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<PAGE> PAGE 2
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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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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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008 B000401 A
008 C000401 801-46878
008 D010401 CLEVELAND
008 D020401 OH
008 D030401 44114
015 A000401 KEYTRUST COMPANY OF OHIO
015 B000401 C
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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070 F020400 N
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<PAGE> PAGE 25
070 L020400 N
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<PAGE> PAGE 26
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008 A000501 KEY ASSET MANAGEMENT, INC.
008 B000501 A
008 C000501 801-46878
008 D010501 CLEVELAND
008 D020501 OH
008 D030501 44114
015 A000501 KEYTRUST COMPANY OF OHIO
015 B000501 C
015 C010501 CLEVELAND
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015 C030501 44114
015 E030501 X
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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008 A000601 KEY ASSET MANAGEMENT, INC.
008 B000601 A
008 C000601 801-46878
008 D010601 CLEVELAND
<PAGE> PAGE 32
008 D020601 OH
008 D030601 44114
015 A000601 KEYTRUST COMPANY OF OHIO
015 B000601 C
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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008 A000701 KEY ASSET MANAGEMENT, INC.
008 B000701 A
008 C000701 801-46878
008 D010701 CLEVELAND
008 D020701 OH
008 D030701 44114
015 A000701 KEYTRUST COMPANY OF OHIO
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
008 A000801 KEY ASSET MANAGEMENT, INC.
008 B000801 A
008 C000801 801-46878
008 D010801 CLEVELAND
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015 A000801 KEYTRUST COMPANY OF OHIO
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<PAGE> PAGE 43
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<PAGE> PAGE 44
057 000800 N
058 A000800 N
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<PAGE> PAGE 45
070 H010800 Y
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070 M010800 N
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<PAGE> PAGE 46
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008 A000901 KEY ASSET MANAGEMENT, INC.
008 B000901 A
008 C000901 801-46878
008 D010901 CLEVELAND
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008 D030901 44114
<PAGE> PAGE 47
015 A000901 MORGAN STANLEY TRUST CO.
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<PAGE> PAGE 48
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<PAGE> PAGE 49
052 000900 N
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<PAGE> PAGE 50
070 D020900 N
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<PAGE> PAGE 51
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<PAGE> PAGE 52
076 000900 0.00
008 A001001 KEY ASSET MANAGEMENT, INC.
008 B001001 A
008 C001001 801-46878
008 D011001 CLEVELAND
008 D021001 OH
008 D031001 44114
015 A001001 KEYTRUST COMPANY OF OHIO
015 B001001 C
015 C011001 CLEVELAND
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015 C031001 44114
015 E031001 X
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<PAGE> PAGE 53
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<PAGE> PAGE 54
048 J021000 0.000
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<PAGE> PAGE 55
070 A021000 N
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070 D011000 Y
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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008 A001101 KEY ASSET MANAGEMENT, INC.
008 B001101 A
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<PAGE> PAGE 58
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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<PAGE> PAGE 61
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<PAGE> PAGE 62
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008 A001201 KEY ASSET MANAGEMENT, INC.
008 B001201 A
008 C001201 801-46878
008 D011201 CLEVELAND
008 D021201 OH
008 D031201 44114
015 A001201 KEYTRUST COMPANY OF OHIO
015 B001201 C
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015 C031201 44114
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<PAGE> PAGE 63
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<PAGE> PAGE 64
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<PAGE> PAGE 65
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070 H011200 Y
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070 K011200 Y
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070 M011200 N
070 M021200 N
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070 O021200 N
070 P011200 N
070 P021200 N
<PAGE> PAGE 66
070 Q011200 N
070 Q021200 N
070 R011200 Y
070 R021200 N
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<PAGE> PAGE 67
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008 A001301 KEY ASSET MANAGEMENT, INC.
