X0101 EFFECT 33 LIVE 2016-03-23 10:30:00

N-14

0000802716 VICTORY PORTFOLIOS 333-209399 0000802716 VICTORY PORTFOLIOS S000053559 Victory RS Focused Growth Opportunity Fund C000168326 Class A 0000814232 RS INVESTMENT TRUST S000048182 RS Focused Growth Opportunity Fund C000152301 Class A 0000802716 VICTORY PORTFOLIOS S000053559 Victory RS Focused Growth Opportunity Fund C000168327 Class C 0000814232 RS INVESTMENT TRUST S000048182 RS Focused Growth Opportunity Fund C000152302 Class C 0000802716 VICTORY PORTFOLIOS S000053559 Victory RS Focused Growth Opportunity Fund C000168328 Class Y 0000814232 RS INVESTMENT TRUST S000048182 RS Focused Growth Opportunity Fund C000152303 Class Y 0000802716 VICTORY PORTFOLIOS S000053560 Victory RS Large Cap Alpha Fund C000168329 Class A 0000814232 RS INVESTMENT TRUST S000013480 RS Large Cap Alpha Fund C000036428 Class A 0000802716 VICTORY PORTFOLIOS S000053560 Victory RS Large Cap Alpha Fund C000168330 Class C 0000814232 RS INVESTMENT TRUST S000013480 RS Large Cap Alpha Fund C000036425 Class C 0000802716 VICTORY PORTFOLIOS S000053560 Victory RS Large Cap Alpha Fund C000168331 Class R 0000814232 RS INVESTMENT TRUST S000013480 RS Large Cap Alpha Fund C000036427 Class K 0000802716 VICTORY PORTFOLIOS S000053560 Victory RS Large Cap Alpha Fund C000168332 Class Y 0000814232 RS INVESTMENT TRUST S000013480 RS Large Cap Alpha Fund C000041732 Class Y 0000802716 VICTORY PORTFOLIOS S000053561 Victory RS Partners Fund C000168333 Class A 0000814232 RS INVESTMENT TRUST S000007383 RS Partners Fund C000020259 Class A 0000802716 VICTORY PORTFOLIOS S000053561 Victory RS Partners Fund C000168334 Class R 0000814232 RS INVESTMENT TRUST S000007383 RS Partners Fund C000036613 Class K 0000802716 VICTORY PORTFOLIOS S000053561 Victory RS Partners Fund C000168335 Class Y 0000814232 RS INVESTMENT TRUST S000007383 RS Partners Fund C000041730 Class Y 0000802716 VICTORY PORTFOLIOS S000053562 Victory RS Value Fund C000168336 Class A 0000814232 RS INVESTMENT TRUST S000007375 RS Value Fund C000020251 Class A 0000802716 VICTORY PORTFOLIOS S000053562 Victory RS Value Fund C000168337 Class C 0000814232 RS INVESTMENT TRUST S000007375 RS Value Fund C000041715 Class C 0000802716 VICTORY PORTFOLIOS S000053562 Victory RS Value Fund C000168338 Class R 0000814232 RS INVESTMENT TRUST S000007375 RS Value Fund C000036597 Class K 0000802716 VICTORY PORTFOLIOS S000053562 Victory RS Value Fund C000168339 Class Y 0000814232 RS INVESTMENT TRUST S000007375 RS Value Fund C000041716 Class Y 0000802716 VICTORY PORTFOLIOS S000053563 Victory RS Global Fund C000168340 Class A 0000814232 RS INVESTMENT TRUST S000032442 RS Global Fund C000100102 Class A 0000802716 VICTORY PORTFOLIOS S000053563 Victory RS Global Fund C000168341 Class C 0000814232 RS INVESTMENT TRUST S000032442 RS Global Fund C000100103 Class C 0000802716 VICTORY PORTFOLIOS S000053563 Victory RS Global Fund C000168342 Class R 0000814232 RS INVESTMENT TRUST S000032442 RS Global Fund C000100104 Class K 0000802716 VICTORY PORTFOLIOS S000053563 Victory RS Global Fund C000168343 Class Y 0000814232 RS INVESTMENT TRUST S000032442 RS Global Fund C000100105 Class Y 0000802716 VICTORY PORTFOLIOS S000053564 Victory RS International Fund C000168344 Class A 0000814232 RS INVESTMENT TRUST S000013483 RS International Fund C000036438 Class