Victory Portfolios III
Victory 500 Index Fund
(the “Fund”)
Supplement dated September 23, 2026,
to the Summary Prospectus and Prospectus dated September 1, 2026
The following disclosure is hereby added to the end of the second paragraph under
the section titled “Principal Investment Strategy” found on page 2 of the Summary Prospectus and page
7 of the Prospectus.
The Fund may become non-diversified, as defined under the Investment Company Act of
1940, solely as a result of a change in relative market capitalization or index weighting of one
or more constituents of the Index. Shareholder approval will not be sought if the Fund becomes “non-diversified”
due solely to a change in the relative market capitalization or index weighting of one or more
constituents of the Index.
The following Non-Diversification Risk disclosure is hereby added immediately following
Sector Risk under the section titled “Principal Risks” found on page 3 of the Summary Prospectus
and page 8 of the Prospectus:
Non-Diversification Risk — Because the Fund seeks to closely track the composition of the Fund’s target index, from time to time, more than 25% of the Fund’s total assets may be invested
in issuers representing more than 5% of the Fund’s total assets due to an index rebalance or
market movement, which would result in the Fund being non-diversified under the Investment Company
Act of 1940. The Fund’s performance may be hurt disproportionately by the poor performance of relatively
few stocks, or even a single stock, and the Fund’s shares may experience significant fluctuations
in value.
The following disclosure is hereby added at the end of the third paragraph under the
heading “The Basics of Index Investing” in the section titled “Additional Fund Information” found
on page 22 of the Prospectus:
The Victory 500 Index Fund may become non-diversified, as defined under the Investment
Company Act of 1940, solely as a result of a change in relative market capitalization or index
weighting of one or more constituents of the Index. Shareholder approval will not be sought when the Fund
crosses from diversified to non-diversified status due solely to a change in the relative market
capitalization or index weighting of one or more constituents of the Index.
The following disclosure is hereby added as the second paragraph under the Non-Diversification
Risk found under the section titled “Risk Factors” on page 25 of the Prospectus:
Because the Victory 500 Index Fund seeks to closely track the composition of the Fund’s
target index, from time to time, more than 25% of the Fund’s total assets may be invested in issuers
representing more than 5% of the Fund’s total assets due to an index rebalance or market movement,
which would result in the Fund being non-diversified under the Investment Company Act of 1940.
The Fund’s performance may be hurt disproportionately by the poor performance of relatively few
stocks, or even a single stock, and the Fund’s shares may experience significant fluctuations in value.
If you wish to obtain more information, please call the Victory Funds at (800) 235-8396
or your financial advisor.
PLEASE RETAIN THIS SUPPLEMENT FOR YOUR FUTURE REFERENCE.