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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 table and examples below</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 may qualify for sales </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 the Victory Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other discounts is available in </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 15 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;">You may qualify for sales </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 the 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> 0.0575 0 0 0 0 0 0 0.0100 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> 0.0065 0.0065 0.0065 0.0065 0.0065 0.0065 0.0025 0.0100 0.0000 0.0050 0.0000 0.0000 0.0014 0.0307 0.0018 0.0018 0.0035 0.0043 0.0104 0.0472 0.0083 0.0133 0.0100 0.0108 0.0000 -0.0270 0.0000 0.0000 -0.0022 -0.0022 0.0104 0.0202 0.0083 0.0133 0.0078 0.0086 <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;">Applies to shares sold within 12 months of purchase.</span> <span style="color:#000000;font-family:Arial;font-size:6.56pt;">October 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 shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. After eight years, Class C shares of the Fund generally will convert automatically to Class A shares of the Fund. The example for Class C shares reflects the conversion to Class A shares after eight years.  Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 675 887 1116 1773 305 1180 2160 3868 85 265 460 1025 135 421 729 1601 80 297 531 1205 88 322 574 1297 <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> 205 1180 2160 3868 <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: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 Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">80</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.80 <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 common stock, which includes securities convertible or exchangeable into common stock traded on U.S. exchanges.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser employs a quantitative investment process that identifies equity securities of companies across large-cap and mid-cap capitalizations. The Adviser uses a disciplined approach that combines value, momentum, quality, and growth factors to construct a diversified portfolio.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser’s quantitative methodology looks at investment fundamentals to evaluate potential investments from a broad universe of securities. The quantitative analysis focuses on, among other things:</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quality:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Financial strength and earnings stability</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Value:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Securities trading below intrinsic value based on fundamental metrics</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Momentum:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Price trends indicating positive market recognition</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser’s quantitative approach is designed to diversify the Fund’s holdings and optimize risk-adjusted returns. The Adviser attempts to manage portfolio risks by limiting exposure to particular industry sectors and stocks of individual issuers.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund generally will sell portfolio holdings when quantitative factors signal that a stock’s value is likely to deteriorate materially, when more attractive opportunities are identified, or to manage risks within identified parameters.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As a result of its investment strategy, the Fund may experience annual portfolio turnover in excess of 100%.</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 common stock, which includes securities convertible or exchangeable into common stock traded on U.S. exchanges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser employs a quantitative investment process that identifies equity securities of companies across large-cap and mid-cap capitalizations. The Adviser uses a disciplined approach that combines value, momentum, quality, and growth factors to construct a diversified portfolio.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser’s quantitative methodology looks at investment fundamentals to evaluate potential investments from a broad universe of securities. The quantitative analysis focuses on, among other things:</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quality:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Financial strength and earnings stability</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Value:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Securities trading below intrinsic value based on fundamental metrics</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Momentum:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Price trends indicating positive market recognition</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser’s quantitative approach is designed to diversify the Fund’s holdings and optimize risk-adjusted returns. The Adviser attempts to manage portfolio risks by limiting exposure to particular industry sectors and stocks of individual issuers.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund generally will sell portfolio holdings when quantitative factors signal that a stock’s value is likely to deteriorate materially, when more attractive opportunities are identified, or to manage risks within identified parameters.</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;">You may lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is no guarantee that the Fund will achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective. </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 insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</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 value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company’s earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.</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;">Large-Capitalization Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The securities of large-sized companies may underperform the securities of smaller-sized companies or the market as a whole. The growth rate of larger, more established companies may lag that of smaller companies, especially during periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Focus Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— To the extent the Fund focuses on 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Information Technology Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Companies in the information technology sector face intense competition, both domestically and internationally. These companies may be smaller or newer and may have limited product lines, markets, financial resources, or personnel. The products of companies in the information technology sector may face product obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates, and competition for the services of qualified personnel. These companies may be developing or marketing new products or services for which markets are not yet established and may never become established.</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;"> — Different types of investment styles, for example growth or value, tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. As a result, the Fund’s performance may at times be worse than the performance of other mutual funds that invest more broadly or that have different investment styles.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Mid-Capitalization Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss.</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 securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. Foreign securities could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing contracts. Compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts. Depositary receipts may have additional risks, including creditworthiness of the depositary bank and the risk of an illiquid market. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may negatively affect an investment. Dividends and interest received by the Fund and capital gains recognized by the Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund’s return.</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;"> — Certain large shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</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 portfolio managers may not execute the Fund's principal investment strategy effectively.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may 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 insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years. The table compares the Fund’s average annual total returns of the Fund's share classes, including applicable maximum sales charges, over the same period to one or more broad measures of market performance, which have characteristics relevant to the Fund's investment strategy. </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. The Fund's investment team changed on November 1, 2025.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund's past performance (before and after taxes) does not </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">necessarily indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information is </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years. The table compares the Fund’s average annual total returns of the Fund's share classes, including applicable maximum sales charges, over the same period to one or more broad measures of market performance, which have characteristics relevant to the Fund's investment strategy. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund's past performance (before and after taxes) does not </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">necessarily indicate how the Fund will perform 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:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns for Class A Shares</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(Applicable sales loads or account fees are not reflected in the bar chart. If these amounts were reflected, returns would be less than those shown.)</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(Applicable sales loads or account fees are not reflected in the bar chart. If these amounts were reflected, returns would be less than those shown.)</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;">23.93%</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;">-24.43%</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;">10.76%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">September 30, 2026</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span> 0.2393 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span> -0.2443 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span> 0.1076 2026-09-30 <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> 0.1634 0.1515 0.1302 0.1301 0.1199 0.1008 0.1130 0.1125 0.0958 0.2124 0.1541 0.1287 0.2374 0.1679 0.1397 0.2313 0.1619 0.1337 0.2380 0.1685 0.1403 0.2365 0.1675 0.1393 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect 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 on distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are shown for only one share class. The after-tax returns for other classes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are shown for only one share class. The after-tax returns for other classes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will vary.</span> <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">Victory Fund for Income 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 Victory Fund for Income (the “Fund”) seeks to provide a high level of current income consistent with preservation of shareholders' 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 table describes 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 table and examples below</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 may qualify for sales </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 the Victory Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other discounts is available in </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 25 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;">You may qualify for sales </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 the 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> 0.0225 0 0 0 0 0 0 0.0100 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> 0.0050 0.0050 0.0050 0.0050 0.0050 0.0050 0.0025 0.0100 0.0000 0.0025 0.0000 0.0000 0.0020 0.0105 0.0019 0.0027 0.0016 0.0021 0.0095 0.0255 0.0069 0.0102 0.0066 0.0071 -0.0004 -0.0084 -0.0005 -0.0011 -0.0003 0.0000 0.0091 0.0171 0.0064 0.0091 0.0063 0.0071 <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;">October 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 shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. After eight years, Class C shares of the Fund generally will convert automatically to Class A shares of the Fund. The example for Class C shares reflects the conversion to Class A shares after eight years.  Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 316 517 735 1362 274 714 1280 2425 65 216 379 854 93 314 553 1238 64 208 365 820 73 227 395 883 <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> 174 714 1280 2425 <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: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 Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">29</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.29 <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 Adviser pursues the Fund’s investment objective by investing primarily in securities issued by the U.S. government and its agencies or instrumentalities.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund primarily invests in:</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Mortgage-backed obligations and collateralized mortgage obligations (“CMOs”) issued by the Government National Mortgage Association (“GNMA”), with an average effective maturity ranging from 2 to 10 years.</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Obligations issued or guaranteed by the U.S. government or by its agencies or instrumentalities with a dollar-weighted average maturity normally less than 5 years.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The goal of the Fund’s strategy is to provide high, reliable income by investing in securities backed 100% by the full faith and credit of the U.S. government. Portfolio construction consists of three factor-driven layers: (1) top-down, macro-economic; (2) mid-level, relative value; and (3) bottom-up, borrower characteristics. The greatest emphasis will generally be on the bottom-up factor, but the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">relative weightings of the three layers can and will vary over time, as each factor is reflective of the broad economic environment. The Adviser's sell discipline is driven by actual borrower prepayments, where bonds that exhibit either erratic or consistently fast prepayment speeds are sold first.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may purchase or sell securities on a when-issued, to-be-announced or delayed delivery basis.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s average effective maturity is based on the value of a Fund's investments in securities with different maturity dates. This measures the sensitivity of the Fund to changes in interest rates. The value of a long-term debt security is more sensitive to interest rate changes than the value of a short-term security.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">There is no limitation on the maturity of any specific security the Fund may purchase, and the Fund may sell any security before it matures.</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;">You may lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is no guarantee that the Fund will achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective. </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 insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</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, public health crises and responses by governments and companies to such crises. These and other events may affect the creditworthiness of the issuer of a debt security and may impair an issuer's ability to timely meet its debt obligations as they come due.</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;"> — Interest rates may rise or the rate of inflation may increase, impacting the value of investments in fixed income securities. A debt issuer’s credit quality may be downgraded or an issuer may default. Interest rates may fluctuate due to changes in governmental fiscal policy initiatives and resulting market reaction to those initiatives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Prepayment Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The amounts that the Fund receives as interest, sale proceeds or amounts received as a result of prepayment of asset-backed or mortgage-related securities may be reinvested at lower interest rates.</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;">Mortgage- and Asset-Backed Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — During periods of falling interest rates, mortgage- and asset-backed securities may be called or prepaid, which may result in the Fund having to reinvest proceeds in other investments at a lower interest rate. During periods of rising interest rates, the average life of mortgage- and asset-backed securities may extend, which may lock in a below-market interest rate, increase the security's duration, and reduce the value of the security. Enforcing rights against the underlying assets or collateral may be difficult, or the underlying assets or collateral may be insufficient if the issuer defaults.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">U.S. Government Agency Obligations Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — A U.S. government agency or instrumentality may default on its obligation and the U.S. government may not provide support. Some securities issued by certain U.S. government instrumentalities are supported only by the credit of those instrumentalities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">When-Issued, TBA and Delayed Delivery Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The market value of a security issued on a when-issued, to-be-announced or delayed-delivery basis may change before the delivery date, which may adversely impact the Fund’s net asset value. There is also the risk that a party fails to deliver the security on time or at all.</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;"> — Lack of a ready market or restrictions on resale may limit the ability of the Fund to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in an investment that is large relative to the typical trading volume for that investment, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Illiquid investments and relatively less-liquid investments may also be difficult to value. Liquidity risk may also refer to the risk that the Fund may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund. Over recent years, the capacity of dealers to make markets in fixed-income securities has been outpaced by the growth in the size of the fixed-income markets. Liquidity risk may be magnified in a rising interest rate environment or when investor redemptions from fixed-income funds may be higher than normal due to the increased supply in the market that would result from selling activity.</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;"> — Certain large shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</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 portfolio managers may not execute the Fund's principal investment strategy effectively.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may 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 insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years. The table compares the Fund’s average annual total returns  of the Fund's share classes, including applicable maximum sales charges, over the same period to one or more broad measures of market performance, which have characteristics relevant to the Fund's investment strategy. The Bloomberg U.S. Aggregate Bond Index serves as the Fund's regulatory broad-based securities market index. </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. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years. The table compares the Fund’s average annual total returns  of the Fund's share classes, including applicable maximum sales charges, over the same period to one or more broad measures of market performance, which have characteristics relevant to the Fund's investment strategy. The Bloomberg U.S. Aggregate Bond Index serves as the Fund's regulatory broad-based securities market index. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(before and after taxes) does not necessarily indicate how the Fund will perform 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:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns for Class R Shares</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(The annual return in the bar chart is for the Fund’s oldest class of shares, Class R 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;">2.96%</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;">Lowest Quarter</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:8.66pt;">-2.98%</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:8.66pt;">-0.49%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">September 30, 2026</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span> 0.0296 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span> -0.0298 2022-03-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span> -0.0049 2026-09-30 <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> 0.0518 0.0111 0.0145 0.0304 -0.0098 -0.0066 0.0304 -0.0006 0.0018 0.0277 0.0066 0.0121 0.0330 0.0029 0.0080 0.0546 0.0138 0.0172 0.0547 0.0139 0.0172 0.0523 0.0129 0.0163 0.0730 -0.0036 0.0201 0.0583 0.0129 0.0182 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect 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 on distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are shown for only one share class. The after-tax returns for other classes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are shown for only one share class. The after-tax returns for other classes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will vary.</span> <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">Victory Investment Grade Convertible 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 Victory Investment Grade Convertible Fund (the “Fund”) seeks to provide a high level of current income together with 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 table describes 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 table and examples below</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 may qualify for sales </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 the Victory Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other discounts is available in </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 25 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;">You may qualify for sales </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 the 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> 0.0225 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> 0.0075 0.0075 0.0025 0.0000 0.0026 0.0020 0.0126 0.0095 <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;">October 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 shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 350 616 901 1713 97 303 525 1166 <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: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 Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">27</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.27 <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 Adviser pursues the Fund’s investment objective by investing primarily in securities convertible into common stocks, such as convertible bonds, convertible notes, and convertible preferred stocks.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may invest in equity securities of foreign companies traded on U.S. exchanges, including American Depositary Receipts and Global Depositary Receipts (“ADRs” and “GDRs”).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in investment-grade securities that are convertible into common stock, and synthetic convertible securities, which are derivative positions composed of two or more securities with investment characteristics that, when taken together, resemble those of traditional convertible securities.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">These investment-grade securities are those that are rated within the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">four highest rating categories assigned by a Nationally Recognized Statistical Rating Organization, or if unrated, are securities that the Adviser determines to be of comparable or equivalent quality.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may invest up to 20% of its net assets in below-investment-grade securities (sometimes referred to as “junk bonds”) if the Adviser believes that the positive qualities of the security justify the potential risk. These securities are rated Ba, B, Caa, or lower by Moody’s and BB, B, CCC, or lower by S&amp;P. The Fund also may purchase unrated securities with similar characteristics.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser employs a bottom-up research process by identifying convertible securities that possess strong underlying equity potential, high quality financial characteristics and the opportunity for solid total return over a 12-18 month time horizon. The Adviser may sell a security when the underlying equity valuation changes due to a price change or change in fundamentals of the company, the underlying fixed income component has deteriorated or the convertible characteristics have changed.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As a result of the Adviser’s investment process, the Fund’s investments may be focused in one or more economic sectors from time to time, including the financials sector.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser pursues the Fund’s investment objective by investing primarily in securities convertible into common stocks, such as convertible bonds, convertible notes, and convertible preferred stocks.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">These investment-grade securities are those that are rated within the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">four highest rating categories assigned by a Nationally Recognized Statistical Rating Organization, or if unrated, are securities that the Adviser determines to be of comparable or equivalent quality.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in investment-grade securities that are convertible into common stock, and synthetic convertible securities, which are derivative positions composed of two or more securities with investment characteristics that, when taken together, resemble those of traditional convertible securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser employs a bottom-up research process by identifying convertible securities that possess strong underlying equity potential, high quality financial characteristics and the opportunity for solid total return over a 12-18 month time horizon. The Adviser may sell a security when the underlying equity valuation changes due to a price change or change in fundamentals of the company, the underlying fixed income component has deteriorated or the convertible characteristics have changed.</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;">You may lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is no guarantee that the Fund will achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective. </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 insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</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;">— Convertible securities rank senior to the issuer's common stock, but may be subordinate to senior debt obligations. In part, the total return for a convertible security may depend upon the performance of the underlying stock into which it can be converted. Synthetic convertibles may respond differently to market fluctuations than traditional convertible securities. They are also subject to counterparty risk.</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, public health crises and responses by governments and companies to such crises. These and other events may affect the creditworthiness of the issuer of a debt security and may impair an issuer's ability to timely meet its debt obligations as they come due.</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;"> — Interest rates may rise or the rate of inflation may increase, impacting the value of investments in fixed income securities. A debt issuer’s credit quality may be downgraded or an issuer may default. Interest rates may fluctuate due to changes in governmental fiscal policy initiatives and resulting market reaction to those initiatives.</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 value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company’s earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.</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;"> — Lower-quality debt securities can involve a substantially greater risk of default than higher-quality debt securities, and their values can decline significantly over short and longer periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about the issuer, or the market or economy in general.</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;"> — Lack of a ready market or restrictions on resale may limit the ability of the Fund to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in an investment that is large relative to the typical trading volume for that investment, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Illiquid investments and relatively less-liquid investments may also be difficult to value. Liquidity risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">may also refer to the risk that the Fund may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund. Over recent years, the capacity of dealers to make markets in fixed-income securities has been outpaced by the growth in the size of the fixed-income markets. Liquidity risk may be magnified in a rising interest rate environment or when investor redemptions from fixed-income funds may be higher than normal due to the increased supply in the market that would result from selling activity.