EXPLANATORY NOTE
Incorporated herein by reference are supplements to the Victory Portfolios prospectus for Victory Portfolios (Registrant) filed pursuant to Rule 497(e) under the Securities Act of 1933, as amended, on August 5, 2013 (SEC Accession No. 0001104659-13-059844).
Victory Large Cap Growth Fund | ||||||||||||||
Victory Large Cap Growth Fund | ||||||||||||||
Supplement dated August 5, 2013 to Prospectus dated March 1, 2013 KeyCorp, the parent of the Adviser and the Distributor, entered into an agreement on February 19, 2013 to sell its interests in the Adviser and the Distributor to a private equity fund sponsored by Crestview Partners, a private equity firm based in New York, and to management of the Adviser and the Distributor. On July 31, 2013, the closing of the aforementioned sale was completed. At Special Meetings of Shareholders of the Funds held on May 17, 2013 and various adjournments thereof, Fund shareholders elected the proposed Trustees, and approved a new Investment Advisory Agreement between the Adviser and the Trust, on behalf of each of the Funds (other than the Special Value Fund), at the same fee rates as those under the previous investment advisory agreements. Shareholders also approved a new Investment Sub-Advisory Agreement between the Adviser, KPB Investment Advisors LLC and the Trust on behalf of each of National Municipal Bond Fund and Ohio Municipal Bond Fund. In addition, shareholders approved a Distribution and Service Plan for Class A shares of each Fund. The previous investment advisory agreements were terminated upon the closing. On August 1, 2013, the new Investment Advisory Agreement and Investment Sub-Advisory Agreement, as approved by shareholders, became effective. The new Distribution and Service Plan for Class A shares, as approved by shareholders, became effective as of August 1, 2013, and the existing Shareholder Servicing Plan for Class A shares was terminated for each Fund. In addition, on August 1, 2013, an interim investment advisory agreement became effective with respect to Special Value Fund. The Interim Agreement will be effective for 150 days or until shareholders of Special Value Fund approve the new Investment Advisory Agreement, whichever is earlier, and contains substantially the same terms as the previous investment advisory agreement. In addition, the following changes to this Prospectus are effective August 1, 2013: |
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5. The Class A shares Annual Fund Operating Expenses in the Fund Fees and Expenses Table appearing on page 30 for the Large Cap Growth Fund is restated as follows: | ||||||||||||||
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Label | Element | Value |
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Risk/Return: | rr_RiskReturnAbstract | |
Supplement [Text Block] | ck0000802716_SupplementTextBlock | Supplement dated August 5, 2013 to Prospectus dated March 1, 2013 KeyCorp, the parent of the Adviser and the Distributor, entered into an agreement on February 19, 2013 to sell its interests in the Adviser and the Distributor to a private equity fund sponsored by Crestview Partners, a private equity firm based in New York, and to management of the Adviser and the Distributor. On July 31, 2013, the closing of the aforementioned sale was completed. At Special Meetings of Shareholders of the Funds held on May 17, 2013 and various adjournments thereof, Fund shareholders elected the proposed Trustees, and approved a new Investment Advisory Agreement between the Adviser and the Trust, on behalf of each of the Funds (other than the Special Value Fund), at the same fee rates as those under the previous investment advisory agreements. Shareholders also approved a new Investment Sub-Advisory Agreement between the Adviser, KPB Investment Advisors LLC and the Trust on behalf of each of National Municipal Bond Fund and Ohio Municipal Bond Fund. In addition, shareholders approved a Distribution and Service Plan for Class A shares of each Fund. The previous investment advisory agreements were terminated upon the closing. On August 1, 2013, the new Investment Advisory Agreement and Investment Sub-Advisory Agreement, as approved by shareholders, became effective. The new Distribution and Service Plan for Class A shares, as approved by shareholders, became effective as of August 1, 2013, and the existing Shareholder Servicing Plan for Class A shares was terminated for each Fund. In addition, the following changes to this Prospectus are effective August 1, 2013: |
Risk/Return [Heading] | rr_RiskReturnHeading | Victory Diversified Stock Fund |
Expense [Heading] | rr_ExpenseHeading | 1. The Class A shares Annual Fund Operating Expenses in the Fund Fees and Expenses Table appearing on page 1 for the Diversified Stock Fund is restated as follows: |
Class A
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Risk/Return: | rr_RiskReturnAbstract | |
Management Fees | rr_ManagementFeesOverAssets | 0.62% |
