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.Victory Small Cap Stock Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.Victory Sustainable World Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.Victory Value Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.Victory 500 Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.Victory Extended Market Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.Victory Nasdaq-100 Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.Victory Global Equity Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.Victory Global Managed Volatility Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.Victory Income Stock Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.Victory Precious Metals and Minerals Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.Victory California Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.Victory Government Securities Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.Victory High Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.Victory Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.Victory Core Plus Intermediate Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.Victory Money Market Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.Victory New York Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.Victory Short-Term Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.Victory Tax Exempt Intermediate-Term Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.Victory Tax Exempt Long-Term Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.Victory Tax Exempt Money Market Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.Victory Tax Exempt Short-Term Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.Victory Treasury Money Market Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.Victory Ultra Short-Term Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.Victory Virginia Bond Fund

**\*Pending Launch - TBD**

**\*\*Pending Launch - June 25, 2025**

**\*\*\*Pending Liquidation - June 27, 2025**

**\*\*\*\*Pending Liquidation - August 28, 2025**

## Ex-99.H

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**SCHEDULE A**

**TO THE EXPENSE LIMITATION AGREEMENT DATED MAY 1, 2021**

**BETWEEN**

**VICTORY PORTFOLIOS AND VICTORY CAPITAL MANAGEMENT INC.**

**OPERATING EXPENSE LIMITS AS OF AUGUST 26, 2025**

---

| | | | |
|:---|:---|:---|:---|
| <br>&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;**Fund/Class**<br>&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;**June 30 FYE Funds** | &nbsp;&nbsp;&nbsp;**Maximum**<br>&nbsp;&nbsp;&nbsp;**Operating**<br>**Expense Limit** | <br>**Date of**<br>**Termination** | <br>&nbsp;&nbsp;**Effective Date**<br>**of Waiver** |
| &nbsp;&nbsp;Victory Diversified Stock – Class C | 2.02% | 31-Oct-26 | 1-Nov-25 |
| &nbsp;&nbsp;Victory Diversified Stock – Class I | 0.83% | 31-Oct-26 | 1-Nov-25 |
| &nbsp;&nbsp;Victory Diversified Stock – Class R6 | 0.78% | 31-Oct-26 | 1-Nov-25 |
| &nbsp;&nbsp;Victory Diversified Stock – Class Y | 0.86% | 31-Oct-26 | 1-Nov-25 |
| &nbsp;&nbsp;Victory Fund for Income – Class A | 0.91% | 31-Oct-26 | 1-Nov-25 |
| &nbsp;&nbsp;Victory Fund for Income – Class C | 1.71% | 31-Oct-26 | 1-Nov-25 |
| &nbsp;&nbsp;Victory Fund for Income – Class I | 0.64% | 31-Oct-26 | 1-Nov-25 |
| &nbsp;&nbsp;Victory Fund for Income – Class R | 0.91% | 31-Oct-26 | 1-Nov-25 |
| &nbsp;&nbsp;Victory Fund for Income – Class R6 | 0.63% | 31-Oct-26 | 1-Nov-25 |
| &nbsp;&nbsp;Victory Fund for Income – Class Y | 0.71% | 31-Oct-26 | 1-Nov-25 |
| &nbsp;&nbsp;Victory Fund for Income – Member Class | 0.75% | 31-Oct-26 | 1-Nov-25 |
| &nbsp;&nbsp;Victory Investment Grade Convertible – Class A | 1.39% | 31-Oct-26 | 1-Nov-25 |
| &nbsp;&nbsp;Victory Investment Grade Convertible – Member | 1.10% | 31-Oct-26 | 1-Nov-25 |
| &nbsp;&nbsp;Class |  |  |  |
| &nbsp;&nbsp;Victory Core Bond Fund – Class A | 0.85% | 31-Oct-26 | 1-Nov-25 |
| &nbsp;&nbsp;Victory core Bond Fund – Class C | 1.60% | 31-Oct-26 | 1-Nov-25 |
| &nbsp;&nbsp;Victory Core Bond Fund – Class R6 | 0.58% | 31-Oct-26 | 1-Nov-25 |
| &nbsp;&nbsp;Victory Core Bond Fund – Class Y | 0.60% | 31-Oct-26 | 1-Nov-25 |
| &nbsp;&nbsp;Victory Integrity Discovery Fund – Class A | 1.66% | 31-Oct-26 | 1-Nov-25 |
| &nbsp;&nbsp;Victory Integrity Discovery Fund – Class C | 2.45% | 31-Oct-26 | 1-Nov-25 |
| &nbsp;&nbsp;Victory Integrity Discovery Fund – Class Y | 1.44% | 31-Oct-26 | 1-Nov-25 |
| &nbsp;&nbsp;Victory Integrity Discovery Fund – Member Class | 1.50% | 31-Oct-26 | 1-Nov-25 |
| &nbsp;&nbsp;Victory Integrity Mid-Cap Value Fund – Class R6 | 0.60% | 31-Oct-26 | 1-Nov-25 |
| &nbsp;&nbsp;Victory Integrity Mid-Cap Value Fund – Class A | 1.00% | 31-Oct-26 | 1-Nov-25 |
| &nbsp;&nbsp;Victory Integrity Mid-Cap Value Fund – Class C | 1.75% | 31-Oct-26 | 1-Nov-25 |
| &nbsp;&nbsp;Victory Integrity Mid-Cap Value Fund – Class Y | 0.75% | &nbsp;&nbsp;&nbsp;&nbsp;31-Oct-26 | 1-Nov-25 |
| &nbsp;&nbsp;Victory Integrity Mid-Cap Value Fund – Member Class | 0.85% | &nbsp;&nbsp;&nbsp;&nbsp;31-Oct-26 | 1-Nov-25 |

---

(Maximum Operating Expense Limit excluding acquired fund fees and expenses and certain other items such as interest, taxes and brokerage commissions)

![](g88nqpjmybf87trc3vmxc.jpg)

---

| | | | |
|:---|:---|:---|:---|
| <br>&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;**Fund/Class**<br>&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;**June 30 FYE Funds** | &nbsp;&nbsp;**Maximum**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Operating**<br>&nbsp;&nbsp;**Expense Limit** | <br>**Date of**<br>**Termination** | <br>&nbsp;&nbsp;&nbsp;**Effective Date**<br>**of Waiver** |
| &nbsp;&nbsp;Victory Integrity Small/Mid-Cap Value Fund – Class | &nbsp;&nbsp;1.13% | 31-Oct-25 | 1-Nov-25 |
| &nbsp;&nbsp;A |  |  |  |
| &nbsp;&nbsp;Victory Integrity Small/Mid-Cap Value Fund – Class | &nbsp;&nbsp;0.83% | 31-Oct-26 | 1-Nov-25 |
| &nbsp;&nbsp;R6 |  |  |  |
| &nbsp;&nbsp;Victory Integrity Small/Mid-Cap Value Fund – Class | &nbsp;&nbsp;0.88% | 31-Oct-26 | 1-Nov-25 |
| &nbsp;&nbsp;Y |  |  |  |
| &nbsp;&nbsp;Victory Integrity Small/Mid-Cap Value Fund – | &nbsp;&nbsp;0.95% | 31-Oct-26 | 1-Nov-25 |
| &nbsp;&nbsp;Member Class |  |  |  |
| &nbsp;&nbsp;Victory Integrity Small-Cap Value Fund – Class A | &nbsp;&nbsp;1.50% | 31-Oct-26 | 1-Nov-25 |
| &nbsp;&nbsp;Victory Integrity Small-Cap Value Fund – Class C | &nbsp;&nbsp;2.35% | 31-Oct-26 | 1-Nov-25 |
| &nbsp;&nbsp;Victory Integrity Small-Cap Value Fund – Class R | &nbsp;&nbsp;1.75% | 31-Oct-26 | 1-Nov-25 |
| &nbsp;&nbsp;Victory Munder Mid-Cap Core Growth Fund – Class | &nbsp;&nbsp;1.32% | 31-Oct-26 | 1-Nov-25 |
| &nbsp;&nbsp;A |  |  |  |
| &nbsp;&nbsp;Victory Munder Mid-Cap Core Growth Fund – Class | &nbsp;&nbsp;2.12% | 31-Oct-26 | 1-Nov-25 |
| &nbsp;&nbsp;C |  |  |  |
| &nbsp;&nbsp;Victory Munder Multi-Cap Fund – Class C | &nbsp;&nbsp;2.16% | 31-Oct-26 | 1-Nov-25 |
| &nbsp;&nbsp;Victory Sycamore Established Value – Class C | &nbsp;&nbsp;1.84% | 31-Oct-26 | 1-Nov-25 |
| &nbsp;&nbsp;Victory Sycamore Small Company Opportunity – | &nbsp;&nbsp;1.15% | 31-Oct-26 | 1-Nov-25 |
| &nbsp;&nbsp;Class Y |  |  |  |
| &nbsp;&nbsp;Victory Trivalent International Fund—Core Equity – | &nbsp;&nbsp;0.95% | 31-Oct-26 | 1-Nov-25 |
| &nbsp;&nbsp;Class A |  |  |  |
| &nbsp;&nbsp;Victory Trivalent International Fund—Core Equity – | &nbsp;&nbsp;0.60% | 31-Oct-26 | 1-Nov-25 |
| &nbsp;&nbsp;Class I |  |  |  |
| &nbsp;&nbsp;Victory Trivalent International Fund—Core Equity – | &nbsp;&nbsp;0.55% | 31-Oct-26 | 1-Nov-25 |
| &nbsp;&nbsp;Class R6 |  |  |  |
| &nbsp;&nbsp;Victory Trivalent International Fund—Core Equity – | &nbsp;&nbsp;0.70% | 31-Oct-26 | 1-Nov-25 |
| &nbsp;&nbsp;Class Y |  |  |  |
| &nbsp;&nbsp;Victory Trivalent International Small-Cap Fund – | &nbsp;&nbsp;1.35% | 31-Oct-26 | 1-Nov-25 |
| &nbsp;&nbsp;Class A |  |  |  |
| &nbsp;&nbsp;Victory Trivalent International Small-Cap Fund – | &nbsp;&nbsp;2.10% | 31-Oct-26 | 1-Nov-25 |
| &nbsp;&nbsp;Class C |  |  |  |
| &nbsp;&nbsp;Victory Trivalent International Small-Cap Fund – | &nbsp;&nbsp;0.97% | 31-Oct-26 | 1-Nov-25 |
| &nbsp;&nbsp;Class I |  |  |  |
| &nbsp;&nbsp;Victory Trivalent International Small-Cap Fund – | &nbsp;&nbsp;1.10% | 31-Oct-26 | 1-Nov-25 |
| &nbsp;&nbsp;Class R6 |  |  |  |
| &nbsp;&nbsp;Victory Trivalent International Small-Cap Fund – | &nbsp;&nbsp;1.10% | 31-Oct-26 | 1-Nov-25 |
| &nbsp;&nbsp;Class Y |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>&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;**Fund/Class**<br>&nbsp;&nbsp;**December 31 FYE Funds** | **Maximum**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Operating**<br>**Expense Limit** | <br>&nbsp;&nbsp;&nbsp;&nbsp;**Date of**<br>**Termination** | <br>&nbsp;&nbsp;&nbsp;**Effective Date**<br>**of Waiver** |
| &nbsp;&nbsp;Victory Floating Rate Fund – Class A | 1.00% | 30-Apr-26 | 01-May-25 |

---

(Maximum Operating Expense Limit excluding acquired fund fees and expenses and certain other items such as interest, taxes and brokerage commissions)

![](gmkopbmv0ucfi6g2sgg2x.jpg)

---

| | | | |
|:---|:---|:---|:---|
| <br>&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;**Fund/Class**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 31 FYE Funds** | **Maximum**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Operating**<br>**Expense Limit** | <br>&nbsp;&nbsp;&nbsp;&nbsp;**Date of**<br>**Termination** | <br>&nbsp;&nbsp;&nbsp;**Effective Date**<br>**of Waiver** |
| &nbsp;&nbsp;Victory Floating Rate Fund – Class C | 1.80% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory Floating Rate Fund – Class Y | 0.78% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory Floating Rate Fund – Member Class | 0.85% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory Global Energy Transition Fund – Class A | 1.48% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory Global Energy Transition Fund – Class C | 2.28% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory Global Energy Transition Fund – Class Y | 1.15% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory High Income Municipal Bond Fund – Class A | 0.80% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory High Income Municipal Bond Fund – Class C | 1.57% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory High Income Municipal Bond Fund – Class Y | 0.57% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory High Income Municipal Bond Fund – | 0.65% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Member Class |  |  |  |
| &nbsp;&nbsp;Victory High Yield Fund – Class A | 1.00% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory High Yield Fund – Class C | 1.70% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory High Yield Fund – Class R | 1.35% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory High Yield Fund – Class Y | 0.76% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory Low Duration Bond Fund – Class A | 0.85% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory Low Duration Bond Fund – Class C | 1.62% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory Low Duration Bond Fund – Class Y | 0.62% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory RS Global Fund – Class A | 0.85% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory RS Global Fund – Class C | 1.60% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory RS Global Fund – Class R | 1.10% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory RS Global Fund – Class Y | 0.60% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory RS Global Fund – Class R6 | 0.55% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory RS Growth Fund – Class A | 1.10% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory RS Growth Fund – Class C | 1.93% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory RS Growth Fund – Class Y | 0.83% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory RS International Fund – Class A | 1.13% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory RS International Fund – Class C | 1.88% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory RS International Fund – Class R | 1.38% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory RS International Fund – Class Y | 0.88% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory RS International Fund – Class R6 | 0.83% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory RS Investors Fund – Class A | 1.33% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory RS Investors Fund – Class C | 2.07% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory RS Investors Fund – Class Y | 1.05% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory RS Large Cap Alpha Fund – Class A | 0.89% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory RS Large Cap Alpha Fund – Class C | 1.69% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory RS Large Cap Alpha Fund – Class Y | 0.68% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory RS Mid Cap Growth Fund – Class A | 1.20% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory RS Mid Cap Growth Fund – Class C | 2.11% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory RS Mid Cap Growth Fund – Class Y | 0.95% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory RS Mid Cap Growth Fund – Class R6 | 0.94% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory RS Mid Cap Growth Fund – Member Class | 1.05% | 30-Apr-26 | 01-May-25 |

---

(Maximum Operating Expense Limit excluding acquired fund fees and expenses and certain other items such as interest, taxes and brokerage commissions)

![](gblj5iil0nyr51b4okxe3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| <br>&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;**Fund/Class**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 31 FYE Funds** | **Maximum**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Operating**<br>**Expense Limit** | <br>&nbsp;&nbsp;&nbsp;&nbsp;**Date of**<br>**Termination** | <br>&nbsp;&nbsp;&nbsp;**Effective Date**<br>**of Waiver** |
| &nbsp;&nbsp;Victory RS Partners Fund – Class A | 1.33% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory RS Partners Fund – Class R | 1.69% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory RS Partners Fund – Class Y | 0.94% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory RS Partners Fund – Class R6 | 0.89% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory RS Partners Fund – Member Class | 1.13% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory RS Science and Technology Fund – Class A | 1.49% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory RS Science and Technology Fund – Class C | 2.28% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory RS Science and Technology Fund – Class Y | 1.24% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory RS Select Growth Fund – Class A | 1.40% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory RS Select Growth Fund – Class C | 2.18% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory RS Select Growth Fund – Class Y | 1.14% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory RS Select Growth Fund – Class R6 | 1.06% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory RS Small Cap Growth Fund – Class A | 1.40% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory RS Small Cap Growth Fund – Class C | 2.16% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory RS Small Cap Growth Fund – Class Y | 1.13% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory RS Small Cap Growth Fund – Class R6 | 1.06% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory RS Value Fund – Class A | 1.30% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory RS Value Fund – Class C | 2.07% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory RS Value Fund – Class Y | 1.06% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory Tax-Exempt Fund – Class A | 0.80% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory Tax-Exempt Fund – Class C | 1.60% | 30-Apr-26 | 01-May-25 |
| &nbsp;&nbsp;Victory Tax-Exempt Fund – Class Y | 0.69% | 30-Apr-26 | 01-May-25 |

---

(Maximum Operating Expense Limit excluding acquired fund fees and expenses and certain other items such as interest, taxes and brokerage commissions)

## Ex-99.H

**AMENDMENT NO. 4**

**TO**

**GLOBAL SECURITIES LENDING AGENCY AGREEMENT**

**This AMENDMENT NO. 4 TO GLOBAL SECURITIES LENDING AGENCY AGREEMENT, dated as of June 12, 2025 is made between CITIBANK, N.A., a national banking organization (the "Agent") and VICTORY PORTFOLIO, VICTORY VARIABLE INSURANCE FUNDS AND VICTORY PORTFOLIOS II (EACH A "Fund"), ON BEHALF OF THEIR RE- SPECTIVE SERIES PORTFOLIOS, INDIVIDUALLY AND NOT JOINTLY ("Lender").**

WHERAS, Agent and Lender are parties to the Global Securities Lending Agency Agree- ment dated as of November 30, 2021 (as amended from time to time, the "**GSLAA**").