</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;"> — Certain large shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</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 securities are subject to political, regulatory, and economic risks not present in domestic investments. Foreign securities could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing contracts. Compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts. Depositary receipts may have additional risks, including creditworthiness of the depositary bank and the risk of an illiquid market. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may negatively affect an investment. Dividends and interest received by the Fund and capital gains recognized by the Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund’s return.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Focus Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— To the extent the Fund focuses on one or more sectors, such as the financials sector, market or economic factors impacting those sectors could have a significant effect on the value of the Fund’s investments and could make the Fund’s performance more volatile.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</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;">— Companies in the financials sector are subject to extensive government regulation, which can limit both the amounts and types of loans and other financial commitments that companies in this sector can make, and the interest rates and fees that these companies can charge. Profitability can be largely dependent on the availability and cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate significantly when interest rates change. Financial difficulties of borrowers can negatively affect the financials sector. Insurance companies can be subject to severe price competition. The financials sector can be subject to relatively rapid change as distinctions between financial service segments become increasingly blurred.</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 portfolio managers may not execute the Fund's principal investment strategy effectively.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may 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 insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years. The table compares the Fund’s average annual total returns  of the Fund's share classes, including applicable maximum sales charges, over the same period to one or more broad measures of market performance, which have characteristics relevant to the Fund's investment strategy. The Bloomberg U.S. Aggregate Bond Index serves as the Fund's regulatory broad-based securities market index. </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. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years. The table compares the Fund’s average annual total returns  of the Fund's share classes, including applicable maximum sales charges, over the same period to one or more broad measures of market performance, which have characteristics relevant to the Fund's investment strategy. The Bloomberg U.S. Aggregate Bond Index serves as the Fund's regulatory broad-based securities market index. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(before and after taxes) does not necessarily indicate how the Fund will perform 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:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns for Class A Shares</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(Applicable sales loads or account fees are not reflected in the bar chart. If these amounts were reflected, returns would be less than those shown.)</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(Applicable sales loads or account fees are not reflected in the bar chart. If these amounts were reflected, returns would be less than those shown.)</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;">12.22%</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;">-14.80%</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:8.66pt;">-1.20%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">September 30, 2026</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span> 0.1222 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span> -0.1480 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span> -0.0120 2026-09-30 <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> 0.0272 0.0353 0.0704 0.0134 0.0204 0.0554 0.0201 0.0219 0.0504 0.0544 0.0435 0.0769 0.0730 -0.0036 0.0201 0.0743 0.0617 0.0892 0.1042 0.2088 0.2099 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect 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 on distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are shown for only one share class. The after-tax returns for other classes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are shown for only one share class. The after-tax returns for other classes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will vary.</span> <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">Victory Fund for Income 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 Victory Fund for Income (the “Fund”) seeks to provide a high level of current income consistent with preservation of shareholders' 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 table describes 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 to financial intermediaries, which are not reflected in the table and examples 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> 0.0050 0.0000 0.0076 0.0126 -0.0051 0.0075 <span style="color:#000000;font-family:Arial;font-size:6.56pt;">October 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 shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 77 349 643 1478 <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 Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">29</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.29 <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 Adviser pursues the Fund’s investment objective by investing primarily in securities issued by the U.S. government and its agencies or instrumentalities.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund primarily invests in:</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Mortgage-backed obligations and collateralized mortgage obligations (“CMOs”) issued by the Government National Mortgage Association (“GNMA”), with an average effective maturity ranging from 2 to 10 years.</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Obligations issued or guaranteed by the U.S. government or by its agencies or instrumentalities with a dollar-weighted average maturity normally less than 5 years.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The goal of the Fund’s strategy is to provide high, reliable income by investing in securities backed 100% by the full faith and credit of the U.S. government. Portfolio construction consists of three factor-driven layers: (1) top-down, macro-economic; (2) mid-level, relative value; and (3) bottom-up, borrower characteristics. The greatest emphasis will generally be on the bottom-up factor, but the relative weightings of the three layers can and will vary over time, as each factor is reflective of the broad economic environment. The Adviser's sell discipline is driven by actual borrower prepayments, where bonds that exhibit either erratic or consistently fast prepayment speeds are sold first.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may purchase or sell securities on a when-issued, to-be-announced or delayed delivery basis.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s average effective maturity is based on the value of a Fund's investments in securities with different maturity dates. This measures the sensitivity of the Fund to changes in interest rates. The value of a long-term debt security is more sensitive to interest rate changes than the value of a short-term security.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">There is no limitation on the maturity of any specific security the Fund may purchase, and the Fund may sell any security before it matures.</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;">You may lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is no guarantee that the Fund will achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective. </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 insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</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, public health crises and responses by governments and companies to such crises. These and other events may affect the creditworthiness of the issuer of a debt security and may impair an issuer's ability to timely meet its debt obligations as they come due.</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;"> — Interest rates may rise or the rate of inflation may increase, impacting the value of investments in fixed income securities. A debt issuer’s credit quality may be downgraded or an issuer may default. Interest rates may fluctuate due to changes in governmental fiscal policy initiatives and resulting market reaction to those initiatives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Prepayment Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— The amounts that the Fund receives as interest, sale proceeds or amounts received as a result of prepayment of asset-backed or mortgage-related securities may be reinvested at lower interest rates.</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;">Mortgage- and Asset-Backed Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — During periods of falling interest rates, mortgage- and asset-backed securities may be called or prepaid, which may result in the Fund having to reinvest proceeds in other investments at a lower interest rate. During periods of rising interest rates, the average life of mortgage- and asset-backed securities may extend, which may lock in a below-market interest rate, increase the security's duration, and reduce the value of the security. Enforcing rights against the underlying assets or collateral may be difficult, or the underlying assets or collateral may be insufficient if the issuer defaults.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">U.S. Government Agency Obligations Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — A U.S. government agency or instrumentality may default on its obligation and the U.S. government may not provide support. Some securities issued by certain U.S. government instrumentalities are supported only by the credit of those instrumentalities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">When-Issued, TBA and Delayed Delivery Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The market value of a security issued on a when-issued, to-be-announced or delayed-delivery basis may change before the delivery date, which may adversely impact the Fund’s net asset value. There is also the risk that a party fails to deliver the security on time or at all.</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;"> — Lack of a ready market or restrictions on resale may limit the ability of the Fund to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in an investment that is large relative to the typical trading volume for that investment, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Illiquid investments and relatively less-liquid investments may also be difficult to value. Liquidity risk may also refer to the risk that the Fund may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund. Over recent years, the capacity of dealers to make markets in fixed-income securities has been outpaced by the growth in the size of the fixed-income markets. Liquidity risk may be magnified in a rising interest rate environment or when investor redemptions from fixed-income funds may be higher than normal due to the increased supply in the market that would result from selling activity.</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;"> — Certain large shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</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 portfolio managers may not execute the Fund's principal investment strategy effectively.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may 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 insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The information presented is for the Fund’s Member Class shares.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years. The table compares the average annual total returns of the Fund’s Member Class shares over the same period to one or more broad measures of market performance, which have characteristics relevant to the Fund's investment strategy. The Bloomberg U.S. Aggregate Bond Index serves as the Fund's regulatory broad-based securities market index. We assume reinvestment of dividends and distributions. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Member Class shares commenced operations on November 3, 2020. As a result, the returns in the bar chart and table that follow show the actual performance of Member Class shares from November 3, 2020, through December 31, 2025.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Returns shown for prior periods reflect the returns for the Fund’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Class I shares, which are not offered by this Prospectus. The performance for Member Class shares would have been substantially similar to the performance of Class I shares in prior periods because Member Class shares and Class I shares invest in the same portfolio and differ only with respect to certain class-specific expenses. The actual returns of Member Class shares would have been lower than those of Class I shares because Member Class shares have higher overall expenses than Class I shares. </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;">The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated 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;">. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Member Class shares commenced operations on November 3, 2020. As a result, the returns in the bar chart and table that follow show the actual performance of Member Class shares from November 3, 2020, through December 31, 2025.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The information presented is for the Fund’s Member Class shares.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Returns shown for prior periods reflect the returns for the Fund’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Class I shares, which are not offered by this Prospectus. The performance for Member Class shares would have been substantially similar to the performance of Class I shares in prior periods because Member Class shares and Class I shares invest in the same portfolio and differ only with respect to certain class-specific expenses. The actual returns of Member Class shares would have been lower than those of Class I shares because Member Class shares have higher overall expenses than Class I shares. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform 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:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns for Member Class Shares</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(The annual returns in the bar chart are for the Fund’s Class I shares for all years prior to 2021. Member Class returns are presented for years after 2020.)</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;">2.74%</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:8.66pt;">-2.94%</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:8.66pt;">-0.23%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">September 30, 2026</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span> 0.0274 2023-12-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span> -0.0294 2022-03-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span> -0.0023 2026-09-30 <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> 0.0518 0.0125 0.0163 0.0298 -0.0091 -0.0057 0.0304 0.0001 0.0028 0.0730 -0.0036 0.0201 0.0583 0.0129 0.0182 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect 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 on distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are shown for only one share class. The after-tax returns for other classes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are shown for only one share class. The after-tax returns for other classes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will vary.</span> <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">Victory Investment Grade Convertible 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 Victory Investment Grade Convertible Fund (the “Fund”) seeks to provide a high level of current income together with 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 table describes 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 to financial intermediaries, which are not reflected in the table and examples 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> 0.0075 0.0000 0.0098 0.0173 -0.0063 0.0110 <span style="color:#000000;font-family:Arial;font-size:6.56pt;">October 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 shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 112 483 880 1989 <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 Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">27</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.27 <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 Adviser pursues the Fund’s investment objective by investing primarily in securities convertible into common stocks, such as convertible bonds, convertible notes, and convertible preferred stocks.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may invest in equity securities of foreign companies traded on U.S. exchanges, including American Depositary Receipts and Global Depositary Receipts (“ADRs” and “GDRs”).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in investment-grade securities that are convertible into common stock, and synthetic convertible securities, which are derivative positions composed of two or more securities with investment characteristics that, when taken together, resemble those of traditional convertible securities.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">These investment-grade securities are those that are rated within the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">four highest rating categories assigned by a Nationally Recognized Statistical Rating Organization, or if unrated, are securities that the Adviser determines to be of comparable or equivalent quality.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may invest up to 20% of its net assets in below-investment-grade securities (sometimes referred to as “junk bonds”) if the Adviser believes that the positive qualities of the security justify the potential risk. These securities are rated Ba, B, Caa, or lower by Moody’s and BB, B, CCC, or lower by S&amp;P. The Fund also may purchase unrated securities with similar characteristics.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser employs a bottom-up research process by identifying convertible securities that possess strong underlying equity potential, high quality financial characteristics and the opportunity for solid total return over a 12-18 month time horizon. The Adviser may sell a security when the underlying equity valuation changes due to a price change or change in fundamentals of the company, the underlying fixed income component has deteriorated or the convertible characteristics have changed.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As a result of the Adviser’s investment process, the Fund’s investments may be focused in one or more economic sectors from time to time, including the financials sector.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser pursues the Fund’s investment objective by investing primarily in securities convertible into common stocks, such as convertible bonds, convertible notes, and convertible preferred stocks.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">These investment-grade securities are those that are rated within the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">four highest rating categories assigned by a Nationally Recognized Statistical Rating Organization, or if unrated, are securities that the Adviser determines to be of comparable or equivalent quality.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in investment-grade securities that are convertible into common stock, and synthetic convertible securities, which are derivative positions composed of two or more securities with investment characteristics that, when taken together, resemble those of traditional convertible securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser employs a bottom-up research process by identifying convertible securities that possess strong underlying equity potential, high quality financial characteristics and the opportunity for solid total return over a 12-18 month time horizon. The Adviser may sell a security when the underlying equity valuation changes due to a price change or change in fundamentals of the company, the underlying fixed income component has deteriorated or the convertible characteristics have changed.</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;">You may lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is no guarantee that the Fund will achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective. </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 insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</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;">— Convertible securities rank senior to the issuer's common stock, but may be subordinate to senior debt obligations. In part, the total return for a convertible security may depend upon the performance of the underlying stock into which it can be converted. Synthetic convertibles may respond differently to market fluctuations than traditional convertible securities. They are also subject to counterparty risk.</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, public health crises and responses by governments and companies to such crises. These and other events may affect the creditworthiness of the issuer of a debt security and may impair an issuer's ability to timely meet its debt obligations as they come due.</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;"> — Interest rates may rise or the rate of inflation may increase, impacting the value of investments in fixed income securities. A debt issuer’s credit quality may be downgraded or an issuer may default. Interest rates may fluctuate due to changes in governmental fiscal policy initiatives and resulting market reaction to those initiatives.</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 value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company’s earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.</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;"> — Lower-quality debt securities can involve a substantially greater risk of default than higher-quality debt securities, and their values can decline significantly over short and longer periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about the issuer, or the market or economy in general.</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;"> — Lack of a ready market or restrictions on resale may limit the ability of the Fund to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in an investment that is large relative to the typical trading volume for that investment, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Illiquid investments and relatively less-liquid investments may also be difficult to value. Liquidity risk may also refer to the risk that the Fund may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund. Over recent years, the capacity of dealers to make markets in fixed-income securities has been outpaced by the growth in the size of the fixed-income markets. Liquidity risk may be magnified in a rising interest rate environment or when investor redemptions from fixed-income funds may be higher than normal due to the increased supply in the market that would result from selling activity.</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;"> — Certain large shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</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 securities are subject to political, regulatory, and economic risks not present in domestic investments. Foreign securities could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing contracts. Compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts. Depositary receipts may have additional risks, including creditworthiness of the depositary bank and the risk of an illiquid market. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may negatively affect an investment. Dividends and interest received by the Fund and capital gains recognized by the Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund’s return.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Focus Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— To the extent the Fund focuses on one or more sectors, such as the financials sector, market or economic factors impacting those sectors could have a significant effect on the value of the Fund’s investments and could make the Fund’s performance more volatile.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</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;">— Companies in the financials sector are subject to extensive government regulation, which can limit both the amounts and types of loans and other financial commitments that companies in this sector can make, and the interest rates and fees that these companies can charge. Profitability can be largely dependent on the availability and cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate significantly when interest rates change. Financial difficulties of borrowers can negatively affect the financials sector. Insurance companies can be subject to severe price competition. The financials sector can be subject to relatively rapid change as distinctions between financial service segments become increasingly blurred.</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 portfolio managers may not execute the Fund's principal investment strategy effectively.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may 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 insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The information presented is for the Fund’s Member Class shares.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years. The table compares the average annual total returns of the Fund’s Member Class shares over the same period to one or more broad measures of market performance, which have characteristics relevant to the Fund's investment strategy. The Bloomberg U.S. Aggregate Bond Index serves as the Fund's regulatory broad-based securities market index. We assume reinvestment of dividends and distributions. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Member Class shares commenced operations on November 3, 2020. As a result, the returns in the bar chart and table that follow show the actual performance of Member Class shares from November 3, 2020, through December 31, 2025.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Returns shown for prior periods reflect the returns for the Fund’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Class I shares, which are not offered by this Prospectus. The performance for Member Class shares would have been substantially similar to the performance of Class I shares in prior periods because Member Class shares and Class I shares invest in the same portfolio and differ only with respect to certain class-specific expenses. The actual returns of Member Class shares would have been lower than those of Class I shares because Member Class shares have higher overall expenses than Class I shares. </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;">The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated 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;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Member Class shares commenced operations on November 3, 2020. As a result, the returns in the bar chart and table that follow show the actual performance of Member Class shares from November 3, 2020, through December 31, 2025.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The information presented is for the Fund’s Member Class shares.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Returns shown for prior periods reflect the returns for the Fund’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Class I shares, which are not offered by this Prospectus. The performance for Member Class shares would have been substantially similar to the performance of Class I shares in prior periods because Member Class shares and Class I shares invest in the same portfolio and differ only with respect to certain class-specific expenses. The actual returns of Member Class shares would have been lower than those of Class I shares because Member Class shares have higher overall expenses than Class I shares. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform 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:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns for Member Class Shares</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(The annual returns in the bar chart are for the Fund’s Class I shares for all years prior to 2021. Member Class returns are presented for years after 2020.)</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;">6.38%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">September 30, 2024</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;">-10.09%</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;">-1.06%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">September 30, 2026</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span> 0.0638 2024-09-30 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span> -0.1009 2022-06-30 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span> -0.0106 2026-09-30 <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> 0.0528 0.0418 0.0769 0.0387 0.0269 0.0605 0.0352 0.0269 0.0551 0.0730 -0.0036 0.0201 0.0743 0.0617 0.0892 0.1042 0.2088 0.2099 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect 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 on distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are shown for only one share class. The after-tax returns for other classes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are shown for only one share class. The after-tax returns for other classes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will vary.</span> 2026-11-01 <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">Victory Sycamore Established 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 Victory Sycamore Established Value Fund (the “Fund”) seeks to provide long-term capital growth by investing primarily in common stocks.