# EDGAR Filing Document

**Accession Number:** 0000908695
**File Stem:** 0001193125-25-215241
**Filing Date:** 2025-9
**Character Count:** 3807
**Document Hash:** e684b955a928743dec38d1f193ba6b6e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-215241.hdr.sgml**: 20250924

**ACCESSION NUMBER**: 0001193125-25-215241

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250924

**DATE AS OF CHANGE**: 20250924

**EFFECTIVENESS DATE**: 20250924

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VICTORY PORTFOLIOS III
- **CENTRAL INDEX KEY:** 0000908695

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-65572
- **FILM NUMBER:** 251337664

**BUSINESS ADDRESS:**
- **STREET 1:** 15935 LA CANTERA PARKWAY
- **STREET 2:** BUILDING TWO
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78256
- **BUSINESS PHONE:** 210-697-3625

**MAIL ADDRESS:**
- **STREET 1:** 15935 LA CANTERA PARKWAY
- **STREET 2:** BUILDING TWO
- **CITY:** SAN ANTONIO
- **STATE:** TX
- **ZIP:** 78256

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** USAA MUTUAL FUNDS TRUST
- **DATE OF NAME CHANGE:** 20060420

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** USAA STATE TAX FREE TRUST
- **DATE OF NAME CHANGE:** 19940325

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** USAA STATE TAX EXEMPT TRUST
- **DATE OF NAME CHANGE:** 19930707

## Series and Classes Contracts Data

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

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

**Victory Portfolios III**

**Victory 500 Index Fund**

**Supplement dated September 24, 2025, to the Prospectus and Summary Prospectus dated September 1, 2025 ("Prospectus")**

**The following replaces the Average Annual Total Returns table found under the "Investment Performance" section of the Prospectus.** 

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**<br> **(For the Periods Ended December 31, 2024)**<br>| **1 Year** | **5 Years** | **10 Years** |
| MEMBER SHARES Before Taxes | &nbsp;&nbsp; 25.05% | &nbsp;&nbsp; 14.62% | &nbsp;&nbsp; 13.01% |
| MEMBER SHARES After Taxes on Distributions | &nbsp;&nbsp; 24.00% | &nbsp;&nbsp; 13.70% | &nbsp;&nbsp; 12.17% |
| MEMBER SHARES After Taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp; 15.58% | &nbsp;&nbsp; 11.59% | &nbsp;&nbsp; 10.63% |
| REWARD SHARES Before Taxes | &nbsp;&nbsp; 25.14% | &nbsp;&nbsp; 14.73% | &nbsp;&nbsp; 13.12% |
| **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% |
| Victory US Large Cap 500 Index<br> reflects no deduction for fees, expenses, or taxes<sup>2</sup> <br>| &nbsp;&nbsp; 25.36% | &nbsp;&nbsp; 14.92% | &nbsp;&nbsp; 13.39% |

---

Excludes $10 account maintenance fee, which is waived for accounts over $10,000 or more.

Effective December 1, 2023, VettaFi, LLC was approved to administer, calculate, and publish the Victory US Large Cap 500 Index, the index that the Fund seeks to track. The returns shown reflect those of the benchmark administered, calculated, and published by Wilshire Associates Incorporated, through November 30, 2023, and those of the benchmark administered, calculated, and published by VettaFi, LLC from December 1, 2023, onward. The methodology for calculating benchmark returns is substantially the same with the new benchmark provider.

If you wish to obtain more information, please call the Victory Funds at (800) 235-8396 or your financial advisor.

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

34227-00-0925

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