WHEREAS, the parties wish to update the list of Lenders to comprehensively reflect the current list of Lenders, including joining additional Lenders to the GSLAA.

NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements herein set forth, the parties hereto agree as follows:

1.<u>Exhibit A</u>

GSLAA <u>Exhibit A</u> is hereby deleted in its entirety and replaced with the revised <u>Exhibit A</u> dated as of June 12, 2025, attached hereto. Newly joined Lenders are indicated by a "\*" after their names.

Each additional Lender shall comply with the terms of the GSLAA and hereby makes the representations contained in it.

2.<u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This Amendment is governed by the laws of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Except as amended hereby, the GSLAA shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)This Amendment may be executed in counterpart, each of which is deemed an original, but all of which together constitutes one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)GSLAA section 17 is incorporated herein as if fully set forth in this section 2.

**IN WITNESS WHEREOF**, the parties hereto have caused this Amendment to be signed as of the date first written above.

---

| | |
|:---|:---|
| CITIBANK, N.A., AGENT | VICTORY PORTFOLIO, VICTORY VARIA- |
|  | BLE INSURANCE FUNDS AND VICTORY |
|  | PORTFOLIOS II (EACH A "FUND"), ON BE- |
|  | HALF OF THEIR RESPECTIVE SERIES |
|  | PORTFOLIOS, INDIVIDUALLY AND NOT |
|  | JOINTLY ("LENDER") |
| By: <u>/S/ PEGGY VENA</u> | By: <u>/S/THOMAS DUSENBERRY</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Peggy Vena | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Thomas Dusenberry |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: VP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:President |

---

Page 1 of 3

**Exhibit A to GSLAA Revised as of June 12, 2025**

Between **CITIBANK, N.A.**, as the Agent

and each **Lender**, identified below

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund Name** | &nbsp;&nbsp;&nbsp;&nbsp;**GFCID** | &nbsp;&nbsp;&nbsp;&nbsp;**LEI** | &nbsp;&nbsp;&nbsp;&nbsp;**TAX ID** |
| &nbsp;&nbsp;**Victory Portfolios** |  |  |  |
| &nbsp;&nbsp;Victory Diversified Stock Fund | 1007351743 | &nbsp;&nbsp;549300CFL88LDPQO6O73 | 31-6364605 |
| &nbsp;&nbsp;Victory Floating Rate Fund | 1015835121 | &nbsp;&nbsp;5493006V5CZZVATH3R53 | 27-1249817 |
| &nbsp;&nbsp;Victory Global Energy Transition Fund | 1012672868 | &nbsp;&nbsp;549300X50UTTG6F4HI95 | 94-6688562 |
| &nbsp;&nbsp;Victory High Income Municipal Bond Fund | 1017419613 | &nbsp;&nbsp;549300SL091JXBJH0623 | 27-1249768 |
| &nbsp;&nbsp;Victory High Yield Fund | 1017419591 | &nbsp;&nbsp;549300YO611MKRHL4648 | 13-3998112 |
| &nbsp;&nbsp;Victory Fund for Income | 1003026252 | &nbsp;&nbsp;549300Q6NPQ3FQP3QL05 | 91-1366243 |
| &nbsp;&nbsp;Victory Investment Grade Convertible Fund | 1015123555 | &nbsp;&nbsp;549300ZE7EDX9F7SCK90 | 13-3447652 |
| &nbsp;&nbsp;Victory Low Duration Bond Fund | 1017419583 | &nbsp;&nbsp;549300C633ZPXTKF0S40 | 03-0522052 |
| &nbsp;&nbsp;Victory Core Bond Fund | 1019631741 | &nbsp;&nbsp;549300VQYIXD1I5A0C93 | 04-3135671 |
| &nbsp;&nbsp;Victory Integrity Discovery Fund | 1019631792 | &nbsp;&nbsp;549300EIYA36GFL6E746 | 38-3309462 |
| &nbsp;&nbsp;Victory Integrity Mid-Cap Value Fund | 1013390319 | &nbsp;&nbsp;549300RKLZH9RUSBXP40 | 37-1641048 |
| &nbsp;&nbsp;Victory Integrity Small-Cap Value Fund | 1019631806 | &nbsp;&nbsp;5493000LV00VJ8XBPX24 | 38-3309464 |
| &nbsp;&nbsp;Victory Integrity Small/Mid-Cap Value Fund | 1019824418 | &nbsp;&nbsp;549300BZ2CQ68TGCQK29 | 36-4702345 |
| &nbsp;&nbsp;Victory Munder Mid-Cap Core Growth Fund | 1019631814 | &nbsp;&nbsp;549300T8YEUSUURLI085 | 04-3424166 |
| &nbsp;&nbsp;Victory Munder Multi-Cap Fund | 1019631822 | &nbsp;&nbsp;549300U0TGCDD030GT65 | 38-3307057 |
| &nbsp;&nbsp;Victory RS Global Fund | 1017635766 | &nbsp;&nbsp;549300I1FYJXRJXD4J54 | 27-7094133 |
| &nbsp;&nbsp;Victory RS Growth Fund | 1017442321 | &nbsp;&nbsp;549300TKK08I87NY8R77 | 94-6649069 |
| &nbsp;&nbsp;Victory RS International Fund | 1017635782 | &nbsp;&nbsp;549300JEPV6NYZT1OP94 | 13-3693830 |
| &nbsp;&nbsp;Victory RS Investors Fund | 1017966525 | &nbsp;&nbsp;549300GPW0YP6P6L5K67 | 16-1730794 |
| &nbsp;&nbsp;Victory RS Large Cap Alpha Fund | 1022528188 | &nbsp;&nbsp;549300KHCTM3U5X5J271 | 13-2656035 |
| &nbsp;&nbsp;Victory RS Mid Cap Growth Fund | 1020723587 | &nbsp;&nbsp;54930021JIMQW21CEP55 | 94-3225963 |
| &nbsp;&nbsp;Victory RS Partners Fund | 1020085343 | &nbsp;&nbsp;549300GYG26BSOTCMW34 | 94-3221209 |
| &nbsp;&nbsp;Victory RS Science and Technology Fund | 1017442305 | &nbsp;&nbsp;549300YNZR8S7NDWVW17 | 94-6688563 |
| &nbsp;&nbsp;Victory RS Select Growth Fund | 1017442313 | &nbsp;&nbsp;5493003JYMDQO1EKTQ65 | 94-3248659 |
| &nbsp;&nbsp;Victory RS Small Cap Growth Fund | 1019464322 | &nbsp;&nbsp;549300S05EC1NNU8DB97 | 94-6602835 |
| &nbsp;&nbsp;Victory RS Value Fund | 1022528218 | &nbsp;&nbsp;5493003VFQCJZ7D2E402 | 94-3174915 |
| &nbsp;&nbsp;Victory S&P 500 Index Fund | 1019631733 | &nbsp;&nbsp;5493003FYR9UIIV6R751 | 04-3135674 |
| &nbsp;&nbsp;Victory Sophus Emerging Markets Fund [Pending Closure] | 1016967048 | &nbsp;&nbsp;549300HXVYDTV51KW285 | 13-3938298 |
| &nbsp;&nbsp;Victory Sycamore Established Value Fund | 1005128486 | &nbsp;&nbsp;5493008YBYIRYKBV5463 | 31-6244473 |
| &nbsp;&nbsp;Victory Sycamore Small Company Opportunity Fund | 1016366524 | &nbsp;&nbsp;5493000P7VZ2LJL8MG81 | 31-1387259 |
| &nbsp;&nbsp;Victory Tax-Exempt Fund | 1017419605 | &nbsp;&nbsp;549300YS0Y03XX1L0013 | 13-3693838 |
| &nbsp;&nbsp;Victory Trivalent International Fund-Core Equity | 1019631768 | &nbsp;&nbsp;549300ZTXG8QP2J0Y703 | 74-3225979 |
| &nbsp;&nbsp;Victory Trivalent International Small-Cap Fund | 1019631725 | &nbsp;&nbsp;549300SB9TZ2GU9C2Q92 | 74-3225981 |
| &nbsp;&nbsp;**Victory Variable Insurance Funds** |  |  |  |
| &nbsp;&nbsp;Victory High Yield VIP Series [Pending Closure] | 1022535567 | &nbsp;&nbsp;5493006EXFOI9V1GPY03 | 13-4073052 |
| &nbsp;&nbsp;Victory RS International VIP Series [Pending Closure] | 1017635774 | &nbsp;&nbsp;549300QS2OFQ88TJU634 | 13-3595005 |
| &nbsp;&nbsp;Victory RS Small Cap Growth Equity VIP Series [Pending Closure] | 1022535591 | &nbsp;&nbsp;549300W3VTI4YP88CS26 | 13-3938294 |
| &nbsp;&nbsp;Victory 500 Index VIP Series [Pending Closure] | 1022535613 | &nbsp;&nbsp;549300KGU1WJ8O5TD545 | 13-4073053 |
| &nbsp;&nbsp;Victory Sophus Emerging Markets VIP Series [Pending Closure] | 1016966963 | &nbsp;&nbsp;549300P7ZTDPRWS36649 | 13-3784437 |
| &nbsp;&nbsp;**Victory Portfolios II - Mutual Funds** |  |  |  |
| &nbsp;&nbsp;Victory Market Neutral Income Fund | 1019750511 | &nbsp;&nbsp;549300K0CUZCEEMBX789 | 46-0702582 |
| &nbsp;&nbsp;**Victory Portfolios II - ETFs** |  |  |  |
| &nbsp;&nbsp;VictoryShares Dividend Accelerator ETF | 1024079208 | &nbsp;&nbsp;5493006Y0YRJCU9TI370 | 81-5424728 |
| &nbsp;&nbsp;VictoryShares International Volatility Wtd ETF | 1022561045 | &nbsp;&nbsp;549300PQPRGG1DP3EJ39 | 47-4192132 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 2 of 3 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund Name** | &nbsp;&nbsp;&nbsp;&nbsp;**GFCID** | &nbsp;&nbsp;&nbsp;&nbsp;**LEI** | &nbsp;&nbsp;&nbsp;&nbsp;**TAX ID** |
| &nbsp;&nbsp;VictoryShares US 500 Enhanced Volatility Wtd ETF | 1022560596 | &nbsp;&nbsp;549300Q6CRVFDKHYIW55 | 46-5071922 |
| &nbsp;&nbsp;VictoryShares US 500 Volatility Wtd ETF | 1022560952 | &nbsp;&nbsp;549300N0220QBME2UW10 | 46-5071807 |
| &nbsp;&nbsp;VictoryShares US EQ Income Enhanced Volatility Wtd ETF | 1022561088 | &nbsp;&nbsp;549300DSJ7VCXV0QYG22 | 46-5079364 |
| &nbsp;&nbsp;VictoryShares US Large Cap High Div Volatility Wtd ETF | 1022561126 | &nbsp;&nbsp;549300RS1Y46ILB96P77 | 47-4202515 |
| &nbsp;&nbsp;VictoryShares US Multi-Factor Minimum Volatility ETF | 1025197638 | &nbsp;&nbsp;5493004HRSYZ4WW5CD82 | 81-5407028 |
| &nbsp;&nbsp;VictoryShares US Small Cap High Div Volatility Wtd ETF | 1022560979 | &nbsp;&nbsp;549300GMUN0Q3JBDN646 | 47-4153266 |
| &nbsp;&nbsp;VictoryShares Core Intermediate Bond ETF | 1030101096 | &nbsp;&nbsp;549300E79RSORMCGYT11 | 82-1887709 |
| &nbsp;&nbsp;VictoryShares Short-Term Bond ETF | 1030101088 | &nbsp;&nbsp;549300I98QP59UGN5H87 | 82-6330346 |
| &nbsp;&nbsp;VictoryShares Emerging Markets Value Momentum ETF | 1030101185 | &nbsp;&nbsp;549300KFJKPEO1ORBS50 | 82-1870398 |
| &nbsp;&nbsp;VictoryShares International Value Momentum ETF | 1030101169 | &nbsp;&nbsp;54930087CRYWYWVYGD14 | 82-1864993 |
| &nbsp;&nbsp;VictoryShares US Small Mid Cap Value Momentum ETF | 1030101134 | &nbsp;&nbsp;549300DR31EXT2WMIN31 | 82-1840294 |
| &nbsp;&nbsp;VictoryShares US Value Momentum ETF | 1030101118 | &nbsp;&nbsp;5493006WYTPO22TMZG75 | 82-1829544 |
| &nbsp;&nbsp;VictoryShares Core Plus Intermediate Bond ETF | 1034187076 | &nbsp;&nbsp;549300H4LTQRRZ6YWC27 | 87-2025970 |
| &nbsp;&nbsp;VictoryShares Corporate Bond ETF | 1034187084 | &nbsp;&nbsp;549300KWMTK88G1WP504 | 87-2015212 |
| &nbsp;&nbsp;VictoryShares WestEnd U.S. Sector ETF | 1035931089 | &nbsp;&nbsp;549300BTZUOYLIN1TC42 | 88-3527054 |
| &nbsp;&nbsp;VictoryShares Free Cash Flow ETF | 1036899936 | &nbsp;&nbsp;5493000FVGQ9SU6HI752 | 92-3622890 |
| &nbsp;&nbsp;VictoryShares Small Cap Free Cash Flow ETF | 1036899952 | &nbsp;&nbsp;254900PHKM6UI5AF4K73 | 92-3631995 |
| &nbsp;&nbsp;VictoryShares WestEnd Global Equity ETF | 1038103225 | &nbsp;&nbsp;2549005Q06VLS7N9P697 | 99-2298614 |
| &nbsp;&nbsp;VictoryShares WestEnd Dynamic Equity ETF\* | 1038200867 | &nbsp;&nbsp;254900OV40HK89C45A34 | 99-2902049 |
| &nbsp;&nbsp;VictoryShares WestEnd Economic Cycle Bond ETF | 1038103195 | &nbsp;&nbsp;254900AF21V3T9RMTG12 | 99-2337421 |
| &nbsp;&nbsp;VictoryShares Hedged Equity Income ETF | 1038103187 | &nbsp;&nbsp;254900739YHV13U2G52 | 99-2357940 |
| &nbsp;&nbsp;VictoryShares Free Cash Flow Growth ETF | 1038626627 | &nbsp;&nbsp;25490023YCO3N5PNV908 | 99-5017519 |
| &nbsp;&nbsp;VictoryShares International Free Cash Flow ETF\* | 1039144065 | &nbsp;&nbsp;254900RL22F8ZCNOZE73 | 33-4315324 |
| &nbsp;&nbsp;VictoryShares International Free Cash Flow Growth ETF\* | 1039143999 | &nbsp;&nbsp;2549000ACBRB8324FH18 | 33-4340107 |
| &nbsp;&nbsp;VictoryShares Pioneer Asset-Based Income ETF\* | 1039144014 | &nbsp;&nbsp;25490037MHD4381Z8M37 | 33-4365893 |