008 B001301 A
008 C001301 801-46878
008 D011301 CLEVELAND
008 D021301 OH
008 D031301 44114
015 A001301 KEYTRUST COMPANY OF OHIO
015 B001301 C
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<PAGE> PAGE 68
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<PAGE> PAGE 69
042 H001300 0
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<PAGE> PAGE 70
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069 001300 Y
070 A011300 Y
070 A021300 N
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070 C021300 N
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<PAGE> PAGE 71
070 M011300 N
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<PAGE> PAGE 72
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008 A001401 KEY ASSET MANAGEMENT, INC.
008 B001401 A
008 C001401 801-46878
008 D011401 CLEVELAND
008 D021401 OH
008 D031401 44114
015 A001401 KEYTRUST COMPANY OF OHIO
015 B001401 C
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015 C021401 OH
015 C031401 44114
015 E031401 X
024 001400 Y
025 A001401 BEAR STEARNS
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<PAGE> PAGE 73
025 A001402 DONALDSON, LUFKIN & JENRETTE, INC.
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<PAGE> PAGE 74
036 B001400 0
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<PAGE> PAGE 75
058 A001400 N
058 B001400 N
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059 001400 Y
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070 A011400 Y
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<PAGE> PAGE 76
070 G021400 N
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<PAGE> PAGE 77
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008 A001501 KEY ASSET MANAGEMENT, INC.
008 B001501 A
008 C001501 801-46878
008 D011501 CLEVELAND
008 D021501 OH
<PAGE> PAGE 78
008 D031501 44114
015 A001501 KEYTRUST COMPANY OF OHIO
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024 001500 Y
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<PAGE> PAGE 79
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<PAGE> PAGE 80
050 001500 N
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<PAGE> PAGE 81
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<PAGE> PAGE 82
072 Q001500 24
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<PAGE> PAGE 83
075 A001500 0
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008 A001601 KEY ASSET MANAGEMENT, INC.
008 B001601 A
008 C001601 801-46878
008 D011601 CLEVELAND
008 D021601 OH
008 D031601 44114
015 A001601 KEYTRUST COMPANY OF OHIO
015 B001601 C
015 C011601 CLEVELAND
015 C021601 OH
015 C031601 44114
015 E031601 X
024 001600 Y
025 A001601 GENERAL ELECTRIC CAPITAL CORP.
025 C001601 D
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025 A001602 MERRILL LYNCH
025 C001602 D
025 D001602 2023
025 A001603 MORGAN STANLEY
025 C001603 D
025 D001603 2059
025 A001604 SALOMON BROTHERS, INC.
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<PAGE> PAGE 84
028 E041600 9177
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032 001600 1
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035 001600 0
036 B001600 0
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038 001600 0
039 001600 N
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041 001600 N
042 A001600 0
042 B001600 0
042 C001600 0
042 D001600 0
042 E001600 0
042 F001600 0
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042 H001600 0
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<PAGE> PAGE 85
048 F021600 0.000
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048 H021600 0.000
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048 J011600 0
048 J021600 0.000
048 K011600 0
048 K021600 0.000
049 001600 N
050 001600 N
051 001600 N
052 001600 N
053 A001600 Y
053 B001600 Y
053 C001600 N
055 A001600 Y
055 B001600 N
056 001600 Y
057 001600 N
058 A001600 N
058 B001600 N
058 C001600 N
058 D001600 N
058 E001600 N
059 001600 Y
060 A001600 Y
060 B001600 Y
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062 A001600 Y
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<PAGE> PAGE 86
064 A001600 N
064 B001600 N
066 A001600 N
067 001600 N
068 A001600 N
068 B001600 N
069 001600 N
070 A011600 Y
070 A021600 N
070 B011600 Y
070 B021600 N
070 C011600 Y
070 C021600 N
070 D011600 Y
070 D021600 N
070 E011600 Y
070 E021600 N
070 F011600 Y
070 F021600 N
070 G011600 Y
070 G021600 N
070 H011600 Y
070 H021600 N
070 I011600 Y
070 I021600 N
070 J011600 Y
070 J021600 N
070 K011600 Y
070 K021600 N
070 L011600 Y
070 L021600 N
070 M011600 Y
070 M021600 N
070 N011600 Y
070 N021600 N
070 O011600 Y
070 O021600 N
070 P011600 N
070 P021600 N
070 Q011600 N
070 Q021600 N
070 R011600 Y
070 R021600 N
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071 B001600 190784
071 C001600 140647
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<PAGE> PAGE 87
072 E001600 0
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<PAGE> PAGE 88
074 R021600 0
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008 A001701 KEY ASSET MANAGEMENT, INC.
