March 31, 2025
Summary
Prospectus
Prospectus
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Victory Pioneer Select Mid Cap Growth Fund
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Class A
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Class C
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Class R6
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Class R
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Class Y
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PGOFX
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GOFCX
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PSMKX
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—
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GROYX
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Before you invest, you may want to review the Fund’s Statutory Prospectus and Statement of Additional Information, both of which are dated March 31, 2025, and are incorporated by reference into this Summary Prospectus, as they each contain more information about the Fund and its risks.
You can find the Fund’s Prospectus, reports to shareholders, and other information about the Fund online at VictoryFunds.com.
You may also obtain this information at no cost by calling 800-225-6292 or by sending an e–mail request to VictoryMail@VCM.com.
You may also obtain this information at no cost from your financial intermediary.
vcm.com
800-225-6292
800-225-6292
Victory Pioneer Select Mid Cap Growth Fund Summary
Investment Objective
The Victory Pioneer Select Mid Cap Growth Fund (the “Fund”) seeks long-term capital
growth.
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 such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.
You may qualify for sales charge discounts if you and your family invest, or agree
to invest in the future, at least $50,000 in Class A of the Victory Funds. More information about these and other discounts is available in Investing with the Victory Funds section of the prospectus beginning on page 29, the “Appendix A — Variations in Sales Charge Reductions and Waivers Available Through Certain
Intermediaries,” and the “Sales charges” section of the statement of additional information. If you
invest in Class R6 shares or Class Y shares through an investment professional or
financial intermediary, that investment professional or financial intermediary may charge you
a commission. Such commissions, if any, are not charged by the Fund and are not reflected in the
fee table or expense example below.
Shareholder Fees
(paid directly from your investment)
(paid directly from your investment)
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Class A
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Class C
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Class R6
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Class Y
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Maximum Sales Charge (Load) Imposed on Purchases
(as a percentage of offering price)
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5.75%
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None
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None
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None
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Maximum Deferred Sales Charge (Load)
(as a percentage of the lower of purchase or sale price)
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None1
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1.00%2
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None
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None
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Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
(expenses that you pay each year as a percentage of the value of your investment)
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Management Fees
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0.60%
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0.60%
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0.60%
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0.60%
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Distribution and/or Service (12b-1) Fees
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0.25%
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1.00%
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0.00%
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0.00%
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Other Expenses3
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0.16%
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0.22%
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0.09%
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0.20%
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Total Annual Fund Operating Expenses4
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1.01%
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1.82%
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0.69%
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0.80%
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Fee Waiver/Expense Reimbursement4
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(0.02)%
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(0.02)%
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(0.02)%
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(0.02)%
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Total Annual Fund Operating Expenses After Fee Waiver
and/or Expense Reimbursement4
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0.99%
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1.80%
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0.67%
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0.78%
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1
A contingent deferred sales charge of 0.75% may be imposed on Class A shares with
respect to purchases of $500,000 or more that are redeemed within 18 months of purchase. For additional information, see the section
titled Choosing a Share Class.
2
Applies to shares sold within 12 months of purchase.
3
Estimated for the current fiscal year, as the Fund has not yet commenced investment
operations.
4
Victory Capital Management Inc. (the “Adviser”) has contractually agreed to waive
its management fee and/or reimburse expenses for at least three years following the closing of the reorganization of Pioneer Select
Mid Cap Growth Fund (the “predecessor fund”) into the Fund (the “Reorganization”) so that the total annual fund operating expenses
(excluding certain items such as interest, taxes, and brokerage commissions) do not exceed 0.99%, 1.80%, 0.67%, and 0.78% of the Fund’s
Class A, Class C, Class R6, and Class Y shares, respectively. The Adviser is permitted to recoup advisory fees waived
and expenses reimbursed for up to two 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.
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Victory Pioneer Select Mid Cap Growth Fund Summary
Example:
This Example is intended 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:
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1 Year
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3 Years
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5 Years
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10 Years
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Class A
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$670
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$872
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$1,095
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$1,735
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Class C
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$283
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$566
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$979
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$2,132
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Class R6
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$68
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$214
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$378
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$853
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Class Y
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$80
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$249
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$438
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$984
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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.
