https://www.sec.gov/Archives/edgar/data/802716/000168386325001616/f40816d1.htm497 1 f40816d1.htm VP FUND LIQUIDATIONS LEGACY FUNDS AND RS FUND
Victory Portfolios
Victory Special Value Fund
Class A, Class C, Class I, and Class R
Supplement dated February 28, 2025
to the Prospectus and Summary Prospectus dated November 1, 2024
On February 25, 2025, the Board of Trustees of Victory Portfolios II (“Trust”), upon the recommendation of Victory Capital Management Inc., the Trust’s investment adviser, approved a Plan of Liquidation (“Plan”) for the Victory Special Value Fund (the “Fund”). It is anticipated that the Fund will liquidate on or about April 29, 2025. On the liquidation date, the Fund will redeem all its outstanding shares at the net asset value of such shares.
In anticipation of the liquidation, at the start of business on March 3, 2025, the Fund will be closed to new investors and shareholder accounts. Through end of business on April 23, 2025, the Fund will continue to accept additional investments (including through the reinvestment of dividends and capital gains) from existing shareholders. In order to provide for an orderly liquidation and satisfy redemptions in anticipation of the liquidation, the Fund may deviate from its investment objective and strategies as the liquidation date approaches. It is anticipated that the Fund’s portfolio will be positioned into cash on or some time prior to the liquidation date.
The Fund may pay more than one liquidating distribution in more than one installment. Distribution of liquidation proceeds to Fund shareholders may result in a taxable event for shareholders, depending on their individual circumstances. Shareholders should consult their own tax advisors about any tax liability resulting from the receipt of liquidation proceeds.
If you wish to obtain more information, please call the Victory Funds at 800-539-3863.
PLEASE RETAIN THIS SUPPLEMENT FOR YOUR FUTURE REFERENCE.
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https://www.sec.gov/Archives/edgar/data/802716/000168386325001676/f40974d1.htm
Victory Portfolios
Victory Special Value Fund
Class A, Class C, Class I, and Class R
Supplement dated February 28, 2025
to the Prospectus and Summary Prospectus dated November 1, 2024
On February 25, 2025, the Board of Trustees of Victory Portfolios (“Trust”), upon the recommendation of Victory Capital Management Inc., the Trust’s investment adviser, approved a Plan of Liquidation (“Plan”) for the Victory Special Value Fund (the “Fund”). It is anticipated that the Fund will liquidate on or about April 29, 2025. On the liquidation date, the Fund will redeem all its outstanding shares at the net asset value of such shares.
In anticipation of the liquidation, at the start of business on March 3, 2025, the Fund will be closed to new investors and shareholder accounts. Through end of business on April 23, 2025, the Fund will continue to accept additional investments (including through the reinvestment of dividends and capital gains) from existing shareholders. In order to provide for an orderly liquidation and satisfy redemptions in anticipation of the liquidation, the Fund may deviate from its investment objective and strategies as the liquidation date approaches. It is anticipated that the Fund’s portfolio will be positioned into cash on or some time prior to the liquidation date.
The Fund may pay more than one liquidating distribution in more than one installment. Distribution of liquidation proceeds to Fund shareholders may result in a taxable event for shareholders, depending on their individual circumstances. Shareholders should consult their own tax advisors about any tax liability resulting from the receipt of liquidation proceeds.
If you wish to obtain more information, please call the Victory Funds at 800-539-3863.
PLEASE RETAIN THIS SUPPLEMENT FOR YOUR FUTURE REFERENCE.