008 B001701 A
008 C001701 801-46878
008 D011701 CLEVELAND
008 D021701 OH
008 D031701 44114
015 A001701 KEYTRUST COMPANY OF OHIO
015 B001701 C
015 C011701 CLEVELAND
015 C021701 OH
015 C031701 44114
015 E031701 X
024 001700 Y
025 A001701 GENERAL ELECTRIC CAPITAL CORP.
025 C001701 D
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<PAGE> PAGE 89
028 C021700 1040
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035 001700 0
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042 D001700 0
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<PAGE> PAGE 90
048 A021700 0.000
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048 I021700 0.000
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048 J021700 0.000
048 K011700 0
048 K021700 0.000
049 001700 N
050 001700 N
051 001700 N
052 001700 N
053 A001700 Y
053 B001700 Y
053 C001700 N
055 A001700 N
055 B001700 N
056 001700 Y
057 001700 N
058 A001700 N
058 B001700 N
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058 D001700 N
058 E001700 N
059 001700 Y
060 A001700 Y
060 B001700 Y
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<PAGE> PAGE 91
062 K001700 0.0
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064 A001700 N
064 B001700 N
066 A001700 N
067 001700 N
068 A001700 N
068 B001700 N
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070 A011700 Y
070 A021700 N
070 B011700 Y
070 B021700 N
070 C011700 Y
070 C021700 N
070 D011700 Y
070 D021700 N
070 E011700 Y
070 E021700 N
070 F011700 Y
070 F021700 N
070 G011700 Y
070 G021700 N
070 H011700 Y
070 H021700 N
070 I011700 Y
070 I021700 N
070 J011700 Y
070 J021700 N
070 K011700 Y
070 K021700 N
070 L011700 Y
070 L021700 N
070 M011700 N
070 M021700 N
070 N011700 Y
070 N021700 N
070 O011700 Y
070 O021700 N
070 P011700 N
070 P021700 N
070 Q011700 N
070 Q021700 N
<PAGE> PAGE 92
070 R011700 Y
070 R021700 N
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<PAGE> PAGE 93
074 I001700 0
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008 A001801 KEY ASSET MANAGEMENT, INC.