</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 table describes 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 table and examples below</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 may qualify for sales </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 the Victory Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other discounts is available in </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 23 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;">You may qualify for sales </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 the 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> 0.0575 0 0 0 0 0 0 0.0100 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> 0.0045 0.0045 0.0045 0.0045 0.0045 0.0045 0.0025 0.0100 0.0000 0.0050 0.0000 0.0000 0.0019 0.0044 0.0012 0.0013 0.0008 0.0019 0.0089 0.0189 0.0057 0.0108 0.0053 0.0064 0.0000 -0.0005 0.0000 0.0000 0.0000 0.0000 0.0089 0.0184 0.0057 0.0108 0.0053 0.0064 <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;">Applies to shares sold within 12 months of purchase.</span> <span style="color:#000000;font-family:Arial;font-size:6.56pt;">October 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 shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. After eight years, Class C shares of the Fund generally will convert automatically to Class A shares of the Fund. The example for Class C shares reflects the conversion to Class A shares after eight years.  Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 661 843 1040 1608 287 589 1017 1946 58 183 318 714 110 343 595 1317 54 170 296 665 65 205 357 798 <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> 187 589 1017 1946 <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: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 Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">60</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.60 <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 Adviser pursues the Fund’s investment objective by investing primarily in the equity securities of companies that the Adviser believes to be undervalued relative to the underlying earnings potential of the company. </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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">represents value, 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 may invest a portion of its assets in equity securities of foreign </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies traded in the United States, including American Depositary Receipts and Global Depositary Receipts (“ADRs” and “GDRs”).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As of September 30, 2026, the Russell Midcap</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;"> Value Index included companies with approximate market capitalizations between $1.8 billion and $116.5 billion. 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;">The Adviser invests in companies that it believes to be of high quality based on criteria such as market share position, profitability, balance sheet strength, competitive advantages, management competence and the ability to generate excess cash flow. The Adviser uses a bottom-up investment process in conducting fundamental analysis to identify companies that have sustainable returns trading below the Adviser’s assessment of intrinsic value and prospects for an inflection in business fundamentals that will enable the stock price to be revalued higher. The Adviser may sell a security if it believes the stock has reached its fair value estimate, if a more attractive opportunity is identified, or if the fundamentals of the company deteriorate.</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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">represents value, 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 Adviser invests in companies that it believes to be of high quality based on criteria such as market share position, profitability, balance sheet strength, competitive advantages, management competence and the ability to generate excess cash flow. The Adviser uses a bottom-up investment process in conducting fundamental analysis to identify companies that have sustainable returns trading below the Adviser’s assessment of intrinsic value and prospects for an inflection in business fundamentals that will enable the stock price to be revalued higher. The Adviser may sell a security if it believes the stock has reached its fair value estimate, if a more attractive opportunity is identified, or if the fundamentals of the company deteriorate.</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;">You may lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is no guarantee that the Fund will achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective. </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 insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</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 value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company’s earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.</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;">Sector Focus Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — While the Fund reserves the right to dynamically allocate its assets across economic sectors, listed below are some of the risks associated with the sector in which the Fund may make significant investments. Market or economic factors impacting the sector could have a significant effect on the value of the Fund’s investments and could make the Fund’s performance more volatile.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Industrials Sector Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Companies in the industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events and economic conditions also affect the performance of investments in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies. Transportation companies may experience occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements, and insurance costs.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Mid-Capitalization Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss.</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;"> — Different types of investment styles, for example growth or value, tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. As a result, the Fund’s performance may at times be worse than the performance of other mutual funds that invest more broadly or that have different investment styles.</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 securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. Foreign securities could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing contracts. Compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts. Depositary receipts may have additional risks, including creditworthiness of the depositary bank and the risk of an illiquid market. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may negatively affect an investment. Dividends and interest received by the Fund and capital gains recognized by the Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund’s return.</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;"> — Lack of a ready market or restrictions on resale may limit the ability of the Fund to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in an investment that is large relative to the typical trading volume for that investment, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Illiquid investments and relatively less-liquid investments may also be difficult to value. Liquidity risk may also refer to the risk that the Fund may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund.</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;"> — Certain large shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</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 portfolio managers may not execute the Fund's principal investment strategy effectively.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may 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 insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years. The table compares the Fund’s average annual total returns of the Fund's share classes, including applicable maximum sales charges, over the same period to one or more broad measures of market performance, which have characteristics relevant to the Fund's investment strategy. The S&amp;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 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years. The table compares the Fund’s average annual total returns of the Fund's share classes, including applicable maximum sales charges, over the same period to one or more broad measures of market performance, which have characteristics relevant to the Fund's investment strategy. The S&amp;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 serves as the Fund's regulatory broad-based securities market index. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(before and after taxes) does not necessarily indicate how the Fund will perform 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:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns for Class R Shares</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(The annual return in the bar chart is for the Fund’s oldest class of shares, Class R 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;">20.43%</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;">-29.45%</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;">8.42%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">September 30, 2026</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span> 0.2043 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span> -0.2945 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span> 0.0842 2026-09-30 <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> 0.0213 0.0934 0.1037 0.0111 0.0747 0.0878 0.0200 0.0720 0.0822 -0.0355 0.0828 0.0994 0.0042 0.0869 0.1046 0.0266 0.0992 0.1094 0.0268 0.0995 0.1098 0.0256 0.0984 0.1089 0.1788 0.1442 0.1482 0.1105 0.0983 0.0978 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect 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 on distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are shown for only one share class. The after-tax returns for other classes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are shown for only one share class. The after-tax returns for other classes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will vary.</span> <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">Victory Sycamore Small Company Opportunity 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 Victory Sycamore Small Company Opportunity Fund (the “Fund”) seeks to provide 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 table describes 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 table and examples below</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 may qualify for sales </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 the Victory Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other discounts is available in </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 23 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;">You may qualify for sales </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 the 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> 0.0575 0 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> 0.0076 0.0076 0.0076 0.0076 0.0076 0.0025 0.0000 0.0050 0.0000 0.0000 0.0023 0.0013 0.0018 0.0008 0.0020 0.0124 0.0089 0.0144 0.0084 0.0096 <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;">October 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 shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 694 946 1217 1989 91 284 493 1096 147 456 787 1724 86 268 466 1037 98 306 531 1178 <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: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 Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">54</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.54 <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 Adviser pursues the Fund's investment objective by investing primarily in the equity securities of smaller companies that the Adviser believes to be undervalued relative to the underlying earnings potential of the company.</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 small companies. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">“Small </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies” are companies that have market capitalizations within the range of companies comprising the Russell 2000</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;"> Value Index. As of September 30, 2026, the Russell 2000</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;"> Value Index included companies with approximate market capitalizations between $3.4 billion and $9.9 billion.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The size of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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;">The Adviser invests in companies that it believes to be of high quality based on criteria such as market share position, profitability, balance sheet strength, competitive advantages, management competence and the ability to generate excess cash flow. The Adviser uses a bottom-up investment process in conducting fundamental analysis to identify companies that have sustainable returns trading below the Adviser’s assessment of intrinsic value and prospects for an inflection in business fundamentals that will enable the stock price to be revalued higher. The Adviser may sell a security if it believes the stock has reached its fair value estimate, if a more attractive opportunity is identified, or if the fundamentals of the company deteriorate.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may invest a portion of its assets in equity securities of foreign companies traded in the United States, including American Depositary Receipts and Global Depositary Receipts (“ADRs” and “GDRs”).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As a result of the bottom-up stock selection process, the Fund managers from time to time may find more compelling investment opportunities in certain economic sectors, such as the industrials and financials sectors.</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 small companies. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">“Small </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies” are companies that have market capitalizations within the range of companies comprising the Russell 2000</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;"> Value Index. As of September 30, 2026, the Russell 2000</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;"> Value Index included companies with approximate market capitalizations between $3.4 billion and $9.9 billion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser invests in companies that it believes to be of high quality based on criteria such as market share position, profitability, balance sheet strength, competitive advantages, management competence and the ability to generate excess cash flow. The Adviser uses a bottom-up investment process in conducting fundamental analysis to identify companies that have sustainable returns trading below the Adviser’s assessment of intrinsic value and prospects for an inflection in business fundamentals that will enable the stock price to be revalued higher. The Adviser may sell a security if it believes the stock has reached its fair value estimate, if a more attractive opportunity is identified, or if the fundamentals of the company deteriorate.</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;">You may lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is no guarantee that the Fund will achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective. </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 insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</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 value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company’s earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.</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;">Small-Capitalization Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Small-sized companies are subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss. Smaller companies may have limited markets, product lines, or financial resources and lack management experience and may experience higher failure rates than larger companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Focus Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— To the extent the Fund focuses on one or more sectors, such as the industrials or financials sectors, market or economic factors impacting those sectors could have a significant effect on the value of the Fund’s investments and could make the Fund’s performance more volatile.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Industrials Sector Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Companies in the industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events, and economic conditions also affect the performance of investments in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies. Transportation companies may experience occasional sharp price movements, which may result from changes in the economy, fuel prices, labor agreements, and insurance costs.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</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;">— Companies in the financials sector are subject to extensive government regulation, which can limit both the amounts and types of loans and other financial commitments that companies in this sector can make, and the interest rates and fees that these companies can charge. Profitability can be largely dependent on the availability and cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate significantly when interest rates change. Financial difficulties of borrowers can negatively affect the financials sector. Insurance companies can be subject to severe price competition. The financials sector can be subject to relatively rapid change as distinctions between financial service segments become increasingly blurred.</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;"> — Different types of investment styles, for example growth or value, tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. As a result, the Fund’s performance may at times be worse than the performance of other mutual funds that invest more broadly or that have different investment styles.</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 securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. Foreign securities could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing contracts. Compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts. Depositary receipts may have additional risks, including creditworthiness of the depositary bank and the risk of an illiquid market. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may negatively affect an investment. Dividends and interest received by the Fund and capital gains recognized by the Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund’s return.</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;"> — Lack of a ready market or restrictions on resale may limit the ability of the Fund to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in an investment that is large relative to the typical trading volume for that investment, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Illiquid investments and relatively less-liquid investments may also be difficult to value. Liquidity risk may also refer to the risk that the Fund may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund.</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;"> — Certain large shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</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 portfolio managers may not execute the Fund's principal investment strategy effectively.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may 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 insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years. The table compares the Fund’s average annual total returns of the Fund's share classes, including applicable maximum sales charges, over the same period to one or more broad measures of market performance, which have characteristics relevant to the Fund's investment strategy. The Russell 3000</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 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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years. The table compares the Fund’s average annual total returns of the Fund's share classes, including applicable maximum sales charges, over the same period to one or more broad measures of market performance, which have characteristics relevant to the Fund's investment strategy. The Russell 3000</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 serves as the Fund's regulatory broad-based securities market index. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(before and after taxes) does not necessarily indicate how the Fund will perform 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:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns for Class R Shares</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(The annual return in the bar chart is for the Fund’s oldest class of shares, Class R 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;">28.22%</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;">-29.56%</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;">11.64%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">September 30, 2026</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span> 0.2822 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span> -0.2956 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span> 0.1164 2026-09-30 <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> 0.0120 0.0645 0.0897 -0.0035 0.0444 0.0717 0.0149 0.0489 0.0700 -0.0441 0.0540 0.0855 0.0175 0.0703 0.0956 0.0180 0.0707 0.0959 0.0169 0.0696 0.0943 0.1715 0.1315 0.1429 0.1259 0.0888 0.0927 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect 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 on distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are shown for only one share class. The after-tax returns for other classes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are shown for only one share class. The after-tax returns for other classes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will vary.</span> <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">Victory Integrity Discovery 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 Victory Integrity Discovery Fund (the “Fund”) seeks to provide 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 table describes 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 table and examples below</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 may qualify for sales </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 the Victory Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other discounts is available in </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 39 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;">You may qualify for sales </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 the 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> 0.0575 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> 0.0100 0.0100 0.0100 0.0025 0.0100 0.0000 0.0030 0.0330 0.0039 0.0155 0.0530 0.0139 0.0000 -0.0285 0.0000 0.0155 0.0245 0.0139 <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;">Applies to shares sold within 12 months of purchase.</span> <span style="color:#000000;font-family:Arial;font-size:6.56pt;">October 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 shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. After eight years, Class C shares of the Fund generally will convert automatically to Class A shares of the Fund. The example for Class C shares reflects the conversion to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Class A shares after eight years. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 724 1036 1371 2314 348 1332 2409 4335 142 440 761 1669 <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> 248 1332 2409 4335 <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: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 Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">61</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.61 <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 Adviser pursues the Fund’s investment objective by investing, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">under normal circumstances, at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">least 80% of the Fund’s net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of micro-capitalization companies.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Micro-capitalization companies are those </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies with market capitalizations lower than the largest company in the bottom 75% (based on index weightings) of the Russell 2000</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, which as of September 30, 2026, included companies with market capitalizations below $12.6 billion. 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;">When selecting securities for a Fund, the Adviser seeks out companies that appear to be undervalued according to certain financial measurements of their intrinsic net worth or business prospects. The Adviser employs a value-oriented approach that focuses on securities that offer value with improving investor sentiment.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund focuses on undiscovered, micro-capitalization companies in its attempt to provide investors with potentially higher returns than a fund that invests primarily in larger, more established companies. Since micro-capitalization companies generally are not as well known to investors and have less of an investor following than larger companies, the Adviser believes these inefficiencies in the marketplace may provide higher returns.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Although the Fund will be invested primarily in domestic securities, up to 25% of the Fund’s assets may be invested in foreign securities, including depositary receipts such as American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">From time to time, due to changes in sector weights of the benchmark index, the Fund’s investments can be more focused in companies in one or more economic sectors, such as the financials and industrial sectors.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">under normal circumstances, at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">least 80% of the Fund’s net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of micro-capitalization companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Micro-capitalization companies are those </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies with market capitalizations lower than the largest company in the bottom 75% (based on index weightings) of the Russell 2000</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, which as of September 30, 2026, included companies with market capitalizations below $12.6 billion. 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;">When selecting securities for a Fund, the Adviser seeks out companies that appear to be undervalued according to certain financial measurements of their intrinsic net worth or business prospects. The Adviser employs a value-oriented approach that focuses on securities that offer value with improving investor sentiment.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund focuses on undiscovered, micro-capitalization companies in its attempt to provide investors with potentially higher returns than a fund that invests primarily in larger, more established companies. Since micro-capitalization companies generally are not as well known to investors and have less of an investor following than larger companies, the Adviser believes these inefficiencies in the marketplace may provide higher returns.</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;">You may lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is no guarantee that the Fund will achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective. </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 insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</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 value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company’s earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.</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;">Micro-Capitalization Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Micro-sized companies tend to be less seasoned and may lose market share or profits to a greater extent than larger, more established companies. Since micro-sized company stocks typically have narrower markets and are traded in lower volumes than larger company stocks, they may be more difficult to purchase and sell. Micro-capitalization companies may have limited markets, product lines, or financial resources and lack management experience and may experience higher failure rates than larger companies.</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 securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. Foreign securities could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing contracts. Compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts. Depositary receipts may have additional risks, including creditworthiness of the depositary bank and the risk of an illiquid market. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may negatively affect an investment. Dividends and interest received by the Fund and capital gains recognized by the Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund’s return.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Focus Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— To the extent the Fund focuses on one or more sectors, such as the financials and industrials sectors, market or economic factors impacting those sectors could have a significant effect on the value of the Fund’s investments and could make the Fund’s performance more volatile.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</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;">— Companies in the financials sector are subject to extensive government regulation, which may limit both the amounts and types of loans and other financial commitments that companies in this sector can make, and the interest rates and fees that these companies can charge. Profitability can be largely dependent on the availability and cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">significantly when interest rates change. Financial difficulties of borrowers can negatively affect the financials sector. Insurance companies can be subject to severe price competition. The financials sector can be subject to relatively rapid change as distinctions between financial service segments become increasingly blurred.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Industrials Sector Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Companies in the industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events, and economic conditions also affect the performance of investments in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies. Transportation companies may experience occasional sharp price movements, which may result from changes in the economy, fuel prices, labor agreements, and insurance costs.