485BPOS 2012-10-26 0000802716 2012-11-01 VICTORY PORTFOLIOS false 2012-10-26 2012-11-01 <tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover may<br />indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance.</tt> <div style="display:none">~ http://www.VictoryFunds.com/role/ExpenseExample_S000038889Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <tt>The Fund seeks to provide total return comprised of income from dividends and<br />long-term capital appreciation.</tt> <tt>The following Example is designed to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds. The Example assumes<br />that you invest $10,000 in the Fund for the time periods shown and then sell all<br />of your shares at the end of those periods. The Example also assumes that your<br />investment has a 5% return each year and that the Fund's operating expenses<br />remain the same. Although your actual costs may be higher or lower, based on<br />these assumptions your costs would be:</tt> <tt>The Fund pursues its investment objective by investing primarily in the common<br />stocks of companies that currently pay dividends or are expected to begin paying<br />dividends in the near future, with an emphasis on high quality growing<br />businesses of companies that have increased their dividends over time. The Fund<br />seeks to invest in companies that are paying a growing dividend and that can be<br />purchased at a valuation deemed reasonable by the Adviser. <br /> <br />The Fund may invest in securities of companies that are mid or large cap, but<br />will invest primarily in large cap securities. <br /> <br />The Fund, under normal circumstances, will invest at least 80% of its net assets<br />in dividend paying equity securities and securities immediately convertible or<br />exchangeable into common stock traded on U.S. exchanges and issued by<br />established companies. This includes foreign companies listed or traded on U.S.<br />exchanges or American Depositary Receipts of foreign companies.<br /> <br />The Fund will not change this policy unless it notifies shareholders at least 60<br />days in advance.<br /> <br />For purpose of the Fund's investment objective, "net assets" includes any<br />borrowings for investment purposes.<br /> <br />There is no guarantee that the Fund will achieve its objective.</tt> Dividend Growth Fund Summary You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Victory Funds. Example: Other Expenses are based upon estimated amounts for the current fiscal year and includes Acquired Fund Fees and Expenses that are expected to be less than 0.01%. No performance information is presented as the Fund is new. Investment Objective You may lose money by investing in the Fund. The likelihood of loss may be greater if you invest for a shorter period of time. Principal Risks Shareholder Fees (paid directly from your investment) Investment Performance 50000 800-539-FUND (800-539-3863) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover: <tt>The prices of securities held by the Fund may decline if any of the following<br />occurs: <br /> <br />o The market values of the securities acquired by the Fund decline.<br />&#xA0;&#xA0;<br />o Growth stocks fall out of favor because the companies' earnings growth does<br />not meet expectations. <br /> <br />o Large cap dividend paying stocks fall out of favor relative to the overall<br />market.<br /> <br />o Mid cap stocks fall out of favor relative to stocks of larger or smaller<br />companies. <br /> <br />o The portfolio manager does not execute the Fund's principal investment<br />strategies effectively. <br /> <br />o A company's earnings or dividends do not increase as expected.<br />&#xA0;&#xA0;<br />o An issuer's credit quality is downgraded, an issuer defaults, or the rate of<br />inflation increases.<br /> <br />o Foreign securities lose market share or profits. Foreign securities generally<br />experience more volatility than their domestic counterparts. <br /> <br />o An investment company in which the Fund invests does not achieve its<br />investment objective.<br />&#xA0;&#xA0;<br />You may lose money by investing in the Fund. The likelihood of loss may be<br />greater if you invest for a shorter period of time. <br /> <br />An investment in the Fund is not a deposit of KeyBank or any of its affiliates<br />and is not FDIC insured or guaranteed by any other government agency. <br /> <br />By itself, the Fund does not constitute a complete investment plan and should be<br />considered a long-term investment for investors who can afford to weather<br />changes in the value of their investment.</tt> Fund Fees and Expenses Principal Investment Strategies www.VictoryFunds.com <tt>No performance information is presented as the Fund is new. Performance data for<br />the Fund will be available online at www.VictoryFunds.com or by calling<br />800-539-FUND (800-539-3863).</tt> <tt>The following table describes the fees and expenses that you may pay if you buy<br />and hold shares of the Fund. <br /> <br />You may qualify for sales charge discounts if you and your family invest, or<br />agree to invest in the future, at least $50,000 in the Victory Funds. More<br />information about these and other discounts is available from your Investment<br />Professional and in Investing with Victory on page 11 of the Fund's Prospectus<br />and on page 42 of the Fund's Statement of Additional Information (SAI).</tt> <div style="display:none">~ http://www.VictoryFunds.com/role/OperatingExpensesData_S000038889Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> The following Example makes the same assumptions as the Example above, except that it assumes you do not sell your shares at the end of the period. An investment in the Fund is not a deposit of KeyBank or any of its affiliates and is not FDIC insured or guaranteed by any other government agency. <div style="display:none">~ http://www.VictoryFunds.com/role/ExpenseExampleNoRedemption_S000038889Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://www.VictoryFunds.com/role/ShareholderFeesData_S000038889Member column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> VDGYX 0.0000 102 318 -0.0157 0.0187 0.0070 2018-02-28 0.0000 0.0100 0.0257 0.0000 VDGIX 0.0000 97 303 -0.0162 0.0187 0.0070 2018-02-28 0.0000 0.0095 0.0257 0.0000 VDGRX 0.0000 153 474 -0.0157 0.0187 0.0070 2018-02-28 0.0050 0.0150 0.0307 0.0000 VDGCX 0.0000 303 203 627 -0.0157 0.0187 0.0070 2018-02-28 627 0.0100 0.0200 0.0357 0.0100 VDGAX 0.0575 695 949 -0.0157 0.0212 0.0070 2018-02-28 0.0000 0.0125 0.0282 0.0000 0000802716 ck0000802716:SummaryS000038889Memberck0000802716:S000038889Memberck0000802716:C000119661Member 2012-11-01 2012-11-01 0000802716 ck0000802716:SummaryS000038889Memberck0000802716:S000038889Memberck0000802716:C000119662Member 2012-11-01 2012-11-01 0000802716 ck0000802716:SummaryS000038889Memberck0000802716:S000038889Memberck0000802716:C000119663Member 2012-11-01 2012-11-01 0000802716 ck0000802716:SummaryS000038889Memberck0000802716:S000038889Memberck0000802716:C000119664Member 2012-11-01 2012-11-01 0000802716 ck0000802716:SummaryS000038889Memberck0000802716:S000038889Memberck0000802716:C000119665Member 2012-11-01 2012-11-01 0000802716 ck0000802716:SummaryS000038889Memberck0000802716:S000038889Member 2012-11-01 2012-11-01 0000802716 2012-11-01 2012-11-01 iso4217:USD pure A contingent deferred sales charge of 0.75% may be imposed on Class A shares with respect to purchases of $1,000,000 or more that are redeemed within 12 months of purchase. For additional information, see 'Choosing a Share Class' beginning on page 14. The Class C contingent deferred sales charge applies only to shares sold within 12 months of purchase. Other Expenses are based upon estimated amounts for the current fiscal year and includes Acquired Fund Fees and Expenses that are expected to be less than 0.01%. The Adviser has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual operating expenses (excluding certain items such as interest, taxes and brokerage commissions) of Class A, Class C, Class I, Class R and Class Y shares do not exceed 1.25%, 2.00%, 0.95%, 1.50% and 1.00%, respectively, until at least February 28, 2018. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to any operating expense limit in effect at the time of recoupment or reimbursement.