Distribution (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 0.25% |
Other Expenses | rr_OtherExpensesOverAssets | 0.22% |
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.09% |
Fee Waiver/Expense Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | none |
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | rr_NetExpensesOverAssets | 1.09% |
Label | Element | Value |
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Risk/Return: | rr_RiskReturnAbstract | |
Supplement [Text Block] | ck0000802716_SupplementTextBlock | Supplement dated August 5, 2013 to Prospectus dated March 1, 2013 KeyCorp, the parent of the Adviser and the Distributor, entered into an agreement on February 19, 2013 to sell its interests in the Adviser and the Distributor to a private equity fund sponsored by Crestview Partners, a private equity firm based in New York, and to management of the Adviser and the Distributor. On July 31, 2013, the closing of the aforementioned sale was completed. At Special Meetings of Shareholders of the Funds held on May 17, 2013 and various adjournments thereof, Fund shareholders elected the proposed Trustees, and approved a new Investment Advisory Agreement between the Adviser and the Trust, on behalf of each of the Funds (other than the Special Value Fund), at the same fee rates as those under the previous investment advisory agreements. Shareholders also approved a new Investment Sub-Advisory Agreement between the Adviser, KPB Investment Advisors LLC and the Trust on behalf of each of National Municipal Bond Fund and Ohio Municipal Bond Fund. In addition, shareholders approved a Distribution and Service Plan for Class A shares of each Fund. The previous investment advisory agreements were terminated upon the closing. On August 1, 2013, the new Investment Advisory Agreement and Investment Sub-Advisory Agreement, as approved by shareholders, became effective. The new Distribution and Service Plan for Class A shares, as approved by shareholders, became effective as of August 1, 2013, and the existing Shareholder Servicing Plan for Class A shares was terminated for each Fund. In addition, on August 1, 2013, an interim investment advisory agreement became effective with respect to Special Value Fund. The Interim Agreement will be effective for 150 days or until shareholders of Special Value Fund approve the new Investment Advisory Agreement, whichever is earlier, and contains substantially the same terms as the previous investment advisory agreement. In addition, the following changes to this Prospectus are effective August 1, 2013: |
Risk/Return [Heading] | rr_RiskReturnHeading | Victory Established Value Fund |
Expense [Heading] | rr_ExpenseHeading | 2. The Class A shares Annual Fund Operating Expenses in the Fund Fees and Expenses Table appearing on page 12 for the Established Value Fund is restated as follows: |
Class A
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Risk/Return: | rr_RiskReturnAbstract | |
Management Fees | rr_ManagementFeesOverAssets | 0.48% |
Distribution (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 0.25% |
Other Expenses | rr_OtherExpensesOverAssets | 0.33% |
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.06% |
Fee Waiver/Expense Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | none |
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | rr_NetExpensesOverAssets | 1.06% |
Victory Ohio Municipal Bond Fund | ||||||||||||
Victory Ohio Municipal Bond Fund | ||||||||||||
Supplement dated August 5, 2013 to Prospectus dated March 1, 2013 KeyCorp, the parent of the Adviser and the Distributor, entered into an agreement on February 19, 2013 to sell its interests in the Adviser and the Distributor to a private equity fund sponsored by Crestview Partners, a private equity firm based in New York, and to management of the Adviser and the Distributor. On July 31, 2013, the closing of the aforementioned sale was completed. At Special Meetings of Shareholders of the Funds held on May 17, 2013 and various adjournments thereof, Fund shareholders elected the proposed Trustees, and approved a new Investment Advisory Agreement between the Adviser and the Trust, on behalf of each of the Funds (other than the Special Value Fund), at the same fee rates as those under the previous investment advisory agreements. Shareholders also approved a new Investment Sub-Advisory Agreement between the Adviser, KPB Investment Advisors LLC and the Trust on behalf of each of National Municipal Bond Fund and Ohio Municipal Bond Fund. In addition, shareholders approved a Distribution and Service Plan for Class A shares of each Fund. The previous investment advisory agreements were terminated upon the closing. On August 1, 2013, the new Investment Advisory Agreement and Investment Sub-Advisory Agreement, as approved by shareholders, became effective. The new Distribution and Service Plan for Class A shares, as approved by shareholders, became effective as of August 1, 2013, and the existing Shareholder Servicing Plan for Class A shares was terminated for each Fund. In addition, the following changes to this Prospectus are effective August 1, 2013: |