</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;"> — Different types of investment styles, for example growth or value, tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. As a result, the Fund’s performance may at times be worse than the performance of other mutual funds that invest more broadly or that have different investment styles.</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;"> — Lack of a ready market or restrictions on resale may limit the ability of the Fund to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in an investment that is large relative to the typical trading volume for that investment, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Illiquid investments and relatively less-liquid investments may also be difficult to value. Liquidity risk may also refer to the risk that the Fund may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund.</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;"> — Certain large shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</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 portfolio managers may not execute the Fund's principal investment strategy effectively.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may 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 insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years. The table compares the Fund’s average annual total returns of the Fund's share classes, including applicable maximum sales charges, over the same period to one or more broad measures of market performance. The S&amp;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 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 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years. The table compares the Fund’s average annual total returns of the Fund's share classes, including applicable maximum sales charges, over the same period to one or more broad measures of market performance. The S&amp;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 serves as the Fund’s regulatory broad-based securities market index. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(before and after taxes) does not necessarily indicate how the Fund will perform 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:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns for Class Y Shares</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(The annual return in the bar chart is for the Fund’s least expensive class of shares, Class Y 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;">38.24%</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;">-41.89%</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;">32.53%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">September 30, 2026</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span> 0.3824 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span> -0.4189 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span> 0.3253 2026-09-30 <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> 0.1434 0.1206 0.0987 0.1195 0.1042 0.0826 0.1020 0.0939 0.0766 0.0760 0.1053 0.0899 0.1225 0.1088 0.0892 0.1788 0.1442 0.1482 0.2384 0.1057 0.1054 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect 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 on distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are shown for only one share class. The after-tax returns for other classes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are shown for only one share class. The after-tax returns for other classes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will vary.</span> <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">Victory Integrity Mid-Cap 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 Victory Integrity Mid-Cap Value Fund (the “Fund”) seeks to provide 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 table describes 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 table and examples below</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 may qualify for sales </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 the Victory Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other discounts is available in </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 39 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;">You may qualify for sales </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 the 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> 0.0575 0 0 0 0 0.0100 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> 0.0075 0.0075 0.0075 0.0075 0.0025 0.0100 0.0000 0.0000 0.0032 0.1125 0.0010 0.0025 0.0132 0.1300 0.0085 0.0100 -0.0032 -0.1125 -0.0025 -0.0025 0.0100 0.0175 0.0060 0.0075 <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;">Applies to shares sold within 12 months of purchase.</span> <span style="color:#000000;font-family:Arial;font-size:6.56pt;">October 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 shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. After eight years, Class C shares of the Fund generally will convert automatically to Class A shares of the Fund. The example for Class C shares reflects the conversion to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Class A shares after eight years.  Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 671 940 1228 2047 278 2652 4746 7457 61 246 447 1026 77 294 528 1202 <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> 178 2652 4746 7457 <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: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 Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the most recent fiscal year, the Fund’s portfolio turnover rate was </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;">% of the average value of its portfolio.</span> 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 mid-capitalization companies considered to represent value.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Mid-capitalization companies are those companies with market capitalizations within the range of companies included in the Russell Midcap</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 ($1.8 billion to $123.3 billion as of September 30, 2026). The size of companies in the index changes with market conditions and the composition of the index. The Fund may invest up to 25% of its assets in foreign securities, including depositary receipts such as American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”).</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, 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;">When selecting securities for the Fund, the Adviser seeks out companies that appear to be undervalued according to certain financial measurements of their intrinsic net worth or business prospects. The Adviser employs a value-oriented approach that focuses on securities that offer value with improving investor sentiment.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">From time to time, the Fund may focus its investments in companies in one or more economic sectors, including the industrials sector.</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 mid-capitalization companies considered to represent value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Mid-capitalization companies are those companies with market capitalizations within the range of companies included in the Russell Midcap</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 ($1.8 billion to $123.3 billion as of September 30, 2026). The size of companies in the index changes with market conditions and the composition of the index. The Fund may invest up to 25% of its assets in foreign securities, including depositary receipts such as American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”).</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, 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;">When selecting securities for the Fund, the Adviser seeks out companies that appear to be undervalued according to certain financial measurements of their intrinsic net worth or business prospects. The Adviser employs a value-oriented approach that focuses on securities that offer value with improving investor sentiment.</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;">You may lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is no guarantee that the Fund will achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective. </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 insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</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 value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company’s earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.</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;">Mid-Capitalization Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss.</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 securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. Foreign securities could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing contracts. Compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts. Depositary receipts may have additional risks, including creditworthiness of the depositary bank and the risk of an illiquid market. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may negatively affect an investment. Dividends and interest received by the Fund and capital gains recognized by the Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund’s return.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Focus Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— To the extent the Fund focuses on one or more sectors, such as the financials and industrials sectors, market or economic factors impacting those sectors could have a significant effect on the value of the Fund’s investments and could make the Fund’s performance more volatile.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</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;">— Companies in the financials sector are subject to extensive government regulation, which may limit both the amounts and types of loans and other financial commitments that companies in this sector can make, and the interest rates and fees that these companies can charge. Profitability can be largely dependent on the availability and cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">significantly when interest rates change. Financial difficulties of borrowers can negatively affect the financials sector. Insurance companies can be subject to severe price competition. The financials sector can be subject to relatively rapid change as distinctions between financial service segments become increasingly blurred.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Industrials Sector Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Companies in the industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events, and economic conditions also affect the performance of investments in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies. Transportation companies may experience occasional sharp price movements, which may result from changes in the economy, fuel prices, labor agreements, and insurance costs.</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;"> — Different types of investment styles, for example growth or value, tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. As a result, the Fund’s performance may at times be worse than the performance of other mutual funds that invest more broadly or that have different investment styles.</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;"> — Lack of a ready market or restrictions on resale may limit the ability of the Fund to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in an investment that is large relative to the typical trading volume for that investment, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Illiquid investments and relatively less-liquid investments may also be difficult to value. Liquidity risk may also refer to the risk that the Fund may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund.</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;"> — Certain large shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</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 portfolio managers may not execute the Fund's principal investment strategy effectively.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may 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 insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years. The table compares the Fund’s average annual total returns of the Fund's share classes, including applicable maximum sales charges, over the same period to one or more broad measures of market performance. The S&amp;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 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 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years. The table compares the Fund’s average annual total returns of the Fund's share classes, including applicable maximum sales charges, over the same period to one or more broad measures of market performance. The S&amp;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 serves as the Fund’s regulatory broad-based securities market index. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(before and after taxes) does not necessarily indicate how the Fund will perform 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:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns for Class Y Shares</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(The annual return in the bar chart is for the Fund’s least expensive class of shares, Class Y 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;">23.94%</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;">-33.92%</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;">13.03%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">September 30, 2026</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span> 0.2394 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span> -0.3392 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span> 0.1303 2026-09-30 <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 0.1090 0.1038 0.0944 0.0914 0.0906 0.0702 0.0843 0.0825 0.0392 0.0934 0.0944 0.0844 0.0981 0.0925 0.1073 0.1108 0.1050 0.1788 0.1442 0.1482 0.1105 0.0983 0.0978 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect 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 on distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are shown for only one share class. The after-tax returns for other classes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are shown for only one share class. The after-tax returns for other classes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will vary.</span> <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">Victory Integrity Small-Cap 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 Victory Integrity Small-Cap Value Fund (the “Fund”) seeks to provide long-term capital growth.</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 table describes 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 table and examples below</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 may qualify for sales </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 the Victory Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other discounts is available in </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 39 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;">You may qualify for sales </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 the 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> 0.0575 0 0 0 0 0 0.0100 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> 0.0086 0.0086 0.0086 0.0086 0.0086 0.0025 0.0100 0.0050 0.0000 0.0000 0.0030 0.0090 0.0057 0.0008 0.0019 0.0141 0.0276 0.0193 0.0094 0.0105 0.0000 -0.0041 -0.0018 0.0000 0.0000 0.0141 0.0235 0.0175 0.0094 0.0105 <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;">Applies to shares sold within 12 months of purchase.</span> <span style="color:#000000;font-family:Arial;font-size:6.56pt;">October 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 shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">place through its expiration date. After eight years, Class C shares of the Fund generally will convert automatically to Class A shares of the Fund. The example for Class C shares reflects the conversion to Class A shares after eight years.  Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 710 996 1302 2169 338 818 1423 2734 178 589 1025 2239 96 300 520 1155 107 334 579 1283 <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> 238 818 1423 2734 <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: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 Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the most recent fiscal year, the Fund’s portfolio turnover rate was </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;">% of the average value of its portfolio.</span> 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;">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 small-capitalization companies considered to represent value.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Small-capitalization companies are those companies with market capitalizations within the range of companies included in the Russell 2000</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 ($33.7 million to $12.6 billion as of September 30, 2026). The size of companies in the index changes with market conditions and the composition of the index. The Fund considers a number of factors when determining whether an issuer represents value, 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;">When selecting securities for a Fund, the Adviser seeks out companies that appear to be undervalued according to certain financial measurements of their intrinsic net worth or business prospects. The Adviser employs a value-oriented approach that focuses on securities that offer value with improving investor sentiment.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may invest up to 25% of its assets in foreign securities, including depositary receipts such as American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">From time to time, the Fund may focus its investments in companies in one or more economic sectors, including the financials sector.</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 small-capitalization companies considered to represent value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Small-capitalization companies are those companies with market capitalizations within the range of companies included in the Russell 2000</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 ($33.7 million to $12.6 billion as of September 30, 2026). The size of companies in the index changes with market conditions and the composition of the index. The Fund considers a number of factors when determining whether an issuer represents value, 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;">When selecting securities for a Fund, the Adviser seeks out companies that appear to be undervalued according to certain financial measurements of their intrinsic net worth or business prospects. The Adviser employs a value-oriented approach that focuses on securities that offer value with improving investor sentiment.</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;">You may lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is no guarantee that the Fund will achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective. </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 insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</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 value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company’s earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.</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;">Small-Capitalization Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Small-sized companies are subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss. Smaller companies may have limited markets, product lines, or financial resources and lack management experience and may experience higher failure rates than larger companies.</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 securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. Foreign securities could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing contracts. Compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts. Depositary receipts may have additional risks, including creditworthiness of the depositary bank and the risk of an illiquid market. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may negatively affect an investment. Dividends and interest received by the Fund and capital gains recognized by the Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund’s return.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Focus Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— To the extent the Fund focuses on one or more sectors, such as the financials sector, market or economic factors impacting those sectors could have a significant effect on the value of the Fund’s investments and could make the Fund’s performance more volatile.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</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;">— Companies in the financials sector are subject to extensive government regulation, which may limit both the amounts and types of loans and other financial commitments that companies in this sector can make, and the interest rates and fees </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">that these companies can charge. Profitability can be largely dependent on the availability and cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate significantly when interest rates change. Financial difficulties of borrowers can negatively affect the financials sector. Insurance companies can be subject to severe price competition. The financials sector can be subject to relatively rapid change as distinctions between financial service segments become increasingly blurred.</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;"> — Different types of investment styles, for example growth or value, tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. As a result, the Fund’s performance may at times be worse than the performance of other mutual funds that invest more broadly or that have different investment styles.</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;"> — Lack of a ready market or restrictions on resale may limit the ability of the Fund to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in an investment that is large relative to the typical trading volume for that investment, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Illiquid investments and relatively less-liquid investments may also be difficult to value. Liquidity risk may also refer to the risk that the Fund may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund.</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;"> — Certain large shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</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 portfolio managers may not execute the Fund's principal investment strategy effectively.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may 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 insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years. The table compares the Fund’s average annual total returns of the Fund's share classes, including applicable maximum sales charges, over the same period to one or more broad measures of market performance. The Russell 3000</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 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 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years. The table compares the Fund’s average annual total returns of the Fund's share classes, including applicable maximum sales charges, over the same period to one or more broad measures of market performance. The Russell 3000</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 serves as the Fund’s regulatory broad-based securities market index. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(before and after taxes) does not necessarily indicate how the Fund will perform 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:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns for Class A Shares</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(Applicable sales loads or account fees are not reflected in the bar chart. If these amounts were reflected, returns would be less than those shown.)</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(Applicable sales loads or account fees are not reflected in the bar chart. If these amounts were reflected, returns would be less than those shown.)</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;">39.66%</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;">-40.51%</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;">15.72%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">September 30, 2026</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span> 0.3966 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span> -0.4051 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span> 0.1572 2026-09-30 <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> -0.0120 0.0815 0.0749 -0.0136 0.0510 0.0548 -0.0059 0.0589 0.0563 0.0286 0.0848 0.0748 0.0450 0.0912 0.0783 0.0535 0.0998 0.0868 0.0524 0.0987 0.0854 0.1715 0.1315 0.1429 0.1259 0.0888 0.0927 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect 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 on distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are shown for only one share class. The after-tax returns for other classes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are shown for only one share class. The after-tax returns for other classes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will vary.</span> <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">Victory Integrity Small/Mid-Cap 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 Victory Integrity Small/Mid-Cap Value Fund (the “Fund”) seeks to provide 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 table describes 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 table and examples below</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 may qualify for sales </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 the Victory Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other discounts is available in </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 39 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;">You may qualify for sales </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 the 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> 0.0575 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> 0.0079 0.0079 0.0079 0.0025 0.0000 0.0000 0.0038 0.0011 0.0022 0.0142 0.0090 0.0101 -0.0029 -0.0007 -0.0013 0.0113 0.0083 0.0088 <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;">October 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 shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">place through its expiration date. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 684 972 1281 2156 85 280 492 1100 90 309 545 1224 <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: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 Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.50 <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 small- to mid-capitalization companies considered to represent value.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Small- to mid-capitalization companies are those companies with market capitalizations at the time of purchase within the range of companies included in the Russell 2500™ Index ($33.8 million to $26.2 billion as of September 30, 2026). The size of companies in the index changes with market conditions and the composition of the index. The Fund considers a number of factors when determining whether an issuer represents value, 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;">When selecting securities for a Fund, the Adviser seeks out companies that appear to be undervalued according to certain financial measurements of their intrinsic net worth or business prospects. The Adviser employs a value-oriented approach that focuses on securities that offer value with improving investor sentiment.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may invest up to 25% of its assets in foreign securities, including depositary receipts such as American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">From time to time, the Fund may focus its investments in companies in one or more economic sectors, including the financials and industrials sectors.</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 small- to mid-capitalization companies considered to represent value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Small- to mid-capitalization companies are those companies with market capitalizations at the time of purchase within the range of companies included in the Russell 2500™ Index ($33.8 million to $26.2 billion as of September 30, 2026). The size of companies in the index changes with market conditions and the composition of the index. The Fund considers a number of factors when determining whether an issuer represents value, 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;">When selecting securities for a Fund, the Adviser seeks out companies that appear to be undervalued according to certain financial measurements of their intrinsic net worth or business prospects. The Adviser employs a value-oriented approach that focuses on securities that offer value with improving investor sentiment.</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;">You may lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is no guarantee that the Fund will achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective. </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 insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</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 value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company’s earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.</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;">Smaller-Capitalization Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Small- and mid-sized companies are subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss. Smaller companies may have limited markets, product lines, or financial resources and lack management experience and may experience higher failure rates than larger companies.</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 securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. Foreign securities could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing contracts. Compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts. Depositary receipts may have additional risks, including creditworthiness of the depositary bank and the risk of an illiquid market. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may negatively affect an investment. Dividends and interest received by the Fund and capital gains recognized by the Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund’s return.