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1 Year
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3 Years
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5 Years
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10 Years
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Class C
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$183
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$566
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$979
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$2,132
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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.
Portfolio Turnover:
The Fund pays transaction costs, such as commissions, when it buys and sells securities
(or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction
costs and may result in higher taxes when shares of the Fund are held in a taxable account. These
costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s
performance. For its most recent fiscal year, the predecessor fund's portfolio turnover rate was
53% of the average value of its portfolio. No portfolio turnover information is included here for the
Fund because the Fund has not yet commenced investment operations.
Principal Investment Strategy
Normally, the Fund invests at least 80% of its net assets (plus the amount of borrowings,
if any, for investment purposes) in equity securities of mid-size companies. Mid-size companies
are those with market values, at the time of investment, that do not exceed the greater of the market
capitalization of the largest company within the Russell Midcap Growth Index ($73.32 billion as of December
31, 2024) or the 3-year rolling average of the market capitalization of the largest company
within the Russell Midcap Growth Index ($66.52 billion as of December 31, 2024), as measured at the end
of the preceding month, and are not less than the smallest company within the index. The
Russell Midcap Growth Index measures the performance of U.S. mid-cap growth stocks. The size of the
companies in the index changes constantly as a result of market conditions and the composition
of the index. The Fund’s investments will not be confined to securities issued by companies included
in the index. For purposes of the Fund’s investment policies, equity securities include common stocks
and other equity instruments, such as securities of other investment companies (including mutual funds,
exchange-traded funds, and closed-end funds) that invest primarily in equity securities,
depositary receipts, warrants, rights, equity interests in real estate investment trusts (“REITs”),
and preferred stocks. The Fund may invest in initial public offerings of equity securities.
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Victory Pioneer Select Mid Cap Growth Fund Summary
The Fund may invest in securities of issuers in any industry or market sector. The
Fund may invest up to 20% of its total assets in debt securities. The Fund may invest up to 5% of its
net assets in below-investment-grade debt securities (known as “junk bonds”), including below-investment-grade
convertible debt securities, and securities in default.
The Fund may invest up to 20% of its net assets in REITs.
The Fund may invest up to 20% of its total assets in securities of non-U.S. issuers.
The Fund will not invest more than 5% of its total assets in the securities of emerging markets issuers.
The Fund may, but is not required to, use derivatives, such as stock index futures
and options. The Fund may use derivatives for a variety of purposes, including: in an attempt to hedge
against adverse changes in the market prices of securities, interest rates or currency exchange rates;
as a substitute for purchasing or selling securities; to attempt to increase the Fund’s return as
a non-hedging strategy that may be considered speculative; to manage portfolio characteristics; and as a
cash flow management technique. The Fund may choose not to make use of derivatives for a variety
of reasons, and any use may be limited by applicable law and regulations. The Fund also may hold
cash or other short-term instruments.
The Fund uses a “growth” style of management and seeks to invest in companies with
above average potential for earnings and revenue growth that are also trading at attractive market
valuations. To select growth stocks the Fund’s investment adviser employs quantitative analysis,
fundamental research and an evaluation of the issuer based on its financial statements and operations.
The Adviser relies on the knowledge, experience, and judgment of its staff and the staff of its
affiliates who have access to a wide variety of research. The Adviser focuses on the quality and price
of individual issuers and economic sector analysis, not on market-timing strategies.
The Adviser generally sells a portfolio security when it believes that the issuer
no longer offers the potential for above average earnings and revenue growth. The Adviser makes that determination
based upon the same criteria it uses to select portfolio securities.
The Adviser integrates environmental, social, and corporate governance (“ESG”) considerations
into its investment research process by evaluating the business models and practices of
issuers and their ESG-related risks. ESG considerations are not a primary focus of the Fund, and the
weight given by the Adviser to ESG considerations in making investment decisions will vary and, for
any specific decision, they may be given little or no weight.
Principal Risks
You could lose money on your investment in the Fund. As with any mutual fund, there is no guarantee that the Fund will achieve its objective.