A 0000802716 VICTORY PORTFOLIOS S000053564 Victory RS International Fund C000168345 Class C 0000814232 RS INVESTMENT TRUST S000013483 RS International Fund C000036440 Class C 0000802716 VICTORY PORTFOLIOS S000053564 Victory RS International Fund C000168346 Class R 0000814232 RS INVESTMENT TRUST S000013483 RS International Fund C000036442 Class K 0000802716 VICTORY PORTFOLIOS S000053564 Victory RS International Fund C000168347 Class Y 0000814232 RS INVESTMENT TRUST S000013483 RS International Fund C000076825 Class Y 0000802716 VICTORY PORTFOLIOS S000053565 Victory RS China Fund C000168348 Class A 0000814232 RS INVESTMENT TRUST S000032443 RS China Fund C000100106 Class A 0000802716 VICTORY PORTFOLIOS S000053565 Victory RS China Fund C000168349 Class C 0000814232 RS INVESTMENT TRUST S000032443 RS China Fund C000100107 Class C 0000802716 VICTORY PORTFOLIOS S000053565 Victory RS China Fund C000168350 Class R 0000814232 RS INVESTMENT TRUST S000032443 RS China Fund C000100108 Class K 0000802716 VICTORY PORTFOLIOS S000053565 Victory RS China Fund C000168351 Class Y 0000814232 RS INVESTMENT TRUST S000032443 RS China Fund C000100109 Class Y 0000802716 VICTORY PORTFOLIOS S000053566 Victory RS Emerging Markets Fund C000168352 Class A 0000814232 RS INVESTMENT TRUST S000013481 RS Emerging Markets Fund C000036429 Class A 0000802716 VICTORY PORTFOLIOS S000053566 Victory RS Emerging Markets Fund C000168353 Class C 0000814232 RS INVESTMENT TRUST S000013481 RS Emerging Markets Fund C000036431 Class C 0000802716 VICTORY PORTFOLIOS S000053566 Victory RS Emerging Markets Fund C000168354 Class R 0000814232 RS INVESTMENT TRUST S000013481 RS Emerging Markets Fund C000036433 Class K 0000802716 VICTORY PORTFOLIOS S000053566 Victory RS Emerging Markets Fund C000168355 Class Y 0000814232 RS INVESTMENT TRUST S000013481 RS Emerging Markets Fund C000076824 Class Y 0000802716 VICTORY PORTFOLIOS S000053567 Victory RS Emerging Markets Small Cap Fund C000168356 Class A 0000814232 RS INVESTMENT TRUST S000044022 RS Emerging Markets Small Cap Fund C000136641 Class A 0000802716 VICTORY PORTFOLIOS S000053567 Victory RS Emerging Markets Small Cap Fund C000168357 Class C 0000814232 RS INVESTMENT TRUST S000044022 RS Emerging Markets Small Cap Fund C000136642 Class C 0000802716 VICTORY PORTFOLIOS S000053567 Victory RS Emerging Markets Small Cap Fund C000168358 Class Y 0000814232 RS INVESTMENT TRUST S000044022 RS Emerging Markets Small Cap Fund C000136643 Class Y 0000802716 VICTORY PORTFOLIOS S000053568 Victory Global Natural Resources Fund C000168359 Class A 0000814232 RS INVESTMENT TRUST S000007377 RS Global Natural Resources Fund C000020253 Class A 0000802716 VICTORY PORTFOLIOS S000053568 Victory Global Natural Resources Fund C000168360 Class C 0000814232 RS INVESTMENT TRUST S000007377 RS Global Natural Resources Fund C000041719 Class C 0000802716 VICTORY PORTFOLIOS S000053568 Victory Global Natural Resources Fund C000168361 Class R 0000814232 RS INVESTMENT TRUST S000007377 RS Global Natural Resources Fund C000036600 Class K 0000802716 VICTORY PORTFOLIOS S000053568 Victory Global Natural Resources Fund C000168362 Class Y 0000814232 RS INVESTMENT TRUST S000007377 RS Global Natural Resources Fund C000041720 Class Y 0000802716 VICTORY PORTFOLIOS S000053569 Victory INCORE Investment Quality Bond Fund