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N-1A
Victory Portfolios III
2026-09-01
<span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">Victory Aggressive Growth Fund Summary</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Victory Aggressive Growth Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the “Fund”) seeks capital appreciation.</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The tables below describe the fees and expenses that you may pay, if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Shareholder Fees</span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(paid directly from your investment)</span>
0
0
0
0
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
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<span style="color:#000000;font-family:Arial;font-size:6.56pt;">August 31, </span><span style="color:#000000;font-family:Arial;font-size:6.56pt;">2027</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 indicated 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:</span>
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441
993
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 shares of the Fund 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">35</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> of the average value of its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">portfolio.</span>
0.35
0.35
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in growth companies. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">For purposes of this 80% policy, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund considers a number of factors when determining whether an issuer is a growth company, including whether (i) the issuer is classified as a growth company by an independent third-party financial data provider based on financial metrics and other available information; (ii) the issuer is included in an index or index-based ETF that is representative of growth companies; and/or (iii) the Adviser believes that the issuer has above-average potential for earnings and/or revenue growth consistent with the Fund’s strategy, considering such measures as historical and/or projected growth rates relative to the applicable equity market.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund invests primarily in equity securities of large-capitalization companies (which, for purposes of this Fund, are those companies with market capitalizations similar to companies in the Russell 1000</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Index or the S&P 500</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Index) that are selected for their growth potential. Although the Fund invests primarily in U.S. securities, it may invest up to 20% of its total assets in foreign securities, including securities issued in emerging markets. The Fund’s Adviser allocates the Fund’s assets among the Adviser’s internal investment teams. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The managers implement a fundamentally driven security </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">selection investment process that seeks to identify companies that will provide superior portfolio returns over the long term.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in growth companies. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">For purposes of this 80% policy, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund considers a number of factors when determining whether an issuer is a growth company, including whether (i) the issuer is classified as a growth company by an independent third-party financial data provider based on financial metrics and other available information; (ii) the issuer is included in an index or index-based ETF that is representative of growth companies; and/or (iii) the Adviser believes that the issuer has above-average potential for earnings and/or revenue growth consistent with the Fund’s strategy, considering such measures as historical and/or projected growth rates relative to the applicable equity market.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The managers implement a fundamentally driven security </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">selection investment process that seeks to identify companies that will provide superior portfolio returns over the long term.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Any investment involves risk, and there is no assurance that the Fund’s objective will be achieved. By itself, the Fund does not constitute a complete investment plan. As you consider an investment in the Fund, you also should take into account your tolerance for the daily fluctuations of the financial markets and whether you can afford to leave your money in the Fund for long periods of time to ride out down periods. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As with other mutual funds, losing money is a risk of investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">General Market Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Equity Securities Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The values of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general market, economic, and political conditions, and other factors. A company’s earnings or dividends may not increase as expected due to poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, tariffs, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations, war, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or may 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large-Capitalization Stock Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The Fund invests in large-capitalization companies. Such investments may go in and out of favor based on market and economic conditions and may underperform other market segments. Some large-capitalization companies may be unable to respond quickly to new competitive challenges and attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. As such, returns on investments in stocks of large-capitalization companies could trail the returns on investments in stocks of small- and mid-capitalization companies.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Global markets, or those in a particular region, may all react in similar fashion to important political, economic, or other developments. Events and evolving conditions in certain economies or markets, including with respect to tariffs or sanctions, may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable and make such investments riskier and more volatile.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Emerging Markets Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Foreign securities risk can be particularly heightened because investments in emerging market countries generally are more volatile than investments in developed markets. Emerging market countries are less economically diverse and mature than more developed countries and tend to be politically less stable. The governments of emerging market countries may be more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets, and/or impose burdensome taxes that could adversely affect security prices. In addition, the economies of emerging market countries may be dependent on relatively few industries that are more susceptible to local and global changes. Emerging market countries may also have less developed legal and accounting systems, and their legal systems may deal with issuer bankruptcies and defaults differently than U.S. law would.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– To the extent the Fund invests in one or more sectors, such as the information technology sector, it is subject to the risks faced by these companies, such as intense competition and potentially rapid product obsolescence. Information technology companies also are heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of those rights.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large Shareholder Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The actions by one large shareholder or multiple shareholders acting simultaneously 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. 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Management Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The Fund is actively managed, and the investment techniques and risk analyses used by the Fund’s portfolio managers may not produce the desired results.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As with other mutual funds, losing money is a risk of investing in the Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The following bar chart and table are intended to help you understand some indication of the risks of investing in the Fund. The bar chart illustrates the Fund Shares' volatility by showing how performance has varied from year to year for each full calendar year over the past 10 years. The table shows how the average annual total returns of the share classes for the periods indicated compared to those of the Fund's regulatory broad-based securities market index, the Fund's benchmark index, and an additional index of funds with similar investment objectives.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> We assume reinvestment of dividends </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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. Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund’s most </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">current performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(800) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">235-8396</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The following bar chart and table are intended to help you understand some indication of the risks of investing in the Fund. The bar chart illustrates the Fund Shares' volatility by showing how performance has varied from year to year for each full calendar year over the past 10 years. The table shows how the average annual total returns of the share classes for the periods indicated compared to those of the Fund's regulatory broad-based securities market index, the Fund's benchmark index, and an additional index of funds with similar investment objectives.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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. Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(800) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">235-8396</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns for Fund Shares</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart:</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:7.00pt;">30.56%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:3.11pt;">-22.68%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2022</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:12.55pt;">5.03%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2026</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span>
0.3056
2020-06-30
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span>
-0.2268
2022-06-30
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span>
0.0503
2026-06-30
<span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">(For the Periods Ended December 31, 2025)</span>
0.1709
0.1194
0.1484
0.1590
0.1078
0.1261
0.1096
0.0930
0.1139
0.1703
0.1195
0.1486
0.1788
0.1442
0.1482
0.1856
0.1532
0.1813
0.1778
0.1270
0.1607
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In certain situations, the return after taxes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on distributions and sale of fund shares may be higher than the other return amounts. 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The actual after-tax returns depend on your tax </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If you hold your shares through a tax-deferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangement, such as an individual retirement account (“IRA”) or 401(k) plan, the after-tax returns shown in the table are not relevant to you. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Please note that after-tax returns are shown only for the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund Shares and may differ for each share class.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In certain situations, the return after taxes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on distributions and sale of fund shares may be higher than the other return amounts. 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. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If you hold your shares through a tax-deferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangement, such as an individual retirement account (“IRA”) or 401(k) plan, the after-tax returns shown in the table are not relevant to you. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Please note that after-tax returns are shown only for the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund Shares and may differ for each share class.</span>
<span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">Victory Capital Growth Fund Summary</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Victory Capital Growth Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the “Fund”) seeks capital appreciation.</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The tables below describe the fees and expenses that you may pay, if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Shareholder Fees</span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(paid directly from your investment)</span>
0
0
0
0
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0076
0.0076
0.0000
0.0000
0.0030
0.0106
0.0106
0.0182
0.0000
-0.0071
0.0106
0.0111
<span style="color:#000000;font-family:Arial;font-size:6.56pt;">August 31, </span><span style="color:#000000;font-family:Arial;font-size:6.56pt;">2027</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 indicated 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:</span>
108
337
585
1294
113
503
919
2079
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 shares of the Fund 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">55</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> of the average value of its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">portfolio.</span>
0.55
0.55
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund invests primarily in U.S. and foreign equity securities that are believed to be the most attractive in the global marketplace. The Fund’s adviser allocates the Fund’s assets among the adviser’s internal investment teams. The managers implement a combination of quantitative and/or fundamentally driven security selection investment processes that focus on companies that may exhibit attractive levels of quality, value, and/or growth. The Fund may invest up to 100% of its assets in foreign securities, including securities issued in emerging markets.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Any investment involves risk, and there is no assurance that the Fund’s objective will be achieved. By itself, the Fund does not constitute a complete investment plan. As you consider an investment in the Fund, you also should take into account your tolerance for the daily fluctuations of the financial markets and whether you can afford to leave your money in the Fund for long periods of time to ride out down periods. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As with other mutual funds, losing money is a risk of investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">General Market Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Equity Securities Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The values of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general market, economic, and political conditions, and other factors. A company’s earnings or dividends may not increase as expected due to poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, tariffs, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations, war, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or may 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Global markets, or those in a particular region, may all react in similar fashion to important political, economic, or other developments. Events and evolving conditions in certain economies or markets, including with respect to tariffs or sanctions, may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable and make such investments riskier and more volatile.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Emerging Markets Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Foreign securities risk can be particularly heightened because investments in emerging market countries generally are more volatile than investments in developed markets. Emerging market countries are less economically diverse and mature than more developed countries and tend to be politically less stable. The governments of emerging market countries may be more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets, and/or impose burdensome taxes that could adversely affect security prices. In addition, the economies of emerging market countries may be dependent on relatively few industries that are more susceptible to local and global changes. Emerging market countries may also have less developed legal and accounting systems, and their legal systems may deal with issuer bankruptcies and defaults differently than U.S. law would.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Currency Risk — </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks, national entities such as the International Monetary Fund, or by the imposition of currency controls, or other political developments in the United States or abroad. As a result, investments in foreign currency-denominated securities may reduce the returns of the Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– To the extent the Fund invests in one or more sectors, such as the information technology sector, it is subject to the risks faced by these companies, such as intense competition and potentially rapid product obsolescence. Information technology companies also are heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of those rights.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large Shareholder Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The actions by one large shareholder or multiple shareholders acting simultaneously 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. 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Management Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The Fund is actively managed, and the investment techniques and risk analyses used by the Fund’s portfolio managers may not produce the desired results.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As with other mutual funds, losing money is a risk of investing in the Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The following bar chart and table are intended to help you understand some indication of the risks of investing in the Fund. The bar chart illustrates the Fund Shares' volatility by showing how performance has varied from year to year for each full calendar year over the past 10 years. The table </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shows how the average annual total returns of the share classes for the periods indicated compared to those of the Fund's regulatory broad-based securities market index and an additional index of funds with similar investment objectives.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> We assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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. Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund’s most </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">current performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(800) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">235-8396</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The following bar chart and table are intended to help you understand some indication of the risks of investing in the Fund. The bar chart illustrates the Fund Shares' volatility by showing how performance has varied from year to year for each full calendar year over the past 10 years. The table </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shows how the average annual total returns of the share classes for the periods indicated compared to those of the Fund's regulatory broad-based securities market index and an additional index of funds with similar investment objectives.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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. Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(800) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">235-8396</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns for Fund Shares</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart:</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:7.00pt;">19.74%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:3.11pt;">-23.44%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">March 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:6.99pt;">11.24%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2026</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span>
0.1974
2020-06-30
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span>
-0.2344
2020-03-31
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span>
0.1124
2026-06-30
<span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">(For the Periods Ended December 31, 2025)</span>
0.2185
0.1231
0.1081
0.1896
0.0995
0.0899
0.1497
0.0929
0.0840
0.2179
0.1236
0.1090
0.2234
0.1119
0.1172
0.2023
0.0909
0.1041
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In certain situations, the return after taxes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on distributions and sale of fund shares may be higher than the other return amounts. 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The actual after-tax returns depend on your tax </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If you hold your shares through a tax-deferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangement, such as an individual retirement account (“IRA”) or 401(k) plan, the after-tax returns shown in the table are not relevant to you. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Please note that after-tax returns are shown only for the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund Shares and may differ for each share class.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In certain situations, the return after taxes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on distributions and sale of fund shares may be higher than the other return amounts. 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. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If you hold your shares through a tax-deferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangement, such as an individual retirement account (“IRA”) or 401(k) plan, the after-tax returns shown in the table are not relevant to you. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Please note that after-tax returns are shown only for the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund Shares and may differ for each share class.</span>
<span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">Victory Core Plus Intermediate Bond Fund Summary</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Victory Core Plus Intermediate Bond Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the “Fund”) seeks high current income without undue risk to principal.</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The tables below describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">$50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in one or more Victory Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other discounts is available </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">under </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">Investing with the Victory Funds</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> on page 24 of the Fund’s prospectus, in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">Appendix A – Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries,</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> and from your financial intermediary.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">$50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in one or more Victory Funds.</span>
50000
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Shareholder Fees</span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(paid directly from your investment)</span>
0
0
0.0225
0
0
0
0
0
0.0100
0
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0034
0.0034
0.0031
0.0028
0.0033
0.0000
0.0000
0.0025
0.0100
0.0000
0.0029
0.0022
0.0029
0.0034
0.0009
0.0063
0.0056
0.0085
0.0162
0.0042
0.0000
0.0000
0.0000
-0.0011
0.0000
0.0063
0.0056
0.0085
0.0151
0.0042
<span style="color:#000000;font-family:Arial;font-size:6.56pt;">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 </span><span style="color:#000000;font-family:Arial;font-size:6.56pt;font-style:italic;">Choosing a Share Class.</span><span style="color:#000000;font-family:Arial;font-size:6.56pt;">Applies to shares sold within 12 months of purchase.</span>
<span style="color:#000000;font-family:Arial;font-size:6.56pt;">August 31, 2027</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 indicated and then sell or continue to hold all of your shares at the end of those periods (or continue holding your shares in the case of Class C shares). 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, which is reflected in the Class C costs shown below. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
64
202
351
786
57
179
313
701
310
490
686
1250
254
500
871
1706
43
135
235
530
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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.</span>
154
500
871
1706
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 shares of the Fund 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">69</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> of the average value of its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">portfolio.</span>
0.69
0.69
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets in a broad range of debt securities and in derivatives and other instruments that have similar economic characteristics.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">effective duration of the Fund is generally between three and 10 years. The Fund’s 80% policy may be changed upon at least 60 days’ prior written notice to shareholders.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Up to 65% of the Fund’s assets may be invested in corporate bonds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The debt securities in which the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund may invest include, among others, obligations of U.S., state, and local governments, and their agencies and instrumentalities; mortgage- and asset-backed securities; corporate debt securities; repurchase agreements; and other securities believed to have debt-like characteristics.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund will </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">invest primarily in investment-grade securities, but also may invest up to 10% of its net assets in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">below-investment-grade securities, which are sometimes referred to as high-yield or “junk” bonds. The Fund also may invest up to 20% of its assets in foreign debt securities, including non-dollar-denominated securities and emerging markets securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The managers implement the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund’s strategy by seeking to select securities that represent value at the time of purchase given current market conditions. Value is a combination of yield, credit quality, structure (maturity, coupon, redemption features), and liquidity.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets in a broad range of debt securities and in derivatives and other instruments that have similar economic characteristics.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The debt securities in which the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund may invest include, among others, obligations of U.S., state, and local governments, and their agencies and instrumentalities; mortgage- and asset-backed securities; corporate debt securities; repurchase agreements; and other securities believed to have debt-like characteristics.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The managers implement the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund’s strategy by seeking to select securities that represent value at the time of purchase given current market conditions. Value is a combination of yield, credit quality, structure (maturity, coupon, redemption features), and liquidity.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Any investment involves risk, and there is no assurance that the Fund’s objective will be achieved. By itself, the Fund does not constitute a complete investment plan. As you consider an investment in the Fund, you also should take into account your tolerance for the daily fluctuations of the financial markets and whether you can afford to leave your money in the Fund for long periods of time to ride out down periods. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As with other mutual funds, losing money is a risk of investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Debt Securities Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– 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, economic conditions, market events, public health crises, and responses by governments and companies to such developments. 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The Fund is subject to the risk that the market value of the bonds in its portfolio will fluctuate because of changes in interest rates, changes in the supply of and demand for debt securities, and other market factors. Bond prices generally are linked to the prevailing market interest rates. In general, when interest rates rise, bond prices fall; conversely, when interest rates fall, bond prices rise. The price volatility of a bond also depends on its duration. Generally, the longer the duration of a bond, the greater its sensitivity is to interest rates. To compensate investors for this higher interest rate risk, bonds with longer durations generally offer higher yields than bonds with shorter durations. The ability of an issuer of a debt security to repay principal prior to a security’s maturity can increase the security’s sensitivity to interest rate changes.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Decisions by the U.S. Federal Reserve (also known as the “Fed”) regarding interest rate and monetary policy, which can be difficult to predict and sometimes change direction suddenly in response to economic and market events, can have a significant effect on the value of fixed-income 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. As a result, the value of fixed-income securities may vary widely under certain market conditions.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Credit Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The fixed-income securities in the Fund's portfolio are subject to credit risk, which is the possibility that an issuer of a fixed-income security will fail to make timely interest and/or principal payments on its securities or that negative market perceptions of the issuer’s ability to make such payments will cause the price of that security to decline. The Fund accepts some credit risk as a recognized means to enhance an investor’s return. All fixed-income securities, varying from the highest quality to the very speculative, have some degree of credit risk.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">High-Yield/Junk Bond Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Fixed-income securities rated below investment grade, also known as “junk” or high-yield bonds, generally entail greater economic, credit, and liquidity risk than investment-grade securities. Their prices may be more volatile, especially during economic downturns, financial setbacks, or liquidity events. High-yield securities also 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Market developments and other factors, including changes in interest rates, have the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from mutual funds that hold large amounts of fixed-income securities. Such a move, coupled with a reduction in the ability or willingness of dealers and other institutional investors </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">to buy or hold fixed-income securities, may result in decreased liquidity and increased volatility in the fixed-income markets. Heavy redemptions of fixed-income mutual funds and decreased liquidity from fixed-income securities could hurt the Fund’s performance. In addition, significant securities market disruptions, including economic, financial and public health crises, may lead to dislocation in the market for a variety of fixed-income securities (including municipal obligations), which can decrease liquidity and sharply reduce returns. Changes in government or central bank monetary policy may have a substantial and immediate impact on interest rates, which could result in losses to the Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Prepayment and Extension Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Mortgage-backed securities make regularly scheduled payments of principal along with interest payments. In addition, mortgagors generally have the option of paying off their mortgages without penalty at any time. For example, when a mortgaged property is sold, the old mortgage is usually prepaid. Also, when interest rates fall, the mortgagor may refinance the mortgage and prepay the old mortgage. A homeowner’s default on the mortgage also may cause a prepayment of the mortgage. This unpredictability of the mortgage’s cash flow is called prepayment risk. For the investor, prepayment risk usually means that principal is received at the least opportune time. For example, when interest rates fall, homeowners may find it advantageous to refinance their mortgages and prepay principal. In this case, the investor is forced to reinvest the principal at the current lower rate. On the other hand, when interest rates rise, homeowners generally will not refinance their mortgages and prepayments will fall. This causes the average life of the mortgage to extend and be more sensitive to interest rates, which is called extension risk. In addition, the amount of principal the investor has to invest in these higher interest rates is reduced.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Global markets, or those in a particular region, may all react in similar fashion to important political, economic, or other developments. Events and evolving conditions in certain economies or markets, including with respect to tariffs or sanctions, may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable and make such investments riskier and more volatile.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Emerging Markets Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Foreign securities risk can be particularly heightened because investments in emerging market countries generally are more volatile than investments in developed markets. Emerging market countries are less economically diverse and mature than more developed countries and tend to be politically less stable. The governments of emerging market countries may be more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets, and/or impose burdensome taxes that could adversely affect security prices. In addition, the economies of emerging market countries may be dependent on relatively few industries that are more susceptible to local and global changes. Emerging market countries may also have less developed legal and accounting systems, and their legal systems may deal with issuer bankruptcies and defaults differently than U.S. law would.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Legislative Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Changes in government policies may affect the value of the investments held by the Fund in ways we cannot anticipate, and such policies could have an adverse impact on the value of the Fund’s investments and the Fund’s net asset value (“NAV”).</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">U.S. Government Sponsored Enterprises (“GSEs”) Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– While mortgage-backed securities, the value of which may be impacted by factors affecting the housing market, and other securities issued by certain GSEs, such as the Government National Mortgage Association (“Ginnie Mae”), are supported by the full faith and credit of the U.S. government, securities issued by other GSEs are supported only by the right of the GSE (including the Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal National Mortgage Association (“Fannie Mae”)) to borrow from the U.S. Treasury, the discretionary authority of the U.S. government to purchase the GSEs’ obligations, or by the credit of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the issuing agency, instrumentality, or corporation, and are neither issued nor guaranteed by the U.S. Treasury. If such a GSE were to default on its obligations, the Fund might not be able to recover its investment.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Management Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The Fund is actively managed, and the investment techniques and risk analyses used by the Fund’s portfolio managers may not produce the desired results.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Reference Rate Transition Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The terms of many floating rate loans and other instruments were previously tied to the London Interbank Offered Rate (“LIBOR”), which functioned as a reference rate or benchmark for these instruments but was discontinued as a floating rate benchmark after June 30, 2023. The LIBOR discontinuation may adversely affect the financial markets generally and the Fund’s operations, finances, and investments specifically. There is no assurance that proposed replacement rates will be suitable substitutes for LIBOR, and thus the substitution of such rates for LIBOR could have an adverse effect.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large Shareholder Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The actions by one large shareholder or multiple shareholders acting simultaneously 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. 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As with other mutual funds, losing money is a risk of investing in the Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The following bar chart and table are intended to help you understand some indication of the risks of investing in the Fund. The bar chart illustrates the Fund Shares' volatility by showing how performance has varied from year to year for each full calendar year over the past 10 years. The table shows how the average annual total returns of the share classes for the periods indicated compared to those of the Fund's regulatory broad-based securities market index and an additional index of funds with similar investment objectives.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> We assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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. Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund’s most </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">current performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(800) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">235-8396</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">. Effective June 29, 2020, the Fund’s Adviser Shares were redesignated Class A shares, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">subject to a front-end sales load and different fees and expenses. Performance of the Class A shares, therefore, is that of the Adviser Shares restated to reflect the sales load applicable to Class A shares, but not any differences in the fees and expenses.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The following bar chart and table are intended to help you understand some indication of the risks of investing in the Fund. The bar chart illustrates the Fund Shares' volatility by showing how performance has varied from year to year for each full calendar year over the past 10 years. The table shows how the average annual total returns of the share classes for the periods indicated compared to those of the Fund's regulatory broad-based securities market index and an additional index of funds with similar investment objectives.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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. Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(800) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">235-8396</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns for Fund Shares</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart:</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:12.55pt;">7.88%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:8.66pt;">-5.70%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">March 31, 2022</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:12.55pt;">1.00%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2026</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span>
0.0788
2020-06-30
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span>
-0.0570
2022-03-31
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span>
0.0100
2026-06-30
<span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">(For the Periods Ended December 31, 2025)</span>
0.0746
0.0085
0.0355
0.0547
-0.0080
0.0180
0.0438
-0.0004
0.0201
0.0754
0.0092
0.0362
0.0480
0.0015
0.0304
0.0564
-0.0002
0.0083
0.0781
0.0111
0.0350
0.0730
-0.0036
0.0201
0.0772
0.0018
0.0266
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In certain situations, the return after taxes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on distributions and sale of fund shares may be higher than the other return amounts. 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The actual after-tax returns depend on your tax </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If you hold your shares through a tax-deferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangement, such as an individual retirement account (“IRA”) or 401(k) plan, the after-tax returns shown in the table are not relevant to you. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Please note that after-tax returns are shown only for the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund Shares and may differ for each share class.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In certain situations, the return after taxes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on distributions and sale of fund shares may be higher than the other return amounts. 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. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If you hold your shares through a tax-deferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangement, such as an individual retirement account (“IRA”) or 401(k) plan, the after-tax returns shown in the table are not relevant to you. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Please note that after-tax returns are shown only for the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund Shares and may differ for each share class.</span>
<span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">Victory Global Managed Volatility Fund Summary</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Victory Global Managed Volatility Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the “Fund”) seeks to attain long-term capital appreciation while attempting to reduce volatility during unfavorable market conditions.</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The tables below describe the fees and expenses that you may pay, if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Shareholder Fees</span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(paid directly from your investment)</span>
0
0
0
0
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0060
0.0060
0.0000
0.0000
0.0053
0.0020
0.0113
0.0080
-0.0023
-0.0010
0.0090
0.0070
<span style="color:#000000;font-family:Arial;font-size:6.56pt;">August 31, 2027</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, the Fund’s operating expenses remain the same, and the expense limitation agreement for each class of shares is not continued beyond its expiration date.</span>
92
336
600
1354
72
245
434
980
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 shares of the Fund 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">77</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> of the average value of its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">portfolio.</span>
0.77
0.77