Market Risk — The market prices of securities or other assets held by the Fund may go up or down,
sometimes rapidly or unpredictably, due to general market conditions, such as real
or perceived adverse economic, political, or regulatory conditions, political instability, recessions,
inflation, changes in interest or currency rates, lack of liquidity in the markets, the spread of infectious
illness or other public health issues, weather or climate events, armed conflict, market disruptions
caused by tariffs, trade disputes, sanctions or other government actions, or other factors or adverse
investor sentiment. If the market prices of the Fund’s securities and assets fall, the value of your investment
will go down. A change in financial condition or other event affecting a single issuer or market
may adversely impact securities markets as a whole.
In the past decade, financial markets throughout the world have experienced increased
volatility, depressed valuations, decreased liquidity and heightened uncertainty. Governmental
and non-governmental issuers have defaulted on, or been forced to restructure, their debts.
These conditions may continue, recur, worsen or spread. Events that have contributed to
these market conditions include, but are not limited to, major cybersecurity events; geopolitical
events (including
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Victory Pioneer Select Mid Cap Growth Fund Summary
wars, terror attacks and economic sanctions); measures to address budget deficits;
downgrading of sovereign debt; changes in oil and commodity prices; dramatic changes in currency
exchange rates; global pandemics; and public sentiment. Some sectors of the economy and individual
issuers have experienced or may experience particularly large losses. Periods of extreme volatility
in the financial markets, reduced liquidity of many instruments, increased government debt, inflation,
and disruptions to supply chains, consumer demand and employee availability, may continue for some
time.
Raising the ceiling on U.S. government debt has become increasingly politicized. Any
failure to increase the total amount that the U.S. government is authorized to borrow could lead
to a default on U.S. government obligations, with unpredictable consequences for economies and markets
in the United States and elsewhere. Inflation and interest rates may increase. These circumstances
could adversely affect the value and liquidity of the Fund’s investments, impair the Fund’s
ability to satisfy redemption requests, and negatively impact the Fund’s performance. In addition, inflation,
rising interest rates, global supply chain disruptions and other market events could adversely
affect the companies or issuers in which the Fund invests. Following Russia’s invasion of Ukraine,
Russian securities lost all, or nearly all, their market value. Other securities or markets
could be similarly affected by past or future political, geopolitical or other events or conditions.
Governments and central banks, including the U.S. Federal Reserve, have taken extraordinary
and unprecedented actions to support local and global economies and the financial markets.
These actions have resulted in significant expansion of public debt, including in the United States.
The consequences of high public debt, including its future impact on the economy and securities markets,
may not be known for some time. U.S. Federal Reserve or other U.S. or non-U.S. governmental or
central bank actions, including increases or decreases in interest rates, or contrary actions by
different governments, could negatively affect financial markets generally, increase market
volatility and reduce the value and liquidity of securities in which the Fund invests. Policy and legislative
changes in the United States and in other countries are affecting many aspects of financial regulation,
and these and other events affecting global markets, such as the United Kingdom’s exit from the
European Union (or Brexit), potential trade imbalances with China, or other countries, or sanctions or
other government actions against Russia, other nations or individuals or companies (or their countermeasures),
may contribute to decreased liquidity and increased volatility in the financial markets.
The impact of these changes on the markets, and the implications for market participants, may not be fully
known for some time.
The United States and other countries are periodically involved in disputes over trade
and other matters, which may result in tariffs, investment restrictions and adverse impacts
on affected companies and securities. For example, the United States has imposed tariffs and other
trade barriers on Chinese exports, has restricted sales of certain categories of goods to China,
and has established barriers to investments in China. Trade disputes may adversely affect the economies
of the United States and its trading partners, as well as companies directly or indirectly
affected and financial markets generally. The U.S. government has prohibited U.S. persons, such
as the Fund, from investing in Chinese companies designated as related to the Chinese military. These
and possible future restrictions could limit the Fund’s opportunities for investment and require
the sale of securities at a loss or make them illiquid. Moreover, China’s long-running conflict over Taiwan’s
sovereignty, border disputes with many neighbors and historically strained relations with other
Asian countries could result in military conflict. If the political climate between the United States
and China does not improve or continues to deteriorate, if China enters into military conflict with Taiwan,
the Philippines, or another neighbor, or if other geopolitical conflicts develop or get worse, economies,
markets and individual securities may be severely affected both regionally and globally, and the
value of the Fund’s assets may go down.