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3. The Class A shares Annual Fund Operating Expenses in the Fund Fees and Expenses Table appearing on page 7 for the Ohio Municipal Bond Fund is restated as follows: | ||||||||||||
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Victory Investment Grade Convertible Fund | ||||||||||||||
Victory Investment Grade Convertible Fund | ||||||||||||||
Supplement dated August 5, 2013 to Prospectus dated March 1, 2013 KeyCorp, the parent of the Adviser and the Distributor, entered into an agreement on February 19, 2013 to sell its interests in the Adviser and the Distributor to a private equity fund sponsored by Crestview Partners, a private equity firm based in New York, and to management of the Adviser and the Distributor. On July 31, 2013, the closing of the aforementioned sale was completed. At Special Meetings of Shareholders of the Funds held on May 17, 2013 and various adjournments thereof, Fund shareholders elected the proposed Trustees, and approved a new Investment Advisory Agreement between the Adviser and the Trust, on behalf of each of the Funds (other than the Special Value Fund), at the same fee rates as those under the previous investment advisory agreements. Shareholders also approved a new Investment Sub-Advisory Agreement between the Adviser, KPB Investment Advisors LLC and the Trust on behalf of each of National Municipal Bond Fund and Ohio Municipal Bond Fund. In addition, shareholders approved a Distribution and Service Plan for Class A shares of each Fund. The previous investment advisory agreements were terminated upon the closing. On August 1, 2013, the new Investment Advisory Agreement and Investment Sub-Advisory Agreement, as approved by shareholders, became effective. The new Distribution and Service Plan for Class A shares, as approved by shareholders, became effective as of August 1, 2013, and the existing Shareholder Servicing Plan for Class A shares was terminated for each Fund. In addition, the following changes to this Prospectus are effective August 1, 2013: |
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2. The Class A shares Annual Fund Operating Expenses in the Fund Fees and Expenses Table appearing on page 8 for the Investment Grade Convertible Fund is restated as follows: | ||||||||||||||
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Label | Element | Value |
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Risk/Return: | rr_RiskReturnAbstract | |
Supplement [Text Block] | ck0000802716_SupplementTextBlock | Supplement dated August 5, 2013 to Prospectus dated March 1, 2013 KeyCorp, the parent of the Adviser and the Distributor, entered into an agreement on February 19, 2013 to sell its interests in the Adviser and the Distributor to a private equity fund sponsored by Crestview Partners, a private equity firm based in New York, and to management of the Adviser and the Distributor. On July 31, 2013, the closing of the aforementioned sale was completed. At Special Meetings of Shareholders of the Funds held on May 17, 2013 and various adjournments thereof, Fund shareholders elected the proposed Trustees, and approved a new Investment Advisory Agreement between the Adviser and the Trust, on behalf of each of the Funds (other than the Special Value Fund), at the same fee rates as those under the existing investment advisory agreements. Shareholders also approved a new Investment Sub-Advisory Agreement between the Adviser, KPB Investment Advisors LLC and the Trust on behalf of each of National Municipal Bond Fund and Ohio Municipal Bond Fund. In addition, shareholders approved a Distribution and Service Plan for Class A shares of each Fund. The previous investment advisory agreements were terminated upon the closing. On August 1, 2013, the new Investment Advisory Agreement and Investment Sub-Advisory Agreement, as approved by shareholders, became effective. The new Distribution and Service Plan for Class A shares, as approved by shareholders, became effective as of August 1, 2013, and the existing Shareholder Servicing Plan for Class A shares was terminated for each Fund. In addition, the following changes to this Prospectus are effective August 1, 2013: |
Risk/Return [Heading] | rr_RiskReturnHeading | Victory International Select Fund |
Expense [Heading] | rr_ExpenseHeading | 2. The Class A shares Annual Fund Operating Expenses in the Fund Fees and Expenses Table appearing on page 7 for the International Select Fund is restated as follows: |
Class A
|
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Risk/Return: | rr_RiskReturnAbstract | |
Management Fees | rr_ManagementFeesOverAssets | 0.80% |
Distribution (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 0.25% |
Other Expenses | rr_OtherExpensesOverAssets | 2.52% |
Acquired Fund Fees and Expenses | rr_AcquiredFundFeesAndExpensesOverAssets | 0.04% |
