Key Mutual Funds
KeyChoice Growth Fund
KeyChoice Moderate Growth Fund
KeyChoice Income and Growth Fund
Supplement dated December 16, 1996
to the Prospectus and Statement of Additional Information
dated December 16, 1996
The KeyChoice Growth Fund, KeyChoice Moderate Growth Fund and KeyChoice
Income and Growth Fund (the "KeyChoice Funds") have filed an exemptive
application with the Securities and Exchange Commission (the "Commission")
requesting permission to invest in portfolios that are not part of the same
group of investment companies as the KeyChoice Funds ("Other Portfolios") as
well as portfolios of Key Mutual Funds and The Victory Portfolios ("Proprietary
Portfolios"). As of the date of this supplement, the requested exemptive relief
had not yet been granted. Pending receipt of such exemptive relief from the
Commission, the KeyChoice Funds will invest only in Proprietary Portfolios,
government securities and eligible short-term investments in accordance with
Section 12(d)(1)(G) of the Investment Company Act of 1940. Accordingly, all
references in the KeyChoice Funds' Prospectus and Statement of Additional
Information to investments by the KeyChoice Funds in shares of Other Portfolios
shall be operative only upon receipt by the KeyChoice Funds of the foregoing
Commission exemptive relief.
The registration statement of the KeyChoice Funds became effective on
December 16, 1996; however, the KeyChoice Funds will not commence operations nor
be available for purchase or exchange until on or about December 31, 1996.
Investors wishing to obtain more information about Key Mutual Funds may
call 800-KEY-FUND or 800-539-3863.