Economies and financial markets throughout the world are increasingly interconnected.
Economic, financial or political events, trading and tariff arrangements, armed conflict such
as between Russia and Ukraine or in the Middle East, terrorism, natural disasters, infectious illness
or public health
4
Victory Pioneer Select Mid Cap Growth Fund Summary
issues, cybersecurity events, supply chain disruptions, sanctions against Russia,
other nations or individuals or companies and possible countermeasures, and other circumstances in
one country or region could have profound impacts on other countries or regions and on global economies
or markets. As a result, whether or not the Fund invests in securities of issuers located
in or with significant exposure to the countries or regions directly affected, the value and
liquidity of the Fund’s investments may be negatively affected. The Fund may experience a substantial or complete
loss on any security or derivative position.
Mid-Size Companies Risk — Compared to large companies, mid-size companies, and the market for their equity securities, may be more sensitive to changes in earnings results and
investor expectations, or poor economic or market conditions, including those experienced during a recession,
have more limited product lines, operating histories, markets or capital resources, may be dependent
upon a limited management group, experience sharper swings in market values, have limited
liquidity, be harder to value or to sell at the times and prices the Adviser thinks appropriate,
and offer greater potential for gain and loss.
Growth Style Risk — The Fund’s investments may not have the growth potential originally expected. Growth stocks may fall out of favor with investors and underperform the overall equity
market. Growth securities may also be more volatile than other investments because they often
do not pay dividends. The values of growth securities tend to go down when interest rates rise
because the rise in interest rates reduces the current value of future cash flows.
Portfolio Selection Risk — The Adviser’s judgment about a particular security or issuer, or about the economy or a particular sector, region, market segment or industry, or about an investment
strategy, may prove to be incorrect or may not produce the desired results, or there may be
imperfections, errors or limitations in the models, tools and information used by the Adviser.
ESG Risk — The Adviser may consider ESG information in its investment research process. This
may mean forgoing some investment opportunities available to Funds that do not consider
ESG information. In considering ESG information, the Adviser may use third party ESG ratings
information that it believes to be reliable, but such information may not be accurate or complete,
or may be biased. ESG considerations are not a primary focus of the Fund, and the weight given
by the Adviser to ESG considerations in making investment decisions will vary and, for any specific
decision, they may be given little or no weight.
Risks of Investments in Real Estate Related Securities — Investments in real estate securities are affected by economic conditions, interest rates, governmental actions and other factors.
In addition, investing in REITs involves unique risks. They are significantly affected by the market
for real estate and are dependent upon management skills and cash flow. REITs may have lower trading
volumes and may be subject to more abrupt or erratic price movements than the overall securities
markets. Mortgage REITs are particularly subject to interest rate and credit risks. In addition
to its own expenses, the Fund will indirectly bear its proportionate share of any management
and other expenses paid by REITs in which it invests. Many real estate companies, including REITs, utilize
leverage.
Risks of Warrants and Rights — If the price of the underlying stock does not rise above the exercise price before the warrant expires, the warrant generally expires without any value
and the Fund loses any amount it paid for the warrant. The failure to exercise subscription rights to
purchase common shares would result in the dilution of the Fund’s interest in the issuing company.
Preferred Stocks Risk — Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity
securities. In addition, a company’s preferred stocks generally pay dividends only after the company
makes required payments to holders of its bonds and other debt. Thus, the value of preferred stocks
will usually react more strongly than bonds and other debt to actual or perceived changes in the company’s
financial condition or prospects. The market value of preferred stocks generally decreases when
interest rates rise. Also, the market prices of preferred stocks are more sensitive to changes in
the issuer's
5
Victory Pioneer Select Mid Cap Growth Fund Summary
creditworthiness than are the prices of debt securities. Generally, under normal circumstances,
preferred stocks do not carry voting rights. Preferred stocks may trade less frequently
and in a more limited volume and may be subject to more abrupt or erratic price movements than other
securities. Preferred stocks of smaller companies may be more vulnerable to adverse developments
than preferred stocks of larger companies.
Risks of Initial Public Offerings — Companies involved in initial public offerings (“IPOs”) generally have limited operating histories, and prospects for future profitability are uncertain.