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s principal strategy is to combine a portfolio of domestic and foreign equity securities, including emerging markets securities, designed to provide growth with lower volatility. The Fund primarily invests in stocks that exhibit high-quality characteristics such as high levels of profitability and stable earnings, which may lower volatility in the Fund’s returns. The Fund uses quantitative analysis to allocate exposure to various quality factors to limit the amount of risk any individual factor contributes to the Fund and to reduce the Fund’s volatility. The Fund’s portfolio construction process generally seeks to maintain a target beta below the MSCI All-Country World Index (the “benchmark”), which the portfolio manager believes will provide the potential for long-term capital appreciation while maintaining lower volatility than the benchmark.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">To a limited extent, the Fund may invest in exchange-traded funds (“ETF”) and affiliated ETFs. Additionally, in certain instances, the Fund may use alternative investment strategies such as an option-based risk-management strategy, which involves purchasing and selling options on component indices or corresponding ETFs. This option strategy may not fully protect the Fund against declines in the value of its portfolio, and the Fund could experience a loss. The Fund can also invest in other derivatives, including equity futures. Futures typically are used as a liquid and economical means of managing tactical allocations to asset classes or factors.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Any investment involves risk, and there is no assurance that the Fund’s objective will be achieved. By itself, the Fund does not constitute a complete investment plan. As you consider an investment in the Fund, you also should take into account your tolerance for the daily fluctuations of the financial markets and whether you can afford to leave your money in the Fund for long periods of time to ride out down periods. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As with other mutual funds, losing money is a risk of investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">General Market Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Equity Securities Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The values of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general market, economic, and political conditions, and other factors. A company’s earnings or dividends may not increase as expected due to poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, tariffs, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations, war, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or may 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Global markets, or those in a particular region, may all react in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">similar fashion to important political, economic, or other developments. Events and evolving conditions in certain economies or markets, including with respect to tariffs or sanctions, may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable and make such investments riskier and more volatile.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Emerging Markets Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Foreign securities risk can be particularly heightened because investments in emerging market countries generally are more volatile than investments in developed markets. Emerging market countries are less economically diverse and mature than more developed countries and tend to be politically less stable. The governments of emerging market countries may be more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets, and/or impose burdensome taxes that could adversely affect security prices. In addition, the economies of emerging market countries may be dependent on relatively few industries that are more susceptible to local and global changes. Emerging market countries may also have less developed legal and accounting systems, and their legal systems may deal with issuer bankruptcies and defaults differently than U.S. law would.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– To the extent the Fund invests in one or more sectors, such as the information technology sector, it is subject to the risks faced by these companies, such as intense competition and potentially rapid product obsolescence. Information technology companies also are heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of those rights.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Factor-Based Investment Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Quantitative tools used by portfolio management analyzes stocks and other potential investments based on various investment characteristics or “factors,” which may be out of favor or may not produce the best results over periods of time. In addition, the effectiveness of the quantitative analysis of securities will significantly impact the success of the Fund’s investment strategy. A portfolio using quantitative analysis may underperform the market as a whole versus a portfolio using a different approach, such as fundamental analysis. The factors used in quantitative analysis and the emphasis placed on those factors may not be predictive of a security’s value. Further, factors that affect a security’s value can change over time and may not be reflected in the Fund’s portfolio. Therefore, the Fund may have a lower return than if it were managed using a strategy that did not include quantitative analysis.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">ETF Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – ETFs, which generally are registered investment companies, incur their own management and other fees and expenses, such as trustees’ fees, operating expenses, registration fees, and marketing expenses, a proportionate share of which will be borne indirectly by the Fund as a shareholder in an ETF. As a result, the Fund’s investment in an ETF will cause the Fund to indirectly bear the fees and expenses of the ETF and, in turn, the Fund’s performance may be lower than if the Fund were to invest directly in the underlying securities held by the ETF. For investments in affiliated ETFs, the Fund’s management fee is reimbursed by the Adviser to the extent of the indirect management fee incurred through the Fund’s investment in the affiliated ETFs. The Adviser may have conflicts of interest in allocating assets among affiliated and unaffiliated ETFs, because the Adviser also manages and administers the affiliated ETFs, and the Adviser and its affiliates receive other fees from the affiliated ETFs. In addition, the Fund also will be subject to the risks associated with the securities or other investments held by the ETFs.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Derivatives Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The Fund may invest in futures, options, and other types of derivatives. Risks associated with derivatives include the risk that the derivative is not well-correlated with the security, index, ETFs, or currency to which it relates; the risk that the use of derivatives may not have the intended effects and may result in losses, underperformance, or missed opportunities; the risk that the Fund will be unable to sell the derivative because of an illiquid secondary market; the risk that a counterparty is unwilling or unable to meet its obligation; the risk of interest rate movements; and the risk that the derivatives transaction could expose the Fund to the effects of leverage, which could increase the Fund’s market exposure, magnify investment risks and losses, and cause losses to be realized more quickly. There is no guarantee that derivative techniques will be employed or that they </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will work as intended, and their use could lower returns or even result in losses to the Fund. In addition, current regulations may limit the Fund’s ability to invest in derivatives.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Options Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The Fund could experience a loss in the options portion of the portfolio, particularly during periods when market values are increasing but market volatility is high. When it sells index or corresponding ETF call options, the Fund receives cash but limits its opportunity to profit from an increase in the market value of its stock portfolio. When the Fund purchases index or corresponding ETF put options, it risks the loss of the cash paid for the options. At times, the Fund may not own put options, which increases exposure to a market decline. When the Fund simultaneously buys index put options and sells index put options to fund the purchases, resulting in an index put spread, the Fund has increased exposure to further market decline if the market price of the index falls below the strike price of the short index put option.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Leveraging Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The Fund is subject to the risk associated with securities or practices that multiply small price movements into large changes in value. The more the Fund invests in leveraged instruments or strategies that use leveraged instruments, the more this leverage will magnify any losses on those investments.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Liquidity Risk –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The risk of investing in securities that generally are less liquid than higher-quality securities is referred to as liquidity risk. The market for lower-quality issues generally is less liquid than the market for higher-quality issues. Therefore, large purchases or sales could cause sudden and significant price changes in these securities. Many lower-quality issues do not trade frequently; however, when they do trade, the trade price may be substantially higher or lower than expected.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As with other mutual funds, losing money is a risk of investing in the Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The following bar chart and table are intended to help you understand some indication of the risks of investing in the Fund. The bar chart illustrates the Fund Shares' volatility by showing how performance has varied from year to year for each full calendar year over the past 10 years. The table shows how the average annual total returns of the share classes for the periods indicated compared to those of the Fund's regulatory broad-based securities market index and another comparative index with investment characteristics similar to those of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> We assume reinvestment of dividends and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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. Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund’s most </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">current performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(800) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">235-8396</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The following bar chart and table are intended to help you understand some indication of the risks of investing in the Fund. The bar chart illustrates the Fund Shares' volatility by showing how performance has varied from year to year for each full calendar year over the past 10 years. The table shows how the average annual total returns of the share classes for the periods indicated compared to those of the Fund's regulatory broad-based securities market index and another comparative index with investment characteristics similar to those of the Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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. Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(800) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">235-8396</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns for Fund Shares</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart:</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:7.00pt;">14.73%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:3.11pt;">-21.42%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">March 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:6.99pt;">13.61%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2026</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span>
0.1473
2020-06-30
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span>
-0.2142
2020-03-31
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span>
0.1361
2026-06-30
<span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">(For the Periods Ended December 31, 2025)</span>
0.1674
0.0997
0.0933
0.1192
0.0712
0.0740
0.1330
0.0735
0.0712
0.1690
0.1019
0.0954
0.2234
0.1119
0.1172
0.1414
0.0875
0.0893
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In certain situations, the return after taxes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on distributions and sale of fund shares may be higher than the other return amounts. 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The actual after-tax returns depend on your tax </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If you hold your shares through a tax-deferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangement, such as an individual retirement account (“IRA”) or 401(k) plan, the after-tax returns shown in the table are not relevant to you. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Please note that after-tax returns are only shown for the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund Shares and may differ for each share class.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In certain situations, the return after taxes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on distributions and sale of fund shares may be higher than the other return amounts. 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. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If you hold your shares through a tax-deferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangement, such as an individual retirement account (“IRA”) or 401(k) plan, the after-tax returns shown in the table are not relevant to you. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Please note that after-tax returns are only shown for the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund Shares and may differ for each share class.</span>
<span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">Victory Growth & Income Fund Summary</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Victory Growth & Income Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the “Fund”) seeks capital growth with a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">secondary investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective of current income</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">secondary investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective of current income</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The tables below describe the fees and expenses that you may pay, if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Shareholder Fees</span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(paid directly from your investment)</span>
0
0
0
0
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0061
0.0061
0.0000
0.0000
0.0022
0.0063
0.0083
0.0124
0.0000
-0.0039
0.0083
0.0085
<span style="color:#000000;font-family:Arial;font-size:6.56pt;">August 31, </span><span style="color:#000000;font-family:Arial;font-size:6.56pt;">2027</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 indicated 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:</span>
85
265
460
1025
87
355
643
1466
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 shares of the Fund 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">45</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> of the average value of its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">portfolio.</span>
0.45
0.45
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund invests its assets primarily in equity securities that show the best potential for total return through a combination of capital growth and income. The assessment of potential return is based on an analysis of earnings and earnings growth, relative value, and company management. The Fund’s Adviser allocates the Fund’s assets among the Adviser’s internal investment teams. The managers implement a combination of quantitative and/or fundamentally driven security selection investment processes. One of the managers focuses on companies that may exhibit attractive levels of growth while the other seeks out companies that provide a high level of dividend income with attractive levels of quality and value. Although the Fund invests primarily in U.S. securities, it may invest up to 20% of its total assets in foreign securities, including securities issued in emerging markets.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Any investment involves risk, and there is no assurance that the Fund’s objective will be achieved. By itself, the Fund does not constitute a complete investment plan. As you consider an investment in the Fund, you also should take into account your tolerance for the daily fluctuations of the financial markets and whether you can afford to leave your money in the Fund for long periods of time to ride out down periods. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As with other mutual funds, losing money is a risk of investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">General Market Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Equity Securities Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The values of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general market, economic, and political conditions, and other factors. A company’s earnings or dividends may not increase as expected due to poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, tariffs, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations, war, terrorism, public health crises, or other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">events, conditions, and factors. Price changes may be temporary or may 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Global markets, or those in a particular region, may all react in similar fashion to important political, economic, or other developments. Events and evolving conditions in certain economies or markets, including with respect to tariffs or sanctions, may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable and make such investments riskier and more volatile.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Emerging Markets Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Foreign securities risk can be particularly heightened because investments in emerging market countries generally are more volatile than investments in developed markets. Emerging market countries are less economically diverse and mature than more developed countries and tend to be politically less stable. The governments of emerging market countries may be more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets, and/or impose burdensome taxes that could adversely affect security prices. In addition, the economies of emerging market countries may be dependent on relatively few industries that are more susceptible to local and global changes. Emerging market countries may also have less developed legal and accounting systems, and their legal systems may deal with issuer bankruptcies and defaults differently than U.S. law would.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– To the extent the Fund invests in one or more sectors, such as the information technology sector, it is subject to the risks faced by these companies, such as intense competition and potentially rapid product obsolescence. Information technology companies also are heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of those rights.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Management Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The Fund is actively managed, and the investment techniques and risk analyses used by the Fund’s portfolio managers may not produce the desired results.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large Shareholder Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The actions by one large shareholder or multiple shareholders acting simultaneously 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. 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As with other mutual funds, losing money is a risk of investing in the Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The following bar chart and table are intended to help you understand some indication of the risks of investing in the Fund. The bar chart illustrates the Fund Shares' volatility by showing how performance has varied from year to year for each full calendar year over the past 10 years. The table shows how the average annual total returns of the share classes for the periods indicated compared to those of the Fund's regulatory broad-based securities market index and an additional index of funds with similar investment objectives.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> We assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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. Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund’s most </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">current performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(800) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">235-8396</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The following bar chart and table are intended to help you understand some indication of the risks of investing in the Fund. The bar chart illustrates the Fund Shares' volatility by showing how performance has varied from year to year for each full calendar year over the past 10 years. The table shows how the average annual total returns of the share classes for the periods indicated compared to those of the Fund's regulatory broad-based securities market index and an additional index of funds with similar investment objectives.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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. Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(800) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">235-8396</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns for Fund Shares</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart:</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:7.00pt;">21.74%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:3.11pt;">-20.78%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">March 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:6.99pt;">10.59%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2026</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span>
0.2174
2020-06-30
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span>
-0.2078
2020-03-31
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span>
0.1059
2026-06-30
<span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">(For the Periods Ended December 31, 2025)</span>
0.1620
0.1233
0.1216
0.1394
0.0964
0.0980
0.1096
0.0926
0.0938
0.1620
0.1256
0.1231
0.1715
0.1315
0.1429
0.1752
0.1219
0.1327
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In certain situations, the return after taxes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on distributions and sale of fund shares may be higher than the other return amounts. 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The actual after-tax returns depend on your tax </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If you hold your shares through a tax-deferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangement, such as an individual retirement account (“IRA”) or 401(k) plan, the after-tax returns shown in the table are not relevant to you. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Please note that after-tax returns are shown only for the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund Shares and may differ for each share class.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In certain situations, the return after taxes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on distributions and sale of fund shares may be higher than the other return amounts. 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. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If you hold your shares through a tax-deferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangement, such as an individual retirement account (“IRA”) or 401(k) plan, the after-tax returns shown in the table are not relevant to you. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Please note that after-tax returns are shown only for the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund Shares and may differ for each share class.</span>
<span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">Victory Growth Fund Summary</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Victory Growth Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the “Fund”) seeks long-term growth of capital.</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The tables below describe the fees and expenses that you may pay, if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Shareholder Fees</span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(paid directly from your investment)</span>
0
0
0
0
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0067
0.0070
0.0000
0.0000
0.0021
0.0024
0.0088
0.0094
0.0000
-0.0001
0.0088
0.0093
<span style="color:#000000;font-family:Arial;font-size:6.56pt;">August 31, </span><span style="color:#000000;font-family:Arial;font-size:6.56pt;">2027</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 indicated 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:</span>
90
281
488
1084
95
299
519
1154
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 shares of the Fund 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">15</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> of the average value of its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">portfolio.</span>
0.15
0.15
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of growth companies.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> For purposes of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">this 80% policy, the Fund considers a number of factors when determining whether an issuer is a growth company, including whether (i) the issuer is classified as a growth company by an independent third-party financial data provider based on financial metrics and other available information; (ii) the issuer is included in an index or index-based ETF that is representative of growth companies; and/or (iii) the Adviser or subadviser believes that the issuer has above-average potential for earnings, revenue, and/or cash flow growth consistent with the Fund’s strategy, considering such measures as historical and/or projected growth rates relative to the applicable equity market.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund invests its assets primarily in a diversified portfolio of equity securities selected for their growth potential. Although the Fund will invest primarily in U.S. securities, it may invest up to 20% of its total assets in foreign securities, including securities issued in emerging markets. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">employs a multi-manager structure with the underlying managers implementing fundamentally driven security selection investment processes that focus on companies exhibiting high levels of growth.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of growth companies.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> For purposes of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">this 80% policy, the Fund considers a number of factors when determining whether an issuer is a growth company, including whether (i) the issuer is classified as a growth company by an independent third-party financial data provider based on financial metrics and other available information; (ii) the issuer is included in an index or index-based ETF that is representative of growth companies; and/or (iii) the Adviser or subadviser believes that the issuer has above-average potential for earnings, revenue, and/or cash flow growth consistent with the Fund’s strategy, considering such measures as historical and/or projected growth rates relative to the applicable equity market.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">employs a multi-manager structure with the underlying managers implementing fundamentally driven security selection investment processes that focus on companies exhibiting high levels of growth.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Any investment involves risk, and there is no assurance that the Fund’s objective will be achieved. By itself, the Fund does not constitute a complete investment plan. As you consider an investment in the Fund, you also should take into account your tolerance for the daily fluctuations of the financial markets and whether you can afford to leave your money in the Fund for long periods of time to ride out down periods. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As with other mutual funds, losing money is a risk of investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">General Market Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Equity Securities Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The values of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general market, economic, and political conditions, and other factors. A company’s earnings or dividends may not increase as expected due to poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, tariffs, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations, war, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or may 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Global markets, or those in a particular region, may all react in similar fashion to important political, economic, or other developments. Events and evolving conditions in certain economies or markets, including with respect to tariffs or sanctions, may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable and make such investments riskier and more volatile.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Emerging Markets Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Foreign securities risk can be particularly heightened because investments in emerging market countries generally are more volatile than investments in developed markets. Emerging market countries are less economically diverse and mature than more developed countries and tend to be politically less stable. The governments of emerging market countries may be more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets, and/or impose burdensome taxes that could adversely affect security prices. In addition, the economies of emerging market countries may be dependent on relatively few industries that are more susceptible to local and global changes. Emerging market countries may also have less developed legal and accounting systems, and their legal systems may deal with issuer bankruptcies and defaults differently than U.S. law would.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– To the extent the Fund invests in one or more sectors, such as the information technology sector, it is subject to the risks faced by these companies, such as intense competition and potentially rapid product obsolescence. Information technology companies also are heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of those rights.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large Shareholder Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The actions by one large shareholder or multiple shareholders acting simultaneously 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. 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Management Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The Fund is actively managed, and the investment techniques and risk analyses used by the Fund’s portfolio managers may not produce the desired results.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As with other mutual funds, losing money is a risk of investing in the Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The following bar chart and table are intended to help you understand some indication of the risks of investing in the Fund. The bar chart illustrates the Fund Shares' volatility by showing how performance has varied from year to year for each full calendar year over the past 10 years. The table shows how the average annual total returns of the share classes for the periods indicated compared to those of the Fund's regulatory broad-based securities market index, the Fund's benchmark index, and an additional index of funds with similar investment objectives.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> We assume reinvestment of dividends </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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. Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund’s most </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">current performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(800) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">235-8396</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The following bar chart and table are intended to help you understand some indication of the risks of investing in the Fund. The bar chart illustrates the Fund Shares' volatility by showing how performance has varied from year to year for each full calendar year over the past 10 years. The table shows how the average annual total returns of the share classes for the periods indicated compared to those of the Fund's regulatory broad-based securities market index, the Fund's benchmark index, and an additional index of funds with similar investment objectives.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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. Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(800) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">235-8396</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns for Fund Shares</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart:</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:7.00pt;">27.78%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:3.11pt;">-22.90%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2022</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:8.66pt;">-0.22%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2026</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span>
0.2778
2020-06-30
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span>
-0.2290
2022-06-30
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span>
-0.0022
2026-06-30
<span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">(For the Periods Ended December 31, 2025)</span>
0.1682
0.1274
0.1533
0.1413
0.1047
0.1271
0.1185
0.0968
0.1184
0.1674
0.1273
0.1536
0.1788
0.1442
0.1482
0.1856
0.1532
0.1813
0.1778
0.1270
0.1607
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In certain situations, the return after taxes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on distributions and sale of fund shares may be higher than the other return amounts. 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The actual after-tax returns depend on your tax </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If you hold your shares through a tax-deferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangement, such as an individual retirement account (“IRA”) or 401(k) plan, the after-tax returns shown in the table are not relevant to you. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Please note that after-tax returns are shown only for the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund Shares and may differ for each share class.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In certain situations, the return after taxes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on distributions and sale of fund shares may be higher than the other return amounts. 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. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If you hold your shares through a tax-deferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangement, such as an individual retirement account (“IRA”) or 401(k) plan, the after-tax returns shown in the table are not relevant to you. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Please note that after-tax returns are shown only for the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund Shares and may differ for each share class.</span>
<span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">Victory High Income Fund Summary</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Victory High Income Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the “Fund”) seeks to provide an attractive total return primarily through high current income and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">secondarily through capital appreciation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">secondarily through capital appreciation</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The tables below describe the fees and expenses that you may pay, if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Shareholder Fees</span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(paid directly from your investment)</span>
0
0
0
0
0
0
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0052
0.0052
0.0052
0.0000
0.0000
0.0000
0.0030
0.0025
0.0107
0.0002
0.0002
0.0002
0.0084
0.0079
0.0161
0.0000
-0.0002
-0.0092
0.0084
0.0077
0.0069
<span style="color:#000000;font-family:Arial;font-size:6.56pt;">August 31, 2027</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 indicated 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:</span>
86
268
465
1036
79
250
436
975
70
418
789
1832
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 shares of the Fund 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">77</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> of the average value of its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">portfolio.</span>
0.77
0.77
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund primarily invests its assets in a broad range of U.S. dollar-denominated high-yield securities, including bonds (often referred to as “junk” bonds), convertible securities, leveraged loans (which generally are adjustable-rate bank loans made to companies rated below investment grade), or preferred stocks, with an emphasis on non-investment-grade debt securities. Although the Fund will invest primarily in U.S. securities, it may invest without limit in dollar-denominated foreign securities and to a limited extent in non-dollar-denominated foreign securities, including in each case emerging markets securities.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In addition, the Fund may invest in certain derivatives, such as futures and options. The Fund also may use derivatives or various other investment techniques to increase or decrease its exposure to changing security prices or other factors that affect security prices.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Any investment involves risk, and there is no assurance that the Fund’s objective will be achieved. By itself, the Fund does not constitute a complete investment plan. As you consider an investment in the Fund, you also should take into account your tolerance for the daily fluctuations of the financial markets and whether you can afford to leave your money in the Fund for long periods of time to ride out down periods. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As with other mutual funds, losing money is a risk of investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Debt Securities Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– 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, economic conditions, market events, public health crises, and responses by governments and companies to such developments. 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Credit Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The fixed-income securities in the Fund's portfolio are subject to credit risk, which is the possibility that an issuer of a fixed-income security will fail to make timely interest and/or principal payments on its securities or that negative market perceptions of the issuer’s ability to make such payments will cause the price of that security to decline. The Fund accepts some credit risk as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">recognized means to enhance an investor’s return. All fixed-income securities, varying from the highest quality to the very speculative, have some degree of credit risk.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">High-Yield/Junk Bond Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Fixed-income securities rated below investment grade, also known as “junk” or high-yield bonds, generally entail greater economic, credit, and liquidity risk than investment-grade securities. Their prices may be more volatile, especially during economic downturns, financial setbacks, or liquidity events. High-yield securities also 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Loan Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The risk that, in addition to the risks typically associated with high-yield/junk fixed-income securities, loans (including floating rate loans) in which the Fund invests may be unsecured or not fully collateralized, may be subject to restrictions on resale, and/or some loans may trade infrequently on the secondary market. Loans settle on a delayed basis, potentially leading to the sale proceeds of loans not being available to meet redemptions for a substantial period of time after the sale of the loans.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The Fund is subject to the risk that the market value of the bonds in its portfolio will fluctuate because of changes in interest rates, changes in the supply of and demand for debt securities, and other market factors. Bond prices generally are linked to the prevailing market interest rates. In general, when interest rates rise, bond prices fall; conversely, when interest rates fall, bond prices rise. The price volatility of a bond also depends on its duration. Generally, the longer the duration of a bond, the greater its sensitivity is to interest rates. To compensate investors for this higher interest rate risk, bonds with longer durations generally offer higher yields than bonds with shorter durations. The ability of an issuer of a debt security to repay principal prior to a security’s maturity can increase the security’s sensitivity to interest rate changes.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Decisions by the U.S. Federal Reserve (also known as the “Fed”) regarding interest rate and monetary policy, which can be difficult to predict and sometimes change direction suddenly in response to economic and market events, can have a significant effect on the value of fixed-income 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. As a result, the value of fixed-income securities may vary widely under certain market conditions.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Reference Rate Transition Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The terms of many floating rate loans and other instruments were previously tied to the London Interbank Offered Rate (“LIBOR”), which functioned as a reference rate or benchmark for these instruments but was discontinued as a floating rate benchmark after June 30, 2023. The LIBOR discontinuation may adversely affect the financial markets generally and the Fund’s operations, finances, and investments specifically. There is no assurance that proposed replacement rates will be suitable substitutes for LIBOR, and thus the substitution of such rates for LIBOR could have an adverse effect.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Prepayment and Extension Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Mortgage-backed securities make regularly scheduled payments of principal along with interest payments. In addition, mortgagors generally have the option of paying off their mortgages without penalty at any time. For example, when a mortgaged property is sold, the old mortgage is usually prepaid. Also, when interest rates fall, the mortgagor may refinance the mortgage and prepay the old mortgage. A homeowner’s default on the mortgage also may cause a prepayment of the mortgage. This unpredictability of the mortgage’s cash flow is called prepayment risk. For the investor, prepayment risk usually means that principal is received at the least opportune time. For example, when interest rates fall, homeowners may find it advantageous to refinance their mortgages and prepay principal. In this case, the investor is forced to reinvest the principal at the current lower rate. On the other hand, when interest rates rise, homeowners generally will not refinance their mortgages and prepayments will fall. This causes the average life of the mortgage to extend and be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">more sensitive to interest rates, which is called extension risk. In addition, the amount of principal the investor has to invest in these higher interest rates is reduced.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Legislative Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Changes in government policies may affect the value of the investments held by the Fund in ways we cannot anticipate, and such policies could have an adverse impact on the value of the Fund’s investments and the Fund’s net asset value (“NAV”).</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Market developments and other factors, including changes in interest rates, have the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from mutual funds that hold large amounts of fixed-income securities. Such a move, coupled with a reduction in the ability or willingness of dealers and other institutional investors to buy or hold fixed-income securities, may result in decreased liquidity and increased volatility in the fixed-income markets. Heavy redemptions of fixed-income mutual funds and decreased liquidity from fixed-income securities could hurt the Fund’s performance. In addition, significant securities market disruptions, including economic, financial and public health crises, may lead to dislocation in the market for a variety of fixed-income securities (including municipal obligations), which can decrease liquidity and sharply reduce returns. Changes in government or central bank monetary policy may have a substantial and immediate impact on interest rates, which could result in losses to the Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">General Market Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Equity Securities Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The values of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general market, economic, and political conditions, and other factors. A company’s earnings or dividends may not increase as expected due to poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, tariffs, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations, war, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or may 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Global markets, or those in a particular region, may all react in similar fashion to important political, economic, or other developments. Events and evolving conditions in certain economies or markets, including with respect to tariffs or sanctions, may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable and make such investments riskier and more volatile.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Preferred Stock Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">–</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Preferred stock is subject to many of the risks associated with debt securities, including interest rate risk. Unlike interest payments on debt securities, dividends on preferred stock generally are payable at the discretion of the issuer’s board of directors. Shareholders may suffer a loss of value if dividends are not paid. In certain situations, an issuer may call or redeem its preferred stock or convert it to common stock. The market prices of preferred stocks generally are more sensitive to changes in the issuer’s creditworthiness than are the prices of debt securities.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Convertible Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a convertible security, which is a form of hybrid security (i.e., a security with both debt and equity characteristics), typically increases or decreases with the price of the underlying common stock. In general, a convertible security is subject to the market risks of stocks when the underlying stock’s price is high relative to the conversion price and is subject to the market risks of debt securities when the underlying stock’s price is low relative to the conversion price. The general market risks of debt securities that are common to convertible securities include, but are not limited to, interest rate risk and credit risk. In addition, the issuer may not be able to pay interest or dividends when due, and the market value of convertible securities may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s creditworthiness.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Management Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The Fund is actively managed, and the investment techniques and risk analyses used by the Fund’s portfolio managers may not produce the desired results.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Derivatives Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The Fund may invest in futures, options, and other types of derivatives. Risks associated with derivatives include the risk that the derivative is not well-correlated with the security, index, ETFs, or currency to which it relates; the risk that the use of derivatives may not have the intended effects and may result in losses, underperformance, or missed opportunities; the risk that the Fund will be unable to sell the derivative because of an illiquid secondary market; the risk that a counterparty is unwilling or unable to meet its obligation; the risk of interest rate movements; and the risk that the derivatives transaction could expose the Fund to the effects of leverage, which could increase the Fund’s market exposure, magnify investment risks and losses, and cause losses to be realized more quickly. There is no guarantee that derivative techniques will be employed or that they will work as intended, and their use could lower returns or even result in losses to the Fund. In addition, current regulations may limit the Fund’s ability to invest in derivatives.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large Shareholder Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The actions by one large shareholder or multiple shareholders acting simultaneously 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. 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As with other mutual funds, losing money is a risk of investing in the Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The following bar chart and table are intended to help you understand some indication of the risks of investing in the Fund. The bar chart illustrates the Fund Shares' volatility by showing how performance has varied from year to year for each full calendar year over the past 10 years. The table shows how the average annual total returns of the share classes for the periods indicated compared to those of the Fund's regulatory broad-based securities market index, the Fund's benchmark index, and an additional index of funds with similar investment objectives.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> We assume reinvestment of dividends </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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. Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund’s most </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">current performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(800) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">235-8396</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The following bar chart and table are intended to help you understand some indication of the risks of investing in the Fund. The bar chart illustrates the Fund Shares' volatility by showing how performance has varied from year to year for each full calendar year over the past 10 years. The table shows how the average annual total returns of the share classes for the periods indicated compared to those of the Fund's regulatory broad-based securities market index, the Fund's benchmark index, and an additional index of funds with similar investment objectives.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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. Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(800) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">235-8396</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns for Fund Shares</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart:</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:7.00pt;">10.43%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:3.11pt;">-16.32%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">March 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:12.55pt;">1.55%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2026</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span>
