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SEMIANNUAL REPORT
APRIL 30,
1997
Victory Funds(R)
TABLE OF CONTENTS
Shareholder Letter 2
Investment Review and Outlook 3
Glossary of Terms 4
<TABLE>
<CAPTION>
<S> <C>
Financial Statements
Schedules of Investments 5
Statements of Assets and Liabilities 78
Statements of Operations 85
Statements of Changes in Net Assets 92
Notes to Financial Statements 101
Financial Highlights 108
</TABLE>
NOT FDIC INSURED
Shares of the Victory Funds are not deposits or other obligations of,
or guaranteed by, any KeyCorp bank, Key Asset Management Inc., or
their affiliates, and are subject to investment risks, including
possible loss of the principal amount invested.
Key Asset Management Inc. (KAM) a subsidiary of KeyCorp, is the investment
adviser to The Victory Funds. The Victory Funds are sponsored and
distributed by BISYS Fund Services, which is not affiliated with KeyCorp
or its subsidiaries. KAM receives a fee for its services from the
Victory Funds.
This report is not authorized for distribution to prospective investors
unless preceded or accompanied by a current prospectus for the Victory
Funds.
Letter to our Shareholders
I'm pleased to present the Victory Funds semiannual report for the
period ended April 30, 1997.
During this period management has undertaken several important initiatives
and has continued to demonstrate tangible enhancements to the Funds.
Key Asset Management Inc. (KAM) was introduced as adviser to the
Funds on March 1, 1997. KAM represents a recent consolidation of
KeyCorp's investment advisory subsidiaries and encompasses a broad
range of customized investment solutions available through Society
Asset Management, Key Mutual Fund Advisers, Applied Technology
Investments and Spears, Benzak Salomon & Farrell. Together, KAM's
advisory team embodies more than 100 years of investment experience
and the new structure will help ensure the Fund's easy access to
specialized investment skills.
The Victory Lakefront Fund was launched on March 3, 1997, with Lakefront
Capital Investors, Inc., a Cleveland based African American-owned
institutional advisory firm, as the Fund's sub-adviser. Among Lakefront's
investment criteria is a unique interest in a company's corporate
diversity philosophy and strategy.
In April of this year, the Victory Real Estate Investment Fund came
to the market providing our clients and prospective investors with yet
another specialized investment solution. This Fund, managed out of
Key Asset Management Inc.'s Spears, Benzak, Salomon and Farrell
division, invests in the securities of real estate related companies,
offering individual and institutional investors liquidity,
diversification and easy access to this industry.
We're also proud that the Victory "Plain English" prospectuses were
available within days of the Securities and Exchange Commission's
announcement of its proposals to overhaul mutual fund disclosure
requirements. Our attempt to better direct investors through
important investment, risk, financial and operational information was
well worth the effort and we welcome your comments, questions or
suggestions.
Thank you for your continued investment and confidence in Victory.
/s/ Leigh A. Wilson
Leigh A. Wilson
President
Not FDIC Insured No Bank Guarantee May Lose Value
For more information about the Victory Funds, including charges and
expenses, request a prospectus by calling 1-800-KEY-FUND(R) (1-800-539-3863).
Please read the prospectus carefully before investing or sending money.
Investment Review and Outlook
1997 began with some trepidation among fund managers, whose overriding
concern was, "How long will this scenario of low inflation and high
employment last?" The Federal Reserve Board, which sets monetary policy,
seemed to share this concern when it raised the Federal Funds rate
by a quarter of a percentage point in March. This move was deemed
"anticipatory" because visible signs of inflation had not yet kicked in.
The market is concerned about inflation and the resultant impact on
interest rates because it affects the value of the future stream of
cash flows. For now this concern has been lulled by recent economic
reports that indicate that inflation has not yet become a major
problem. Of these, perhaps the most important was the employment cost
index (released April 29) which revealed no appreciable acceleration
in wages and salaries, despite the tightest labor market in some years.
Companies' earnings estimates have been nudging up a bit after this
year's first quarter results were reported. Although the pace of this
earnings growth is not as spectacular as in previous years, profits
were still respectable, especially when compared to the most recent
analysts' estimates (which had been talked down by company
managements eager to "beat the Street").
The dollar's very recent weakness has also bolstered the outlook for
company earnings, since it could result in a boost to U.S. exports.
Add in the notion that foreign economies are reviving a bit as the
U.S. settles back, and one has near ideal conditions for the big
multinationals that populate the major market benchmarks.
Needless to say, large-cap stock funds have a field day in this
environment, but shopping for a large-cap stock is much like shopping
at Tiffany's: nothing is on sale and one may pay a premium for the
privilege of taking home something in that little robin's egg blue
bag. There is also some evidence that historically, periods of high
valuations have coincided with periods of high volatility. Although
past performance is no indication of future results, it is well worth
keeping in mind that diversification is one of the best defenses
against volatility.
The perennial wisdom of proper asset allocation cannot be overemphasized.
Simply put, investors should not ignore other asset classes like bonds
and money market instruments. Bonds right now look very attractive
on a risk-adjusted basis. Among stocks, there are great bargains in
the market's small and mid-cap bins. In other words, here's where
we may find Tiffany's quality without the blue bag and hefty price tag!
May 30, 1997
/s/ Charlie Crane
Charlie Crane, Chief Market Strategist
Key Asset Management Inc.
Glossary of Often-Used Investment Terms
BOND RATING
An indication of the risk of a bond issue, as determined by a bond
rating service (such as Moody's or Standard & Poor's). Bonds with
the highest ratings (AAA) have the lowest credit risk.
PAR VALUE
The face value of a security. A bond selling at par, for instance,
is worth the same dollar amount it was issued for or at which it will
be redeemed at maturity--typically, $1000 per bond.
PORTFOLIO
Any combination of more than one security. A mutual fund
typically has a large, diversified portfolio of securities or of
investments in order to help lower investment risks.
SETTLEMENT DATE
Date by which an executed order must be settled, either by a buyer
paying for the securities with cash or by a seller delivering the
securities and receiving the proceeds of the sale for them. In a regular
way delivery of stocks and bonds, the settlement date is three business
days after the trade was executed. For listed options and government
securities, settlement is required by the next business day.
SHORT-TERM
CAPITAL GAIN (LOSS)
A capital gain (loss) arising from an asset which was held one year
or less. Short-term capital gains are taxed at the taxpayer's ordinary
tax rate.
CALL OPTIONS
A contract for the right to buy a specified number of shares at a
predetermined price on or before a stated date. The purchaser of a
call option feels the underlying stock price will rise, and he
purchases the call option from an investor equally convinced the
underlying stock price will either stay the same or fall.
PUT OPTION
A specified contract for the right to sell a specified number of shares
at a predetermined price on or before a stated date. The purchaser
of a put option feels the underlying stock price will fall, and he
purchases the put option from an investor equally convinced the price
will stay the same or rise.
PROSPECTUS
A document providing investors information about the fund's investment
objective, policies, and risks. It also provides the basic information
and details of the funds operations and services; information on sales
charges; redemption rights; tax status of the dividends and income;
expenses; the fund custodian and other service providers; and how
to buy and sell shares.
DOLLAR COST AVERAGING
OR CONSTANT DOLLAR PLAN*
A method of accumulating assets by investing a fixed amount of dollars
in securities at set intervals. The result is that more shares are
purchased when the price is low and fewer shares are purchased when
the price is high. The overall cost is lower than it would be if a
constant number of shares were bought at set intervals assuming a
general upward price trend.
CONVERTIBLE SECURITIES
Corporate bonds, preferred stocks and other securities that carry
an option to be exchanged for, or "converted" into, a set number of
shares of common stock.
* This strategy does not assure a profit and does not protect against
loss in declining markets. An investor should be prepared to continue
the program of investing at regular intervals, even during economic
downturns, in order to fully utilize a dollar cost averaging program.
<TABLE>
THE VICTORY PORTFOLIOS Schedule of Investments
U.S. Government Obligations Fund April 30, 1997
(Amounts in Thousands) (Unaudited)
<CAPTION>
Principal Amortized
Amount Security Description Cost
<S> <C> <C>
U.S. Treasury Notes (25.5%)
$ 25,000 6.50%, 5/15/97 $ 25,007
25,000 6.13%, 5/31/97 25,006
25,000 6.50%, 8/15/97 25,070
225,000 5.75%, 9/30/97 225,175
50,000 5.63%, 10/31/97 50,012
25,000 5.38%, 11/30/97 24,950
25,000 6.13%, 3/31/98 25,023
Total U.S. Treasury Notes 400,243
Total Investments 400,243
Repurchase Agreements (74.7%)
75,000 Aubrey G.
Lanston & Co., Inc.,
5.40%, 5/1/97,
(Collateralized by $77,344
various U.S. Treasury
Securities, 0.00%-6.50%,
10/2/97-5/15/05,
market value--$76,501) 75,000
77,000 Barclays de Zoete Wedd Securities, Inc.,
5.42%, 5/1/97,
(Collateralized by $109,061
U.S. Treasury
Securities, 0.00%-6.88%,
3/31/98-8/15/24,
market value--$78,541) 77,000
75,000 Chase Securities, Inc.,
5.40%, 5/1/97,
(Collateralized by $75,084
U.S. Treasury
Notes, 5.00%-7.00%,
2/15/99-6/30/99,
market value--$76,501) 75,000
30,000 Dean Witter Reynolds, Inc.,
5.25%, 5/1/97
(Collateralized by $30,201
various U.S. Treasury
Securities, 0.00%-8.50%,
5/29/97-8/31/01,
market value--$30,600) 30,000
77,000 Deutsche Morgan Grenfell,
5.38%, 5/1/97,
(Collateralized by $74,439
various U.S. Treasury
Secutities, 6.63%-9.88%,
8/15/99-2/15/27,
market value--$78,541) 77,000
75,000 Donaldson-Lufkin Jenrette
Securities Corp.,
5.38%, 5/1/97,
(Collateralized by $150,784
various U.S. Treasury
Secutities, 0.00%-10.75%,
7/10/97-2/15/24,
market value--$76,501) 75,000
75,000 Goldman Sachs Group L.P.,
5.38%, 5/1/97,
(Collateralized by $79,320
U.S. Treasury
Bonds, 6.50%,
11/15/28,
market value--$76,501) 75,000
77,000 Harris-Nesbitt Burns Securities,
5.41%, 5/1/97,
(Collateralized by $238,847
U.S.Treasury
Strips, 0.00%,
8/15/00-8/15/21,
market value--$78,540) 77,000
75,568 Lehman Brothers, Inc.,
5.45%, 5/1/97,
(Collateralized by $78,961
U.S. Treasury
Notes, 5.25%-8.00%,
1/31/01-5/15/01,
market value--$77,083) 75,568
385,000 NationsBanc Capital Markets, Inc.,
5.45%, 5/1/97,
(Collateralized by $425,814
various U.S. Government
Securities, 0.00%-9.25%,
5/2/97-4/30/02,
market value--$392,700) 385,000
75,000 Nomura Securities International, Inc.,
5.27%, 5/1/97,
(Collateralized by $360,882
U.S. Treasury
Strips, 0.00%,
2/15/19,
market value--$76,500) 75,000
75,000 Smith Barney Securities, Inc.,
5.45%, 5/1/97,
(Collateralized by $75,614
U.S Treasury
Notes, 6.63%,
6/30/01-4/30/02,
market value--$76,500) 75,000
Total Repurchase Agreements 1,171,568
Total (Cost $1,571,811) <F1> $1,571,811
<FN>
Percentages indicated are based on net assets of $1,568,399.
<F1> Cost for federal income tax and financial reporting purposes
are the same.
See notes to financial statements.
</TABLE>
<TABLE>
THE VICTORY PORTFOLIOS Schedule of Investments
Prime Obligations Fund April 30, 1997
(Amounts in Thousands) (Unaudited)
<CAPTION>
Principal Amortized
Amount Security Description Cost
<S> <C> <C>
Bank Deposit Notes (0.8%)
$ 4,000 Huntington National Bank,
5.85%, 9/30/97 $ 4,000
Total Bank Deposit Notes 4,000
Banker's Acceptances (1.4%)
7,000 ABN-Amro Bank, New York,
5.44%, 11/26/96 6,957
Total Banker's Acceptances 6,957
Certificates of Deposit (0.5%)
2,500 Old Kent Bank,
7.20%, 10/14/97 2,516
Total Certificates of Deposit 2,516
Commercial Paper (39.5%)
10,000 Ameritech Corp.,
5.25%, 5/15/97 9,980
2,750 ABN-Amro N.A. Finance, Inc.,
5.42%, 9/19/97,
Guaranteed by ABN-Amro
Bank NV 2,692
10,000 Associates Corp.,
5.62%, 6/11/97 9,936
4,959 Brown-Forman Corp.,
5.54%, 5/5/97 4,956
7,615 Brown-Forman Corp.,
5.54%, 5/6/97 7,609
20,083 Fleet Funding Corp.,
5.55%, 5/21/97 20,021
10,000 Ford Motor Credit Corp.,
5.55%, 5/21/97 9,969
5,000 General Motors Acceptance Corp.,
5.54%, 5/20/97 4,985
10,000 Great Lakes Chemical Corp.,
5.52%, 5/15/97 9,979
10,000 Morgan Stanley Group, Inc.,
5.70%, 5/1/97 10,000
9,814 Retailer Funding Corp.,
5.60%, 5/14/97 9,794
13,918 Retailer Funding Corp.,
5.53%, 5/22/97 13,873
10,000 Sara Lee Corp.,
5.55%, 6/25/97 9,915
5,000 Sara Lee Corp.,
5.55%, 6/26/97 4,957
15,000 Sheffield Receivables Corp.,
5.55%, 5/2/97 14,998
15,000 Smith Barney, Inc.,
5.54%, 5/21/97 14,954
9,000 Southwestern Bell Telephone Co.,
5.52%, 5/12/97 8,984
3,600 Toshiba America, Inc.,
5.32%, 5/12/97,
Guaranteed by Toshiba Corp. 3,594
4,000 Unibanco,
5.40%, 5/1/97,
LOC Westdeutsche Landesbank 4,000
5,000 Weyerhaeuser Co.,
5.47%, 5/21/97 4,985
15,000 Weyerhaeuser Real Estate,
5.55%, 5/15/97 14,968
Total Commercial Paper 195,149
Corporate Notes (33.3%)
2,820 Astro Aluminum,
5.70%<F3>, 5/1/97<F4>,
LOC National City Bank 2,820
4,000 Bankers' Trust,
5.71%<F3>, 5/1/97<F4> 3,999
3,180 Baylis Group Partnership,
5.70%<F3>, 5/7/97<F4>,
LOC Societe Generale 3,180
5,000 Bear Stearns Cos., Inc.,
5.74%<F3>, 5/14/97 5,000
200 Carelife, Inc.,
5.78%<F3>, 5/1/97<F4>,
LOC National City Bank, Columbus 200
2,350 Carelife, Inc.,
5.78%<F3>, 5/1/97<F4>,
LOC National City Bank, Columbus 2,350
5,650 CIT Group Holdings,
5.61%<F3>, 5/6/97<F4> 5,648
1,450 Cleveland Steel Container,
5.78%<F3>, 5/1/97<F4>,
LOC National City Bank 1,450
3,000 Comerica Bank of Detroit,
5.66%<F3>, 5/6/97<F4> 3,000
810 Dietz Road Ltd. Partnership,
5.78%<F3>, 5/1/97<F4>,
LOC National City Bank 810
2,820 Dome Corp.,
5.70%<F3>, 5/7/97<F4>,
LOC Societe Generale 2,820
5,000 Ford Motor Credit Corp.,
5.93%<F3>, 5/6/97<F4> 5,000
5,500 Ford Motor Credit Corp.,
5.67%<F3>, 5/27/97 5,500
15,000 General American Life Insurance,
5.91%<F3>, 5/1/97<F4> GIC 15,000
1,800 GMH Enterprises,
5.80%<F3>, 5/1/97<F4>,
LOC National City Bank 1,800
930 GNWT III,
5.63%<F3>, 5/1/97<F4>,
LOC Bank One, Dayton 930
285 Highland Road Partners,
5.78%<F3>, 5/1/97<F4>,
LOC National City Bank 285
815 Highland Road Partners,
5.70%<F3>, 5/1/97<F4>,
LOC National City Bank 815
4,000 Huntington National Bank,
5.58%<F3>, 5/1/97<F4> 3,999
22,000 Lehman Government Securities
Master Note,
5.98%<F3>, 5/1/97<F4> 22,000
875 McKinley Air Transport,
5.70%<F3>, 5/1/97<F4>,
LOC National City Bank 875
875 MCMC Pob LII,
5.70%<F3>, 5/1/97<F4>,
LOC National City Bank 875
6,000 Merrill Lynch & Co., Inc.,
5.78%<F3>, 5/1/97<F4> 6,003
4,000 Morgan Guaranty Trust Co.,
5.38%<F3>, 5/14/97<F4> 3,998
8,000 Morgan Stanley Group, Inc.,
5.66%<F3>, 6/13/97<F4> 8,000
725 Mount Carmel East,
5.58%<F3>, 5/1/97<F4>,
LOC National City Bank 725
3,340 Olympic Steel Corp.,
5.63%<F3>, 5/1/97<F4>,
LOC Fifth Third Bank 3,340
655 Pharmed, Inc. Project,
5.63%<F3>, 5/1/97<F4>,
LOC Fifth Third Bank 655
1,120 Presrite Corp.,
5.70%<F3>, 5/1/97<F4>,
LOC National City Bank 1,120
3,210 Reichert Limited Partnership,
5.70%<F3>, 5/1/97<F4>,
LOC National City Bank 3,210
12,000 Republic New York Securities
Master Note,
5.88%<F3>, 5/6/97<F4> 12,000
524 Rivnut Engineered Products,
5.78%<F3>, 5/1/97<F4>,
LOC National City Bank 524
10,000 RKS LLC Health Care,
5.75%<F3>, 5/7/97<F4>,
LOC AmSouth Bank <F2> 10,000
735 S&S Ltd. Partnership Project,
5.78%<F3>, 5/1/97<F4>,
LOC National City Bank 735
132 Schipper Enterprises,
5.79%<F3>, 5/1/97<F4>,
LOC Bank One, Akron 132
2,963 Schipper Enterprises,
5.79%<F3>, 5/1/97<F4>,
LOC Bank One, Akron 2,963
15,000 SeaRiver Maritime, Inc.,
5.70%<F3>, 5/1/97<F4>,
Guaranteed by Exxon Corp.,
Continuously callable
after 10/1/93 @ 100 15,000
750 Sofa Express Project,
5.70%<F3>, 5/1/97<F4>,
LOC National City Bank 750
1,500 Tell-Schipper Properties, Inc.,
5.79%<F3>, 5/1/97<F4>,
LOC Bank One, Akron 1,500
3,500 Transamerica Finance,
5.66%<F3>, 5/6/97<F4> 3,500
1,850 Zanetos Partnership Project,
5.78%<F3>, 5/1/97<F4>,
LOC National City Bank 1,850
Total Corporate Notes 164,361
Medium Term Notes (8.4%)
4,000 Associates Corp. N.A.,
5.88%, 8/15/97 4,001
4,000 Beta Finance,
5.79%, 8/13/97 4,002
2,000 Disney Enterprises, Inc.