008 B001801 A
008 C001801 801-46878
008 D011801 CLEVELAND
008 D021801 OH
008 D031801 44114
015 A001801 KEYTRUST COMPANY OF OHIO
015 B001801 C
015 C011801 CLEVELAND
015 C021801 OH
015 C031801 44114
015 E031801 X
024 001800 Y
025 A001801 GENERAL ELECTRIC CAPITAL CORP.
025 C001801 D
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025 D001804 0
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<PAGE> PAGE 94
028 A021800 69
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036 B001800 0
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038 001800 0
039 001800 N
040 001800 Y
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<PAGE> PAGE 95
042 H001800 0
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048 A011800 0
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048 J011800 0
048 J021800 0.000
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048 K021800 0.000
049 001800 N
050 001800 N
051 001800 N
052 001800 N
053 A001800 Y
053 B001800 Y
053 C001800 N
055 A001800 Y
055 B001800 N
056 001800 Y
057 001800 N
058 A001800 N
058 B001800 N
058 C001800 N
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059 001800 Y
060 A001800 Y
060 B001800 Y
061 001800 500
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<PAGE> PAGE 96
062 C001800 0.0
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062 R001800 0.0
063 A001800 0
063 B001800 7.4
064 A001800 N
064 B001800 N
066 A001800 N
067 001800 N
068 A001800 N
068 B001800 N
069 001800 N
070 A011800 Y
070 A021800 N
070 B011800 N
070 B021800 N
070 C011800 N
070 C021800 N
070 D011800 N
070 D021800 N
070 E011800 N
070 E021800 N
070 F011800 N
070 F021800 N
070 G011800 N
070 G021800 N
070 H011800 N
070 H021800 N
070 I011800 N
070 I021800 N
070 J011800 N
070 J021800 N
070 K011800 Y
070 K021800 N
070 L011800 N
070 L021800 N
070 M011800 N
070 M021800 N
<PAGE> PAGE 97
070 N011800 Y
070 N021800 N
070 O011800 Y
070 O021800 N
070 P011800 N
070 P021800 N
070 Q011800 N
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070 R011800 Y
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<PAGE> PAGE 98
074 A001800 0
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008 A001901 KEY ASSET MANAGEMENT, INC.
008 B001901 A
008 C001901 801-46878
008 D011901 CLEVELAND
008 D021901 OH
008 D031901 44114
015 A001901 KEYTRUST COMPANY OF OHIO
015 B001901 C
015 C011901 CLEVELAND
015 C021901 OH
015 C031901 44114
015 E031901 X
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<PAGE> PAGE 99
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<PAGE> PAGE 100
045 001900 Y
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052 001900 N
053 A001900 Y
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<PAGE> PAGE 101
062 F001900 0.0
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<PAGE> PAGE 102
070 O021900 N
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<PAGE> PAGE 103
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008 B002001 A
008 C002001 801-46878
008 D012001 CLEVELAND
008 D022001 OH
008 D032001 44114
015 A002001 KEYTRUST COMPANY OF OHIO
015 B002001 C
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<PAGE> PAGE 104
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<PAGE> PAGE 105
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<PAGE> PAGE 106
060 B002000 Y
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068 A002000 N
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070 A012000 Y
070 A022000 N
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070 C012000 N
070 C022000 N
070 D012000 N
070 D022000 N
070 E012000 N
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070 F012000 N
070 F022000 N
070 G012000 N
070 G022000 N
070 H012000 N
070 H022000 N
070 I012000 N
070 I022000 N
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070 J022000 N
070 K012000 Y
070 K022000 N
<PAGE> PAGE 107
070 L012000 N
070 L022000 N
070 M012000 N
070 M022000 N
070 N012000 Y
070 N022000 N
070 O012000 Y
070 O022000 N
070 P012000 N
070 P022000 N
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070 R022000 N
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<PAGE> PAGE 108
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008 A002101 KEY ASSET MANAGEMENT, INC.
008 B002101 A
008 C002101 801-46878
008 D012101 CLEVELAND
008 D022101 OH
008 D032101 44114
015 A002101 KEYTRUST COMPANY OF OHIO
015 B002101 C
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015 C032101 44114
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<PAGE> PAGE 109
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<PAGE> PAGE 110
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055 A002100 N
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<PAGE> PAGE 111
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064 B002100 N
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<PAGE> PAGE 112
070 M022100 N
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<PAGE> PAGE 113
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008 A002201 KEY ASSET MANAGEMENT, INC.
008 B002201 A
008 C002201 801-46878
008 D012201 CLEVELAND
008 D022201 OH
008 D032201 44114
015 A002201 KEYTRUST COMPANY OF OHIO
015 B002201 C
015 C012201 CLEVELAND
015 C022201 OH
015 C032201 44114
015 E032201 X
024 002200 Y
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<PAGE> PAGE 114
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<PAGE> PAGE 115
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<PAGE> PAGE 116
055 A002200 N
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<PAGE> PAGE 117
070 F022200 N
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070 H012200 N
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<PAGE> PAGE 118
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008 A002301 KEY ASSET MANAGEMENT, INC.
