Rule 497(e)
Registration No. 33-8982
The Victory Portfolios
National Municipal Bond Fund (the "Fund")
Supplement Dated January 29, 1996
to the Prospectus dated September 1, 1995
Effective January 29, 1996, the information set forth under the heading
"Summary of Fund Expenses - Shareholder Transaction Expenses" has been restated
as follows in order to reflect the elimination of the maximum Sales Charge of
4.75% for Class A shares.
Shareholder Transaction Expenses (1). These represent charges paid when
you purchase, redeem or exchange shares of the Fund. See "How to
Invest, Exchange and Redeem."
Class A Class B
Maximum Sales Charge Imposed on Purchases None None
(as a percentage of the Offering Price)
Investors wishing to obtain more information should call the Fund's
Transfer Agent, Primary Funds Service Corporation, without charge at (800)
539-3863.