8.00%, 12/19/97 2,025
750 Ford Motor Credit Corp.,
8.00%, 12/1/97 759
1,200 General Electric Capital Corp.,
7.95%, 2/2/98 1,214
1,823 General Electric Capital Corp.,
8.63%, 3/12/98 1,858
1,100 General Motors Acceptance Corp.,
7.45%, 6/5/97 1,102
1,800 General Motors Acceptance Corp.,
6.30%, 9/10/97 1,804
2,122 General Motors Acceptance Corp.,
7.85%, 11/17/97 2,146
1,000 General Motors Acceptance Corp.,
7.50%, 3/16/98 1,011
1,000 General Motors Acceptance Corp.,
7.13%, 5/11/98 1,008
2,000 John Deere Capital Corp.,
5.95%, 6/30/97 2,001
1,900 Morgan Stanley Group, Inc.,
5.65%, 6/15/97 1,900
1,593 Nestle Holdings,
6.50%, 8/4/97 1,596
1,185 PepsiCo, Inc.
8.00%, 12/28/97 1,198
5,000 PNC Bank N.A.,
5.90%, 10/15/97 5,005
1,000 Phillip Morris Cos., Inc.,
8.75%, 6/15/97 1,003
2,700 Phillip Morris Cos., Inc.,
9.25%, 12/1/97 2,753
5,000 USL Capital Corp.,
5.56%<F3>, 6/2/97 5,000
Total Medium Term Notes 41,386
Municipal Bonds (2.5%)
Ohio (1.5%):
7,500 Cuyahoga County Taxable EDR,
Gateway Arena Project,
Series B, 5.80%<F3>, 5/7/97<F4>,
LOC Canadian Imperial Bank
of Commerce 7,500
Virginia (1.0%):
5,000 Industrial Development Authority
of Bedford, VA,
5.79%<F3>, 6/27/97,
LOC Societe Generale 5,000
Total Municipal Bonds 12,500
U.S. Government Agencies (6.9%)
Federal Farm Credit Bank:
4,030 5.93%, 7/1/97 4,031
Federal Home Loan Bank:
5,000 4.25%, 6/30/97 4,986
3,000 5.78%, 1/28/98,
callable 7/28/97 @ 100 3,000
Student Loan Marketing Assoc.:
5,000 5.55%<F3>, 5/6/97<F4> 4,998
10,000 5.55%<F3>, 5/6/97<F4> 9,998
3,000 5.75%, 1/23/98,
callable 7/23/97 @ 100 3,000
4,000 5.54%, 2/25/98 3,997
Total U.S. Government Agencies 34,010
U.S. Treasury Notes (3.1%)
4,000 5.75%, 9/30/97 3,999
4,000 5.25%, 12/31/97 3,993
5,000 7.88%, 1/15/98 5,075
2,000 6.13%, 3/31/98 2,002
Total U.S. Treasury Notes 15,069
Total Investments 475,948
Repurchase Agreements (3.6%)
18,003 Paine Webber Securities Corp.,
5.42%, 5/1/97,
(Collateralized by $18,480
U.S. Treasury Notes,
5.88%, 11/30/01,
market value--$18,364) 18,003
Total Repurchase Agreements 18,003
Total (Cost $493,951) <F1> $493,951
<FN>
Percentages indicated are based on net assets of $494,188.
<F1> Cost for federal income tax and financial reporting purposes
are the same.
<F2> Represents a private placement security.
<F3> Variable rate securities having liquidity sources through bank
letters of credit or other credit and/or liquidity agreements. The
interest rate, which will change periodically, is based upon bank
prime rates or an index of market interest rates. The rate reflected
on the Schedule of Portfolio Investments is the rate in effect at
April 30, 1997. Maturity date reflects the next rate change date.
<F4> Put and demand features exist allowing the Fund to require
the repurchase of the instrument within variable time periods including
daily, weekly, monthly, or semi-annually.
EDR--Economic Development Revenue
LOC--Letter of Credit
GIC--Guaranteed Insurance Contract
See notes to financial statements.
</TABLE>
<TABLE>
THE VICTORY PORTFOLIOS Schedule of Investments
Financial Reserves Fund April 30, 1997
(Amounts in Thousands) (Unaudited)
<CAPTION>
Principal Amortized
Amount Security Description Cost
<S> <C> <C>
Bank Deposit Notes (1.0%)
$ 1,000 Harris Trust & Savings Bank Notes,
6.04%, 6/17/97 $ 1,000
7,000 Huntington Bank Note,
5.85%, 9/30/97 7,000
Total Bank Deposit Notes 8,000
Banker's Acceptances (1.2%)
10,000 ABN-Amro New York,
5.55%, 6/10/97 9,938
Total Banker's Acceptances 9,938
Commercial Paper (41.2%)
15,000 Ameritech,
5.25%, 5/15/97 14,969
12,000 Associates Corp.,
5.62%, 6/11/97 11,923
10,000 Australian Wheat Board,
5.55%, 5/30/97 9,955
10,000 Australian Wheat Board,
5.55%, 6/4/97 9,948
15,000 Broadway Capital Corp.,
5.62%, 5/9/97 14,981
4,668 Brown-Forman,
5.54%, 5/6/97 4,664
10,000 California Higher Education
Loan Authority,
5.58%, 5/8/97,
LOC State Street Bank 9,989
37,000 Fleet Funding Corp.,
5.55%, 5/21/97 36,886
10,000 Ford Motor Credit Corp.,
5.55%, 5/21/97 9,969
5,000 General Motors Acceptance Corp.,
5.54%, 5/20/97 4,985
10,000 General Motors Acceptance Corp.,
5.78%, 10/7/97 9,745
4,000 Great Lakes Chemical,
5.52%, 5/27/97 3,984
20,000 International Business Machine
Credit Corp.,
5.51%, 5/21/97 19,939
5,000 McCormick & Co.,
5.26% 7/15/97 4,945
15,000 Morgan Stanley Group,
5.70%, 5/1/97 15,000
17,588 Nebraska Higher Education,
5.55%, 5/21/97,
LOC State Street Bank 17,534
5,128 Nebraska Higher Education
Capital Services,
5.54%, 5/29/97 5,106
8,000 Retailer Funding,
5.60%, 5/14/97 7,984
17,000 Sara Lee Corp.,
5.55%, 6/25/97 16,856
10,000 Sara Lee Corp.,
5.55%, 6/26/97 9,914
20,000 Sheffield Receivables,
5.55%, 5/2/97 19,997
25,000 Smith Barney,
5.54%, 5/21/97 24,923
4,566 Southwest Student Services Corp.,
5.55%, 5/21/97,
LOC Dresdner Bank, AG 4,552
20,000 Southwestern Bell Telephone,
5.52%, 5/12/97 19,966
6,000 Unibanco,
5.40%, 5/1/97,
LOC Westdeutsche Landesbank 6,000
7,300 Vehicle Services,
5.36%, 5/12/97,
LOC NationsBank Texas 7,288
5,000 Weyerhaeuser Co.,
5.47%, 05/21/97 4,985
Total Commercial Paper 326,987
Corporate Notes (37.8%)
10,000 Armstrong County Hospital,
5.75%<F2>, 5/7/97<F3>,
LOC FNB-Chicago 10,000
3,000 Associates Corp.,
6.75%, 6/13/97 3,003
2,100 Austin Printing Co.,
5.70%<F2>, 5/1/97<F3>,
LOC Bank One, Akron 2,100
3,180 Automated Packaging System,
5.78%<F2>, 5/1/97<F3>
LOC National City Bank 3,180
6,000 Bankers Trust,
5.71%<F2>, 5/1/97 5,998
8,000 Bear Stearns Co.,
5.82%<F2>, 5/14/97 8,000
980 Bee Holdings, Inc.,
5.70%<F2>, 5/1/97<F3>,
LOC National City Bank 980
1,950 Bee Holdings, Inc.,
5.75%<F2>, 5/1/97<F3>,
LOC National City Bank 1,950
8,000 Beta Finance,
5.79%, 8/13/97 8,003
3,775 Buckeye Corrugated,
5.70%<F2>, 5/1/97<F3>,
LOC National City Bank 3,775
7,250 Capital One Funding Corp.,
5.70%<F2>, 5/1/97<F3>,
LOC Bank One Texas 7,250
5,000 Exxon Capital Corp.,
7.88%, 8/15/97 5,032
5,000 Ford Motor Credit Corp.,
5.67%<F2>, 9/2/97 5,002
25,000 General American Life Insurance,
5.91%<F2>, 5/1/97<F3> GIC 25,000
1,000 General Electric Capital Corp.,
9.25% 6/30/97 1,006
2,000 General Electric Capital Corp.,
5.88%, 10/1/97 2,002
3,800 General Electric Capital Corp.,
7.95%, 2/2/98 3,854
5,000 General Motors Acceptance Corp.,
5.86%<F2>, 5/1/97 5,001
3,000 General Motors Acceptance Corp.,
7.88%, 2/23/98 3,049
2,000 General Motors Acceptance Corp.,
7.50%, 3/16/98 2,021
2,000 General Motors Acceptance Corp.,
7.13%, 5/11/98 2,015
1,200 Hancor Inc.,
5.70%<F2>, 5/1/97<F3>,
LOC National City Bank 1,200
8,000 Huntington National Bank,
5.66%<F2>, 5/1/97 7,998
6,500 Ivex of Delaware (Kama Project),
5.75%<F2>, 5/1/97<F3>,
LOC Societe Generale 6,500
31,982 Lehman Brothers Government Security,
5.88%<F2>, 5/5/97<F3> 31,982
9,000 Merril Lynch,
5.86%<F2>, 5/1/97 9,004
6,000 Morgan Guaranty Trust Co.,
5.46%<F2>, 5/14/97 5,998
15,000 Morgan Stanley Group,
5.74%<F2>, 5/1/97<F3> 15,000
11,600 OFC Corp.,
5.75%<F2>, 5/7/97<F3>,
LOC LaSalle Bank 11,600
600 Parkway Business Plaza,
5.70%<F2>, 5/1/97<F3>,
LOC National City Bank 600
3,950 Phillip Morris Cos., Inc.,
8.75%, 6/15/97 3,963
1,470 Phillip Morris Cos., Inc.,
9.25%, 12/1/97 1,498
5,050 PNC Bank Notes,
5.90% 10/15/97 5,055
23,000 Republic New York Securities
Master Note,
5.88%<F3>, 5/6/97 23,000
2,505 Sandridge Foods,
5.78%<F2>, 5/1/97<F3>,
LOC Bank One, Akron 2,505
25,000 SeaRiver Maritime, Inc.,
5.78%<F2>, 5/1/97<F3>,
Guaranteed by Exxon Corp. 25,000
1,390 SGS Tool Co.,
5.78%<F2>, 5/1/97<F3>,
LOC National City Bank 1,390
1,500 SGS Tool Co.,
5.78%<F2>, 5/1/97<F3>,
LOC National City Bank 1,500
7,170 Shelbourne Realty,
5.66%<F2>, 5/1/97<F3>,
LOC Star Bank 7,170
605 TPC Properties, Inc.,
5.70%<F2>, 5/1/97<F3>,
LOC National City Bank 605
5,000 USL Capital Corp.,
5.56%, 6/2/97 4,999
2,000 USL Capital Corp.,
5.65%, 6/23/97 2,000
5,000 Venturecor, Inc.,
5.75%<F2>, 5/7/97<F3>,
LOC FNB-Chicago 5,000
2,500 Xerox Corp.,
9.63%, 9/1/97 2,532
14,000 Xerox Credit Corp.,
5.61%<F2>, 5/1/97 14,000
2,335 Zanetos Partnership Project,
5.78%<F2>, 5/1/97<F3>,
LOC National City Bank 2,335
Total Corporate Notes 300,655
Municipal Bonds (0.9%)
Virginia (0.9%):
7,000 Industrial Development Authority
of Bedford, VA,
5.79%<F2>, 6/27/97,
LOC Societe Generale 7,000
Total Municipal Bonds 7,000
U.S. Government Agencies (11.8%)
Federal Farm Credit Bank:
5,000 5.93%, 7/1/97 5,002
Federal Home Loan Bank:
8,000 4.25%, 6/30/97 7,978
3,000 5.81%, 1/30/98 3,000
Federal National Mortgage Assoc.:
15,000 5.54%<F2>, 5/6/97 15,000
20,000 5.68%<F2>, 5/6/97 20,000
5,000 5.53%, 12/16/97 4,997
Student Loan Marketing Assoc.:
6,000 5.55%<F2>, 5/6/97 5,999
4,500 5.57%<F2>, 5/6/97 4,501
10,000 5.55%<F2>, 5/6/97 9,998
10,000 5.71%<F2>, 5/6/97 10,009
7,000 5.54%, 2/25/98 6,995
Total U.S. Government Agencies 93,479
U.S. Treasury Notes (3.2%)
7,000 5.75%, 9/30/97 6,999
7,000 5.25%, 12/31/97 6,987
7,000 7.88%, 1/15/98 7,105
4,000 6.13%, 3/31/98 4,004
Total U.S. Treasury Notes 25,095
Total Investments 771,154
Repurchase Agreements (2.9%)
22,874 Paine Webber Securities Corp.,
5.42%, 5/1/97
(Collateralized by $28,873
U.S. Treasury Notes,
5.88-7.88%, 5/31/01-11/30/01,
market value--$28,281) 22,874
Total Repurchase Agreements 22,874
Total (Cost $794,028) <F1> $794,028
<FN>
Percentages indicated are based on net assets of $794,425.
<F1> Cost for federal income tax and financial reporting purposes
are the same.
<F2> Variable rate securities having liquidity sources through bank
letters of credit or other credit and/or liquidity agreements. The
interest rate, which will change periodically, is based upon bank
prime rates or an index of market interest rates. The rate reflected
on the Schedule of Portfolio Investments is the rate in effect at
April 30, 1997.
<F3> Put and demand features exist allowing the Fund to require
the repurchase of the instrument within variable time periods including
daily, weekly, monthly, or semi-annually.
LOC--Letter of Credit
GIC--Guaranteed Insurance Contract
See notes to financial statements.