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<PAGE> PAGE 119
008 D012301 CLEVELAND
008 D022301 OH
008 D032301 44114
015 A002301 KEYTRUST COMPANY OF OHIO
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<PAGE> PAGE 120
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<PAGE> PAGE 121
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<PAGE> PAGE 122
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<PAGE> PAGE 123
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<PAGE> PAGE 125
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<PAGE> PAGE 126
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<PAGE> PAGE 127
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<PAGE> PAGE 130
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<PAGE> PAGE 131
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<PAGE> PAGE 133
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<PAGE> PAGE 134
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<PAGE> PAGE 135
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<PAGE> PAGE 138
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<PAGE> PAGE 139
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TITLE FINANCIAL ANALYST
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<PER-SHARE-DISTRIBUTIONS> 1.83<F1>
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<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
<SERIES>
<NUMBER> 042
<NAME> VICTORY OHIO REGIONAL STOCK FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
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<PERIOD-START> NOV-01-1996
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<SHARES-REINVESTED> 0<F1>
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<OVERDIST-NET-GAINS-PRIOR> 870
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<GROSS-EXPENSE> 311
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<PER-SHARE-NAV-BEGIN> 17.87<F1>
<PER-SHARE-NII> (0.04)<F1>
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<FN>
<F1>Class B Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
<SERIES>
<NUMBER> 052
<NAME> VICTORY DIVERSIFIED STOCK FUND
<MULTIPLIER> 1000
<S> <C>
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<PERIOD-START> NOV-01-1996
<PERIOD-END> APR-30-1997
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<PER-SHARE-NAV-BEGIN> 15.71<F1>
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<FN>
<F1>Class B Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
<SERIES>
<NUMBER> 061
<NAME> VICTORY LIMITED TERM INCOME FUND
<MULTIPLIER> 1000
<S> <C>
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<ACCUM-APPREC-OR-DEPREC> (928)
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
<SERIES>
<NUMBER> 071
<NAME> VICTORY OHIO MUNICIPAL BOND FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> APR-30-1997
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<ACCUM-APPREC-OR-DEPREC> 1535
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<APPREC-INCREASE-CURRENT> (1026)
<NET-CHANGE-FROM-OPS> 1026
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<PER-SHARE-NII> 0.27
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<PER-SHARE-NAV-END> 11.31
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
<SERIES>
<NUMBER> 091
<NAME> VICTORY INTERNATIONAL GROWTH FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> APR-30-1997
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<INVESTMENTS-AT-VALUE> 117755
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<ACCUM-APPREC-OR-DEPREC> 11025
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<APPREC-INCREASE-CURRENT> 3773
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<NUMBER-OF-SHARES-REDEEMED> 1685<F1>
<SHARES-REINVESTED> 201<F1>
<NET-CHANGE-IN-ASSETS> (4975)
<ACCUMULATED-NII-PRIOR> 128
<ACCUMULATED-GAINS-PRIOR> 4222
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-EXPENSE> 1018
<AVERAGE-NET-ASSETS> 120228<F1>
<PER-SHARE-NAV-BEGIN> 13.01<F1>
<PER-SHARE-NII> 0.01<F1>
<PER-SHARE-GAIN-APPREC> 0.43<F1>
<PER-SHARE-DIVIDEND> 0.01<F1>
<PER-SHARE-DISTRIBUTIONS> 0.45<F1>
<RETURNS-OF-CAPITAL> 0.00<F1>
<PER-SHARE-NAV-END> 12.99<F1>
<EXPENSE-RATIO> 1.69<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
<SERIES>
<NUMBER> 081
<NAME> VICTORY GOVERNMENT MORTGAGE FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> APR-30-1997
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<ACCUM-APPREC-OR-DEPREC> (1815)
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<NET-CHANGE-IN-ASSETS> (14000)
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<OVERDISTRIB-NII-PRIOR> 1
<OVERDIST-NET-GAINS-PRIOR> 2008
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
<SERIES>
<NUMBER> 092
<NAME> VICTORY INTERNATIONAL GROWTH FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 106708
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<TOTAL-ASSETS> 119040
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<PAID-IN-CAPITAL-COMMON> 105247
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<SHARES-COMMON-PRIOR> 9<F1>
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11025
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<OVERDIST-NET-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 1018
<AVERAGE-NET-ASSETS> 152<F1>
<PER-SHARE-NAV-BEGIN> 12.93<F1>
<PER-SHARE-NII> (0.04)<F1>
<PER-SHARE-GAIN-APPREC> 0.39<F1>
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<EXPENSE-RATIO> 3.09<F1>