---

\*Pending Launch

---

| | |
|:---|:---|
| **CITIBANK, N.A., as Agent** | &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 Portfolio, Victory Variable Insur-** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ance Funds and Victory Portfolios II (each** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a "Fund"), on behalf of their respective se-** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ries portfolios, individually and not jointly** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**("Lender")** |
| By: /S/PEGGY VENA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: /S/ THOMAS DUSENBERRY |
| Name: Peggy Vena | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Thomas Dusenberry |
| Title: VP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: President |

---

Page 3 of 3

## Ex-99.I

![](glp097n5prxdfna0scem2.jpg)

**M O R R I S , NI C H O L S , AR S H T & T U N N E L L L L P**

1201 NORTH MARKET STREET

P.O. BOX 1347

WILMINGTON, DELAWARE 19899-1347

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(302)658-9200

&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;&nbsp;&nbsp;(302)658-3989 FAX

October 24, 2025

Victory Portfolios

4900 Tiedeman Road

Brooklyn, Ohio 44144

Re: <u>Victory Portfolios</u>

Ladies and Gentlemen:

We have acted as special Delaware counsel to Victory Portfolios, a Delaware statutory trust (the "Trust"), in connection with certain matters of Delaware law set forth below relating to the Trust and the Series thereof identified under the heading "Series" on <u>Exhibit A</u> hereto (each, a "Fund" and collectively, the "Funds"), including the issuance of Shares of each of the Classes identified under the heading "Classes" on <u>Exhibit A</u> hereto of the Fund appearing opposite the name of such Class (each, a "Class" and collectively, the "Classes" and such Shares, the "Registered Shares"). Capitalized terms used herein and not otherwise herein defined are used as defined in the Second Amended and Restated Trust Instrument of the Trust dated as of February 26, 2019 (the "Governing Instrument").

In rendering this opinion, we have examined and relied on copies of the following documents, each in the form provided to us: Post-Effective Amendment No. 206 to Registration Statement No. 033-08982 under the Securities Act of 1933 and No. 207 to Registration Statement No. 811-04852 under the Investment Company Act of 1940 on Form N-1A of the Trust to be filed with the Securities and Exchange Commission (the "Commission") on or about the date hereof (the "Registration Statement"); the Certificate of Trust of the Trust as filed in the Office of the Secretary of State of the State of Delaware (the "State Office") on December 21, 1995 (under the name The Victory Portfolios), as amended by the Certificate of Amendment thereto as filed in the State Office on September 16, 2015 (reflecting a change in its name to Victory Portfolios) (as so amended, the "Certificate"); the Governing Instrument; the Amended and Restated Trust Instrument of the Trust dated as of March 27, 2000, as amended by the Amendment thereto dated as of August 19, 2015 (as so amended, the "A/R Governing Instrument"); the Trust Instrument of the Trust dated as of December 6, 1995, as amended February 19, 1997 and October 23, 1997 (as amended, the "Original Governing Instrument"); the Amended and Restated Bylaws of the Trust dated August 26, 2009 (the "Bylaws"); certain resolutions of the Trustees of the Trust including resolutions dated December 6, 1995 and resolutions adopted by the Board of Trustees of the Trust at meetings held on August 19, 2015, August 30, 2022, May 23, 2023, August 27, 2024, and August 29, 2025 (collectively, the "Resolutions" and the Resolutions together with the Registration Statement, the Governing Instrument and the Bylaws, the "Governing Documents"); and a certification of good standing of the Trust obtained as of a recent date from the State Office.

Victory Portfolios

October 24, 2025

In such examinations, we have assumed the genuineness of all signatures, the conformity to original documents of all documents submitted to us as copies or drafts of documents to be executed, and the legal capacity of natural persons to complete the execution of documents. We have further assumed for purposes of this opinion: (i) the due adoption, authorization, execution and delivery, as applicable, by or on behalf of each of the parties thereto of the above-referenced agreements, instruments, certificates and other documents (including the Resolutions), and of all documents contemplated by the Governing Documents to be executed by investors desiring to become Shareholders; (ii) the payment of consideration for Shares, and the application of such consideration, as provided in the Governing Documents and compliance with all other terms, conditions and restrictions set forth in the Governing Documents in connection with the issuance of Shares; (iii) that appropriate notation of the names and addresses of, the number of Shares held by, and the consideration paid by, Shareholders will be maintained in the appropriate registers and other books and records of the Trust in connection with the issuance or transfer of Shares; (iv) that no event has occurred that would cause a termination or dissolution of the Trust under Sections

11.04or 11.05 of the Original Governing Instrument, the A/R Governing Instrument, or the Governing Instrument, as applicable; (v) that no event has occurred that would cause a termination or dissolution of any Fund or any Class thereof under Sections 2.06 or 11.04 of the Original Governing Instrument, the A/R Governing Instrument, or the Governing Instrument, as applicable; (vi) that the activities of the Trust have been and will be conducted in accordance with the terms of the Governing Instrument and the Delaware Statutory Trust Act, 12 <u>Del. C.</u> §§ 3801 <u>et seq.</u>; (vii) that the Registered Shares constitute the Shares covered by the Registration Statement; and (viii) that each of the documents examined by us is in full force and effect and has not been amended, supplemented or otherwise modified, except as herein referenced. No opinion is expressed herein with respect to the requirements of, or compliance with, federal or state securities or blue sky laws. Further, we express no opinion on the sufficiency or accuracy of any registration or offering documentation relating to the Trust or the Shares. As to any facts material to our opinion, other than those assumed, we have relied without independent investigation on the above- referenced documents and on the accuracy, as of the date hereof, of the matters therein contained.

Based on and subject to the foregoing, and limited in all respects to matters of Delaware law, it is our opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Trust is a duly formed and validly existing statutory trust in good standing under the laws of the State of Delaware. Each Fund is a validly existing Series of the Trust and each Class thereof is a validly existing Class of such Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The Registered Shares of each Class of each Fund, when issued to Shareholders in accordance with the terms, conditions, requirements and procedures set forth in the Governing Documents and all applicable resolutions of the Trustees, will be validly issued, fully paid and non-assessable Shares of beneficial interest in the Trust.

With respect to our opinion in paragraph 2 above, we note that under Article V of the Governing Instrument, the Trustees shall have the power to cause each Shareholder, or each Shareholder of any particular Series or Class (as defined in the Governing Instrument), to pay directly, in advance or arrears, expenses of the Trust as described in Article V of the Governing Instrument ("Expenses"), in an amount fixed from time to time by the Trustees, by setting off such Expenses due from such Shareholder from declared but unpaid dividends owed such Shareholder

Victory Portfolios

October 24, 2025

and/or by reducing the number of Shares in the account of such Shareholder by that number of full and/or fractional Shares which represents the outstanding amount of such Expenses due from such Shareholder, provided that the direct payment of such Expenses by Shareholders is permitted under applicable law.

We hereby consent to the filing of a copy of this opinion with the Commission as an exhibit to a post-effective amendment to the Trust's Registration Statement. In giving this consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Commission thereunder. This opinion speaks only as of the date hereof and is based on our understandings and assumptions as to present facts, and on the application of Delaware law as the same exist on the date hereof, and we undertake no obligation to update or supplement this opinion after the date hereof for the benefit of any person or entity (including any Shareholder) with respect to any facts or circumstances that may hereafter come to our attention or any changes in facts or law that may hereafter occur or take effect. This opinion is intended solely for the benefit of the Trust and the Shareholders in connection with the matters contemplated hereby and may not be relied upon by any other person or entity, or for any other purpose, without our prior written consent.

Sincerely,

MORRIS, NICHOLS, ARSHT & TUNNELL LLP

/s/ Sara A. Gelsinger

Sara A. Gelsinger

**<u>Exhibit A</u>**

to Morris, Nichols, Arsht & Tunnell LLP Opinion

relating to Victory Portfolios

Dated October 24, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Series** | &nbsp;&nbsp;**Classes** |
| &nbsp;&nbsp;Victory Diversified Stock Fund | &nbsp;&nbsp;A, R, C, Y, I and R6 |
| &nbsp;&nbsp;Victory Fund for Income | &nbsp;&nbsp;A, R, C, Member Class, Y, I and R6 |
| &nbsp;&nbsp;Victory Investment Grade Convertible Fund | &nbsp;&nbsp;A, Member Class and I |
| &nbsp;&nbsp;Victory Core Bond Fund | &nbsp;&nbsp;A, C, Y and R6 |
| &nbsp;&nbsp;Victory Integrity Discovery Fund | &nbsp;&nbsp;A, C, Member Class and Y |
| &nbsp;&nbsp;Victory Integrity Mid-Cap Value Fund | &nbsp;&nbsp;A, C, Member Class, Y and R6 |
| &nbsp;&nbsp;Victory Integrity Small/Mid-Cap Value Fund | &nbsp;&nbsp;A, Member Class, Y and R6 |
| &nbsp;&nbsp;Victory Integrity Small-Cap Value Fund | &nbsp;&nbsp;A, R, C, Y and R6 |
| &nbsp;&nbsp;Victory Mid-Cap Core Growth Fund | &nbsp;&nbsp;A, C, Y and R6 |
| &nbsp;&nbsp;Victory Multi-Cap Fund | &nbsp;&nbsp;A, C and Y |
| &nbsp;&nbsp;Victory S&P 500 Index Fund | &nbsp;&nbsp;A, R and Y |
| &nbsp;&nbsp;Victory Sycamore Established Value Fund | &nbsp;&nbsp;A, R, C, Y, I and R6 |
| &nbsp;&nbsp;Victory Sycamore Small Company Opportunity Fund | &nbsp;&nbsp;A, R, Y, I and R6 |
| &nbsp;&nbsp;Victory Trivalent International Fund-Core Equity | &nbsp;&nbsp;A, Y, I and R6 |
| &nbsp;&nbsp;Victory Trivalent International Small-Cap Fund | &nbsp;&nbsp;A, C, Y, I and R6 |

---

## Ex-99.J

![](gw81mh937kpmlkr8b4knq.jpg)

SIDLEY AUSTIN LLP 787 SEVENTH AVENUE NEW YORK, NY 10019 +1 212 839 5300

+1 212 839 5599 FAX

AMERICA • ASIA PACIFIC • EUROPE

**VIA EDGAR**

October 24, 2025

Victory Portfolios

4900 Tiedeman Road, 4th Floor Brooklyn, OH 44144

<u>Post-Effective Amendment No. 206 – File Nos.: 033-08982; 811-04852</u>

Ladies and Gentlemen:

We hereby consent to the reference to our firm as counsel in Post-Effective Amendment No. 206 to the Registration Statement on Form N-1A of Victory Portfolios (File No. 033-08982).

Very truly yours,

/s/ Sidley Austin LLP

**Sidley Austin LLP**

Sidley Austin (NY) LLP is a Delaware limited liability partnership doing business as Sidley Austin LLP and practicing in affiliation with other Sidley Austin partnerships.

## Ex-99.J

![](gkkhnf91autdcc1xdnew7.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of our report dated August 22, 2025, relating to the financial statements and financial highlights of Victory Portfolios (as specifically identified in Attachment A), which are included in Form N-CSR for the year ended June 30, 2025, and to the references to our firm under the headings "Financial Highlights" in the Prospectuses and "Additional Information" in the Statements of Additional Information.

COHEN & COMPANY, LTD.

Cleveland, Ohio

October 23, 2025

**Attachment A**

<u>Victory Portfolios – June 30, 2025</u>

Victory Integrity Discovery Fund Victory Integrity Mid-Cap Value Fund Victory Integrity Small-Cap Value Fund Victory Integrity Small/Mid-Cap Value Fund

Victory Multi-Cap Fund (formerly, Victory Munder Multi-Cap Fund) Victory S&P 500 Index Fund

Victory Mid-Cap Core Growth Fund (formerly, Victory Munder Mid-Cap Core Growth Fund) Victory Trivalent International Fund – Core Equity

Victory Trivalent International Small-Cap Fund Victory Core Bond Fund

Victory Diversified Stock Fund Victory Fund for Income

Victory Investment Grade Convertible Fund

Victory Sycamore Established Value Fund

Victory Sycamore Small Company Opportunity Fund

## Ex-99.P

![](gpp55us3p5u2jx2ognex1.jpg)

Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC

Code of Ethics for Victory Capital Management Inc. and

WestEnd Advisors, LLC

Effective April 1, 2025

![](gek095nzmhw5fjsffsg37.jpg)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC | &nbsp;&nbsp;Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC | April 1, 2025 |
|  | Previously updated: July 1, 2023 | Previously updated: July 1, 2023 |
| 1. | &nbsp;&nbsp;&nbsp;&nbsp;**Introduction .................................................................................................................................** | **1** |
| 2. | &nbsp;&nbsp;&nbsp;&nbsp;**Definitions ....................................................................................................................................** | **2** |
| 3. | &nbsp;&nbsp;&nbsp;&nbsp;**Culture of Compliance ................................................................................................................** | **4** |
| 4. | &nbsp;&nbsp;&nbsp;&nbsp;**Policy Statement on Insider Trading .........................................................................................** | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp;A. Introduction......................................................................................................................................... | &nbsp;&nbsp;&nbsp;&nbsp;A. Introduction......................................................................................................................................... | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;B. Scope of the Policy Statement ........................................................................................................... | &nbsp;&nbsp;&nbsp;&nbsp;B. Scope of the Policy Statement ........................................................................................................... | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;C. What is Material Information?............................................................................................................. | &nbsp;&nbsp;&nbsp;&nbsp;C. What is Material Information?............................................................................................................. | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;D. What is Non-Public Information? ....................................................................................................... | &nbsp;&nbsp;&nbsp;&nbsp;D. What is Non-Public Information? ....................................................................................................... | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;E. Identifying Inside Information ............................................................................................................ | &nbsp;&nbsp;&nbsp;&nbsp;E. Identifying Inside Information ............................................................................................................ | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;F. Contact with Public Companies ........................................................................................................ | &nbsp;&nbsp;&nbsp;&nbsp;F. Contact with Public Companies ........................................................................................................ | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;G. Tender Offers ................................................................................................................................... | &nbsp;&nbsp;&nbsp;&nbsp;G. Tender Offers ................................................................................................................................... | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;&nbsp;H. Protecting Sensitive Information ....................................................................................................... | &nbsp;&nbsp;&nbsp;&nbsp;H. Protecting Sensitive Information ....................................................................................................... | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;I. | Trading in Securities Listed on Exchanges in Other Countries ........................................................ | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;J. | Public Company Confidential Records ............................................................................................. | 8 |
| 5. | &nbsp;&nbsp;&nbsp;&nbsp;**Conflicts of Interest.....................................................................................................................** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8** |
| &nbsp;&nbsp;&nbsp;&nbsp;A. Gifts and Entertainment .................................................................................................................... | &nbsp;&nbsp;&nbsp;&nbsp;A. Gifts and Entertainment .................................................................................................................... | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;B. Political Contributions ..................................................................................................................... | &nbsp;&nbsp;&nbsp;&nbsp;B. Political Contributions ..................................................................................................................... | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;C. Outside Business Activities ............................................................................................................. | &nbsp;&nbsp;&nbsp;&nbsp;C. Outside Business Activities ............................................................................................................. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;D. Other Prohibitions on Conduct ........................................................................................................ | &nbsp;&nbsp;&nbsp;&nbsp;D. Other Prohibitions on Conduct ........................................................................................................ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| &nbsp;&nbsp;&nbsp;&nbsp;E. Review of Employee Communications ............................................................................................ | &nbsp;&nbsp;&nbsp;&nbsp;E. Review of Employee Communications ............................................................................................ | 13 |
| 6. | &nbsp;&nbsp;&nbsp;&nbsp;**Standards of Business Conduct .............................................................................................** | **13** |
| 7. | &nbsp;&nbsp;&nbsp;&nbsp;**Personal Trading, Code of Ethics Reporting and Certifications ..........................................** | **13** |
| &nbsp;&nbsp;&nbsp;&nbsp;A. Employee Investment Accounts ...................................................................................................... | &nbsp;&nbsp;&nbsp;&nbsp;A. Employee Investment Accounts ...................................................................................................... | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;B. Employee Investment Account Reporting ....................................................................................... | &nbsp;&nbsp;&nbsp;&nbsp;B. Employee Investment Account Reporting ....................................................................................... | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| &nbsp;&nbsp;&nbsp;&nbsp;C. Personal Trading Requirements and Restrictions ........................................................................... | &nbsp;&nbsp;&nbsp;&nbsp;C. Personal Trading Requirements and Restrictions ........................................................................... | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;D. Representation and Warranties ....................................................................................................... | &nbsp;&nbsp;&nbsp;&nbsp;D. Representation and Warranties ....................................................................................................... | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;E. Quarterly and Annual Certifications of Compliance ......................................................................... | &nbsp;&nbsp;&nbsp;&nbsp;E. Quarterly and Annual Certifications of Compliance ......................................................................... | 18 |

---

![](gul4gf8395pox8lj4pwz7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC | &nbsp;&nbsp;Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC | &nbsp;&nbsp;Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC | April 1, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;F. Review Procedures ........................................................................................................................ | &nbsp;&nbsp;&nbsp;&nbsp;F. Review Procedures ........................................................................................................................ | &nbsp;&nbsp;&nbsp;&nbsp;F. Review Procedures ........................................................................................................................ | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;G. Recordkeeping ............................................................................................................................... | &nbsp;&nbsp;&nbsp;&nbsp;G. Recordkeeping ............................................................................................................................... | &nbsp;&nbsp;&nbsp;&nbsp;G. Recordkeeping ............................................................................................................................... | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;H. Whistleblower Provisions ............................................................................................................... | &nbsp;&nbsp;&nbsp;&nbsp;H. Whistleblower Provisions ............................................................................................................... | &nbsp;&nbsp;&nbsp;&nbsp;H. Whistleblower Provisions ............................................................................................................... | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;I. | Confidentiality ................................................................................................................................. | Confidentiality ................................................................................................................................. | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;J. | Reporting to the Board of Directors of Affiliated Funds .................................................................. | Reporting to the Board of Directors of Affiliated Funds .................................................................. | 19 |
| 8. | **Code of Ethics Violation Guidelines .......................................................................................** | **Code of Ethics Violation Guidelines .......................................................................................** | **20** |
| **Appendix 1** – Affiliated Funds, Proprietary Products & Reportable Funds .............................................. | **Appendix 1** – Affiliated Funds, Proprietary Products & Reportable Funds .............................................. | **Appendix 1** – Affiliated Funds, Proprietary Products & Reportable Funds .............................................. | i |
| **Appendix 2** – Approved Brokers List ....................................................................................................... | **Appendix 2** – Approved Brokers List ....................................................................................................... | **Appendix 2** – Approved Brokers List ....................................................................................................... | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii |
| **Appendix 3** | **Appendix 3** | – Investment Account Disclosure .......................................................................................... | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii |
| **Appendix 4** | **Appendix 4** | – Preclearance and Reporting By Security Type ................................................................. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv |
| **Appendix 5** | **Appendix 5** | – ETFs Eligible for De Minimis Transaction Exemption ....................................................... | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi |
| **Supplement 1** - RS Investment Management (Singapore) Pte. Ltd. ("RSIMS") Code of Ethics Supplement | **Supplement 1** - RS Investment Management (Singapore) Pte. Ltd. ("RSIMS") Code of Ethics Supplement | **Supplement 1** - RS Investment Management (Singapore) Pte. Ltd. ("RSIMS") Code of Ethics Supplement | **Supplement 1** - RS Investment Management (Singapore) Pte. Ltd. ("RSIMS") Code of Ethics Supplement |
| ("Singapore Supplement") ........................................................................................................................ | ("Singapore Supplement") ........................................................................................................................ | ("Singapore Supplement") ........................................................................................................................ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii |

---

Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

![](gth79pn04n9n7aq7tgkux.jpg)

Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1. INTRODUCTION

Rule 204A-1 of the Investment Advisers Act of 1940 ("Advisers Act") requires all investment advisers registered with the Securities and Exchange Commission ("SEC") to adopt codes of ethics that set forth standards of conduct and require compliance with federal securities laws. Victory Capital Management Inc. ("VCM") and WestEnd Advisors, LLC ("WestEnd") are both registered investment advisers under the Advisers Act and also both wholly owned subsidiaries of Victory Capital Holdings, Inc. ("VCH"). WestEnd and VCM, together with VCM's subsidiaries, RS Investments (UK) Limited, RS Investments (Hong Kong) Limited, and RS Investment Management (Singapore) Pte. Ltd. (collectively the "Affiliated Advisers"), have adopted this Code of Ethics ("Code"), which sets forth the standards of business conduct that are required of Access Persons. As an adviser to regulated investment companies, VCM also adopts this Code in adherence to Rule 17j-1[1](#div46749ff7-0cde-496f-9cf9-f5e4fa83f549)under the Investment Company Act of 1940, as amended (the "Investment Company Act"). Officers and employees of RS Investments (Hong Kong) Limited and RS Investment Management (Singapore) Pte. Ltd. should also review the related Code supplements.

VCH is a Delaware corporation with its Class A common stock listed on the NASDAQ Global Select Market, under the ticker symbol "VCTR." As a public company, compliance policies were adopted that apply to VCH and the Affiliated Advisers (collectively "Victory Capital'). The VCH policies are in addition to the compliance program of the Affiliated Advisers. In particular, the policies that apply to Victory Capital include: (1) Code of Business Conduct and Ethics, (2) Corporate Communications Policy and (3) Insider Trading Policy. Affiliated Advisers make these policies readily available to their Access Persons.

Victory Capital Services, Inc. ("VCS"), is a Victory Capital affiliated broker-dealer that (i) provides marketing and distribution support for the Victory Funds and the 529 Plan; (ii) introduces retail customers to the Victory Funds and the 529 Plan on a direct-application basis; and (iii) introduces retail customers to a clearing broker-dealer pursuant to a fully-disclosed clearing arrangement.

Access Persons have a responsibility to adhere to the highest ethical principles. Thus, the Code imposes obligations in addition to those required under applicable laws and regulations. The Code is a minimum standard of conduct. Additionally, Access Persons must act in accordance with their fiduciary duty owed to Affiliated Adviser clients. Therefore, literal compliance with the Code will not protect an Access Persons if their behavior otherwise violates their fiduciary duty. If an Access Person is uncertain as to the intent or purpose of any provision of the Code, or whether a proposed action is compatible with their fiduciary duty, they should consult the appropriate Affiliated Adviser Chief Compliance Officer ("CCO") or a member of the Compliance team.

The Affiliated Advisers recognize the importance of an Access Person's ability to manage and develop their own and their dependents' financial resources through long-term investments and strategies. However, because of the potential conflicts of interest inherent in our business and our industry, the Affiliated Advisers have implemented certain standards and limitations designed to minimize these conflicts.

Victory Capital's reputation is of paramount importance; therefore, the Affiliated Advisers will not tolerate blemishes due to careless personal trading or other conduct prohibited by the Code. Consequently, Material Violations (as defined herein) of the Code may be subject to harsh

1Rule 17j-1 requires that fund advisers adopt written codes of ethics and have procedures in place to prevent their personnel from abusing their access to information about the fund's securities trading and requires "access persons" to submit reports periodically containing information about their personal securities holdings and transactions.

Copyright© 2025, Victory Capital Management Inc. Page 1 of 22

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Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

sanctions. Frequent violations of the Code may result in limitations on personal securities trading or other disciplinary actions, which can include termination of employment.

2. DEFINITIONS

<u>"Access Person"</u> means any employee of VCM. It also includes anyone deemed an Access Person by a CCO. As a matter of practice, the Board of Directors of the Victory Portfolios, Victory Portfolios II, Victory Portfolios III, Victory Portfolios IV, Victory Variable Insurance Funds, Victory Variable Insurance Funds II, and the Pioneer Closed-End Funds (collectively the "Victory Funds") generally consists of members who are not employees or officers of Victory Capital, or their affiliates. Unless designated by the COO, a non-employee director is not treated as an "access person" within the meaning of Rule 204A-1 under the Advisers Act and is not treated as either an "access person" or an "advisory person" of VCM.

<u>"Affiliated Funds"</u> means any individual series portfolio of the Victory Funds, as well as other sub- advised affiliates listed in Appendix 1, each an investment company registered under the Investment Company Act.

"<u>Automatic or Periodic Investment Plan"</u> is a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

<u>"Beneficial Interest"</u> means the opportunity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, to profit, or share in any profit derived from, a transaction in the subject Securities. An Access Person is deemed to have a Beneficial Interest in securities owned by members of his or her Immediate Family. Common examples of Beneficial Interest include joint accounts, spousal accounts (including Non-Victory Capital Employee Compensation Programs, Non-Victory Capital Employee Stock Participation Program, and Employer-Sponsored Retirement Plan Accounts), Uniform Transfers to Minors Act accounts, partnerships, trusts and controlling interests in corporations. Any uncertainty as to whether an Access Person has a Beneficial Interest in a Security should be brought to the attention of the Compliance Department. Such questions will be resolved in accordance with, and this definition shall be interpreted in a manner consistent with, the definition of "beneficial owner" set forth in Rules 16a-1(a)(2) and (5) promulgated under the Securities Exchange Act of 1934.

<u>"Blackout Period"</u> means seven (7) calendar days before through seven (7) calendar days after the date a client trade is executed for VCM or the month in which a security is added to the Securities Under Consideration list for WestEnd.

<u>"Business Entertainment"</u> includes any social event, hospitality event, charitable event, sporting event, entertainment event, meal, leisure activity or event of like nature or purpose, and any transportation or lodging accompanying or related to such activity or event, including any entertainment activity offered in connection with an educational event or business conference, irrespective of whether any business is conducted during, or is attendant to, such activity.

<u>"Covered Government Official</u>" means a 1) state or local governmental official; 2) candidate for state or local office; or 3) federal candidate currently holding state or local office. A governmental "official" includes an incumbent, candidate, or successful candidate for elective office of a state or

Copyright© 2025, Victory Capital Management Inc. Page 2 of 22

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Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

local government entity, if the office is directly or indirectly responsible for, or can influence the outcome of, the hiring of an investment adviser, or has authority to appoint any person who is directly or indirectly responsible for, or can influence the outcome of, the hiring of an investment adviser, by a state or a political subdivision of a state.

"De Minimis Security" means an ETF listed in Appendix 5 of this Code of Ethics. In certain situations, a client trade in a De Minimis Security may not trigger a Blackout Period (see Section 7.C. Personal Trading Requirements and Restrictions for more detailed information). Personal Trades in De Minimis Securities in Personal Accounts always require pre-clearance and are subject to all other provisions of the Code.

<u>"De Minimis Trade"</u> means a Personal Trade Request that at the time is request is either 1) for an equity security with a market capitalization between $3 billion and $50 billion and the market value for the request is less than $10,000 or 2) for an equity security with a market capitalization above $50 billion and the market value for the request is less than $50,000. In certain situations, a De Minimis Trade may not trigger a Blackout Period (see Section 7.C. Personal Trading Requirements and Restrictions for more detailed information). Personal Trades in De Minimis Securities in Personal Accounts always require pre-clearance and are subject to all other provisions of the Code.

<u>"Exempt Securities"</u> means 1) direct obligations of the U.S. Government; 2) bankers' acceptances, bank certificates of deposit and commercial paper; 3) investment grade, short-term debt instruments, including repurchase agreements; 4) shares held in money market funds; 5) variable insurance products that invest in funds for which an Affiliated Adviser does not act as adviser or sub-adviser; 6) open-end mutual funds for which an Affiliated Advisers does not act as adviser or sub-adviser; and 7) investments in qualified tuition programs ("529 Plans"). Exempt Securities do not need to be pre-cleared.

<u>"Franchise"</u> means a group of employees who report directly or indirectly to the same Chief Investment Officer that oversees a brand-named strategy

"<u>Immediate Family</u>" means all family members who share the same household, including but not limited to, a spouse, domestic partner, fiancée, parents, grandparents, children, grandchildren, siblings, step-siblings, step-children, step-parents, or in-laws. Immediate Family includes adoptive relationships and any other relationships (whether or not recognized by law) that a CCO determines could lead to conflicts of interest, diversions of corporate opportunity, or create the appearance of impropriety.

"<u>Initial Holdings Report</u>" is a report that discloses all securities holdings of every Access Person, which must be submitted to the Compliance Department within ten (10) calendar days of becoming an Access Person.

"<u>Initial Public Offering" or "IPO"</u> means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before such registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the 1934 Act.

<u>"Managed Accounts"</u> means investment advisory or brokerage accounts over which an Access Person has no direct or indirect influence or control in the investment decisions or activities.

"<u>Material</u> <u>Non-Public</u> <u>Information" or "MNPI"</u> means information that is both <u>material</u> and <u>non-public</u> that might have an effect on the market for a security. Access Persons who possess MNPI must not act or cause others to act on such information.