</TABLE>
<TABLE>
THE VICTORY PORTFOLIOS Schedule of Investments
Tax-Free Money Market Fund April 30, 1997
(Amounts in Thousands, Except Shares) (Unaudited)
<CAPTION>
Shares or
Principal Amortized
Amount Security Description Cost
<S> <C> <C>
Municipal Bonds (99.1%)
Alaska (0.2%):
$ 750 Anchorage, Prerefunded,
5.90%, 6/1/97 $ 751
Arizona (0.4%):
1,500 Pima County IDR,
4.65%<F2>, 5/1/97<F3>,
LOC National City Bank 1,500
California (2.4%):
5,500 State,
4.50%, 6/30/97 5,505
2,700 Orange County,
Transportation Authority, Series 8,
3.60%<F2>, 5/7/97,
LOC Bank of New York 2,700
8,205
Colorado (0.3%):
1,000 Arvada Industrial,
4.70%<F2>, 5/1/97<F3>,
LOC Union Bank of Switzerland 1,000
District of Columbia (1.4%):
5,000 District of Columbia Housing
Finance Agency,
Mortgage Revenue,
Single Family, Series B,
3.75%<F2>, 12/1/97<F3>, GNMA/FNMA 5,000
Florida (2.8%):
9,800 Dade County Housing Finance
Authority,
4.15%<F2>, 5/7/97<F3>,
LOC John Hancock 9,800
Georgia (2.0%):
2,900 Athens-Clark County IDR,
Phone Merieux Project,
3.50%, 6/12/97,
LOC Societe Generale 2,900
1,785 State Residential Financial Authority,
Home Ownership Management,
Series D, 3.70%<F2>, 6/1/97<F3>,
BPA FNB-Chicago 1,785
2,100 State Residential Financial Authority,
Home Ownership Management,
Series C, 3.70%<F2>, 6/1/97<F3>,
SPA FNB-Chicago 2,100
6,785
Illinois (7.6%):
1,125 Development Financial Authority,
Catherine Cook School Project,
4.80%<F2>, 5/1/97<F3>,
LOC Harris Bank 1,125
1,500 Development Financial Authority,
Kindlon Partnership Project,
4.75%<F2>, 5/1/97<F3>,
LOC Lasalle National Bank 1,500
8,000 Development Financial Authority,
Pollution Control Revenue,
Consolidated Edison Project,
Series B, 4.50%<F2>, 5/7/97<F3>,
LOC Bank of New York 8,000
1,000 Development IDR,
4.60%<F2>, 5/7/97<F3>,
LOC ABN Amro Bank 1,000
4,400 Financial Authority,
4.70%<F2>, 5/7/97<F3>,
LOC LaSalle National Bank 4,400
2,100 Educational Facilities Authority,
Field Museum
National History, Revenue Bond,
4.50%<F2>, 5/7/97<F3>,
LOC Northern Trust 2,100
3,600 Health Facility, West Suburban
Hospital Medical Center,
Revenue Bond,
4.50%<F2>, 5/7/97<F3>,
LOC FNB-Chicago 3,600
2,800 Kankakee County IDR,
4.80%<F2>, 5/1/97<F3>,
LOC Societe Generale 2,800
1,975 Tinley Park Multi-Family
Revenue,
4.55%<F2>, 5/1/97<F3>,
LOC LaSalle National Bank 1,975
26,500
Indiana (19.6%):
7,400 Bartholomew Consolidated
School Corp.,
4.00%, 6/30/97 7,404
7,390 Bartholomew Consolidated
School Corp.,
4.00%, 12/31/97 7,404
3,400 Carmel Clay Schools,
4.25%, 12/31/97 3,410
4,740 Concord Community Schools,
4.25%, 12/31/97 4,754
1,100 Greenwood Economic Development,
Endress & Hauser Inc., Series B,
4.80%<F2>, 5/1/97<F3>,
LOC Bank One Indianapolis 1,100
2,470 Greenwood IDR,
4.80%<F2>, 5/1/97<F3>,
LOC Bank One Indianapolis 2,470
1,550 Griffith Public School District,
4.00%, 6/30/97 1,551
1,550 Griffith Public School District,
4.00%, 12/31/97 1,552
7,000 Hammond Industrial,
LOCal Public Improvement,
4.20%, 1/1/97 7,023
4,100 Michigan City Area Schools,
4.00%, 6/30/97 4,102
4,100 Michigan City Area Schools,
4.00%, 12/31/97 4,106
2,000 Petersburg, Pollution Control,
Revenue Bond, Indianapolis
Power & Light, Series B,
4.60%<F2>, 5/7/97<F3>, AMBAC 2,000
2,540 Scottsburg,
4.70%<F2>, 5/1/97<F3>,
LOC PNC Bank 2,540
4,100 Seymour,
4.65%<F2>, 5/1/97<F3>,
LOC Federal Home Loan Bank 4,100
500 Seymour,
4.65%<F2>, 5/1/97<F3>,
LOC Federal Home Loan Bank 500
4,110 State Development Financial
Authority, Ecomomic
Development Revenue,
Dura-Crete Project,
4.80%<F2>, 5/1/97<F3>,
LOC Bank One Dayton 4,110
2,000 State Development Financial
Authority, Educational
Facilities, Historical Society,
Revenue Bond,
4.50%<F2>, 5/7/97<F3>,
LOC NBD Bank 2,000
3,000 State Educational Facilities,
St. Mary Project,
Revenue Bond,
4.50%<F2>, 5/7/97<F3>,
LOC NBD Bank 3,000
850 Syracuse Economic
Development Revenue,
4.60%<F2>, 5/1/97<F3>,
LOC Bank One Indianapolis 850
3,075 Valparaiso Community Schools,
4.00%, 12/31/97 3,079
1,030 Wakarusa Economic
Development,
4.70%<F2>, 5/1/97<F3>,
LOC
Bank One Indianapolis 1,030
68,085
Iowa (2.2%):
4,325 City of Urbandale,
3.90%<F2>, 5/1/97<F3>,
Guaranteed by
Principle Mutual
Life Insurance Co. 4,325
3,100 Ottumwa Community
School District, GO,
4.30%, 8/5/97 3,102
7,427
Kansas (0.7%):
2,300 Fairway,
3.90%<F2>, 5/1/97<F3>,
Guaranteed by
Principle Mutual
Life Insurance Co. 2,300
Kentucky (12.6%):
1,210 Bath County,
4.70%<F2>, 5/1/97<F3>,
LOC Fifth Third Bank 1,210
2,475 Boone County,
4.70%<F2>, 5/1/97<F3>,
LOC PNC Bank 2,475
3,000 Boone County,
4.74%<F2>, 5/2/97<F3>,
LOC Star Bank 3,000
5,000 Carroll County IDR,
4.80%<F2>, 5/7/97<F3>,
LOC National City Bank 5,000
2,900 Covington,
4.60%<F2>, 5/1/97<F3>,
LOC Fifth Third Bank 2,900
3,500 Elsmere Industrial Building
Revenue, Mazak Corp. Project,
Revenue Bond,
4.72%<F2>, 5/1/97<F3>,
LOC Fifth Third Bank 3,500
2,500 Hillsborough County, Ringhaven,
4.75%<F2>, 5/1/97<F3>,
LOC Mellon Bank 2,500
4,500 Jefferson County,
4.72%<F2>, 5/1/97<F3>,
LOC Fifth Third Bank 4,500
1,400 Lewis County,
4.70%<F2>, 5/1/97<F3>,
LOC Fifth Third Bank 1,400
2,400 Louisville, Zeochem,
4.70%<F2>, 5/7/97<F3>,
LOC National City Bank 2,400
10,600 Mayfield Multi-City Lease Revenue,
4.15%<F2>, 5/7/97<F3>,
LOC PNC Bank 10,600
1,450 Rural Economic Development
Authority,
PB&S Chemical Co Project,
Revenue Bond,
4.65%<F2>, 5/1/97<F3>,
LOC Westdeutsche Landesbank 1,450
3,000 Somerset Glen Oak,
4.80%<F2>, 5/1/97<F3>,
LOC Bank One Milwaukee 3,000
43,935
Louisiana (1.2%):
4,265 St. Tammany Public Finance
Authority,
4.75%<F2>, 5/1/97<F3>,
LOC Banque Paribas 4,265
Maine (2.8%):
1,000 Portland Schools, GO,
4.10%, 6/1/97 1,000
5,000 Public Utility Revenue,
Public Services Co. Project,
4.75%<F2>, 5/7/97<F3>,
LOC Bank of New York 5,000
1,100 Scarborough,
4.00%, 6/30/97 1,101
2,700 State GO,
4.00%, 6/12/97 2,701
9,802
Michigan (0.9%):
1,000 Higher Education Facilities
Authority, Davenport College
Project, Revenue Bond,
4.60%<F2>, 5/1/97<F3>,
LOC Old Kent Bank 1,000
1,100 State Strategic Fund,
4.65%<F2>, 5/7/97<F3>,
LOC Comerica Bank 1,100
800 State Strategic Fund,
4.80%<F2>, 5/7/97<F3>,
LOC Harris Trust 800
2,900
Minnesota (0.9%):
3,000 St.Cloud Housing, Webway,
4.70%<F2>, 5/1/97<F3>,
LOC National City Bank 3,000
Missouri (2.7%):
1,130 Cuba IDR,
4.80%<F2>, 5/1/97<F3>,
LOC Bank One Cleveland 1,130
3,600 Kansas City,
3.90%<F2>, 5/1/97<F3>,
LOC Principle Mutual
Life Insurance Co. 3,600
4,725 St. Louis IDR,
4.60%<F2>, 5/7/97<F3>,
LOC LaSalle National Bank 4,725
9,455
Montana (2.6%):
6,995 State Health Facilities Authority,
Health Care-Pooled
Loan Project, Series A,
Revenue Bond,
4.70%<F2>, 5/1/97<F3>,
LOC Norwest Bank of Minnesota 6,995
2,000 St. Charles County, Industrial
Development Authority,
Venture Stores Project,
Revenue Bond,
4.50%<F2>, 5/7/97<F3>,
LOC State Street Bank & Trust 2,000
8,995
Nebraska (1.4%):
5,000 Investment Finance,
3.80%, 7/15/97<F3>, GNMA/FGIC 5,000
Nevada (1.4%):
5,000 Clark County IDR,
Nevada Power Co. Project, Series A,
4.15%<F2>, 5/7/97<F3>,
LOC Barclays Bank 5,000
New Hampshire (1.1%):
1,850 Belknap County,
4.16%, 6/30/97 1,850
2,000 Belknap County,
4.10%, 6/30/97 2,000
3,850
New York (0.1%):
500 New York City, Municipal
Assistance Corp., Series D,
4.00%, 7/1/97, AMBAC 500
Ohio (4.9%):
275 Beavercreek,
4.25%, 5/1/97 275
775 Cleveland Public
Power System,
8.38%, 8/1/17<F3>,
Prerefunded 8/1/97 @ 102 799
1,500 Crawford County,
4.21%, 5/16/97 1,500
4,040 Franklin County IDR,
4.70%<F2>, 5/1/97<F3>,
LOC Fifth Third Bank 4,040
1,500 Geneva Area City Schools,
4.06%, 5/1/97 1,500
1,240 Northwood,
4.80%, 7/31/97 1,242
900 Seven Hills,
4.15%, 7/31/97 900
500 Sheffield Lake,
4.27%, 8/1/97 500
2,310 Stark County Health Care Facilities,
St. Joseph Hospice Project,
Revenue Bond,
4.70%<F2>, 5/1/97<F3>,
LOC Bank One Akron 2,310
4,000 Student Loan Funding Corp.,
4.45%<F2>, 5/7/97<F3>,
LOC Bank of America 4,000
17,066
Oklahoma (1.4%):
5,000 Development Financial Authority,
Seaboard Farms Project,
Revenue Bond,
4.75%<F2>, 5/7/97<F3>,
LOC Bank of New York 5,000
Oregon (0.5%):
1,845 Portland Multifamily Revenue,
University Parks
Apartment Project,
Revenue Bond,
4.50%<F2>, 5/7/97<F3>,
LOC Chase Manhattan Bank 1,845
Pennsylvania (1.0%):
3,600 Lawrence County IDR,
L&N Metallurgical Products,
4.85%<F2>, 5/1/97<F3>,
LOC Banque Paribas 3,600
Tennesssee (3.5%):
6,200 Hawkins County, Kingston,
5.05%<F2>, 5/7/97<F3>,
LOC Bankers Trust 6,200
5,900 McKenzie IDR, Noma
Outdoor Products Project,
4.85%<F2>, 5/1/97<F3>,
LOC Wachovia Bank & Trust 5,900
12,100
Texas (5.8%):
5,000 Georgetown Higher Education Finance,
Southwestern University,
Revenue Bond,
4.60%<F2>, 5/7/97<F3>,
LOC Chase Manhattan Bank 5,000
6,000 Grapevine,
4.60%<F2>, 5/7/97<F3>,
LOC FNB-Chicago 6,000
4,140 Harris County,
4.80%<F2>, 5/1/97<F3>,
LOC Morgan Guaranty 4,140
5,000 State,
4.75%, 8/29/97 5,012
20,152
Virginia (0.4%):
1,500 Bedford County,
4.70%<F2>, 5/1/97,
LOC Canadian Imperial Bank
of Commerce 1,500
Washington (2.0%):
6,800 King County, Baseball Stadium,
4.65%<F2>, 5/7/97<F3>,
LOC Bank of America 6,800
Wisconsin (12.3%):
860 Appleton IDR,
4.80%<F2>, 5/1/97<F3>,
LOC Bank One Milwaukee 860
2,700 Edgerton School District,
4.03%, 10/31/97 2,701
3,270 Fredonia IDR,
4.80%<F2>, 5/1/97<F3>,
LOC Bank One Milwaukee 3,270
1,090 Germantown Industrial Revenue,
Jeanne Tanner Project,
Revenue Bond,
3.40%<F2>, 5/2/97<F3>,
LOC Bank One Milwaukee 1,090
2,500 Germantown School District,
3.93%, 8/29/97 2,500
2,800 Janesville,
4.72%<F2>, 5/1/97<F3>,
LOC General Electric Credit Corp. 2,800
3,735 Kenosha Metalmen,
4.80%<F2>, 5/1/97<F3>,
LOC Bank One Milwaukee 3,735
1,280 Mosinee School District,
4.08%, 9/15/97 1,280
1,350 New Berlin IDR,
Wenninger Project,
4.75%<F2>, 5/1/97<F3>,
LOC Bank One Milwaukee 1,350
1,960 New Richmond School District,
4.11%, 10/31/97 1,960
1,435 Oak Creek,
4.80%<F2>, 5/1/97<F3>,
LOC Bank One Milwaukee 1,435
1,000 Oshkosh IDR,
Oshkosh Architectural Project,
4.75%<F2>, 5/1/97<F3>,
LOC Norwest Bank 1,000
1,000 Oshkosh, Schloesser,
4.80%<F2>, 5/1/97<F3>,
LOC Bank One Milwaukee 1,000
3,000 Plymouth IDR,
4.75%<F2>, 5/1/97<F3>,
LOC Rabobank 3,000
1,675 Port Washington-Saukville
School District,
4.11%, 10/30/97 1,675
1,200 Prairie Du Chien,
4.75%<F2>, 5/1/97<F3>,
LOC LaSalle National Bank 1,200
6,700 Stevens Point Area School District,
3.92%, 10/8/97 6,701
1,700 Waukesha IDR,
4.70%<F2>, 5/1/97<F3>,
LOC Bank One Milwaukee 1,700
3,600 Whitefish Bay School District,
3.83%, 6/20/97 3,600
42,857
Total Municipal Bonds 344,975
Investment Companies (0.4%)
1,461,807 Federated Tax-Free Money Market 1,462
628 Fidelity Ohio Tax Free Fund 1
Total Investment Companies 1,463
Total (Cost $346,438) <F1> $346,438
<FN>
Percentages indicated are based on net assets of $348,205.
<F1> Cost and value for federal income tax and financial reporting
purposes are the same.
<F2> Variable rate securities having liquidity sources through bank
letters of credit or other credit and/or liquidity agreements. The
interest rate, which will change periodically, is based upon bank
prime rates or an index of market interest rates. The rate reflected
on the Schedule of Portfolio Investments is the rate in effect at
April 30, 1997. Maturity date reflects the next rate change date.
<F3> Put and demand features exist allowing the Fund to require
the repurchase of the instrument within variable time periods including
daily, weekly, monthly, or semi-annually.
AMBAC--Insured by AMBAC Indemnity Corp.
FGIC--Insured by Financial Guaranty Insurance Corp.
FNMA--Fannie Mae
GNMA--Government National Mortgage Assoc.
GO--General Obligation
IDR--Industrial Development Revenue
LOC--Letter of Credit
SPA--Standby Purchase Agreement
See notes to financial statements.
