The Victory Portfolios
Lakefront Fund
Supplement dated August 28, 2000
To the Prospectus Dated February 28, 2000
This Supplement is provided to update, and should be read in conjunction with,
the information provided in the Prospectus. This information is important and is
part of your Prospectus.
The Board of Trustees of The Victory Portfolios has approved a Plan of
Liquidation with respect to the Victory Lakefront Fund. The Plan of Liquidation
provides that the Fund will liquidate its assets on or about September 29, 2000.
Upon the liquidation, all shares of the Fund will be redeemed and the Fund will
distribute its assets pro rata to all remaining shareholders. Effective as of
the date of this Supplement, the Fund only will accept orders from current
shareholders to purchase shares of the Fund. Prior to the liquidation, any
dividend paid will be paid in accordance with the current dividend option of an
account; accounts in which the dividend reinvestment option has been chosen will
receive any dividend in the form of additional shares of the Fund.
Additionally -
o As a shareholder of one of the Victory Portfolios, you may exchange your
Class A Shares of the Fund for Class A Shares of another fund of the Victory
Portfolios without paying an additional sales charge. A list of funds
available for exchange is being sent to all current shareholders of the
Fund. Please contact your Investment Professional or the Victory Portfolios
at 800-539-3863 if you need additional information.
o Shareholders of other Victory Funds who are not current investors in the
Fund may not exchange from those other funds into the Fund. Participants of
401K plans should contact their benefits or plan administration service
agents for further information about alternative investment options.
o The Fund reserves the right to further restrict sales of Fund shares.
On or around the close of business on Friday, September 29, 2000, the Fund will
distribute all of its assets in cash to its shareholders. Prior to that time,
the proceeds from the sale of portfolio securities may be invested in cash
equivalent securities or held in cash.
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-VLF-SUP1 (8/00)