0.1043
2020-06-30
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span>
-0.1632
2020-03-31
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span>
0.0155
2026-06-30
<span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">(For the Periods Ended December 31, 2025)</span>
0.0848
0.0427
0.0584
0.0557
0.0159
0.0322
0.0496
0.0206
0.0334
0.0873
0.0438
0.0593
0.0880
0.0454
0.0498
0.0730
-0.0036
0.0201
0.0862
0.0450
0.0652
0.0794
0.0446
0.0594
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In certain situations, the return after taxes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on distributions and sale of fund shares may be higher than the other return amounts. 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The actual after-tax returns depend on your tax </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If you hold your shares through a tax-deferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangement, such as an individual retirement account (“IRA”) or 401(k) plan, the after-tax returns shown in the table are not relevant to you. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Please note that after-tax returns are shown only for the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund Shares and may differ for each share class.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In certain situations, the return after taxes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on distributions and sale of fund shares may be higher than the other return amounts. 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. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If you hold your shares through a tax-deferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangement, such as an individual retirement account (“IRA”) or 401(k) plan, the after-tax returns shown in the table are not relevant to you. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Please note that after-tax returns are shown only for the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund Shares and may differ for each share class.</span>
<span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">Victory Income Fund Summary</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Victory Income Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the “Fund”) seeks maximum current income without undue risk to principal.</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The tables below describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">$50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in one or more Victory Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other discounts is available </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">under </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">Investing with the Victory Funds</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> on page 22 of the Fund’s prospectus, in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">Appendix A – Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries,</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> and from your financial intermediary.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">$50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in one or more Victory Funds.</span>
50000
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Shareholder Fees</span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(paid directly from your investment)</span>
0
0
0.0225
0
0
0
0
0
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0030
0.0031
0.0029
0.0028
0.0000
0.0000
0.0025
0.0000
0.0028
0.0022
0.0032
0.0020
0.0058
0.0053
0.0086
0.0048
0.0000
0.0000
-0.0004
-0.0005
0.0058
0.0053
0.0082
0.0043
<span style="color:#000000;font-family:Arial;font-size:6.56pt;">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 </span><span style="color:#000000;font-family:Arial;font-size:6.56pt;font-style:italic;">Choosing a Share Class.</span>
<span style="color:#000000;font-family:Arial;font-size:6.56pt;">August 31, 2027</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 indicated 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:</span>
59
186
324
726
54
170
296
665
307
489
687
1258
44
149
264
599
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 shares of the Fund 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">17</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> of the average value of its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">portfolio.</span>
0.17
0.17
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund invests its assets primarily in U.S. dollar-denominated fixed-income securities that have been selected for their high yields relative to the risk involved. The fixed-income securities in which the Fund invests include obligations of U.S., state, and local governments, and their agencies and instrumentalities; mortgage- and asset-backed securities; corporate debt securities; and repurchase agreements. The Fund also may invest in income-producing common stock, preferred securities, and other securities believed to have debt-like characteristics.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may invest up to 65% of its assets in corporate bonds. The Fund may invest up to 20% of its assets in foreign securities, including non-dollar-denominated securities and emerging markets securities. The Fund will invest primarily in investment-grade securities but also may invest up to 10% of its net assets in below-investment-grade securities, which are sometimes referred to as high-yield or “junk” bonds. Investment-grade securities include securities issued or guaranteed by the U.S. government, its agencies and instrumentalities, as well as securities rated or subject to a guarantee that is rated in one of the four highest credit grades by a public rating agency (or of equivalent quality if not publicly rated). Such securities are measured at the time of purchase. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may use derivatives, such as futures, options, and swaps, to increase or decrease its exposure to changing security prices or other factors that affect security values, to seek to enhance income, to protect the value of portfolio securities, or to keep cash on hand to meet shareholder redemptions or other needs while maintaining exposure to the market.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Any investment involves risk, and there is no assurance that the Fund’s objective will be achieved. By itself, the Fund does not constitute a complete investment plan. As you consider an investment in the Fund, you also should take into account your tolerance for the daily fluctuations of the financial markets and whether you can afford to leave your money in the Fund for long periods of time to ride out down periods. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As with other mutual funds, losing money is a risk of investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">General Market Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Debt Securities Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– 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, economic conditions, market events, public health crises, and responses by governments and companies to such developments. 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The Fund is subject to the risk that the market value of the bonds in its portfolio will fluctuate because of changes in interest rates, changes in the supply of and demand for debt securities, and other market factors. Bond prices generally are linked to the prevailing market interest rates. In general, when interest rates rise, bond prices fall; conversely, when interest rates fall, bond prices rise. The price volatility of a bond also depends on its duration. Generally, the longer the duration of a bond, the greater its sensitivity is to interest rates. To compensate investors for this higher interest rate risk, bonds with longer durations generally offer higher yields than bonds with shorter durations. The ability of an issuer of a debt security to repay principal prior to a security’s maturity can increase the security’s sensitivity to interest rate changes.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Decisions by the U.S. Federal Reserve (also known as the “Fed”) regarding interest rate and monetary policy, which can be difficult to predict and sometimes change direction suddenly in response to economic and market events, can have a significant effect on the value of fixed-income 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. As a result, the value of fixed-income securities may vary widely under certain market conditions.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Credit Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The fixed-income securities in the Fund's portfolio are subject to credit risk, which is the possibility that an issuer of a fixed-income security will fail to make timely interest and/or principal payments on its securities or that negative market perceptions of the issuer’s ability to make such payments will cause the price of that security to decline. The Fund accepts some credit risk as a recognized means to enhance an investor’s return. All fixed-income securities, varying from the highest quality to the very speculative, have some degree of credit risk.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">High-Yield/Junk Bond Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Fixed-income securities rated below investment grade, also known as “junk” or high-yield bonds, generally entail greater economic, credit, and liquidity risk than investment-grade securities. Their prices may be more volatile, especially during economic downturns, financial setbacks, or liquidity events. High-yield securities also 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Equity Securities Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The values of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general market, economic, and political conditions, and other factors. A company’s earnings or dividends may not increase as expected due to poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, tariffs, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations, war, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or may 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Global markets, or those in a particular region, may all react in similar fashion to important political, economic, or other developments. Events and evolving conditions in certain economies or markets, including with respect to tariffs or sanctions, may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable and make such investments riskier and more volatile.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Emerging Markets Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Foreign securities risk can be particularly heightened because investments in emerging market countries generally are more volatile than investments in developed markets. Emerging market countries are less economically diverse and mature than more developed countries and tend to be politically less stable. The governments of emerging market countries may be more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets, and/or impose burdensome taxes that could adversely affect security prices. In addition, the economies of emerging market countries may be dependent on relatively few industries that are more susceptible to local and global changes. Emerging market countries may also have less developed legal and accounting systems, and their legal systems may deal with issuer bankruptcies and defaults differently than U.S. law would.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Market developments and other factors, including changes in interest rates, have the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from mutual funds that hold large amounts of fixed-income securities. Such a move, coupled with a reduction in the ability or willingness of dealers and other institutional investors to buy or hold fixed-income securities, may result in decreased liquidity and increased volatility in the fixed-income markets. Heavy redemptions of fixed-income mutual funds and decreased liquidity from fixed-income securities could hurt the Fund’s performance. In addition, significant securities market disruptions, including economic, financial and public health crises, may lead to dislocation in the market for a variety of fixed-income securities (including municipal obligations), which can decrease liquidity and sharply reduce returns. Changes in government or central bank monetary policy may have a substantial and immediate impact on interest rates, which could result in losses to the Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Prepayment and Extension Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Mortgage-backed securities make regularly scheduled payments of principal along with interest payments. In addition, mortgagors generally have the option of paying off their mortgages without penalty at any time. For example, when a mortgaged property is sold, the old mortgage is usually prepaid. Also, when interest rates fall, the mortgagor may refinance the mortgage and prepay the old mortgage. A homeowner’s default on the mortgage also may cause a prepayment of the mortgage. This unpredictability of the mortgage’s cash flow is called prepayment risk. For the investor, prepayment risk usually means that principal is received at the least opportune time. For example, when interest rates fall, homeowners may find it advantageous to refinance their mortgages and prepay principal. In this case, the investor is forced to reinvest the principal at the current lower rate. On the other hand, when interest rates rise, homeowners generally will not refinance their mortgages and prepayments will fall. This causes the average life of the mortgage to extend and be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">more sensitive to interest rates, which is called extension risk. In addition, the amount of principal the investor has to invest in these higher interest rates is reduced.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">U.S. Government Sponsored Enterprises (“GSEs”) Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– While mortgage-backed securities, the value of which may be impacted by factors affecting the housing market, and other securities issued by certain GSEs, such as the Government National Mortgage Association (“Ginnie Mae”), are supported by the full faith and credit of the U.S. government, securities issued by other GSEs are supported only by the right of the GSE (including the Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal National Mortgage Association (“Fannie Mae”)) to borrow from the U.S. Treasury, the discretionary authority of the U.S. government to purchase the GSEs’ obligations, or by the credit of the issuing agency, instrumentality, or corporation, and are neither issued nor guaranteed by the U.S. Treasury. If such a GSE were to default on its obligations, the Fund might not be able to recover its investment.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Reference Rate Transition Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The terms of many floating rate loans and other instruments were previously tied to the London Interbank Offered Rate (“LIBOR”), which functioned as a reference rate or benchmark for these instruments but was discontinued as a floating rate benchmark after June 30, 2023. The LIBOR discontinuation may adversely affect the financial markets generally and the Fund’s operations, finances, and investments specifically. There is no assurance that proposed replacement rates will be suitable substitutes for LIBOR, and thus the substitution of such rates for LIBOR could have an adverse effect.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Management Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The Fund is actively managed, and the investment techniques and risk analyses used by the Fund’s portfolio managers may not produce the desired results.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Derivatives Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The Fund may invest in futures, options, and other types of derivatives. Risks associated with derivatives include the risk that the derivative is not well-correlated with the security, index, ETFs, or currency to which it relates; the risk that the use of derivatives may not have the intended effects and may result in losses, underperformance, or missed opportunities; the risk that the Fund will be unable to sell the derivative because of an illiquid secondary market; the risk that a counterparty is unwilling or unable to meet its obligation; the risk of interest rate movements; and the risk that the derivatives transaction could expose the Fund to the effects of leverage, which could increase the Fund’s market exposure, magnify investment risks and losses, and cause losses to be realized more quickly. There is no guarantee that derivative techniques will be employed or that they will work as intended, and their use could lower returns or even result in losses to the Fund. In addition, current regulations may limit the Fund’s ability to invest in derivatives.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large Shareholder Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The actions by one large shareholder or multiple shareholders acting simultaneously 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. 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As with other mutual funds, losing money is a risk of investing in the Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The following bar chart and table are intended to help you understand some indication of the risks of investing in the Fund. The bar chart illustrates the Fund Shares' volatility by showing how performance has varied from year to year for each full calendar year over the past 10 years. The table shows how the average annual total returns of the share classes for the periods indicated compared to those of the Fund's regulatory broad-based securities market index and an additional index of funds with similar investment objectives.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> We assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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. Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund’s most </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">current performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(800) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">235-8396</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">. Effective June 29, 2020, the Fund’s Adviser Shares were redesignated Class A shares, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">subject to a front-end sales load and different fees and expenses. Performance of the Class A shares, therefore, is that of the Adviser Shares restated to reflect the sales load applicable to Class A shares, but not any differences in the fees and expenses.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The following bar chart and table are intended to help you understand some indication of the risks of investing in the Fund. The bar chart illustrates the Fund Shares' volatility by showing how performance has varied from year to year for each full calendar year over the past 10 years. The table shows how the average annual total returns of the share classes for the periods indicated compared to those of the Fund's regulatory broad-based securities market index and an additional index of funds with similar investment objectives.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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. Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(800) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">235-8396</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns for Fund Shares</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart:</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:12.55pt;">7.21%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:8.66pt;">-6.08%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">March 31, 2022</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:12.55pt;">1.02%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2026</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span>
0.0721
2020-06-30
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span>
-0.0608
2022-03-31
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span>
0.0102
2026-06-30
<span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">(For the Periods Ended December 31, 2025)</span>
0.0710
0.0061
0.0317
0.0533
-0.0094
0.0161
0.0418
-0.0018
0.0179
0.0716
0.0066
0.0322
0.0440
-0.0010
0.0268
0.0717
0.0073
0.0308
0.0730
-0.0036
0.0201
0.0714
-0.0072
0.0294
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In certain situations, the return after taxes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on distributions and sale of fund shares may be higher than the other return amounts. 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The actual after-tax returns depend on your tax </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If you hold your shares through a tax-deferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangement, such as an individual retirement account (“IRA”) or 401(k) plan, the after-tax returns shown in the table are not relevant to you. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Please note that after-tax returns are shown only for the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund Shares and may differ for each share class.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In certain situations, the return after taxes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on distributions and sale of fund shares may be higher than the other return amounts. 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. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If you hold your shares through a tax-deferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangement, such as an individual retirement account (“IRA”) or 401(k) plan, the after-tax returns shown in the table are not relevant to you. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Please note that after-tax returns are shown only for the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund Shares and may differ for each share class.</span>
<span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">Victory Income Stock Fund Summary</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Victory Income Stock Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the “Fund”) seeks current income with the prospect of increasing dividend income and the potential for capital appreciation.</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The tables below describe the fees and expenses that you may pay, if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Shareholder Fees</span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(paid directly from your investment)</span>
0
0
0
0
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0051
0.0051
0.0000
0.0000
0.0021
0.0022
0.0072
0.0073
<span style="color:#000000;font-family:Arial;font-size:6.56pt;">August 31, </span><span style="color:#000000;font-family:Arial;font-size:6.56pt;">2027</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 indicated 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:</span>
74
230
401
894
75
233
406
906
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 shares of the Fund 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">59</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> of the average value of its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">portfolio.</span>
0.59
0.59
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> For purposes of the 80% policy, equity </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities means common stocks, depositary receipts, Real Estate Investment Trusts (“REITs”), securities convertible into common stocks, and securities that carry the right to buy common stocks.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s 80% policy may be changed upon at least 60 days’ prior written notice to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shareholders.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund attempts to provide a portfolio with a dividend yield that is, over time, at or above the average of the Russell 1000 Value Index. The Fund seeks to do this by normally investing at least 65% of the Fund’s assets in common stocks of companies that pay dividends. Although the Fund invests primarily in U.S. securities, it may invest up to 20% of its total assets in foreign securities, including securities issued in emerging markets. Additionally, the Fund may invest in derivatives, including futures and options and may write (sell) covered call options on the securities it holds to generate income.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The managers seek to create a diversified portfolio of stocks that pay a dividend with superior dividend growth potential that emphasize certain investment factors such as quality, value, and momentum through quantitative analysis. The managers use quantitative analysis to identify companies that generally meet one of the following criteria: trade at attractive valuations, exhibit positive momentum, and/or have strong and stable profitability. They also use quantitative analysis to allocate exposure to factors in an attempt to take advantage of opportunities and limit the amount of risk any individual factor contributes to the Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> For purposes of the 80% policy, equity </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities means common stocks, depositary receipts, Real Estate Investment Trusts (“REITs”), securities convertible into common stocks, and securities that carry the right to buy common stocks.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The managers seek to create a diversified portfolio of stocks that pay a dividend with superior dividend growth potential that emphasize certain investment factors such as quality, value, and momentum through quantitative analysis. The managers use quantitative analysis to identify companies that generally meet one of the following criteria: trade at attractive valuations, exhibit positive momentum, and/or have strong and stable profitability. They also use quantitative analysis to allocate exposure to factors in an attempt to take advantage of opportunities and limit the amount of risk any individual factor contributes to the Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Any investment involves risk, and there is no assurance that the Fund’s objective will be achieved. By itself, the Fund does not constitute a complete investment plan. As you consider an investment in the Fund, you also should take into account your tolerance for the daily fluctuations of the financial markets and whether you can afford to leave your money in the Fund for long periods of time to ride out down periods. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As with other mutual funds, losing money is a risk of investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">General Market Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– 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, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Equity Securities Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The values of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general market, economic, and political conditions, and other factors. A company’s earnings or dividends may not increase as expected due to poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, tariffs, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations, war, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or may 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Financials Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The Fund’s investments in companies within the financials sector means that market or economic factors impacting that sector could have a significant effect on the value of the Fund’s investments and could make the Fund’s performance more volatile. Financial companies, such as retail and commercial banks, insurance companies, and financial services companies, are especially subject to the adverse effects of economic recession, currency exchange rates, extensive government regulation, decreases in the availability of capital, volatile interest rates, portfolio concentrations in geographic markets, industries or products (such as commercial and residential real estate loans), and competition from new entrants in their fields of business.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Global markets, or those in a particular region, may all react in similar fashion to important political, economic, or other developments. Events and evolving conditions in certain economies or markets, including with respect to tariffs or sanctions, may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable and make such investments riskier and more volatile.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Emerging Markets Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Foreign securities risk can be particularly heightened because investments in emerging market countries generally are more volatile than investments in developed markets. Emerging market countries are less economically diverse and mature than more developed countries and tend to be politically less stable. The governments of emerging market countries may be more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets, and/or impose burdensome taxes that could adversely affect security prices. In addition, the economies of emerging market countries may be dependent on relatively few industries that are more susceptible to local and global changes. Emerging market countries may also have less developed legal and accounting systems, and their legal systems may deal with issuer bankruptcies and defaults differently than U.S. law would.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Dividend Payout Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Dividend payout risk is the possibility that a number of the companies in which the Fund invests will reduce or eliminate the dividend on the securities held by the Fund. Should many portfolio companies reduce or eliminate their dividend payments, the ability of the Fund to produce investment income to shareholders will be affected adversely.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large Shareholder Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The actions by one large shareholder or multiple shareholders acting simultaneously 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">tax burden on the Fund’s shareholders subject to federal income tax. 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Management Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The Fund is actively managed, and the investment techniques and risk analyses used by the Fund’s portfolio managers may not produce the desired results.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Real Estate Investment Trusts (“REITs”) Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– There is a risk that the value of the Fund’s investment in REITs will decrease because of a decline in real estate values more broadly. Investing in REITs may subject the Fund to many of the same risks associated with the direct ownership of real estate. Additionally, REITs are dependent upon the capabilities of the REIT’s manager(s); have limited diversification; and may be particularly sensitive to economic downturns or changes in interest rates, real estate values, cash flows of underlying real estate assets, occupancy rates, zoning laws, and tax laws. Because REITs are pooled investment vehicles that incur expenses of their own, the Fund will indirectly bear its proportionate share of those expenses.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Derivatives Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The Fund may invest in futures, options, and other types of derivatives. Risks associated with derivatives include the risk that the derivative is not well-correlated with the security, index, ETFs, or currency to which it relates; the risk that the use of derivatives may not have the intended effects and may result in losses, underperformance, or missed opportunities; the risk that the Fund will be unable to sell the derivative because of an illiquid secondary market; the risk that a counterparty is unwilling or unable to meet its obligation; the risk of interest rate movements; and the risk that the derivatives transaction could expose the Fund to the effects of leverage, which could increase the Fund’s market exposure, magnify investment risks and losses, and cause losses to be realized more quickly. There is no guarantee that derivative techniques will be employed or that they will work as intended, and their use could lower returns or even result in losses to the Fund. In addition, current regulations may limit the Fund’s ability to invest in derivatives.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As with other mutual funds, losing money is a risk of investing in the Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The following bar chart and table are intended to help you understand some indication of the risks of investing in the Fund. The bar chart illustrates the Fund Shares' volatility by showing how performance has varied from year to year for each full calendar year over the past 10 years. The table shows how the average annual total returns of the share classes for the periods indicated compared to those of the Fund's regulatory broad-based securities market index, the Fund's benchmark index, and an additional index of funds with similar investment objectives.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> We assume reinvestment of dividends </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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. Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund’s most </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">current performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(800) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">235-8396</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The following bar chart and table are intended to help you understand some indication of the risks of investing in the Fund. The bar chart illustrates the Fund Shares' volatility by showing how performance has varied from year to year for each full calendar year over the past 10 years. The table shows how the average annual total returns of the share classes for the periods indicated compared to those of the Fund's regulatory broad-based securities market index, the Fund's benchmark index, and an additional index of funds with similar investment objectives.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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. Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(800) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">235-8396</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns for Fund Shares</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart:</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:7.00pt;">14.11%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:3.11pt;">-24.77%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">March 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:6.99pt;">15.28%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2026</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span>
0.1411
2020-06-30
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span>
-0.2477
2020-03-31
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span>
0.1528
2026-06-30
<span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">(For the Periods Ended December 31, 2025)</span>
0.1390
0.1191
0.1060
0.1121
0.0910
0.0809
0.0988
0.0898
0.0799
0.1387
0.1193
0.1062
0.1788
0.1442
0.1482
0.1591
0.1133
0.1053
0.1521
0.1123
0.1084
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In certain situations, the return after taxes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on distributions and sale of fund shares may be higher than the other return amounts. 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The actual after-tax returns depend on your tax </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If you hold your shares through a tax-deferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangement, such as an individual retirement account (“IRA”) or 401(k) plan, the after-tax returns shown in the table are not relevant to you. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Please note that after-tax returns are shown only for the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund Shares and may differ for each share class.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In certain situations, the return after taxes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on distributions and sale of fund shares may be higher than the other return amounts. 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. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If you hold your shares through a tax-deferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangement, such as an individual retirement account (“IRA”) or 401(k) plan, the after-tax returns shown in the table are not relevant to you. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Please note that after-tax returns are shown only for the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund Shares and may differ for each share class.</span>
<span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">Victory Extended Market Index Fund Summary</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Victory Extended Market Index Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the “Fund”) seeks to match, before fees and expenses, the performance of all small- and mid-cap stocks as measured by the Victory Extended Market Index (the “Index”).</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The tables below describe the fees and expenses that you may pay, if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Shareholder Fees</span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(paid directly from your investment)</span>
0
0
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0010
0.0000
0.0024
0.0034
<span style="color:#000000;font-family:Arial;font-size:6.56pt;">August 31, 2027</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 indicated 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:</span>
35
109
191
431
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 shares of the Fund 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">17</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> of the average value of its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">portfolio.</span>
0.17
0.17
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities included in the Index.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> This strategy may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">changed upon 60 days’ prior written notice to shareholders.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index is a market-cap weighted index consisting of the small- and mid-cap companies in the U.S. equity market.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index consists of the securities within the VettaFi US Equity 3000 Index</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">SM</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (“Parent Index”) after eliminating the largest 500 companies. The Parent Index measures the performance of the largest 3000 U.S. equity securities with readily available price data. The number of securities in the Index fluctuates and may be more or less than 2,500. As of June 30, 2026, the market capitalization range of the companies included in the Index was between $40 million and less than $4.842 trillion. The size of companies in the Index changes with market conditions and the composition of the Index.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In seeking to track the performance of the Index, the Fund uses the “sampling” method of indexing. Under this approach, the Fund selects a representative sample of stocks and/or derivatives that resemble the Index in terms of industry weightings, market capitalization, and other characteristics.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> It </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">is not the Fund’s intent to fully replicate the Index.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities included in the Index.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index is a market-cap weighted index consisting of the small- and mid-cap companies in the U.S. equity market.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index consists of the securities within the VettaFi US Equity 3000 Index</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">SM</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (“Parent Index”) after eliminating the largest 500 companies. The Parent Index measures the performance of the largest 3000 U.S. equity securities with readily available price data. The number of securities in the Index fluctuates and may be more or less than 2,500. As of June 30, 2026, the market capitalization range of the companies included in the Index was between $40 million and less than $4.842 trillion. The size of companies in the Index changes with market conditions and the composition of the Index.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In seeking to track the performance of the Index, the Fund uses the “sampling” method of indexing. Under this approach, the Fund selects a representative sample of stocks and/or derivatives that resemble the Index in terms of industry weightings, market capitalization, and other characteristics.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Any investment involves risk, and there is no assurance that a Fund’s objective will be achieved. By itself, the Fund does not constitute a complete investment plan. As you consider an investment in the Fund, you also should take into account your tolerance for the daily fluctuations of the financial markets and whether you can afford to leave your money in the Fund for long periods of time to ride out down periods. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As with other mutual funds, losing money is a risk of investing in a Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in a Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">General Market Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Equity Securities Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The values of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general market, economic, and political conditions, and other factors. A company’s earnings or dividends may not increase as expected due to poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, tariffs, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations, war, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or may 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Small-Capitalization and Mid-Capitalization Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The Fund invests in small- and mid-capitalization companies, which may be more vulnerable than larger companies to adverse business or economic conditions. Securities of small- and mid-capitalization companies may be less </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">liquid and more volatile than securities of larger companies or the market in general and, therefore, may involve greater risk than investing in securities of larger companies.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tracking Error Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – While the Fund attempts to match the performance of the Index as closely as possible before the deductions of fees and expenses, the ability of the Fund to meet its investment objective depends to some extent on the cash flow in and out of the Fund. The Fund’s performance may be affected by factors such as the size of the Fund’s portfolio, transaction costs, management fees and expenses, and brokerage commissions and fees. Changes in the Fund’s cash flow may affect how closely the Fund tracks the Index. The Fund’s use of representative sampling may cause the tracking error to be higher than would be the case if the Fund purchased all of the securities in the Index.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Passive Management Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The Fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Fund’s Index or of the actual securities included in the Index. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund’s performance could be lower than actively managed funds that can shift their portfolio assets to take advantage of market opportunities or lessen the impact of a market decline or a decline in the value of one or more issuers.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As with other mutual funds, losing money is a risk of investing in a Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in a Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The following bar chart and table are intended to help you understand some indication of the risks of investing in the Fund. The bar chart illustrates the Fund's volatility by showing how performance has varied from year to year for each full calendar year over the past 10 years. The table shows how the average annual total returns of the Fund for the periods indicated compared to those of the Fund's regulatory broad-based securities market index and against additional indices with investment characteristics similar to the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> We assume reinvestment of dividends and distributions. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Performance reflects any expense limitations in effect during the periods shown.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund’s most current performance information is available on the Fund’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(800) 235-8396</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The following bar chart and table are intended to help you understand some indication of the risks of investing in the Fund. The bar chart illustrates the Fund's volatility by showing how performance has varied from year to year for each full calendar year over the past 10 years. The table shows how the average annual total returns of the Fund for the periods indicated compared to those of the Fund's regulatory broad-based securities market index and against additional indices with investment characteristics similar to the Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(800) 235-8396</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns for Fund Shares</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart:</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:7.00pt;">30.18%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:3.11pt;">-28.14%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">March 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:6.99pt;">16.09%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2026</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span>