</TABLE>
<TABLE>
THE VICTORY PORTFOLIOS Schedule of Investments
Ohio Municipal Money Market Fund April 30, 1997
(Amounts in Thousands, Except Shares) (Unaudited)
<CAPTION>
Shares or
Principal Amortized
Amount Security Description Cost
<S> <C> <C>
Municipal Bonds (99.3%)
Ohio (99.3%):
$ 625 Akron Bath Copley
Township Hospital,
4.65%<F2>, 5/1/13,
LOC National City Bank $ 625
3,820 Akron Special Assessment,
4.15%, 12/19/97 3,831
9,700 Akron University,
3.64%, 7/15/97 9,701
2,000 Archbold Village GO,
4.55%, 3/26/98 2,011
3,000 Auglaize County,
4.80%<F2>, 5/1/97,
LOC Bank One Dayton 3,000
1,700 Avon,
4.24%, 7/2/97 1,701
1,940 Barberton,
4.45%, 4/23/98 1,944
1,300 Barberton,
4.15%, 5/15/97 1,300
600 Beavercreek Local School District,
4.30%, 6/27/97 600
1,550 Bedford Heights IDR,
4.75%<F2>, 5/7/97,
LOC National City Bank 1,550
960 Bellville,
4.16%, 10/22/97 960
1,800 Belmont County GO,
3.93%, 10/1/97 1,802
2,089 Belmont County GO,
4.12%, 11/25/97 2,092
1,080 Blue Ash IDR,
Air Specialists Project,
3.65%, 3/1/05<F3>,
LOC Key Bank 1,080
3,330 Bluffton GO,
4.22%, 6/19/97 3,333
2,500 Bowling Green,
4.67%<F2>, 5/1/97,
LOC General Electric Capital Corp. 2,500
2,950 Bowling Green,
4.09%, 9/11/97,
LOC General Electric Capital Corp. 2,951
1,075 Bowling Green IDR,
4.69%<F2>, 5/1/97<F3>,
LOC Mid American National Bank 1,075
3,100 Brooklyn,
3.68%, 12/4/97 3,101
450 Brooklyn Heights IDR,
4.80%<F2>, 5/1/97<F3>,
LOC Bank One Cleveland 450
5,600 Butler County,
4.60%<F2>, 5/1/97<F3>,
FNMA Collateral Agreement 5,600
1,000 Butler County Hospital
Facilities Revenue,
4.60%<F2>, 5/1/97<F3>,
LOC Fifth Third Bank 1,000
4,650 Centerville Health Care Revenue,
Bethany Lutheran,
4.55%<F2>, 5/7/97,
LOC PNC Bank 4,650
2,270 Chillicothe EDR,
4.65%<F2>, 5/1/97<F3>,
LOC Huntington National Bank 2,270
300 Cincinnati & Hamilton County
Port Authority IDR,
Bethesda One Ltd.,
4.60%<F2>, 5/7/97<F3>,
LOC Bank One, Columbus 300
500 Cincinnati & Hamilton County
Port Authority IDR,
Multi-Color Corp. Project,
4.60%<F2>, 5/7/97,
LOC PNC Ohio 500
7,400 Cincinnati & Hamilton IDR,
3.90%<F2>, 5/1/15<F3>,
LOC PNC Bank 7,400
1,145 Clermont County EDR,
4.75%<F2>, 5/1/97<F3>,
LOC Star Bank 1,145
1,700 Clermont County GO,
4.14%, 12/19/97 1,704
1,500 Cleveland City School District,
5.00%, 6/1/97, AMBAC 1,502
1,784 Cleveland Heights GO,
4.10%, 8/28/97 1,785
6,700 Clinton County Airport
Facilities Revenue,
4.60%<F2>, 5/1/97<F3>,
LOC Wachovia Bank
of North Carolina 6,700
500 Clinton County IDR,
4.70%<F2>, 5/1/97<F3>,
LOC Fifth Third Bank 500
11,500 Columbus Electric Systems Revenue,
3.60%<F2>, 5/1/97<F3>,
LOC Union Bank of Switzerland 11,500
500 Columbus Sewer Revenue,
4.50%<F2>, 5/1/97<F3> 500
1,050 Crawford County GO,
4.35%, 5/16/97 1,050
545 Cuyahoga County EDR,
Crestmont-Cleveland
Partnership Project,
3.85%,10/15/97<F3>,
LOC Bank One 545
600 Cuyahoga County Hospital Revenue,
St. Luke's Hospital,
4.50%<F2>, 5/7/97<F3>,
LOC First National
Bank of Chicago 600
3,480 Cuyahoga County IDR,
4.80%<F2>, 4/1/16<F3>,
LOC Bank One Cleveland 3,480
350 Cuyahoga County IDR,
4.80%<F2>, 5/1/97<F3>,
LOC National City Bank 350
400 Cuyahoga County IDR,
Allen Group Project,
3.25%<F2>, 5/1/97<F3>,
LOC Dresdner Bank AG 400
2,700 Cuyahoga County IDR,
Allen Group Project,
4.60%, 5/7/97,
LOC Union Bank of Switzerland 2,700
2,220 Cuyahoga County IDR,
Decorp Project,
4.70%<F2>, 5/1/97,
LOC Bank One Cleveland 2,220
1,000 Cuyahoga County IDR,
Edgcomb Metals Co. Project,
4.50%<F2>, 5/7/97,
LOC Banque National de Paris 1,000
355 Cuyahoga County IDR,
Interstate Diesel,
5.00%<F2>, 5/2/97<F3>,
LOC Huntington National Bank 355
4,710 Cuyahoga County IDR,
Playhouse Square
Foundation Project,
4.65%<F2>, 5/7/97<F3>,
LOC National City Bank 4,710
3,865 Cuyahoga County IDR,
Skylight Lodging Ltd.,
4.97%<F2>, 5/7/97<F3>,
LOC National City Bank 3,865
2,400 Cuyahoga Falls Hospital
Facilities Revenue,
Portage Trail Care Center Project,
4.70%<F2>, 5/1/97<F3>,
LOC Fifth Third Bank 2,400
3,300 Cuyahoga Falls Hospital
Facilities Revenue,
Portage Trail Care Center Project,
4.70%<F2>, 5/1/97,
LOC Provident Bank 3,300
5,000 Dayton GO,
3.80%, 12/16/97 5,005
660 Defiance County IDR,
Dietrich Industries Inc. Project,
4.70%<F2>, 5/1/97,
LOC PNC Bank 660
900 Delaware County IDR,
Radiation Sterilizers,
3.75%<F2>, 5/1/97<F3>,
LOC Wells Fargo & Co. 900
570 Dover GO,
4.15%, 5/23/97 570
4,000 Dublin City School District GO,
4.00%, 6/10/97 4,002
7,900 Dublin GO,
4.03%, 6/18/97 7,900
1,400 East Palestine City
School District GO,
4.00%, 1/29/98 1,401
1,455 Eastern Local School District,
4.65%, 5/30/97 1,456
920 Elyria,
3.97%, 11/5/97 921
2,000 Elyria GO,
4.00%, 12/4/97 2,003
1,800 Euclid,
4.15%, 7/11/97 1,801
661 Fairfield County GO,
4.65%, 9/3/97 662
1,270 Finneytown,
4.22%, 7/17/97 1,272
1,000 Finneytown GO,
4.38%, 7/17/97 1,002
2,600 Franklin County EDR,
Dominican Sisters,
4.60%<F2>,5/1/97<F3>,
LOC Fifth Third Bank 2,600
1,820 Franklin County Health Care
Facilities Revenues,
Lifeline Organ Procurement,
4.60%<F2>, 5/1/97<F3>,
LOC Fifth Third Bank 1,820
1,030 Franklin County Health
System Revenue,
Health Care Facilities--
Wesley Glen,
4.72%<F2>, 5/1/97<F3>,
LOC Fifth Third Bank 1,030
2,960 Franklin County Health
System Revenue,
Health Care Facilities--
Wesley Glen,
4.72%<F2>, 5/1/97<F3>,
LOC Fifth Third Bank 2,960
2,900 Franklin County Hospital Revenue,
Childrens Hospital Project--
Series B,
4.80%<F2>, 5/1/97<F3>,
LOC Bank One Columbus 2,900
200 Franklin County Hospital Revenue,
Holy Cross Health System,
4.50%<F2>, 5/1/97<F3>,
LOC Morgan Guaranty 200
1,000 Franklin County Hospital Revenue,
Lutheran Sr. City Inc. Project,
4.55%<F2>, 5/1/15,
LOC NBD Bank 1,000
1,525 Franklin County Hospital Revenue,
National Church Residences Project,
4.70%<F2>,5/1/97,
LOC Fifth Third Bank 1,525
2,070 Franklin County IDR,
3.80%, 9/1/97<F3>,
LOC Key Bank 2,070
3,560 Franklin County IDR,
Capitol South Community
Redevelopment
3.55%<F2>, 5/1/97<F3>,
LOC Huntington National Bank 3,560
7,100 Franklin County IDR,
Jacobson Stores,
3.55%<F2>, 5/1/97,
LOC Bank One 7,100
700 Franklin County Multifamily Revenue,
4.75%<F2>, 5/1/97<F3>,
LOC Huntington Bank 700
1,800 Geauga County,
3.90%, 12/18/97 1,802
1,300 Georgetown School District,
4.00%, 12/19/97 1,302
700 Granville GO,
3.97%, 5/19/97 700
3,200 Greene County Apple Valley,
Apple Valley Project
3.65%<F2>, 5/1/97,
LOC PNC Bank 3,200
1,810 Grove City EDR,
Cross Country Inns Inc.,
4.70%<F2>, 5/1/97<F3>,
LOC Bank One Columbus 1,810
10,000 Hamilton County,
4.25%, 7/10/97 10,005
2,325 Hamilton County EDR,
Berman Printing Co. Project,
4.70%<F2>, 5/1/97<F3>,
LOC Fifth Third Bank 2,325
2,200 Hamilton County EDR,
Cincinnati Performing Arts,
4.62%<F2>, 5/1/97<F3>,
LOC Fifth Third Bank 2,200
3,340 Hamilton County EDR,
TBM Inc. Project,
4.75%<F2>, 5/1/97<F3>,
LOC Fifth Third Bank 3,340
4,100 Hamilton County Hospital
Facilities Revenue,
Beechwood Home Project,
4.64%<F2>,5/1/97<F3>,
LOC Star Bank 4,100
7,000 Hamilton County
Multifamily Revenue,
Forest Ridge Apartment Project,
4.70%<F2>, 5/1/97,
LOC PNC Bank 7,000
1,295 Hancock County EDR,
3.75%, 6/1/97<F3>,
LOC Bank One 1,295
3,285 Higher Education Facilities
Commission Revenue,
Mount Union College Project,
4.55%<F2>, 5/1/97<F3>,
LOC NBD Bank 3,285
1,200 Highland Heights,
3.90%, 6/18/97 1,201
2,500 Highland Heights,
3.97%,12/18/97 2,503
835 Hilliard IDR,
Baesman Printing Corp Project,
4.70%<F2>,
LOC Fifth Third Bank 835
500 Holmes County IDR,
Poultry Processing Project,
4.65%<F2>, 5/7/97,
LOC Rabobank 500
8,000 Housing Finance Agency,
Mortgage Revenue,
3.65%, 3/2/98<F3>, AIG 8,000
7,400 Housing Finance Agency,
Multifamily Housing Revenue,
Hunters Glen Project,
4.70%<F2>, 5/1/97<F3>,
LOC PNC Bank 7,400
5,800 Housing Finance Agency,
Single Family Mortgage Revenue,
4.10%<F2>, 5/7/97,
GNMA/Bank of New York 5,800
2,150 Huron County IDR,
American Baler Co. Project,
4.80%<F2>, 5/1/97<F3>,
LOC Bank One Indianapolis 2,150
700 Jefferson Village,
3.93%, 12/19/97 701
5,000 Kent,
4.00%, 7/15/97 5,004
700 Kings Local School District GO,
4.40%, 7/11/97 700
2,125 Lake County,
4.15%, 10/9/97 2,126
657 Lake County,
4.15%, 10/29/97 657
1,650 Lebanon GO,
4.37%, 10/16/97 1,652
1,670 Licking County IDR,
Sunfield Inc. Project,
4.80%<F2>, 5/1/97<F3>,
LOC Bank One Columbus 1,670
6,700 Lima Hospital Revenue,
Lima Memorial Hospital
4.60%<F2>, 5/1/97<F3>,
LOC Bank One Columbus 6,700
841 Lorain,
5.25%, 3/27/98 850
1,959 Lorain County,
4.75%, 10/29/97 1,964
1,320 Lorain County EDR,
Crestmont-Cleveland
Partnership Project,
3.85%<F2>,10/15/97<F3>,
LOC Bank One 1,320
1,083 Lorain County GO,
4.22%, 8/29/97 1,084
1,770 Lorain County Hospital Revenue,
Humility of Mary Healthcare
4.55%, 5/7/97,
LOC PNC Bank 1,770
1,000 Lorain County IDR,
French Creek Partners,
4.75%<F2>, 5/1/97,
LOC Bank One 1,000
1,130 Lucas County EDR,
Cross Country Inns--
Maumee Project,
3.75%, 6/1/97<F3>,
LOC Bank One 1,130
500 Lucas County Hospital Revenue,
Flower Memorial Hospital--
Series B
6.10%, 12/1/97, MBIA 507
400 Lucas County Hospital Revenue,
Sunshine Childrens Home Project,
4.65%<F2>, 5/1/97<F3>,
LOC National City Bank 400
510 Lucas County Hospital Revenue,
Sunshine Childrens Home Project,
4.65%<F2>, 5/1/97<F3>,
LOC National City Bank 510
6,000 Lucas County IDR,
Ohio Citizens Bank Project,
4.65%<F2>, 5/1/97<F3>,
LOC National City Bank 6,000
1,000 Maderia Local School District GO,
4.22%, 7/17/97 1,001
4,300 Mahoning County Healthcare
Facilities Revenue,
4.55%<F2>, 5/7/97,
LOC PNC Bank 4,300
290 Mahoning County IDR,
4.60%<F2>, 5/1/97,
LOC Bank One Akron 290
2,000 Mahoning County Revenue,
Long Term Care Facilities,
4.60%, 5/1/97,
LOC PNC Bank 2,000
660 Maple Heights,
4.10%, 7/9/97 660
855 Marion County Hospital
Improvement Revenue,
Pooled Leasing Program,
4.70%<F2>, 5/1/97<F3>,
LOC Bank One Akron 855
230 Marion County Hospital
Improvement Revenue,
Pooled Leasing Program,
4.70%<F2>, 5/1/97<F3>,
LOC Bank One Columbus 230
211 Marion County Hospital
Improvement Revenue,
Pooled Leasing Program,
4.70%<F2>, 5/1/97<F3>,
LOC Bank One Columbus 211
1,660 Marion County Hospital
Improvement Revenue,
Pooled Leasing Program,
4.70%<F2>, 5/1/97<F3>,
LOC Bank One Columbus 1,660
480 Marion County Hospital
Improvement Revenue,
Pooled Leasing Program,
4.70%<F2>, 5/1/97<F3>,
LOC Bank One Columbus 480
5 Marion County Hospital
Improvement Revenue,
Pooled Leasing Program,
4.70%<F2>, 5/1/97<F3>,
LOC Bank One Columbus 5
1,400 Mason,
4.10%, 12/18/97 1,403
600 Mason,
4.22%, 3/31/98 601
900 Mayfield Heights,
4.22%, 7/3/97 900
3,250 McComb Local School District,
4.00%, 9/19/97 3,253
500 Medina County GO,
4.50%, 10/9/97 501
360 Medina County IDR,
Nationwide One 1989 Project,
3.90%<F2>, 5/1/97<F3>,
LOC Bank One 360
995 Medina County IDR,
Partnership in Plastic Project,
4.85%<F2>, 5/1/97<F3>,
LOC Bank One Akron 995
760 Montgomery County Healthcare
Facilities Revenue,
GTR Dayton Area-MRI Project,
4.65%<F2>, 5/7/97<F3>,
LOC Key Bank 760
2,420 Montgomery County IDR,
Citywide Development Corp. Project
4.80%, 5/1/97,
LOC Banc One Dayton 2,420
385 Montgomery County IDR,
Town Centers Ltd. Partner Project,
3.80%<F2>, 5/15/97<F3>,
LOC National City Bank 385
5,000 Montgomery County Multifamily
Housing Revenue,
Pedcor Investments--Lyons Gate
4.65%<F2>, 5/1/97<F3>,
LOC Federal Home Loan Bank 5,000
8,000 Montgomery County Revenue,
Sister Charity Healthcare,
4.60%<F2>, 5/1/97<F3>,
SPA Toronto Dominion Bank 8,000
2,770 Montgomery IDR,
Bethesda Two Ltd.,
5.00%<F2>, 5/2/97<F3>,
LOC Huntington National Bank 2,770
1,570 Muskingum County,
5.00%<F2>, 5/1/97,
LOC Huntington National Bank 1,570
3,000 New Bremen Local
School District GO,
4.20%, 5/29/97 3,001
300 North Baltimore Local
School District GO,
4.60%, 4/16/98 302
660 Norwalk GO,
4.50%, 9/25/97 661
2,887 Orange Village,
3.85%, 1/29/98 2,887
1,555 Orrville Hospital Facilities Revenue,
4.65%<F2>, 5/7/97<F3>,
LOC National City Bank 1,555
200 Orrville ID,
4.80%<F2>, 5/7/97<F3>,
LOC National City Bank 200
200 Orrville ID,
4.80%<F2>, 5/7/97<F3>,
LOC National City Bank 200
800 Paulding County IDR,
Countrymark Co-op Inc. Project,
4.60%<F2>, 5/1/97<F3>,
LOC Fifth Third Bank 800
750 Perrysburg,
4.75%, 8/21/97 751
2,800 Perrysburg,
4.60%, 11/20/97 2,809
875 Pickerington GO,
4.25%, 6/27/97 875
1,500 Pickerington GO,
4.00%, 11/25/97 1,502
1,405 Pike County Hospital Facilities,
Bristol Village Project,
4.70%<F2>, 5/1/97<F3>,
LOC Fifth Third Bank 1,405
3,400 Pike County Hospital Facilities,
Bristol Village Project,
4.70%<F2>, 5/1/97<F3>,
LOC Fifth Third Bank 3,400
