Victory Portfolios

10/21/2026 | Press release | Distributed by Public on 10/21/2026 08:59

Prospectus by Investment Company (Form 497)

Victory Portfolios

Victory Global Energy Transition Fund

Victory RS Growth Fund

Victory RS Partners Fund

Victory RS Science and Technology Fund

Victory RS Value Fund

Victory RS International Fund

Victory RS Large Cap Alpha Fund

Victory RS Global Fund

Victory RS Investors Fund

Victory Low Duration Bond Fund

Victory RS Small Cap Growth Fund

Victory High Yield Fund

Victory RS Select Growth Fund

Victory Floating Rate Fund

Victory RS Mid Cap Growth Fund

Supplement dated October 21, 2026,

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

The table referencing "Fund Ownership" under the section titled PORTFOLIO MANAGERS on pages-67-68 of the SAI has been deleted and replaced with the following:

Dollar Range of Shares

Beneficially Owned as of

Portfolio Manager

Fund

December 31, 2025

Pioneer Investments

Jonathan Sharkey

Victory Floating Rate Fund

$10,001 - $50,000

Timothy J. Cassidy

Victory Floating Rate Fund

None

SailingStone

MacKenzie B. Davis

Victory Global Energy Transition Fund

None

Kenneth L. Settles Jr.

Victory Global Energy Transition Fund

$500,001 - $1,000,000

Brian Lively

Victory Global Energy Transition Fund

None

RS Investments - Value

Robert J. Harris

Victory RS Partners Fund

$500,001 - $1,000,000

Victory RS Value Fund

$100,001 - $500,000

Victory RS Large Cap Alpha Fund

$100,001 - $500,000

Victory RS Investors Fund

$100,001 - $500,000

Joseph M. Mainelli

Victory RS Partners Fund

$100,001 - $500,000

Victory RS Value Fund

$100,001 - $500,000

Victory RS Large Cap Alpha Fund

$100,001 - $500,000

Victory RS Investors Fund

$100,001 - $500,000

RS Investments - Growth

Stephen J. Bishop

Victory RS Small Cap Growth Fund

$100,001 - $500,000

Victory RS Select Growth Fund

None

Victory RS Mid Cap Growth Fund

$100,001 - $500,000

Victory RS Growth Fund

None

Victory RS Science and Technology Fund

Over $1,000,000

Melissa Chadwick-Dunn

Victory RS Small Cap Growth Fund

$500,001 - $1,000,000

Victory RS Select Growth Fund

$100,001 - $500,000

Victory RS Mid Cap Growth Fund

$100,001 - $500,000

Victory RS Growth Fund

$100,001 - $500,000

Paul Leung

Victory RS Small Cap Growth Fund

$50,001 - $100,000

Victory RS Select Growth Fund

$10,001 - $50,000

Victory RS Mid Cap Growth Fund

$100,001 - $500,000

Victory RS Growth Fund

$10,001 - $50,000

Victory RS Science and Technology Fund

$50,001 - $100,000

D. Scott Tracy

Victory RS Small Cap Growth Fund

$500,001 - $1,000,000

Victory RS Select Growth Fund

$100,001 - $500,000

Victory RS Mid Cap Growth Fund

$100,001 - $500,000

Victory RS Growth Fund

$100,001 - $500,000

RS Investments - Developed Markets

U-Wen Kok

Victory RS Global Fund

$500,001 - $1,000,000

Victory RS International Fund

$100,001-500,000

Adam Mezan

Victory RS Global Fund

$100,001-500,000

Victory RS International Fund

$100,001-500,000

Victory Income Investors

James F. Jackson, Jr. CFA

Victory High Yield Fund

None

Kurt Daum, J.D.

Victory High Yield Fund

$10,001 - $50,000

Jason Lincoln

Victory High Yield Fund

$10,001 - $50,000

Brian W. Smith

Victory Low Duration Bond Fund

None

Douglas J. Rollwitz

Victory Low Duration Bond Fund

None

Zach Winters

Victory Low Duration Bond Fund

$1 - $10,000

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.

34290-00-1026

Victory Portfolios published this content on October 21, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on October 21, 2026 at 14:59 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]