Dear Shareholder:
The following supplement provides important information about the
reorganization of the KeyChoice Funds. This information is important and
should be kept with a copy of your Prospectus.
KeyFunds
KeyChoice Growth Fund
KeyChoice Moderate Growth Fund
KeyChoice Income and Growth Fund
Supplement Dated January 2, 1998
to the Prospectus Dated December 16, 1996
as previously supplemented
The following is important information about the reorganization of the
KeyChoice Funds:
On December 2, 1997, the Board of Directors unanimously recommended a
reorganization and liquidation of the Funds. The Boards recommendations and
more information are more fully described in the Combined Prospectus/Proxy
Statement that has been filed with the Securities and Exchange Commission, and
when effective, will be provided to shareholders of record on or about December
26, 1997. Shareholders will be asked to approve the reorganization and other
additional items as set forth in the Proxy Statement.
If the reorganization is approved by shareholders, shareholders of each of
the KeyChoice Funds will become shareholders of The Victory Portfolios as
indicated below:
KeyChoice Income and Growth Fund Victory LifeChoice Conservative
Investor Fund - Class A
KeyChoice Moderate Growth Fund Victory LifeChoice Moderate
Investor Fund - Class A
KeyChoice Growth Fund Victory LifeChoice Growth
Investor Fund- Class A
As a shareholder, your Funds assets will be exchanged for equivalent
full and fractional shares of the corresponding Victory Funds listed
above without sales charges and on a tax-free basis.
Please insert this Supplement in the front of your Prospectus. Investors
wishing to obtain more information, should call the Funds at 800-KEY-FUND.
2KF-CHO-SUP3