910 Portage County GO,
4.05%, 7/10/97 910
1,780 Portage County GO,
4.35%, 7/10/97 1,781
2,800 Portsmouth EDR,
4.70%<F2>, 5/1/97<F3>,
LOC National City Bank 2,800
1,715 Portsmouth IDR,
KSA Ltd. Partnership Project,
4.80%<F2>, 5/1/97<F3>,
LOC Bank One Akron 1,715
990 Revere Local School District,
4.33%, 12/11/97 993
945 Richland County GO,
4.12%, 12/4/97 947
320 Richland County GO,
4.15%, 12/4/97 321
1,366 Richland County GO,
Energy Conservation,
4.39%, 6/26/97 1,367
3,250 Richland County IDR,
Mansfield Motel Partnership,
4.80%<F2>, 5/1/97<F3>,
LOC Huntington National Bank 3,250
3,150 Ross County Hospital Revenue,
Medical Center Hospital Project,
4.55%<F2>, 5/1/97<F3>,
LOC Fifth Third Bank 3,150
500 Rossford,
4.75%, 12/18/97 502
2,330 Salem Hospital Revenue,
Salem Community Hospital Project,
4.55%<F2>, 5/7/97,
LOC PNC Bank 2,330
7,700 School District Cash Flow
Borrowing Program,
4.53%, 6/30/97 7,706
2,400 Scioto County Hospital Revenue,
Volunteer Hospitals of America,
3.60%<F2>, 5/6/97<F3>, AMBAC 2,400
200 Scioto County Hospital Revenue,
Volunteer Hospitals of America,
4.60%<F2>, 5/7/97<F3>, AMBAC 200
400 Scioto County Hospital Revenue,
Volunteer Hospitals of America,
4.60%<F2>, 5/7/97<F3>, AMBAC 400
1,000 Scioto County Hospital Revenue,
Volunteer Hospitals of America,
4.60%<F2>, 5/7/97<F3>, AMBAC 1,000
2,200 Seneca County Hospital
Facilities Revenue,
St. Francis Home Inc. Project,
4.60%<F2>, 5/1/97<F3>,
LOC National City Bank 2,200
1,200 Sharonville IDR,
XTEK Inc. Project,
4.65%<F2>, 5/1/97<F3>,
LOC Fifth Third Bank 1,200
7,700 State Air Quality Development
Authority Revenue,
3.45%, 5/8/97, FGIC 7,700
3,950 State Air Quality Development
Authority Revenue,
Pollution Control, Cleveland Electric,
3.50%, 5/8/97<F3>, FGIC 3,950
2,400 State Air Quality Development
Authority Revenue,
JMG Funding Ltd. Partnership,
4.45%<F2>, 5/7/97<F3>,
LOC Societe Generale 2,400
5,500 State Air Quality Development
Authority Revenue,
JMG Funding Ltd. Partnership,
4.45%<F2>, 5/7/97<F3>,
LOC Societe Generale 5,500
2,000 State Building Authority,
State Facilities Administration
Building Funding,
3.90%, 10/1/97 2,002
1,000 State Enviromental
Improvement Revenue,
Newark Group
Industry Inc. Project,
4.60%<F2>, 5/1/97<F3>,
LOC Chase Manhattan Bank 1,000
13,000 State Environmental
Improvement Revenue,
Newark Group
Industries Inc. Project,
4.60%<F2>, 5/1/97<F3>,
LOC Chase Manhattan Bank 13,000
2,000 State GO,
4.40%, 5/15/97 2,001
1,000 State Higher Education Facilities
Commission Revenue,
Higher Education--
Mount Vernon Nazarene
4.65%<F2>, 5/1/97,
LOC National City Bank 1,000
870 State IDR,
4.65%<F2>, 5/7/97<F3>,
LOC Bank One Columbus 870
180 State IDR,
4.65%<F2>, 5/7/97<F3>,
LOC Bank One Columbus 180
685 State IDR,
4.65%<F2>, 5/7/97<F3>,
LOC National City Bank 685
790 State IDR,
4.65%<F2>, 5/7/97<F3>,
LOC National City Bank 790
2,385 State IDR,
Atlas Technicast Ltd. Project,
4.80%,5/1/97,
LOC Bank One Cleveland 2,385
2,385 State IDR,
Best Atlas Ltd. Project,
4.80%<F2>, 5/1/97<F3>,
LOC Bank One Cleveland 2,385
440 State IDR,
Cincinnati Riverfront,
4.75%<F2>, 5/1/97<F3>,
LOC PNC Bank 440
1,805 State IDR,
Kaufman's Bakery,
4.65%<F2>, 5/7/97<F3>,
LOC Bank One Columbus 1,805
875 State IDR,
Middletown Compositing,
4.65%<F2>, 5/7/97<F3>,
LOC National City Bank 875
335 State IDR,
Ware Industries Inc.,
4.65%<F2>, 5/7/97<F3>,
LOC Bank One Columbus 335
1,500 State Public Facilities Commission,
Higher Education Capital Facilities,
4.50%, 11/1/97 1,506
1,000 State Public Facilities Commission,
Higher Education Capital Facilities,
4.60%, 6/1/97, AMBAC 1,000
500 State Public Facilities Commission,
Higher Education Capital Facilities,
5.30%, 12/1/97, FSA 504
5,000 State Public Facilities Commission,
Higher Education Capital Facilities,
4.50%, 5/1/98 5,024
400 State Public Facilities Commission,
Higher Education Facilities--
Series B
7.13%, 5/1/01 408
5,735 State Water Development Authority,
Pollution Control Facilities Revenue,
4.00%, 5/2/97, FGIC 5,735
3,000 State Water Development Authority,
Pollution Control Facilities Revenue,
3.40%, 5/9/97, FGIC 3,000
500 State Water Development Authority,
Pollution Control Facilities Revenue,
4.45%, 12/1/97, MBIA 502
820 Streetsboro,
4.13%, 10/10/97 821
840 Streetsboro,
4.20%, 10/10/97 841
23,135 Student Loan Funding Corp.,
Cincinnati Student Loan Revenue,
4.45%<F2>, 5/7/97,
LOC Bank of America 23,135
5,100 Student Loan Funding Corp.,
Cincinnati Student Loan Revenue,
4.55%<F2>, 5/7/97<F3>,
LOC National Westminster Bank 5,100
3,400 Student Loan Funding Corp.,
Cincinnati Student Loan Revenue,
4.55%<F2>, 5/7/97<F3>,
LOC National Westminster Bank 3,400
9,700 Student Loan Funding Corp.,
Cincinnati Student Loan Revenue,
4.55%<F2>, 5/7/97<F3>,
LOC National Westminster Bank 9,700
1,750 Student Loan Funding Corp.,
Cincinnati Student Loan Revenue,
5.25%, 7/1/97 1,753
485 Summit County EDR,
4.08%, 9/1/12<F3>,
LOC Bank One Cleveland 485
2,200 Summit County Hospital
Facilitites Revenue,
Cuyahoga Falls General Hospital,
4.65%<F2>, 5/1/97,
LOC Bank One Akron 2,200
2,465 Summit County IDR,
Fiocca Inc. Project,
4.67%<F2>, 5/1/97<F3>,
LOC Fifth Third Bank 2,465
300 Summit County IDR,
Forest Manufacturing Co. Project,
4.70%<F2>, 5/1/97,
LOC Fifth Third Bank 300
805 Summit County IDR,
Forest Manufacturing Co. Project,
4.80%<F2>, 5/1/97<F3>,
LOC Bank One Akron 805
2,380 Summit County IDR,
GO-JO Industries Inc. Project
4.70%<F2>, 5/1/97<F3>,
LOC Bank One 2,380
240 Summit County IDR,
L & W Manufacturing Project,
3.70%<F2>, 10/1/97<F3>,
LOC Bank One 240
1,005 Summit County IDR,
Raymond W King Jr. Project,
4.80%<F2>, 5/1/97<F3>,
LOC Bank One Akron 1,005
1,695 Summit County IDR,
SSP Fittings Corp. Project,
4.70%<F2>, 5/1/97<F3>,
LOC Bank One Akron 1,695
680 Summit County IDR,
Texler Inc. Project,
3.80%<F2>, 5/1/97<F3>,
LOC Bank One 680
405 Summit County IDR,
Triscari Project,
3.95%<F2>, 9/1/97<F3>,
LOC Bank One Akron 405
505 Sunbury GO,
4.27%, 5/1/97 505
525 Sunbury GO,
4.36%, 4/30/97 526
930 Sylvania,
4.50%, 10/7/97 932
950 Tallmadge,
4.25%, 7/23/97 950
1,545 Tiffin GO,
4.20%, 11/6/97 1,547
575 Tiffin GO,
Sanatation Sewer Improvements,
4.36%, 7/10/97 575
2,274 Toledo City School District,
3.80%, 1/30/98 2,275
4,500 Toledo City Services
Special Assessment,
4.65%<F2>, 5/1/97<F3>,
LOC Canadian Imperial Bank 4,500
800 Toledo City Services
Special Assessment,
4.65%<F2>, 5/1/97<F3>,
LOC Canadian Imperial Bank 800
2,800 Toledo Lucas County,
4.75%<F2>, 5/1/97,
LOC PNC Bank 2,800
1,200 Toledo Lucas County Port Authority,
CSX Transportation Inc. Project,
3.40%, 5/16/97<F3>,
LOC Bank of Nova Scotia 1,200
1,605 Toledo Lucas County Port Authority,
Frostbite Brands Inc. Project,
4.65%<F2>, 5/1/97<F3>,
LOC Old Kent Bank & Trust 1,605
3,400 Toledo Lucas County Port Authority,
CSX Transportation Inc. Project,
3.40%, 5/16/97<F3>,
LOC Bank of Nova Scotia 3,400
1,685 Troy EDR,
L & CP Corp. Project,
3.70%<F2>, 6/1/97<F3>,
LOC Societe Generale 1,685
2,185 Trumbull County GO,
4.15%, 2/11/98 2,189
630 Trumbull County GO,
4.10%, 5/15/97 630
1,050 Trumbull Coutny GO,
Sewer System Improvements,
4.10%, 2/11/98 1,052
7,000 Trumbull County IDR,
Eliwood Engineered Casting,
4.75%<F2>, 5/1/97<F3>,
LOC Mellon Bank 7,000
300 Trumbull County IDR,
McDonald Steel Corp Project,
4.75%<F2>, 5/1/97<F3>,
LOC PNC Bank 300
500 Twinsburg IDR,
Weatherchem Corp. Project,
4.80%<F2>, 5/7/97<F3>,
LOC National City Bank 500
1,485 Union County GO,
4.50%, 6/27/97 1,486
1,625 Vermilion IDR,
Landover Properties Ltd.,
4.65%<F2>, 5/1/97<F3>,
LOC Bank One Dayton 1,625
980 Warren County,
4.38%, 6/3/97 980
475 Wauseon,
4.75%, 5/22/97 475
4,940 Wayne County Health Care
Facilities Revenue,
West View Manor Project,
4.72%<F2>, 5/1/97<F3>,
LOC Fifth Third Bank 4,940
1,500 West Clermont Local
School District GO,
4.50%, 4/15/98 1,507
235 Westlake EDR,
Cross Country Inns Inc. Project,
3.75%, 5/1/97,
LOC Huntington Bank 235
6,385 Westlake IDR,
Crocker Bassett Hotel,
4.97%<F2>, 5/7/97<F3>,
LOC National City Bank 6,385
1,700 Westlake IDR,
Logan Westlake Project,
4.67%<F2>, 5/1/97<F3>,
LOC Fifth Third Bank 1,700
2,050 Westlake IDR,
Nordson Corp. Project,
4.55%<F2>, 5/1/97,
LOC Bayerische Vereinsbank 2,050
2,190 Westerville EDR,
American Ceramic Society,
4.85%<F2>, 5/1/97<F3>,
LOC National City Bank 2,190
350 Williams County,
Home Improvement Notes,
4.75%, 5/15/97 350
5,750 Williams County IDR,
Letts Industries Inc. Project,
4.65%<F2>, 5/1/97<F3>,
LOC NBD Bank 5,750
1,000 Wilmington GO,
4.11%, 12/22/97 1,002
2,650 Wood County EDR,
Cast Master Inc. Acquisition,
4.02%<F2>, 5/2/97<F3>,
LOC Mid American National
Bank & Trust 2,650
2,500 Wood County EDR,
Precision Aggregate II,
4.69%<F2>, 5/1/97<F3>,
LOC Mid American National
Bank & Trust 2,500
600 Wooster IDR,
Allen Group Inc.,
4.75%<F2>, 5/7/97<F3>,
LOC Dresdner Bank AG 600
700 Worthington City School Disrict GO,
3.92%, 1/15/98 700
2,353 Wyoming,
4.30%, 6/27/97 2,354
654 Wyoming,
4.24%, 7/10/97 654
4,990 Zane Trace Local School District,
4.00%, 10/16/97 4,997
Total Municipal Bonds 583,779
Investment Companies (0.2%)
7,466,624 Federated Ohio Municipal Cash Trust 1,117
Total Investment Companies 1,117
Total (Cost $584,896) <F1> $584,896
<FN>
Percentages indicated are based on net assets of $588,054.
<F1> Cost for federal income tax and financial reporting purposes
are the same.
<F2> Variable rate securities having liquidity sources through bank
letters of credit or other credit and/or liquidity agreements. The
interest rate, which will change periodically, is based upon bank
prime rates or an index of market interest rates. The rate reflected
on the Schedule of Portfolio Investments is the rate in effect at
April 30, 1997.
<F3> Put and demand features exist allowing the Fund to require
the repurchase of the investment within variable time periods less
than one year.
AMBAC--AMBAC Indemnity Corporation
FGIC--Insured by Financial Guaranty Insurance Corp.
FNMA--Fannie Mae
FSA--Insured by Financial Security Assurance
GNMA--Insured by Government National Mortgage Association
GO--General Obligation
EDR--Economic Development Revenue
IDR--Industrial Development Revenue
LOC--Letter of Credit
MBIA--Insured by Municipal Bond Insurance Association
SPA--Standby Purchase Agreement
See notes to financial statements.
</TABLE>
<TABLE>
THE VICTORY PORTFOLIOS Schedule of Investments
Limited Term Income Fund April 30, 1997
(Amounts in Thousands) (Unaudited)
<CAPTION>
Principal Market
Amount Security Description Value
<S> <C> <C>
Asset Backed Securities (1.2%)
$ 1,000 American Express,
6.05%, 7/15/97 $ 1,001
14 GMAC 1993 A Grantor Trust,
Class A,
4.15%, 3/15/98 14
Total Asset Backed Securities 1,015
Collateralized Mortgage Obligations (2.9%)
2,455 Fleetwood Credit Corp. Class A,
6.64%, 9/15/12 2,441
Total Collateralized Mortgage Obligations 2,441
Commercial Paper (1.5%)
Financial Services (0.7%):
1,245 General Electric Capital Corp.,
5.62%, 5/1/97 1,245
Total Commercial Paper 1,245
Corporate Bonds (23.5%)
Brokerage Services (2.4%):
2,000 Lehman Brothers, Inc.,
5.75%, 11/15/98 1,979
Business Equipment (2.6%):
2,175 International Business
Machines Corp.,
6.38%, 11/1/97 2,180
Chemicals (1.2%):
1,000 Dow Capital BV.,
5.75%, 9/15/97 1,000
Financial Services (5.4%):
1,500 Associates Corp.,
7.25%, 9/1/99 1,519
3,000 Ford Motor Credit Corp.,
7.13%, 12/1/97 3,022
4,541
Industrial Goods & Services (8.3%):
2,000 Burlington Resources, Inc.,
7.15%, 5/1/99 2,018
5,000 McKesson Corp.
6.60%, 3/1/00 4,975
6,993
Insurance (2.4%):
2,000 International Lease Finance Corp.,
8.35%, 10/1/98 2,058
Utility--Gas & Electric (1.2%):
1,000 Northern States Power Co.,
5.50%, 2/1/99 984
Total Corporate Bonds 19,735
U.S. Government Agencies (13.7%)
Federal Home Loan Mortgage Corp.:
1,000 7.19%, 9/15/99 1,005
Federal National Mortgage Assoc.:
1,000 7.93%, 9/20/06 1,012
2,178 9.00%, 3/1/25 2,276
6,907 9.00%, 5/1/25 7,219
Total U.S. Government Agencies 11,512
U.S. Treasury Notes (55.7%)
500 5.13%, 2/28/98 497
4,000 7.88%, 4/15/98 4,071
26,000 8.25%, 7/15/98 26,654
5,000 5.13%, 11/30/98 4,922
3,500 6.88%, 7/31/99 3,538
6,000 7.50%, 10/31/99 6,153
1,000 6.13% 12/31/01 983
Total U.S. Treasury Notes 46,818
Total (Cost $83,694) <F1> $82,766
<FN>
Percentages indicated are based on net assets of $84,019.
<F1> Represents cost for federal income tax purposes and differs
from value by net unrealized depreciation of securities as follows:
Unrealized appreciation $ 130
Unrealized depreciation (1,058)
Net unrealized depreciation $ (928)
See notes to financial statements.
