Liquidation: VICTORY VARIABLE INSURANCE FUNDS

Form Type: 497

Filing Date: 2025-05-30

Corporate Action: Liquidation

Type: New

Accession Number: 000168386325004930

Filing Summary: The Board of Trustees of Victory Variable Insurance Funds approved a Plan of Liquidation for the Funds, which include the Victory High Yield VIP Series, Victory RS International VIP Series, Victory RS Small Cap Growth Equity VIP Series, and Victory 500 Index VIP Series, on May 20, 2025. The liquidation is anticipated to occur on or about August 28, 2025, during which all outstanding shares will be redeemed at their net asset value. New investments will be closed to new investors starting June 9, 2025, while existing shareholders can continue to add to their investments until August 22, 2025. Funds will likely adjust their portfolios to be more liquid, with cash anticipated prior to the liquidation date. The document serves as a supplement to both the Prospectus and the Statement of Additional Information dated May 1, 2025.

Form Type: 497K

Filing Date: 2025-05-30

Corporate Action: Liquidation

Type: New

Accession Number: 000168386325004927

Filing Summary: On May 20, 2025, the Board of Trustees of Victory Variable Insurance Funds approved a Plan of Liquidation for the Funds listed, including Victory High Yield VIP Series, Victory RS International VIP Series, Victory RS Small Cap Growth Equity VIP Series, and Victory 500 Index VIP Series. The liquidation is anticipated to occur on or about August 28, 2025. On the liquidation date, all outstanding shares will be redeemed at their net asset value. The Funds will close to new investors on June 9, 2025, but will accept additional investments from existing shareholders until August 22, 2025. Each Fund may deviate from its investment objectives as the liquidation date approaches, with a focus on positioning portfolios into cash prior to that date.

Form Type: 497K

Filing Date: 2025-05-30

Corporate Action: Liquidation

Type: New

Accession Number: 000168386325004928

Filing Summary: On May 20, 2025, the Board of Trustees of Victory Variable Insurance Funds approved a Plan of Liquidation for the Funds, which include Victory High Yield VIP Series, Victory RS International VIP Series, Victory RS Small Cap Growth Equity VIP Series, and Victory 500 Index VIP Series. The anticipated liquidation date is August 28, 2025, at which point all outstanding shares will be redeemed at their net asset value. From June 9, 2025, the Funds will close to new investors, though existing shareholders can continue to invest until August 22, 2025. As the liquidation date approaches, the Funds may deviate from their investment objectives to facilitate an orderly liquidation and ensure they have sufficient cash for redemptions.

Form Type: 497K

Filing Date: 2025-05-30

Corporate Action: Liquidation

Type: New

Accession Number: 000168386325004929

Filing Summary: On May 20, 2025, the Board of Trustees of Victory Variable Insurance Funds approved a Plan of Liquidation for the Funds. The Funds are expected to liquidate on or about August 28, 2025. On the liquidation date, all outstanding shares will be redeemed at their net asset value. New investors will be barred from entering as of June 9, 2025, while existing shareholders can continue to make additional investments until August 22, 2025. To facilitate the liquidation, each Fund may adjust its investment strategies and will likely convert its holdings to cash leading up to the liquidation date.

Form Type: 497K

Filing Date: 2025-05-30

Corporate Action: Liquidation

Type: New

Accession Number: 000168386325004932

Filing Summary: On May 20, 2025, the Board of Trustees of Victory Variable Insurance Funds approved a Plan of Liquidation for the Victory 500 Index VIP Series and other related funds. The liquidation is anticipated to occur on or about August 28, 2025, with all outstanding shares being redeemed at their net asset value on the liquidation date. The funds will close to new investors on June 9, 2025, but will accept additional investments from existing shareholders until August 22, 2025. There may be deviations from investment objectives as the liquidation date approaches, with portfolios expected to shift towards cash.

Form Type: 497K

Filing Date: 2025-04-30

Corporate Action: Liquidation

Type: Update

Accession Number: 000168386325004402

Filing Summary: Victory Variable Insurance Funds has filed a 497K summary prospectus for its Victory Sophus Emerging Markets VIP Series, announcing that the fund is closed to new investors and will be liquidated under a Plan of Liquidation on or about June 27, 2025. The summary includes investment objectives, fee structures, management information, fund performance, and risk factors. The Adviser will ensure that total annual operating expenses do not exceed 1.35% through at least April 30, 2026. The portfolio turnover rate was noted at 83%, with expectations that it may exceed 100% due to the active management style. Additionally, the fund is only available through insurance company separate accounts providing variable annuity and life insurance products, leading to distinct fee considerations for investors.

Form Type: 497K

Filing Date: 2025-04-11

Corporate Action: Liquidation

Type: New

Accession Number: 000168386325003431

Filing Summary: On April 10, 2025, the Board of Trustees of Victory Variable Insurance Funds approved a Plan of Liquidation for the Victory Sophus Emerging Markets VIP Series. The liquidation is expected to occur on or about June 27, 2025, at which point all outstanding shares will be redeemed at their net asset value. The Fund will close to new investors starting April 21, 2025, while continuing to accept additional investments from existing shareholders until June 20, 2025. As the liquidation date approaches, the Fund may deviate from its investment objectives and strategies, transitioning its portfolio to cash. Shareholders may receive more than one installment of liquidating distributions, which may have tax implications, and are advised to consult their tax advisors.

Form Type: 497

Filing Date: 2025-04-10

Corporate Action: Liquidation

Type: New

Accession Number: 000168386325003428

Filing Summary: On April 10, 2025, the Board of Trustees of Victory Variable Insurance Funds approved a Plan of Liquidation for the Victory Strategic Allocation Fund. The liquidation is anticipated to occur on or about June 27, 2025, at which time all outstanding shares will be redeemed at their net asset value. The Fund will close to new investors and shareholder accounts on April 21, 2025, but will continue to accept additional investments from existing shareholders until June 20, 2025. To facilitate an orderly liquidation, the Fund may adjust its investment strategies as the liquidation date approaches, potentially positioning its portfolio into cash. The Fund may provide multiple liquidating distributions, which may generate taxable events for shareholders. Shareholders are advised to consult their tax advisors regarding any possible tax liabilities.

Form Type: 497K

Filing Date: 2025-04-10

Corporate Action: Liquidation

Type: New

Accession Number: 000168386325003429

Filing Summary: On April 10, 2025, the Board of Trustees of Victory Variable Insurance Funds approved a Plan of Liquidation for the Victory Strategic Allocation Fund, which is expected to liquidate on or about June 27, 2025. The Fund will redeem all outstanding shares at net asset value on the liquidation date. Starting April 21, 2025, the Fund will be closed to new investors while continuing to accept investments from existing shareholders until June 20, 2025. As the liquidation date approaches, the Fund may adjust its investment strategies and is likely to position its portfolio into cash. Liquidation may result in more than one distribution of proceeds, which could have tax implications for shareholders, who are advised to consult their tax advisors.