Mutual Fund Summary Prospectus (497k)

April 11, 2014

Summary
Prospectus

Special Value Fund

Class A SSVSX

Class C VSVCX

Class I VSPIX

Class R VSVGX

Class Y VSVYX

Before you invest, you may want to review the Fund's Statutory Prospectus and Statement of Additional Information, both of which are dated April 11, 2014 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 and other information about the Fund online at www.VictoryFunds.com.

You may also obtain this information at no cost by calling (800) 539-3863 or by sending an e-mail request to VictoryMail@VCM.com.

You may also obtain this information at no cost from your financial intermediary.

VictoryMail@VCM.com
800-539-FUND

(800-539-3863)

Special Value Fund Summary

Investment Objective

The Fund seeks to provide long-term growth of capital and dividend income.

Fund Fees and Expenses

The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

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 the Victory Funds. More information about these and other discounts is available from your Investment Professional and in Investing with Victory on page 46 of the Fund's Prospectus and in Additional Purchase, Exchange and Redemption Information on page 42 of the Fund's Statement of Additional Information (SAI).

Shareholder Fees (paid directly from your investment)	Class A			Class C			Class I			Class R			Class Y
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price)		5.75 %			NONE			NONE			NONE			NONE
Maximum Deferred Sales Charge (load) (as a percentage of the lower of purchase or sale price)		NONE	¹		1.00	% ²		NONE			NONE			NONE
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fees		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Distribution (12b-1) Fees		0.25	%		1.00	%		0.00	%		0.50	%		0.00	%
Other Expenses ³		0.27	%		0.48	%		0.25	%		0.34	%		0.97	%
Total Annual Fund Operating Expenses		1.27	%		2.23	%		1.00	%		1.59	%		1.72	%
Fee Waiver/Expense Reimbursement		0.00	%		(0.03	)%		0.00	%		0.00	%		(0.69	)%
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement		1.27	%		2.20	% ⁴		1.00	%		1.59	%		1.03	% ⁴

¹ A contingent deferred sales charge of 0.75% may be imposed on Class A shares with respect to purchases of $1,000,000 or more that are redeemed within 12 months of purchase. For additional information, see 'Choosing a Share Class' beginning on page 51 of the Fund's Prospectus.

² The Class C contingent deferred sales charge applies only to shares sold within 12 months of purchase.

³ Other Expenses include Acquired Fund Fees and Expenses that were less than 0.01%.

⁴ The Adviser has contractually agreed to waive its management fee and/or to reimburse expenses so that the total annual operating expenses (excluding certain other items such as interest, taxes and brokerage commissions) of Class C and Class Y shares do not exceed 2.20% and 1.03% until at least February 28, 2015 and February 28, 2017, respectively. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to any operating expense limits in effect at the time of the original waiver or expense reimbursement and at the time of recoupment or reimbursement.

Special Value Fund Summary (continued)

Fund Fees and Expenses (continued)

Example:

The following example is designed 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 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. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

	1 Year		3 Years		5 Years		10 Years
Class A	$	697	$	955	$	1,232	$	2,021
Class C (If you sell your shares at the end of the period.)	$	323	$	694	$	1,192	$	2,562
Class I	$	102	$	318	$	552	$	1,225
Class R	$	162	$	502	$	866	$	1,889
Class Y	$	105	$	328	$	727	$	1,846

The following example makes the same assumptions as the example above, except that it assumes you do not sell your shares at the end of the period.

				1 Year				3 Years				5 Years				10 Years
Class C (If you do not sell your shares at the end of the period.)				$	223			$	694			$	1,192			$	2,562

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 may indicate higher transaction costs and may result in higher taxes when Fund shares 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. During the most recent fiscal year, the Fund's portfolio turnover rate was 110% of the average value of its portfolio.

Special Value Fund Summary (continued)

Principal Investment Strategy

The Fund pursues its investment objective by investing, under normal circumstances, in common stocks of companies that currently pay dividends or are expected to begin paying dividends in the near future, with an emphasis on high quality growing businesses of companies that have increased their dividends over time. The Fund may invest a portion of its assets in equity securities of foreign companies traded on U.S. exchanges, including American and Global Depositary Receipts (ADRs and GDRs). The Adviser looks primarily for companies whose stock is trading at prices below what the Adviser believes represent their true value.

The Fund will invest primarily in securities of large cap companies, but may also invest in securities of mid cap companies.