</TABLE>
<TABLE>
THE VICTORY PORTFOLIOS Schedule of Investments
Intermediate Income Fund April 30, 1997
(Amounts in Thousands) (Unaudited)
<CAPTION>
Principal Market
Amount Security Description Value
<S> <C> <C>
Asset Backed Securities (2.8%)
$ 3,300 Premier Auto Trust,
6.35%, 4/6/02 $ 3,269
4,000 Toyota Auto Receivables
Guarantor Trust,
6.45%, 4/15/02 4,006
Total Asset Backed Securities 7,275
Collateralized Mortgage Obligations (0.8%)
Federal Home Loan Mortgage Corp.:
902 7.50%, 9/15/20 904
525 5.80%, 4/15/14 524
Federal National Mortgage Assoc.:
127 6.00%, 10/25/03 126
590 7.50%, 7/25/18 593
Total Collateralized Mortgage Obligations 2,147
Commercial Paper (0.4%)
Financial Services (0.4%):
1,132 General Electric Capital Corp.,
5.62%, 5/1/97 1,132
Total Commercial Paper 1,132
Corporate Bonds (38.8%)
Automotive (5.9%):
3,450 Chase Manhattan Auto Owner Trust,
5.95%, 11/1/00 3,434
3,450 Chase Manhattan Auto Owner Trust,
6.25%, 11/15/00 3,415
5,000 Daimler-Benz North America,
7.38%, 9/15/06 5,038
1,000 Ford Motor Co.,
9.00%, 9/15/01 1,074
2,500 Hertz Corp.,
6.38%, 11/15/06 2,422
15,383
Banking (2.7%):
3,000 Bank of New York,
7.88%,11/15/02 3,105
2,000 Republic New York Corp.,
7.75%, 5/15/02 2,060
2,000 SouthTrust Bank, Birmingham,
5.58%, 2/6/06 1,910
7,075
Beverages (0.9%):
2500 Coca-Cola Enterprises,
6.70%, 10/15/36 2,466
Brokerage Services (2.9%):
5,000 Lehman Brothers,
Senior Subordinated Note,
5.75%, 11/15/98 4,948
2,500 Merrill Lynch,
8.25%, 11/15/99 2,591
7,539
Electrical & Electronics (1.3%):
3,500 Phillips Electronics,
7.20%, 6/1/26 3,456
Financial Services (7.2%):
5,000 Grand Metro Financial,
6.50%, 9/15/99 4,988
2,300 Prudential Insurance,
7.65%, 7/1/07 2,309
3,000 Transamerica Financial,
8.75%, 10/1/99 3,131
3,000 U.S. West Capital Funding,
6.31%, 11/1/05 2,951
5,500 U.S. West Capital Funding,
6.95%, 1/15/37 5,431
18,810
Industrial Goods & Services (9.5%):
5,000 Dayton Hudson Co.,
6.80%, 10/1/01 4,937
7,000 Eaton Corp.,
9.38%, 4/1/99 6,991
3,000 Lockheed Martin,
7.20%, 5/1/36 2,989
2,000 News America Holdings,
7.43%, 10/1/26<F2> 2,003
3,000 Tosco Corp.,
7.25%, 1/1/07 2,948
5,000 USX Corp.,
7.20%, 2/15/04 4,962
24,830
Oil & Gas Exploration & Production
Services (1.6%):
4,000 Standard Oil,
9.00%, 6/1/19 4,120
Retail--General Merchandise (1.9%):
5,000 Sears Roebuck & Co.,
6.86%, 8/6/01 4,962
Utilities--Gas (1.9%):
5,000 Columbia Gas Systems,
6.39%, 11/28/00 4,919
Utilities--Telecommunications (3.0%):
2,000 GTE Corp.,
9.10%, 6/1/03 2,187
5,500 Telecommunications, Inc.,
8.25%, 1/15/03 5,569
7,756
Total Corporate Bonds 101,316
U.S. Government Agencies (15.1%)
Federal Home Loan Mortgage Corp.:
1,076 6.00%, 2/1/11 1,025
Federal National Mortgage Assoc.:
2,000 5.23%, 11/25/98 1,976
2,750 7.85%, 9/10/04 2,769
2,500 7.92%, 3/30/05 2,521
11,300 7.93%, 9/20/06 11,433
923 6.00%, 3/1/09 878
693 6.00%, 11/1/09 665
4,191 6.00%, 6/1/11 3,997
2,386 8.50%, 11/1/18 2,461
1,483 7.50%, 5/1/24 1,474
Government National Mortgage Assoc.:
574 9.00%, 6/15/09 604
2,214 9.00%, 12/15/09 2,319
2,212 8.50%, 7/15/10 2,292
1,163 7.00%, 6/15/24 1,130
Tennessee Valley Authority:
4,000 6.24%, 7/15/45 3,950
Total U.S. Government Agencies 39,494
U.S. Treasury Bonds (0.2%)
441 8.00%, 11/15/21 489
Total U.S. Treasury Bonds 489
U.S. Treasury Notes (39.9%)
16,675 7.25%, 2/15/98 16,844
343 8.13%, 2/15/98 349
9,000 7.00%, 4/15/99 9,119
38,000 7.88%, 4/15/98 38,675
17,400 6.25%, 8/31/00 17,290
8,000 6.25%, 1/31/02 7,897
4,350 7.88%, 11/15/04 4,646
9,051 7.00%, 7/15/06 9,197
Total U.S. Treasury Notes 104,017
U.S. Treasury Obligations (1.3%)
U.S. Treasury Strips (1.2%):
5,000 0.00%, 2/8/03 3,388
Total U.S. Treasury Obligations 3,388
Total (Cost $261,817) <F1> $259,258
<FN>
Percentages indicated are based on net assets of $261,119.
<F1> Represents cost for federal income tax purposes and differs
from value by net unrealized depreciation of securities as follows:
Unrealized appreciation $ 392
Unrealized depreciation (2,951)
Net unrealized depreciation $(2,559)
<F2> Put and demand features exist allowing the Fund to require
the repurchase of the investment within variable time periods less
than one year.
See notes to financial statements.
</TABLE>
<TABLE>
THE VICTORY PORTFOLIOS Schedule of Investments
Investment Quality Bond Fund April 30, 1997
(Amounts in Thousands, Except Shares) (Unaudited)
<CAPTION>
Shares or
Principal Market
Amount Security Description Value
<S> <C> <C>
Commercial Paper (0.3%)
Financial Services (0.3%):
$ 461 General Electric Capital Corp.,
5.62%, 5/1/97 $ 461
Total Commercial Paper 461
Corporate Bonds (25.7%)
Automobiles (2.8%):
2,000 Daimler-Benz North America Corp.
7.38%, 9/15/06 2,014
1,000 Ford Motor Co.
9.00%, 9/15/01 1,074
939 General Motors Corp.
9.13%, 7/15/01 1,011
4,099
Banks (3.5%):
1,000 BankAmerica Corp.
9.63%, 2/13/01 1,088
1,020 First Union Corp.
9.45%, 6/15/99 1,075
2,000 Societe Generale-New York
7.40%, 6/1/06 1,989
1,000 SunTrust Banks, Inc.
7.38%, 7/1/02 1,014
5,166
Beverages (0.9%):
1,300 Coca-Cola Co.
6.70%, 10/15/36<F3> 1,282
Brokerage Services (3.6%):
1,020 Merrill Lynch & Co., Inc.
8.25%, 11/15/99 1,057
1,000 Merrill Lynch & Co., Inc.
6.00%, 3/1/01 966
1,000 Morgan Stanley Group, Inc.
5.63%, 3/1/99 986
1,000 Morgan Stanley Group, Inc.
8.88%, 10/15/01 1,073
1,200 Salomon Brothers, Inc.
6.70%, 12/1/98 1,204
5,286
Electronic & Electrical--General (1.5%):
2,300 Philips Electronics N.V.
7.13%, 5/15/25<F3> 2,260
Financial Services (0.7%):
1,000 BHP Finance USA Ltd.
6.69%, 3/1/06 961
Industrial Goods & Services (7.8%):
1,000 ConAgra, Inc.
7.13%, 10/1/26,
callable 10/1/06 @ 100 991
2,500 Eaton Corp.
9.38%, 4/1/99 2,495
1,500 Georgia-Pacific Corp.
9.95%, 6/15/02 1,674
2,200 Harris Corp.
6.65%, 8/1/06<F3> 2,173
1,100 Lockheed Martin
7.20%, 5/1/36 1,096
1,000 Telecommunications Inc
9.80%, 2/1/12 1,084
700 Tosco Corp.
7.25%, 1/1/07, MTN 688
1,500 USX Corp.
7.20%, 2/15/04 1,489
11,690
Insurance (1.5%):
900 Aetna Services, Inc.
6.97%, 8/15/36 894
1,275 Prudential Insurance
7.65%, 7/1/07 1,280
2,174
Oil & Gas Exploration, Production
& Services (0.9%):
700 Phillips Petroleum
8.00%, 1/15/37,
callable 1/15/97 @ 100 686
700 Union Oil of California
6.38%, 2/1/04 669
1,355
Retail (0.7%):
1,000 Dayton Hudson Co.
6.40%, 2/15/03 961
Telecommunications (0.7%):
1,000 U.S. West Capital Funding, Inc.
6.95%, 1/15/37,
callable 1/15/04 @ 100 988
Utilities--Electric (1.1%):
1,500 Tenaga Nasional Berhad
7.88%, 6/15/04 1,547
Total Corporate Bonds 37,769
U.S Treasury Bonds (15.6%)
9,907 8.00%, 11/15/21 10,979
12,435 6.75%, 8/15/26 12,026
Total U.S Treasury Bonds 23,005
U.S. Government Agencies (33.3%)
Federal Home Loan Mortgage Corp. (4.1%):
2,500 8.19%, 10/6/04,
callable 10/6/99 @ 100 2,555
779 7.50%, 4/1/07 785
377 6.00%, 2/1/11 359
2,260 9.00%, 12/15/19 2,374
6,073
Federal National Mortgage Assoc. (5.8%):
3,000 8.50%, 2/1/05,
callable 2/1/00 @ 100 3,124
2,000 6.65%, 3/8/06,
callable 3/8/01 @ 100, MTN 1,927
323 6.00%, 3/1/09 307
243 6.00%, 11/1/09 233
544 6.00%, 6/1/11 518
2,193 9.50%, 8/1/22 2,355
8,464
Government National Mortgage Assoc. (23.4%):
2,215 6.50%, 2/15/09 2,169
1,081 9.00%, 6/15/09 1,137
4,164 8.50%, 7/15/10 4,315
1,124 9.00%, 2/15/17 1,176
1,125 8.50%, 9/15/17 1,159
2,129 8.00%, 11/15/17 2,165
867 9.00%, 12/15/19 907
1,284 9.00%, 1/15/20 1,343
867 6.50%, 7/15/23 821
1,257 7.00%, 10/15/23 1,221
4,866 7.00%, 12/15/23 4,728
1,864 6.50%, 1/15/24 1,749
4,687 7.00%, 6/15/24 4,553
2,208 7.50%, 11/15/24 2,198
4,624 8.50%, 12/15/24 4,767
34,408
Total U.S. Government Agencies 48,945
U.S. Treasury Notes (24.2%)
12,375 5.63%, 10/31/97 12,370
17,780 7.25%, 2/15/98 17,960
2,200 7.88%, 11/15/04 2,350
2,800 7.00%, 7/15/06 2,845
Total U.S. Treasury Notes 35,525
Total (Cost $146,759) <F1> $145,705
<FN>
Percentages indicated are based on net assets of $147,054.
<F1> Represents cost for federal income tax purposes and differs
from value by net unrealized depreciation of securities as follows:
Unrealized appreciation $ 447
Unrealized depreciation (1,501)
Net unrealized depreciation $(1,054)
<F2> Represents non-income producing securities.
<F3> Variable rate securities having liquidity sources through bank
letters of credit or other credit and/or liquidity agreements. The
interest rate, which will change periodically, is based upon bank
prime rates or an index of market interest rates. The rate reflected
on the Schedule of Portfolio Investments is the rate in effect at
April 30, 1997.
See notes to financial statements.
</TABLE>
<TABLE>
THE VICTORY PORTFOLIOS Schedule of Investments
Government Bond Fund April 30, 1997
(Amounts in Thousands) (Unaudited)
<CAPTION>
Principal Market
Amount Security Description Value
<S> <C> <C>
Commercial Paper (2.2%)
Financial Services (2.2%):
$ 452 General Electric Capital Corp.,
5.62%, 5/1/97 $ 452
Total Commercial Paper 452
U.S. Treasury Notes (70.3%)
2,700 7.25%, 2/15/98 2,727
5,750 6.25%, 7/31/98 5,762
2,000 6.00%, 8/15/99 1,986
3,000 6.13%, 9/30/00 2,968
1,000 7.00%, 7/15/06 1,016
Total U.S. Treasury Notes 14,459
U.S. Treasury Bonds (26.2%)
3,500 6.25%, 8/15/23 3,168
2,300 6.75%, 8/15/26 2,225
Total U.S. Treasury Bonds 5,393
Total (Cost $20,441) <F1> $20,304
<FN>
Percentages indicated are based on net assets of $20,561.
<F1> Represents cost for federal income tax purposes and differs
from value by net unrealized depreciation of securities as follows:
Unrealized appreciation $ 12
Unrealized depreciation (149)
Net unrealized depreciation $(137)
See notes to financial statements.
</TABLE>
<TABLE>
THE VICTORY PORTFOLIOS Schedule of Investments
Government Mortgage Fund April 30, 1997
(Amounts in Thousands) (Unaudited)
<CAPTION>
Principal Market
Amount Security Description Value
<S> <C> <C>
U.S. Government Agencies (93.3%)
Federal Home Loan Bank:
$ 670 5.28%, 5/1/97 $ 670
Federal Home Loan Mortgage Corp.:
807 6.00%, 2/1/11 769
5,066 9.00%, 12/15/19 5,321
146 9.50%, 8/1/21 155
1,088 7.98%<F2>, 12/1/23 1,125
3,885 7.50%, 4/1/24 3,867
4,150 7.50%, 4/1/24 4,129
4,178 7.50%, 4/1/24 4,157
4,184 7.50%, 4/1/24 4,163
Federal National Mortgage Assoc.:
692 6.00%, 3/1/09 659
520 6.00%, 11/1/09 499
1,165 6.00%, 6/1/11 1,111
1,009 8.00%, 5/1/17 1,021
1,505 9.50%, 6/1/22 1,609
1,866 8.00%, 2/1/23 1,899
4,619 6.50%, 4/1/24 4,374
1,087 7.50%, 5/1/24 1,081
Government National Mortgage Assoc.:
1,707 9.00%, 6/15/09 1,796
3,891 9.50%, 4/15/10 4,192
6,575 8.50%, 7/15/10 6,813
8,747 6.00%, 1/15/11 8,397
1,476 8.00%, 11/15/17 1,501
1,520 9.50%, 11/15/17 1,626
407 9.00%, 11/15/18 426
197 9.50%, 1/15/19 211
365 8.50%, 12/15/19 376
22 8.50%, 2/15/20 22
776 9.50%, 5/15/20 830
1,205 9.00%, 3/15/21 1,260
91 8.50%, 5/15/21 94
796 9.00%, 5/15/21 832
764 9.00%, 6/15/21 799
1,479 9.50%, 6/15/21 1,582
5,002 8.00%, 5/15/22 5,066
2,148 9.00%, 2/15/23 2,249
3,445 7.50%, 7/15/23 3,423
1,306 8.00%, 8/15/23 1,323
4,299 7.00%, 9/15/23 4,173
2,544 7.00%, 10/15/23 2,468
3,964 7.00%, 12/15/23 3,851
2,683 6.50%, 1/15/24 2,518
2,479 7.50%, 1/15/24 2,460
9,902 7.00%, 8/15/24 9,627
Total U.S. Government Agencies 104,524
U.S. Treasury Notes (4.5%)
4,100 6.13%, 9/30/00 4056
500 6.38%, 3/31/01 497
500 6.50%, 10/15/06 491
Total U.S. Treasury Notes 5,044
Total (Cost $111,383) <F1> $109,568
<FN>
Percentages are based on net assets of $111,992.
<F1> Represents cost for federal income tax purposes and differs
from value by net unrealized depreciation of securities as follows:
Unrealized appreciation $ 299
Unrealized depreciation (2,114)
Net unrealized depreciation $(1,815)
<F2> Variable rate securities having liquidity sources through bank
letters of credit or other credit and/or liquidity agreements. The
interest rate, which will change periodically, is based upon bank
prime rates or index of market interest rates. The rate reflected
on the Schedule of Investments is the rate in effect at April 30,
1997.
See notes to financial statements.
</TABLE>
<TABLE>
THE VICTORY PORTFOLIOS Schedule of Investments
Fund for Income April 30, 1997
(Amounts in Thousands) (Unaudited)
<CAPTION>
Principal Market
Amount Security Description Value
<S> <C> <C>
Collateralized Mortgage Obligations (59.7%)
$ 919 Bear Stearns Mortgage Capital Corp.,
9.40%, 6/25/21 $ 905
2,579 Bear Stearns Secured Investors Trust,
7.50%, 9/20/20 2,578
14 Federal Home Loan Mortgage Corp.,
9.30%, 8/15/15 14
862 Federal National Mortgage Assoc.,
8.25%, 3/25/04 869
1,534 Federal National Mortgage Assoc.,
9.25%, 3/25/18 1,605
1,000 General Electric Capital Mortgage
Services, Inc.,
7.00%, 3/25/08 948
1,759 Housing Securities Inc.,
7.25%, 4/25/08 1,747
1,218 Prudential Home Mortgage Securities,
7.00%, 1/25/08 1,198
1,500 Resolution Trust Corp.,
8.20%, 11/25/21 1,524
Total Collateralized Mortgage Obligations 11,388
Commercial Paper (2.0%)
Financial Services (2.0%):
388 General Electric Capital Corp.,
5.62%, 5/1/97 389
Total Commercial Paper 389
U.S. Government Agencies (36.0%)
Federal Home Loan Mortgage Corp.:
9 12.00%, 10/1/10 10
2 12.00%, 7/1/14 2
2 12.00%, 7/1/14 3
21 10.00%, 2/1/17 22
126 9.50%, 8/1/19 134
143 10.00%, 9/1/19 154
50 9.50%, 11/1/19 53
192 9.50%, 11/1/19 205
585 9.50%, 12/1/22 624
Federal National Mortgage Assoc.:
1,300 8.50%, 2/1/05 1,353
35 13.00%, 12/1/12 39
10 10.00%, 5/1/13 11
25 12.00%, 8/1/13 28
10 10.00%, 1/1/14 11
15 12.00%, 4/1/15 17
5 10.00%, 8/1/17 6
14 10.00%, 8/1/17 15
3 10.00%, 10/1/17 4
11 10.00%, 10/1/17 12
4 10.00%, 11/1/17 4
4 10.00%, 1/1/18 4
6 10.00%, 1/1/18 7
9 10.00%, 1/1/18 9
10 10.50%, 1/1/18 11
19 10.00%, 2/1/18 21
21 9.50%, 1/1/19 22
Government National Mortgage Assoc.:
64 11.00%, 9/20/14 70
34 10.50%, 2/15/16 37
48 10.00%, 3/15/16 52
87 10.00%, 6/15/17 94
35 9.50%, 8/15/17 37
67 9.50%, 8/15/17 72
79 10.00%, 10/15/17 86
60 10.00%, 1/15/18 65
78 10.00%, 1/15/18 85
12 10.00%, 2/15/18 13
24 10.00%, 3/15/18 26
398 9.50%, 5/15/18 427
37 9.50%, 6/15/18 39
8 10.00%, 7/15/18 9
67 10.00%, 7/15/18 73
28 10.00%, 9/15/18 30
44 10.00%, 9/15/18 48
58 10.00%, 9/15/18 63
79 10.00%, 9/15/18 86
80 10.00%, 9/15/18 87
249 10.00%, 11/15/18 271
89 10.00%, 1/15/19 97
47 10.25%, 3/15/19 51
30 10.25%, 6/15/19 33
147 9.50%, 10/15/19 157
142 10.00%, 7/15/20 155
657 9.50%, 9/20/20 698
245 10.00%, 6/15/21 267
786 10.00%, 8/15/25 860
Total U.S. Government Agencies 6,869
U.S. Treasury Obligations (2.0%)
U.S. Treasury Strips:
2,000 0.00%, 8/15/20 386
Total U.S. Treasury Obligations 386
Total (Cost $18,428) <F1> $19,032
<FN>
Percentages indicated are based on net assets of $19,078.
