0000802716 vp:S000053563Member 2023-05-01 2023-05-01 0000802716 2023-05-01 2023-05-01 0000802716 vp:S000053563Member vp:C000168340Member 2023-05-01 2023-05-01 0000802716 vp:S000053563Member vp:C000168341Member 2023-05-01 2023-05-01 0000802716 vp:S000053563Member vp:C000168342Member 2023-05-01 2023-05-01 0000802716 vp:S000053563Member vp:C000213170Member 2023-05-01 2023-05-01 0000802716 vp:S000053563Member vp:C000168343Member 2023-05-01 2023-05-01 pure iso4217:USD 2022-12-31 VICTORY PORTFOLIOS 0000802716 false 2023-06-30 2023-06-30 2023-05-01 N-1A 497 Victory PortfoliosVictory RS Global Fund Supplement dated June 30, 2023, to the Prospectus and Summary Prospectus dated May 1, 2023 (“Prospectus”)The following replaces certain information found under the “Fund Fees and Expenses” section of the Prospectus.Fund Fees and ExpensesThe table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees to financial intermediaries, which are not reflected in the tables and examples below.You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $50,000 in the Victory Funds. More information about these and other discounts is available in Investing with the Victory Funds on page 24 of the Fund's Prospectus, in Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries, and from your financial intermediary.Shareholder Fees(fees paid directly from your investment) Class AClass CClass RClass R6Class YMaximum Sales Charge (Load) Imposed on Purchases(as a percentage of offering price)5.75%NoneNoneNoneNoneMaximum Deferred Sales Charge (Load)(as a percentage of the lower of purchase or sale price)None1.00%NoneNoneNoneAnnual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) Management Fees0.60%0.60%0.60%0.60%0.60%Distribution and/or Service (12b-1) Fees0.25%1.00%0.50%0.00%0.00%Other Expenses0.32%0.49%0.47%0.13%0.24%Total Annual Fund Operating Expenses1.17%2.09%1.57%0.73%0.84%Fee Waiver/Expense Reimbursement(0.32)%(0.49)%(0.47)%(0.18)%(0.24)%Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement0.85%1.60%1.10%0.55%0.60%1A contingent deferred sales charge of 0.75% may be imposed on Class A shares with respect to purchases of $1,000,000 or more that are redeemed within 18 months of purchase. For additional information, see the section titled Choosing a Share Class.2Applies to shares sold within 12 months of purchase.3Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 0.85%, 1.60%, 1.10%, 0.55%, and 0.60% of the Fund’s Class A, Class C, Class R, Class R6, and Class Y shares, respectively, through at least April 30, 2024. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees.Example:The following example is designed to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. After eight years, Class C shares of the Fund generally will convert automatically to Class A shares of the Fund. The example for Class C shares reflects the conversion to Class A shares after eight years. Although your actual costs may be higher or lower, based on these assumptions your costs would be:1 Year3 Years5 Years10 YearsClass A$657$895$1,153$1,887Class C$263$608$1,079$2,145Class R$112$450$811$1,828Class R6$56$215$388$890Class Y$61$244$442$1,015The following example makes the same assumptions as the example above, except that it assumes you do not sell your Class C shares at the end of the period.1 Year3 Years5 Years10 YearsClass C$163$608$1,079$2,145The 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.If you wish to obtain more information, please call the Victory Funds at 800-539-FUND (800-539-3863) or your financial advisor. PLEASE RETAIN THIS SUPPLEMENT FOR YOUR FUTURE REFERENCE. Victory PortfoliosVictory RS Global Fund Supplement dated June 30, 2023, to the Prospectus and Summary Prospectus dated May 1, 2023 (“Prospectus”)The following replaces certain information found under the “Fund Fees and Expenses” section of the Prospectus.Fund Fees and ExpensesThe table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees to financial intermediaries, which are not reflected in the tables and examples below.You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $50,000 in the Victory Funds. More information about these and other discounts is available in Investing with the Victory Funds on page 24 of the Fund's Prospectus, in Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries, and from your financial intermediary.Shareholder Fees(fees paid directly from your investment) Class AClass CClass RClass R6Class YMaximum