<u>"Material Violation"</u> means any violation of this Code or other misconduct deemed material by a CCO, in conjunction with the Compliance Committee or the VCM Board of Directors.

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Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

"<u>Maximum Allowable Trades</u>" means Access Persons are limited to 15 trades in individual securities per calendar quarter across their Personal Accounts. A trade in the same security in multiple accounts on the same day will count as one trade towards the Maximum Allowable Trades in a quarter. Individual securities transactions that do not require pre-clearance (i.e. open-end mutual funds, dividend reinvestments) will not count towards the Maximum Allowable Trades.

<u>"MCO"</u> means MyComplianceOffice, which is a web-based compliance system used to track and approve employee personal trading, gifts and entertainment, political contributions, and outside business activities, store policies, and facilitate employee certifications and manage other compliance objectives.

<u>"Personal Account"</u> means an investment account in which an employee retains investment discretion.

"<u>Personal Trading" or "Personal Trades</u>" means trades or transactions by Access Persons in their Personal Accounts.

<u>"Proprietary Product"</u> is a fund or product in which Victory Capital or its employees have an aggregate of 25% or more Beneficial Interest. See Appendix 1 – Affiliated Funds, Proprietary Products & Reportable Funds for more information.

<u>"Reportable Fund"</u> means any investment company registered under the Investment Company Act for which an Affiliated Adviser is an investment adviser or a sub-adviser, or any registered investment company whose investment adviser or principal underwriter controls Victory Capital, is controlled by Victory Capital, or is under common control with Victory Capital. See Appendix 1 – Affiliated Funds, Proprietary Products & Reportable Funds for more information.

<u>"Reportable Security"</u> means any security that is not an Exempt Security, for which Access persons must submit holdings and transaction reports. See the list of Exempt Securities under Appendix 4, as defined by rule 204A-1 under the Investment Advisers Act of 1940.

<u>"RIC"</u> means a Regulated Investment Company.

<u>"Short-Sell"</u> <u>or</u> <u>"Short-Selling"</u> means the sale of a security that is not owned by the seller. Access Persons may not take a short position in a security. However, mutual funds or ETFs that correspond to the inverse performance of a broad-based index are not considered to be Short- Sales. For example, buying (long) the ProShares Short S&P500 ETF is permitted. Employees may also trade in funds that track a volatility index.

<u>"Solutions Team"</u> means any employee who is a member of the Solutions Platform group, generally involved in passive investments.

"<u>Victory Capital Stock</u>" means securities offered by VCH or any subsidiary through a registration statement that has been declared effective by the SEC (e.g. "VCTR").

3. CULTURE OF COMPLIANCE

The Affiliated Advisers' primary objective is to provide value through investment advisory, sub- advisory and other financial services to a wide range of clients, including governments, corporations, financial institutions, high net worth individuals, pension funds, and retail clients.

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The Affiliated Advisers require that all dealings on behalf of existing and prospective clients be handled with honesty, integrity and high ethical standards, and that such dealings adhere to the letter and the spirit of applicable laws, regulations and contractual guidelines. As a general matter, the Affiliated Advisers are fiduciaries that owe their clients a duty of undivided loyalty, and you have a responsibility to act in a manner consistent with this duty. You must actively work to avoid the possibility that the advice or services provided to clients is, or gives the appearance of being, based on your self-interest or the interests of the Affiliated Advisers and not in the clients' best interests. Violations of the Code must be reported promptly to the appropriate CCO or his/her designee.

You must act solely in the best interests of our clients. Statutory and regulatory requirements impose specific responsibilities governing the behavior of personnel in carrying out their responsibilities to clients and you must comply fully with these rules and regulations. Your respective Compliance Department professionals are available to assist you in meeting these requirements.

Since no set of rules can anticipate every possible situation, it is essential that you obtain guidance from the appropriate CCO, Chief Legal Officer ("CLO"), or their designees when you are unsure how to follow these rules in letter and in spirit. It is your responsibility to fully understand and comply with the Code and other applicable policies or seek guidance from a CCO. Technical compliance with the Code and its procedures will not necessarily validate an action. Any activity that compromises the Affiliated Advisers integrity, even if it does not expressly violate a rule, may result in further action from a CCO. In some instances, a CCO holds discretionary authority to apply exceptions under the Code. In a CCO's absence, the CLO may act in his or her place.

The Affiliated Advisers' fiduciary responsibilities apply to a broad range of investment and related activities, including sales and marketing, portfolio management, securities trading, allocation of investment opportunities, client service, operations support, performance measurement and reporting, new product development as well as personal investing activities. These obligations include the duty to avoid material conflicts of interest (and, if this is not possible, to provide full and fair disclosure to clients in communications), to keep accurate books and records, and to supervise personnel appropriately. These concepts are further described in the sections that follow.

4. POLICY STATEMENT ON INSIDER TRADING

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Introduction

The Affiliated Advisers seek to foster a culture of compliance, a reputation for integrity, professionalism and values, and endeavors to protect the confidence and trust placed in us by our clients. To further that goal, this Policy Statement implements procedures to deter the misuse of MNPI in securities transactions.

The term "insider trading" is not defined in the federal securities laws but refers generally to the situation when a person trades while aware of MNPI or communicates MNPI to others in breach of a duty of trust or confidence.

While the law concerning insider trading is not static, it is generally understood that the law prohibits any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Trading by an insider, while aware of MNPI;

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&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;•Trading by a non-insider, while aware of MNPI, where the information was disclosed to the non-insider in violation of an insider's duty to keep it confidential; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Communicating MNPI to others in breach of a duty of trust or confidence.

Trading securities while in possession of MNPI or improperly communicating that information to others may result in stringent penalties. Criminal sanctions may include fines of up to $5,000,000, twenty years' imprisonment, or both. The civil penalty for a violator may be an amount up to three times the profit (or loss avoided) as a result of the insider trading violation, and a permanent bar from working in the securities industry. Investors may sue and seek to recover damages for insider trading violations.

Regardless of whether a regulatory inquiry occurs, the Affiliated Advisers take seriously any violation of this Policy Statement. Such violations constitute grounds for disciplinary sanctions, up to and including dismissal.

B. Scope of the Policy Statement

This Policy Statement is drafted broadly and will be applied and interpreted in a similar manner. It applies to all Access Persons and to transactions in any security participated in by Immediate Family members of Access Persons or trusts or corporations controlled by Access Persons.

Any questions relating to this Policy Statement should be directed to a CCO or his/her designee. You must notify compliance immediately if you have any reason to believe that a violation of this Policy Statement has occurred or is about to occur.

C. What is Material Information?

Trading on inside information is not a basis for liability unless the information relied upon is deemed to be material. "Material" information is defined generally as information for which there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions, or information that is reasonably certain to have a substantial effect on the price of a company's securities. If the disclosure of that information would be expected to alter the total mix of information that is publicly available about that company, then the information is considered material. Any questions about whether information is material should be directed to a member of compliance.

Material information often relates to a company's financial results and operations, including, for example, dividend changes, earning results, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidation problems, and extraordinary management developments. Information about a company could be material because of its expected effect on a particular class of the company's securities, all of the company's securities, the securities of another company, or the securities of several companies. Material information does not have to relate to a company's business. For example, in Carpenter v. U.S., the Supreme Court considered as material certain information about the contents of a forthcoming newspaper column that was expected to affect the market price of a security. In that case, a reporter for The Wall Street Journal was found criminally liable for disclosing to others the dates that reports on various companies would appear in the Journal and whether those reports would be favorable or not.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

D. What is Non-Public Information?

For issues concerning insider trading to arise, information must not only be material, it must also be

"non-public". Non-public information is information that has not been made available to investors generally. Information received in circumstances indicating that it is not yet in general circulation or where the recipient knows or should know that the information could only have been provided by an "insider" is also deemed non-public information. For non- public information to become public information, it must be disseminated through recognized channels of distribution designed to broadly reach the securities marketplace.

Facts verifying that the information is public (and therefore has become generally available) may include, for example, and without limitation, disclosure in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•National business and financial wire service, such as Dow Jones or Reuters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•National news service or newspaper, such as AP or The Wall Street Journal; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Publicly disseminated disclosure document, such as a proxy statement or prospectus.

The circulation of rumors or "talk on the street", even if accurate, widespread and reported in the media, does not constitute the requisite public disclosure. In addition, the information must not only be publicly disclosed, there must also be adequate time for the market to digest the information. Material non-public information is not made public by selective dissemination. Material information improperly disclosed only to institutional investors or to a fund analyst or a favored group of analysts retains its status as "non-public" information that must not be disclosed or otherwise misused.

Partial disclosure does not constitute public dissemination. So long as any material component of the "inside" information has yet to be publicly disclosed, the information is deemed non-public and may not be misused.

E. Identifying Inside Information

Before executing any Personal Trades or trades for client accounts, Access Persons must determine whether they have access to MNPI. If you believe that you might have access to MNPI, you should take the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Report the information and proposed trade immediately to a CCO or a member of compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Do not purchase or sell the securities as Personal Trades or for clients without written clearance to do so from a CCO or a member of compliance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Do not communicate the inside information other than to compliance and, if necessary, your direct manager.

A member of the Compliance Department will determine whether the information is material and nonpublic.

F. Contact with Public Companies

The Affiliated Advisers contact with public companies may help form the basis of investment decisions. Legal issues may arise if, in the course of these contacts, you become aware of MNPI. This could happen, for example, if a company's chief financial officer were to

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prematurely disclose quarterly results, or an investor relations representative selectively discloses adverse news to a handful of investors.

G. Tender Offers

Tender offers represent a particular concern in the law of insider trading for two reasons. First, tender offer activity often produces extraordinary gyrations in the price of the target company's securities. Trading during this time is more likely to attract regulatory attention (and produces a disproportionate percentage of insider trading cases). Second, the SEC forbids trading and "tipping" while in possession of MNPI regarding the receipt of a tender offer, the tender offeror, the target company or anyone acting on behalf of either of these parties. You should exercise caution any time you become aware of non-public information relating to a tender offer.

H. Protecting Sensitive Information

You are responsible for safeguarding all confidential information relating to investment research, fund and client holdings, including analyst research reports, investment meeting discussions or notes, and current fund or client transaction information, regardless whether such information is deemed MNPI. Other types of information (for example, marketing plans, employment issues and shareholder identities) may also be confidential and should not be shared with individuals outside the company unless approved by a CCO or an executive officer.

You are expressly prohibited from knowingly spreading any false rumor concerning any company, or any purported market development, that is designed to impact trading in or the price of that company's or any other company's securities, and from engaging in any other type of activity that constitutes illegal market manipulation.

**I.Trading in Securities Listed on Exchanges in Other Countries**

Trading in securities listed on exchanges in other countries is governed by the laws of that country. When trading in such securities, you must ensure compliance with applicable law, which in all relevant cases prohibits trading on the basis of MNPI or price-sensitive information, as those terms are defined in the relevant jurisdiction.

J. Public Company Confidential Records

VCH's and Affiliated Adviser records must always be treated as confidential and must not be disclosed or used for any purpose at any time other than for the normal course of business. Information learned about other entities in a special relationship with VCH, such as acquisition, joint venture and partnership negotiations, is confidential and must not be disclosed without proper authorization.

At all times, you are prohibited from making any recommendation or expressing any opinion as to trading in Victory Capital Stock

See VCH's Corporate Communications Policy and Insider Trading Policy for more

information.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

5. CONFLICTS OF INTEREST

A "conflict of interest" exists when your interests may be contrary to our clients' and shareholders' interests. A conflict may arise if you take action or have business, financial or other interests that may make it difficult to perform your work objectively and effectively.

Conflicts of interest may arise, for example, if you or your Immediate Family member receives improper personal benefits (for example, personal loans, services, or payment for services) as a result of your position at an Affiliated Adviser or you gain personal enrichment or benefits through access to confidential information. Conflicts may also arise if you or an Immediate Family member holds a financial interest in a company that does business with an Affiliated Adviser or has outside business interests that may result in divided loyalties or compromised independent judgment. Conflicts may also arise when making securities investments for Proprietary Products or Personal Accounts or when determining how to allocate trading opportunities.

Conflicts of interest can arise in many common situations, despite best efforts to avoid them. This Code does not attempt to identify all possible conflicts of interest. Literal compliance with each of the specific procedures will not shield you from liability for Personal Trading or other conduct that violates your fiduciary duties to clients. You are encouraged to seek clarification of, and discuss questions about, potential conflicts of interest. Any questions regarding a conflict of interest or potential conflict of interest should be directed to a manager, a CCO or a representative of compliance.

The following areas represent many common types of conflicts of interests and the procedures to be followed; however, the list is not intended to be all-inclusive. A summary is provided for each case, but further details can be found in the related policies and procedures for your specific Affiliated Adviser. To the extent there is a conflict between an Affiliated Adviser's related policies and procedures and the requirements of the Code, the Code shall prevail. For questions related to conflicts of interest, please contact a member of your Affiliated Adviser's compliance department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Gifts and Entertainment

<u>Gifts</u>

Giving or receiving gifts or other items of value to or from persons doing business or seeking to do business with an Affiliated Adviser could call into question the independence of its judgment as a fiduciary of its clients. Accordingly, such conduct is only permitted in accordance with the limitations stated herein.

Affiliated Adviser policies on gifts and entertainment are derived from industry practices. You should be aware that there are various laws and regulations that prohibit you from giving anything of value to employees of various financial institutions in connection with attempts to obtain any business transaction with the institution, which is viewed as a form of bribery. If there is any question about the appropriateness of any particular gift, you should consult a member of compliance.

Under no circumstances may a gift be received as any form of compensation for services provided by an Affiliated Adviser or an Access Person. Gifts of nominal value may be given to or accepted from present or prospective customers, brokers, service providers, suppliers or vendors with whom there is an actual or potential business relationship. You are required to pre-clear all gifts given and received in MCO, and promptly report all gifts given in the Affiliated Adviser's expense reporting system. Any gifts received must promptly be

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disclosed in MCO. Gifts from an individual or entity may not exceed $100 in aggregate value in any calendar year unless pre-approval is obtained from your direct manager and compliance.

Gifts of up to $100 per person per year may be provided to present or prospective customers, brokers, service providers, suppliers or vendors with whom there is an actual or potential business relationship.

Additional policies concerning gifts may be applicable depending on the type of customer (e.g., ERISA, foreign, union, government officials, or Covered Government Officials).

Please refer to the Gifts and Entertainment Policy (F-3) for more information.

<u>Entertainment</u>

You may sponsor and participate in Reasonable and Customary Business Entertainment. Any Business Entertainment that is not Reasonable and Customary must be pre-approved by a CCO and your manager. You must accompany the persons being entertained for an entertainment activity to qualify as permissible Business Entertainment. All Business Entertainment expenses must be reported promptly in the applicable expense reporting system, listing each attendee at the entertainment event. The receipt of Business Entertainment must be disclosed promptly after each occurrence in MCO, with the exception of infrequent business meals that cost no more than $25 per person. If the client, broker, service provider, vendor or supplier is not present, the entertainment is considered a gift. Items that are normally associated with entertainment that are given or received during a virtual event can be considered entertainment as long as the appropriate parties are in attendance at the virtual event.