0.3018
2020-06-30
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span>
-0.2814
2020-03-31
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span>
0.1609
2026-06-30
<span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">(For the Periods Ended December 31, 2025)</span>
0.1052
0.0646
0.1091
0.0886
0.0396
0.0874
0.0732
0.0464
0.0835
0.1715
0.1315
0.1429
0.1081
0.1689
0.1081
0.0677
0.1148
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In certain situations, the return after taxes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on distributions and sale of fund shares may be higher than the other return amounts. 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The actual after-tax returns depend on your tax </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If you hold your shares through a tax-deferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangement, such as an individual retirement account (“IRA”) or 401(k) plan, the after-tax returns shown in the table are not relevant to you.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In certain situations, the return after taxes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on distributions and sale of fund shares may be higher than the other return amounts. 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. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If you hold your shares through a tax-deferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangement, such as an individual retirement account (“IRA”) or 401(k) plan, the after-tax returns shown in the table are not relevant to you.</span>
<span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">Victory 500 Index Fund Summary</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Victory 500 Index Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the “Fund”) seeks to match, before fees and expenses, the performance of the stocks composing the Victory US Large Cap 500 Index (the “Index”). The Index emphasizes stocks of large U.S. companies.</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The tables below describe the fees and expenses that you may pay, if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Shareholder Fees</span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(paid directly from your investment)</span>
0
0
0
0
10.00
0
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0010
0.0010
0.0000
0.0000
0.0012
0.0008
0.0022
0.0018
0.0000
-0.0003
0.0022
0.0015
<span style="color:#000000;font-family:Arial;font-size:6.56pt;">August 31, 2027</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 indicated 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:</span>
23
71
124
280
15
55
98
227
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 shares of the Fund 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">3</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> of the average value of its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">portfolio.</span>
0.03
0.03
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of the Fund’s net assets (plus the amount of borrowings, if any, for investment purposes) in securities included in the Index.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> This strategy may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">be changed upon 60 days’ prior written notice to shareholders.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index is a market-cap weighted index that consists of the largest 500 companies within the VettaFi US Equity 3000 IndexSM (“Parent Index”). </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Parent Index measures the performance of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">largest 3000 U.S. equity securities with readily available price data. In seeking to track the performance of the Index, the Fund attempts to allocate investments among stocks in approximately the same weightings as the Index, beginning with the stocks that make up the larger portion of the Index’s value. The Fund is rebalanced as required to reflect index changes and to accommodate Fund cash flows. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may exclude or remove any Index stock that it believes is illiquid or has been </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">impaired by financial conditions or other extraordinary events.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">To the extent that the Index concentrates in the securities of a particular industry or group of industries, the Fund will similarly concentrate its investments. As of the date of this Prospectus, the Fund’s investments are not concentrated in any industry or group of industries, although the Fund’s investments are more focused in the information technology sector, consistent with the Index.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of the Fund’s net assets (plus the amount of borrowings, if any, for investment purposes) in securities included in the Index.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index is a market-cap weighted index that consists of the largest 500 companies within the VettaFi US Equity 3000 IndexSM (“Parent Index”). </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Parent Index measures the performance of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">largest 3000 U.S. equity securities with readily available price data. In seeking to track the performance of the Index, the Fund attempts to allocate investments among stocks in approximately the same weightings as the Index, beginning with the stocks that make up the larger portion of the Index’s value. The Fund is rebalanced as required to reflect index changes and to accommodate Fund cash flows. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Any investment involves risk, and there is no assurance that a Fund’s objective will be achieved. By itself, the Fund does not constitute a complete investment plan. As you consider an investment in the Fund, you also should take into account your tolerance for the daily fluctuations of the financial </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">markets and whether you can afford to leave your money in the Fund for long periods of time to ride out down periods. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As with other mutual funds, losing money is a risk of investing in a Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in a Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">General Market Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Equity Securities Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The values of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general market, economic, and political conditions, and other factors. A company’s earnings or dividends may not increase as expected due to poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, tariffs, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations, war, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or may 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large-Capitalization Stock Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The Fund invests in large-capitalization companies. Such investments may go in and out of favor based on market and economic conditions and may underperform other market segments. Some large-capitalization companies may be unable to respond quickly to new competitive challenges and attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. As such, returns on investments in stocks of large-capitalization companies could trail the returns on investments in stocks of small- and mid-capitalization companies.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tracking Error Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – While the Fund attempts to match the performance of the Index as closely as possible before the deductions of fees and expenses, the ability of the Fund to meet its investment objective depends to some extent on the cash flow in and out of the Fund. The Fund’s performance may be affected by factors such as the size of the Fund’s portfolio, transaction costs, management fees and expenses, and brokerage commissions and fees. Changes in the Fund’s cash flow may affect how closely the Fund tracks the Index.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Passive Management Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The Fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Fund’s Index or of the actual securities included in the Index. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund’s performance could be lower than actively managed funds that can shift their portfolio assets to take advantage of market opportunities or lessen the impact of a market decline or a decline in the value of one or more issuers.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – To the extent 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 product cycles and aggressive pricing, market competition and changes in government regulation.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large Shareholder Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The actions by one large shareholder or multiple shareholders acting simultaneously may have an impact on a Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of a Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on a Fund’s shareholders subject to federal income tax. To the extent a larger shareholder is permitted to invest in a Fund, a Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on a Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As with other mutual funds, losing money is a risk of investing in a Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in a Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The following bar chart and table are intended to help you understand some indication of the risks of investing in the Fund. The bar chart illustrates the Member Shares' volatility by showing how performance has varied from year to year for each full calendar year over the past 10 years. The table compares the Fund's average annual total returns of the Fund's share classes over the same period to a broad-based securities market index with investment characteristics similar to those of the Fund and the Fund's benchmark index.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> We assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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. Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund’s most </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">current performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(800) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">235-8396</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The following bar chart and table are intended to help you understand some indication of the risks of investing in the Fund. The bar chart illustrates the Member Shares' volatility by showing how performance has varied from year to year for each full calendar year over the past 10 years. The table compares the Fund's average annual total returns of the Fund's share classes over the same period to a broad-based securities market index with investment characteristics similar to those of the Fund and the Fund's benchmark index.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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. Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(800) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">235-8396</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns for Member Shares</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart:</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:7.00pt;">21.22%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:3.11pt;">-18.91%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">March 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:6.99pt;">10.39%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2026</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span>
0.2122
2020-06-30
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span>
-0.1891
2020-03-31
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span>
0.1039
2026-06-30
<span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">(For the Periods Ended December 31, 2025)</span>
0.1766
0.1394
0.1473
0.1652
0.1300
0.1382
0.1124
0.1101
0.1215
0.1774
0.1404
0.1484
0.1788
0.1442
0.1482
0.1791
0.1423
0.1508
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In certain situations, the return after taxes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on distributions and sale of fund shares may be higher than the other return amounts. 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The actual after-tax returns depend on your tax </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If you hold your shares through a tax-deferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangement, such as an individual retirement account (“IRA”) or 401(k) plan, the after-tax returns shown in the table are not relevant to you. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Please note that after-tax returns are shown only for the Member Shares and may differ for each share class.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In certain situations, the return after taxes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on distributions and sale of fund shares may be higher than the other return amounts. 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. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If you hold your shares through a tax-deferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangement, such as an individual retirement account (“IRA”) or 401(k) plan, the after-tax returns shown in the table are not relevant to you. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Please note that after-tax returns are shown only for the Member Shares and may differ for each share class.</span>
<span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">Victory Nasdaq-100 Index Fund Summary</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;"> Victory Nasdaq-100 Index Fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(the “Fund”) seeks to match, before fees and expenses, the performance of the stocks composing the Nasdaq-100 Index</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">1</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">. The Nasdaq-100 Index (the “Index”) represents 100 of the largest nonfinancial stocks traded on The Nasdaq Stock Market</span><span style="color:#000000;font-family:Times New Roman;font-size:4.5pt;position:relative;top:-7pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span><span style="color:#000000;font-family:Arial Narrow;font-size:5pt;position:relative;top:-3.25pt;">1</span><span style="color:#000000;font-family:Arial;font-size:6.56pt;">Nasdaq-100</span><span style="color:#000000;font-family:Arial;font-size:4.5pt;position:relative;top:-5.5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:6.56pt;">, Nasdaq-100 Index</span><span style="color:#000000;font-family:Arial;font-size:4.5pt;position:relative;top:-5.5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:6.56pt;">, and Nasdaq</span><span style="color:#000000;font-family:Arial;font-size:4.5pt;position:relative;top:-5.5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:6.56pt;"> are trade or service marks of The Nasdaq Stock Market, Inc. (which with its affiliates are the “Corporations”) and have been licensed for our use.</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The tables below describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">$50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in one or more Victory Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other discounts is available </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">under </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">Investing with the Victory Funds</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> on page 29 of the Fund’s prospectus, in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">Appendix A – Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries,</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> and from your financial intermediary.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">$50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in one or more Victory Funds.</span>
50000
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Shareholder Fees</span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(paid directly from your investment)</span>
0
0
0.0225
0
0
0
0
0
0.0100
0
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0020
0.0020
0.0020
0.0020
0.0020
0.0000
0.0000
0.0025
0.0100
0.0000
0.0022
0.0023
0.0031
0.0038
0.0009
0.0042
0.0043
0.0076
0.0158
0.0029
0.0000
0.0000
-0.0006
-0.0013
0.0000
0.0042
0.0043
0.0070
0.0145
0.0029
<span style="color:#000000;font-family:Arial;font-size:6.56pt;">Applies to shares sold within 12 months of purchase.</span>
<span style="color:#000000;font-family:Arial;font-size:6.56pt;">August 31, 2027</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 indicated 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. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span>
43
135
235
530
44
138
241
542
295
457
632
1141
248
486
848
1647
30
93
163
368
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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.</span>
148
486
848
1647
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 shares of the Fund 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">13</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> of the average value of its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">portfolio.</span>
0.13
0.13
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities included in the Index. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This strategy may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">changed upon 60 days’ prior written notice to shareholders. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index is an index composed of 100 of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the largest nonfinancial domestic and international companies listed on The Nasdaq Stock Market based on market capitalization.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In seeking to track the performance of the Index, the Fund will normally invest in all the common stocks of companies in the Index in roughly the same proportions as their weightings in the index.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">While the Fund attempts to replicate the Index, there may be times when the Fund and the Index do not match exactly. At times, the Fund may purchase a stock not included in the Index when it believes doing so would be a cost-efficient way of approximating the Index’s performance, for example, in anticipation of a stock being added to the Index. To the extent that the Index concentrates in the securities of a particular industry or group of industries, the Fund will similarly concentrate its investments. As of the date of this Prospectus, the Fund’s investments are not concentrated in any industry or group of industries, although the Fund’s investments are more focused in the technology sectors, consistent with the Index.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund is non-diversified and expects to hold a larger portion of its assets in a smaller number of issuers.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities included in the Index. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index is an index composed of 100 of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the largest nonfinancial domestic and international companies listed on The Nasdaq Stock Market based on market capitalization.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In seeking to track the performance of the Index, the Fund will normally invest in all the common stocks of companies in the Index in roughly the same proportions as their weightings in the index.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Any investment involves risk, and there is no assurance that a Fund’s objective will be achieved. By itself, the Fund does not constitute a complete investment plan. As you consider an investment in the Fund, you also should take into account your tolerance for the daily fluctuations of the financial markets and whether you can afford to leave your money in the Fund for long periods of time to ride out down periods. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As with other mutual funds, losing money is a risk of investing in a Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in a Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">General Market Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Equity Securities Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The values of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general market, economic, and political conditions, and other factors. A company’s earnings or dividends may not increase as expected due to poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, tariffs, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations, war, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or may 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Global markets, or those in a particular region, may all react in similar fashion to important political, economic, or other developments. Events and evolving conditions in certain economies or markets, including with respect to tariffs or sanctions, may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable and make such investments riskier and more volatile.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Non-Diversification Risk - </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund is non-diversified, which means that it may invest a larger portion of its assets in a smaller number of issuers. This could make the Fund more susceptible to economic or credit risks than a diversified fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Non-Diversification Risk - </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund is non-diversified, which means that it may invest a larger portion of its assets in a smaller number of issuers. This could make the Fund more susceptible to economic or credit risks than a diversified fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – To the extent the Fund’s investments are concentrated in an industry or group of industries or focused in one or more sectors, such as technology 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. For example, the values of companies in the information technology sector are particularly vulnerable to economic downturns, short product cycles and aggressive pricing, market competition and changes in government regulation.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tracking Error Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – While the Fund attempts to match the performance of the Index as closely as possible before the deductions of fees and expenses, the ability of the Fund to meet its investment objective depends to some extent on the cash flow in and out of the Fund. The Fund’s performance may be affected by factors such as the size of the Fund’s portfolio, transaction costs, management fees and expenses, and brokerage commissions and fees. Changes in the Fund’s cash flow may affect how closely the Fund tracks the Index.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Passive Management Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The Fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Fund’s Index or of the actual securities included in the Index. This differs from an </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund’s performance could be lower than actively managed funds that can shift their portfolio assets to take advantage of market opportunities or lessen the impact of a market decline or a decline in the value of one or more issuers.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large Shareholder Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The actions by one large shareholder or multiple shareholders acting simultaneously may have an impact on a Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of a Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on a Fund’s shareholders subject to federal income tax. To the extent a larger shareholder is permitted to invest in a Fund, a Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on a Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As with other mutual funds, losing money is a risk of investing in a Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in a Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The following bar chart and table are intended to help you understand some indication of the risks of investing in the Fund. The bar chart illustrates the Fund Shares’ volatility by showing how performance has varied from year to year for each full calendar year over the past 10 years. The table shows how the average annual total returns of the Fund for the periods indicated compared to those of the Fund's regulatory broad-based securities market index, the Fund's benchmark index, and a broad-based securities market index with investment characteristics similar to those of the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> We </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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. Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund’s most </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">current performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(800) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">235-8396</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The following bar chart and table are intended to help you understand some indication of the risks of investing in the Fund. The bar chart illustrates the Fund Shares’ volatility by showing how performance has varied from year to year for each full calendar year over the past 10 years. The table shows how the average annual total returns of the Fund for the periods indicated compared to those of the Fund's regulatory broad-based securities market index, the Fund's benchmark index, and a broad-based securities market index with investment characteristics similar to those of the Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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. Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(800) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">235-8396</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns for Fund Shares</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart:</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:7.00pt;">30.14%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:3.11pt;">-22.40%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2022</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:6.99pt;">20.07%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2026</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span>
0.3014
2020-06-30
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span>
-0.2240
2022-06-30
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span>
0.2007
2026-06-30
<span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">(For the Periods Ended December 31, 2025)</span>
0.2058
0.1482
0.1917
0.1974
0.1391
0.1853
0.1279
0.1167
0.1633
0.2056
0.1481
0.1883
0.1754
0.1399
0.1803
0.1834
0.1365
0.1763
0.2071
0.1497
0.1978
0.1788
0.1442
0.1482
0.2102
0.1530
0.1970
0.1856
0.1532
0.1813
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In certain situations, the return after taxes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on distributions and sale of fund shares may be higher than the other return amounts. 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The actual after-tax returns depend on your tax </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If you hold your shares through a tax-deferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangement, such as an individual retirement account (“IRA”) or 401(k) plan, the after-tax returns shown in the table are not relevant to you. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Please note that after-tax returns are shown only for the Fund Shares and may differ for each share class.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In certain situations, the return after taxes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on distributions and sale of fund shares may be higher than the other return amounts. 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. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If you hold your shares through a tax-deferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangement, such as an individual retirement account (“IRA”) or 401(k) plan, the after-tax returns shown in the table are not relevant to you. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Please note that after-tax returns are shown only for the Fund Shares and may differ for each share class.</span>
<span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">Victory Money Market Fund Summary</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Victory Money Market Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the “Fund”) seeks the highest income consistent with preservation of capital and the maintenance of liquidity.</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The tables below describe the fees and expenses that you may pay, if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Shareholder Fees</span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(paid directly from your investment)</span>
0
0
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0024
0.0000
0.0038
0.0062
<span style="color:#000000;font-family:Arial;font-size:6.56pt;">August 31, 2027</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 indicated 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:</span>
63
199
346
774
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund invests its assets in high-quality, U.S. dollar-denominated, short-term debt securities of domestic and foreign issuers that have been determined to present minimal credit risk and comply with strict Securities and Exchange Commission (“SEC”) guidelines applicable to money market funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund restricts its investments to instruments that meet certain maturity and quality requirements under the federal securities laws applicable to money market funds. Generally, such investments will be limited to a security with a remaining maturity of 397 calendar days or less that is determined to present minimal credit risk; issued by a money market fund; or issued or guaranteed by the U.S. government or any agency or instrumentality thereof.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under applicable federal securities laws, money market funds that qualify as “retail” (retail money market funds) or “government” (government money market funds) are permitted to utilize amortized cost to value their portfolio securities and to transact at a stable $1 NAV per share. The Fund operates as a retail money market fund in compliance with the requirements of Rule 2a-7 under the Investment Company Act of 1940, as amended; and as a retail money market fund, shares of the Fund are available for sale only to accounts that are beneficially owned by natural persons.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Any investment involves risk, and there is no assurance that the Fund’s objective will be achieved. As you consider an investment in the Fund, you also should take into account your tolerance for the daily fluctuations of the financial markets.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Stable Net Asset Value Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You could lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Although the Fund seeks to preserve the value of your investment at $1 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund’s sponsor is not required to reimburse the Fund for losses, and you </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You could lose money by investing in the Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a bank deposit and is not </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Credit Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Credit risk is expected to be low for the Fund because it invests primarily in securities that are considered to be of high quality. However, there is the possibility that an issuer will fail to make timely interest and principal payments on its securities or that negative perceptions of the issuer’s ability to make such payments will cause the price of that security to decline.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – When interest rates rise, debt security prices generally fall. The opposite also generally is true: debt security prices rise when interest rates fall. Interest rate changes are influenced by a number of factors including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand of debt securities. The Fund’s yield will vary. A sharp and unexpected rise in interest rates could cause the Fund’s share price to drop below a dollar. A low interest rate environment may prevent the Fund from providing a positive yield and could also impair the Fund’s ability to maintain a stable net asset value (“NAV”). Decisions by the U.S. Federal Reserve (also known as the “Fed”) regarding interest rate and monetary policy, which can be difficult to predict and sometimes change direction suddenly in response to economic and market events, can have a significant effect on the value of fixed-income 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. As a result, the value of fixed-income securities may vary widely under certain market conditions.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Legislative Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Changes in government policies may affect the value of the investments held by the Fund in ways we cannot anticipate, and such policies could have an adverse impact on the value of the Fund’s investments and the Fund’s NAV.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Management Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The Fund is actively managed, and the investment techniques and risk analyses used by the Fund’s portfolio managers may not produce the desired results.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Global markets, or those in a particular region, may all react in similar fashion to important political, economic, or other developments. Events and evolving conditions in certain economies or markets, including with respect to tariffs or sanctions, may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable and make such investments riskier and more volatile.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Discretionary Liquidity Fees Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The Fund may impose liquidity fees on redemptions subject to the Board’s determination that such liquidity fees are in the best interests of the Fund. The imposition of a liquidity fee would reduce the amount you would receive upon redemption of your shares of the Fund.</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The following bar chart and table are intended to help you understand some indication of the </span>
<br/><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">risks of investing in the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart illustrates the Fund’s volatility by showing how </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance has varied from year to year for each full calendar year over the past 10 years. The table shows the Fund’s average annual total returns for the periods indicated.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> We assume reinvestment of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund’s most current performance information is available on the Fund’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(800) 235-8396</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart illustrates the Fund’s volatility by showing how </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance has varied from year to year for each full calendar year over the past 10 years. The table shows the Fund’s average annual total returns for the periods indicated.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(800) 235-8396</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns for Fund Shares</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart:</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:12.55pt;">1.28%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">December 31, 2023</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:12.55pt;">0.00%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">March 31, 2022</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:12.55pt;">1.67%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2026</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span>
0.0128
2023-12-31
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span>
0.0000
2022-03-31
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span>
0.0167
2026-06-30
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Average Annual Total Returns </span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">For Periods Ended December 31, 2025</span>
0.0396
0.0304
0.0196
<span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">Victory Science & Technology Fund Summary</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Victory Science & Technology Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the “Fund”) seeks long-term capital appreciation.</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The tables below describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">$50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in one or more Victory Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other discounts is available </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">under </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">Investing with the Victory Funds</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> on page 18 of the Fund’s prospectus, in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">Appendix A – Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries,</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> and from your financial intermediary.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">$50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in one or more Victory Funds.</span>
50000
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Shareholder Fees</span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(paid directly from your investment)</span>
0
0.0575
0
0
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0071
0.0071
0.0000
0.0025
0.0024
0.0032
0.0095
0.0128
<span style="color:#000000;font-family:Arial;font-size:6.56pt;">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 </span><span style="color:#000000;font-family:Arial;font-size:6.56pt;font-style:italic;">Choosing a Share Class.</span>
<span style="color:#000000;font-family:Arial;font-size:6.56pt;">August 31, 2027</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 indicated 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:</span>
97
303
525
1166
698
958
1237
2031
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 shares of the Fund 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">42</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> of the average value of its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">portfolio.</span>
0.42
0.42
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of companies expected to benefit from the development and use of scientific and technological advances and improvements.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> For purposes of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the 80% policy, companies expected to benefit from the development and use of scientific and technological advances and improvements means those companies that operate in such industries as health care equipment & services, pharmaceuticals, biotechnology & life sciences, software & services, technology hardware & equipment, semiconductors & semiconductor equipment, telecommunication services, media & entertainment, broadline retail, aerospace & defense, and other industries the portfolio managers believe may benefit directly or indirectly from research and development in the science and technology fields. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This 80% policy may be changed upon at least 60 days’ prior written </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">notice to shareholders. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund employs a multi-manager structure with the underlying managers </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">implementing fundamentally driven security selection investment processes that focus on companies exhibiting high levels of growth primarily in the Information Technology and Healthcare sectors.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund may invest up to 50% of its assets in foreign securities, including securities issued in emerging markets.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of companies expected to benefit from the development and use of scientific and technological advances and improvements.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> For purposes of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the 80% policy, companies expected to benefit from the development and use of scientific and technological advances and improvements means those companies that operate in such industries as health care equipment & services, pharmaceuticals, biotechnology & life sciences, software & services, technology hardware & equipment, semiconductors & semiconductor equipment, telecommunication services, media & entertainment, broadline retail, aerospace & defense, and other industries the portfolio managers believe may benefit directly or indirectly from research and development in the science and technology fields. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund employs a multi-manager structure with the underlying managers </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">implementing fundamentally driven security selection investment processes that focus on companies exhibiting high levels of growth primarily in the Information Technology and Healthcare sectors.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Any investment involves risk, and there is no assurance that the Fund’s objective will be achieved. By itself, the Fund does not constitute a complete investment plan. As you consider an investment in the Fund, you also should take into account your tolerance for the daily fluctuations of the financial markets and whether you can afford to leave your money in the Fund for long periods of time to ride out down periods. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As with other mutual funds, losing money is a risk of investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– A mutual fund portfolio consisting of investments related to the fields of science and technology is likely to be more volatile than a portfolio that is more widely diversified in other economic sectors. There is a possibility that the Fund’s investments in companies whose values are highly dependent on scientific and technological developments may be more volatile because of the short life cycles and competitive pressures of many of the products or services of these companies. Because of the competitiveness and rapid changes in the fields of science and technology, many of the companies in the Fund’s portfolio are subject to distinctive risks. The products and services of these </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies may not be economically successful or may quickly become outdated. Additionally, many of these companies must comply with significant governmental regulations and may need governmental approval of their products and services.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">General Market Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Equity Securities Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The values of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general market, economic, and political conditions, and other factors. A company’s earnings or dividends may not increase as expected due to poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, tariffs, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations, war, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or may 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Global markets, or those in a particular region, may all react in similar fashion to important political, economic, or other developments. Events and evolving conditions in certain economies or markets, including with respect to tariffs or sanctions, may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable and make such investments riskier and more volatile.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Emerging Markets Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Foreign securities risk can be particularly heightened because investments in emerging market countries generally are more volatile than investments in developed markets. Emerging market countries are less economically diverse and mature than more developed countries and tend to be politically less stable. The governments of emerging market countries may be more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets, and/or impose burdensome taxes that could adversely affect security prices. In addition, the economies of emerging market countries may be dependent on relatively few industries that are more susceptible to local and global changes. Emerging market countries may also have less developed legal and accounting systems, and their legal systems may deal with issuer bankruptcies and defaults differently than U.S. law would.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Management Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The Fund is actively managed, and the investment techniques and risk analyses used by the Fund’s portfolio managers may not produce the desired results.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As with other mutual funds, losing money is a risk of investing in the Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The following bar chart and table are intended to help you understand some indication of the risks of investing in the Fund. The bar chart illustrates the Fund Shares' volatility by showing how performance has varied from year to year for each full calendar year over the past 10 years. The table shows how the average annual total returns of the share classes for the periods indicated compared to those of the Fund's regulatory broad-based securities market index, the Fund's benchmark indexes, and an additional index of funds with similar investment objectives.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> We assume reinvestment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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. Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund’s most </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">current performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(800) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">235-8396</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">. Effective June 29, 2020, the Fund’s Adviser Shares were redesignated Class A shares, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">subject to a front-end sales load and different fees and expenses. Performance of the Class A shares, therefore, is that of the Adviser Shares restated to reflect the sales load applicable to Class A shares, but not any differences in the fees and expenses.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The following bar chart and table are intended to help you understand some indication of the risks of investing in the Fund. The bar chart illustrates the Fund Shares' volatility by showing how performance has varied from year to year for each full calendar year over the past 10 years. The table shows how the average annual total returns of the share classes for the periods indicated compared to those of the Fund's regulatory broad-based securities market index, the Fund's benchmark indexes, and an additional index of funds with similar investment objectives.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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. Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(800) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">235-8396</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns for Fund Shares</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart:</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:7.00pt;">40.65%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:3.11pt;">-25.71%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2022</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:6.99pt;">22.92%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2026</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span>