The market for IPO issuers has been volatile, and share prices of newly public companies have fluctuated
significantly over short periods of time. The purchase of IPO shares may involve high transaction
costs.
Risks of Investing in Other Funds — Investing in other investment companies, including exchange-traded funds (“ETFs”) and closed-end funds, subjects the Fund to the risks
of investing in the underlying securities or assets held by those funds. When investing in another
fund, the Fund will bear a pro rata portion of the underlying fund’s expenses, including management fees,
in addition to its own expenses. ETFs and closed-end funds are bought and sold based on market prices
and can trade at a premium or a discount to the ETF’s or closed-end fund’s net asset value.
Such funds may trade at a discount for an extended period and may not ever realize their net asset
value.
Debt Securities Risk — Factors that could contribute to a decline in the market value of debt securities in the Fund include rising interest rates, if the issuer or other obligor
of a security held by the Fund fails to pay principal and/or interest, otherwise defaults or has its credit
rating downgraded or is perceived to be less creditworthy or the credit quality or value of any underlying
assets declines. A general rise in interest rates could adversely affect the price and liquidity of
fixed income securities and could also result in increased redemptions from the Fund. Junk bonds have a higher
risk of default or are already in default and are considered speculative.
Risks of Convertible Securities — The market values of convertible securities tend to decline as interest rates increase and, conversely, to increase as interest rates decline. A
downturn in equity markets may cause the price of convertible securities to decrease relative to other
fixed income securities.
Risks of Non-U.S. Investments — Investing in non-U.S. issuers, or in U.S. issuers that have significant exposure to foreign markets, may involve unique risks compared to investing in securities
of U.S. issuers. These risks are more pronounced for issuers in emerging markets or to the
extent that the Fund invests significantly in one region or country. These risks may include different
financial reporting practices and regulatory standards, less liquid trading markets, extreme
price volatility, currency risks, changes in economic, political, regulatory and social conditions,
military conflicts and sanctions, terrorism, sustained economic downturns, financial instability, reduction
of government or central bank support, inadequate accounting standards, auditing and financial recordkeeping
requirements, tariffs, tax disputes or other tax burdens, nationalization or expropriation
of assets, arbitrary application of laws and regulations or lack of rule of law, and investment
and repatriation restrictions. Investors in foreign countries often have limited rights and few practical
remedies to pursue shareholder claims. Lack of information and less market regulation also may
affect the value of these securities. Withholding and other non-U.S. taxes may decrease the Fund’s return.
Non-U.S. issuers may be located in parts of the world that have historically been prone to
natural disasters. Emerging market economies tend to be less diversified than those of more developed
countries. They typically have fewer medical and economic resources than more developed countries
and thus they may be less able to control or mitigate the effects of a pandemic. Investing in depositary
receipts is subject to many of the same risks as investing directly in non-U.S. issuers. Depositary
receipts may involve higher expenses and may trade at a discount (or premium) to the underlying
security.
A number of countries in the European Union (“EU”) have experienced, and may continue
to experience, severe economic and financial difficulties. In addition, the United Kingdom
has withdrawn from the EU (commonly known as “Brexit”). The range and potential implications of
possible political,
6
Victory Pioneer Select Mid Cap Growth Fund Summary
regulatory, economic, and market outcomes of Brexit cannot be fully known but could
be significant, potentially resulting in increased volatility, illiquidity and potentially lower economic
growth in the affected markets, which will adversely affect the Fund's investments.
Sanctions or other government actions against certain countries could negatively impact
the Fund’s investments in securities that have exposure to those countries. Circumstances that
impact one country could have profound impacts on other countries and on global economies or
markets. China and other developing market countries may be subject to considerable degrees of economic,
political and social instability. The U.S. government has imposed restrictions on U.S. investor
participation in certain Chinese investments. These matters could adversely affect China’s economy.
In addition, China’s long-running conflict over Taiwan’s sovereignty, border disputes with many
neighbors and historically strained relations with other Asian countries could result in military
conflict that could adversely impact the economies of China and other Asian countries, disrupt supply
chains, and severely affect global economies and markets.