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 3.61% |
Fee Waiver/Expense Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (2.17%) |
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | rr_NetExpensesOverAssets | 1.44% |
Label | Element | Value |
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Risk/Return: | rr_RiskReturnAbstract | |
Supplement [Text Block] | ck0000802716_SupplementTextBlock | Supplement dated August 5, 2013 to Prospectus dated March 1, 2013 KeyCorp, the parent of the Adviser and the Distributor, entered into an agreement on February 19, 2013 to sell its interests in the Adviser and the Distributor to a private equity fund sponsored by Crestview Partners, a private equity firm based in New York, and to management of the Adviser and the Distributor. On July 31, 2013, the closing of the aforementioned sale was completed. At Special Meetings of Shareholders of the Funds held on May 17, 2013 and various adjournments thereof, Fund shareholders elected the proposed Trustees, and approved a new Investment Advisory Agreement between the Adviser and the Trust, on behalf of each of the Funds (other than the Special Value Fund), at the same fee rates as those under the previous investment advisory agreements. Shareholders also approved a new Investment Sub-Advisory Agreement between the Adviser, KPB Investment Advisors LLC and the Trust on behalf of each of National Municipal Bond Fund and Ohio Municipal Bond Fund. In addition, shareholders approved a Distribution and Service Plan for Class A shares of each Fund. The previous investment advisory agreements were terminated upon the closing. On August 1, 2013, the new Investment Advisory Agreement and Investment Sub-Advisory Agreement, as approved by shareholders, became effective. The new Distribution and Service Plan for Class A shares, as approved by shareholders, became effective as of August 1, 2013, and the existing Shareholder Servicing Plan for Class A shares was terminated for each Fund. In addition, the following changes to this Prospectus are effective August 1, 2013: |
Risk/Return [Heading] | rr_RiskReturnHeading | Victory Ohio Municipal Bond Fund |
Expense [Heading] | rr_ExpenseHeading | 3. The Class A shares Annual Fund Operating Expenses in the Fund Fees and Expenses Table appearing on page 7 for the Ohio Municipal Bond Fund is restated as follows: |
Class A
|
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Risk/Return: | rr_RiskReturnAbstract | |
Management Fees | rr_ManagementFeesOverAssets | 0.55% |
Distribution (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 0.25% |
Other Expenses | rr_OtherExpensesOverAssets | 0.27% |
Acquired Fund Fees and Expenses | rr_AcquiredFundFeesAndExpensesOverAssets | 0.01% |
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.08% |
Label | Element | Value |
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Risk/Return: | rr_RiskReturnAbstract | |
Supplement [Text Block] | ck0000802716_SupplementTextBlock | Supplement dated August 5, 2013 to Prospectus dated March 1, 2013 KeyCorp, the parent of the Adviser and the Distributor, entered into an agreement on February 19, 2013 to sell its interests in the Adviser and the Distributor to a private equity fund sponsored by Crestview Partners, a private equity firm based in New York, and to management of the Adviser and the Distributor. On July 31, 2013, the closing of the aforementioned sale was completed. At Special Meetings of Shareholders of the Funds held on May 17, 2013 and various adjournments thereof, Fund shareholders elected the proposed Trustees, and approved a new Investment Advisory Agreement between the Adviser and the Trust, on behalf of each of the Funds (other than the Special Value Fund), at the same fee rates as those under the existing investment advisory agreements. Shareholders also approved a new Investment Sub-Advisory Agreement between the Adviser, KPB Investment Advisors LLC and the Trust on behalf of each of National Municipal Bond Fund and Ohio Municipal Bond Fund. In addition, shareholders approved a Distribution and Service Plan for Class A shares of each Fund. The previous investment advisory agreements were terminated upon the closing. On August 1, 2013, the new Investment Advisory Agreement and Investment Sub-Advisory Agreement, as approved by shareholders, became effective. The new Distribution and Service Plan for Class A shares, as approved by shareholders, became effective as of August 1, 2013, and the existing Shareholder Servicing Plan for Class A shares was terminated for each Fund. In addition, the following changes to this Prospectus are effective August 1, 2013: |
Risk/Return [Heading] | rr_RiskReturnHeading | Victory International Fund |
Expense [Heading] | rr_ExpenseHeading | 1. The Class A shares Annual Fund Operating Expenses in the Fund Fees and Expenses Table appearing on page 1 for the International Fund is restated as follows: |
Class A
|
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Risk/Return: | rr_RiskReturnAbstract | |