Additional policies concerning gifts and entertainment may be applicable depending on the type of customer (e.g., ERISA, foreign, union, government officials, or Covered Government Officials).

Please refer to the Gifts and Entertainment Policy (F-3) for more information.

B. Political Contributions

SEC regulations limit political contributions to Covered Government Officials by employees of investment advisory firms and certain affiliated companies. The SEC's "Pay-to-Play" Rule 206(4)-5 (the "Rule") prohibits advisers from receiving any compensation for providing investment advice to a government entity within two years after a contribution has been made by the adviser or one of its covered associates. The two-year time out is triggered by a political contribution to an official of a government entity. The date of the contribution starts the time out.

The Rule permits contributions of up to $350 per person for any election to an elected official or candidate for whom the individual is entitled to vote, and up to $150 per person for any election to an elected official or candidate for whom the individual is not entitled to vote. Many U.S. cities, states and other government entities have also adopted regulations restricting political contributions by associates of investment management firms seeking to provide services to a governmental entity. While contributions to candidates in federal elections would generally not raise any issues under state or local laws, contributions to state and local officials are generally not approved. Prior to the commencement of employment, you must disclose all political contributions in the past 2 years to Human Resources. During

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employment, you must receive approval from compliance through MCO before making personal political contributions at all levels. Political contributions which require pre-approval include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Covered Government Officials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Federal candidate campaigns and affiliated committees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Political Action Committees (PACs) and Super PACs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Non-profit organizations that may engage in political activities, such as 501(c)(4), 501(c)(6) organizations, and 527 organizations

Note: U.S. national political party donations (e.g. Democratic or Republican) do not require preclearance, provided the donation is not earmarked for a specific candidate. Contributions include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Monetary contributions, gifts or loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•"In kind" contributions (e.g. donations of goods or services or underwriting or hosting fundraisers);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Contributions to help pay a debt incurred in connection with an election (including transition or inaugural expenses, purchasing tickets to inaugural events);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Contributions to joint fund-raising committees; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Contributions made by a PAC that is controlled by an Access Person.

See the Political Contributions Policy (F-2) for more information.

C. Outside Business Activities

Prior to commencement of employment with VCM, all Outside Business Activities ("OBAs") must be disclosed to Human Resources. During employment and prior to commencement of any new OBA, you must fill out and submit an OBA request form in MCO. You are responsible for notifying compliance of any material OBA changes and must review, update and certify quarterly to your OBA activities.

<u>Holding Political Office/Appointments</u>

You must avoid any political appointment that may conflict with the performance of your duties on behalf of the Affiliated Advisers and their clients. Prior written approval must be obtained from a CCO before holding political office and, if approved, must be confirmed annually through the compliance certification process. You must expressly remove yourself from any discussions and decisions regarding products or services offered by the Affiliated Advisers.

<u>Outside Employment or Business Activities</u>

You may pursue other interests on your own time as long as the activity doesn't conflict, interfere, or reflect negatively on the Affiliated Advisers or their clients. However, full-time employees should consider their position to be their primary employment.

All outside business activities must be reported to and pre-approved by both your manager and a CCO (or CCO designee). Outside employment or business activities may be considered any activity conducted by you for another organization or business purpose that is outside the scope of your job function with the Affiliated Advisers. This includes, but is not limited to, being an employee, independent contractor, consultant, sole proprietor, officer, director or partner of another organization, or being compensated by, or having the reasonable expectation of compensation from, any other

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person or organization as a result of any business activity outside the scope of the relationship with the Affiliated Advisers. Certain activities are <u>not</u> considered reportable OBAs, including any non- investment related activity that is exclusively charitable, civic, religious or fraternal, and is recognized as tax exempt.

Passive investments requirements are governed by the Limited Offerings and Private Placement sections of this Code. If you are unsure if a specific activity is an OBA or passive investment, you should consults with a member of compliance.

Absent prior approval of a CCO and the Chief Executive Officer, you or your Immediate Family member may not serve on the board of directors of any publicly traded company or investment company. You or your Immediate Family member's service on a for-profit private company's board of directors must also be pre-approved by your direct manager and a CCO or CLO, and reported on the your annual Code certification.

All outside employment or business activities must be reported to and pre-approved by both your direct manager and a CCO and reported on your quarterly certification. You are prohibited from the commencement of any outside employment or business activities until a CCO's approval within MCO has occurred.

In addition to these outside employment or business activity procedures, if you are a registered representatives of VCS, you must also adhere to related requirements as set forth in VCS's Written Supervisory Procedures Manual.

See the Outside Business Activity Policy (F-4) for more information.

<u>Bequests</u>

A bequest is the act of leaving or giving something of value in a will. The acceptance of a bequest from a client, vendor or business partner may raise questions about the propriety of that relationship. Any potential or actual bequest in excess of $100 made to you by a client, vendor, or business partner under a will or trust agreement must be reported to compliance, unless the grantor is a member of your immediate family. Such bequests shall be subject to the approval of your direct manage and a CCO.

D. Other Prohibitions on Conduct

In addition to the specific prohibitions detailed elsewhere in the Code, you are subject to a general requirement not to engage or participate in any act or practice that would defraud Affiliated Adviser clients. This general prohibition includes, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Making any untrue statement of a material fact or employing any device, scheme or artifice to defraud a client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Omitting to state a material fact, or failing to provide any information necessary to properly clarify any statements made, in light of the circumstances, thereby creating a materially misleading impression;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Misuse of client confidential information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Making investment decisions, changing internal research ratings and trading decisions other than exclusively for the benefit and in the best interest of our clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Using information about investment or trading decisions or changes in research ratings (whether considered, proposed or made) to benefit or avoid economic injury to an Access Person or anyone other than our clients.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Taking, delaying or failing to take any action with respect to any research recommendation, report or rating or any investment or trading decision for a client in order to avoid economic injury to an Access Person or anyone other than a client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Purchasing or selling a security on the basis of knowledge of a possible trade by or for a client with the intent of personally profiting from personal holdings in the same or related securities ("front-running" or "scalping");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Revealing to any other person (except in the normal course of your duties on behalf of a client) any information regarding securities transactions by any client or the consideration by any client of any such securities transactions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Engaging in any act, practice or course of business that operates or would operate as a fraud or deceit on a client or engaging in any manipulative practice with respect to any client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.Review of Employee Communications**

All correspondence related to the Affiliated Advisers' business and any client correspondence is subject to review by compliance. The Affiliated Advisers are required to maintain original records of employee correspondence that is communicated on approved devices (such as through email). In addition, the Affiliated Advisers are required to monitor employee communications and compliance with conflicts of interest and insider trading policies and procedures. Consequently, all employee communications, including emails and other forms of electronic communication are archived and subject to review for compliance purposes. You are advised that you should have no expectation of privacy regarding personal communications that are sent or received on company-provided or connected electronic devices or communication platforms, such as instant messages or emails.

Additionally, you are prohibited from sending client communications via any personal email account, instant messaging, text or other method that is not captured in our archiving system. You may only use an Affiliated Adviser's e-mail system, instant messaging system, Bloomberg and other explicitly approved methods for business-related communications. You are permitted to communicate on an Affiliated Adviser's e-mail system connected through personal mobile devices such as smartphones. See the appropriate technology policy for more information.

**6. STANDARDS OF BUSINESS CONDUCT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•You have a duty to place the interests of client accounts first and not take advantage of your position at the expense of clients

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•You must not mislead or defraud any clients by any statement, act or manipulative practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•All personal securities transactions must be conducted in a manner to avoid any actual, potential, or appearance of, a conflict of interest, or any abuse of your position of trust and responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•You may not induce or cause a client to take action, or not to take action, for personal benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•You may not share portfolio holdings information except as permitted by the applicable portfolio holdings disclosure policy. See the policy for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•You must notify a CCO or CLO, as soon as reasonably practical, if you are arrested, arraigned, indicted or plead no contest or guilty to any criminal offense (other than minor traffic violations) or if named as a defendant in any investment-related civil proceeding or any administrative or disciplinary action.

**7. PERSONAL TRADING, CODE OF ETHICS REPORTING AND CERTIFICATIONS**

Personal Trading is a privilege granted by the Affiliated Advisers that may be withdrawn at any time. All personal investment activities must be conducted in accordance with your fiduciary duty and the

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requirements of the Code at all times. The CCOs have complete discretion over all Personal Trading activity and have no obligation to explain any denial or restriction relating thereto. You may be required to disgorge any gains generated (or losses avoided) from Personal Trading violations. Access Persons must maintain adequate records of all Personal Trading transactions and be prepared to disclose those transactions to compliance.

A. Employee Investment Accounts

Subject to disclosure and pre-clearance requirements, Access Persons may open and maintain Managed Accounts and Personal Accounts with select brokers supported by MCO through direct electronic feeds ("Approved Brokers"). Any accounts held with a broker that is not on the Approved Broker List must be transferred to an Approved Broker within 90 days of the commencement of employment.

On a case-by-case basis, compliance may approve certain accounts held with brokers that are not on the Approved Brokers List. Compliance must still receive statements for each of these types of accounts, regardless of whether they are Managed or Personal Accounts.

For a list of Approved Brokers see Appendix 2 – Approved Brokers List. For a summary of account disclosure requirements see Appendix 3 – Investment Account Disclosure. For a summary of preclearance requirements see Appendix 4 – Preclearance and Reporting By Security Type.

<u>Managed Accounts</u>

Access Persons may open and maintain Managed Accounts with Approved Brokers. With the exception of IPOs and Limited Offerings, the requirements listed below under Personal Trading Requirements and Restrictions do not apply to Managed Accounts. Participation in an IPO or a private placement in a Managed Account still requires prior approval of a CCO or his/her designee.

Managed Accounts require the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•They must be approved by compliance prior to trading or on the next quarterly certification, whichever is sooner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•At the end of each quarter, <u>all employees</u> must certify that all Managed Accounts have been disclosed and verify all transactions are correctly reflected in MCO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The employee must certify and compliance must be able to independently verify that the account is truly discretionary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Access Persons must certify quarterly that they had no direct or indirect influence or control over any transactions that occurred in their Managed Accounts.

Failure to adhere to these requirements could lead to disciplinary actions and penalties up to and including termination.

<u>Personal Accounts</u>

Access Persons may open and maintain Personal Accounts at Victory Capital Services and with brokers on the Approved Brokers List (see Appendix 2). All requirements listed below under Personal Trading Requirements and Restrictions apply to Personal Accounts.

Personal Accounts require the following:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•They must be approved by compliance prior to trading or on the next quarterly certification, whichever is sooner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•At the end of each quarter, <u>all employees</u> must certify that all Personal Accounts have been disclosed and verify all Personal Trades or transactions are correctly reflected in MCO.

Access Persons acknowledge and agree that the Affiliated Advisers may request and obtain information regarding Personal Accounts from broker-dealers. Affiliated Advisers may use personal information, including name, address and social security numbers, to identify and verify employee accounts.

B. Employee Investment Account Reporting

<u>Investment Account Disclosure</u>

All Personal Accounts and Managed Accounts must be disclosed to and approved by compliance prior to trading or on the next quarterly certification, whichever is sooner. New Hires may not trade in their existing accounts until they have been disclosed and approved by compliance. By regulation, such disclosure must take place within 10 days of hire. Failure to comply may result in sanctions imposed by the VCM Compliance Committee and/or Board of Directors.

<u>Initial Holdings Report/Annual Holdings Report</u>

No Personal Trading will be authorized before compliance has received a completed Initial Holdings Report as part of the new hire on-boarding process. Any exceptions must be approved by a CCO. The Initial Holdings Report must be submitted to compliance within ten (10) calendar days of becoming an Access Person. All Access Persons must submit a similar report annually to compliance. These reports must include the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The date when the individual became an Access Person (Initial Holdings Report only);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The name of each Personal Account in which any securities are or could be held in the Beneficial Interest of the Access Person, and the name of the broker-dealer or financial institution holding these accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Current holdings in private placements (or non-public offering), including private equity, hedge funds or partnerships; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Each Reportable Security or Reportable Fund in which the Access Person has a Beneficial Interest, including title, number of shares, and principal amount. Holdings information must be current as of 45 calendar days before the report is submitted.

<u>Quarterly Securities Transaction Report</u>

At the end of each quarter, every Access Person must verify his or her Personal Trades or transactions in Personal Accounts through MCO by submitting a Securities Transaction Report ("STR") no later than 30 calendar days following the end of each calendar quarter (whether or not trades were made). The STR must include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A description of any transaction in a Reportable Security or Reportable Fund effected during the preceding quarter, such as the date, number of shares, principal amount of securities involved, nature of the transaction (i.e., a buy or a sell), price, and the name of the broker/dealer or financial institution that effected the transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The name and number for any account established in the preceding quarter

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Certain transactions are exempt from the quarterly reporting requirement. See "Summary of Preclearance Requirements" in Appendix 4 – Preclearance and Reporting By Security Type for more information.

C. Personal Trading Requirements and Restrictions

<u>Prohibited Securities and Transactions</u>

Commodities, currencies, futures, options, and selling securities short are prohibited in Personal Accounts.

Investments in companies under common control of VCH are also prohibited in Personal Accounts.

<u>Pre-clearance Requirement</u>

You must obtain compliance approval prior to executing a transaction that requires pre-clearance (see Appendix 4 – Preclearance and Reporting By Security Type). Approval may only be requested by submitting a Personal Trade Pre-Clearance Request ("PTR") in MCO. Compliance approval expires at the end of the trading day approval was provided (see exception granted to Covered Persons, as defined in VCH's Insider Trading Policy). In certain circumstances, an approved and executed Personal Trade may need to be broken or profits disgorged (e.g. a Blackout Period triggered by subsequent client trading).

Cryptocurrencies – Trading in cryptocurrencies must be pre-cleared using the appropriate section of the Trade Pre-Clearance form within MCO. Such trades must be executed either in an account at a firm that is on our approved broker list (see Appendix 2) or in an account that does not offer any security trading capability. Accounts established to trade cryptocurrencies that do not have security trading capabilities must be reported in MCO. Receiving pre-clearance approval does not relieve you of your fiduciary duty and the responsibility to follow the spirit of the Code.

Compliance will review cryptocurrency trade requests for perceived or actual conflicts. As a general rule, compliance expects that cryptocurrencies traded on common crypto exchanges (e.g. Coinbase) will not pose a conflict and would be approved. Trades in cryptocurrencies will not be subject to the Short-Term Trading Period or count towards your Maximum Allowable Trades, however compliance may deny trades if it determines an actual or perceived conflict exists or an employee is trading too frequently. Decisions for approval and denial are the sole responsibility of compliance and are final.

You should be aware that the regulatory environment continues to evolve with respect to cryptocurrencies. In the future, you may be required to divest crypto holdings or hold them only at approved account providers if deemed necessary to meet regulatory requirements.

<u>Prohibition on Personal Trades Ahead of Client Pending Orders</u>

You are prohibited from executing Personal Trades in securities where you are aware of any pending orders in such securities by any Franchise that, if executed, would trigger a Blackout Period, create a conflict, or disadvantage a client. Adherence to the above Pre-Clearance Requirement does not provide relief from this prohibition.

<u>Franchise Blackout Period</u>

The Franchise Blackout Period is triggered by all client trades within an employee's specific Franchise. De Minimis Trades and ETFs listed in Appendix 5 are not subject to the blackout period.