Russia launched a large-scale invasion of Ukraine on February 24, 2022. In response
to the military action by Russia, various countries, including the United States, the United Kingdom,
and European Union, issued broad-ranging economic sanctions against Russia and Belarus and certain
companies and individuals. Russia has taken retaliatory actions, including preventing repatriation
of capital by United States and other investors. Since then, Russian securities have lost all, or
nearly all, their market value, and many other issuers, securities and markets have been adversely affected.
The ongoing conflict has resulted in significant market disruptions, including in certain
markets, industries and sectors, such as the oil and natural gas markets, and negatively affected global
supply chains, food supplies, inflation and global growth. The United States and other countries may impose
sanctions on other countries, companies and individuals in light of Russia’s military invasion.
The extent and duration of the military action or future escalation of such hostilities, the extent
and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic
negotiations cannot be predicted. These and any related events could have a significant impact
on the value and liquidity of certain Fund investments, on Fund performance and the value of an investment
in the Fund.
Market Segment Risk — To the extent the Fund emphasizes, from time to time, investments in a market segment, the Fund will be subject to a greater degree to the risks particular
to that segment, and may experience greater market fluctuation than a fund without the same focus.
Industries in the technology segment, such as information technology, communications
equipment, computer hardware and software, and office and scientific equipment, are generally
subject to risks of rapidly evolving technology, short product lives, rates of corporate expenditures,
falling prices and profits, competition from new market entrants, and general economic conditions. They
are also heavily dependent on intellectual property rights and may be adversely affected by
the loss or impairment of, or inability to enforce, those rights.
Derivatives Risk — Using stock index futures and options and other derivatives can increase Fund losses and reduce opportunities for gains when market prices, interest rates, currencies,
or the derivative instruments themselves behave in a way not anticipated by the Fund. Using
derivatives may increase the volatility of the Fund’s net asset value and may not provide the result
intended. Derivatives may have a leveraging effect on the Fund. Some derivatives have the potential
for unlimited loss, regardless of the size of the Fund’s initial investment. Derivatives
are generally subject to the risks applicable to the assets, rates, indices or other indicators underlying
the derivative. Changes in a derivative’s value may not correlate well with the referenced asset or
metric. The Fund also may have to sell assets at inopportune times to satisfy its obligations. Derivatives
may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the
Fund. Use of derivatives may have different tax consequences for the Fund than an investment in
the underlying security, and such differences may affect the amount, timing and character of income
distributed to shareholders. The U.S. government and foreign governments have adopted and implemented
or are in
7
Victory Pioneer Select Mid Cap Growth Fund Summary
the process of adopting and implementing regulations governing derivatives markets,
including mandatory clearing of certain derivatives, margin and reporting requirements. The
ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make them
more costly, limit their availability or utility, otherwise adversely affect their performance or disrupt
markets.
Leveraging Risk — The value of your investment may be more volatile and other risks tend to be compounded if the Fund borrows or uses derivatives or other investments, such as ETFs,
that have embedded leverage. Leverage generally magnifies the effect of any increase or decrease
in the value of the Fund’s underlying assets and creates a risk of loss of value on a larger pool
of assets than the Fund would otherwise have, potentially resulting in the loss of all assets. Engaging in
such transactions may cause the Fund to liquidate positions when it may not be advantageous to do so to
satisfy its obligations. New derivatives regulations require the Fund, to the extent it uses derivatives
to a material extent, to, among other things, comply with certain overall limits on leverage.
These regulations may limit the ability of the Fund to pursue its investment strategies
and may not be effective to mitigate the Fund’s risk of loss from derivatives.
Valuation Risk — The sales price the Fund could receive for any particular portfolio investment may
differ from the Fund’s valuation of the investment, particularly for illiquid securities
and securities that trade in thin or volatile markets or that are valued using a fair value methodology.
These differences may increase significantly and affect Fund investments more broadly during
periods of market volatility. Investors who purchase or redeem Fund shares on days when the Fund
is holding fair-valued securities may receive fewer or more shares or lower or higher redemption
proceeds than they would have received if the securities had not been fair-valued or if a different
valuation methodology had been used. The ability to value the Fund’s investments may also be
impacted by technological issues and/or errors by pricing services or other third-party service
providers.
Liquidity Risk — Some securities and derivatives held by the Fund may be or become impossible or
difficult to purchase, sell or unwind, particularly during times of market turmoil.