0.4065
2020-06-30
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span>
-0.2571
2022-06-30
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span>
0.2292
2026-06-30
<span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">(For the Periods Ended December 31, 2025)</span>
0.1822
0.0318
0.1319
0.1580
0.0201
0.1071
0.1252
0.0229
0.0997
0.1105
0.0166
0.1220
0.1788
0.1442
0.1482
0.2782
0.1802
0.2254
0.1371
0.0753
0.0980
0.2301
0.1134
0.1806
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In certain situations, the return after taxes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on distributions and sale of fund shares may be higher than the other return amounts. 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The actual after-tax returns depend on your tax </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If you hold your shares through a tax-deferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangement, such as an individual retirement account (“IRA”) or 401(k) plan, the after-tax returns shown in the table are not relevant to you. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Please note that after-tax returns are shown only for the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund Shares and may differ for each share class.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In certain situations, the return after taxes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on distributions and sale of fund shares may be higher than the other return amounts. 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. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If you hold your shares through a tax-deferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangement, such as an individual retirement account (“IRA”) or 401(k) plan, the after-tax returns shown in the table are not relevant to you. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Please note that after-tax returns are shown only for the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund Shares and may differ for each share class.</span>
<span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">Victory Short-Term Bond Fund Summary</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Victory Short-Term Bond Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the “Fund”) seeks high current income consistent with preservation of principal.</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The tables below describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">$50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in one or more Victory Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other discounts is available </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">under </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">Investing with the Victory Funds</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> on page 22 of the Fund’s prospectus, in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">Appendix A – Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries,</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> and from your financial intermediary.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">$50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in one or more Victory Funds.</span>
50000
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Shareholder Fees</span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(paid directly from your investment)</span>
0
0
0.0225
0
0
0
0
0
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0025
0.0024
0.0021
0.0023
0.0000
0.0000
0.0025
0.0000
0.0030
0.0022
0.0030
0.0010
0.0055
0.0046
0.0076
0.0033
0.0000
0.0000
-0.0002
0.0000
0.0055
0.0046
0.0074
0.0033
<span style="color:#000000;font-family:Arial;font-size:6.56pt;">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 </span><span style="color:#000000;font-family:Arial;font-size:6.56pt;font-style:italic;">Choosing a Share Class.</span>
<span style="color:#000000;font-family:Arial;font-size:6.56pt;">August 31, 2027</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 indicated 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:</span>
56
176
307
689
47
148
258
579
299
460
636
1144
34
106
185
418
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 shares of the Fund 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">43</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> of the average value of its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">portfolio.</span>
0.43
0.43
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets in a broad range of investment-grade debt securities and in derivatives and other instruments that have similar economic characteristics.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The effective duration of the Fund is generally three years or less. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The debt securities in which the Fund may invest include, among others, obligations of U.S., state, and local governments, and their agencies and instrumentalities; mortgage- and asset-backed securities; corporate debt securities; repurchase agreements; and other securities believed to have debt-like characteristics.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Although the Fund will invest primarily in investment-grade securities, the Fund also may invest up to 10% of its net assets in below-investment-grade securities, which are sometimes referred to as high-yield or “junk” bonds. The Fund also may invest up to 20% of its assets in foreign debt securities, including non-dollar-denominated securities and emerging markets securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The managers </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">implement the Fund’s strategy by seeking to select securities that represent value at the time of purchase given current market conditions. Value is a combination of yield, credit quality, structure (maturity, coupon, redemption features), and liquidity.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund’s 80% policy may be changed upon at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">least 60 days’ prior written notice to shareholders.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets in a broad range of investment-grade debt securities and in derivatives and other instruments that have similar economic characteristics.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The debt securities in which the Fund may invest include, among others, obligations of U.S., state, and local governments, and their agencies and instrumentalities; mortgage- and asset-backed securities; corporate debt securities; repurchase agreements; and other securities believed to have debt-like characteristics.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The managers </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">implement the Fund’s strategy by seeking to select securities that represent value at the time of purchase given current market conditions. Value is a combination of yield, credit quality, structure (maturity, coupon, redemption features), and liquidity.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Any investment involves risk, and there is no assurance that the Fund’s objective will be achieved. By itself, the Fund does not constitute a complete investment plan. As you consider an investment in the Fund, you also should take into account your tolerance for the daily fluctuations of the financial markets and whether you can afford to leave your money in the Fund for long periods of time to ride out down periods. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As with other mutual funds, losing money is a risk of investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Debt Securities Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– 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, economic conditions, market events, public health crises, and responses by governments and companies to such developments. These and other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The Fund is subject to the risk that the market value of the bonds in its portfolio will fluctuate because of changes in interest rates, changes in the supply of and demand for debt securities, and other market factors. Bond prices generally are linked to the prevailing market interest rates. In general, when interest rates rise, bond prices fall; conversely, when interest rates fall, bond prices rise. The price volatility of a bond also depends on its duration. Generally, the longer the duration of a bond, the greater its sensitivity is to interest rates. To compensate investors for this higher interest rate risk, bonds with longer durations generally offer higher yields than bonds with shorter durations. The ability of an issuer of a debt security to repay principal prior to a security’s maturity can increase the security’s sensitivity to interest rate changes.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Decisions by the U.S. Federal Reserve (also known as the “Fed”) regarding interest rate and monetary policy, which can be difficult to predict and sometimes change direction suddenly in response to economic and market events, can have a significant effect on the value of fixed-income 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. As a result, the value of fixed-income securities may vary widely under certain market conditions.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Credit Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The fixed-income securities in the Fund's portfolio are subject to credit risk, which is the possibility that an issuer of a fixed-income security will fail to make timely interest and/or principal payments on its securities or that negative market perceptions of the issuer’s ability to make such payments will cause the price of that security to decline. The Fund accepts some credit risk as a recognized means to enhance an investor’s return. All fixed-income securities, varying from the highest quality to the very speculative, have some degree of credit risk.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">High-Yield/Junk Bond Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Fixed-income securities rated below investment grade, also known as “junk” or high-yield bonds, generally entail greater economic, credit, and liquidity risk than investment-grade securities. Their prices may be more volatile, especially during economic downturns, financial setbacks, or liquidity events. High-yield securities also 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Market developments and other factors, including changes in interest rates, have the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from mutual funds that hold large amounts of fixed-income securities. Such a move, coupled with a reduction in the ability or willingness of dealers and other institutional investors to buy or hold fixed-income securities, may result in decreased liquidity and increased volatility in the fixed-income markets. Heavy redemptions of fixed-income mutual funds and decreased liquidity from fixed-income securities could hurt the Fund’s performance. In addition, significant securities market disruptions, including economic, financial and public health crises, may lead to dislocation in the market for a variety of fixed-income securities (including municipal obligations), which can decrease liquidity and sharply reduce returns. Changes in government or central bank monetary policy may have a substantial and immediate impact on interest rates, which could result in losses to the Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Prepayment and Extension Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Mortgage-backed securities make regularly scheduled payments of principal along with interest payments. In addition, mortgagors generally have the option of paying off their mortgages without penalty at any time. For example, when a mortgaged property is sold, the old mortgage is usually prepaid. Also, when interest rates fall, the mortgagor may refinance the mortgage and prepay the old mortgage. A homeowner’s default on the mortgage also may cause a prepayment of the mortgage. This unpredictability of the mortgage’s cash flow is called prepayment risk. For the investor, prepayment risk usually means that principal is received at the least opportune time. For example, when interest rates fall, homeowners may find it advantageous to refinance their mortgages </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and prepay principal. In this case, the investor is forced to reinvest the principal at the current lower rate. On the other hand, when interest rates rise, homeowners generally will not refinance their mortgages and prepayments will fall. This causes the average life of the mortgage to extend and be more sensitive to interest rates, which is called extension risk. In addition, the amount of principal the investor has to invest in these higher interest rates is reduced.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Global markets, or those in a particular region, may all react in similar fashion to important political, economic, or other developments. Events and evolving conditions in certain economies or markets, including with respect to tariffs or sanctions, may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable and make such investments riskier and more volatile.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Emerging Markets Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Foreign securities risk can be particularly heightened because investments in emerging market countries generally are more volatile than investments in developed markets. Emerging market countries are less economically diverse and mature than more developed countries and tend to be politically less stable. The governments of emerging market countries may be more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets, and/or impose burdensome taxes that could adversely affect security prices. In addition, the economies of emerging market countries may be dependent on relatively few industries that are more susceptible to local and global changes. Emerging market countries may also have less developed legal and accounting systems, and their legal systems may deal with issuer bankruptcies and defaults differently than U.S. law would.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Legislative Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Changes in government policies may affect the value of the investments held by the Fund in ways we cannot anticipate, and such policies could have an adverse impact on the value of the Fund’s investments and the Fund’s net asset value (“NAV”).</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">U.S. Government Sponsored Enterprises (“GSEs”) Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– While mortgage-backed securities, the value of which may be impacted by factors affecting the housing market, and other securities issued by certain GSEs, such as the Government National Mortgage Association (“Ginnie Mae”), are supported by the full faith and credit of the U.S. government, securities issued by other GSEs are supported only by the right of the GSE (including the Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal National Mortgage Association (“Fannie Mae”)) to borrow from the U.S. Treasury, the discretionary authority of the U.S. government to purchase the GSEs’ obligations, or by the credit of the issuing agency, instrumentality, or corporation, and are neither issued nor guaranteed by the U.S. Treasury. If such a GSE were to default on its obligations, the Fund might not be able to recover its investment.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Management Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The Fund is actively managed, and the investment techniques and risk analyses used by the Fund’s portfolio managers may not produce the desired results.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Reference Rate Transition Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The terms of many floating rate loans and other instruments were previously tied to the London Interbank Offered Rate (“LIBOR”), which functioned as a reference rate or benchmark for these instruments but was discontinued as a floating rate benchmark after June 30, 2023. The LIBOR discontinuation may adversely affect the financial markets generally and the Fund’s operations, finances, and investments specifically. There is no assurance that proposed replacement rates will be suitable substitutes for LIBOR, and thus the substitution of such rates for LIBOR could have an adverse effect.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large Shareholder Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The actions by one large shareholder or multiple shareholders acting simultaneously 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">tax burden on the Fund’s shareholders subject to federal income tax. 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As with other mutual funds, losing money is a risk of investing in the Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The following bar chart and table are intended to help you understand some indication of the risks of investing in the Fund. The bar chart illustrates the Fund Shares' volatility by showing how performance has varied from year to year for each full calendar year over the past 10 years. The table shows how the average annual total returns of the share classes for the periods indicated compared to those of the Fund's regulatory broad-based securities market index the Fund's benchmark index, and an additional index of funds with similar investment objectives.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> We assume reinvestment of dividends </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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. Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund’s most </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">current performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(800) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">235-8396</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">. Effective June 29, 2020, the Fund’s Adviser Shares were redesignated Class A shares, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">subject to a front-end sales load and different fees and expenses. Performance of the Class A shares, therefore, is that of the Adviser Shares restated to reflect the sales load applicable to Class A shares, but not any differences in the fees and expenses.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The following bar chart and table are intended to help you understand some indication of the risks of investing in the Fund. The bar chart illustrates the Fund Shares' volatility by showing how performance has varied from year to year for each full calendar year over the past 10 years. The table shows how the average annual total returns of the share classes for the periods indicated compared to those of the Fund's regulatory broad-based securities market index the Fund's benchmark index, and an additional index of funds with similar investment objectives.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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. Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(800) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">235-8396</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns for Fund Shares</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart:</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:12.55pt;">4.94%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:8.66pt;">-3.46%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">March 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:12.55pt;">1.38%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2026</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span>
0.0494
2020-06-30
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span>
-0.0346
2020-03-31
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span>
0.0138
2026-06-30
<span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">(For the Periods Ended December 31, 2025)</span>
0.0578
0.0323
0.0322
0.0384
0.0177
0.0196
0.0339
0.0184
0.0193
0.0599
0.0333
0.0332
0.0319
0.0256
0.0277
0.0613
0.0346
0.0346
0.0730
-0.0036
0.0201
0.0582
0.0246
0.0264
0.0603
0.0264
0.0271
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In certain situations, the return after taxes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on distributions and sale of fund shares may be higher than the other return amounts. 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The actual after-tax returns depend on your tax </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If you hold your shares through a tax-deferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangement, such as an individual retirement account (“IRA”) or 401(k) plan, the after-tax returns shown in the table are not relevant to you. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Please note that after-tax returns are shown only for the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund Shares and may differ for each share class.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In certain situations, the return after taxes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on distributions and sale of fund shares may be higher than the other return amounts. 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. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If you hold your shares through a tax-deferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangement, such as an individual retirement account (“IRA”) or 401(k) plan, the after-tax returns shown in the table are not relevant to you. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Please note that after-tax returns are shown only for the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund Shares and may differ for each share class.</span>
<span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">Victory Small Cap Stock Fund Summary</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Victory Small Cap Stock Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the “Fund”) seeks long-term growth of capital.</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The tables below describe the fees and expenses that you may pay, if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Shareholder Fees</span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(paid directly from your investment)</span>
0
0
0
0
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0071
0.0071
0.0000
0.0000
0.0030
0.0025
0.0101
0.0096
0.0000
-0.0002
0.0101
0.0094
<span style="color:#000000;font-family:Arial;font-size:6.56pt;">August 31, </span><span style="color:#000000;font-family:Arial;font-size:6.56pt;">2027</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 indicated 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:</span>
103
322
558
1236
96
304
529
1176
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 shares of the Fund 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">86</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> of the average value of its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">portfolio.</span>
0.86
0.86
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of companies with small market capitalizations.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> This 80% policy may be changed upon at least 60 days’ prior written notice to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shareholders. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund defines small-cap stocks as those of companies that have a market </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">capitalization equal to or lower than that of the largest market capitalization stock in either the S&P SmallCap 600 Index or the Russell 2000 Index at the time of purchase. Market capitalization of the companies may change with market conditions and with the composition of each index.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Although the Fund invests primarily in U.S. securities, it may invest up to 20% of its total assets in foreign securities, including securities issued in emerging markets. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund employs a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">multi-manager structure with the underlying managers implementing fundamentally driven security selection investment processes that focus on companies that may exhibit attractive levels of quality, value, and/or growth.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of companies with small market capitalizations.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund defines small-cap stocks as those of companies that have a market </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">capitalization equal to or lower than that of the largest market capitalization stock in either the S&P SmallCap 600 Index or the Russell 2000 Index at the time of purchase. Market capitalization of the companies may change with market conditions and with the composition of each index.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund employs a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">multi-manager structure with the underlying managers implementing fundamentally driven security selection investment processes that focus on companies that may exhibit attractive levels of quality, value, and/or growth.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Any investment involves risk, and there is no assurance that the Fund’s objective will be achieved. By itself, the Fund does not constitute a complete investment plan. As you consider an investment in the Fund, you also should take into account your tolerance for the daily fluctuations of the financial markets and whether you can afford to leave your money in the Fund for long periods of time to ride out down periods. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As with other mutual funds, losing money is a risk of investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Small-Capitalization Stock Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The Fund is subject to small-cap company risk, which is the greater risk of investing in smaller, less well-known companies, as opposed to investing in established companies with proven track records. Small-cap companies also may have limited product lines, markets, or financial resources. Securities of such companies may be less liquid and more volatile than securities of larger companies or the market in general and, therefore, may involve greater risk than investing in the securities of larger companies.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">General Market Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Equity Securities Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The values of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general market, economic, and political conditions, and other factors. A company’s earnings or dividends may not increase as expected due to poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, tariffs, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations, war, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or may 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Global markets, or those in a particular region, may all react in similar fashion to important political, economic, or other developments. Events and evolving conditions in certain economies or markets, including with respect to tariffs or sanctions, may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable and make such investments riskier and more volatile.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Emerging Markets Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Foreign securities risk can be particularly heightened because investments in emerging market countries generally are more volatile than investments in developed markets. Emerging market countries are less economically diverse and mature than more developed countries and tend to be politically less stable. The governments of emerging market countries may be more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets, and/or impose burdensome taxes that could adversely affect security prices. In addition, the economies of emerging market countries may be dependent on relatively few industries that are more susceptible to local and global changes. Emerging market countries may also have less developed legal and accounting systems, and their legal systems may deal with issuer bankruptcies and defaults differently than U.S. law would.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large Shareholder Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The actions by one large shareholder or multiple shareholders acting simultaneously 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. 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Management Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The Fund is actively managed, and the investment techniques and risk analyses used by the Fund’s portfolio managers may not produce the desired results.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As with other mutual funds, losing money is a risk of investing in the Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The following bar chart and table are intended to help you understand some indication of the risks of investing in the Fund. The bar chart illustrates the Fund Shares' volatility by showing how performance has varied from year to year for each full calendar year over the past 10 years. The table shows how the average annual total returns of the share classes for the periods indicated compared to those of the Fund's regulatory broad-based securities market index, the Fund's benchmark indexes, and an index of funds with similar investment objectives.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> We assume reinvestment of dividends and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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. Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund’s most </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">current performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(800) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">235-8396</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The following bar chart and table are intended to help you understand some indication of the risks of investing in the Fund. The bar chart illustrates the Fund Shares' volatility by showing how performance has varied from year to year for each full calendar year over the past 10 years. The table shows how the average annual total returns of the share classes for the periods indicated compared to those of the Fund's regulatory broad-based securities market index, the Fund's benchmark indexes, and an index of funds with similar investment objectives.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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. Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(800) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">235-8396</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns for Fund Shares</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart:</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:7.00pt;">33.13%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">December 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:3.11pt;">-31.06%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">March 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:6.99pt;">26.62%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2026</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span>
0.3313
2020-12-31
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span>
-0.3106
2020-03-31
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span>
0.2662
2026-06-30
<span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">(For the Periods Ended December 31, 2025)</span>
0.0924
0.0501
0.0903
0.0745
0.0208
0.0601
0.0680
0.0330
0.0629
0.0933
0.0509
0.0914
0.1715
0.1315
0.1429
0.1281
0.0609
0.0962
0.0602
0.0731
0.0981
0.0714
0.0792
0.0963
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In certain situations, the return after taxes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on distributions and sale of fund shares may be higher than the other return amounts. 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The actual after-tax returns depend on your tax </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If you hold your shares through a tax-deferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangement, such as an individual retirement account (“IRA”) or 401(k) plan, the after-tax returns shown in the table are not relevant to you. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Please note that after-tax returns are shown only for the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund Shares and may differ for each share class.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In certain situations, the return after taxes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on distributions and sale of fund shares may be higher than the other return amounts. 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. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If you hold your shares through a tax-deferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangement, such as an individual retirement account (“IRA”) or 401(k) plan, the after-tax returns shown in the table are not relevant to you. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Please note that after-tax returns are shown only for the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund Shares and may differ for each share class.</span>
<span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">Victory Target Retirement Income Fund Summary</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Victory Target Retirement Income Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the “Fund”) provides capital appreciation and current income consistent with its current investment allocation.</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The tables below describe the fees and expenses that you may pay, if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Shareholder Fees</span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(paid directly from your investment)</span>
0
0
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0000
0.0000
0.0004
0.0050
0.0054
<span style="color:#000000;font-family:Arial;font-size:6.56pt;">August 31, 2027</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, the Fund’s operating expenses remain the same, and the expense limitation agreement for the Fund is not continued beyond its expiration date.</span>
55
172
300
673
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 shares of the Fund 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">10</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> of the average value of its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">portfolio.</span>
0.10
0.10
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund invests in a selection of affiliated mutual funds and exchange-traded funds (“ETFs”) (“underlying affiliated funds”) managed by the Adviser in a manner consistent with its current asset allocation as depicted in the “lifestyle transition path.” </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s asset allocation strategy is based on the allocation at zero years left until retirement on the lifestyle transition path and is designed for investors who are currently in, or very close to, retirement and who are planning to start withdrawing funds for retirement now or within the immediate future. In general, the Fund’s allocation strategy assumes funds will start being withdrawn for retirement purposes at age 65. However, the Fund should not be selected solely on the basis of an investor's age. Because the Fund is designed for investors who are in or close to retirement, it is not anticipated that the Fund’s current asset allocation will change based on the lifestyle transition path. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">The Fund does not provide guaranteed income for retirement.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s current target asset allocation consists of: approximately 35% of the Fund’s net assets allocated to underlying affiliated funds that invest primarily in equity securities (“equity investments”); and approximately 65% of the Fund’s net assets allocated to underlying affiliated funds that invest primarily in fixed-income securities (“fixed-income investments”). In each case, the Fund may invest in underlying affiliated funds in alternative asset classes or with alternative strategies that the Adviser believes have similar risk/return profiles as these classes. The target asset allocation is expected to remain relatively constant (subject to periodic rebalancing) and will not change unless approved by the Fund’s Board of Trustees (the “Board”).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Although the underlying affiliated funds are categorized generally as equity investments or fixed-income investments, many of these underlying affiliated funds invest in a mix of securities of domestic and foreign issuers, investment-grade and high-yield bonds, and other securities. As a result, the target asset allocation of the Fund may differ from the actual securities held by the underlying affiliated funds. Actual asset allocation also may differ from the lifestyle transition path as a result of market movement. The Fund’s portfolio will be rebalanced on a regular basis, taking into account transaction costs. We may adjust the Fund’s actual asset allocation from the targets specified in the lifestyle transition path based on market view or other conditions as part of an active asset allocation strategy, or make changes to the lifestyle transition path.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Any investment involves risk, and there is no assurance that the Fund’s objective will be achieved. By itself, the Fund does not constitute a complete investment plan. As you consider an investment in the Fund, you also should take into account your tolerance for the daily fluctuations of the financial markets and whether you can afford to leave your money in the Fund for long periods of time to ride out down periods. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As with other mutual funds, losing money is a risk of investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Affiliated Funds Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The risks of the Fund directly correspond to the risks of the underlying affiliated funds in which the Fund invests. By investing in the underlying affiliated funds, the Fund has exposure to the risk of many different areas of the market. The degree to which the risks described below apply to the Fund varies according to the Fund’s asset allocation. For instance, the more the Fund is allocated to stock funds, the greater the risk associated with equity securities. The Fund also is subject to asset allocation risk (i.e., the risk that allocations will not produce the intended results) and to management risk (i.e., the risk that the selection of underlying affiliated funds will not produce the intended results).</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Debt Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The Fund may invest in underlying affiliated funds that invest in debt securities or other income-producing securities. 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">High-Yield/Junk Bond Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Fixed-income securities rated below investment grade, also known as “junk” or high-yield bonds, generally entail greater economic, credit, and liquidity risk than investment-grade securities. Their prices may be more volatile, especially during economic downturns, financial setbacks, or liquidity events. High-yield securities also 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Credit Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Credit risk is the possibility that an issuer of a fixed-income security will fail to make timely interest and/or principal payments on its securities or that negative market perceptions of the issuer’s ability to make such payments will cause the price of that security to decline. The Fund accepts some credit risk as a recognized means to enhance an investor’s return. All fixed-income securities, varying from the highest quality to the very speculative, have some degree of credit risk.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Interest Rate Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Bond prices generally are linked to the prevailing market interest rates. In general, when interest rates rise, bond prices fall; conversely, when interest rates fall, bond prices rise. The price volatility of a bond also depends on its duration. Generally, the longer the duration of a bond, the greater is its sensitivity to interest rates. To compensate investors for this higher interest rate risk, bonds with longer durations generally offer higher yields than bonds with shorter durations.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">General Market Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The Fund may invest in underlying affiliated funds that invest in equity securities. 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. A company’s earnings or dividends may not increase as expected due to poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, tariffs, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations, war, 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Global markets, or those in a particular region, may all react in similar fashion to important political, economic, or other developments. Events and evolving conditions in certain economies or markets, including with respect to tariffs or sanctions, may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable and make such investments riskier and more volatile.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Emerging Markets Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Foreign securities risk can be particularly heightened because investments in emerging market countries generally are more volatile than investments in developed markets. Emerging market countries are less economically diverse and mature than more developed countries and tend to be politically less stable. The governments of emerging market countries may be more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets, and/or impose burdensome taxes that could adversely affect security prices. In addition, the economies of emerging market countries may be dependent on relatively few industries that are more susceptible to local and global changes. Emerging market countries may also have less developed legal and accounting systems, and their legal systems may deal with issuer bankruptcies and defaults differently than U.S. law would.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Exchange-Traded Funds Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The Fund may invest in shares of ETFs, which generally are investment companies that hold a portfolio of common stocks or debt securities the shares of which are traded on an exchange. ETFs incur their own management and other fees and expenses, such as trustees’ fees, operating expenses, registration fees, and marketing expenses, a proportionate share of which will be borne indirectly by the Fund. As a result, the Fund’s investment in an ETF will cause the Fund to indirectly bear the fees and expenses of the ETF and, in turn, the Fund’s performance may be lower than if the Fund were to invest directly in the securities held by the underlying ETFs. In addition, the Fund will be exposed indirectly to all of the risks associated with securities held by the ETFs.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Conflict of Interest Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – In managing a Fund that invests in underlying affiliated funds, the Adviser may have conflicts of interest in allocating the Fund’s assets among the various underlying affiliated funds. This is because the fees payable by some of the underlying affiliated funds to the Adviser and/or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">its affiliates are higher than the fees payable by other underlying affiliated funds, and because the Adviser also manages and administers the underlying affiliated funds.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Management Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The Fund is actively managed, and the investment techniques and risk analyses used by the Fund’s portfolio managers may not produce the desired results.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As with other mutual funds, losing money is a risk of investing in the Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The following bar chart and table are intended to help you understand some indication of the risks of investing in the Fund. The bar chart illustrates the Fund's volatility by showing how performance has varied from year to year for each full calendar year over the past 10 years. The table shows how the average annual total returns of the Fund for the periods indicated compared to those of the Fund's regulatory broad-based securities market index and the Fund's benchmark index. The Bloomberg U.S. Aggregate Bond Index serves as the Fund's regulatory broad-based securities market index.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> We </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">assume reinvestment of dividends and distributions. Performance reflects any expense limitations in effect during the periods shown.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund’s most current performance information is available on the Fund’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(800) 235-8396</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The following bar chart and table are intended to help you understand some indication of the risks of investing in the Fund. The bar chart illustrates the Fund's volatility by showing how performance has varied from year to year for each full calendar year over the past 10 years. The table shows how the average annual total returns of the Fund for the periods indicated compared to those of the Fund's regulatory broad-based securities market index and the Fund's benchmark index. The Bloomberg U.S. Aggregate Bond Index serves as the Fund's regulatory broad-based securities market index.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(800) 235-8396</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns for Fund Shares</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart:</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:12.55pt;">8.34%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:8.66pt;">-7.60%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">March 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:12.55pt;">6.06%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2026</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span>
