Victory Integrity Small/Mid-Cap Value Fund (Victory Integrity Small/Mid-Cap) Fonds

The adviser pursues the fund's investment objective by investing, under normal circumstances, at least 80% of the fund's assets in equity securities of small- to mid-capitalization companies. Small- to mid-capitalization companies are those companies with market capitalizations within the range of companies included in the Russell 2500® 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).