X0101 EFFECT 33 LIVE 2016-05-20 15:00:00

N-14

0000802716 VICTORY PORTFOLIOS 333-210661 0000802716 VICTORY PORTFOLIOS S000000785 Victory Strategic Allocation Fund (formerly Victory Balanced Fund) C000002329 Class A 0001547580 Victory Portfolios II S000040057 Victory CEMP Multi-Asset Balanced Fund C000124361 Class A 0000802716 VICTORY PORTFOLIOS S000000785 Victory Strategic Allocation Fund (formerly Victory Balanced Fund) C000002330 Class C 0001547580 Victory Portfolios II S000040057 Victory CEMP Multi-Asset Balanced Fund C000124362 Class C