Victory Portfolios

11/12/2026 | Press release | Distributed by Public on 11/12/2026 13:56

Prospectus by Investment Company (Form 497)

Victory Portfolios

Victory Integrity Discovery Fund

Victory Multi-Cap Fund

Victory Integrity Mid-Cap Value Fund

Victory S&P 500 Index Fund

Victory Integrity Small/Mid-Cap Value Fund

Victory Trivalent International Fund-Core Equity

Victory Integrity Small-Cap Value Fund

Victory Trivalent International Small-Cap Fund

Victory Mid-Cap Core Growth Fund

Victory Trivalent Emerging Markets Small-Cap Fund

Supplement dated November 12, 2026,

to the Statement of Additional Information dated November 1, 2026 ("SAI"),

The table referencing Fund Ownership under the section titled PORTFOLIO MANAGERS on pages 65-67 of the SAI has been deleted and replaced with the following:

Dollar Range of Shares

Beneficially Owned as of

Portfolio Manager

Fund

June 30, 2026

Integrity Team

Daniel G. Bandi

Victory Integrity Small-Cap Value Fund

Over $1,000,000

Victory Integrity Mid-Cap Value Fund

$50,001 - $100,000

Victory Integrity Small/Mid-Cap Value Fund

$500,001 - $1,000,000

Sean A. Burke

Victory Integrity Discovery Fund

$100,001 - $500,000

Daniel J. DeMonica

Victory Integrity Discovery Fund

$100,001 - $500,000

Victory Integrity Mid-Cap Value Fund

$100,001 - $500,000

Victory Integrity Small/Mid-Cap Value Fund

$100,001 - $500,000

Victory Integrity Small-Cap Value Fund

$100,001 - $500,000

Adam I. Friedman

Victory Integrity Mid-Cap Value Fund

$100,001 - $500,000

Victory Integrity Small/Mid-Cap Value Fund

None

Victory Integrity Small-Cap Value Fund

$100,001 - $500,000

Joe A. Gilbert

Victory Integrity Mid-Cap Value Fund

$100,001 - $500,000

Victory Integrity Small/Mid-Cap Value Fund

None

Victory Integrity Small-Cap Value Fund

$100,001 - $500,000

Mirsat Nikovic

Victory Integrity Discovery Fund

$50,001 - $100,000

J. Bryan Tinsley

Victory Integrity Mid-Cap Value Fund

$100,001 - $500,000

Victory Integrity Small/Mid-Cap Value Fund

$50,001 - $100,000

Victory Integrity Small-Cap Value Fund

$100,001 - $500,000

Michael P. Wayton

Victory Integrity Discovery Fund

$50,001 - $100,000

Victory Integrity Mid-Cap Value Fund

$100,001 - $500,000

Victory Integrity Small-Cap Value Fund

$50,001 - $100,000

Victory Integrity Small/Mid-Cap Value Fund

None

Victory Solutions

Mannik Dhillon

Victory S&P 500 Index Fund

$1 - $10,000

Lela Dunlap

Victory S&P 500 Index Fund

None

Lance Humphrey

Victory Mid-Cap Core Growth Fund

None

Victory Multi-Cap Fund

None

Elie J. Masri

Victory Mid-Cap Core Growth Fund

None

Victory Multi-Cap Fund

None

Trivalent Team

Peter S. Carpenter

Victory Trivalent International Fund - Core Equity Fund

$100,001 - $500,000

Robert D. Cerow

Victory Trivalent Emerging Markets Small-Cap Fund*

None

John W. Evers

Victory Trivalent International Small-Cap Fund

Over $1,000,000

Victory Trivalent Emerging Markets Small-Cap Fund*

None

Daniel B. LeVan

Victory Trivalent International Small-Cap Fund

Over $1,000,000

Jeffrey R. Sullivan

Victory Trivalent International Fund - Core Equity Fund

$100,001 - $500,000

* Fund commenced operations August 27, 2026.

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

PLEASE RETAIN THIS SUPPLEMENT FOR YOUR FUTURE REFERENCE.

34296-00-1126

Victory Portfolios published this content on November 12, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on November 12, 2026 at 19:56 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]