In making investment decisions for the Fund, the Adviser will invest the Fund's assets in stocks of companies that have exhibited characteristics of a high-quality growing business. The Adviser seeks to identify companies that have a track record of paying out, or the capability of paying out, higher dividends over time and which the Adviser believes can be purchased at a reasonable valuation. The Adviser may sell a security if it believes the price objective for the stock has been reached, if more attractive opportunities are identified, or if the fundamentals of the company deteriorate.

The Adviser may from time to time generate portfolio turnover rates in excess of 100%.

There is no guarantee that the Fund will achieve its objective.

Principal Risks

The Fund's investments are subject to the following principal risks:

n Large cap dividend paying stocks may fall out of favor relative to the overall market.

n Mid cap stocks may fall out of favor relative to stocks of larger or smaller companies.

n Value stocks may fall out of favor with investors and may underperform growth stocks in an up market. The intrinsic value of value stocks may never be fully recognized by the market or their price may decline.

n The portfolio manager may not execute the Fund's principal investment strategies effectively.

n A company's earnings or dividends may not increase as expected.

n To the extent the Fund buys and sells securities actively, it could have higher expenses (which reduces returns to shareholders) and higher taxable distributions.

Special Value Fund Summary (continued)

n Foreign securities (including ADRs and GDRs) could be affected by factors not present in the U.S., including expropriation, confiscation of property, and difficulties in enforcing contracts. Compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts.

You may lose money by investing in the Fund. The likelihood of loss may be greater if you invest for a shorter period of time.

By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

Special Value Fund Summary (continued)

Investment Performance

The bar chart and table that follow indicate the risks of investing in the Fund. We assume reinvestment of dividends and distributions.

The table shows how the average annual total returns for Class A, Class C, Class I and Class R shares of the Fund, including applicable maximum sales charges, compare to those of the S&P 500 Index. We calculate after-tax returns using the historical highest individual federal marginal income tax rates and we do not reflect the effect of state and local taxes. 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 only one class and after-tax returns for other classes will vary. The Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund's website at VictoryFunds.com. Past performance information is not presented for Class Y shares as the share class does not yet have a full calendar year of performance history.

Calendar Year Returns for Class A Shares

(Results do not include a sales charge.
If one were included, results would be lower.)

Highest/lowest quarterly results during this time period were:

Highest 17.81% (quarter ended September 30, 2009)

Lowest -26.71% (quarter ended December 31, 2008)

Special Value Fund Summary (continued)

Average Annual Total Returns (For the Periods ended December 31, 2013)	1 Year			5 Years			10 Years (or Life of Class)
CLASS A
Before Taxes		23.16	%		14.10	%		7.31	%
After Taxes on Distributions		23.16	%		14.09	%		6.33	%
After Taxes on Distributions and Sale of Fund Shares		13.11	%		11.35	%		5.66	%
CLASS C
Before Taxes		28.42	%		14.39	%		6.98	%
CLASS I
Before Taxes		30.98	%		15.83	%		2.96	% ¹
CLASS R
Before Taxes		30.20	%		15.07	%		7.60	%
INDEX
S&P 500 Index ²		32.39	%		17.94	%		7.41	%
Russell MidCap ^® Index Index returns reflect no deduction for fees, expenses, or taxes.		34.76	%		22.36	%		10.22	%

¹ Performance is from August 31, 2007, inception date of Class I shares.

² The S&P 500 Index is replacing the Russell MidCap ^® Index as the primary index for the Fund. The Adviser believes that the S&P Index better reflects the Fund's portfolio composition in light of the Fund's revised principal investment strategies.

Management of the Fund:

Investment Adviser

Victory Capital Management Inc.

Portfolio Managers

Gregory H. Ekizian is a Portfolio Manager of the Adviser and has been Portfolio Manager of the Fund since 2013 and Lead Portfolio Manager since 2014.

Special Value Fund Summary (continued)

Purchase and Sale of Fund Shares

The minimum initial purchase is $2,500 for regular accounts and $1,000 for IRAs, gifts to minors, and purchases through an automatic investment plan. The minimum subsequent investment is $250. We may reduce or waive the minimums in some cases.

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 NAV after the Fund receives your request in good order.

Tax Information

The Fund's distributions are taxable whether you receive them in cash, additional shares of the Fund or you reinvest them in shares of another Victory Fund, and will 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.

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 may create a conflict of interest by influencing the financial intermediary and its salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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