Risks Associated with Foreign Equity Investment

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					Victory Global Fund
                                                                                                                                                                     Class I Shares    VPGYX

                                                                                                                                                                     Class A Shares    VPGEX
                                                                                                                                                                     Class C Shares    VPGCX
                                                                        As of March 31, 2011
Investor Profile
                                                                               Investment Style
Investors looking for long term-growth of capital by investing in a
professionally managed portfolio of equity securities. The Fund may         Value    Blend   Growth

be appropriate for investors who are comfortable with assuming the                                     Large

                                                                                                                Median Market Cap
added risks associated with stocks that do not pay out significant                                                                  Fund Information
portions of their earnings as dividends. It also may be appropriate
                                                                                                                                    Class I Symbol                                       VPGYX
for investors who are comfortable with assuming the added risks                                        Medium

associated with investments in foreign countries and investments                                                                    CUSIP                                             92646A674
denominated in foreign currencies.                                                                     Small                        Inception                                           03/18/10
Objectives/Strategies                                                                                                               Net Assets                                        $2,039,381
The Fund seeks to provide long-term growth and capital appreciation by investing primarily in                                       NAV Share Price                                       $11.77
U.S. and foreign equity securities of companies of any size, located in any country, including
countries with developing or emerging markets. The Fund may invest in any type or class of                                          Class A Symbol                                       VPGEX
securities of companies of any size and from any country.
                                                                                                                                    CUSIP                                             92646A690
Total Return for the Periods Ending 03/31/11                                                                                        Inception                                           03/18/10
                         TOTAL RETURN (%)                       ANNUALIZED RETURN (%)                                               Net Assets                                        $2,013,818
                                                                                                         Since                      NAV Share Price                                       $11.76
                     Quarter     YTD         1-Year    3-Year      5-Year           10-Year           Inception^
           Class I    4.07       4.07        18.94       N/A         N/A             N/A                 19.55                      Class C Symbol                                       VPGCX
                                                                                                                                    CUSIP                                             92646A682
  Class A NAV†        3.98       3.98        18.63       N/A         N/A             N/A                 19.25
                                                                                                                                    Inception                                           03/18/10
           MOP††      -2.00      -2.00       11.78       N/A         N/A             N/A                 12.64                      Net Assets                                        $1,988,757
  Class C NAV†        3.72       3.72        17.63       N/A         N/A             N/A                 18.28                      NAV Share Price                                       $11.72
           MOP††      2.72       2.72        16.63       N/A         N/A             N/A                 18.28
                                                                                                                                    Wtd Avg Mkt Cap (billion)                              $46.4
      Benchmark  MSCI World (Net)1
                                                                                                                                    Number of Holdings                                       128
                   4.80      4.80     13.45             -0.25       2.08             4.21
†Net Asset Value ††Maximum Offering Price.                        Class I           Class A            Class C
                                                                                                                                    Minimum Initial Investment                           $2500*
                                              Inception Date^ 03/18/10              03/18/10           03/18/10                     Minimum Subsequent Investments                         $250
                                         Expense Ratio - Gross    c5.11%            c5.82%              c6.57%                      IRA Minimum                                          $1,000
                                           Expense Ratio - Net    1.16%              1.41%               2.16%

Past performance does not guarantee future results. The performance data quoted represents
past performance and current returns may be lower or higher. The investment return and principal                                    *The minimum Initial Investment for I Shares is $2,500,000.
value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than                                    or if in the opinion of Victory Capital Advisers, Inc., there is
the original cost. To obtain performance information current to the most recent month end, please                                   adequate intent of the investor and availability of assets to
call 1-800-539-FUND or visit                                                                                reach a future level of investment of $2,500,000.
Total return is all cash flow from interest and dividends plus compounding of reinvestment plus
any gains or minus any losses. Annualized return or average annual return describes the return
gained, on average, each year of a multi-year period rather than a cumulative return.
  •     Class I Shares are not subject to an initial sales charge when purchased, a contingent deferred sales charge or Rule 12b-1 fees. Class I Shares are
        available to investors in selected fee-based programs.
  •     Class A Shares MOP performance figures reflect a maximum sales charge of 5.75%.
  •     Class C Shares are not subject to an initial sales charge, but are subject to a deferred sales charge of 1.00% on shares redeemed within the first year.
        Class C Shares MOP performance for periods less than 1 year reflect the effect of the 1.00% CDSC.
  •     The International Fund imposes a redemption fee of 2.00% of the total redemption amount (calculated at net asset value, without regard to the effect
        of any contingent deferred sales charge; any contingent deferred sales charge is also assessed on the total redemption amount without regard to the
        assessment of the 2.00% redemption fee) on all Fund shares redeemed or exchanged within 30 days of buying them (either by purchase or exchange).
Class I Shares are available only to select investors as described in the Fund’s prospectus. Please read the Prospectus for information on the eligibility requirements
to purchase Class I Shares. Total returns are historical and include the change in share price and reinvestment of dividends and capital gains distributions, if any.