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Focus Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— To the extent the Fund focuses on one or more sectors, such as the financials and industrials sectors, market or economic factors impacting those sectors could have a significant effect on the value of the Fund’s investments and could make the Fund’s performance more volatile.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</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;">— Companies in the financials sector are subject to extensive government regulation, which may limit both the amounts and types of loans and other financial commitments that companies in this sector can make, and the interest rates and fees that these companies can charge. Profitability can be largely dependent on the availability and cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate significantly when interest rates change. Financial difficulties of borrowers can negatively affect the financials sector. Insurance companies can be subject to severe price competition. The financials sector can be subject to relatively rapid change as distinctions between financial service segments become increasingly blurred.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Industrials Sector Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Companies in the industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events, and economic conditions also affect the performance of investments in such issuers. Aerospace and defense companies, a component </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">of the industrials sector, can be significantly affected by government spending policies. Transportation companies may experience occasional sharp price movements, which may result from changes in the economy, fuel prices, labor agreements, and insurance costs.</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;"> — Different types of investment styles, for example growth or value, tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. As a result, the Fund’s performance may at times be worse than the performance of other mutual funds that invest more broadly or that have different investment styles.</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;"> — Lack of a ready market or restrictions on resale may limit the ability of the Fund to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in an investment that is large relative to the typical trading volume for that investment, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Illiquid investments and relatively less-liquid investments may also be difficult to value. Liquidity risk may also refer to the risk that the Fund may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund.</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;"> — Certain large shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</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 portfolio managers may not execute the Fund's principal investment strategy effectively.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may 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 insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years. The table compares the Fund’s average annual total returns of the Fund's share classes, including applicable maximum sales charges, over the same period to one or more broad measures of market performance. The Russell 3000</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 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 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years. The table compares the Fund’s average annual total returns of the Fund's share classes, including applicable maximum sales charges, over the same period to one or more broad measures of market performance. The Russell 3000</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 serves as the Fund’s regulatory broad-based securities market index. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(before and after taxes) does not necessarily indicate how the Fund will perform 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:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns for Class Y Shares</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(The annual return in the bar chart is for the Fund’s least expensive class of shares, Class Y 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;">32.78%</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;">-37.14%</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;">12.26%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">September 30, 2026</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span> 0.3278 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span> -0.3714 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span> 0.1226 2026-09-30 <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> 0.0949 0.1100 0.1020 0.0838 0.0930 0.0912 0.0637 0.0852 0.0822 0.0294 0.0942 0.0927 0.0954 0.1106 0.1026 0.1715 0.1315 0.1429 0.1273 0.1002 0.0972 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect 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 on distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are shown for only one share class. The after-tax returns for other classes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are shown for only one share class. The after-tax returns for other classes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will vary.</span> <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">Victory Integrity Discovery 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 Victory Integrity Discovery Fund (the “Fund”) seeks to provide 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 table describes 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 to financial intermediaries, which are not reflected in the table and examples 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> 0.0100 0.0000 0.0075 0.0175 -0.0025 0.0150 <span style="color:#000000;font-family:Arial;font-size:6.56pt;">October 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 shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 153 527 926 2042 <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 Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">61</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.61 <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 Adviser pursues the Fund’s investment objective by investing, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">under normal circumstances, at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">least 80% of the Fund’s net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of micro-capitalization companies.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Micro-capitalization companies are those </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies with market capitalizations lower than the largest company in the bottom 75% (based on index weightings) of the Russell 2000</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, which as of September 30, 2026, included companies with market capitalizations below $12.6 billion. 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;">When selecting securities for a Fund, the Adviser seeks out companies that appear to be undervalued according to certain financial measurements of their intrinsic net worth or business prospects. The Adviser employs a value-oriented approach that focuses on securities that offer value with improving investor sentiment.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund focuses on undiscovered, micro-capitalization companies in its attempt to provide investors with potentially higher returns than a fund that invests primarily in larger, more established companies. Since micro-capitalization companies generally are not as well known to investors and have less of an investor following than larger companies, the Adviser believes these inefficiencies in the marketplace may provide higher returns.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Although the Fund will be invested primarily in domestic securities, up to 25% of the Fund’s assets may be invested in foreign securities, including depositary receipts such as American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">From time to time, due to changes in sector weights of the benchmark index, the Fund’s investments can be more focused in companies in one or more economic sectors, such as the financials and industrial sectors.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">under normal circumstances, at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">least 80% of the Fund’s net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of micro-capitalization companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Micro-capitalization companies are those </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies with market capitalizations lower than the largest company in the bottom 75% (based on index weightings) of the Russell 2000</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, which as of September 30, 2026, included companies with market capitalizations below $12.6 billion. 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;">When selecting securities for a Fund, the Adviser seeks out companies that appear to be undervalued according to certain financial measurements of their intrinsic net worth or business prospects. The Adviser employs a value-oriented approach that focuses on securities that offer value with improving investor sentiment.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund focuses on undiscovered, micro-capitalization companies in its attempt to provide investors with potentially higher returns than a fund that invests primarily in larger, more established companies. Since micro-capitalization companies generally are not as well known to investors and have less of an investor following than larger companies, the Adviser believes these inefficiencies in the marketplace may provide higher returns.</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;">You may lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is no guarantee that the Fund will achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective. </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 insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</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 value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company’s earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.</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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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;">Micro-Capitalization Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Micro-sized companies tend to be less seasoned and may lose market share or profits to a greater extent than larger, more established companies. Since micro-sized company stocks typically have narrower markets and are traded in lower volumes than larger company stocks, they may be more difficult to purchase and sell. Micro-capitalization companies may have limited markets, product lines, or financial resources and lack management experience and may experience higher failure rates than larger companies.</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 securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. Foreign securities could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing contracts. Compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts. Depositary receipts may have additional risks, including creditworthiness of the depositary bank and the risk of an illiquid market. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may negatively affect an investment. Dividends and interest received by the Fund and capital gains recognized by the Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund’s return.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Focus Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— To the extent the Fund focuses on one or more sectors, such as the financials and industrials sectors, market or economic factors impacting those sectors could have a significant effect on the value of the Fund’s investments and could make the Fund’s performance more volatile.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</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;">— Companies in the financials sector are subject to extensive government regulation, which may limit both the amounts and types of loans and other financial commitments that companies in this sector can make, and the interest rates and fees that these companies can charge. Profitability can be largely dependent on the availability and cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate significantly when interest rates change. Financial difficulties of borrowers can negatively affect the financials sector. Insurance companies can be subject to severe price competition. The financials sector can be subject to relatively rapid change as distinctions between financial service segments become increasingly blurred.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Industrials Sector Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Companies in the industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events, and economic conditions also affect the performance of investments in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies. Transportation companies may experience occasional sharp price movements, which may result from changes in the economy, fuel prices, labor agreements, and insurance costs.</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;"> — Different types of investment styles, for example growth or value, tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. As a result, the Fund’s performance may at times be worse than the performance of other mutual funds that invest more broadly or that have different investment styles.</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;"> — Lack of a ready market or restrictions on resale may limit the ability of the Fund to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in an investment that is large relative to the typical trading volume for that investment, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Illiquid investments and relatively less-liquid investments may also be difficult to value. Liquidity risk may also refer to the risk that the Fund may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund.</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;"> — Certain large shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</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 portfolio managers may not execute the Fund's principal investment strategy effectively.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may 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 insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The information presented is for the Fund’s Member Class shares.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years. The table compares the average annual total returns of the Fund’s Member Class shares over the same period to one or more broad measures of market performance. The S&amp;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 serves as the Fund’s regulatory broad-based securities market index. We assume reinvestment of dividends and distributions. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Member Class shares commenced operations on November 3, 2020. As a result, the returns in the bar chart and table that follow show the actual performance of Member Class shares from November 3, 2020, through December 31, 2025.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Returns shown for prior periods reflect the returns for the Fund’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Class Y shares, which are not offered by this Prospectus. The performance for Member Class shares would have been substantially similar to the performance of Class Y shares in prior periods because Member Class shares and Class Y shares invest in the same portfolio and differ only with respect to certain class-specific expenses. The actual returns of Member Class shares would have been lower than those of Class Y shares because Member Class shares have higher overall expenses than Class Y shares. </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;">The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated 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;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Member Class shares commenced operations on November 3, 2020. As a result, the returns in the bar chart and table that follow show the actual performance of Member Class shares from November 3, 2020, through December 31, 2025.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The information presented is for the Fund’s Member Class shares.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Returns shown for prior periods reflect the returns for the Fund’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Class Y shares, which are not offered by this Prospectus. The performance for Member Class shares would have been substantially similar to the performance of Class Y shares in prior periods because Member Class shares and Class Y shares invest in the same portfolio and differ only with respect to certain class-specific expenses. The actual returns of Member Class shares would have been lower than those of Class Y shares because Member Class shares have higher overall expenses than Class Y shares. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform 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:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns for Member Class Shares</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(The annual returns in the bar chart are for the Fund’s Class Y shares for all years prior to 2021. Member Class returns are presented for years after 2020.)</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;">25.72%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">March 31, 2021</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;">-14.56%</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;">32.41%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">September 30, 2026</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span> 0.2572 2021-03-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span> -0.1456 2022-06-30 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span> 0.3241 2026-09-30 <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> 0.1418 0.1193 0.0987 0.1145 0.1008 0.0826 0.1035 0.0925 0.0766 0.1788 0.1442 0.1482 0.2384 0.1057 0.1054 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect 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 on distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are shown for only one share class. The after-tax returns for other classes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are shown for only one share class. The after-tax returns for other classes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will vary.</span> <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">Victory Integrity Mid-Cap 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 Victory Integrity Mid-Cap Value Fund (the “Fund”) seeks to provide 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 table describes 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 to financial intermediaries, which are not reflected in the table and examples 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> 0.0075 0.0000 0.0064 0.0139 -0.0054 0.0085 <span style="color:#000000;font-family:Arial;font-size:6.56pt;">October 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 shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 87 387 709 1622 <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 Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the most recent fiscal year, the Fund’s portfolio turnover rate was </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;">% of the average value of its portfolio.</span> 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 mid-capitalization companies considered to represent value.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Mid-capitalization companies are those companies with market capitalizations within the range of companies included in the Russell Midcap</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 ($1.8 billion to $123.3 billion as of September 30, 2026). The size of companies in the index changes with market conditions and the composition of the index. The Fund may invest up to 25% of its assets in foreign securities, including depositary receipts such as American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”).</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, 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;">When selecting securities for the Fund, the Adviser seeks out companies that appear to be undervalued according to certain financial measurements of their intrinsic net worth or business prospects. The Adviser employs a value-oriented approach that focuses on securities that offer value with improving investor sentiment.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">From time to time, the Fund may focus its investments in companies in one or more economic sectors, including the industrials sector.</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 mid-capitalization companies considered to represent value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Mid-capitalization companies are those companies with market capitalizations within the range of companies included in the Russell Midcap</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 ($1.8 billion to $123.3 billion as of September 30, 2026). The size of companies in the index changes with market conditions and the composition of the index. The Fund may invest up to 25% of its assets in foreign securities, including depositary receipts such as American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”).</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, 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;">When selecting securities for the Fund, the Adviser seeks out companies that appear to be undervalued according to certain financial measurements of their intrinsic net worth or business prospects. The Adviser employs a value-oriented approach that focuses on securities that offer value with improving investor sentiment.</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;">You may lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is no guarantee that the Fund will achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective. </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 insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</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 value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company’s earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.</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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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;">Mid-Capitalization Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss.</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 securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. Foreign securities could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing contracts. Compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts. Depositary receipts may have additional risks, including creditworthiness of the depositary bank and the risk of an illiquid market. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may negatively affect an investment. Dividends and interest received by the Fund and capital gains recognized by the Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund’s return.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Focus Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— To the extent the Fund focuses on one or more sectors, such as the financials and industrials sectors, market or economic factors impacting those sectors could have a significant effect on the value of the Fund’s investments and could make the Fund’s performance more volatile.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</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;">— Companies in the financials sector are subject to extensive government regulation, which may limit both the amounts and types of loans and other financial commitments that companies in this sector can make, and the interest rates and fees that these companies can charge. Profitability can be largely dependent on the availability and cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate significantly when interest rates change. Financial difficulties of borrowers can negatively affect the financials sector. Insurance companies can be subject to severe price competition. The financials sector can be subject to relatively rapid change as distinctions between financial service segments become increasingly blurred.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Industrials Sector Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Companies in the industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events, and economic conditions also affect the performance of investments in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies. Transportation companies may experience occasional sharp price movements, which may result from changes in the economy, fuel prices, labor agreements, and insurance costs.</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;"> — Different types of investment styles, for example growth or value, tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. As a result, the Fund’s performance may at times be worse than the performance of other mutual funds that invest more broadly or that have different investment styles.</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;"> — Lack of a ready market or restrictions on resale may limit the ability of the Fund to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in an investment that is large relative to the typical trading volume for that investment, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Illiquid investments and relatively less-liquid investments may also be difficult to value. Liquidity risk may also refer to the risk that the Fund may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund.</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;"> — Certain large shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</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 portfolio managers may not execute the Fund's principal investment strategy effectively.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may 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 insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The information presented is for the Fund’s Member Class shares.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years. The table compares the average annual total returns of the Fund’s Member Class shares over the same period to one or more broad measures of market performance. The S&amp;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 serves as the Fund’s regulatory broad-based securities market index. We assume reinvestment of dividends and distributions. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Member Class shares commenced operations on November 3, 2020. As a result, the returns in the bar chart and table that follow show the actual performance of Member Class shares from November 3, 2020, through December 31, 2025.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Returns shown for prior periods reflect the returns for the Fund’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Class Y shares, which are not offered by this Prospectus. The performance for Member Class shares would have been substantially similar to the performance of Class Y shares in prior periods because Member Class shares and Class Y shares invest in the same portfolio and differ only with respect to certain class-specific expenses. The actual returns of Member Class shares would have been lower than those of Class Y shares because Member Class shares have higher overall expenses than Class Y shares. </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;">The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated 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;">. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Member Class shares commenced operations on November 3, 2020. As a result, the returns in the bar chart and table that follow show the actual performance of Member Class shares from November 3, 2020, through December 31, 2025.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The information presented is for the Fund’s Member Class shares.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Returns shown for prior periods reflect the returns for the Fund’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Class Y shares, which are not offered by this Prospectus. The performance for Member Class shares would have been substantially similar to the performance of Class Y shares in prior periods because Member Class shares and Class Y shares invest in the same portfolio and differ only with respect to certain class-specific expenses. The actual returns of Member Class shares would have been lower than those of Class Y shares because Member Class shares have higher overall expenses than Class Y shares. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform 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:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns for Member Class Shares</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(The annual returns in the bar chart are for the Fund’s Class Y shares for all years prior to 2021. Member Class returns are presented for years after 2020.)</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;">15.32%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">March 31, 2021</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;">-14.80%</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;">12.90%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">September 30, 2026</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span> 0.1532 2021-03-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span> -0.1480 2022-06-30 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span> 0.1290 2026-09-30 <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> 0.1044 0.1079 0.1038 0.0939 0.0906 0.0906 0.0695 0.0835 0.0825 0.1788 0.1442 0.1482 0.1105 0.0983 0.0978 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect 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 on distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are shown for only one share class. The after-tax returns for other classes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are shown for only one share class. The after-tax returns for other classes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will vary.