C000168363 Class A 0000814232 RS INVESTMENT TRUST S000013484 RS Investment Quality Bond Fund C000036443 Class A 0000802716 VICTORY PORTFOLIOS S000053569 Victory INCORE Investment Quality Bond Fund C000168364 Class C 0000814232 RS INVESTMENT TRUST S000013484 RS Investment Quality Bond Fund C000036445 Class C 0000802716 VICTORY PORTFOLIOS S000053569 Victory INCORE Investment Quality Bond Fund C000168365 Class R 0000814232 RS INVESTMENT TRUST S000013484 RS Investment Quality Bond Fund C000036446 Class K 0000802716 VICTORY PORTFOLIOS S000053569 Victory INCORE Investment Quality Bond Fund C000168366 Class Y 0000814232 RS INVESTMENT TRUST S000013484 RS Investment Quality Bond Fund C000078448 Class Y 0000802716 VICTORY PORTFOLIOS S000053570 Victory RS Focused Opportunity Fund C000168367 Class A 0000814232 RS INVESTMENT TRUST S000048181 RS Focused Opportunity Fund C000152298 Class A 0000802716 VICTORY PORTFOLIOS S000053570 Victory RS Focused Opportunity Fund C000168368 Class C 0000814232 RS INVESTMENT TRUST S000048181 RS Focused Opportunity Fund C000152299 Class C 0000802716 VICTORY PORTFOLIOS S000053570 Victory RS Focused Opportunity Fund C000168369 Class Y 0000814232 RS INVESTMENT TRUST S000048181 RS Focused Opportunity Fund C000152300 Class Y 0000802716 VICTORY PORTFOLIOS S000053571 Victory INCORE Low Duration Bond Fund C000168370 Class A 0000814232 RS INVESTMENT TRUST S000013486 RS Low Duration Bond Fund C000036451 Class A 0000802716 VICTORY PORTFOLIOS S000053571 Victory INCORE Low Duration Bond Fund C000168371 Class C 0000814232 RS INVESTMENT TRUST S000013486 RS Low Duration Bond Fund C000036453 Class C 0000802716 VICTORY PORTFOLIOS S000053571 Victory INCORE Low Duration Bond Fund C000168372 Class R 0000814232 RS INVESTMENT TRUST S000013486 RS Low Duration Bond Fund C000036454 Class K 0000802716 VICTORY PORTFOLIOS S000053571 Victory INCORE Low Duration Bond Fund C000168373 Class Y 0000814232 RS INVESTMENT TRUST S000013486 RS Low Duration Bond Fund C000078449 Class Y 0000802716 VICTORY PORTFOLIOS S000053572 Victory High Yield Fund C000168374 Class A 0000814232 RS INVESTMENT TRUST S000013482 RS High Yield Fund C000036434 Class A 0000802716 VICTORY PORTFOLIOS S000053572 Victory High Yield Fund C000168375 Class C 0000814232 RS INVESTMENT TRUST S000013482 RS High Yield Fund C000036436 Class C 0000802716 VICTORY PORTFOLIOS S000053572 Victory High Yield Fund C000168376 Class R 0000814232 RS INVESTMENT TRUST S000013482 RS High Yield Fund C000036437 Class K 0000802716 VICTORY PORTFOLIOS S000053572 Victory High Yield Fund C000168377 Class Y 0000814232 RS INVESTMENT TRUST S000013482 RS High Yield Fund C000078447 Class Y 0000802716 VICTORY PORTFOLIOS S000053573 Victory Tax-Exempt Fund C000168378 Class A 0000814232 RS INVESTMENT TRUST S000013478 RS Tax-Exempt Fund C000036418 Class A 0000802716 VICTORY PORTFOLIOS S000053573 Victory Tax-Exempt Fund C000168379 Class C 0000814232 RS INVESTMENT TRUST S000013478 RS Tax-Exempt Fund C000036419 Class C 0000802716 VICTORY PORTFOLIOS S000053573 Victory Tax-Exempt Fund C000168380 Class Y 0000814232 RS INVESTMENT TRUST S000013478 RS Tax-Exempt Fund C000078446 Class Y 0000802716 VICTORY PORTFOLIOS S000053574 Victory High Income Municipal Bond Fund C000168381 Class A 0000814232 RS INVESTMENT TRUST S000027151 RS High Income Municipal Bond