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<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class B Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
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<NUMBER> 041
<NAME> VICTORY OHIO REGIONAL STOCK FUND
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<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
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<GROSS-EXPENSE> 311
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<PER-SHARE-NII> 0.06<F1>
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<EXPENSE-RATIO> 1.28<F1>
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<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
<SERIES>
<NUMBER> 101
<NAME> VICTORY GROWTH FUND
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<S> <C>
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
<SERIES>
<NUMBER> 021
<NAME> VICTORY U.S. GOVERNMENT OBLIGATIONS FUND
<MULTIPLIER> 1000
<S> <C>
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<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> APR-30-1997
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<INVESTMENTS-AT-VALUE> 1571811
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<SHARES-REINVESTED> 12516<F1>
<NET-CHANGE-IN-ASSETS> 210582
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<GROSS-EXPENSE> 4847
<AVERAGE-NET-ASSETS> 1220977<F1>
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<EXPENSE-RATIO> 0.68<F1>
<AVG-DEBT-OUTSTANDING> 0<F1>
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<FN>
<F1>Select Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
<SERIES>
<NUMBER> 022
<NAME> VICTORY U.S. GOVERNMENT OBLIGATIONS FUND
<MULTIPLIER> 1000
<S> <C>
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<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 1571811
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<GROSS-EXPENSE> 4847
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<AVG-DEBT-OUTSTANDING> 0<F1>
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<FN>
<F1>Investor Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
<SERIES>
<NUMBER> 111
<NAME> VICTORY BALANCED FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> APR-30-1997
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<SHARES-REINVESTED> 907<F1>
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<GROSS-EXPENSE> 1985
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<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
<SERIES>
<NUMBER> 112
<NAME> VICTORY BALANCED FUND
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<S> <C>
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<PER-SHARE-NAV-BEGIN> 12.34<F1>
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<F1>Class B Shares
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
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<NAME> VICTORY VALUE FUND
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<TABLE> <S> <C>
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<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
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<NUMBER> 131
<NAME> VICTORY STOCK INDEX FUND
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
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<NAME> VICTORY SPECIAL VALUE FUND
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<FN>
<F1>Class A Shares
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
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<NAME> VICTORY SPECIAL VALUE FUND
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<NAME> THE VICTORY PORTFOLIOS
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<NAME> THE VICTORY PORTFOLIOS
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<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
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<NAME> VICTORY INTERMEDIATE INCOME FUND
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<TABLE> <S> <C>
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<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
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<NAME> VICTORY FUND FOR INCOME
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
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<NAME> VICTORY NATIONAL MUNICIPAL BOND FUND
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<S> <C>
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<F1>Class A Shares
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<TABLE> <S> <C>
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<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
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<NAME> VICTORY NATIONAL MUNICIPAL BOND FUND
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<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
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<NAME> VICTORY GOVERNMENT BOND FUND
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<NAME> THE VICTORY PORTFOLIOS
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<NAME> VICTORY GOVERNMENT BOND FUND
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<NAME> THE VICTORY PORTFOLIOS
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<NAME> VICTORY NEW YORK TAX-FREE FUND
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<EXPENSE-RATIO> 0.860
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