Sales Charge (Load) Imposed on Purchases(as a percentage of offering price)5.75%NoneNoneNoneNoneMaximum Deferred Sales Charge (Load)(as a percentage of the lower of purchase or sale price)None1.00%NoneNoneNoneAnnual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) Management Fees0.60%0.60%0.60%0.60%0.60%Distribution and/or Service (12b-1) Fees0.25%1.00%0.50%0.00%0.00%Other Expenses0.32%0.49%0.47%0.13%0.24%Total Annual Fund Operating Expenses1.17%2.09%1.57%0.73%0.84%Fee Waiver/Expense Reimbursement(0.32)%(0.49)%(0.47)%(0.18)%(0.24)%Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement0.85%1.60%1.10%0.55%0.60%1A contingent deferred sales charge of 0.75% may be imposed on Class A shares with respect to purchases of $1,000,000 or more that are redeemed within 18 months of purchase. For additional information, see the section titled Choosing a Share Class.2Applies to shares sold within 12 months of purchase.3Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 0.85%, 1.60%, 1.10%, 0.55%, and 0.60% of the Fund’s Class A, Class C, Class R, Class R6, and Class Y shares, respectively, through at least April 30, 2024. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the date of the waiver or reimbursement, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. This agreement may only be terminated by the Fund’s Board of Trustees.Example:The following example is designed to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods shown and then sell or continue to hold all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The amounts shown reflect any fee waiver/expense reimbursement in place through its expiration date. After eight years, Class C shares of the Fund generally will convert automatically to Class A shares of the Fund. The example for Class C shares reflects the conversion to Class A shares after eight years. Although your actual costs may be higher or lower, based on these assumptions your costs would be:1 Year3 Years5 Years10 YearsClass A$657$895$1,153$1,887Class C$263$608$1,079$2,145Class R$112$450$811$1,828Class R6$56$215$388$890Class Y$61$244$442$1,015The following example makes the same assumptions as the example above, except that it assumes you do not sell your Class C shares at the end of the period.1 Year3 Years5 Years10 YearsClass C$163$608$1,079$2,145The 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.If you wish to obtain more information, please call the Victory Funds at 800-539-FUND (800-539-3863) or your financial advisor. PLEASE RETAIN THIS SUPPLEMENT FOR YOUR FUTURE REFERENCE. Fund Fees and Expenses The table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees to financial intermediaries, which are not reflected in the tables and examples below.You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $50,000 in the Victory Funds. More information about these and other discounts is available in Investing with the Victory Funds on page 24 of the Fund's Prospectus, in Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries, and from your financial intermediary. You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $50,000 in the Victory Funds. 50000 Shareholder Fees(fees paid directly from your investment) 0.0575 0 0 0 0 0 0.0100 0 0 0 Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) 0.0060 0.0060 0.0060 0.0060 0.0060 0.0025 0.0100 0.0050 0.0000 0.0000 0.0032 0.0049 0.0047 0.0013 0.0024 0.0117 0.0209 0.0157 0.0073 0.0084 -0.0032 -0.0049 -0.0047 -0.0018 -0.0024 0.0085 0.0160 0.0110 0.0055 0.0060 A contingent deferred sales charge of 0.75% may be imposed on Class A shares with respect to purchases of $1,000,000 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. April 30, 2024 Example: The following example is designed 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: 657 895 1153 1887 263 608 1079 2145 112 450 811 1828 56 215 388 890 61 244 442 1015 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. 163 608 1079 2145 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. A contingent deferred sales charge of 0.75% may be imposed on Class A shares with respect to purchases of $1,000,000 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 operating expenses (excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 0.85%, 1.60%, 1.10%, 0.55%, and 0.60% of the Fund’s Class A, Class C, Class R, Class R6, and Class Y shares, respectively, through at least April 30, 2024. 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.