0.0834
2020-06-30
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span>
-0.0760
2020-03-31
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span>
0.0606
2026-06-30
<span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">(For the Periods Ended December 31, 2025)</span>
0.1236
0.0494
0.0565
0.1027
0.0318
0.0381
0.0791
0.0327
0.0375
0.0730
-0.0036
0.0201
0.1166
0.0415
0.0532
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In certain situations, the return after taxes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on distributions and sale of fund shares may be higher than the other return amounts. 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The actual after-tax returns depend on your tax </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If you hold your shares through a tax-deferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangement, such as an individual retirement account (“IRA”) or 401(k) plan, the after-tax returns shown in the table are not relevant to you.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In certain situations, the return after taxes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on distributions and sale of fund shares may be higher than the other return amounts. 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. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If you hold your shares through a tax-deferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangement, such as an individual retirement account (“IRA”) or 401(k) plan, the after-tax returns shown in the table are not relevant to you.</span>
<span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">Victory Target Retirement 2030 Fund Summary</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Victory Target Retirement 2030 Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the “Fund”) provides capital appreciation and current income consistent with its current investment allocation.</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The tables below describe the fees and expenses that you may pay, if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Shareholder Fees</span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(paid directly from your investment)</span>
0
0
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0000
0.0000
0.0002
0.0051
0.0053
<span style="color:#000000;font-family:Arial;font-size:6.56pt;">August 31, 2027</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, the Fund’s operating expenses remain the same, and the expense limitation agreement for the Fund is not continued beyond its expiration date.</span>
54
170
296
665
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 shares of the Fund 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">13</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> of the average value of its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">portfolio.</span>
0.13
0.13
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund invests in a selection of affiliated mutual funds and exchange-traded funds (“ETFs”) (“underlying affiliated funds”) managed by the Adviser in a manner consistent with its current asset allocation as depicted in the “lifestyle transition path,” based on the years left until retirement. The lifestyle transition path depicts how the asset allocation strategy shifts the Fund’s assets among asset classes as the Fund becomes more conservative over time. The lifestyle transition path reflects the need for reduced investment risks and lower volatility as retirement approaches.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s asset allocation strategy is designed for investors planning to start withdrawing funds for retirement in or within a few years of the Fund’s specific target date (“2030”). In general, the Fund’s asset allocation strategy assumes funds will start being withdrawn for retirement purposes at age 65. However, the Fund should not be selected solely on the basis of an investor’s age or the target date. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">The Fund does not provide guaranteed income for retirement.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Although the underlying affiliated funds are categorized generally as equity investments or fixed-income investments, in either case, the Fund may invest in underlying affiliated funds in alternative asset classes or with alternative strategies that the Adviser believes have similar risk/return profiles as these classes. Also, many of these underlying affiliated funds invest in a mix of securities of domestic and foreign issuers, investment-grade and high-yield bonds, and other securities. As a result, the target asset allocation of the Fund may differ from the actual securities held by the underlying affiliated funds. Actual asset allocation also may differ from the lifestyle transition path as a result of market movement. The Fund’s portfolio will be rebalanced on a regular basis, taking into account transaction costs. We may adjust the Fund’s actual asset allocation from the targets specified in the lifestyle transition path based on market view or other conditions as part of an active asset allocation strategy, or make changes to the lifestyle transition path. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">It is currently anticipated that at its target date, the Fund’s target asset allocation will consist of approximately 35% of the Fund’s net assets allocated to equity investments; and approximately 65% of the Fund’s net assets allocated to fixed-income investments. The Fund’s target asset allocation will not change after the target date has been reached unless approved by the Fund’s Board of Trustees (the “Board”).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Once the Fund’s target asset allocation is similar to that of the Victory Target Retirement Income Fund, the Board, without shareholder approval, may combine the Fund with the Victory Target Retirement Income Fund. Shareholders will be notified prior to such a combination. Once such a combination occurs, shareholders will own shares of the Victory Target Retirement Income Fund.</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Risks</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Any investment involves risk, and there is no assurance that the Fund’s objective will be achieved. By itself, the Fund does not constitute a complete investment plan. As you consider an investment in the Fund, you also should take into account your tolerance for the daily fluctuations of the financial markets and whether you can afford to leave your money in the Fund for long periods of time to ride out down periods. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As with other mutual funds, losing money is a risk of investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Affiliated Funds Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The risks of the Fund directly correspond to the risks of the underlying affiliated funds in which the Fund invests. By investing in the underlying affiliated funds, the Fund has exposure to the risk of many different areas of the market. The degree to which the risks described below apply to the Fund varies according to the Fund’s asset allocation. For instance, the more the Fund is allocated to stock funds, the greater the risk associated with equity securities. The Fund also is subject to asset allocation risk (i.e., the risk that allocations will not produce the intended results) and to management risk (i.e., the risk that the selection of underlying affiliated funds will not produce the intended results).</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">General Market Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The Fund may invest in underlying affiliated funds that invest in equity securities. 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. A company’s earnings or dividends may not increase as expected due to poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, tariffs, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations, war, 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Global markets, or those in a particular region, may all react in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">similar fashion to important political, economic, or other developments. Events and evolving conditions in certain economies or markets, including with respect to tariffs or sanctions, may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable and make such investments riskier and more volatile.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Emerging Markets Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Foreign securities risk can be particularly heightened because investments in emerging market countries generally are more volatile than investments in developed markets. Emerging market countries are less economically diverse and mature than more developed countries and tend to be politically less stable. The governments of emerging market countries may be more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets, and/or impose burdensome taxes that could adversely affect security prices. In addition, the economies of emerging market countries may be dependent on relatively few industries that are more susceptible to local and global changes. Emerging market countries may also have less developed legal and accounting systems, and their legal systems may deal with issuer bankruptcies and defaults differently than U.S. law would.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Debt Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The Fund may invest in underlying affiliated funds that invest in debt securities or other income-producing securities. 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">High-Yield/Junk Bond Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Fixed-income securities rated below investment grade, also known as “junk” or high-yield bonds, generally entail greater economic, credit, and liquidity risk than investment-grade securities. Their prices may be more volatile, especially during economic downturns, financial setbacks, or liquidity events. High-yield securities also 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Credit Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Credit risk is the possibility that an issuer of a fixed-income security will fail to make timely interest and/or principal payments on its securities or that negative market perceptions of the issuer’s ability to make such payments will cause the price of that security to decline. The Fund accepts some credit risk as a recognized means to enhance an investor’s return. All fixed-income securities, varying from the highest quality to the very speculative, have some degree of credit risk.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Interest Rate Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Bond prices generally are linked to the prevailing market interest rates. In general, when interest rates rise, bond prices fall; conversely, when interest rates fall, bond prices rise. The price volatility of a bond also depends on its duration. Generally, the longer the duration of a bond, the greater is its sensitivity to interest rates. To compensate investors for this higher interest rate risk, bonds with longer durations generally offer higher yields than bonds with shorter durations.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Exchange-Traded Funds Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The Fund may invest in shares of ETFs, which generally are investment companies that hold a portfolio of common stocks or debt securities the shares of which are traded on an exchange. ETFs incur their own management and other fees and expenses, such as trustees’ fees, operating expenses, registration fees, and marketing expenses, a proportionate share of which will be borne indirectly by the Fund. As a result, the Fund’s investment in an ETF will cause the Fund to indirectly bear the fees and expenses of the ETF and, in turn, the Fund’s performance may be lower than if the Fund were to invest directly in the securities held by the underlying ETFs. In addition, the Fund will be exposed indirectly to all of the risks associated with securities held by the ETFs.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Conflict of Interest Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – In managing a Fund that invests in underlying affiliated funds, the Adviser may have conflicts of interest in allocating the Fund’s assets among the various underlying affiliated funds. This is because the fees payable by some of the underlying affiliated funds to the Adviser and/or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">its affiliates are higher than the fees payable by other underlying affiliated funds, and because the Adviser also manages and administers the underlying affiliated funds.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Management Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The Fund is actively managed, and the investment techniques and risk analyses used by the Fund’s portfolio managers may not produce the desired results.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As with other mutual funds, losing money is a risk of investing in the Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The following bar chart and table are intended to help you understand some indication of the risks of investing in the Fund. The bar chart illustrates the Fund's volatility by showing how performance has varied from year to year for each full calendar year over the past 10 years. The table shows how the average annual total returns of the Fund for the periods indicated compared to those of the Fund's regulatory broad-based securities market index and the Fund's benchmark index.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> We assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">reinvestment of dividends and distributions. Performance reflects any expense limitations in effect during the periods shown.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund’s most current performance information is available on the Fund’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(800) 235-8396</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The following bar chart and table are intended to help you understand some indication of the risks of investing in the Fund. The bar chart illustrates the Fund's volatility by showing how performance has varied from year to year for each full calendar year over the past 10 years. The table shows how the average annual total returns of the Fund for the periods indicated compared to those of the Fund's regulatory broad-based securities market index and the Fund's benchmark index.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(800) 235-8396</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns for Fund Shares</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart:</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:7.00pt;">12.45%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:3.11pt;">-15.00%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">March 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:12.55pt;">8.31%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2026</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span>
0.1245
2020-06-30
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span>
-0.1500
2020-03-31
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span>
0.0831
2026-06-30
<span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">(For the Periods Ended December 31, 2025)</span>
0.1479
0.0694
0.0771
0.1265
0.0500
0.0555
0.0963
0.0487
0.0540
0.0730
-0.0036
0.0201
0.1513
0.0707
0.0841
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In certain situations, the return after taxes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on distributions and sale of fund shares may be higher than the other return amounts. 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The actual after-tax returns depend on your tax </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If you hold your shares through a tax-deferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangement, such as an individual retirement account (“IRA”) or 401(k) plan, the after-tax returns shown in the table are not relevant to you.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In certain situations, the return after taxes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on distributions and sale of fund shares may be higher than the other return amounts. 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. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If you hold your shares through a tax-deferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangement, such as an individual retirement account (“IRA”) or 401(k) plan, the after-tax returns shown in the table are not relevant to you.</span>
<span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">Victory Target Retirement 2040 Fund Summary</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Victory Target Retirement 2040 Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the “Fund”) provides capital appreciation and current income consistent with its current investment allocation.</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The tables below describe the fees and expenses that you may pay, if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Shareholder Fees</span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(paid directly from your investment)</span>
0
0
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0000
0.0000
0.0002
0.0053
0.0055
<span style="color:#000000;font-family:Arial;font-size:6.56pt;">August 31, 2027</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, the Fund’s operating expenses remain the same, and the expense limitation agreement for the Fund is not continued beyond its expiration date.</span>
56
176
307
689
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 shares of the Fund 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">18</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> of the average value of its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">portfolio.</span>
0.18
0.18
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund invests in a selection of affiliated mutual funds and exchange-traded funds (“ETFs”) (“underlying affiliated funds”) managed by the Adviser in a manner consistent with its current asset allocation as depicted in the “lifestyle transition path,” based on the years left until retirement. The lifestyle transition path depicts how the asset allocation strategy shifts the Fund’s assets among asset classes as the Fund becomes more conservative over time. The lifestyle transition path reflects the need for reduced investment risks and lower volatility as retirement approaches.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s asset allocation strategy is designed for investors planning to start withdrawing funds for retirement in or within a few years of the Fund’s specific target date (“2040”). In general, the Fund’s asset allocation strategy assumes funds will start being withdrawn for retirement purposes at age 65. However, the Fund should not be selected solely on the basis of an investor’s age or the target date. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">The Fund does not provide guaranteed income for retirement.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Although the underlying affiliated funds are categorized generally as equity investments or fixed-income investments, in either case, the Fund may invest in underlying affiliated funds in alternative asset classes or with alternative strategies that the Adviser believes have similar risk/return profiles as these classes. Also, many of these underlying affiliated funds invest in a mix of securities of domestic and foreign issuers, investment-grade and high-yield bonds, and other securities. As a result, the target asset allocation of the Fund may differ from the actual securities held by the underlying affiliated funds. Actual asset allocation also may differ from the lifestyle transition path as a result of market movement. The Fund’s portfolio will be rebalanced on a regular basis, taking into account transaction costs. We may adjust the Fund’s actual asset allocation from the targets specified in the lifestyle transition path based on market view or other conditions as part of an active asset allocation strategy, or make changes to the lifestyle transition path. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">It is currently anticipated that at its target date, the Fund’s target asset allocation will consist of approximately 35% of the Fund’s net assets allocated to equity investments; and approximately 65% of the Fund’s net assets allocated to fixed-income investments. The Fund’s target asset allocation will not change after the target date has been reached unless approved by the Fund’s Board of Trustees (the “Board”).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Once the Fund’s target asset allocation is similar to that of the Victory Target Retirement Income Fund, the Board, without shareholder approval, may combine the Fund with the Victory Target Retirement Income Fund. Shareholders will be notified prior to such a combination. Once such a combination occurs, shareholders will own shares of the Victory Target Retirement Income Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Any investment involves risk, and there is no assurance that the Fund’s objective will be achieved. By itself, the Fund does not constitute a complete investment plan. As you consider an investment in the Fund, you also should take into account your tolerance for the daily fluctuations of the financial markets and whether you can afford to leave your money in the Fund for long periods of time to ride out down periods. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As with other mutual funds, losing money is a risk of investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Affiliated Funds Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The risks of the Fund directly correspond to the risks of the underlying affiliated funds in which the Fund invests. By investing in the underlying affiliated funds, the Fund has exposure to the risk of many different areas of the market. The degree to which the risks described below apply to the Fund varies according to the Fund’s asset allocation. For instance, the more the Fund is allocated to stock funds, the greater the risk associated with equity securities. The Fund also is subject to asset allocation risk (i.e., the risk that allocations will not produce the intended results) and to management risk (i.e., the risk that the selection of underlying affiliated funds will not produce the intended results).</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">General Market Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The Fund may invest in underlying affiliated funds that invest in equity securities. 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. A company’s earnings or dividends may not increase as expected due to poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, tariffs, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations, war, 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Global markets, or those in a particular region, may all react in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">similar fashion to important political, economic, or other developments. Events and evolving conditions in certain economies or markets, including with respect to tariffs or sanctions, may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable and make such investments riskier and more volatile.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Emerging Markets Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Foreign securities risk can be particularly heightened because investments in emerging market countries generally are more volatile than investments in developed markets. Emerging market countries are less economically diverse and mature than more developed countries and tend to be politically less stable. The governments of emerging market countries may be more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets, and/or impose burdensome taxes that could adversely affect security prices. In addition, the economies of emerging market countries may be dependent on relatively few industries that are more susceptible to local and global changes. Emerging market countries may also have less developed legal and accounting systems, and their legal systems may deal with issuer bankruptcies and defaults differently than U.S. law would.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Debt Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The Fund may invest in underlying affiliated funds that invest in debt securities or other income-producing securities. 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">High-Yield/Junk Bond Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Fixed-income securities rated below investment grade, also known as “junk” or high-yield bonds, generally entail greater economic, credit, and liquidity risk than investment-grade securities. Their prices may be more volatile, especially during economic downturns, financial setbacks, or liquidity events. High-yield securities also 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Credit Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Credit risk is the possibility that an issuer of a fixed-income security will fail to make timely interest and/or principal payments on its securities or that negative market perceptions of the issuer’s ability to make such payments will cause the price of that security to decline. The Fund accepts some credit risk as a recognized means to enhance an investor’s return. All fixed-income securities, varying from the highest quality to the very speculative, have some degree of credit risk.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Interest Rate Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Bond prices generally are linked to the prevailing market interest rates. In general, when interest rates rise, bond prices fall; conversely, when interest rates fall, bond prices rise. The price volatility of a bond also depends on its duration. Generally, the longer the duration of a bond, the greater is its sensitivity to interest rates. To compensate investors for this higher interest rate risk, bonds with longer durations generally offer higher yields than bonds with shorter durations.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Exchange-Traded Funds Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The Fund may invest in shares of ETFs, which generally are investment companies that hold a portfolio of common stocks or debt securities the shares of which are traded on an exchange. ETFs incur their own management and other fees and expenses, such as trustees’ fees, operating expenses, registration fees, and marketing expenses, a proportionate share of which will be borne indirectly by the Fund. As a result, the Fund’s investment in an ETF will cause the Fund to indirectly bear the fees and expenses of the ETF and, in turn, the Fund’s performance may be lower than if the Fund were to invest directly in the securities held by the underlying ETFs. In addition, the Fund will be exposed indirectly to all of the risks associated with securities held by the ETFs.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Conflict of Interest Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – In managing a Fund that invests in underlying affiliated funds, the Adviser may have conflicts of interest in allocating the Fund’s assets among the various underlying affiliated funds. This is because the fees payable by some of the underlying affiliated funds to the Adviser and/or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">its affiliates are higher than the fees payable by other underlying affiliated funds, and because the Adviser also manages and administers the underlying affiliated funds.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Management Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The Fund is actively managed, and the investment techniques and risk analyses used by the Fund’s portfolio managers may not produce the desired results.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As with other mutual funds, losing money is a risk of investing in the Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The following bar chart and table are intended to help you understand some indication of the risks of investing in the Fund. The bar chart illustrates the Fund's volatility by showing how performance has varied from year to year for each full calendar year over the past 10 years. The table shows how the average annual total returns of the Fund for the periods indicated compared to those of the Fund's regulatory broad-based securities market index and the Fund's benchmark index.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> We assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">reinvestment of dividends and distributions. Performance reflects any expense limitations in effect during the periods shown.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund’s most current performance information is available on the Fund’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(800) 235-8396</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The following bar chart and table are intended to help you understand some indication of the risks of investing in the Fund. The bar chart illustrates the Fund's volatility by showing how performance has varied from year to year for each full calendar year over the past 10 years. The table shows how the average annual total returns of the Fund for the periods indicated compared to those of the Fund's regulatory broad-based securities market index and the Fund's benchmark index.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(800) 235-8396</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns for Fund Shares</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart:</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:7.00pt;">14.48%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:3.11pt;">-18.76%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">March 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:6.99pt;">11.04%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2026</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span>
0.1448
2020-06-30
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span>
-0.1876
2020-03-31
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span>
0.1104
2026-06-30
<span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">(For the Periods Ended December 31, 2025)</span>
0.1751
0.0869
0.0887
0.1541
0.0677
0.0662
0.1147
0.0632
0.0630
0.1788
0.1442
0.1482
0.1820
0.0918
0.1006
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In certain situations, the return after taxes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on distributions and sale of fund shares may be higher than the other return amounts. 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The actual after-tax returns depend on your tax </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If you hold your shares through a tax-deferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangement, such as an individual retirement account (“IRA”) or 401(k) plan, the after-tax returns shown in the table are not relevant to you.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In certain situations, the return after taxes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on distributions and sale of fund shares may be higher than the other return amounts. 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. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If you hold your shares through a tax-deferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangement, such as an individual retirement account (“IRA”) or 401(k) plan, the after-tax returns shown in the table are not relevant to you.</span>
<span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">Victory Target Retirement 2050 Fund Summary</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Victory Target Retirement 2050 Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the “Fund”) provides capital appreciation and current income consistent with its current investment allocation.</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The tables below describe the fees and expenses that you may pay, if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Shareholder Fees</span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(paid directly from your investment)</span>
0
0
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0000
0.0000
0.0002
0.0053
0.0055
<span style="color:#000000;font-family:Arial;font-size:6.56pt;">August 31, 2027</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, the Fund’s operating expenses remain the same, and the expense limitation agreement for the Fund is not continued beyond its expiration date.</span>
56
176
307
689
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 shares of the Fund 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">18</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> of the average value of its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">portfolio.</span>
0.18
0.18
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund invests in a selection of affiliated mutual funds and exchange-traded funds (“ETFs”) (“underlying affiliated funds”) managed by the Adviser in a manner consistent with its current asset allocation as depicted in the “lifestyle transition path,” based on the years left until retirement. The lifestyle transition path depicts how the asset allocation strategy shifts the Fund’s assets among asset classes as the Fund becomes more conservative over time. The lifestyle transition path reflects the need for reduced investment risks and lower volatility as retirement approaches.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s asset allocation strategy is designed for investors planning to start withdrawing funds for retirement in or within a few years of the Fund’s specific target date (“2050”). In general, the Fund’s asset allocation strategy assumes funds will start being withdrawn for retirement purposes at age 65. However, the Fund should not be selected solely on the basis of an investor’s age or the target date. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">The Fund does not provide guaranteed income for retirement.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Although the underlying affiliated funds are categorized generally as equity investments or fixed-income investments, in either case, the Fund may invest in underlying affiliated funds in alternative asset classes or with alternative strategies that the Adviser believes have similar risk/return profiles as these classes. Also, many of these underlying affiliated funds invest in a mix of securities of domestic and foreign issuers, investment-grade and high-yield bonds, and other securities. As a result, the target asset allocation of the Fund may differ from the actual securities held by the underlying affiliated funds. Actual asset allocation also may differ from the lifestyle transition path as a result of market movement. The Fund’s portfolio will be rebalanced on a regular basis, taking into account transaction costs. We may adjust the Fund’s actual asset allocation from the targets specified in the lifestyle transition path based on market view or other conditions as part of an active asset allocation strategy, or make changes to the lifestyle transition path. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">It is currently anticipated that at its target date, the Fund’s target asset allocation will consist of approximately 35% of the Fund’s net assets allocated to equity investments; and approximately 65% of the Fund’s net assets allocated to fixed-income investments. The Fund’s target asset allocation will not change after the target date has been reached unless approved by the Fund’s Board of Trustees (the “Board”).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Once the Fund’s target asset allocation is similar to that of the Victory Target Retirement Income Fund, the Board, without shareholder approval, may combine the Fund with the Victory Target Retirement Income Fund. Shareholders will be notified prior to such a combination. Once such a combination occurs, shareholders will own shares of the Victory Target Retirement Income Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Any investment involves risk, and there is no assurance that the Fund’s objective will be achieved. By itself, the Fund does not constitute a complete investment plan. As you consider an investment in the Fund, you also should take into account your tolerance for the daily fluctuations of the financial markets and whether you can afford to leave your money in the Fund for long periods of time to ride out down periods. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As with other mutual funds, losing money is a risk of investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Affiliated Funds Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The risks of the Fund directly correspond to the risks of the underlying affiliated funds in which the Fund invests. By investing in the underlying affiliated funds, the Fund has exposure to the risk of many different areas of the market. The degree to which the risks described below apply to the Fund varies according to the Fund’s asset allocation. For instance, the more the Fund is allocated to stock funds, the greater the risk associated with equity securities. The Fund also is subject to asset allocation risk (i.e., the risk that allocations will not produce the intended results) and to management risk (i.e., the risk that the selection of underlying affiliated funds will not produce the intended results).</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">General Market Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The Fund may invest in underlying affiliated funds that invest in equity securities. 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. A company’s earnings or dividends may not increase as expected due to poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, tariffs, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations, war, 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Global markets, or those in a particular region, may all react in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">similar fashion to important political, economic, or other developments. Events and evolving conditions in certain economies or markets, including with respect to tariffs or sanctions, may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable and make such investments riskier and more volatile.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Emerging Markets Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Foreign securities risk can be particularly heightened because investments in emerging market countries generally are more volatile than investments in developed markets. Emerging market countries are less economically diverse and mature than more developed countries and tend to be politically less stable. The governments of emerging market countries may be more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets, and/or impose burdensome taxes that could adversely affect security prices. In addition, the economies of emerging market countries may be dependent on relatively few industries that are more susceptible to local and global changes. Emerging market countries may also have less developed legal and accounting systems, and their legal systems may deal with issuer bankruptcies and defaults differently than U.S. law would.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Debt Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The Fund may invest in underlying affiliated funds that invest in debt securities or other income-producing securities. 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">High-Yield/Junk Bond Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Fixed-income securities rated below investment grade, also known as “junk” or high-yield bonds, generally entail greater economic, credit, and liquidity risk than investment-grade securities. Their prices may be more volatile, especially during economic downturns, financial setbacks, or liquidity events. High-yield securities also 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Credit Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Credit risk is the possibility that an issuer of a fixed-income security will fail to make timely interest and/or principal payments on its securities or that negative market perceptions of the issuer’s ability to make such payments will cause the price of that security to decline. The Fund accepts some credit risk as a recognized means to enhance an investor’s return. All fixed-income securities, varying from the highest quality to the very speculative, have some degree of credit risk.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Interest Rate Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Bond prices generally are linked to the prevailing market interest rates. In general, when interest rates rise, bond prices fall; conversely, when interest rates fall, bond prices rise. The price volatility of a bond also depends on its duration. Generally, the longer the duration of a bond, the greater is its sensitivity to interest rates. To compensate investors for this higher interest rate risk, bonds with longer durations generally offer higher yields than bonds with shorter durations.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Exchange-Traded Funds Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The Fund may invest in shares of ETFs, which generally are investment companies that hold a portfolio of common stocks or debt securities the shares of which are traded on an exchange. ETFs incur their own management and other fees and expenses, such as trustees’ fees, operating expenses, registration fees, and marketing expenses, a proportionate share of which will be borne indirectly by the Fund. As a result, the Fund’s investment in an ETF will cause the Fund to indirectly bear the fees and expenses of the ETF and, in turn, the Fund’s performance may be lower than if the Fund were to invest directly in the securities held by the underlying ETFs. In addition, the Fund will be exposed indirectly to all of the risks associated with securities held by the ETFs.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Conflict of Interest Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – In managing a Fund that invests in underlying affiliated funds, the Adviser may have conflicts of interest in allocating the Fund’s assets among the various underlying affiliated funds. This is because the fees payable by some of the underlying affiliated funds to the Adviser and/or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">its affiliates are higher than the fees payable by other underlying affiliated funds, and because the Adviser also manages and administers the underlying affiliated funds.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Management Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The Fund is actively managed, and the investment techniques and risk analyses used by the Fund’s portfolio managers may not produce the desired results.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As with other mutual funds, losing money is a risk of investing in the Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The following bar chart and table are intended to help you understand some indication of the risks of investing in the Fund. The bar chart illustrates the Fund's volatility by showing how performance has varied from year to year for each full calendar year over the past 10 years. The table shows how the average annual total returns of the Fund for the periods indicated compared to those of the Fund's regulatory broad-based securities market index and the Fund's benchmark index. The MSCI All-Country World Index serves as the Fund's regulatory broad-based securities market index.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> We </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">assume reinvestment of dividends and distributions. Performance reflects any expense limitations in effect during the periods shown.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund’s most current performance information is available on the Fund’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(800) 235-8396</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The following bar chart and table are intended to help you understand some indication of the risks of investing in the Fund. The bar chart illustrates the Fund's volatility by showing how performance has varied from year to year for each full calendar year over the past 10 years. The table shows how the average annual total returns of the Fund for the periods indicated compared to those of the Fund's regulatory broad-based securities market index and the Fund's benchmark index. The MSCI All-Country World Index serves as the Fund's regulatory broad-based securities market index.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(800) 235-8396</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns for Fund Shares</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart:</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:7.00pt;">15.42%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:3.11pt;">-19.70%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">March 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:6.99pt;">12.73%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2026</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span>
0.1542
2020-06-30
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span>
-0.1970
2020-03-31
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span>
0.1273
2026-06-30
<span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">(For the Periods Ended December 31, 2025)</span>
0.1937
0.0962
0.0955
0.1750
0.0779
0.0749
0.1259
0.0712
0.0702
0.2234
0.1119
0.1172
0.1956
0.1013
0.1079