Investment Considerations: Equity securities are more volatile and carry more risk than other forms of investments including investments in high-grade
fixed income securities. Small capitalization stocks carry additional risks and expose the investor to greater volatility, since smaller companies generally
have a higher risk of failure. In addition, the securities of foreign companies acquired by the Fund tend to experience more volatility than their domestic
counterparts in part because of higher political and economic risks, lack of reliable information, fluctuations in currency exchange rates and the risks
that a foreign government may take over assets, restrict the ability to exchange currency or restrict the delivery of securities. These risks are magnified
in emerging markets. Derivative instruments, including futures and options contracts used for asset substitution, do not perfectly replicate direct
investment in the security. The net asset value per share of this Fund will fluctuate as the value of securities in the portfolio changes.

      cThe Adviser has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual operating expenses (excluding
      Acquired Fund Fees and Expenses, and certain other items) of Class A, Class C and Class I shares do not exceed 1.40%, 2.15% and 1.15%, respectively,
      until at least February 28, 2020.

Not FDIC Insured ● No Bank Guarantee ● May Lose Value
Victory Global Fund
                                                                                                                                      Class I Shares   VPGYX

                                                                                                                                      Class A Shares   VPGEX

                                                                   As of March 31, 2011                                               Class C Shares   VPGCX

Fund Managers
Matthias Knerr, CFA                   Jeffrey Saeger, CFA                                                                            Additional Information
CIO - Large Cap International         Portfolio Manager
      and Global Equities             Director                                                    Sector Diversification2                                   %
Lead Portfolio Manager
                                                                                                  Consumer Discretionary                                  13.6
Senior Managing Director
                                                                                                  Consumer Staples                                         8.2
Top Ten Holdings2                                          Country                          %
                                                                                                  Energy                                                   9.7
Novo Nordisk A/S                                           Denmark                         2.0
                                                                                                  Financials                                              18.5
Chevron Corp.                                              United States                   1.8
                                                                                                  Health Care                                              8.8
Dollar Tree Inc.                                           United States                   1.7
                                                                                                  Industrials                                             13.1
BP PLC                                                     United Kingdom                  1.6
                                                                                                  Information Technology                                  14.1
Herbalife Ltd.                                             United States                   1.6
                                                                                                  Materials                                                9.6
Apache Corp.                                               United States                   1.5
                                                                                                  Telecommunication Services                               3.2
Philip Morris International Inc.                           United States                   1.4
                                                                                                  Utilities                                                0.8
InterDigital Inc.                                          United States                   1.3
                                                                                                  Cash                                                     0.3
CNOOC Ltd.                                                 China                           1.3
Yum! Brands Inc.                                           United States                   1.3    Regional Weightings2                                      %
                                                                                                  Americas                                                52.0

Contact                                                                                           Asia/Pacific Ex Japan                                   10.0
For additional information regarding the Victory Funds, please ask your Financial Advisor or      Continental Europe/Africa/Mideast                       21.0
                                                                                                  Japan                                                    6.9
The Adviser                                                                                       United Kingdom                                           9.8
The Funds are distributed by Victory Capital Advisers, Inc. (“VCA”), member FINRA and
SIPC. VCA is a wholly owned subsidiary of KeyCorp. Victory Capital Management Inc., an            Cash                                                     0.3
affiliate of VCA, is the investment advisor to the Funds and receives a fee from the Funds
for its services.                                                                                 Fund Composition2                                         %
                                                                                                  Common Stock                                            99.7
Other Victory Funds                                                                               Other                                                    0.3
The Victory Funds offer equity, hybrid, taxable fixed income, tax-exempt fixed income, and
money market funds for the retail and institutional markets.
1Morgan Stanley World Index: An unmanaged, free float-adjusted market capitalization
weighted index that is designed to measure the equity market performance of developed
markets. This index does not include the effect of sales charges and is not representative of
the Fund and cannot be invested in directly. With Net Dividends - This series approximates
the minimum possible dividend reinvestment. The dividend is reinvested after deduction of
withholding tax, applying the rate to non-resident individuals who do not benefit from double
taxation treaties. This Index does not include the effect of expenses, is not representative of
any specific fund or product and cannot be invested in directly.

2The top ten holdings, sector diversification, regional weightings and fund composition are
presented to illustrate examples of the Fund’s investments and may not be representative
of the Fund’s current or future investments. Fund holdings may change at any time.**

     **All risk factor and portfolio information as of: March 31, 2011

Shares of the Fund may be subject to sales charges and
other fees. An investor should consider the Fund’s investment
objectives, risks and charges and expenses carefully before
investing or sending money. This and other important
information about the investment company can be found in
the Fund’s prospectus. To obtain a prospectus, please call
1-800-539-FUND or visit Please
read the prospectus carefully before investing.

Description: Risks Associated with Foreign Equity Investment document sample