Dear Shareholder:
We are supplementing the Prospectus for the following Victory Funds to reflect
revised information about sales load waivers and to announce changes to the
portfolio management teams of the Diversified Stock Fund and the Special Value
Fund. This information is important and is part of your Prospectus.
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The Victory Portfolios
Value Fund
Established Value Fund
Diversified Stock Fund
Stock Index Fund
Growth Fund
Special Value Fund
Small Company Opportunity Fund
International Growth Fund
Supplement dated July 28, 2000
To the Prospectus dated February 28, 2000
1. On page 24 under "Choosing a Share Class" in the subcategory "Sales Charge
Reductions and Waivers for Class A Shares," replace item 4, with the
following:
4. Victory will completely waive the sales charge (for Class A
Shares) in the following cases:
a. Purchases by current and retired Fund Trustees or officers;
directors, trustees, employees, and family members of
employees of KeyCorp or "Affiliated Providers;"* dealers who
have an agreement with the Distributor; and any trade
organization to which the Adviser or the Administrator
belong.
b. Purchases for trust or other advisory accounts established
with KeyCorp or its affiliates.
c. Reinvestment of proceeds from a liquidation distribution of
Class A Shares held in a deferred compensation plan, agency,
trust, or custody account that was maintained by KeyBank
N.A. and its affiliates or the Victory Group.
d. Purchases by Investment Professionals for fee-based
investment products or accounts, and selling brokers and
their sales representatives.
e. Purchases in connection with bundled omnibus retirement
programs sponsored by financial institutions.
f. Purchases by participants in the Victory Investment Program.
g. Participants in tax-deferred retirement plans who purchased
shares pursuant to waiver provisions in effect prior to
December 15, 1999.
*Affiliated Providers are affiliates and subsidiaries of KeyCorp, and any
organization that provides services to the Victory Group.
2. On page 31 under "Organization and Management of the Funds" and the
subcategory "Portfolio Management" replace the third paragraph regarding
the Diversified Stock Fund with the following:
VF-EQTY-SUP1
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Lawrence G. Babin and Paul D. Danes are the co-portfolio managers of the
Diversified Stock Fund and together are primarily responsible for the
day-to-day management of the Fund's portfolio. Mr. Babin has been the
portfolio manager of the Diversified Stock Fund since its inception in
1989. A Chartered Financial Analyst, Mr. Babin is a Portfolio Manager and
Managing Director of Key Asset Management (KAM). Mr. Danes joined Mr. Babin
as co-portfolio manager of the Fund in July 2000. He is a Portfolio Manager
and Director with KAM and has been associated with KAM or an affiliate
since 1987.
3. Anthony Aveni is no longer a portfolio manager of the Special Value Fund.
Please disregard his biographical information on page 32.
Please insert this Supplement in the front of your Prospectus. If you would like
to obtain additional information, please call the Victory Funds at 800-539-3863.
2
VF-EQTY-SUP1
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Dear Shareholder:
We are supplementing the Prospectus for the following Victory Funds to reflect
revised information about sales load waivers and to announce the appointment of
a new member of the Convertible Securities Fund's portfolio management team.
This information is important and is part of your Prospectus.
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The Victory Portfolios
Balanced Fund
Convertible Securities Fund
Real Estate Investment Fund
Supplement dated July 28, 2000
To the Prospectus dated February 28, 2000
1. On page 15 under "Choosing a Share Class" in the subcategory "Sales Charge
Reductions and Waivers for Class A Shares," replace item 4, with the following:
4. Victory will completely waive the sales charge (for Class A Shares) in
the following cases:
a. Purchases by current and retired Fund Trustees or officers;
directors, trustees, employees, and family members of employees
of KeyCorp or "Affiliated Providers;"* dealers who have an
agreement with the Distributor; and any trade organization to
which the Adviser or the Administrator belong.
b. Purchases for trust or other advisory accounts established with
KeyCorp or its affiliates.
c. Reinvestment of proceeds from a liquidation distribution of Class
A Shares held in a deferred compensation plan, agency, trust, or
custody account that was maintained by KeyBank N.A. and its
affiliates or the Victory Group.
d. Purchases by Investment Professionals for fee-based investment
products or accounts, and selling brokers and their sales
representatives.
e. Purchases in connection with bundled omnibus retirement programs
sponsored by financial institutions.
f. Purchases by participants in the Victory Investment Program.
g. Participants in tax-deferred retirement plans who purchased
shares pursuant to waiver provisions in effect prior to December
15, 1999.