Illiquid securities and derivatives also may be difficult to value. Markets may become illiquid quickly. If
the Fund is forced to sell an illiquid asset or unwind a derivatives position to meet redemption requests
or other cash needs, the Fund may be forced to sell at a loss.
Redemption Risk — The Fund may experience heavy redemptions that could cause the Fund to liquidate its assets at inopportune times or at a loss or depressed value, or accelerate
taxable gains or transaction costs, which could cause the value of your investment to decline.
Cybersecurity Risk — Cybersecurity failures by and breaches of the Adviser, transfer agent, the Distributor, custodian, Fund accounting agent or other service providers may disrupt
Fund operations, interfere with the Fund’s ability to calculate its NAV, prevent Fund shareholders
from purchasing, redeeming or exchanging shares or receiving distributions or receiving timely information
regarding the Fund or their investment in the Fund, cause loss of or unauthorized access to
private shareholder information, and result in financial losses to the Fund and its shareholders, regulatory
fines, penalties, reputational damage, or additional compliance costs. New ways to carry out cyber attacks
continue to develop. Therefore, there is a chance that some risks have not been identified or
prepared for, or that an attack may not be detected, which puts limitations on the Fund’s ability to plan
for or respond to a cyber attack.
Expense Risk — Your actual costs of investing in the Fund may be higher than the expenses shown
in “Annual Fund Operating Expenses” for a variety of reasons. For example, expense ratios
may be higher than those shown if overall net assets decrease. Net assets are more likely
to decrease and Fund expense ratios are more likely to increase when markets are volatile.
Please note that there are many other factors that could adversely affect your investment
and that could prevent the Fund from achieving its goals.
8
Victory Pioneer Select Mid Cap Growth Fund Summary
An investment in the Fund is not a bank deposit and is not insured or guaranteed by
the Federal Deposit Insurance Corporation or any other government agency.
Investment Performance
The bar chart and performance table provide an indication of the risks of investing
in the Fund. The Fund has adopted the performance of the Pioneer Select Mid Cap Growth Fund (the “predecessor
fund”) as the result of a reorganization of the predecessor fund into the Fund (the
“Reorganization”). The predecessor fund had substantially similar objectives, policies, and investment
strategies as the Fund. Prior to the Reorganization, the Fund had not yet commenced operations. The
bar chart shows changes in the performance of the predecessor fund from year to year as of December
31. The performance table compares the predecessor fund’s performance to that of one or more
broad measures of market performance. Per new regulatory requirements, the S&P 500® Index, which represents 500 of the largest companies listed on the stock exchange in the
United States, serves as the Fund’s regulatory broad-based securities market index. The Russell Midcap
Growth Index is provided to show how the Fund’s performance compares with the returns of
an index of securities similar to those in which the Fund invests. The Fund’s (and the predecessor
fund’s) past performance (before and after taxes) is not necessarily an indication of how the Fund
will perform in the future.
The returns shown for periods ending on or prior to the Reorganization are those of
the Class A, Class C, Class K, and Class Y shares of the predecessor fund. Class A, Class C, Class
K, and Class Y shares of the predecessor fund were reorganized into Class A, Class C, Class R6, and
Class Y shares, respectively, of the Fund in the Reorganization. Class R shares of the predecessor
fund reorganized into Class A shares of the Fund in the Reorganization. Class A, Class C, Class R6,
and Class Y shares’ returns of the Fund will be different from the returns of the predecessor fund as
they have different expenses.
Fund performance reflects any applicable fee waivers and expense reimbursements. Performance
returns would be lower without applicable fee waivers and expense reimbursements.
