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Dear Shareholder:
The Victory Portfolios has revised the Prospectus of the Gradison Government
Reserves Fund to reflect a change in services. The payee name and the date a
check clears will no longer be shown on statements. PLEASE KEEP THIS IMPORTANT
INFORMATION WITH YOUR PROSPECTUS.
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The Victory Portfolios
Gradison Government Reserves Fund
Supplement dated December 31, 2000
To the Prospectus dated January 31, 2000
On page 13, under "How to Sell Shares" in the first paragraph of the sub-topic
"Check Writing," continued from the previous page, delete the third full
sentence which reads: "The names of payees of checks and the date checks are
cashed appear on monthly transaction statements," and replace it with the
following:
We do not return cancelled checks. If you would like to receive images
of cancelled checks, please call the Fund at 800-539-3863. The fee for
this service is $6.00 per month. Services provided by your agent or
brokerage account may differ.
Please insert this Supplement in the front of your Prospectus. If you would like
additional information, please call the Victory Funds at 800-539-3863.