Management Fees | rr_ManagementFeesOverAssets | 0.80% |
Distribution (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 0.25% |
Other Expenses | rr_OtherExpensesOverAssets | 2.36% |
Acquired Fund Fees and Expenses | rr_AcquiredFundFeesAndExpensesOverAssets | 0.05% |
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 3.46% |
Fee Waiver/Expense Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (2.01%) |
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | rr_NetExpensesOverAssets | 1.45% |
Label | Element | Value |
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Risk/Return: | rr_RiskReturnAbstract | |
Supplement [Text Block] | ck0000802716_SupplementTextBlock | Supplement dated August 5, 2013 to Prospectus dated March 1, 2013 KeyCorp, the parent of the Adviser and the Distributor, entered into an agreement on February 19, 2013 to sell its interests in the Adviser and the Distributor to a private equity fund sponsored by Crestview Partners, a private equity firm based in New York, and to management of the Adviser and the Distributor. On July 31, 2013, the closing of the aforementioned sale was completed. At Special Meetings of Shareholders of the Funds held on May 17, 2013 and various adjournments thereof, Fund shareholders elected the proposed Trustees, and approved a new Investment Advisory Agreement between the Adviser and the Trust, on behalf of each of the Funds (other than the Special Value Fund), at the same fee rates as those under the previous investment advisory agreements. Shareholders also approved a new Investment Sub-Advisory Agreement between the Adviser, KPB Investment Advisors LLC and the Trust on behalf of each of National Municipal Bond Fund and Ohio Municipal Bond Fund. In addition, shareholders approved a Distribution and Service Plan for Class A shares of each Fund. The previous investment advisory agreements were terminated upon the closing. On August 1, 2013, the new Investment Advisory Agreement and Investment Sub-Advisory Agreement, as approved by shareholders, became effective. The new Distribution and Service Plan for Class A shares, as approved by shareholders, became effective as of August 1, 2013, and the existing Shareholder Servicing Plan for Class A shares was terminated for each Fund. In addition, the following changes to this Prospectus are effective August 1, 2013: |
Risk/Return [Heading] | rr_RiskReturnHeading | Victory Fund for Income |
Expense [Heading] | rr_ExpenseHeading | 1. The Class A shares Annual Fund Operating Expenses in the Fund Fees and Expenses Table appearing on page 7 for the Fund for Income is restated as follows: |
Class A
|
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Risk/Return: | rr_RiskReturnAbstract | |
Management Fees | rr_ManagementFeesOverAssets | 0.45% |
Distribution (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 0.25% |
Other Expenses | rr_OtherExpensesOverAssets | 0.24% |
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 0.94% |
Fee Waiver/Expense Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | none |
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | rr_NetExpensesOverAssets | 0.94% |
Label | Element | Value |
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Risk/Return: | rr_RiskReturnAbstract | |
Supplement [Text Block] | ck0000802716_SupplementTextBlock | Supplement dated August 5, 2013 to Prospectus dated March 1, 2013 KeyCorp, the parent of the Adviser and the Distributor, entered into an agreement on February 19, 2013 to sell its interests in the Adviser and the Distributor to a private equity fund sponsored by Crestview Partners, a private equity firm based in New York, and to management of the Adviser and the Distributor. On July 31, 2013, the closing of the aforementioned sale was completed. At Special Meetings of Shareholders of the Funds held on May 17, 2013 and various adjournments thereof, Fund shareholders elected the proposed Trustees, and approved a new Investment Advisory Agreement between the Adviser and the Trust, on behalf of each of the Funds (other than the Special Value Fund), at the same fee rates as those under the previous investment advisory agreements. Shareholders also approved a new Investment Sub-Advisory Agreement between the Adviser, KPB Investment Advisors LLC and the Trust on behalf of each of National Municipal Bond Fund and Ohio Municipal Bond Fund. In addition, shareholders approved a Distribution and Service Plan for Class A shares of each Fund. The previous investment advisory agreements were terminated upon the closing. On August 1, 2013, the new Investment Advisory Agreement and Investment Sub-Advisory Agreement, as approved by shareholders, became effective. The new Distribution and Service Plan for Class A shares, as approved by shareholders, became effective as of August 1, 2013, and the existing Shareholder Servicing Plan for Class A shares was terminated for each Fund. In addition, the following changes to this Prospectus are effective August 1, 2013: |