All Fund performance shown assumes the reinvestment of dividends and capital gains
and the effect of the Fund’s expenses. Updated performance information is available on the Fund’s website at vcm.com
9
Victory Pioneer Select Mid Cap Growth Fund Summary
Calendar Year Returns for Class A Shares
For the period covered by the bar chart:
|
During the periods shown in the chart:
|
Returns
|
Quarter ended
|
|
Highest Quarter
|
30.28%
|
June 30, 2020
|
|
Lowest Quarter
|
-22.10%
|
June 30, 2022
|
|
Average Annual Total Returns
(For the Periods Ended December 31, 2024)
|
1 Year
|
5 Years
|
10 Years
|
|
CLASS A Before Taxes
|
16.72%
|
7.38%
|
9.23%
|
|
CLASS A After Taxes on Distributions
|
13.82%
|
5.57%
|
7.48%
|
|
CLASS A After Taxes on Distributions and Sale of Fund Shares
|
12.11%
|
5.74%
|
7.20%
|
|
CLASS C Before Taxes
|
21.88%
|
7.81%
|
9.01%
|
|
CLASS R6 Before Taxes
|
24.25%
|
9.04%
|
10.28%
|
|
CLASS Y Before Taxes
|
24.11%
|
8.90%
|
10.14%
|
|
Indices
|
|||
|
S&P 500® Index
reflects no deduction for fees, expenses, or taxes
|
25.02%
|
14.53%
|
13.10%
|
|
Russell Midcap® Growth Index
reflects no deduction for fees, expenses, or taxes
|
22.10%
|
11.47%
|
11.54%
|
After-tax returns use the historical highest individual federal marginal income tax
rates and do not reflect the effect of state and local taxes. In certain situations, the return after taxes on distributions and sale of fund shares may be higher than the other return amounts. A higher after-tax
return may result when a capital loss occurs upon redemption and translates into an assumed tax
deduction that benefits the shareholder. Actual after-tax returns depend on your tax situation and
may differ from those shown. After-tax returns shown are not relevant if you own your Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
After-tax returns are shown for Class A shares. After-tax returns for Class C, Class R6, and Class Y
shares will vary.
10
Victory Pioneer Select Mid Cap Growth Fund Summary
Management of the Fund
Investment Adviser
Victory Capital Management Inc. (the “Adviser”) serves as the Fund’s investment adviser.
The portfolio managers jointly and primarily responsible for day-to-day management of the Fund are
members of Pioneer Investments, a Victory Capital investment franchise.
Portfolio Management
|
|
Title
|
Tenure with the Fund and
Predecessor Fund
|
|
Ken Winston
|
Senior Vice President and
Portfolio Manager
|
Since 2013
|
|
Shaji John
|
Senior Vice President and
Portfolio Manager
|
Since 2013
|
|
David Sobell
|
Senior Vice President and
Portfolio Manager
|
Since 2016
|
|
Timothy P. Stanish
|
Managing Director, Director of
Mid Cap Equities, and Portfolio
Manager
|
Since 2023
|
Purchase and Sale of Fund Shares
|
Investment Minimums
|
Class A
|
Class C
|
Class R6
|
Class Y
|
|
Minimum Initial Investment
|
$2,500
|
$2,500
|
None
|
$1,000,000
|
|
Minimum Subsequent Investments
|
$50
|
$50
|
None
|
None
|
For Class A and Class C shares a $1,000 minimum initial purchase amount and a $50
minimum subsequent purchase amount apply for Individual Retirement Accounts (IRAs), gift/transfer
to minor accounts, and purchases through automatic investment plans.
Certain broker-dealers and other financial intermediaries (such as a bank) may establish
higher or lower minimum initial and subsequent investment amounts to which you may be subject
if you invest through them.
You may redeem your shares on any day the Fund is open for business. Redemption requests
may be made by telephone (with prior appropriate approval) or by mail.
When you buy and redeem shares, the Fund will price your transaction at the next-determined
net asset value (“NAV”) after the Fund receives your request in good order, which means
that your request contains all the required documentation, and that all documents contain required signatures
or signature guarantees from a financial institution.
Tax Information
The Fund’s distributions may be taxable whether you receive them in cash, additional
shares of the Fund, or you reinvest them in shares of another Victory Fund, and may be taxed as
ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as
a 401(k) plan or an individual retirement account. Taxes may be imposed on withdrawals from tax-deferred
arrangements.
11
Victory Pioneer Select Mid Cap Growth Fund Summary
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase the Fund through a broker-dealer or other financial intermediary (such
as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares
and related services. These payments create a conflict of interest by influencing the broker-dealer
or other intermediary and your salesperson or investment professional to recommend the Fund
over another investment. Ask your salesperson or investment professional or visit your financial
intermediary’s website for more information.
12