*Affiliated Providers are affiliates and subsidiaries of KeyCorp, and any
organization that provides services to the Victory Group.
2. On page 22 of the prospectus under "Organization and Management of the
Funds," delete the first sentence and add the following information to the
second paragraph under "Portfolio Management:"
In July 2000, Amy Bush became a portfolio manager of the Convertible Securities
Fund, and together with Messrs. Janus and Kaesberg, is primarily responsible for
the day-to-day management of the Fund's portfolio. Ms. Bush is a Research
Analyst with Key Asset Management and has been associated with Key Asset
Management or its affiliates since 1992.
Please insert this Supplement in the front of your Prospectus. If you would like
to obtain additional information, please call the Victory Funds at 800-539-3863.
VF-SPEC-SUP1
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Dear Shareholder:
The Victory Prospectus for the following Funds is being revised because of a
change in sales load waivers. This information is important and is part of your
Prospectus.
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The Victory Portfolios
Limited Term Income Fund
Intermediate Income Fund
Fund for Income
Investment Quality Bond Fund
Supplement dated July 28, 2000
To the Prospectus dated February 28, 2000
On page 17 under "Choosing a Share Class" in the subcategory "Sales Charge
Reductions and Waivers for Class A Shares," replace item 4, with the following:
4. Victory will completely waive the sales charge (for Class A Shares) in the
following cases:
a. Purchases by current and retired Fund Trustees or officers; directors,
trustees, employees, and family members of employees of KeyCorp or
"Affiliated Providers;"* dealers who have an agreement with the
Distributor; and any trade organization to which the Adviser or the
Administrator belong.
b. Purchases for trust or other advisory accounts established with
KeyCorp or its affiliates.
c. Reinvestment of proceeds from a liquidation distribution of Class A
Shares held in a deferred compensation plan, agency, trust, or custody
account that was maintained by KeyBank N.A. and its affiliates or the
Victory Group.
d. Purchases by Investment Professionals for fee-based investment
products or accounts, and selling brokers and their sales
representatives.
e. Purchases in connection with bundled omnibus retirement programs
sponsored by financial institutions.
f. Purchases by participants in the Victory Investment Program.
g. Participants in tax-deferred retirement plans who purchased shares
pursuant to waiver provisions in effect prior to December 15, 1999.
*Affiliated Providers are affiliates and subsidiaries of KeyCorp, and any
organization that provides services to the Victory Group.
Please insert this Supplement in the front of your Prospectus. If you would like
to obtain additional information, please call the Victory Funds at 800-539-3863.
VF-TXFI-SUP1
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Dear Shareholder:
The Victory Prospectus for the following Funds is being revised because of a
change in sales load waivers. This information is important and is part of your
Prospectus.
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The Victory Portfolios
National Municipal Bond Fund
New York Tax-Free Fund
Ohio Municipal Bond Fund
Supplement dated July 28, 2000
To the Prospectus dated February 28, 2000
On page 14under "Choosing a Share Class" in the subcategory "Sales Charge
Reductions and Waivers for Class A Shares," replace item 4, with the following:
4. Victory will completely waive the sales charge (for Class A Shares) in the
following cases:
a. Purchases by current and retired Fund Trustees or officers; directors,
trustees, employees, and family members of employees of KeyCorp or
"Affiliated Providers;"* dealers who have an agreement with the
Distributor; and any trade organization to which the Adviser or the
Administrator belong.
b. Purchases for trust or other advisory accounts established with
KeyCorp or its affiliates.
c. Reinvestment of proceeds from a liquidation distribution of Class A
Shares held in a deferred compensation plan, agency, trust, or custody
account that was maintained by KeyBank N.A. and its affiliates or the
Victory Group.
d. Purchases by Investment Professionals for fee-based investment
products or accounts, and selling brokers and their sales
representatives.
e. Purchases by participants in the Victory Investment Program.
*Affiliated Providers are affiliates and subsidiaries of KeyCorp, and any
organization that provides services to the Victory Group.
Please insert this Supplement in the front of your Prospectus. If you would like
to obtain additional information, please call the Victory Funds at 800-539-3863.
VF-TEFI-SUP1
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