</span> <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">Victory Integrity Small/Mid-Cap 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 Victory Integrity Small/Mid-Cap Value Fund (the “Fund”) seeks to provide 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 table describes 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 to financial intermediaries, which are not reflected in the table and examples 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> 0.0079 0.0000 0.0051 0.0130 -0.0035 0.0095 <span style="color:#000000;font-family:Arial;font-size:6.56pt;">October 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 shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 97 378 679 1537 <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 Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.50 <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 small- to mid-capitalization companies considered to represent value.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Small- to mid-capitalization companies are those companies with market capitalizations at the time of purchase within the range of companies included in the Russell 2500™ Index ($33.8 million to $26.2 billion as of September 30, 2026). The size of companies in the index changes with market conditions and the composition of the index. The Fund considers a number of factors when determining whether an issuer represents value, 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;">When selecting securities for a Fund, the Adviser seeks out companies that appear to be undervalued according to certain financial measurements of their intrinsic net worth or business prospects. The Adviser employs a value-oriented approach that focuses on securities that offer value with improving investor sentiment.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may invest up to 25% of its assets in foreign securities, including depositary receipts such as American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">From time to time, the Fund may focus its investments in companies in one or more economic sectors, including the financials and industrials sectors.</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 small- to mid-capitalization companies considered to represent value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Small- to mid-capitalization companies are those companies with market capitalizations at the time of purchase within the range of companies included in the Russell 2500™ Index ($33.8 million to $26.2 billion as of September 30, 2026). The size of companies in the index changes with market conditions and the composition of the index. The Fund considers a number of factors when determining whether an issuer represents value, 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;">When selecting securities for a Fund, the Adviser seeks out companies that appear to be undervalued according to certain financial measurements of their intrinsic net worth or business prospects. The Adviser employs a value-oriented approach that focuses on securities that offer value with improving investor sentiment.</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;">You may lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is no guarantee that the Fund will achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective. </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 insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</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 value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company’s earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.</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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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;">Smaller-Capitalization Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Small- and mid-sized companies are subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss. Smaller companies may have limited markets, product lines, or financial resources and lack management experience and may experience higher failure rates than larger companies.</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 securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. Foreign securities could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing contracts. Compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts. Depositary receipts may have additional risks, including creditworthiness of the depositary bank and the risk of an illiquid market. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may negatively affect an investment. Dividends and interest received by the Fund and capital gains recognized by the Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund’s return.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Focus Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— To the extent the Fund focuses on one or more sectors, such as the financials and industrials sectors, market or economic factors impacting those sectors could have a significant effect on the value of the Fund’s investments and could make the Fund’s performance more volatile.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</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;">— Companies in the financials sector are subject to extensive government regulation, which can limit both the amounts and types of loans and other financial commitments that companies in this sector can make, and the interest rates and fees that these companies can charge. Profitability can be largely dependent on the availability and cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate significantly when interest rates change. Financial difficulties of borrowers can negatively affect the financials sector. Insurance companies can be subject to severe price competition. The financials sector can be subject to relatively rapid change as distinctions between financial service segments become increasingly blurred.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Industrials Sector Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Companies in the industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events, and economic conditions also affect the performance of investments in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies. Transportation companies may experience occasional sharp price movements, which may result from changes in the economy, fuel prices, labor agreements, and insurance costs.</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;"> — Different types of investment styles, for example growth or value, tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. As a result, the Fund’s performance may at times be worse than the performance of other mutual funds that invest more broadly or that have different investment styles.</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;"> — Lack of a ready market or restrictions on resale may limit the ability of the Fund to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">hold a position in an investment that is large relative to the typical trading volume for that investment, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Illiquid investments and relatively less-liquid investments may also be difficult to value. Liquidity risk may also refer to the risk that the Fund may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund.</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;"> — Certain large shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</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 portfolio managers may not execute the Fund's principal investment strategy effectively.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may 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 insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The information presented is for the Fund’s Member Class shares.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years. The table compares the average annual total returns of the Fund’s Member Class shares over the same period to one or more broad measures of market performance. The Russell 3000</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 serves as the Fund’s regulatory broad-based securities market index. We assume reinvestment of dividends and distributions. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Member Class shares commenced operations on November 3, 2020. As a result, the returns in the bar chart and table that follow show the actual performance of Member Class shares from November 3, 2020, through December 31, 2025.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Returns shown for prior periods reflect the returns for the Fund’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Class Y shares, which are not offered by this Prospectus. The performance for Member Class shares would have been substantially similar to the performance of Class Y shares in prior periods because Member Class shares and Class Y shares invest in the same portfolio and differ only with respect to certain class-specific expenses. The actual returns of Member Class shares would have been lower than those of Class Y shares because Member Class shares have higher overall expenses than Class Y shares. </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;">The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated 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;">. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Member Class shares commenced operations on November 3, 2020. As a result, the returns in the bar chart and table that follow show the actual performance of Member Class shares from November 3, 2020, through December 31, 2025.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The information presented is for the Fund’s Member Class shares.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Returns shown for prior periods reflect the returns for the Fund’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Class Y shares, which are not offered by this Prospectus. The performance for Member Class shares would have been substantially similar to the performance of Class Y shares in prior periods because Member Class shares and Class Y shares invest in the same portfolio and differ only with respect to certain class-specific expenses. The actual returns of Member Class shares would have been lower than those of Class Y shares because Member Class shares have higher overall expenses than Class Y shares. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform 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:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns for Member Class Shares</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(The annual returns in the bar chart are for the Fund’s Class Y shares for all years prior to 2021. Member Class returns are presented for years after 2020.)</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;">19.64%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">March 31, 2021</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;">-15.81%</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;">12.17%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">September 30, 2026</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span> 0.1964 2021-03-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span> -0.1581 2022-06-30 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span> 0.1217 2026-09-30 <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> 0.0946 0.1093 0.1020 0.0836 0.0924 0.0912 0.0635 0.0846 0.0822 0.1715 0.1315 0.1429 0.1273 0.1002 0.0972 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect 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 on distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are shown for only one share class. The after-tax returns for other classes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are shown for only one share class. The after-tax returns for other classes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will vary.</span> <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">Victory Mid-Cap Core 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 Victory Mid-Cap Core Growth Fund (the “Fund”) seeks to provide 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 table describes 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 table and examples below</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 may qualify for sales </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 the Victory Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other discounts is available in </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 26 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;">You may qualify for sales </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 the 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> 0.0575 0 0 0 0 0.0100 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> 0.0075 0.0075 0.0075 0.0075 0.0025 0.0100 0.0000 0.0000 0.0026 0.0177 0.0012 0.0024 0.0126 0.0352 0.0087 0.0099 0.0000 -0.0140 0.0000 0.0000 0.0126 0.0212 0.0087 0.0099 <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;">Applies to shares sold within 12 months of purchase.</span> <span style="color:#000000;font-family:Arial;font-size:6.56pt;">October 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 shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. After eight years, Class C shares of the Fund generally will convert automatically to Class A shares of the Fund. The example for Class C shares reflects the conversion to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Class A shares after eight years.  Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 696 952 1227 2010 315 950 1707 3183 89 278 482 1073 101 315 547 1213 <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> 215 950 1707 3183 <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: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 Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">100</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 1 <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 mid-capitalization companies.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Mid-capitalization companies are those companies with market capitalizations within the range of companies included in the S&amp;P MidCap 400</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 ($1.8 billion to $44.9 billion as of September 30, 2026) or within the range of companies included in the Russell Midcap</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 ($1.8 billion to $123.3 billion as of September 30, 2026). The size of companies in an index changes with market conditions and the composition of the index.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser employs a quantitative investment process that identifies equity securities of companies across mid-cap companies. The Adviser uses a disciplined approach that combines value, momentum, quality, and growth factors to construct a diversified portfolio.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser’s quantitative methodology looks at investment fundamentals to evaluate potential investments from a broad universe of securities. The quantitative analysis focuses on, among other things:</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quality:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Financial strength and earnings stability</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Value:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Securities trading below intrinsic value based on fundamental metrics</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Momentum:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Price trends indicating positive market recognition</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Growth:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Companies with increasing earnings growth trends</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser’s quantitative approach is designed to diversify the Fund’s holdings and optimize risk-adjusted returns. The Adviser attempts to manage portfolio risks by limiting exposure to particular industry sectors and stocks of individual issuers. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund generally will sell portfolio holdings when quantitative factors signal that a stock’s value is likely to deteriorate materially, when more attractive opportunities are identified, or to manage risks within identified parameters.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Although the Fund will be invested primarily in domestic securities, up to 10% of the Fund’s assets may be invested in foreign securities, including depositary receipts such as American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”).</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 mid-capitalization companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Mid-capitalization companies are those companies with market capitalizations within the range of companies included in the S&amp;P MidCap 400</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 ($1.8 billion to $44.9 billion as of September 30, 2026) or within the range of companies included in the Russell Midcap</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 ($1.8 billion to $123.3 billion as of September 30, 2026). The size of companies in an index changes with market conditions and the composition of the index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser employs a quantitative investment process that identifies equity securities of companies across mid-cap companies. The Adviser uses a disciplined approach that combines value, momentum, quality, and growth factors to construct a diversified portfolio.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser’s quantitative methodology looks at investment fundamentals to evaluate potential investments from a broad universe of securities. The quantitative analysis focuses on, among other things:</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quality:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Financial strength and earnings stability</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Value:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Securities trading below intrinsic value based on fundamental metrics</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Momentum:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Price trends indicating positive market recognition</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Growth:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Companies with increasing earnings growth trends</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser’s quantitative approach is designed to diversify the Fund’s holdings and optimize risk-adjusted returns. The Adviser attempts to manage portfolio risks by limiting exposure to particular industry sectors and stocks of individual issuers. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund generally will sell portfolio holdings when quantitative factors signal that a stock’s value is likely to deteriorate materially, when more attractive opportunities are identified, or to manage risks within identified parameters.</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;">You may lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is no guarantee that the Fund will achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective. </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 insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</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 value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company’s earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.</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;">Mid-Capitalization Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Mid-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss.</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 securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. Foreign securities could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing contracts. Compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts. Depositary receipts may have additional risks, including creditworthiness of the depositary bank and the risk of an illiquid market. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may negatively affect an investment. Dividends and interest received by the Fund and capital gains recognized by the Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund’s return.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Focus Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— To the extent the Fund focuses on one or more sectors, such as the financials sector, market or economic factors impacting those sectors could have a significant effect on the value of the Fund’s investments and could make the Fund’s performance more volatile.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</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;">— Companies in the financials sector are subject to extensive government regulation, which can limit both the amounts and types of loans and other financial commitments that companies in this sector can make, and the interest rates and fees that these companies can charge. Profitability can be largely dependent on the availability and cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate significantly when interest rates change. Financial difficulties of borrowers can negatively affect the financials sector. Insurance companies can be subject to severe price competition. The financials sector can be subject to relatively rapid change as distinctions between financial service segments become increasingly blurred.</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;"> — Different types of investment styles, for example growth or value, tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. As a result, the Fund’s performance may at times be worse than the performance of other mutual funds that invest more broadly or that have different investment styles.</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;"> — Lack of a ready market or restrictions on resale may limit the ability of the Fund to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in an investment that is large relative to the typical trading volume for that investment, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Illiquid investments and relatively less-liquid investments may also be difficult to value. Liquidity risk may also refer to the risk that the Fund may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund.</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;"> — Certain large shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</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 portfolio managers may not execute the Fund's principal investment strategy effectively.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may 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 insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years. The table compares the Fund’s average annual total returns of the Fund's share classes, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">including applicable maximum sales charges, over the same period to one or more broad measures of market performance. The S&amp;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 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 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. The Fund's investment team changed on November 1, 2025. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund's past performance (before and after taxes) does not </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">necessarily indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information is </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years. The table compares the Fund’s average annual total returns of the Fund's share classes, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">including applicable maximum sales charges, over the same period to one or more broad measures of market performance. The S&amp;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 serves as the Fund’s regulatory broad-based securities market index. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund's past performance (before and after taxes) does not </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">necessarily indicate how the Fund will perform 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:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns for Class Y Shares</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(The annual return in the bar chart is for the Fund’s least expensive class of shares, Class Y 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;">22.62%</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;">-23.80%</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;">16.17%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">September 30, 2026</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span> 0.2262 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span> -0.2380 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span> 0.1617 2026-09-30 <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> 0.1219 0.0731 0.0957 0.0865 0.0395 0.0477 0.0978 0.0526 0.0648 0.0546 0.0573 0.0862 0.1006 0.0610 0.0861 0.1223 0.0742 0.0971 0.1788 0.1442 0.1482 0.1060 0.0867 0.1101 0.0866 0.0665 0.1249 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect 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 on distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are shown for only one share class. The after-tax returns for other classes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are shown for only one share class. The after-tax returns for other classes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will vary.</span> <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">Victory Multi-Cap 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 Victory Multi-Cap Fund (the “Fund”) seeks to provide 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 table describes 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 table and examples below</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 may qualify for sales </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 the Victory Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other discounts is available in </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 26 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;">You may qualify for sales </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 the 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> 0.0575 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> 0.0075 0.0075 0.0075 0.0025 0.0100 0.0000 0.0021 0.0057 0.0019 0.0121 0.0232 0.0094 0.0000 -0.0016 0.0000 0.0121 0.0216 0.0094 <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;">Applies to shares sold within 12 months of purchase.</span> <span style="color:#000000;font-family:Arial;font-size:6.56pt;">October 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 shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. After eight years, Class C shares of the Fund generally will convert automatically to Class A shares of the Fund. The example for Class C shares reflects the conversion to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Class A shares after eight years.  Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 691 937 1202 1957 319 709 1226 2365 96 300 520 1155 <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> 219 709 1226 2365 <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: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 Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the most recent fiscal year, the Fund’s portfolio turnover rate was </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;">% of the average value of its portfolio.</span> 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;">The Adviser employs a quantitative investment process that identifies equity securities of companies across all market capitalizations. The Adviser uses a disciplined approach that combines value, momentum, quality, and growth factors to construct a diversified portfolio.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser’s quantitative methodology looks at investment fundamentals to evaluate potential investments from a broad universe of securities. The quantitative analysis focuses on, among other things:</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Quality:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Financial strength and earnings stability</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Value:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Securities trading below intrinsic value based on fundamental metrics</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Momentum:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Price trends indicating positive market recognition</span><span style="color:#000000;font-family:Times New Roman;font-size:7pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Growth:</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Companies with increasing earnings growth trends</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser’s quantitative approach is designed to diversify the Fund’s holdings and optimize risk-adjusted returns. The Adviser attempts to manage portfolio risks by limiting exposure to particular industry sectors and stocks of individual issuers. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund generally will sell portfolio holdings when quantitative factors signal that a stock’s value is likely to deteriorate materially, when more attractive opportunities are identified, or to manage risks within identified parameters.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Although the Fund will be invested primarily in domestic securities, up to 10% of the Fund’s assets may be invested in foreign securities, including depositary receipts such as American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”).</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;">You may lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is no guarantee that the Fund will achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective. </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 insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</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 value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company’s earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.</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;">Smaller-Capitalization Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Small- and mid-sized companies are subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss. Smaller companies may have limited markets, product lines, or financial resources and lack management experience and may experience higher failure rates than larger companies.</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 securities of large-sized companies may underperform the securities of smaller-sized companies or the market as a whole. The growth rate of larger, more established companies may lag that of smaller companies, especially during periods of economic expansion.</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 securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. Foreign securities could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing contracts. Compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts. Depositary receipts may have additional risks, including creditworthiness of the depositary bank and the risk of an illiquid market. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may negatively affect an investment. Dividends and interest received by the Fund and capital gains recognized by the Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund’s return.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Focus Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— To the extent the Fund focuses on 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Information Technology Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Companies in the information technology sector face intense competition, both domestically and internationally. These companies may be smaller or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">newer and may have limited product lines, markets, financial resources, or personnel. The products of companies in the information technology sector may face product obsolescence due to rapid technological developments and frequent new product introductions, unpredictable changes in growth rates, and competition for the services of qualified personnel. These companies may be developing or marketing new products or services for which markets are not yet established and may never become established.</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;"> — Different types of investment styles, for example growth or value, tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. As a result, the Fund’s performance may at times be worse than the performance of other mutual funds that invest more broadly or that have different investment styles.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Higher portfolio turnover ratios resulting from additional purchases and sales of portfolio securities generally will result in higher transaction costs, and Fund expenses and may result in the realization of taxable capital gains, including short-term capital gains, which generally are taxed to shareholders at ordinary income tax rates.</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;"> — Lack of a ready market or restrictions on resale may limit the ability of the Fund to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in an investment that is large relative to the typical trading volume for that investment, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Illiquid investments and relatively less-liquid investments may also be difficult to value. Liquidity risk may also refer to the risk that the Fund may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund.</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;"> — Certain large shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</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 portfolio managers may not execute the Fund's principal investment strategy effectively.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may 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 insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years. The table compares the Fund’s average annual total returns of the Fund's share classes, including applicable maximum sales charges, over the same period to one or more broad measures of market performance. </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. The Fund's investment team changed on November 1, 2025. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund's past performance (before and after taxes) does not </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">necessarily indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information is </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years. The table compares the Fund’s average annual total returns of the Fund's share classes, including applicable maximum sales charges, over the same period to one or more broad measures of market performance. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund's past performance (before and after taxes) does not </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">necessarily indicate how the Fund will perform 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:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns for Class Y Shares</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(The annual return in the bar chart is for the Fund’s least expensive class of shares, Class Y 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;">23.79%</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;">-25.65%</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;">15.63%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">September 30, 2026</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span> 0.2379 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span> -0.2565 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span> 0.1563 2026-09-30 <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> 0.2239 0.1627 0.1360 0.1874 0.1368 0.1161 0.1513 0.1244 0.1065 0.1503 0.1454 0.1254 0.1995 0.1487 0.1247 0.1715 0.1315 0.1429 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect 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 on distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are shown for only one share class. The after-tax returns for other classes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are shown for only one share class. The after-tax returns for other classes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will vary.</span> <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">Victory S&amp;P 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 Victory S&amp;P 500 Index Fund (the “Fund”) seeks to provide performance and income that is comparable to the S&amp;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 (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 table describes 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 table and examples below</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 may qualify for sales </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 the Victory Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other discounts is available in </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 14 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;">You may qualify for sales </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 the 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> 0.0225 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> 0.0019 0.0019 0.0019 0.0015 0.0050 0.0000 0.0017 0.0014 0.0018 0.0051 0.0083 0.0037 <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 shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 276 385 504 851 85 265 460 1025 38 119 208 468 <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: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 Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">5</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.05 <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 in the S&amp;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 (“Index”).</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index is an unmanaged index of 500 U.S. publicly traded common stocks selected by </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Standard &amp; Poor’s from a broad range of industries. The Index is composed primarily of stocks issued by large-capitalization companies.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">To replicate the performance of the Index, the Adviser purchases and maintains all or substantially all of the securities included in the Index, in approximately the same percentages as such securities are included in the Index. Because the Fund seeks to track the performance of the Index, the Adviser does not actively determine the stock selection or sector allocation. The percentage weighting of a particular security in the Index is determined by that security’s relative total market capitalization, which is the market price per share of the security multiplied by the number of shares outstanding.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">To track the Index as closely as possible, the Fund attempts to remain fully invested in stocks. The Fund normally invests at least 95% of its net assets in the stocks of companies included in the Index. The Adviser uses futures contracts to manage cash, accrued dividends, and other non-performing assets in an effort to minimize performance disparity between the Fund and the Index. The Fund may become non-diversified, as defined under the Investment Company Act of 1940, solely as a result of an index rebalance or market movement.</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 in the S&amp;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 (“Index”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Index is an unmanaged index of 500 U.S. publicly traded common stocks selected by </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Standard &amp; Poor’s from a broad range of industries. The Index is composed primarily of stocks issued by large-capitalization companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">To replicate the performance of the Index, the Adviser purchases and maintains all or substantially all of the securities included in the Index, in approximately the same percentages as such securities are included in the Index. Because the Fund seeks to track the performance of the Index, the Adviser does not actively determine the stock selection or sector allocation. The percentage weighting of a particular security in the Index is determined by that security’s relative total market capitalization, which is the market price per share of the security multiplied by the number of shares outstanding.</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;">You may lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is no guarantee that the Fund will achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective. </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 insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</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 value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company’s earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Passive Investment Risk/Index Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is designed to track the Index and is not actively managed. The Fund will not buy or sell shares of an equity security due to current or projected performance of a security, industry, or sector, unless that security is added to or removed, respectively, from the Index. The Fund does not, therefore, seek returns in excess of the Index, and does not attempt to take defensive positions or hedge against potential risks unless such defensive positions are also taken by the Index.</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;"> — The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from its index. Tracking error may occur because of, among other reasons, differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Focus Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— To the extent the Fund focuses on 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Information Technology Sector Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Companies in the information technology sector face intense competition, both domestically and internationally. These companies may be smaller or newer and may have limited product lines, markets, financial resources, or personnel. The products of companies in the information technology sector may face product obsolescence due to rapid technological developments and frequent new product introductions, unpredictable changes in growth rates, and competition for the services of qualified personnel. These companies may be developing or marketing new products or services for which markets are not yet established and may never become established.</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;"> — 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Futures Contracts Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund's use of futures contracts exposes the Fund to leverage and tracking risks because a small investment in futures contracts may produce large losses and futures contracts may not be perfect substitutes for securities.</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;">Large Shareholder Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Certain large shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may 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 insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years. The table compares the Fund’s average annual total returns of the Fund's share classes, including applicable maximum sales charges, over the same period to one or more broad measures of market performance. </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. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years. The table compares the Fund’s average annual total returns of the Fund's share classes, including applicable maximum sales charges, over the same period to one or more broad measures of market performance. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(before and after taxes) does not necessarily indicate how the Fund will perform 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:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns for Class Y Shares</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(The annual return in the bar chart is for the Fund’s least expensive class of shares, Class Y 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;">20.41%</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;">-19.67%</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;">12.40%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">September 30, 2026</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span> 0.2041 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span> -0.1967 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span> 0.1240 2026-09-30 <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> 0.1748 0.1394 0.1435 0.1533 0.1163 0.1174 0.1185 0.1078 0.1113 0.1466 0.1333 0.1396 0.1692 0.1344 0.1377 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect 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 on distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and sale of fund shares may be higher than the other return amounts (including before taxes). A </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are shown for only one share class. The after-tax returns for other classes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are shown for only one share class. The after-tax returns for other classes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will vary.</span> <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">Victory Trivalent International Fund – Core Equity 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 Victory Trivalent International Fund – Core Equity (the “Fund”) seeks to provide 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 table describes 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 table and examples below</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 may qualify for sales </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 the Victory Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other discounts is available in </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 23 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;">You may qualify for sales </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 the 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> 0.0575 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> 0.0080 0.0080 0.0080 0.0080 0.0025 0.0000 0.0000 0.0000 0.0058 0.0046 0.0014 0.0028 0.0163 0.0126 0.0094 0.0108 -0.0068 -0.0066 -0.0039 -0.0038 0.0095 0.0060 0.0055 0.0070 <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;">October 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 shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">place through its expiration date. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 666 997 1350 2343 61 334 628 1464 56 261 482 1119 72 306 559 1283 <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: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 Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">44</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.44 <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 Adviser pursues the Fund's investment objective by investing primarily in equity securities of companies in countries represented in the MSCI ACWI ex USA Index (“Index”), but also may invest in companies from other countries.</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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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;">The Adviser employs a bottom-up investment approach that emphasizes individual stock selection. </span> <br/><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser's investment process uses a combination of quantitative and traditional qualitative, fundamental analysis to identify attractive stocks with low relative price multiples, positive trends in earnings forecasts, high profitability, and companies with a strong or positively trending responsible investing (“RI”) profile. The stock selection process is designed to produce a diversified portfolio that, relative to the Index, tends to have a below-average price-to-earnings ratio, above-average earnings growth trend, and above-average return on invested capital. RI investing considerations are not a primary or exclusive factor, but rather an additional inclusive consideration to the Adviser's process.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's investment allocation to countries and sectors tends to approximate the country and sector allocations of the Index, which may focus its exposure in one or more countries, regions, or sectors. The Index captures large- and mid-cap representation across 22 of 23 developed markets countries (excluding the United States) and 24 emerging markets countries. The Index covers approximately 85% of the global equity opportunity set outside the United States. The Fund normally invests in a minimum of 10 countries.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">There is no limit on the market capitalization in which the Fund may invest; therefore, the Fund’s investments may include small-, mid-, and large-capitalization companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser pursues the Fund's investment objective by investing primarily in equity securities of companies in countries represented in the MSCI ACWI ex USA Index (“Index”), but also may invest in companies from other countries.</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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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;">The Adviser employs a bottom-up investment approach that emphasizes individual stock selection. </span> <br/><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser's investment process uses a combination of quantitative and traditional qualitative, fundamental analysis to identify attractive stocks with low relative price multiples, positive trends in earnings forecasts, high profitability, and companies with a strong or positively trending responsible investing (“RI”) profile. The stock selection process is designed to produce a diversified portfolio that, relative to the Index, tends to have a below-average price-to-earnings ratio, above-average earnings growth trend, and above-average return on invested capital. RI investing considerations are not a primary or exclusive factor, but rather an additional inclusive consideration to the Adviser's process.</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;">You may lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is no guarantee that the Fund will achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective. </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 insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</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 value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company’s earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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;">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;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Foreign securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. Foreign securities could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing contracts. Compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts. Depositary receipts may have additional risks, including creditworthiness of the depositary bank and the risk of an illiquid market. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may negatively affect an investment. Dividends and interest received by the Fund and capital gains recognized by the Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund’s return.</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;"> — The risks related to investing in foreign securities generally are greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets. The risks of investing in emerging markets include the risks of illiquidity, increased price volatility, smaller-market capitalizations, limited reliable access to capital, less government regulation (including limitations on the available rights and remedies), market manipulation concerns, less extensive and less frequent recordkeeping, accounting, financial and other reporting requirements, risk of loss resulting from problems in share registration and custody, risks related to foreign investment structures, substantial economic and political disruptions, and the nationalization of foreign deposits or assets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Smaller-Capitalization Stock Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Small- and mid-sized companies are subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss. Smaller companies may have limited markets, product lines, or financial resources and lack management experience and may experience higher failure rates than larger companies.</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 securities of large-sized companies may underperform the securities of smaller-sized companies or the market as a whole. The growth rate of larger, more established companies may lag that of smaller companies, especially during periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Focus Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— To the extent the Fund focuses on one or more sectors, such as the financials sector, market or economic factors impacting those sectors could have a significant effect on the value of the Fund’s investments and could make the Fund’s performance more volatile.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</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;">— Companies in the financials sector are subject to extensive government regulation, which can limit both the amounts and types of loans and other financial commitments that companies in this sector can make, and the interest rates and fees that these companies can charge. Profitability can be largely dependent on the availability and cost of capital and the rate of corporate and consumer debt defaults, and can fluctuate significantly when interest rates change. Financial difficulties of borrowers can negatively affect the financials sector. Insurance companies can be subject to severe price competition. The financials sector can be subject to relatively rapid change as distinctions between financial service segments become increasingly blurred.</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;"> — Different types of investment styles, for example growth or value, tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. As a result, the Fund’s performance may at times be worse than the performance of other mutual funds that invest more broadly or that have different investment styles.</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;"> — Lack of a ready market or restrictions on resale may limit the ability of the Fund to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in an investment that is large relative to the typical trading volume for that investment, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Illiquid investments and relatively less-liquid investments may also be difficult to value. Liquidity risk may also refer to the risk that the Fund may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund.</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;"> — Certain large shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</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 portfolio managers may not execute the Fund's principal investment strategy effectively.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may 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 insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years. The table compares the Fund’s average annual total returns of the Fund's share classes, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">including applicable maximum sales charges, over the same period to one or more broad measures of market performance. </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. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years. The table compares the Fund’s average annual total returns of the Fund's share classes, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">including applicable maximum sales charges, over the same period to one or more broad measures of market performance. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(before and after taxes) does not necessarily indicate how the Fund will perform 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:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns for Class Y Shares</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(The annual return in the bar chart is for the Fund’s least expensive class of shares, Class Y 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;">18.25%</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;">-25.14%</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;">16.32%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">September 30, 2026</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span> 0.1825 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span> -0.2514 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span> 0.1632 2026-09-30 <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> 0.3716 0.1011 0.0871 0.3429 0.0897 0.0777 0.2468 0.0792 0.0696 0.2889 0.0855 0.0781 0.3724 0.1022 0.0884 0.3734 0.1030 0.0889 0.3239 0.0791 0.0841 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect 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 on distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are shown for only one share class. The after-tax returns for other classes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are shown for only one share class. The after-tax returns for other classes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will vary.</span> <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">Victory Trivalent International Small-Cap 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 Victory Trivalent International Small-Cap Fund (the “Fund”) seeks to provide 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 table describes 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 table and examples below</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 may qualify for sales </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 the Victory Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other discounts is available in </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 23 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;">You may qualify for sales </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 the 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> 0.0575 0 0 0 0 0 0.0100 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> 0.0091 0.0091 0.0091 0.0091 0.0091 0.0025 0.0100 0.0000 0.0000 0.0000 0.0098 0.0181 0.0022 0.0009 0.0019 0.0214 0.0372 0.0113 0.0100 0.0110 -0.0079 -0.0162 -0.0016 0.0000 0.0000 0.0135 0.0210 0.0097 0.0100 0.0110 <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;">Applies to shares sold within 12 months of purchase.</span> <span style="color:#000000;font-family:Arial;font-size:6.56pt;">October 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 shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date.  After eight years, Class C shares of the Fund generally will convert </span> <br/><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">automatically to Class A shares of the Fund. The example for Class C shares reflects the conversion to Class A shares after eight years. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 705 1135 1590 2847 313 988 1784 3511 99 343 607 1360 102 318 552 1225 112 350 606 1340 <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> 213 988 1784 3511 <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: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 Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect the Fund’s performance. For the most recent fiscal year, the Fund’s portfolio turnover rate was </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;">% of the average value of its portfolio.</span> 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 Adviser pursues the Fund's investment objective by investing primarily in equity securities of companies principally in countries represented in the S&amp;P</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;"> Developed ex-U.S. SmallCap Index (“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 of small-capitalization companies. </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;">Adviser considers any company with a market capitalization that is within such country’s smallest 15% based on market capitalization to be a small-capitalization company. The size of companies in the Index changes with market conditions and the composition of the Index.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser employs a bottom-up investment approach that emphasizes individual stock selection. </span> <br/><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser's investment process uses a combination of quantitative and traditional qualitative, fundamental analysis to identify attractive stocks with low relative price multiples, positive trends in earnings forecasts, high profitability, and companies with a strong or positively trending responsible investing (“RI”) profile. The stock selection process is designed to produce a diversified portfolio that, relative to the Index, tends to have a below-average price-to-earnings ratio, above-average earnings </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">growth trend, and above-average return on invested capital. RI investing considerations are not a primary or exclusive factor, but rather an additional inclusive consideration to the Adviser's process.