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In certain situations, the return after taxes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on distributions and sale of fund shares may be higher than the other return amounts. 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The actual after-tax returns depend on your tax </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If you hold your shares through a tax-deferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangement, such as an individual retirement account (“IRA”) or 401(k) plan, the after-tax returns shown in the table are not relevant to you.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In certain situations, the return after taxes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on distributions and sale of fund shares may be higher than the other return amounts. 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. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If you hold your shares through a tax-deferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangement, such as an individual retirement account (“IRA”) or 401(k) plan, the after-tax returns shown in the table are not relevant to you.</span>
<span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">Victory Target Retirement 2060 Fund Summary</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Victory Target Retirement 2060 Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the “Fund”) provides capital appreciation and current income consistent with its current investment allocation.</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The tables below describe the fees and expenses that you may pay, if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Shareholder Fees</span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(paid directly from your investment)</span>
0
0
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0000
0.0000
0.0010
0.0052
0.0062
<span style="color:#000000;font-family:Arial;font-size:6.56pt;">August 31, 2027</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, the Fund’s operating expenses remain the same, and the expense limitation agreement for the Fund is not continued beyond its expiration date.</span>
63
199
346
774
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 shares of the Fund 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">16</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> of the average value of its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">portfolio.</span>
0.16
0.16
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund invests in a selection of affiliated mutual funds and exchange-traded funds (“ETFs”) (“underlying affiliated funds”) managed by the Adviser in a manner consistent with its current asset allocation as depicted in the “lifestyle transition path,” based on the years left until retirement. The lifestyle transition path depicts how the asset allocation strategy shifts the Fund’s assets among asset classes as the Fund becomes more conservative over time. The lifestyle transition path reflects the need for reduced investment risks and lower volatility as retirement approaches.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s asset allocation strategy is designed for investors planning to start withdrawing funds for retirement in or within a few years of the Fund’s specific target date (“2060”). In general, the Fund’s asset allocation strategy assumes funds will start being withdrawn for retirement purposes at age 65. However, the Fund should not be selected solely on the basis of an investor’s age or the target date. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">The Fund does not provide guaranteed income for retirement.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Although the underlying affiliated funds are categorized generally as equity investments or fixed-income investments, in either case, the Fund may invest in underlying affiliated funds in alternative asset classes or with alternative strategies that the Adviser believes have similar risk/return profiles as these classes. Also, many of these underlying affiliated funds invest in a mix of securities of domestic and foreign issuers, investment-grade and high-yield bonds, and other securities. As a result, the target asset allocation of the Fund may differ from the actual securities held by the underlying affiliated funds. Actual asset allocation also may differ from the lifestyle transition path as a result of market movement. The Fund’s portfolio will be rebalanced on a regular basis, taking into account transaction costs. We may adjust the Fund’s actual asset allocation from the targets specified in the lifestyle transition path based on market view or other conditions as part of an active asset allocation strategy, or make changes to the lifestyle transition path. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">It is currently anticipated that at its target date, the Fund’s target asset allocation will consist of approximately 35% of the Fund’s net assets allocated to equity investments; and approximately 65% of the Fund’s net assets allocated to fixed-income investments. The Fund’s target asset allocation will not change after the target date has been reached unless approved by the Fund’s Board of Trustees (the “Board”).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Once the Fund’s target asset allocation is similar to that of the Victory Target Retirement Income Fund, the Board, without shareholder approval, may combine the Fund with the Victory Target Retirement Income Fund. Shareholders will be notified prior to such a combination. Once such a combination occurs, shareholders will own shares of the Victory Target Retirement Income Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Any investment involves risk, and there is no assurance that the Fund’s objective will be achieved. By itself, the Fund does not constitute a complete investment plan. As you consider an investment in the Fund, you also should take into account your tolerance for the daily fluctuations of the financial markets and whether you can afford to leave your money in the Fund for long periods of time to ride out down periods. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As with other mutual funds, losing money is a risk of investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Affiliated Funds Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The risks of the Fund directly correspond to the risks of the underlying affiliated funds in which the Fund invests. By investing in the underlying affiliated funds, the Fund has exposure to the risk of many different areas of the market. The degree to which the risks described below apply to the Fund varies according to the Fund’s asset allocation. For instance, the more the Fund is allocated to stock funds, the greater the risk associated with equity securities. The Fund also is subject to asset allocation risk (i.e., the risk that allocations will not produce the intended results) and to management risk (i.e., the risk that the selection of underlying affiliated funds will not produce the intended results).</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">General Market Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Equity Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The Fund may invest in underlying affiliated funds that invest in equity securities. 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. A company’s earnings or dividends may not increase as expected due to poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, tariffs, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations, war, 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Global markets, or those in a particular region, may all react in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">similar fashion to important political, economic, or other developments. Events and evolving conditions in certain economies or markets, including with respect to tariffs or sanctions, may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable and make such investments riskier and more volatile.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Emerging Markets Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Foreign securities risk can be particularly heightened because investments in emerging market countries generally are more volatile than investments in developed markets. Emerging market countries are less economically diverse and mature than more developed countries and tend to be politically less stable. The governments of emerging market countries may be more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets, and/or impose burdensome taxes that could adversely affect security prices. In addition, the economies of emerging market countries may be dependent on relatively few industries that are more susceptible to local and global changes. Emerging market countries may also have less developed legal and accounting systems, and their legal systems may deal with issuer bankruptcies and defaults differently than U.S. law would.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Debt Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The Fund may invest in underlying affiliated funds that invest in debt securities or other income-producing securities. 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">High-Yield/Junk Bond Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Fixed-income securities rated below investment grade, also known as “junk” or high-yield bonds, generally entail greater economic, credit, and liquidity risk than investment-grade securities. Their prices may be more volatile, especially during economic downturns, financial setbacks, or liquidity events. High-yield securities also 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Credit Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Credit risk is the possibility that an issuer of a fixed-income security will fail to make timely interest and/or principal payments on its securities or that negative market perceptions of the issuer’s ability to make such payments will cause the price of that security to decline. The Fund accepts some credit risk as a recognized means to enhance an investor’s return. All fixed-income securities, varying from the highest quality to the very speculative, have some degree of credit risk.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Interest Rate Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Bond prices generally are linked to the prevailing market interest rates. In general, when interest rates rise, bond prices fall; conversely, when interest rates fall, bond prices rise. The price volatility of a bond also depends on its duration. Generally, the longer the duration of a bond, the greater is its sensitivity to interest rates. To compensate investors for this higher interest rate risk, bonds with longer durations generally offer higher yields than bonds with shorter durations.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Exchange-Traded Funds Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The Fund may invest in shares of ETFs, which generally are investment companies that hold a portfolio of common stocks or debt securities the shares of which are traded on an exchange. ETFs incur their own management and other fees and expenses, such as trustees’ fees, operating expenses, registration fees, and marketing expenses, a proportionate share of which will be borne indirectly by the Fund. As a result, the Fund’s investment in an ETF will cause the Fund to indirectly bear the fees and expenses of the ETF and, in turn, the Fund’s performance may be lower than if the Fund were to invest directly in the securities held by the underlying ETFs. In addition, the Fund will be exposed indirectly to all of the risks associated with securities held by the ETFs.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Conflict of Interest Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – In managing a Fund that invests in underlying affiliated funds, the Adviser may have conflicts of interest in allocating the Fund’s assets among the various underlying affiliated funds. This is because the fees payable by some of the underlying affiliated funds to the Adviser and/or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">its affiliates are higher than the fees payable by other underlying affiliated funds, and because the Adviser also manages and administers the underlying affiliated funds.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Management Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The Fund is actively managed, and the investment techniques and risk analyses used by the Fund’s portfolio managers may not produce the desired results.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As with other mutual funds, losing money is a risk of investing in the Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The following bar chart and table are intended to help you understand some indication of the risks of investing in the Fund. The bar chart illustrates the Fund's volatility by showing how performance has varied from year to year for each full calendar year over the past 10 years. The table shows how the average annual total returns of the Fund for the periods indicated compared to those of the Fund's regulatory broad-based securities market index and the Fund's benchmark index.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> We assume </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">reinvestment of dividends and distributions. Performance reflects any expense limitations in effect during the periods shown.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund’s most current performance information is available on the Fund’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(800) 235-8396</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The following bar chart and table are intended to help you understand some indication of the risks of investing in the Fund. The bar chart illustrates the Fund's volatility by showing how performance has varied from year to year for each full calendar year over the past 10 years. The table shows how the average annual total returns of the Fund for the periods indicated compared to those of the Fund's regulatory broad-based securities market index and the Fund's benchmark index.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(800) 235-8396</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns for Fund Shares</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart:</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:7.00pt;">15.35%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:3.11pt;">-19.95%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">March 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:6.99pt;">13.35%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2026</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span>
0.1535
2020-06-30
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span>
-0.1995
2020-03-31
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span>
0.1335
2026-06-30
<span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">(For the Periods Ended December 31, 2025)</span>
0.1963
0.0970
0.0952
0.1803
0.0807
0.0800
0.1263
0.0722
0.0724
0.2234
0.1119
0.1172
0.1994
0.1026
0.1097
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In certain situations, the return after taxes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on distributions and sale of fund shares may be higher than the other return amounts. 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The actual after-tax returns depend on your tax </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If you hold your shares through a tax-deferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangement, such as an individual retirement account (“IRA”) or 401(k) plan, the after-tax returns shown in the table are not relevant to you.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In certain situations, the return after taxes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on distributions and sale of fund shares may be higher than the other return amounts. 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. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If you hold your shares through a tax-deferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangement, such as an individual retirement account (“IRA”) or 401(k) plan, the after-tax returns shown in the table are not relevant to you.</span>
<span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">Victory Ultra Short-Term Bond Fund Summary</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Victory Ultra Short-Term Bond Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the “Fund”) seeks to provide high current income consistent with preservation of principal.</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The tables below describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">$50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in one or more Victory Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other discounts is available </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">under </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">Investing with the Victory Funds</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> on page 22 of the Fund’s prospectus, in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">Appendix A – Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries,</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> and from your financial intermediary.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">$50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in one or more Victory Funds.</span>
50000
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Shareholder Fees</span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(paid directly from your investment)</span>
0
0
0
0
0
0
0
0
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0028
0.0029
0.0024
0.0028
0.0000
0.0000
0.0025
0.0000
0.0033
0.0031
0.0149
0.0030
0.0061
0.0060
0.0198
0.0058
0.0000
0.0000
-0.0113
-0.0015
0.0061
0.0060
0.0085
0.0043
<span style="color:#000000;font-family:Arial;font-size:6.56pt;">August 31, 2027</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 indicated 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:</span>
62
195
340
762
61
192
335
750
87
512
963
2215
44
171
309
711
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 shares of the Fund 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">62</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> of the average value of its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">portfolio.</span>
0.62
0.62
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets in investment-grade debt securities and in derivatives and other instruments that have similar economic characteristics.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">effective duration of the Fund is generally one year or less. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund invests primarily in U.S. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">dollar-denominated debt securities that may include, but are not limited to, obligations of U.S., state, and local governments, their agencies and instrumentalities; mortgage- and asset-backed securities; corporate debt securities; repurchase agreements; Yankee obligations; and other securities believed to have debt-like characteristics. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The managers implement the Fund’s strategy by seeking to select </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities that represent value at the time of purchase given current market conditions. Value is a combination of yield, credit quality, structure (maturity, coupon, redemption features), and liquidity.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This 80% policy may be changed upon at least 60 days’ prior written notice to shareholders.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In addition, the Fund may invest up to 10% of its net assets in securities that at the time of purchase are below-investment-grade securities, which are sometimes referred to as high-yield or “junk” bonds.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets in investment-grade debt securities and in derivatives and other instruments that have similar economic characteristics.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund invests primarily in U.S. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">dollar-denominated debt securities that may include, but are not limited to, obligations of U.S., state, and local governments, their agencies and instrumentalities; mortgage- and asset-backed securities; corporate debt securities; repurchase agreements; Yankee obligations; and other securities believed to have debt-like characteristics. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The managers implement the Fund’s strategy by seeking to select </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities that represent value at the time of purchase given current market conditions. Value is a combination of yield, credit quality, structure (maturity, coupon, redemption features), and liquidity.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Any investment involves risk, and there is no assurance that the Fund’s objective will be achieved. By itself, the Fund does not constitute a complete investment plan. As you consider an investment in the Fund, you also should take into account your tolerance for the daily fluctuations of the financial markets and whether you can afford to leave your money in the Fund for long periods of time to ride out down periods. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As with other mutual funds, losing money is a risk of investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Debt Securities Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– 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, economic conditions, market events, public health crises, and responses by governments and companies to such developments. These and other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Credit Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The fixed-income securities in the Fund's portfolio are subject to credit risk, which is the possibility that an issuer of a fixed-income security will fail to make timely interest and/or principal payments on its securities or that negative market perceptions of the issuer’s ability to make such payments will cause the price of that security to decline. The Fund accepts some credit risk as a recognized means to enhance an investor’s return. All fixed-income securities, varying from the highest quality to the very speculative, have some degree of credit risk.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Management Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The Fund is actively managed, and the investment techniques and risk analyses used by the Fund’s portfolio managers may not produce the desired results.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Interest Rate Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The Fund is subject to the risk that the market value of the bonds in its portfolio will fluctuate because of changes in interest rates, changes in the supply of and demand for debt securities, and other market factors. Bond prices generally are linked to the prevailing market interest rates. In general, when interest rates rise, bond prices fall; conversely, when interest rates fall, bond prices rise. The price volatility of a bond also depends on its duration. Generally, the longer the duration of a bond, the greater its sensitivity is to interest rates. To compensate investors for this higher interest rate risk, bonds with longer durations generally offer higher yields than bonds with shorter durations. The ability of an issuer of a debt security to repay principal prior to a security’s maturity can increase the security’s sensitivity to interest rate changes.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Decisions by the U.S. Federal Reserve (also known as the “Fed”) regarding interest rate and monetary policy, which can be difficult to predict and sometimes change direction suddenly in response to economic and market events, can have a significant effect on the value of fixed-income 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. As a result, the value of fixed-income securities may vary widely under certain market conditions.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">High-Yield/Junk Bond Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Fixed-income securities rated below investment grade, also known as “junk” or high-yield bonds, generally entail greater economic, credit, and liquidity risk than investment-grade securities. Their prices may be more volatile, especially during economic downturns, financial setbacks, or liquidity events. High-yield securities also 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Yankee Bonds Risk –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Yankee obligations are dollar-denominated instruments that have been issued by foreign issuers in the U.S. capital markets and are subject to the same risks that pertain to domestic issues, notably credit risk, market risk, and liquidity risk. Yankee obligations are also subject to the imposition of foreign withholding taxes, the risks of expropriation or nationalization of foreign issuers, and certain sovereign risks.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Market developments and other factors, including changes in interest rates, have the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from mutual funds that hold large amounts of fixed-income securities. Such a move, coupled with a reduction in the ability or willingness of dealers and other institutional investors to buy or hold fixed-income securities, may result in decreased liquidity and increased volatility in the fixed-income markets. Heavy redemptions of fixed-income mutual funds and decreased liquidity from fixed-income securities could hurt the Fund’s performance. In addition, significant securities market disruptions, including economic, financial and public health crises, may lead to dislocation in the market for a variety of fixed-income securities (including municipal obligations), which can decrease liquidity and sharply reduce returns. Changes in government or central bank monetary policy may have a substantial and immediate impact on interest rates, which could result in losses to the Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Legislative Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Changes in government policies may affect the value of the investments held by the Fund in ways we cannot anticipate, and such policies could have an adverse impact on the value of the Fund’s investments and the Fund’s net asset value.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Prepayment and Extension Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Mortgage-backed securities make regularly scheduled payments of principal along with interest payments. In addition, mortgagors generally have the option of paying off their mortgages without penalty at any time. For example, when a mortgaged property is sold, the old mortgage is usually prepaid. Also, when interest rates fall, the mortgagor may refinance the mortgage and prepay the old mortgage. A homeowner’s default on the mortgage also may cause a prepayment of the mortgage. This unpredictability of the mortgage’s cash flow is called prepayment risk. For the investor, prepayment risk usually means that principal is received at the least opportune time. For example, when interest rates fall, homeowners may find it advantageous to refinance their mortgages and prepay principal. In this case, the investor is forced to reinvest the principal at the current lower rate. On the other hand, when interest rates rise, homeowners generally will not refinance their mortgages and prepayments will fall. This causes the average life of the mortgage to extend and be more sensitive to interest rates, which is called extension risk. In addition, the amount of principal the investor has to invest in these higher interest rates is reduced.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large Shareholder Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The actions by one large shareholder or multiple shareholders acting simultaneously 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. 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As with other mutual funds, losing money is a risk of investing in the Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The following bar chart and table are intended to help you understand some indication of the risks of investing in the Fund. The bar chart illustrates the Fund Shares' volatility by showing how performance has varied from year to year for each full calendar year over the past 10 years. The table shows how the average annual total returns of the share classes for the periods indicated compared to those of the Fund's regulatory broad-based securities market index the Fund's benchmark index, and an additional index of funds with similar investment objectives. The Bloomberg U.S. Aggregate Bond Index serves as the Fund's regulatory broad-based securities market index.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> We assume reinvestment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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. Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund’s most </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">current performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(800) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">235-8396</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The following bar chart and table are intended to help you understand some indication of the risks of investing in the Fund. The bar chart illustrates the Fund Shares' volatility by showing how performance has varied from year to year for each full calendar year over the past 10 years. The table shows how the average annual total returns of the share classes for the periods indicated compared to those of the Fund's regulatory broad-based securities market index the Fund's benchmark index, and an additional index of funds with similar investment objectives. The Bloomberg U.S. Aggregate Bond Index serves as the Fund's regulatory broad-based securities market index.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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. Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(800) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">235-8396</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns for Fund Shares</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart:</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:12.55pt;">5.35%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:8.66pt;">-5.36%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">March 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:12.55pt;">1.85%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2026</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span>
0.0535
2020-06-30
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span>
-0.0536
2020-03-31
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span>
0.0185
2026-06-30
<span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">(For the Periods Ended December 31, 2025)</span>
0.0524
0.0356
0.0296
0.0319
0.0207
0.0180
0.0307
0.0208
0.0176
0.0524
0.0361
0.0299
0.0496
0.0330
0.0355
0.0541
0.0375
0.0332
0.0730
-0.0036
0.0201
0.0424
0.0322
0.0221
0.0486
0.0329
0.0258
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In certain situations, the return after taxes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on distributions and sale of fund shares may be higher than the other return amounts. 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The actual after-tax returns depend on your tax </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If you hold your shares through a tax-deferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangement, such as an individual retirement account (“IRA”) or 401(k) plan, the after-tax returns shown in the table are not relevant to you. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Please note that after-tax returns are only shown for the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund Shares and may differ for each share class.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In certain situations, the return after taxes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on distributions and sale of fund shares may be higher than the other return amounts. 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. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If you hold your shares through a tax-deferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangement, such as an individual retirement account (“IRA”) or 401(k) plan, the after-tax returns shown in the table are not relevant to you. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Please note that after-tax returns are only shown for the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund Shares and may differ for each share class.</span>
<span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">Victory Value Fund Summary</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Objective</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Victory Value Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (the “Fund”) seeks long-term growth of capital.</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Fund Fees and Expenses</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The tables below describe the fees and expenses that you may pay, if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Shareholder Fees</span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(paid directly from your investment)</span>
0
0
0
0
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Annual Fund Operating Expenses</span>
<br/><span style="color:#000000;font-family:Arial;font-size:8.20pt;">(expenses that you pay each year as a percentage of the value of your investment)</span>
0.0066
0.0066
0.0000
0.0000
0.0026
0.0024
0.0092
0.0090
0.0000
-0.0001
0.0092
0.0089
<span style="color:#000000;font-family:Arial;font-size:6.56pt;">August 31, </span><span style="color:#000000;font-family:Arial;font-size:6.56pt;">2027</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Example:</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 indicated 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:</span>
94
293
509
1131
91
286
497
1107
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Portfolio Turnover:</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 shares of the Fund 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">52</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> of the average value of its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">portfolio.</span>
0.52
0.52
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Principal Investment Strategy</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of companies considered to represent value. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund considers a number of factors when determining whether an issuer represents value, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">including whether (i) the issuer is classified as a value company by an independent third-party financial data provider based on financial metrics and other available information; (ii) the issuer is included in an index or index-based ETF that is representative of value companies; and/or (iii) the Adviser believes that the issuer’s securities are reasonably valued given the issuer’s expected growth or other business prospects, consistent with the Fund’s strategy, considering such measures as historical and/or projected earnings, book value, cash flow, and revenue relative to valuation and the applicable equity market.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Although the Fund will invest primarily in U.S. securities, it may invest up to 20% of its total assets in foreign securities, including securities issued in emerging markets. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund employs a multi-manager structure with the underlying managers implementing fundamentally driven security selection investment processes that focus on companies that may exhibit attractive levels of quality and value.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of companies considered to represent value. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund considers a number of factors when determining whether an issuer represents value, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">including whether (i) the issuer is classified as a value company by an independent third-party financial data provider based on financial metrics and other available information; (ii) the issuer is included in an index or index-based ETF that is representative of value companies; and/or (iii) the Adviser believes that the issuer’s securities are reasonably valued given the issuer’s expected growth or other business prospects, consistent with the Fund’s strategy, considering such measures as historical and/or projected earnings, book value, cash flow, and revenue relative to valuation and the applicable equity market.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund employs a multi-manager structure with the underlying managers implementing fundamentally driven security selection investment processes that focus on companies that may exhibit attractive levels of quality and value.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investments are subject to the following principal risks:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Style Risk —</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund uses a value-oriented investment strategy to select investments. The strategy may be out of favor or may not produce the intended results over short or longer time periods. The strategy may, at times, substantially underperform funds that utilize other investment strategies, such as growth.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Any investment involves risk, and there is no assurance that the Fund’s objective will be achieved. By itself, the Fund does not constitute a complete investment plan. As you consider an investment in the Fund, you also should take into account your tolerance for the daily fluctuations of the financial markets and whether you can afford to leave your money in the Fund for long periods of time to ride out down periods. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As with other mutual funds, losing money is a risk of investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">General Market Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Equity Securities Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The values of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general market, economic, and political conditions, and other factors. A company’s earnings or dividends may not increase as expected due to poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, tariffs, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations, war, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or may 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large-Capitalization Stock Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The Fund invests in large-capitalization companies. Such investments may go in and out of favor based on market and economic conditions and may underperform other market segments. Some large-capitalization companies may be unable to respond quickly to new competitive challenges and attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. As such, returns on investments in stocks of large-capitalization companies could trail the returns on investments in stocks of small- and mid-capitalization companies.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Financials Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The Fund’s investments in companies within the financials sector means that market or economic factors impacting that sector could have a significant effect on the value of the Fund’s investments and could make the Fund’s performance more volatile. Financial companies, such as retail and commercial banks, insurance companies, and financial services companies, are especially subject to the adverse effects of economic recession, currency exchange rates, extensive government regulation, decreases in the availability of capital, volatile interest rates, portfolio concentrations in geographic markets, industries or products (such as commercial and residential real estate loans), and competition from new entrants in their fields of business.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Global markets, or those in a particular region, may all react in similar fashion to important political, economic, or other developments. Events and evolving conditions in certain economies or markets, including with respect to tariffs or sanctions, may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable and make such investments riskier and more volatile.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Emerging Markets Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Foreign securities risk can be particularly heightened because investments in emerging market countries generally are more volatile than investments in developed markets. Emerging market countries are less economically diverse and mature than more developed countries and tend to be politically less stable. The governments of emerging market countries may be more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets, and/or impose burdensome taxes that could adversely affect security prices. In addition, the economies of emerging market countries may be dependent on relatively few industries that are more susceptible to local and global changes. Emerging market countries may also have less developed legal and accounting systems, and their legal systems may deal with issuer bankruptcies and defaults differently than U.S. law would.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Management Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The Fund is actively managed, and the investment techniques and risk analyses used by the Fund’s portfolio managers may not produce the desired results.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Large Shareholder Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The actions by one large shareholder or multiple shareholders acting simultaneously 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. 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.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As with other mutual funds, losing money is a risk of investing in the Fund.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
<span style="color:#000000;font-family:Arial;font-size:13.12pt;font-weight:bold;">Investment Performance</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The following bar chart and table are intended to help you understand some indication of the risks of investing in the Fund. The bar chart illustrates the Fund Shares' volatility by showing how performance has varied from year to year for each full calendar year over the past 10 years. The table shows how the average annual total returns of the share classes for the periods indicated compared to those of the Fund's regulatory broad-based securities market index the Fund's benchmark index, and an additional index of funds with similar investment objectives.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> We assume reinvestment of dividends </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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. Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund’s most </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">current performance information is available on the Fund’s website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(800) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">235-8396</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The following bar chart and table are intended to help you understand some indication of the risks of investing in the Fund. The bar chart illustrates the Fund Shares' volatility by showing how performance has varied from year to year for each full calendar year over the past 10 years. The table shows how the average annual total returns of the share classes for the periods indicated compared to those of the Fund's regulatory broad-based securities market index the Fund's benchmark index, and an additional index of funds with similar investment objectives.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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. Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">vcm.com </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(800) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">235-8396</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns for Fund Shares</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">During the periods shown in the chart:</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Returns</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;font-weight:bold;margin-left:0.0pt;">Quarter ended</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:7.00pt;">16.74%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">December 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:3.11pt;">-29.15%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">March 31, 2020</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:12.55pt;">8.90%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">June 30, 2026</span>
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span>
0.1674
2020-12-31
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span>
-0.2915
2020-03-31
<span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span>
0.0890
2026-06-30
<span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:7.38pt;font-weight:bold;margin-left:0.0pt;">(For the Periods Ended December 31, 2025)</span>
0.1618
0.1268
0.0993
0.1337
0.1064
0.0763
0.1149
0.0981
0.0747
0.1620
0.1273
0.1001
0.1737
0.1359
0.1459
0.1591
0.1133
0.1053
0.1905
0.1308
0.1191
0.1515
0.1167
0.1004
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In certain situations, the return after taxes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on distributions and sale of fund shares may be higher than the other return amounts. 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The actual after-tax returns depend on your tax </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If you hold your shares through a tax-deferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangement, such as an individual retirement account (“IRA”) or 401(k) plan, the after-tax returns shown in the table are not relevant to you. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Please note that after-tax returns are shown only for the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund Shares and may differ for each share class.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In certain situations, the return after taxes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on distributions and sale of fund shares may be higher than the other return amounts. 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. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">If you hold your shares through a tax-deferred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangement, such as an individual retirement account (“IRA”) or 401(k) plan, the after-tax returns shown in the table are not relevant to you. </span>
<span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Please note that after-tax returns are shown only for the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund Shares and may differ for each share class.</span>
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 acquired fund fees and expenses, if any, interest, taxes, brokerage commissions, capitalized expenses, and other extraordinary expenses) do not exceed an annual rate of 0.90% and 0.70% of the Fund’s Shares and Institutional Shares, respectively, through at least August 31, 2027. The Adviser is permitted to recoup management 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.