Risk/Return [Heading] | rr_RiskReturnHeading | Victory Balanced Fund |
Expense [Heading] | rr_ExpenseHeading | 1. The Class A shares Annual Fund Operating Expenses in the Fund Fees and Expenses Table appearing on page 1 for the Balanced Fund is restated as follows: |
Class A
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Risk/Return: | rr_RiskReturnAbstract | |
Management Fees | rr_ManagementFeesOverAssets | 0.60% |
Distribution (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 0.25% |
Other Expenses | rr_OtherExpensesOverAssets | 0.63% |
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.48% |
Fee Waiver/Expense Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.33%) |
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | rr_NetExpensesOverAssets | 1.15% |
Victory Established Value Fund | ||||||||||||||
Victory Established Value Fund | ||||||||||||||
Supplement dated August 5, 2013 to Prospectus dated March 1, 2013 KeyCorp, the parent of the Adviser and the Distributor, entered into an agreement on February 19, 2013 to sell its interests in the Adviser and the Distributor to a private equity fund sponsored by Crestview Partners, a private equity firm based in New York, and to management of the Adviser and the Distributor. On July 31, 2013, the closing of the aforementioned sale was completed. At Special Meetings of Shareholders of the Funds held on May 17, 2013 and various adjournments thereof, Fund shareholders elected the proposed Trustees, and approved a new Investment Advisory Agreement between the Adviser and the Trust, on behalf of each of the Funds (other than the Special Value Fund), at the same fee rates as those under the previous investment advisory agreements. Shareholders also approved a new Investment Sub-Advisory Agreement between the Adviser, KPB Investment Advisors LLC and the Trust on behalf of each of National Municipal Bond Fund and Ohio Municipal Bond Fund. In addition, shareholders approved a Distribution and Service Plan for Class A shares of each Fund. The previous investment advisory agreements were terminated upon the closing. On August 1, 2013, the new Investment Advisory Agreement and Investment Sub-Advisory Agreement, as approved by shareholders, became effective. The new Distribution and Service Plan for Class A shares, as approved by shareholders, became effective as of August 1, 2013, and the existing Shareholder Servicing Plan for Class A shares was terminated for each Fund. In addition, on August 1, 2013, an interim investment advisory agreement became effective with respect to Special Value Fund. The Interim Agreement will be effective for 150 days or until shareholders of Special Value Fund approve the new Investment Advisory Agreement, whichever is earlier, and contains substantially the same terms as the previous investment advisory agreement. In addition, the following changes to this Prospectus are effective August 1, 2013: |
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2. The Class A shares Annual Fund Operating Expenses in the Fund Fees and Expenses Table appearing on page 12 for the Established Value Fund is restated as follows: | ||||||||||||||
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Victory Special Value Fund | ||||||||||||||
Victory Special Value Fund | ||||||||||||||
Supplement dated August 5, 2013 to Prospectus dated March 1, 2013 KeyCorp, the parent of the Adviser and the Distributor, entered into an agreement on February 19, 2013 to sell its interests in the Adviser and the Distributor to a private equity fund sponsored by Crestview Partners, a private equity firm based in New York, and to management of the Adviser and the Distributor. On July 31, 2013, the closing of the aforementioned sale was completed. At Special Meetings of Shareholders of the Funds held on May 17, 2013 and various adjournments thereof, Fund shareholders elected the proposed Trustees, and approved a new Investment Advisory Agreement between the Adviser and the Trust, on behalf of each of the Funds (other than the Special Value Fund), at the same fee rates as those under the previous investment advisory agreements. Shareholders also approved a new Investment Sub-Advisory Agreement between the Adviser, KPB Investment Advisors LLC and the Trust on behalf of each of National Municipal Bond Fund and Ohio Municipal Bond Fund. In addition, shareholders approved a Distribution and Service Plan for Class A shares of each Fund. The previous investment advisory agreements were terminated upon the closing. On August 1, 2013, the new Investment Advisory Agreement and Investment Sub-Advisory Agreement, as approved by shareholders, became effective. The new Distribution and Service Plan for Class A shares, as approved by shareholders, became effective as of August 1, 2013, and the existing Shareholder Servicing Plan for Class A shares was terminated for each Fund. In addition, on August 1, 2013, an interim investment advisory agreement became effective with respect to Special Value Fund. The Interim Agreement will be effective for 150 days or until shareholders of Special Value Fund approve the new Investment Advisory Agreement, whichever is earlier, and contains substantially the same terms as the previous investment advisory agreement. In addition, the following changes to this Prospectus are effective August 1, 2013: |