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Employees may not make De Minimis Trades in the same security on consecutive trading days. The LCR Department does not provide exceptions to the Franchise Blackout Period beyond De Minimis Trades and ETFs.

<u>Standard Blackout Period</u>

For all other employees (e.g. support staff) and the Victory Solutions Team the Standard Blackout Period is triggered by all client trades. Therefore, a Personal Trade by an employee during a Blackout Period in the same name as any client is generally prohibited. De Minimis Trades and ETFs listed in Appendix 5 are not subject to the Standard Blackout Period. Employees may not make De Minimis Trades in the same security on consecutive trading days. The appropriate CCO, or his/her designee, may determine that a nonvolitional client trade (e.g. cash flow trading) did not trigger a Blackout Period. In such cases, Compliance will confirm that there are no other potential conflicts before approving or reviewing a Personal Trade. Additionally, in certain situations (e.g. shared office spaces), the CCO, or his/her designee, may apply the Standard Blackout Period to Franchises.

<u>Private Equity Prohibitions</u>

Employees who are part of a franchise that invests in private equity on behalf of clients are prohibited from investing in any publicly-listed portfolio companies held by such franchise. Publicly-listed companies that are not portfolio companies but are in similar sectors and industries as those that are held will be reviewed on a case-by-case basis for potential conflicts.

<u>Short-Term Holding Period</u>

Personal Trading must be for investment purposes rather than for speculation. You may not purchase and sell or sell and purchase the same security within sixty (60) calendar days, calculated on a LIFO basis. This means each purchase will require you to hold your entire position in that security for 60 days. Similarly, this means each sale will require you not to purchase that name for 60 days. Excess profits (or losses avoided) as a result of violating this restriction may be subject to disgorgement. You should carefully consider whether you have the conviction to hold an entire position or refrain from adding to a position for at least 60 days before engaging in buy or sell transactions. See exceptions related to trading in Victory Capital stock. The Short-Term Holding Period only applies to transactions that require pre-clearance.

The appropriate CCO, in his/her sole discretion, may approve exceptions to this requirement.

<u>Maximum Allowable Trades</u>

You are limited to 15 Personal Trades in individual securities per calendar quarter across your Personal Accounts. A trade in the same security in multiple accounts on the same day will count as one trade. Transactions listed in the "Reportable ONLY (Preclearance NOT Required)" section of Appendix 4 do not count toward the 15 allowable trades. A CCO, in his/her sole discretion, may approve exceptions to this requirement.

<u>Prohibition on Small Market Capitalization Securities</u>

Personal Trade purchases in smaller market capitalization stocks of $3 billion market capitalization or less are prohibited. Due to potential conflicts associated with such names, Victory reserves this universe for client use. New hires who hold names in such securities or existing employees who hold names that have since gone below $3 billion should speak to the LCR Department prior to submitting a request to sell.

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<u>IPO Rule</u>

You may <u>not</u> directly or indirectly acquire a Beneficial Interest in any securities offered in an IPO or in an Initial Coin Offering (ICO), in a Personal Account or Managed Account, without prior approval of a CCO or his/her designee.

<u>Limited Offerings (Private Placements)</u>

You may <u>not</u> acquire a Beneficial Interest in a private placement without the prior approval of a CCO or his/her designee. Prior approval is required whether investing directly or through a Personal Account or Managed Account. Private placements, such as investment in a private company, investments in a hedge fund or other private investment fund are reportable through the preclearance process. Subsequent capital contributions and full or partial redemptions must be precleared through MCO.

<u>Market Timing Mutual Fund Transactions</u>

You shall not participate in any activity that may be construed as market timing of mutual funds. Specifically, you shall <u>not</u> engage in excessive trading or market timing activities as described in each prospectus of a Proprietary Product or Reportable Fund.

<u>Trading in Victory Capital Stock</u>

Victory Capital Stock (VCTR) is a Reportable Security under the Code and any transaction in VCTR in a Personal Account must be precleared. You may be eligible for certain benefits related to VCTR, such as participation in the ESPP and grants of stock options or restricted stock. Certain transactions related to these benefits will require pre-clearance. For a summary of pre-clearance requirements for VCTR see Pre-Clearance Requirements for Victory Capital Stock under Appendix 4 – Preclearance and Reporting By Security Type. If you are uncertain whether a transaction requires pre-clearance, you should consult with compliance prior to trading.

VCTR transactions related to the above employee benefits will not trigger the Short-Term Holding Period in a Personal Account. Likewise, VCTR transactions in a Personal Account will not affect an employee's ability to exercise such employee benefits.

Covered Persons, as defined in VCH's Insider Trading Policy, will have 3 business days upon receipt of approval to effect transactions in VCTR.

D. Representations and Warranties

Each time you submit a PTR, you shall be deemed to make the following representations and warranties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•You are not in possession of any MNPI for the requested security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•You are not aware of any client trading in the same security during any Blackout Period to which you are subject

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•You have not traded the same position in the opposite direction, in the past 60 days (Mandatory Short-Term Holding Period);

**E.Quarterly and Annual Certifications of Compliance**

You are required to certify quarterly that you have disclosed all reportable:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Gifts and entertainment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Outside Business Activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Political activity and contributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.All Personal Trading Accounts, including Managed Accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Personal Trades.

You are required to certify annually to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.You have read, understand and complied with this Code and other related policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.You have read, understand and complied with Victory Capital's Corporate Information Protection and Technology Use Policy (A-8);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.You have provided and verified all reportable holdings data; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.You have answered all additional questions and disclosures within the Annual Code of Ethics Certification in an accurate and truthful manner.

**F.Review Procedures**

Compliance will maintain review procedures consistent with this Code.

G. Recordkeeping

All Code of Ethics records will be maintained pursuant to the provisions of Rule 204A-1 under the Advisers Act and Rule 17j-1 under the Investment Company Act.

H. Whistleblower Provisions

If you believe that there has been a violation of this Code, any federal law, or regulation of any governmental agency or entity, you must promptly notify VCM and WestEnd via: 1) a Chief Legal Officer, 2) a Chief Compliance Officer, or 3) the anonymous VCM Hotline at 800-854-9055.

Nothing in this Code shall prohibit you from: 1) making any disclosure of relevant and necessary information to any law enforcement agency, regulatory authority, or self-regulatory organization, or as required by law; 2) participating, cooperating, or testifying in any action, investigation, or proceeding with any law enforcement agency, regulatory authority, or self-regulatory organization; or 3) accepting any U.S. Securities and Exchange Commission awards.

You are protected from retaliation for reporting violations of this Code. Retaliation or the threat of retaliation against you for reporting a violation constitutes a further violation of this Code and may lead to immediate suspension and further sanctions.

VCM is also responsible for communicating the Victory Funds whistleblower procedures to applicable employees. The Victory Funds have implemented procedures for receiving anonymous reports of suspected or actual violations of the Victory Funds' policies and questionable accounting, internal accounting controls, or auditing matters.

Call 866-844-3863 to initiate a report regarding Victory Portfolios, Victory Portfolios II, or the Victory Variable Insurance Funds trusts.

Call 877-711-3336 to initiate a report regarding Victory Portfolios III trust.

Call 866-992-3741 to initiate a reporting regarding Victory Portfolios IV, Victory Variable Insurance Funds II, or Pioneer Closed-End Funds.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.Confidentiality**

All information obtained from any employee shall be kept in strict confidence, except when requested by the SEC or any other regulatory or self-regulatory organization, and may otherwise be disclosed to the extent required by law or regulation. Additionally, certain information may be provided to a broker-dealer, service provider or vendor, such as employee name, social security number and home address, in order to ascertain Personal Trading activity that is required to be disclosed by an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Reporting to the Board of Directors of Affiliated Funds

At least annually, the appropriate Affiliated Advisers will provide the Board of Directors of Affiliated Funds with information regarding: 1) any Material Violations under this Code and any sanctions imposed as a response to such Material Violation; and 2) certification that it has adopted procedures necessary to prevent Access Persons from violating this Code.

8. CODE OF ETHICS VIOLATION GUIDELINES

You are responsible for conducting your activities in accordance with this Code. Violations of the Code may result in applicable sanctions.

Sanctions may correlate to the severity of the violation and may take into consideration, among other things, such factors as the frequency and severity of any prior violations. A CCO may recommend escalation to the VCM Board of Directors and Compliance Committee. When necessary, the VCM Board of Directors may obtain input from the Compliance Committee and a CCO when determining whether such violation is a Material Violation.

The CCOs hold discretionary authority to revoke Personal Trading privileges for any length of time and also reserve the right to lift Personal Trading sanctions in response to market conditions. Additionally, a CCO or Compliance Committee may impose a monetary penalty for any violation. A CCO will report all warnings, violations, exceptions granted and sanctions to the Compliance Committee.

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| &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;**Minor Violations** | &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;**Potential Actions** |

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Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

• Provided incorrect or incomplete account or trading information

• Engaging in a pattern of discouraged or excessive trading

• Trading without pre-clearance approval when trade would have normally been approved and additional violations did not occur

• Failure to submit a complete or timely initial or annual holdings or securities transactions report

• Failure to provide the Compliance Department a duplicate confirmation in a timely manner after request or notice by the Compliance Department

• Failure to pre-clear properly an OBA or political contribution that would have been approved

• Failure to complete a quarterly or annual certification by due date

• Failure to pre-clear an investment in a private placement that would have been approved

**Technical Violations**

• Any pattern of a Minor Violation within a 12-month period may qualify as a Technical Violation

• Failure to report a Personal Account in which trades requiring pre-clearance have occurred

• Trading without pre-clearance approval when trade would <u>not</u> have been approved

• Trading without pre-clearance or supplied incorrect information, which may have resulted in additional violations

• Failure to pre-clear any activity that would have been denied by the Compliance Department

• Any willful violations of the Code, as determined by a CCO, to be more severe than a Minor Violation

**Repeat Technical Violations**

• Any Technical Violation that is repeated at least two

&nbsp;&nbsp;&nbsp;&nbsp;(2)times during a 12-month period

**Material Violations / Fraudulent Actions**

• Any Material Violation

• Compliance may question you and document response

• 1<sup>st</sup> violation within a 12-month period may result in a warning letter

• CCO and Compliance Committee may be notified of all warnings and citations given to employees

• You may be required to break a trade or disgorge profits from the trade

• Any additional actions a CCO or Compliance deem appropriate under the circumstances

**Potential Actions**

• Compliance may question you and document response

• Compliance may issue a warning letter

• Compliance Committee may be notified

• Human Resources may be notified

• You may be required to break a trade or disgorge profits from the trade – any such profits will be donated to charity

• Temporary ban from Personal Trading for no less than 30 calendar days

• A fine may be imposed, as determined by a CCO on a case-by-case basis

• Any other actions deemed appropriate by a CCO or compliance

**Potential Actions**

• A CCO may meet with your direct manager to discuss violation

• Human Resources may be notified

• You may be required to break a trade or disgorge profits from the trade – any such profits will be donated to charity

• Three (3) or more technical violations within a 12month period may receive a citation letter, monetary fine and loss of Personal Trading privileges for no less than 90 calendar days

• Any other actions deemed appropriate by a CCO or compliance

**Potential Actions**

• Compliance Committee will review and recommend sanctions and penalties up to and including termination of employment

• The Board of Directors and, when applicable, clients may be notified

• Possible criminal sanctions imposed by regulatory

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Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

authorities

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A fine of $10,000 may be imposed by the Board of Directors

Any other actions deemed appropriate by a CCO, Compliance Committee or the Board of Directors

The Code of Ethics Violation Guidelines provides examples of potential Code violations and the actions that Victory Capital might take if you violate the Code; it is not intended to serve as an exhaustive list of potential Code violations or actions relating thereto. All findings of Code violations and any actions relating thereto will be made on a case-by-case basis. The CCOs have discretion to interpret violations and impose various sanctions in response to such violations as deemed necessary.

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**Reconsideration**

If you wish to dispute a violation notice, you may submit a written explanation of the circumstances of the violation to a CCO. The CCOs (and the CLO if escalation is deemed necessary) will review submissions on a case-by-case basis. The CCOs and CLO are under no obligation to change any sanction that has been imposed.

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**Appendix 1 – Affiliated Funds, Proprietary Products & Reportable Funds**

As described in this Code, certain restrictions apply to trading in an Affiliated Fund, a Proprietary Product and any fund sub-advised by an Affiliated Adviser. Please refer to the company's intranet site "Under the wing" for a complete list or follow one of the links below.

**Affiliated Funds**

For the most up-to-date list of Affiliated Victory Funds, please visit <u>www.vcm.com.</u>

**Proprietary Products**

Proprietary Products, are funds or products in which Victory Capital or its employees have an aggregate of 25% or more Beneficial Interest. Employees are required to pre-clear trades in any Proprietary Products.

On a quarterly basis Victory's compliance and fund administration department will review fund ownership levels to determine if any funds meet the criteria to be deemed a Proprietary Product. A list of current Proprietary Products will be maintained on the Compliance page of Victory's intranet site.

**Sub-Advised Funds**

VCM acts as sub-adviser to a number of unaffiliated registered investment companies (mutual funds). Please refer to VCM's ADV filed with the SEC by searching for the firm name on <u>https://www.adviserinfo.sec.gov</u> . ADV Part 1 contains SECTION 5.G.(3), which lists "Advisers to Registered Investment Companies and Business Development Companies". The name of the fund complex can be obtained by searching for the SEC File Number (under More Options) using EDGAR: <u>https://www.sec.gov/edgar/searchedgar/companysearch.html</u> . A complete list is also available on the company's intranet site "Under the wing" under the compliance tab.

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**Appendix 2 – Approved Brokers List**

In addition to accounts on Victory Capital's retail brokerage platform, you are allowed to open new or maintain existing personal or managed accounts at any of the external brokers listed below. However, you may NOT begin trading in a brokerage account (in-house or external) until it is reported in MCO and set up on our broker data feed. The approved external brokers have been divided into tiers based on how responsive they typically are to our requests to add new accounts to the broker data feed.

**<u>Tier 1 Approved Brokers</u>**

These brokers provide enhanced broker data feed functionality and typically add new accounts to our broker data feed within 1 – 3 business days.

&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;1.Charles Schwab (acquired TD Ameritrade)

&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;2.Fidelity Investments

&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;3.Interactive Brokers

**<u>Tier 2 Approved Brokers</u>**

These brokers may take longer than Tier 1 Approved Brokers, but they generally add new accounts to our broker data feed within 5 business days.

&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;1.Ameriprise Financial Services

&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;2.Edward Jones

&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;3.Merrill Lynch

&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;4.UBS

&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;5.Vanguard

**<u>Tier 3 Approved Brokers</u>**

These brokers may require you to sign a form before they will add a new account to our broker data feed, and/or typically take longer to update the feed once all their requirements are met – your ability to trade in a new account at these firms may be significantly delayed.

&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;1.JP Morgan Chase

&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;2.Morgan Stanley (acquired E\*TRADE)

&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;3.Northern Trust

&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;4.Raymond James

&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;5.RBC

&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;6.Wells Fargo

**<u>Approved Non-Brokers</u>**

The following types of accounts are typically not held through a traditional brokerage firm but are still allowed under the Code of Ethics – you may be required to manually report transactions effected in reportable securities within these types of accounts.