Fund C000081929 Class A 0000802716 VICTORY PORTFOLIOS S000053574 Victory High Income Municipal Bond Fund C000168382 Class C 0000814232 RS INVESTMENT TRUST S000027151 RS High Income Municipal Bond Fund C000081930 Class C 0000802716 VICTORY PORTFOLIOS S000053574 Victory High Income Municipal Bond Fund C000168383 Class Y 0000814232 RS INVESTMENT TRUST S000027151 RS High Income Municipal Bond Fund C000081931 Class Y 0000802716 VICTORY PORTFOLIOS S000053575 Victory Floating Rate Fund C000168384 Class A 0000814232 RS INVESTMENT TRUST S000027152 RS Floating Rate Fund C000081932 Class A 0000802716 VICTORY PORTFOLIOS S000053575 Victory Floating Rate Fund C000168385 Class C 0000814232 RS INVESTMENT TRUST S000027152 RS Floating Rate Fund C000081933 Class C 0000802716 VICTORY PORTFOLIOS S000053575 Victory Floating Rate Fund C000168386 Class R 0000814232 RS INVESTMENT TRUST S000027152 RS Floating Rate Fund C000081934 Class K 0000802716 VICTORY PORTFOLIOS S000053575 Victory Floating Rate Fund C000168387 Class Y 0000814232 RS INVESTMENT TRUST S000027152 RS Floating Rate Fund C000081935 Class Y 0000802716 VICTORY PORTFOLIOS S000053576 Victory Strategic Income Fund C000168388 Class A 0000814232 RS INVESTMENT TRUST S000027153 RS Strategic Income Fund C000081938 Class A 0000802716 VICTORY PORTFOLIOS S000053576 Victory Strategic Income Fund C000168389 Class C 0000814232 RS INVESTMENT TRUST S000027153 RS Strategic Income Fund C000081939 Class C 0000802716 VICTORY PORTFOLIOS S000053576 Victory Strategic Income Fund C000168390 Class R 0000814232 RS INVESTMENT TRUST S000027153 RS Strategic Income Fund C000081936 Class K 0000802716 VICTORY PORTFOLIOS S000053576 Victory Strategic Income Fund C000168391 Class Y 0000814232 RS INVESTMENT TRUST S000027153 RS Strategic Income Fund C000081937 Class Y 0000802716 VICTORY PORTFOLIOS S000053577 Victory RS Growth Fund C000168392 Class Y 0000814232 RS INVESTMENT TRUST S000007378 RS Growth Fund C000041721 Class Y 0000802716 VICTORY PORTFOLIOS S000053577 Victory RS Growth Fund C000168393 Class A 0000814232 RS INVESTMENT TRUST S000007378 RS Growth Fund C000020254 Class A 0000802716 VICTORY PORTFOLIOS S000053577 Victory RS Growth Fund C000168394 Class C 0000814232 RS INVESTMENT TRUST S000007378 RS Growth Fund C000041722 Class C 0000802716 VICTORY PORTFOLIOS S000053577 Victory RS Growth Fund C000168395 Class R 0000814232 RS INVESTMENT TRUST S000007378 RS Growth Fund C000036603 Class K 0000802716 VICTORY PORTFOLIOS S000053578 Victory RS Mid Cap Growth Fund C000168396 Class A 0000814232 RS INVESTMENT TRUST S000007382 RS Mid Cap Growth Fund C000020258 Class A 0000802716 VICTORY PORTFOLIOS S000053578 Victory RS Mid Cap Growth Fund C000168397 Class C 0000814232 RS INVESTMENT TRUST S000007382 RS Mid Cap Growth Fund C000041728 Class C 0000802716 VICTORY PORTFOLIOS S000053578 Victory RS Mid Cap Growth Fund C000168398 Class R 0000814232 RS INVESTMENT TRUST S000007382 RS Mid Cap Growth Fund C000036611 Class K 0000802716 VICTORY PORTFOLIOS S000053578 Victory RS Mid Cap Growth Fund C000168399 Class Y 0000814232 RS INVESTMENT TRUST S000007382 RS Mid Cap Growth Fund C000041729 Class Y 0000802716 VICTORY PORTFOLIOS S000053579 Victory RS Select Growth Fund C000168400 Class A 0000814232 RS INVESTMENT TRUST S000007373 RS Select Growth Fund C000020249 Class A 0000802716 