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3. The Class A shares Annual Fund Operating Expenses in the Fund Fees and Expenses Table appearing on page 18 for the Special Value Fund is restated as follows: | ||||||||||||||
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Victory Fund for Income | ||||||||||||||
Victory Fund for Income | ||||||||||||||
Supplement dated August 5, 2013 to Prospectus dated March 1, 2013 KeyCorp, the parent of the Adviser and the Distributor, entered into an agreement on February 19, 2013 to sell its interests in the Adviser and the Distributor to a private equity fund sponsored by Crestview Partners, a private equity firm based in New York, and to management of the Adviser and the Distributor. On July 31, 2013, the closing of the aforementioned sale was completed. At Special Meetings of Shareholders of the Funds held on May 17, 2013 and various adjournments thereof, Fund shareholders elected the proposed Trustees, and approved a new Investment Advisory Agreement between the Adviser and the Trust, on behalf of each of the Funds (other than the Special Value Fund), at the same fee rates as those under the previous investment advisory agreements. Shareholders also approved a new Investment Sub-Advisory Agreement between the Adviser, KPB Investment Advisors LLC and the Trust on behalf of each of National Municipal Bond Fund and Ohio Municipal Bond Fund. In addition, shareholders approved a Distribution and Service Plan for Class A shares of each Fund. The previous investment advisory agreements were terminated upon the closing. On August 1, 2013, the new Investment Advisory Agreement and Investment Sub-Advisory Agreement, as approved by shareholders, became effective. The new Distribution and Service Plan for Class A shares, as approved by shareholders, became effective as of August 1, 2013, and the existing Shareholder Servicing Plan for Class A shares was terminated for each Fund. In addition, the following changes to this Prospectus are effective August 1, 2013: |
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1. The Class A shares Annual Fund Operating Expenses in the Fund Fees and Expenses Table appearing on page 7 for the Fund for Income is restated as follows: | ||||||||||||||
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Label | Element | Value |
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Risk/Return: | rr_RiskReturnAbstract | |
Supplement [Text Block] | ck0000802716_SupplementTextBlock | Supplement dated August 5, 2013 to Prospectus dated March 1, 2013 KeyCorp, the parent of the Adviser and the Distributor, entered into an agreement on February 19, 2013 to sell its interests in the Adviser and the Distributor to a private equity fund sponsored by Crestview Partners, a private equity firm based in New York, and to management of the Adviser and the Distributor. On July 31, 2013, the closing of the aforementioned sale was completed. At Special Meetings of Shareholders of the Funds held on May 17, 2013 and various adjournments thereof, Fund shareholders elected the proposed Trustees, and approved a new Investment Advisory Agreement between the Adviser and the Trust, on behalf of each of the Funds (other than the Special Value Fund), at the same fee rates as those under the previous investment advisory agreements. Shareholders also approved a new Investment Sub-Advisory Agreement between the Adviser, KPB Investment Advisors LLC and the Trust on behalf of each of National Municipal Bond Fund and Ohio Municipal Bond Fund. In addition, shareholders approved a Distribution and Service Plan for Class A shares of each Fund. The previous investment advisory agreements were terminated upon the closing. On August 1, 2013, the new Investment Advisory Agreement and Investment Sub-Advisory Agreement, as approved by shareholders, became effective. The new Distribution and Service Plan for Class A shares, as approved by shareholders, became effective as of August 1, 2013, and the existing Shareholder Servicing Plan for Class A shares was terminated for each Fund. In addition, the following changes to this Prospectus are effective August 1, 2013: |
Risk/Return [Heading] | rr_RiskReturnHeading | Victory Investment Grade Convertible Fund |
Expense [Heading] | rr_ExpenseHeading | 2. The Class A shares Annual Fund Operating Expenses in the Fund Fees and Expenses Table appearing on page 8 for the Investment Grade Convertible Fund is restated as follows: |
Class A
|
||
Risk/Return: | rr_RiskReturnAbstract | |
Management Fees | rr_ManagementFeesOverAssets | 0.75% |
Distribution (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 0.25% |