<F1> Represents cost for federal income tax purposes and differs
from value by net unrealized appreciation of securities as follows:
Unrealized appreciation $ 706
Unrealized depreciation (102)
Net unrealized appreciation $ 604
See notes to financial statements.
</TABLE>
<TABLE>
THE VICTORY PORTFOLIOS Schedule of Investments
National Municipal Bond Fund April 30, 1997
(Amounts in Thousands, Except Shares) (Unaudited)
<CAPTION>
Shares or
Principal Market
Amount Security Description Value
<S> <C> <C>
Convertible Bonds (3.6%)
Arkansas (3.6%):
$ 1,500 Fayetteville Arkansas Public
Facility Board, Revenue Bond,
4.10%*, 9/1/27,
LOC Dresdner Bank AG $ 1,500
Total Convertible Bonds 1,500
Municipal Bonds (103.2%)
Alabama (4.0%):
520 Tuskegee Alabama Utilities
Board Revenue Bond,
5.10%, 12/1/07, AMBAC 514
1,150 University of South Alabama
Revenue Bond, Series B
4.00%, 11/15/98, MBIA 1,146
1,660
Alaska (0.6%):
250 Anchorage, Series B, GO
5.25%, 10/1/02, FGIC 254
Arizona (12.5%):
165 Cochise County Arizona Certificate
Participation Revenue Bond,
4.00%, 8/1/97, MBIA 165
125 Maricopa County School District,
GO, Series A
5.20%, 7/1/05, AMBAC 126
2,000 Phoenix Arizona Street & Highway
User Revenue Bond,
7.38%, 7/1/06,
prerefunded 7/1/97 @ 102 2,051
1,000 Pima County Arizona Industrial
Development Authority
Revenue Bond,
5.00%, 4/1/04, MBIA 996
1,000 Pima County Arizona Industrial
Development Authority
Revenue Bond,
5.25%, 4/1/06, MBIA 1,004
270 Pinal County, School District,
Series A, GO,
5.40%, 7/1/07, FGIC 274
600 Yuma County School District, GO,
6.00%, 7/1/08, MBIA 646
5,262
California (7.2%):
3,000 California School Cash Reserve,
Series A
4.75%, 7/2/97, MBIA 3,003
Colorado (3.5%):
570 Metex Metro District, Series A, GO
4.00%, 12/1/97, MBIA 570
885 Westminster Sales & Use Tax
Revenue Bond,
5.00%, 12/1/97 891
1,461
Connecticut (0.5%):
200 State, Special Tax Obligation
Revenue Bond,
6.00%, 9/1/06 213
Florida (6.3%):
510 North Broward Florida Hospital
District Revenue Bond,
4.90%, 1/15/06 498
150 Orlando Utilities Commission,
Water & Electric Revenue Bond,
5.80%, 10/1/06 158
1,830 Sarasota Hospital, Revenue Bond,
6.00%, 10/1/05, FGIC 1,949
2,605
Georgia (0.6%):
250 South Fulton Municipal Regional Jail,
5.20%, 12/1/05, MBIA 252
Hawaii (6.0%):
1,000 Honolulu City & County, Series A, GO,
5.40%, 4/1/05, FSA 1,022
1,385 Honolulu City, GO,
6.00%, 11/1/05 1,474
2,496
Illinois (12.3%):
250 Chicago Public Building Commission,
Revenue Bond,
6.05%, 1/1/06, AMBAC,
callable 1/1/05 @ 100 264
530 Cicero, Series A, GO,
5.35%, 12/1/06, AMBAC 533
1,000 Illinois Health Facilities Authority
Revenue Bond,
5.55%, 10/1/06, FGIC 1,018
2,310 Illinois Health Facilities Authority
Revenue Bond,
5.60%, 10/1/07, FGIC 2,356
500 Northlake, Tax Increment, GO,
5.00%, 12/1/04, MBIA 499
500 Will County Public Building
Commission Revenue Bond,
5.00%, 12/1/97, FGIC 503
5,173
Indiana (5.6%):
2,500 Southwest Allen Revenue Bond,
5.13%, 7/15/16, FSA,
callable 1/15/06 @ 101 2,314
Kansas (2.9%):
100 Haysville, Water & Wastewater
Utility Revenue Bond,
4.00%, 10/1/97, FSA 100
110 Haysville, Water & Wastewater
Utility Revenue Bond,
4.25%, 10/1/98, FSA 110
105 Haysville, Water & Wastewater
Utility Revenue Bond,
4.50%, 10/1/99, FSA 105
130 Haysville, Water & Wastewater
Utility Revenue Bond,
4.60%, 10/1/00, FSA 130
170 Haysville, Water & Wastewater
Utility Revenue Bond,
4.70%, 10/1/01, FSA 170
180 Haysville, Water & Wastewater
Utility Revenue Bond,
4.80%, 10/1/02 180
400 Haysville, Water & Wastewater
Utility Revenue Bond,
5.70%, 10/1/11 409
1,204
Michigan (3.2%):
255 Byron Center, GO,
5.40%, 5/1/07,
callable 5/1/05 @ 101 260
250 Grosse Ile Township School
District, GO,
6.00%, 5/1/22, FGIC,
callable 5/1/17 @ 100 253
250 Leslie Public Schools, GO,
5.55%, 5/1/07, AMBAC,
callable 5/1/05 @ 101 258
225 Municipal Bond Authority
Revenue Bond,
6.70%, 11/1/06,
callable 11/1/04 @ 102 249
275 Municipal Bond Authority
Revenue Bond,
6.80%, 11/1/07,
callable 11/1/04 @ 102 303
1,323
Minnesota (4.8%):
2,000 Southern Minnesota Municipal
Power, Series A, Revenue Bond,
4.70%, 1/1/02, AMBAC 1,984
Missouri (1.3%):
500 Excelsior Springs School District
Building Corp. Revenue Bond,
6.50%, 3/1/09, FSA,
callable 3/1/04 @ 100 535
Montana (3.9%):
1,750 University of Montana, Revenue Bond
5.00%, 11/15/17, MBIA,
callable 11/15/05 @ 102 1,607
New York (2.4%):
1,000 New York City New York,
GO, Series B,
4.25%*, 10/01/20, FGIC 1,000
Ohio (7.2%):
390 Butler County Waterworks
Revenue Bond,
3.60%, 12/1/97, AMBAC 390
1,000 Franklin County, Hospital Revenue,
5.75%, 11/1/15,
callable 11/1/06 @ 101 988
250 Kent City School District, GO,
5.15%, 12/1/05, FGIC 251
230 Kent State University
5.00%, 5/1/05, MBIA 229
615 Springboro Community City
School District, GO,
3.80%, 12/10/98, AMBAC 612
500 State, Special Obligation
5.80%, 6/1/03, AMBAC 522
2,992
Pennsylvania (0.9%):
500 Erie, School District, GO,
0.00%, 5/1/23, MBIA 108
250 Luzerne County, GO,
5.60%, 12/15/16, FGIC 247
355
South Dakota (2.4%):
1,000 State, Health & Educational Facility
Authority Revenue Bond,
5.00%, 7/1/03, MBIA 996
Tennessee (1.2%):
500 Dickson, Electric Utility
Revenue Bond,
5.00%, 3/1/03, MBIA 501
Texas (4.8%):
200 Conroe Independent School
District, GO,
6.50%, 2/1/04 217
200 Keller Independent School
District, GO,
6.20%, 8/15/04 214
205 Lewisville Water & Sewer
Revenue Bond,
5.00%, 2/15/98, MBIA 207
500 Plano, Series A, GO,
7.13%, 9/1/02,
prerefunded 9/1/97 @ 100 506
100 State, Series A, GO,
6.00%, 10/1/08 107
525 Wichita Falls, GO,
4.40%, 9/1/98, AMBAC 525
200 Ysleta Independent School
District, GO,
5.60%, 8/15/02 207
1,983
Utah (1.2%):
500 Utah Water Finance Agency
Revenue Bond,
4.05%, 10/1/98, MBIA 499
Washington (1.7%):
200 Seattle Municipal Light & Power
Revenue Bond,
6.00%, 7/1/03 210
500 Spokane County School District, GO,
5.40%, 12/1/07, FGIC 504
714
Wisconsin (5.6%):
200 Milwaukee Sewer District,
Series A, GO,
6.70%, 10/1/02 217
450 Sheboygan Area School District, GO,
6.80%, 4/1/98 462
1,675 Wisconsin State Helath and
Educational Facilities Authority
Revenue Bond,
5.20%, 12/15/07, MBIA 1,654
2,333
Wyoming (0.6%):
225 Sweetwater County School
District, GO,
6.00%, 6/1/98 230
Total Municipal Bonds 42,949
Municipal Warrants (1.2%)
Alabama (1.2%):
100 Scottsboro, Revenue Warrant,
5.30%, 7/1/06, FSA 101
400 Scottsboro, Revenue Warrant,
5.38%, 7/1/07, FSA 406
507
Total Municipal Warrants 507
Investment Companies (1.0%)
389,575 Federated Municipal
Obligations Fund 389
32,556 Federated Tax-Free Money
Market Fund 33
Total Investment Companies 422
Total (Cost $45,194) <F1> $45,378
<FN>
Percentages indicated are based on net assets of $41,615.
<F1> Represents cost for federal income tax purposes and differs
from value by net unrealized appreciation of securities as follows:
Unrealized appreciation $ 425
Unrealized depreciation (241)
Net unrealized appreciation $ 184
<F2> Represents non-income producing securities.
AMBAC--AMBAC Indemnity Corp.
FGIC--Financial Guaranty Insurance Co.
GO--General Obligation
LOC--Letter of Credit
MBIA--Municipal Bond Insurance Assoc.
See notes to financial statements.
</TABLE>
<TABLE>
THE VICTORY PORTFOLIOS Schedule of Investments
New York Tax Free Fund April 30, 1997
(Amounts in Thousands, Except Shares) (Unaudited)
<CAPTION>
Shares or
Principal Market
Amount Security Description Value
<S> <C> <C>
New York Municipal Bonds (101.6%)
$ 1,200 Metropolitan Transit Authority,
7.50%, 7/1/17,
Prerefunded 7/1/98 @ 102,
AMBAC $ 1,270
250 Metropolitan Transit Authority,
Revenue Bond,
7.00%, 7/1/09, AMBAC 287
750 Metropolitan Transportation
Authority New York Dedicated
Tax, Revenue Bond,
5.25%, 4/1/26 698
250 Nassau County Industrial
Development Agency, Civic
Facilities, Revenue Bond,
6.75%, 8/1/11, c
allable 8/1/01 @ 102, AMBAC 270
220 New York City Transit Authority,
Livingston Plaza Project,
Revenue Bond,
7.50%, 1/1/20,
Prerefunded 1/1/00 @ 102, FSA 240
680 New York City, Cultural Resources,
Revenue Bond,
6.63%, 1/1/11, AMBAC 742
700 New York City, Housing Development,
Refunding Revenue Bond,
Multi-Unit Mortgage, Series A,
7.30%, 6/1/10, FHA 746
675 New York City, Housing Development,
Refunding Revenue Bond,
Multi-Unit Mortgage, Series A,
7.35%, 6/1/19, FHA 714
335 New York City, Housing Development,
Revenue Bond, Series 1,
7.38%, 4/1/17, MBIA 345
200 New York City, Industrial
Development Agency,
Civic Facilities, Revenue Bond, USTA
National Tennis Center, FSA
6.38%, 11/15/14 213
650 New York City, Municipal Water
Finance Authority,
Revenue Bond, Series A,
6.75%, 6/15/16,
callable 6/15/01 @ 101, FGIC 695
300 New York City, Series B, GO,
7.00%, 10/1/18,
callable 10/1/99 @ 100, FSA 317
250 New York City, Series C, GO,
7.00%, 2/1/12,
callable 8/1/97 @ 101.5, FGIC 256
500 Port Authority New York & New Jersey
5.38%, 7/15/27,
callable 1/15/07 @ 101, FSA 472
700 State Dormitory Authority,
City University, Revenue
Bond, Series
6.75%, 7/1/24, MBIA 787
750 State Dormitory Authority,
Ithaca College, Revenue Bond,
6.50%, 7/1/10, MBIA 803
225 State Dormitory Authority,
Judicial Facilities Leases,
Revenue Bond, Series B,
7.00%, 4/15/16, MBIA 244
500 State Dormitory Authority,
Revenue Bond,
5.75%, 7/1/26 495
500 State Dormitory Authority,
Revenue Bond,
5.75%, 7/1/26 494
250 State Dormitory Authority,
Siena College, Revenue Bond,
5.75%, 7/1/26 247
700 State Dormitory Authoruty,
St. Johns University
Revenue Bond,
5.70%, 7/1/26 688
340 State Medical Care Facilities
Finance Agency,
7.45%, 2/15/29,
Prerefunded 2/15/00 @ 102, MBIA 371
565 State Medical Care Facilities Finance
Agency, North Shore University,
Refunding Revenue Bond,
7.20%, 11/1/20, MBIA 611
550 State Medical Care Facilities Finance
Agency, St. Luke's, Revenue Bond,
Series A,
7.10%, 2/15/27,
callable 2/15/97 @ 102, FHA 562
155 State Medical Care Facilities,
Financial Agency, Revenue Bond,
7.38%, 8/15/19,
Prerefunded 8/15/99 @ 102, MBIA 168
345 State Medical Care Facilities,
Refunding Revenue Bond,
7.38%, 8/15/19, MBIA 370
550 State Tollway Authority,
Revenue Bond, Series C,
6.00%, 1/1/25, FGIC 556
1,000 State Urban Development,
7.50%, 1/1/12,
Prerefunded 1/1/98 @ 102, AMBAC 1,044
400 State Urban Development,
7.50%, 1/1/20,
Prerefunded 1/1/00 @ 102, FSA 437
370 State, GO,
6.75%, 8/1/18,
callable 8/1/01 @ 102, AMBAC 399
325 State, GO,
6.75%, 8/1/19,
callable 8/1/01 @ 102, AMBAC 350
900 Triborough Bridge & Tunnel Authority,
7.00%, 1/1/20,
Prerefunded 1/1/01 @ 102, MBIA 985
1,000 Triborough Bridge & Tunnel Authority,
Special Obligation,
Refunding Revenue Bond, Series B,
6.88%, 1/1/15, AMBAC 1,075
250 University Puerto Rico, Revenue Bond,
5.25%, 6/1/25, MBIA 235
500 Western Nassau County New York
Water Authority, Revenue Bond,
5.65%, 5/1/26, AMBAC 490
Total New York Municipal Bonds 18,676
Investment Companies (0.6%)
109,662 Providence of New York Fund 110
Total Investment Companies 110
Total (Cost $17,883) <F1> $18,786
<FN>
Percentages indicated are based on net assets of $18,378.
<F1> Represents cost for federal income tax purposes and differs
from value by net unrealized appreciation of securities as follows:
Unrealized appreciation $921
Unrealized depreciation (18)
Net unrealized appreciation $903
AMBAC--AMBAC Indemnity Corp.
FGIC--Financial Guaranty Insurance Co.
FHA--Federal Housing Administration
FSA--Financial Security Assurance
GO--General Obligation
MBIA--Municipal Bond Insurance Assoc.
OID--Original Issue Discount
See notes to financial statements.