The Global Managed Volatility Composite Index is a combination of unmanaged indexes representing the Fund’s model allocation and consists of the MSCI All-Country World Index (70%) and the Bloomberg 1-3 Month US Treasury Bill (30%).
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.
The management fee is comprised of a base fee (which is equal to an annualized rate of 0.20% of the Fund’s average daily net assets) and a performance adjustment. The performance adjustment is calculated separately for each share class on a monthly basis and is added to or subtracted from the base fee depending upon the performance of the respective share classes relative to the Lipper Short Investment Grade Debt Funds Index. Assets and performance are each measured over a rolling 36-month period. The annual adjustment rate ranges from +/- 0-6 basis points (a basis point is 1/100th of a percentage point) of average daily net assets depending on the level of over/under-performance. The performance adjustment reflected in the management fee may differ from the over/under annual adjustment rate due to differences in average net assets for the fiscal reporting period and rolling 36-month performance period. See Organization and Management of the Fund section for a description of the performance adjustment.
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 performance fee adjustments, acquired fund fees and expenses, if any, interest, taxes, brokerage commissions, capitalized expenses, and other extraordinary expenses) do not exceed an annual rate of 0.53%, 0.43%, 0.73%, and 0.39% of the Fund Shares, Institutional Shares, Class A, and Class R6, respectively, through at least August 31, 2027. The Adviser is permitted to recoup management 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. The amount of any waivers or reimbursements and the amount of any recoupment is calculated without regard to the impact of any performance adjustment to the Fund’s management fee. This agreement may only be terminated by the Fund’s Board of Trustees.
Inception date of Class R6 is December 1, 2016.
Acquired Fund Fees and Expenses are fees and expenses of investment companies in which the Fund invests that are indirectly incurred by the Fund. Total annual fund operating expenses may not correlate to the ratio of expenses to the average daily net assets shown in the financial highlights, which reflect the operating expenses and do not include Acquired Fund Fees and Expenses.
Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive fees and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as acquired fund fees and expenses, if any, interest, taxes, brokerage commissions, capitalized expenses, and other extraordinary expenses) do not exceed an annual rate of 0.04% of the Fund through at least August 31, 2027. The Adviser is permitted to recoup management 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.
Applies to shares sold within 12 months of purchase.
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 acquired fund fees and expenses, if any, interest, taxes, brokerage commissions, capitalized expenses, and other extraordinary expenses) do not exceed an annual rate of 0.48%, 0.44%, 0.70%, 1.45%, and 0.40% of the Fund Shares, Institutional Shares, Class A, Class C, and Class R6, respectively, through at least August 31, 2027. The Adviser is permitted to recoup management 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.
Inception date of Institutional Shares, Class A, and Class C is June 29, 2020.
Inception date of Class R6 is March 1, 2017.
The management fee is comprised of a base fee (which is equal to an annualized rate of 0.24% of the Fund’s average daily net assets) and a performance adjustment. The performance adjustment is calculated separately for each share class on a monthly basis and is added to or subtracted from the base fee depending upon the performance of the respective share classes relative to the Lipper Ultra Short Obligations Funds Index. Assets and performance are each measured over a rolling 36-month period. The annual adjustment rate ranges from +/- 0-6 basis points (a basis point is 1/100th of a percentage point) of average daily net assets depending on the level of over/under-performance. The performance adjustment reflected in the management fee may differ from the over/under annual adjustment rate due to differences in average net assets for the fiscal reporting period and rolling 36-month performance period. See Organization and Management of the Fund section for a description of the performance adjustment.
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 performance fee adjustments, acquired fund fees and expenses, if any, interest, taxes, brokerage commissions, capitalized expenses, and other extraordinary expenses) do not exceed an annual rate of 0.60%, 0.55%, 0.85%, and 0.39% of the Fund Shares, Institutional Shares, Class A, and Class R6, respectively, through at least August 31, 2027. The Adviser is permitted to recoup management 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. The amount of any waivers or reimbursements and the amount of any recoupment is calculated without regard to the impact of any performance adjustment to the Fund’s management fee. This agreement may only be terminated by the Fund’s Board of Trustees.
Inception date of Class A is June 29, 2020.
Inception date of Class R6 is March 1, 2017.
The management fee is comprised of a base fee (which is equal to an annualized rate of 0.50% of the first $750 million of average daily net assets, 0.40% for that portion of average daily net assets in excess of $750 million but not over $1.5 billion, and 0.33% for that portion of average daily net assets in excess of $1.5 billion) and a performance adjustment. The performance adjustment is calculated separately for each share class on a monthly basis and is added to or subtracted from the base fee depending upon the performance of the respective share classes relative to the Lipper Large-Cap Growth Funds Index. Assets and performance are each measured over a rolling 36-month period. The annual adjustment rate ranges from +/- 0-6 basis points (a basis point is 1/100th of a percentage point) of average daily net assets depending on the level of over/under-performance. The performance adjustment reflected in the management fee may differ from the over/under annual adjustment rate due to differences in average net assets for the fiscal reporting period and rolling 36-month performance period. See Organization and Management of the Fund section for a description of the performance adjustment.
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 performance fee adjustments, acquired fund fees and expenses, if any, interest, taxes, brokerage commissions, capitalized expenses, and other extraordinary expenses) do not exceed an annual rate of 0.75% and 0.70% of the Fund Shares and Institutional Shares, respectively, through at least August 31, 2027. The Adviser is permitted to recoup management 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. The amount of any waivers or reimbursements and the amount of any recoupment is calculated without regard to the impact of any performance adjustment to the Fund’s management fee. This agreement may only be terminated by the Fund’s Board of Trustees.
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.
The management fee is comprised of a base fee (which is equal to an annualized rate of 0.75% of the Fund’s average daily net assets) and a performance adjustment. The performance adjustment is calculated separately for each share class on a monthly basis and is added to or subtracted from the base fee depending upon the performance of the respective share classes relative to the Lipper Science & Technology Funds Index. Assets and performance are each measured over a rolling 36-month period. The annual adjustment rate ranges from +/- 0-6 basis points (a basis point is 1/100th of a percentage point) of average daily net assets depending on the level of over/under-performance. The performance adjustment reflected in the management fee may differ from the over/under annual adjustment rate due to differences in average net assets for the fiscal reporting period and rolling 36-month performance period. See Organization and Management of the Fund section for a description of the performance adjustment.
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 performance fee adjustments, acquired fund fees and expenses, if any, interest, taxes, brokerage commissions, capitalized expenses, and other extraordinary expenses) do not exceed an annual rate of 1.06% and 1.34% of the Fund Shares and Class A, respectively, through at least August 31, 2027. The Adviser is permitted to recoup management 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. The amount of any waivers or reimbursements and the amount of any recoupment is calculated without regard to the impact of any performance adjustment to the Fund’s management fee. This agreement may only be terminated by the Fund’s Board of Trustees.
The management fee is comprised of a base fee (which is equal to an annualized rate of 0.75% of the Fund’s average daily net assets) and a performance adjustment. The performance adjustment is calculated separately for each share class on a monthly basis and is added to or subtracted from the base fee depending upon the performance of the respective share classes relative to the Lipper Global Funds Index. Assets and performance are each measured over a rolling 36-month period. The annual adjustment rate ranges from +/- 0-6 basis points (a basis point is 1/100th of a percentage point) of average daily net assets depending on the level of over/under-performance. The performance adjustment reflected in the management fee may differ from the over/under annual adjustment rate due to differences in average net assets for the fiscal reporting period and rolling 36-month performance period. See Organization and Management of the Fund section for a description of the performance adjustment.
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 performance fee adjustments, acquired fund fees and expenses, if any, interest, taxes, brokerage commissions, capitalized expenses, and other extraordinary expenses) do not exceed an annual rate of 1.12% and 1.10% of the Fund Shares and Institutional Shares, respectively, through at least August 31, 2027. The Adviser is permitted to recoup management 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. The amount of any waivers or reimbursements and the amount of any recoupment is calculated without regard to the impact of any performance adjustment to the Fund’s management fee. This agreement may only be terminated by the Fund’s Board of Trustees.
Acquired Fund Fees and Expenses are fees and expenses of investment companies in which the Fund invests that are indirectly incurred by the Fund. Total annual fund operating expenses may not correlate to the ratio of expenses to the average daily net assets shown in the financial highlights, which reflect the operating expenses and do not include Acquired Fund Fees and Expenses.
Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive fees and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as acquired fund fees and expenses, if any, interest, taxes, brokerage commissions, capitalized expenses, and other extraordinary expenses) do not exceed an annual rate of 0.07% of the Fund through at least August 31, 2027. The Adviser is permitted to recoup management 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.
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 acquired fund fees and expenses, if any, interest, taxes, brokerage commissions, capitalized expenses, and other extraordinary expenses) do not exceed an annual rate of 0.43% of the Fund through at least August 31, 2027. The Adviser is permitted to recoup management 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.
Performance information is not available for periods prior to the Index's inception date of December 1, 2023. Information for the Index in this column reflects performance of the Index from December 1, 2023, to December 31, 2025. Performance information is not annualized for less than one year.
The Blended-Victory Extended Market Index/Wilshire 4500 Completion Index performance reflects that of the Wilshire 4500 Completion Index, the Fund's prior index, through November 30, 2023, and the Victory Extended Market Index from December 1, 2023, onward.
Acquired Fund Fees and Expenses are fees and expenses of investment companies in which the Fund invests that are indirectly incurred by the Fund. Total annual fund operating expenses may not correlate to the ratio of expenses to the average daily net assets shown in the financial highlights, which reflect the operating expenses and do not include Acquired Fund Fees and Expenses.
Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive fees and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as acquired fund fees and expenses, if any, interest, taxes, brokerage commissions, capitalized expenses, and other extraordinary expenses) do not exceed an annual rate of 0.02% of the Fund through at least August 31, 2027. The Adviser is permitted to recoup management 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.
The management fee is comprised of a base fee (which is equal to an annualized rate of 0.60% of the Fund’s average daily net assets) and a performance adjustment. The performance adjustment is calculated separately for each share class on a monthly basis and is added to or subtracted from the base fee depending upon the performance of the respective share classes relative to the Lipper Multi-Cap Core Funds Index. Assets and performance are each measured over a rolling 36-month period. The annual adjustment rate ranges from +/- 0-6 basis points (a basis point is 1/100th of a percentage point) of average daily net assets depending on the level of over/under-performance. The performance adjustment reflected in the management fee may differ from the over/under annual adjustment rate due to differences in average net assets for the fiscal reporting period and rolling 36-month performance period. See Organization and Management of the Fund section for a description of the performance adjustment.
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 performance fee adjustments, acquired fund fees and expenses, if any, interest, taxes, brokerage commissions, capitalized expenses, and other extraordinary expenses) do not exceed an annual rate of 0.88% and 0.84% of the Fund Shares and Institutional Shares, respectively, through at least August 31, 2027. The Adviser is permitted to recoup management 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. The amount of any waivers or reimbursements and the amount of any recoupment is calculated without regard to the impact of any performance adjustment to the Fund’s management fee. This agreement may only be terminated by the Fund’s Board of Trustees.
The management fee is comprised of a base fee (which is equal to an annualized rate of 0.75% of the Fund’s average daily net assets) and a performance adjustment. The performance adjustment is calculated separately for each share class on a monthly basis and is added to or subtracted from the base fee depending upon the performance of the respective share classes relative to the Lipper Small-Cap Core Funds Index. Assets and performance are each measured over a rolling 36-month period. The annual adjustment rate ranges from +/- 0-6 basis points (a basis point is 1/100th of a percentage point) of average daily net assets depending on the level of over/under-performance. The performance adjustment reflected in the management fee may differ from the over/under annual adjustment rate due to differences in average net assets for the fiscal reporting period and rolling 36-month performance period. See Organization and Management of the Fund section for a description of the performance adjustment.
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 performance fee adjustments, acquired fund fees and expenses, if any, interest, taxes, brokerage commissions, capitalized expenses, and other extraordinary expenses) do not exceed an annual rate of 1.10% and 0.98% of the Fund Shares and Institutional Shares, respectively, through at least August 31, 2027. The Adviser is permitted to recoup management 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. The amount of any waivers or reimbursements and the amount of any recoupment is calculated without regard to the impact of any performance adjustment to the Fund’s management fee. This agreement may only be terminated by the Fund’s Board of Trustees.
Victory Capital Transfer Agency, Inc., the Fund’s transfer agent, assesses a $10 annual account maintenance fee to allocate part of the fixed costs of maintaining shareholder accounts. The transfer agent deducts $2.50 per quarter from your account to pay the annual fee.
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 acquired fund fees and expenses, if any, interest, taxes, brokerage commissions, capitalized expenses, and other extraordinary expenses) do not exceed an annual rate of 0.25% and 0.15% of the Member Shares and Reward Shares, respectively, through at least August 31, 2027. The Adviser is permitted to recoup management 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.
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.
The management fee is comprised of a base fee (which is equal to an annualized rate of 0.65% of the Fund’s average daily net assets) and a performance adjustment. The performance adjustment is calculated separately for each share class on a monthly basis and is added to or subtracted from the base fee depending upon the performance of the respective share classes relative to the Lipper Multi-Cap Value Funds Index. Assets and performance are each measured over a rolling 36-month period. The annual adjustment rate ranges from +/- 0-6 basis points (a basis point is 1/100th of a percentage point) of average daily net assets depending on the level of over/under-performance. The performance adjustment reflected in the management fee may differ from the over/under annual adjustment rate due to differences in average net assets for the fiscal reporting period and rolling 36-month performance period. See Organization and Management of the Fund section for a description of the performance adjustment.
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 performance fee adjustments, acquired fund fees and expenses, if any, interest, taxes, brokerage commissions, capitalized expenses, and other extraordinary expenses) do not exceed an annual rate of 0.96% and 0.88% of the Fund Shares and Institutional Shares, respectively, through at least August 31, 2027. The Adviser is permitted to recoup management 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. The amount of any waivers or reimbursements and the amount of any recoupment is calculated without regard to the impact of any performance adjustment to the Fund’s management fee. This agreement may only be terminated by the Fund’s Board of Trustees.
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.
The management fee is comprised of a base fee (which is equal to an annualized rate of 0.24% of the Fund’s average daily net assets) and a performance adjustment. The performance adjustment is calculated separately for each share class on a monthly basis and is added to or subtracted from the base fee depending upon the performance of the respective share classes relative to the Lipper A Rated Bond Funds Index. Assets and performance are each measured over a rolling 36-month period. The annual adjustment rate ranges from +/- 0-6 basis points (a basis point is 1/100th of a percentage point) of average daily net assets depending on the level of over/under-performance. The performance adjustment reflected in the management fee may differ from the over/under annual adjustment rate due to differences in average net assets for the fiscal reporting period and rolling 36-month performance period. See Organization and Management of the Fund section for a description of the performance adjustment.
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 performance fee adjustments, acquired fund fees and expenses, if any, interest, taxes, brokerage commissions, capitalized expenses, and other extraordinary expenses) do not exceed an annual rate of 0.52%, 0.46%, 0.77%, and 0.39% of the Fund Shares, Institutional Shares, Class A, and Class R6, respectively, through at least August 31, 2027. The Adviser is permitted to recoup management 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. The amount of any waivers or reimbursements and the amount of any recoupment is calculated without regard to the impact of any performance adjustment to the Fund’s management fee. This agreement may only be terminated by the Fund’s Board of Trustees.
Inception date of Class R6 is December 1, 2016.
Acquired Fund Fees and Expenses are fees and expenses of investment companies in which the Fund invests that are indirectly incurred by the Fund. Total annual fund operating expenses may not correlate to the ratio of expenses to the average daily net assets shown in the financial highlights, which reflect the operating expenses and do not include Acquired Fund Fees and Expenses.
Acquired Fund Fees and Expenses are fees and expenses of investment companies in which the Fund invests that are indirectly incurred by the Fund. Total annual fund operating expenses may not correlate to the ratio of expenses to the average daily net assets shown in the financial highlights, which reflect the operating expenses and do not include Acquired Fund Fees and Expenses.
Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive fees and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as acquired fund fees and expenses, if any, interest, taxes, brokerage commissions, capitalized expenses, and other extraordinary expenses) do not exceed an annual rate of 0.03% of the Fund through at least August 31, 2027. The Adviser is permitted to recoup management 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.
The management fee is comprised of a base fee (which is equal to an annualized rate of 0.65% of the Fund’s average daily net assets) and a performance adjustment. The performance adjustment is calculated separately for each share class on a monthly basis and is added to or subtracted from the base fee depending upon the performance of the respective share classes relative to the Lipper Large-Cap Growth Funds Index. Assets and performance are each measured over a rolling 36-month period. The annual adjustment rate ranges from +/- 0-6 basis points (a basis point is 1/100th of a percentage point) of average daily net assets depending on the level of over/under-performance. The performance adjustment reflected in the management fee may differ from the over/under annual adjustment rate due to differences in average net assets for the fiscal reporting period and rolling 36-month performance period. See Organization and Management of the Fund section for a description of the performance adjustment.
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 performance fee adjustments, acquired fund fees and expenses, if any, interest, taxes, brokerage commissions, capitalized expenses, and other extraordinary expenses) do not exceed an annual rate of 0.92% and 0.88% of the Fund Shares and Institutional Shares, respectively, through at least August 31, 2027. The Adviser is permitted to recoup management 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. The amount of any waivers or reimbursements and the amount of any recoupment is calculated without regard to the impact of any performance adjustment to the Fund’s management fee. This agreement may only be terminated by the Fund’s Board of Trustees.
The management fee is comprised of a base fee (which is equal to an annualized rate of 0.50% of the Fund’s average daily net assets) and a performance adjustment. The performance adjustment is calculated separately for each share class on a monthly basis and is added to or subtracted from the base fee depending upon the performance of the respective share classes relative to the Lipper Equity Income Funds Index. Assets and performance are each measured over a rolling 36-month period. The annual adjustment rate ranges from +/- 0-6 basis points (a basis point is 1/100th of a percentage point) of average daily net assets depending on the level of over/under-performance. The performance adjustment reflected in the management fee may differ from the over/under annual adjustment rate due to differences in average net assets for the fiscal reporting period and rolling 36-month performance period. See Organization and Management of the Fund section for a description of the performance adjustment.
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 performance fee adjustments, acquired fund fees and expenses, if any, interest, taxes, brokerage commissions, capitalized expenses, and other extraordinary expenses) do not exceed an annual rate of 0.76% and 0.72% of the Fund Shares and the Institutional Shares, respectively, through at least August 31, 2027. The Adviser is permitted to recoup management 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. The amount of any waivers or reimbursements and the amount of any recoupment is calculated without regard to the impact of any performance adjustment to the Fund’s management fee. This agreement may only be terminated by the Fund’s Board of Trustees.
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.
Applies to shares sold within 12 months of purchase.
The management fee is comprised of a base fee (which is equal to an annualized rate of 0.50% of the first $50 million of average daily net assets, 0.40% of that portion of average daily net assets over $50 million but not over $100 million, and 0.30% of that portion of average daily net assets in excess of $100 million) and a performance adjustment. The performance adjustment is calculated separately for each share class on a monthly basis and is added to or subtracted from the base fee depending upon the performance of the respective share classes relative to the Lipper Core Plus Bond Funds Index. Assets and performance are each measured over a rolling 36-month period. The annual adjustment rate ranges from +/- 0-6 basis points (a basis point is 1/100th of a percentage point) of average daily net assets depending on the level of over/under-performance. The performance adjustment reflected in the management fee may differ from the over/under annual adjustment rate due to differences in average net assets for the fiscal reporting period and rolling 36-month performance period. See Organization and Management of the Fund section for a description of the performance adjustment.
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 performance fee adjustments, acquired fund fees and expenses, if any, interest, taxes, brokerage commissions, capitalized expenses, and other extraordinary expenses) do not exceed an annual rate of 0.59%, 0.52%, 0.87%, 1.53%, and 0.39% of the Fund Shares, Institutional Shares, Class A, Class C, and Class R6, respectively, through at least August 31, 2027. The Adviser is permitted to recoup management 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. The amount of any waivers or reimbursements and the amount of any recoupment is calculated without regard to the impact of any performance adjustment to the Fund’s management fee. This agreement may only be terminated by the Fund’s Board of Trustees.
Inception date of Class C is June 29, 2020.
Inception date of Class R6 is December 1, 2016.
The management fee is comprised of a base fee (which is equal to an annualized rate of 0.50% of the Fund’s average daily net assets) and a performance adjustment. The performance adjustment is calculated separately for each share class on a monthly basis and is added to or subtracted from the base fee depending upon the performance of the respective share classes relative to the Lipper High Yield Bond Funds Index. Assets and performance are each measured over a rolling 36-month period. The annual adjustment rate ranges from +/- 0-6 basis points (a basis point is 1/100th of a percentage point) of average daily net assets depending on the level of over/under-performance. The performance adjustment reflected in the management fee may differ from the over/under annual adjustment rate due to differences in average net assets for the fiscal reporting period and rolling 36-month performance period. See Organization and Management of the Fund section for a description of the performance adjustment.
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 performance fee adjustments, acquired fund fees and expenses, if any, interest, taxes, brokerage commissions, capitalized expenses, and other extraordinary expenses) do not exceed an annual rate of 0.83%, 0.73%, and 0.65% of the Fund Shares, Institutional Shares, and Class R6, respectively, through at least August 31, 2027. The Adviser is permitted to recoup management 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. The amount of any waivers or reimbursements and the amount of any recoupment is calculated without regard to the impact of any performance adjustment to the Fund’s management fee. This agreement may only be terminated by the Fund’s Board of Trustees.
Inception date of Class R6 is December 1, 2016.