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<PAGE> PAGE 2
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012 A00AA01 BOSTON FINANCIAL DATA SERVICE, INC.
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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SIGNATURE RICK KRUMENACKER
TITLE SUPERVISOR
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001068663
<NAME> THE VICTORY VARIABLE INSURANCE FUNDS
<SERIES>
<NUMBER> 01
<NAME> VICTORY VARIABLE INSURANCE INVESTMENT QUALITY BOND FUND
<MULTIPLIER> 1000
<S> <C>
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<ACCUM-APPREC-OR-DEPREC> <27>
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<FN>
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001068663
<NAME> THE VICTORY VARIABLE INSURANCE FUNDS
<SERIES>
<NUMBER> 02
<NAME> VICTORY VARIABLE INSURANCE DIVERSIFIED STOCK FUND
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<S> <C>
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<FN>
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001068663
<NAME> THE VICTORY VARIABLE INSURANCE FUNDS
<SERIES>
<NUMBER> 03
<NAME> VICTORY VARIABLE INSURANCE SMALL COMPANY OPPORTUNITY FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JUL-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 1347
<INVESTMENTS-AT-VALUE> 1387
<RECEIVABLES> 0
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1387
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 18
<TOTAL-LIABILITIES> 18
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1355
<SHARES-COMMON-STOCK> 138
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 26
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<REALIZED-GAINS-CURRENT> <26>
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<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> <0.08>
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<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.02
<PER-SHARE-NAV-END> 9.90
<EXPENSE-RATIO> 0.75
<FN>
</FN>
</TABLE>
Report of Independent Accountants
To the Trustees of
Victory Variable Insurance Funds:
In planning and performing our audits of the financial statements of Victory
Variable Insurance Funds for the year ended December 31, 1999 we considered
its internal control, including controls over safeguarding securities, in
order to determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the requirements of
Form N-SAR, not to provide assurance on internal control.
The management of Victory Variable Insurance Funds is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgements by management are required to
assess the expected benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against unauthorized
acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and may not be detected. Also, projection of any evaluation of
internal control to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of any
specific internal control component does not reduce to a relatively low
level the risk that errors or irregularities in amounts that would be
material in relation to the financial statements being audited may occur and
not be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control, including controls over safeguarding securities, that we
consider to be material weaknesses as defined above as of December 31, 1999.
This report is intended solely for the information and use of management
and the Trustees of Victory Variable Insurance Funds and the Securities and
Exchange Commission and is not intended to be and should not be used by
anyone other than these specified parties.
February 15, 2000