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund’s investment allocation to countries and sectors tends to approximate the country and sector allocations of the Index, which concentrates its exposure in one or more countries, regions, or sectors. The Index consists of the stocks representing the lowest 15% of float-adjusted market capitalization in each country other than the United States represented in the S&amp;P</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;"> Developed Broad Market Index (BMI). The S&amp;P</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;"> Developed BMI includes all listed shares of companies from 25 developed countries with float-adjusted market capitalizations of at least US$100 million and annual trading value of at least US$50 million. The Fund normally invests in a minimum of 10 countries.</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 of small-capitalization companies. </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;">Adviser considers any company with a market capitalization that is within such country’s smallest 15% based on market capitalization to be a small-capitalization company. The size of companies in the Index changes with market conditions and the composition of the Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser employs a bottom-up investment approach that emphasizes individual stock selection. </span> <br/><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser's investment process uses a combination of quantitative and traditional qualitative, fundamental analysis to identify attractive stocks with low relative price multiples, positive trends in earnings forecasts, high profitability, and companies with a strong or positively trending responsible investing (“RI”) profile. The stock selection process is designed to produce a diversified portfolio that, relative to the Index, tends to have a below-average price-to-earnings ratio, above-average earnings </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">growth trend, and above-average return on invested capital. RI investing considerations are not a primary or exclusive factor, but rather an additional inclusive consideration to the Adviser's process.</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;">You may lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is no guarantee that the Fund will achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective. </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 insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</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 value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company’s earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.</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;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Foreign securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. Foreign securities could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing contracts. Compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts. Depositary receipts may have additional risks, including creditworthiness of the depositary bank and the risk of an illiquid market. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may negatively affect an investment. Dividends and interest received by the Fund and capital gains recognized by the Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund’s return.</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;"> — Small-sized companies are subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss. Smaller companies may have limited markets, product lines, or financial resources and lack management experience and may experience higher failure rates than larger companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Focus Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— To the extent the Fund focuses on one or more sectors, such as the industrials sector, market or economic factors impacting those sectors could have a significant effect on the value of the Fund’s investments and could make the Fund’s performance more volatile.</span> <span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-1pt;">◼</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Industrials Sector Risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">— Companies in the industrials sector are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events, and economic conditions also affect the performance of investments in such issuers. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies. Transportation companies may experience occasional sharp price movements, which may result from changes in the economy, fuel prices, labor agreements, and insurance costs.</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;"> — Different types of investment styles, for example growth or value, tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. As a result, the Fund’s performance may at times be worse than the performance of other mutual funds that invest more broadly or that have different investment styles.</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;"> — Lack of a ready market or restrictions on resale may limit the ability of the Fund to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in an investment that is large relative to the typical trading volume for that investment, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Illiquid investments and relatively less-liquid investments may also be difficult to value. Liquidity risk may also refer to the risk that the Fund may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund.</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;"> — Certain large shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</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 portfolio managers may not execute the Fund's principal investment strategy effectively.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may 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 insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years. The table compares the Fund’s average annual total returns of the Fund's share classes, including applicable maximum sales charges, over the same period to one or more broad measures of market performance. The MSCI All-Country World Index serves as the Fund’s regulatory broad-based securities market index. </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. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and table that follow are intended to help you understand some of the risks of investing in the Fund. The bar chart shows you how the Fund’s calendar year performance has varied over the past 10 years. The table compares the Fund’s average annual total returns of the Fund's share classes, including applicable maximum sales charges, over the same period to one or more broad measures of market performance. The MSCI All-Country World Index serves as the Fund’s regulatory broad-based securities market index. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund's past performance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(before and after taxes) does not necessarily indicate how the Fund will perform 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:Arial;font-size:8.20pt;font-weight:bold;">Calendar Year Returns for Class Y Shares</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">(The annual return in the bar chart is for the Fund’s least expensive class of shares, Class Y 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;">26.40%</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;">-27.93%</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;">9.62%</span><span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">September 30, 2026</span> <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Highest Quarter</span> 0.2640 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Lowest Quarter</span> -0.2793 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:8.20pt;margin-left:0.0pt;">Year-to-date return</span> 0.0962 2026-09-30 <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> 0.4189 0.0806 0.0890 0.4014 0.0726 0.0833 0.2635 0.0636 0.0728 0.3332 0.0652 0.0798 0.3952 0.0699 0.0797 0.4202 0.0821 0.0906 0.4205 0.0814 0.0895 0.2234 0.1119 0.1172 0.3419 0.0535 0.0733 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect 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 on distributions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and sale of fund shares may be higher than the other return amounts (including before taxes). A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are shown for only one share class. The after-tax returns for other classes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns use the historical highest individual federal marginal income tax rates and do not reflect the effect of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns shown are not relevant if you own your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">After-tax returns are shown for only one share class. The after-tax returns for other classes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">will vary.</span> <span style="color:#000000;font-family:Arial;font-size:20.50pt;font-weight:bold;">Victory Trivalent Emerging Markets Small-Cap 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 Victory Trivalent Emerging Markets Small-Cap Fund (the “Fund”) seeks to provide 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;">This table describes 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;">.</span> 0 0 <span style="color:#000000;font-family:Arial;font-size:8.20pt;">Annual Fund Operating Expenses</span> <br/><span style="color:#000000;font-family:Arial;font-size:6.56pt;">(expenses that you pay each year as a percentage of the value of your investment)</span> 0.0099 0.0000 0.0094 0.0193 -0.0083 0.0110 <span style="color:#000000;font-family:Arial;font-size:6.56pt;">Estimated for the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:6.56pt;">October 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 shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 112 469 <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 are held in a taxable account. These costs, which are not reflected </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">in annual Fund operating expenses or in the example, affect the Fund’s performance. Because the Fund has only recently commenced investment operations, no portfolio turnover information is available at this time.</span> <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, at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) will be invested in securities of small-capitalization companies that are economically tied to emerging markets countries.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> For purposes of this policy, a company is considered </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">economically tied to an emerging markets country if it (i) is organized under the laws of, (ii) has its principal place of business in, (iii) derives a significant portion of its revenues or profits from, or (iv) has a majority of its assets located in, such country.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser considers emerging markets countries to be the countries represented in the MSCI Emerging Markets Small Cap Index. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser considers any company with a market capitalization </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">that is within the range of the market capitalizations of companies included in the MSCI Emerging Markets Small Cap Index to be a small-capitalization company.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> If the index methodology changes or if </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">a country is added to or removed from the index, the Adviser may adjust its determinations accordingly. 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;">The MSCI Emerging Markets Small Cap Index is designed to measure equity market performance of 24 emerging markets and targets approximately 14% of each market’s free-float adjusted market capitalization. As of the date of this prospectus, emerging market countries include, without limitation, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, South Korea, Taiwan, Thailand, Turkey, and United Arab Emirates. The composition of the index, including the countries represented, may change over time.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In selecting emerging market small-capitalization investments for the Fund, the Adviser employs a bottom-up investment approach that emphasizes individual stock selection. The Adviser’s investment process uses a combination of quantitative and traditional qualitative, fundamental analysis to identify companies exhibiting improving business momentum, attractive valuations, and high profitability. The stock selection process is designed to produce a diversified portfolio that, relative to the MSCI Emerging Markets Small Cap Index, tends to have a below-average price-to-earnings ratio and an above-average earnings growth trend and an above-average return on invested capital. However, the Fund is actively managed and is not designed to replicate the performance of that index. The Fund’s portfolio composition and performance may deviate significantly from the composition and performance of the index.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In selecting portfolio securities, the Adviser may consider certain non-financial ratings or factors, where applicable, using a combination of qualitative and quantitative assessments. The weight given to such factors, if any, varies depending on the issuer, the instrument and the availability and reliability of relevant data. Qualitative assessments may involve the exercise of judgment and may be subjective. Quantitative assessments, where used, are applied as part of the Adviser’s broader investment process and are not determinative. These considerations may not be applied to all investments and, in all cases, are only one component of the Adviser’s overall analysis.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser regularly reviews the Fund’s investments and will sell a security if the Adviser believes there has been a deterioration in the rank of the security in accordance with the Adviser’s process, the security’s valuation has become unattractive relative to other stocks in the universe or other available investments are considered to be more attractive. The Fund may also sell a security to manage risk, meet redemptions or for other portfolio management purposes.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As a result of its investment strategy, the Fund may experience annual portfolio turnover in excess of 100%, which may result in increased transaction costs and taxable distributions to shareholders.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) will be invested in securities of small-capitalization companies that are economically tied to emerging markets countries.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> For purposes of this policy, a company is considered </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">economically tied to an emerging markets country if it (i) is organized under the laws of, (ii) has its principal place of business in, (iii) derives a significant portion of its revenues or profits from, or (iv) has a majority of its assets located in, such country.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Adviser considers any company with a market capitalization </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">that is within the range of the market capitalizations of companies included in the MSCI Emerging Markets Small Cap Index to be a small-capitalization company.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In selecting emerging market small-capitalization investments for the Fund, the Adviser employs a bottom-up investment approach that emphasizes individual stock selection. The Adviser’s investment process uses a combination of quantitative and traditional qualitative, fundamental analysis to identify companies exhibiting improving business momentum, attractive valuations, and high profitability. The stock selection process is designed to produce a diversified portfolio that, relative to the MSCI Emerging Markets Small Cap Index, tends to have a below-average price-to-earnings ratio and an above-average earnings growth trend and an above-average return on invested capital. However, the Fund is actively managed and is not designed to replicate the performance of that index. The Fund’s portfolio composition and performance may deviate significantly from the composition and performance of 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;">You may lose money by investing in the Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> There is no guarantee that the Fund will achieve its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">objective. </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 insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Deposit Insurance Corporation or any other government agency.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.</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 value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions in the United States or abroad. A company’s earnings or dividends may not increase as expected (or may decline) because of poor management, competitive pressures, reliance on particular suppliers or geographical regions, labor problems or shortages, corporate restructurings, fraudulent disclosures, man-made or natural disasters, military confrontations or wars, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods. Equity securities have the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.</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;">Foreign Securities Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Foreign securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. Foreign securities could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing contracts. Compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts. Depositary receipts may have additional risks, including creditworthiness of the depositary bank and the risk of an illiquid market. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may negatively affect an investment. Dividends and interest received by the Fund and capital gains recognized by the Fund may give rise to withholding and other taxes imposed by foreign countries and may decrease the Fund’s return.</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;"> — The risks related to investing in foreign securities generally are greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets. The risks of investing in emerging markets include the risks of illiquidity, increased price volatility, smaller-market capitalizations, limited reliable access to capital, less government regulation (including limitations on the available rights and remedies), market manipulation concerns, less extensive and less frequent recordkeeping, accounting, financial and other reporting requirements, risk of loss resulting from problems in share registration and custody, risks related to foreign investment structures, substantial economic and political disruptions, and the nationalization of foreign deposits or assets.</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 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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;">Geographic Focus Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — To the extent the Fund focuses its investments in issuers located in a particular country or region, the Fund is subject to greater risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region. For example, the Fund may be subject to greater risk of adverse securities markets, exchange rates, social, political, regulatory, economic, business, environmental or other developments, or natural disasters.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector Focus Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — While the Fund reserves the right to dynamically allocate its assets across economic sectors, listed below are some of the risks associated with the sector in which the Fund may make significant investments. Market or economic factors impacting the sector could have a significant effect on the value of the Fund’s investments and could make the Fund’s performance more volatile.</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;"> — Small-sized companies are subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss. Smaller companies may have limited markets, product lines, or financial resources and lack management experience and may experience higher failure rates than larger companies.</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;"> — Different types of investment styles, for example growth or value, tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. As a result, the Fund’s performance may at times be worse than the performance of other mutual funds that invest more broadly or that have different investment styles.</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;"> — Certain large shareholders, including other funds advised by the Adviser, may from time to time own a substantial amount of the Fund’s shares. The actions by one shareholder or multiple shareholders may have an impact on the Fund and, therefore, indirectly on other shareholders. Shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net investment income and net realized capital gains, if any, thereby affecting the tax burden on the Fund’s shareholders subject to federal income tax, and/or accelerate the realization of taxable income and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. To the extent a larger shareholder is permitted to invest in the Fund, the Fund may experience large inflows or outflows of cash from time to time. This activity could magnify these adverse effects on the Fund.</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;"> — Lack of a ready market or restrictions on resale may limit the ability of the Fund to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in an investment that is large relative to the typical trading volume for that investment, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Illiquid investments and relatively less-liquid investments may also be difficult to value. Liquidity risk may also refer to the risk that the Fund may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Limited History of Operations</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — The Fund is new and has no history of operations for investors to evaluate.</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 portfolio managers may not execute the Fund's principal investment strategy effectively.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> — Higher portfolio turnover ratios resulting from additional purchases and sales of portfolio securities generally will result in higher transaction costs, and Fund expenses and may result in the realization of taxable capital gains, including short-term capital gains, which generally are taxed to shareholders at ordinary income tax rates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">You may 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 insured or guaranteed by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">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;">No performance information is presented since the Fund does not yet have a full calendar year of performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Performance data for the Fund is available online 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;">800-539-FUND (800-539-3863)</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;">A fund’s performance is not necessarily an indication of how that fund will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">No performance information is presented since the Fund does not yet have a full calendar year of performance.</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;">800-539-FUND (800-539-3863)</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A fund’s performance is not necessarily an indication of how that fund will perform in the future.</span> 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. 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 interest, taxes, and brokerage commissions) do not exceed 2.16% of the Fund's Class C Shares through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. Class C shares of the Fund will convert automatically into Class A shares in the month following the eight-year anniversary date of the purchase of the Class C shares. The 10-Year performance for Class C shares reflects the conversion to Class A shares after the first eight years of performance. 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. Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 1.13%, 0.83%, and 0.88% of the Fund’s Class A, Class R6, and Class Y shares, respectively, through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 0.95% of the Fund’s Member Class shares through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. 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. 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 interest, taxes, and brokerage commissions) do not exceed 1.00%, 1.75%, 0.60%, and 0.75% of the Fund’s Class A, Class C, Class R6, and Class Y shares, respectively, through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. Inception date of Class C is November 4, 2019. Class C shares of the Fund will convert automatically into Class A shares in the month following the eight-year anniversary date of the purchase of the Class C shares. The 10-Year performance for Class C shares reflects the conversion to Class A shares after the first eight years of performance. Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 0.85% of the Fund’s Member Class shares through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. 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. 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 interest, taxes, and brokerage commissions) do not exceed 1.50%, 2.35%, and 1.75% of the Fund’s Class A, Class C, and Class R shares, respectively, through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. Class C shares of the Fund will convert automatically into Class A shares in the month following the eight-year anniversary date of the purchase of the Class C shares. The 10-Year performance for Class C shares reflects the conversion to Class A shares after the first eight years of performance. 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. Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 1.39% of the Fund's Class A shares through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 1.10% of the Fund’s Member Class shares through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. 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. Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 0.95%, 0.60%, 0.55%, and 0.70% of the Fund’s Class A, Class I, Class R6, and Class Y shares, respectively, through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. 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. Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 1.15% of the Fund's Class Y shares through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. Estimated for the current fiscal year. Victory Capital Management Inc., (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 1.10% through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. 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. 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 interest, taxes, and brokerage commissions) do not exceed 1.35%, 2.10%, 0.97%, 1.10%, and 1.10% of the Fund’s Class A, Class C, Class I, Class R6, and Class Y shares, respectively, through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. Class C shares of the Fund will convert automatically into Class A shares in the month following the eight-year anniversary date of the purchase of the Class C shares. The 10-Year performance for Class C shares reflects the conversion to Class A shares after the first eight years of performance. 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. 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 interest, taxes, and brokerage commissions) do not exceed 1.32% and 2.12% of the Fund’s Class A and Class C shares, respectively, through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. Class C shares of the Fund will convert automatically into Class A shares in the month following the eight-year anniversary date of the purchase of the Class C shares. The 10-Year performance for Class C shares reflects the conversion to Class A shares after the first eight years of performance. 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. Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 0.91%,1.71%, 0.64%, 0.91%, 0.63%, and 0.71% of the Fund's Class A, C, I, R, R6, and Y shares, respectively, through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. Class C shares of the Fund will convert automatically into Class A shares in the month following the eight-year anniversary date of the purchase of the Class C shares. The 10-Year performance for Class C shares reflects the conversion to Class A shares after the first eight years of performance. Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 0.75% of the Fund’s Member Class shares through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. 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. 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 interest, taxes, and brokerage commissions) do not exceed 1.66%, 2.45%, and 1.44% of the Fund's Class A, Class C, and Class Y shares, respectively, through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. Class C shares of the Fund will convert automatically into Class A shares in the month following the eight-year anniversary date of the purchase of the Class C shares. The 10-Year performance for Class C shares reflects the conversion to Class A shares after the first eight years of performance. Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual fund operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 1.50% of the Fund’s Member Class shares through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. 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. 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 interest, taxes, and brokerage commissions) do not exceed 2.02%, 0.83%, 0.78%, and 0.86% of the Fund's Class C, I, R6, and Y shares, respectively, through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. Class C shares of the Fund will convert automatically into Class A shares in the month following the eight-year anniversary date of the purchase of the Class C shares. The 10-Year performance for Class C shares reflects the conversion to Class A shares after the first eight years of performance. 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. 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 interest, taxes, and brokerage commissions) do not exceed 1.84% of the Fund's Class C shares through at least October 31, 2027. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees. Inception date of Class C shares is March 1, 2016. Class C shares of the Fund will convert automatically into Class A shares in the month following the eight-year anniversary date of the purchase of the Class C shares. The 10-Year performance for Class C shares reflects the conversion to Class A shares after the first eight years of performance.