VICTORY PORTFOLIOS S000053579 Victory RS Select Growth Fund C000168401 Class C 0000814232 RS INVESTMENT TRUST S000007373 RS Select Growth Fund C000050173 Class C 0000802716 VICTORY PORTFOLIOS S000053579 Victory RS Select Growth Fund C000168402 Class R 0000814232 RS INVESTMENT TRUST S000007373 RS Select Growth Fund C000036593 Class K 0000802716 VICTORY PORTFOLIOS S000053579 Victory RS Select Growth Fund C000168403 Class Y 0000814232 RS INVESTMENT TRUST S000007373 RS Select Growth Fund C000078445 Class Y 0000802716 VICTORY PORTFOLIOS S000053580 Victory RS Small Cap Equity Fund C000168404 Class A 0000814232 RS INVESTMENT TRUST S000013477 RS Small Cap Equity Fund C000036413 Class A 0000802716 VICTORY PORTFOLIOS S000053580 Victory RS Small Cap Equity Fund C000168405 Class C 0000814232 RS INVESTMENT TRUST S000013477 RS Small Cap Equity Fund C000036415 Class C 0000802716 VICTORY PORTFOLIOS S000053580 Victory RS Small Cap Equity Fund C000168406 Class R 0000814232 RS INVESTMENT TRUST S000013477 RS Small Cap Equity Fund C000036417 Class K 0000802716 VICTORY PORTFOLIOS S000053580 Victory RS Small Cap Equity Fund C000168407 Class Y 0000814232 RS INVESTMENT TRUST S000013477 RS Small Cap Equity Fund C000041731 Class Y 0000802716 VICTORY PORTFOLIOS S000053581 Victory RS Small Cap Growth Fund C000168408 Class A 0000814232 RS INVESTMENT TRUST S000007376 RS Small Cap Growth Fund C000020252 Class A 0000802716 VICTORY PORTFOLIOS S000053581 Victory RS Small Cap Growth Fund C000168409 Class C 0000814232 RS INVESTMENT TRUST S000007376 RS Small Cap Growth Fund C000041717 Class C 0000802716 VICTORY PORTFOLIOS S000053581 Victory RS Small Cap Growth Fund C000168410 Class R 0000814232 RS INVESTMENT TRUST S000007376 RS Small Cap Growth Fund C000036599 Class K 0000802716 VICTORY PORTFOLIOS S000053581 Victory RS Small Cap Growth Fund C000168411 Class Y 0000814232 RS INVESTMENT TRUST S000007376 RS Small Cap Growth Fund C000041718 Class Y 0000802716 VICTORY PORTFOLIOS S000053582 Victory RS Science and Technology Fund C000168412 Class A 0000814232 RS INVESTMENT TRUST S000007379 RS Technology Fund C000020255 Class A 0000802716 VICTORY PORTFOLIOS S000053582 Victory RS Science and Technology Fund C000168413 Class C 0000814232 RS INVESTMENT TRUST S000007379 RS Technology Fund C000041723 Class C 0000802716 VICTORY PORTFOLIOS S000053582 Victory RS Science and Technology Fund C000168414 Class R 0000814232 RS INVESTMENT TRUST S000007379 RS Technology Fund C000036605 Class K 0000802716 VICTORY PORTFOLIOS S000053582 Victory RS Science and Technology Fund C000168415 Class Y 0000814232 RS INVESTMENT TRUST S000007379 RS Technology Fund C000041724 Class Y 0000802716 VICTORY PORTFOLIOS S000053583 Victory RS Investors Fund C000168416 Class A 0000814232 RS INVESTMENT TRUST S000007381 RS Investors Fund C000020257 Class A 0000802716 VICTORY PORTFOLIOS S000053583 Victory RS Investors Fund C000168417 Class C 0000814232 RS INVESTMENT TRUST S000007381 RS Investors Fund C000041726 Class C 0000802716 VICTORY PORTFOLIOS S000053583 Victory RS Investors Fund C000168418 Class R 0000814232 RS INVESTMENT TRUST S000007381 RS Investors Fund C000036609 Class K 0000802716 VICTORY PORTFOLIOS S000053583 Victory RS Investors Fund C000168419 Class Y 0000814232 RS INVESTMENT TRUST S000007381 RS Investors Fund C000041727 Class Y