&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;1.Employer Sponsored Retirement Plans

&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;2.ESOP/ESPP

&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;3.Direct Registration Service (DRS – i.e. Computershare, American Stock Transfer Company, etc.)

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Page

**Appendix 3 – Investment Account Disclosure**

New Hires may not trade in their existing accounts until they have been disclosed and approved by compliance. By regulation, such disclosure must take place within 10 days of hire. All new Personal Accounts and Managed Accounts must be reported to compliance prior to trading or on the next quarterly certification, whichever is sooner. Failure to comply may result in sanctions imposed by the VCM Compliance Committee and/or Board of Directors.

The below chart summarizes certain account types and their disclosure requirements. If you have a beneficial interest in any account identified below, you must follow the disclosure requirements. If you are uncertain whether an account should be disclosed or if you have a beneficial interest in an account not listed below, you should consult with a CCO or a member of the Compliance team.

---

| | | |
|:---|:---|:---|
| **Account Type** | **Initial Disclosure** | **Periodic Verification** |
| **Account Type** | **Initial Disclosure** | **Periodic Verification** |
| All Personal Accounts | Yes | Yes |
| All Managed Accounts | Yes | Yes |
| Affiliated Fund Direct Accounts | Yes | Yes |
| 401(k) if able to hold Reportable Securities | Yes | Yes |
| Security Lending Accounts | Yes | Yes |
| Margin Accounts | Yes | Yes |
| Investment Club Accounts | Yes | Yes |
| Private Placements | Yes | No |
| Unaffiliated Open-end Mutual Fund Direct Accounts | No | No |
| Retirement accounts if unable to hold Reportable Securities | No | No |
| 529 Plans | No | No |
| Bank accounts if unable to hold Reportable Securities | No | No |
| Donor Advised Fund (only pre-clear gift of stock to account) | No | No |
| HSA Investments (if unable to hold Reportable Securities) | No | No |
| Accounts that facilitate trading cryptocurrencies | Yes | Yes |

---

**Also see the Account Reporting Job Aid for more details.**

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**Appendix 4 – Preclearance and Reporting By Security Type**

Most transactions in Personal Accounts require you to submit a PTR through MCO. See Section VI: Personal Trading Requirements and Restrictions for more information.

**Summary of Pre-clearance and Reporting Requirements**

The below chart summarizes the pre-clearance and reporting requirements of certain security types. Additional details can be found in the Pre-Clearance Job Aid. If you are uncertain whether a transaction requires pre-clearance, you should consult with a CCO or a member of the Compliance team. For Victory Capital Stock, please refer to the Summary of Pre-Clearance Requirements for Victory Capital Stock provided in this Appendix.

**Prohibited in Personal Accounts**

Commodity Futures

Futures

Options

Currency Futures

Selling Securities Short

Single Stock ETFs (and similar instruments that provide exposure to a single stock)

Companies under common control with VCH

**Pre-clear in Managed Accounts and Personal Accounts**

Initial Public Offerings (IPO)

Initial Coin Offerings (ICO)

Private placements

**Pre-clear in Personal Accounts**

Equities

Corporate, High-Yield, Convertible, International, and Municipal Bonds

Exchange-traded funds (ETFs), including affiliated ETFs

Exchange-traded notes (ETNs)

Closed-end funds

Mortgage-Backed Securities

Agency Securities (e.g. Fannie Mae, Freddie Mac etc.)

Trust preferred & traditional preferred securities

Any pre-clearance securities that are gifted or donated by an Access Person (e.g. direct to charity

or to donor advised fund)

Unit investment trusts

Victory Proprietary Products (currently there are none)

VCM 401(k) transactions greater than $100,000 in a Proprietary Product

Cryptocurrencies (e.g. Bitcoin, Ethereum, etc.)

**Reportable <u>ONLY</u> (pre-clearance NOT required)**

Dividend Reinvestment Plans (DRIPs)

Victory Mutual Funds, unless it's a Proprietary Product

Variable insurance products only where an Affiliated Adviser serves as adviser or sub-adviser

**Exempt Transactions (only the effect of these transactions will be captured as an update on the annual holdings certification)**

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Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

Approved automatic or periodic investment plans

Dividend reinvestment transactions

Corporate action transactions (e.g., stock splits, rights offerings, mergers and acquisitions)

Security lending transactions

**Exempt Securities not subject to the Code**

Direct obligations of the U.S. government

Bankers' acceptances, bank certificates of deposit and commercial paper

Investment grade, short-term debt instruments, including repurchase agreements

Money market funds

Variable insurance products unless an Affiliated Adviser acts as adviser or sub-adviser

Unaffiliated open-end mutual funds

Investments in qualified tuition programs ("529 Plans"), including the USAA College Savings Plan

Physical Commodities (i.e. precious metals)

Foreign Currencies held in order to use as currency (not for investment/speculation purposes)

**Summary of Pre-Clearance Requirements for Victory Capital Stock (ticker "VCTR")**

---

| | |
|:---|:---|
| **VCTR Transaction Description** | **Pre-Clear** |
| **Common Stock (Class A Shares)** |  |
| Employee purchase or sale in any Personal Account (e.g. a brokerage account for the benefit | Yes |
| of the employee or for the benefit of the employee's Immediate Family) | Yes |
| of the employee or for the benefit of the employee's Immediate Family) |  |
| Employee purchase or sale in a Managed Account approved by Compliance. | No |
| **Employee Stock Purchase Plan (ESPP)** |  |
| Purchases made pursuant to Employee Stock Purchase Plan | No |
| Sales of shares acquired through the Employee Stock Purchase Plan | Yes |
| **Options** |  |
| Sale of shares in the open market acquired through the exercise of any options | Yes |
| Cash Exercise - Employee pays the entire cost of the exercise. | No |
| Withhold Shares - Victory Capital withholds shares equal to the cost of the exercise. | No |
| **Restricted Stock (Class B Shares)** |  |
| Selling restricted stock in the open market | Yes |
| Cash - Cash payment to cover vested shares tax liability | No |
| Net - Surrender shares to Victory Capital to cover vested shares tax liability | No |
| **10b5-1 Trading Plan** |  |
| Officers of VCH required to make filings under Section 16 of the Securities and Exchange |  |
| Act of 1934, as amended, conducting trades in accordance with an approved 10b5-1 Trading | No |
| Plan. |  |

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Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

**Appendix 5 – ETFs Eligible for De Minimis Transaction Exemption**

Firm trades in the following ETFs will not trigger any Blackout Period due to their use as highly liquid cash management vehicles in various client accounts.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Symbol** | &nbsp;&nbsp;**CUSIP** |
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Symbol** | &nbsp;&nbsp;**CUSIP** |
| &nbsp;&nbsp;iShares 7-10 Year Treasury Bond ETF | &nbsp;&nbsp;IEF | &nbsp;&nbsp;464287440 |
| &nbsp;&nbsp;iShares 20+ Year Treasury Bond ETF | &nbsp;&nbsp;TLT | &nbsp;&nbsp;464287432 |
| &nbsp;&nbsp;iShares Core MSCI EAFE ETF | &nbsp;&nbsp;IEFA | &nbsp;&nbsp;46432F842 |
| &nbsp;&nbsp;iShares Core MSCI Emerging Markets ETF | &nbsp;&nbsp;IEMG | &nbsp;&nbsp;46434G103 |
| &nbsp;&nbsp;iShares Core S&P 500 ETF | &nbsp;&nbsp;IVV | &nbsp;&nbsp;464287200 |
| &nbsp;&nbsp;iShares Core U.S. Aggregate Bond ETF | &nbsp;&nbsp;AGG | &nbsp;&nbsp;464287226 |
| &nbsp;&nbsp;iShares FTSE China 25 Index | &nbsp;&nbsp;FXI | &nbsp;&nbsp;464287184 |
| &nbsp;&nbsp;iShares iBoxx $ High Yield Corporate Bond | &nbsp;&nbsp;HYG | &nbsp;&nbsp;464288513 |
| &nbsp;&nbsp;iShares iBoxx $ Investment Grade Corporate Bond ETF | &nbsp;&nbsp;LQD | &nbsp;&nbsp;464287242 |
| &nbsp;&nbsp;iShares MSCI ACWI Index Fund | &nbsp;&nbsp;ACWI | &nbsp;&nbsp;464288257 |
| &nbsp;&nbsp;iShares MSCI China Index Fund | &nbsp;&nbsp;MCHI | &nbsp;&nbsp;46429B671 |
| &nbsp;&nbsp;iShares MSCI Emerging Index Fund ETF | &nbsp;&nbsp;EEM | &nbsp;&nbsp;464287234 |
| &nbsp;&nbsp;iShares MSCI EAFE Index Fund ETF | &nbsp;&nbsp;EFA | &nbsp;&nbsp;464287465 |
| &nbsp;&nbsp;iShares MSCI Japan Index Fund ETF | &nbsp;&nbsp;EWJ | &nbsp;&nbsp;464286848 |
| &nbsp;&nbsp;iShares MSCI India | &nbsp;&nbsp;INDA | &nbsp;&nbsp;46429B598 |
| &nbsp;&nbsp;iShares Russell 1000 | IWF | &nbsp;&nbsp;464287614 |
| &nbsp;&nbsp;iShares Russell 2000 ETF | &nbsp;&nbsp;IWM | &nbsp;&nbsp;464287655 |
| &nbsp;&nbsp;iShares Russell 2000 Value | &nbsp;&nbsp;IWN | &nbsp;&nbsp;464287630 |
| &nbsp;&nbsp;iShares Russell Mid-Cap Value | &nbsp;&nbsp;IWS | &nbsp;&nbsp;464287473 |
| &nbsp;&nbsp;SPDR Bloomberg Barclays High Yield Bond ETF | &nbsp;&nbsp;JNK | &nbsp;&nbsp;78468R622 |
| &nbsp;&nbsp;SPDR S&P 500 ETF | &nbsp;&nbsp;SPY | &nbsp;&nbsp;78462F103 |
| &nbsp;&nbsp;SPDR S&P MidCap 400 ETF | &nbsp;&nbsp;MDY | &nbsp;&nbsp;78467Y107 |
| &nbsp;&nbsp;Vanguard FTSE All-World ex-US ETF | &nbsp;&nbsp;VEU | &nbsp;&nbsp;922042775 |
| &nbsp;&nbsp;Vanguard FTSE Developed Markets ETF | &nbsp;&nbsp;VEA | &nbsp;&nbsp;921943858 |
| &nbsp;&nbsp;Vanguard FTSE Emerging Markets ETF | &nbsp;&nbsp;VWO | &nbsp;&nbsp;922042858 |
| &nbsp;&nbsp;Vanguard FTSE Europe ETF | &nbsp;&nbsp;VGK | &nbsp;&nbsp;922042874 |
| &nbsp;&nbsp;Vanguard Mortgage-Backed Securities ETF | &nbsp;&nbsp;VMBS | &nbsp;&nbsp;92206C771 |
| &nbsp;&nbsp;Vanguard Real Estate ETF | &nbsp;&nbsp;VNQ | &nbsp;&nbsp;922908553 |
| &nbsp;&nbsp;Vanguard Short-Term Bond ETF | &nbsp;&nbsp;BSV | &nbsp;&nbsp;921937827 |
| &nbsp;&nbsp;Vanguard Short-Term Corporate Bond ETF | &nbsp;&nbsp;VCSH | &nbsp;&nbsp;92206C409 |
| &nbsp;&nbsp;Vanguard S&P 500 ETF | &nbsp;&nbsp;VOO | &nbsp;&nbsp;922908363 |
| &nbsp;&nbsp;Vanguard Total Bond Market ETF | &nbsp;&nbsp;BND | &nbsp;&nbsp;921937835 |
| &nbsp;&nbsp;Vanguard Total International Stock ETF | &nbsp;&nbsp;VXUS | &nbsp;&nbsp;921909768 |
| &nbsp;&nbsp;Vanguard Total Stock Market ETF | &nbsp;&nbsp;VTI | &nbsp;&nbsp;922908769 |
| &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;Copyright© 2025, Victory Capital Management Inc. | &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;Copyright© 2025, Victory Capital Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page vi of ix |

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Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

Copyright© 2025, Victory Capital Management Inc. Page vii of ix

Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

**Supplement 1**

**RS Investment Management (Singapore) Pte. Ltd. ("RSIMS") Code**

**of Ethics Supplement ("Singapore Supplement")**

The policies and procedures in this Singapore Supplement to the Code apply to Access Persons of RSIMS and are in addition to, and supplement, the policies and procedures detailed in the Code.

Matters set out in the relevant sections of this Singapore Supplement shall be read in conjunction, and as one, with the Code. To the extent there is any inconsistency between the Code and this Singapore Supplement, this Singapore Supplement shall prevail.

**Short-Selling of Securities**

All Victory Capital employees, including employees of RSIMS, are prohibited from Short-Selling any security.

**Trading on Inside Information**

In addition to the requirements set out in the Code, all employees of RSIMS and all members of their Immediate Family are required to comply with all applicable laws in Singapore in relation to any Securities Transactions. Such laws include but are not limited to Part XII (Market Conduct) of the Securities and Futures Act (Chapter 289 of Singapore) ("SFA") which set out prohibitions against the following conduct:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•False trading and market rigging transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Securities market manipulation and manipulation of prices of futures contracts and cornering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The making of false or misleading statements or the dissemination of information that is false or misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Fraudulently inducing persons to deal in securities or trade in futures contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Employment of fraudulent or deceptive devices, or manipulative and deceptive devices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Bucketing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Insider trading and tipping off.

**Reporting Requirements**

In addition to the Personal Account and Personal Trading requirements and restrictions set out in the Code, each employee of RSIMS who acts as a representative of RSIMS in RSIMS' capacity as the holder of a capital markets services license issued pursuant to the SFA for fund management (each a "Relevant Access Person") is required to maintain a register of his or her interests in securities (as such term is defined in section 2(1) of the SFA, the relevant extract of which is set out in the Appendix) that are listed for quotation, or quoted, on a securities exchange or recognized market operator in the prescribed Form 15 to the Securities and Futures (Licensing and Conduct of Business) Regulations (Rg 10).

Within 7 days after the date he or she acquires the interest in the relevant securities, each Relevant Access Person shall be required to enter into his or her register:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Particulars of securities in which such Relevant Access Person has any interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Particulars of such interests.

Where there is any change in any interest in the securities of such Relevant Access Person, he or she shall enter particulars of the change (including the date of the change and the circumstances by reason of which the change has occurred), within 7 days after the date of the change.

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Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

All entries in the register must be kept in an easily accessible form for a period of not less than 5 years after the date on which such entry was first made. The register shall:

&nbsp;&nbsp;&nbsp;&nbsp;1.If in physical form, be kept at RSIMS's principal place of business in Singapore; or

&nbsp;&nbsp;&nbsp;&nbsp;2.If in electronic form, be kept in such manner so as to ensure that full access to the register may be gained by the Monetary Authority of Singapore ("MAS") at RSIMS's principal place of business in Singapore.

RSIMS is required to maintain records of the place at which the Relevant Access Persons keep their respective registers and the places at which copies of those registers are kept in Singapore. As a separate matter, RSIMS is also required to maintain a Form 15 in relation to RSIMS' own interests in the relevant Securities.

Copyright© 2025, Victory Capital Management Inc. Page ix of ix