Other Expenses | rr_OtherExpensesOverAssets | 0.44% |
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.44% |
Fee Waiver/Expense Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | none |
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | rr_NetExpensesOverAssets | 1.44% |
Victory International Select Fund | ||||||||||||||||
Victory International Select Fund | ||||||||||||||||
Supplement dated August 5, 2013 to Prospectus dated March 1, 2013 KeyCorp, the parent of the Adviser and the Distributor, entered into an agreement on February 19, 2013 to sell its interests in the Adviser and the Distributor to a private equity fund sponsored by Crestview Partners, a private equity firm based in New York, and to management of the Adviser and the Distributor. On July 31, 2013, the closing of the aforementioned sale was completed. At Special Meetings of Shareholders of the Funds held on May 17, 2013 and various adjournments thereof, Fund shareholders elected the proposed Trustees, and approved a new Investment Advisory Agreement between the Adviser and the Trust, on behalf of each of the Funds (other than the Special Value Fund), at the same fee rates as those under the existing investment advisory agreements. Shareholders also approved a new Investment Sub-Advisory Agreement between the Adviser, KPB Investment Advisors LLC and the Trust on behalf of each of National Municipal Bond Fund and Ohio Municipal Bond Fund. In addition, shareholders approved a Distribution and Service Plan for Class A shares of each Fund. The previous investment advisory agreements were terminated upon the closing. On August 1, 2013, the new Investment Advisory Agreement and Investment Sub-Advisory Agreement, as approved by shareholders, became effective. The new Distribution and Service Plan for Class A shares, as approved by shareholders, became effective as of August 1, 2013, and the existing Shareholder Servicing Plan for Class A shares was terminated for each Fund. In addition, the following changes to this Prospectus are effective August 1, 2013: |
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2. The Class A shares Annual Fund Operating Expenses in the Fund Fees and Expenses Table appearing on page 7 for the International Select Fund is restated as follows: | ||||||||||||||||
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Label | Element | Value |
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Risk/Return: | rr_RiskReturnAbstract | |
Supplement [Text Block] | ck0000802716_SupplementTextBlock | Supplement dated August 5, 2013 to Prospectus dated March 1, 2013 KeyCorp, the parent of the Adviser and the Distributor, entered into an agreement on February 19, 2013 to sell its interests in the Adviser and the Distributor to a private equity fund sponsored by Crestview Partners, a private equity firm based in New York, and to management of the Adviser and the Distributor. On July 31, 2013, the closing of the aforementioned sale was completed. At Special Meetings of Shareholders of the Funds held on May 17, 2013 and various adjournments thereof, Fund shareholders elected the proposed Trustees, and approved a new Investment Advisory Agreement between the Adviser and the Trust, on behalf of each of the Funds (other than the Special Value Fund), at the same fee rates as those under the previous investment advisory agreements. Shareholders also approved a new Investment Sub-Advisory Agreement between the Adviser, KPB Investment Advisors LLC and the Trust on behalf of each of National Municipal Bond Fund and Ohio Municipal Bond Fund. In addition, shareholders approved a Distribution and Service Plan for Class A shares of each Fund. The previous investment advisory agreements were terminated upon the closing. On August 1, 2013, the new Investment Advisory Agreement and Investment Sub-Advisory Agreement, as approved by shareholders, became effective. The new Distribution and Service Plan for Class A shares, as approved by shareholders, became effective as of August 1, 2013, and the existing Shareholder Servicing Plan for Class A shares was terminated for each Fund. In addition, the following changes to this Prospectus are effective August 1, 2013: |
Risk/Return [Heading] | rr_RiskReturnHeading | Victory National Municipal Bond Fund |
Expense [Heading] | rr_ExpenseHeading | 1. The Class A shares Annual Fund Operating Expenses in the Fund Fees and Expenses Table appearing on page 1 for the National Municipal Bond Fund is restated as follows: |
Class A
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Risk/Return: | rr_RiskReturnAbstract | |
Management Fees | rr_ManagementFeesOverAssets | 0.55% |
Distribution (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 0.25% |
Other Expenses | rr_OtherExpensesOverAssets | 0.25% |
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.05% |
Fee Waiver/Expense Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.06%) |
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement | rr_NetExpensesOverAssets | 0.99% |