</TABLE>
<TABLE>
THE VICTORY PORTFOLIOS Schedule of Investments
Ohio Municipal Bond Fund April 30, 1997
(Amounts in Thousands, Except Shares) (Unaudited)
<CAPTION>
Shares or
Principal Market
Amount Security Description Value
<S> <C> <C>
Municipal Bonds (93.9%)
Alternative Minimum Tax Paper (11.8%):
$ 2,000 Cuyahoga County Multifamily Revenue
6.60%, 10/20/30,
callable 10/20/05 @ 102, GNMA $ 2,058
3,500 Student Loan Funding Corp.,
Series A,
5.50%, 12/1/01 3,543
3,000 Student Loan Funding Corp.,
Series A,
5.85%, 8/1/04 3,106
Total Alternative Minimum Tax Paper 8,707
General Obligations (36.6%)
County, City & Special District (4.8%):
270 Beavercreek,
6.05%, 12/1/16,
callable 12/1/07 @ 102 273
355 Butler County,
5.60%, 12/1/09,
callable 12/1/06 @ 101, AMBAC 362
155 Butler County,
5.65%, 12/1/10,
callable 12/1/06 @ 101, AMBAC 157
600 Madison County,
7.00%, 12/1/19,
callable 12/1/04 @ 102 AMBAC 667
1,000 Munroe Falls, Series A,
6.95%, 12/1/14,
callable 12/1/04 @ 101, AMBAC 1,102
1,000 Toledo,
5.63%, 12/01/11,
callable 12/1/06 @ 102, AMBAC 1,010
3,571
Education (23.3%):
1,000 Anthony Wayne Local School District,
5.75%, 12/1/18,
callable 12/1/05 @ 101, FGIC 1,004
665 Avon Local School District,
5.50%, 12/1/04, AMBAC 686
250 Avon Local School District,
5.55%, 12/1/05, AMBAC 259
1,500 Batavia Local School District
7.00%, 12/1/14,
callable 12/1/05 @ 102, MBIA 1,683
1,000 Blufton, Exempt Village
School District,
5.50%, 12/1/21,
callable 12/1/07 @ 101, AMBAC 974
1,000 Brecksville-Broadview Heights
City School District
6.50%, 12/1/16,
callable 12/1/06 @ 102, FGIC 1,070
1,000 Delaware City School District,
5.75%, 12/1/20,
callable 12/1/05 @ 101, FGIC 1,001
205 Forest Hills Local School District,
3.60%, 12/1/97, MBIA 205
165 Forest Hills Local School District,
4.00%, 12/1/98, MBIA 165
450 Indian Lake School Distrct,
3.85%, 12/1/98, FGIC 448
2,500 Indian Valley Local School District,
7.00%, 12/1/14,
callable 12/1/05 @ 102, AMBAC 2,802
1,250 Lakeview Local School District,
6.95%, 12/1/19,
callable 12/1/04 @ 102, AMBAC 1,386
500 Olentangy Local School District,
Series A,
6.25%, 12/1/14,
callable 12/1/04 @ 102 522
2,000 Twinsburg Local School District,
5.90%, 12/1/21,
callable 12/1/06 @ 102, FGIC 2,017
3,000 Upper Arlington City School District,
5.13%, 12/1/19,
callable 12/1/06 @ 101, MBIA 2,793
145 Westlake, City School District,
Series A,
3.85%, 12/1/97 145
17,160
Public Facilities
(Convention, Sport, Public Buildings) (2.4%):
285 Centerville Capital Facilities,
5.63%, 12/1/26,
callable 12/1/05 @ 101, MBIA 279
1,385 Crawford County,
Correctional Facilities,
6.75%, 12/1/19, AMBAC 1,519
1,798
Transportation (2.7%):
2,005 State Highway, Series V,
4.80%, 5/15/04 1,983
Utility (Sewers, Telephone, Electric) (3.4%):
500 Canton Waterworks System,
5.75%, 12/1/10,
callable 12/1/05 @ 102, AMBAC 512
300 Groveport, Sewer Improvements,
5.60%, 12/1/11, AMBAC 304
285 Huron County Landfill Issue II,
5.40%, 12/1/07, MBIA 291
320 Huron County Landfill Issue II,
5.60%, 12/1/09,
callable 12/1/07 @ 102, MBIA 327
1,000 Toledo, Sewer Improvements,
6.10%, 12/1/14,
callable 12/1/04 @ 102, AMBAC 1,039
2,473
Total General Obligations 26,985
Revenue Bonds (45.5%)
Education (8.5%):
4,130 Kent State University,
University Revenue,
5.50%, 5/1/28,
callable 11/1/06 @ 102, MBIA 3,999
1,000 State Higher Education Facility
Revenue, Series II B,
5.88%, 12/1/04,
callable 12/1/01 @ 102 1,045
1,250 University of Cincinnati
General Receipts, Series AB,
5.38%, 6/1/20,
callable 6/1/07 @ 100, MBIA 1,198
6,242
Hospitals, Nursing Homes & Health Care (15.7%):
750 Cuyahoga County Hospital Revenue,
Metrohealth System Project,
5.50%, 2/15/27,
callable 2/15/07 @ 102, MBIA 716
1,300 Cuyahoga County Hospital,
University Hospital Health,
Series A,
5.63%, 1/15/21,
callable 1/15/06 @ 102, MBIA 1,263
330 Franklin County Hospital,
Childrens Hospital,
4.50%, 11/1/98 332
1,720 Franklin County, Riverside Hospital,
7.25%, 5/15/20,
Prerefunded 5/15/00 @ 102, MBIA 1,875
1,000 Garfield Heights, Marymont Hospital
6.70%, 11/15/15,
callable 11/15/02 @ 102 1,059
2,000 Lake County Hospital
Improvement Facilities,
6.38%, 8/15/03, AMBAC 2,148
2,000 Lucas County Hospital,
Promedica Healthcare,
5.75%, 11/15/14,
callable 11/15/06 @ 102, MBIA 1,996
635 Portage County Hospital,
6.50%, 11/15/03, MBIA 688
675 Portage County Hospital,
6.50%, 11/15/04, MBIA 737
715 Portage County Hospital,
6.50%, 11/15/05, MBIA 785
11,599
Housing (2.0%):
255 Cap Corp., Housing Mangement
Revenue, Bucyrus Estate,
5.75%, 7/1/06,
callable 7/1/05 @ 102, MBIA 263
850 Cuyahoga County Multifamily
Revenue, Water Street Assoc.,
6.15%, 12/20/26,
callable 6/20/08 @ 105, GNMA 853
370 Cuyahoga County Multifamily,
5.60%, 6/20/08 370
1,486
Public Facilities
(Convention, Sport, Public Buildings) (9.6%):
1,575 Ohio State Building Authority,
Arts Facilities Building Fund,
5.00%, 10/1/98 1,592
1,000 Ohio State Building Authority,
Sports Facilities Building,
5.00%, 10/1/07, FSA 985
500 Ohio State Public Facilities
Commission,
4.25%, 12/1/97, AMBAC 501
1,200 Ohio State Public Facilities
Commission,
5.00%, 11/1/98 1,215
2,000 State Building Authority,
Adult Correctional Facilities,
6.00%, 10/1/07,
callable 10/1/03 @ 102 2,109
500 Toledo, Lucas County,
Convention Center Project,
5.50%, 10/1/10,
callable 10/1/06 @ 102, MBIA 502
200 Toledo, Lucas County,
Convention Center Project,
5.70%, 10/1/15,
callable 10/1/06 @ 102, MBIA 200
7,104
Utility (Sewers, Telephone, Electric) (9.7%):
1,985 Cleveland Public Power Systems,
Series A,
7.00%, 11/15/24,
Prerefunded 11/15/04 @ 102, MBIA 2,268
950 Cleveland Waterworks, Series H,
5.75%, 1/1/21,
callable 1/1/06 @ 102, MBIA 950
815 Huber Heights Water System,
5.55%, 12/1/10,
callable 12/1/05 @ 102, MBIA 821
100 Huber Heights Water System,
Capital Appreciation,
0.00%, 12/1/21, MBIA 24
1,000 Huber Heights Water System,
Capital Appreciation,
0.00%, 12/1/22, MBIA 226
1,000 Huber Heights Water System,
Capital Appreciation,
0.00%, 12/1/23, MBIA 213
1,245 Huber Heights Water System,
Capital Appreciation,
0.00%, 12/1/24, MBIA 250
1,195 Huber Heights Water System,
Capital Appreciation,
0.00%, 12/1/25, MBIA 226
250 Ohio State Water Development
Authority, Safe Water Services,
4.60%, 6/1/04, AMBAC 243
1,000 Ohio State Water Development
Authority, Safe Water Services,
4.50%, 6/1/05, AMBAC 954
500 Southwest Regional Water,
6.00%, 12/1/20,
callable 12/1/05 @ 101, MBIA 509
135 Springboro Sewer Systems,
4.00%, 6/1/98, MBIA 135
300 Toledo Waterworks,
5.00%, 11/15/02, FGIC 302
7,121
Total Revenue Bonds 33,552
Total Municipal Bonds 69,244
Investment Companies (4.3%)
1,527,430 Federated Ohio Municipal Cash
Trust Fund 1,527
8,567 Fidelity Ohio Tax Free Money Market 9
1,636,741 Vanguard Ohio Tax Free
Money Market Portfolio 1,637
Total Investment Companies 3,173
Total (Cost $70,882) <F1> $72,417
<FN>
Percentages indicated are based on net assets of $73,721.
<F1> Represents cost for federal income tax purposes and differs
from value by net unrealized appreciation of securities as follows:
Unrealized appreciation $1,741
Unrealized depreciation (205)
Net unrealized appreciation $1,536
AMBAC--AMBAC Indemnity Corp.
FGIC--Financial Guaranty Insurance Co.
FHA--Federal Housing Administration
FSA--Financial Security Assurance
GNMA--Government National Mortgage Assoc.
MBIA--Municipal Bond Insurance Assoc.
See notes to financial statements.
</TABLE>
<TABLE>
THE VICTORY PORTFOLIOS Schedule of Investments
Balanced Fund April 30, 1997
(Amounts in Thousands, Except Shares) (Unaudited)
<CAPTION>
Shares or
Principal Market
Amount Security Description Value
<S> <C> <C>
Commercial Paper (7.8%)
Financial Services (7.8%):
$ 23,744 General Electric Capital Corp.,
5.62%, 5/1/97 $ 23,744
Total Commercial Paper 23,744
Common Stocks (53.4%)
Aerospace/Defense (1.5%):
37,700 AlliedSignal, Inc. 2,724
20,400 Boeing Co. 2,012
4,736
Aluminum (0.5%):
21,700 Aluminum Co. of America 1,516
Automobiles (0.2%):
16,000 Chrysler Corp. 480
Banks (4.8%):
28,900 BankAmerica Corp. 3,378
32,400 Chase Manhattan Corp. 3,001
28,100 First Union Corp. 2,360
44,000 Mellon Bank Corp. 3,570
48,500 Norwest Corp. 2,419
14,728
Beverages (1.7%):
66,800 Anheuser-Busch Cos., Inc. 2,864
70,000 PepsiCo, Inc. 2,441
5,305
Chemicals--General (0.9%):
25,500 Air Products & Chemicals, Inc. 1,829
10,800 Dow Chemical Co. 917
2,746
Commercial Services (0.0%):
16,000 Professional Staff PLC ADR <F2> 148
Computers & Peripherals (2.0%):
20,000 Cisco Systems, Inc. <F2> 1,035
20,800 Hewlett-Packard Co. 1,092
25,000 International Business
Machines Corp. 4,019
6,146
Conglomerates (2.0%):
30,400 General Electric Co. 3,370
60,000 Jardine Strategic
Holdings Ltd. ADR 141
24,400 Textron, Inc. 2,718
6,229
Consumer Products (0.9%):
17,000 Colgate-Palmolive Co. 1,887
22,600 Newell Co. 791
2,678
Containers (0.3%):
30,000 Sonoco Products Co. 806
Cosmetics & Related (0.5%):
27,100 Avon Products, Inc. 1,670
Electrical Equipment (0.6%):
37,200 Emerson Electric Co. 1,888
Entertainment (0.5%):
53,700 Viacom Inc., Class B <F2> 1,436
Financial Services (1.9%):
31,400 American Express Co. 2,068
61,200 Fannie Mae 2,518
14,300 Household International, Inc. 1,258
5,844
Food Distributors, Supermarkets
& Wholesalers (0.1%):
6,000 SUPERVALU, INC. 184
Food Processing & Packaging (1.5%):
31,500 ConAgra, Inc. 1,815
69,000 Sara Lee Corp. 2,898
4,713
Forest Products--Lumber & Paper (0.4%):
9,000 Bowater, Inc. 389
14,000 Mead Corp. 786
1,175
Health Care (0.8%):
68,500 Columbia/HCA Healthcare Corp. 2,398
Insurance (0.6%):
60,500 Everest Reinsurance Holdings, Inc. 1,739
Insurance--Multi-Line (2.7%):
73,942 Allstate Corp. 4,843
15,400 Chubb Corp. 889
15,000 General Re Corp. 2,509
8,241
Medical Supplies (0.9%):
73,000 Biomet, Inc. 1,109
24,200 Medtronic, Inc. 1,676
2,785
Newspapers (0.2%):
18,000 Dow Jones & Co., Inc. 729
Oil & Gas Exploration, Production
& Services (0.8%):
67,600 Enron Corp. 2,543
Oil-Integrated Companies (6.7%):
12,000 Atlantic Richfield Co. 1,634
26,000 Exxon Corp. 1,472
41,700 Mobil Corp. 5,421
57,600 Phillips Petroleum Co. 2,268
400 Royal Dutch Petroleum Co. ADR 72
21,000 Royal Dutch Petroleum Co. ADR 3,785
58,500 Texaco, Inc. 6,172
20,824
Oilfield Services & Equipment (1.2%):
72,400 Baker Hughes, Inc. 2,498
12,000 Schlumberger Ltd. 1,329
3,827
Paint, Varnishes, Enamels (0.2%):
21,400 Sherwin-Williams Co. 647
Pharmaceuticals (4.9%):
50,000 Abbott Laboratories 3,050
48,900 American Home Products Corp. 3,240
14,000 Bristol-Myers Squibb Co. 917
17,600 Merck & Co., Inc. 1,593
55,700 Pfizer, Inc. 5,347
9,000 Schering-Plough Corp. 720
14,867
Publishing (0.5%):
31,500 Time Warner, Inc. 1,418
Retail (1.1%):
48,400 Dayton Hudson Corp. 2,178
38,800 Wal-Mart Stores, Inc. 1,096
3,274
Retail--Department Stores (0.9%):
30,500 May Department Stores Co. 1,411
26,000 Sears, Roebuck & Co. 1,248
2,659
Retail--Drug Stores (0.5%):
32,800 Walgreen Co. 1,509
Retail--Specialty Stores (0.6%):
30,000 AutoZone, Inc. <F2> 735
28,000 Lowe's Cos., Inc. 1,064
1,799
Semiconductors (1.1%):
15,700 Intel Corp. 2,404
25,000 LSI Logic Corp. <F2> 956
3,360
Software & Computer Services (1.1%):
63,000 Informix Corp. <F2> 461
13,500 Microsoft Corp. <F2> 1,640
28,500 Oracle Corp. <F2> 1,133
3,234
Steel (0.2%):
17,100 USX-U.S. Steel Group, Inc. 500
Tax Return Preparation (0.4%):
40,500 H&R Block, Inc. 1,306
Telecommunications (0.8%):
13,176 Lucent Technologies, Inc. 779
1,000 Telecomunicacoes Brasileiras
S/A-Telebras ADR 115
60,000 WorldCom, Inc. <F2> 1,440
2,334
Tobacco & Tobacco Products (0.4%):
31,500 Philip Morris Cos., Inc. 1,240
Utilities--Electric (2.5%):
44,400 Consolidated Edison Co.
of New York, Inc. 1,232
52,000 DQE, Inc. 1,437
20,000 FPL Group, Inc. 893
111,800 Houston Industries, Inc. 2,235
57,800 Texas Utilities Co. 1,951
7,748
Utilities--Telecommunications (4.0%):
42,000 Ameritech Corp. 2,567
56,000 AT&T Corp. 1,876
66,500 GTE Corp. 3,051
125,000 MCI Telecommunications Corp. 4,765
12,259
Total Common Stocks 163,668
Foreign Common Stocks (4.2%)
Australia (0.3%):
Banks (0.1%):
12,000 National Australia Bank Ltd. 165
Building Materials (0.1%):
50,400 Leighton Holdings 227
Entertainment (0.0%):
57,000 Village Roadshow Ltd., Class A 145
Leisure--Recreation, Gaming (0.0%):
45,000 Aristocrat Leisure 94
Publishing (0.1%):
32,000 Publishing & Broadcasting Ltd. 169
Total Australia 800
Austria (0.1%):
Steel (0.0%):
2,500 Voest-Alpine Stahl AG 98
Utilities--Electric (0.1%):
2,800 Oesterreichische
Elekrizitaetswirtschafts, Class A 196
Total Austria 294
Britain (0.6%):
Banks (0.2%):
21,000 Allied Irish Banks PLC 146
5,000 HSBC Holdings PLC 131
8,000 National Westminster Bank PLC 95
372
Catering (0.1%):
14,000 Compass Group PLC 154
Chemicals--General (0.0%):
9,500 BOC Group PLC 146
Containers (0.0%):
50,500 Jefferson Smurfit Group PLC 123
Industrial Goods & Services (0.0%):
25,000 Hanson PLC 121
Office Equipment & Supplies
(Non-Computer Related) (0.0%):
10,000 De La Rue PLC 90
Real Estate (0.0%):
20,000 Slough Estates PLC 103
Retail (0.1%):
33,600 Marks & Spencer PLC 267
Transportation (0.1%):
30,000 Associated British Ports
Holdings PLC 129
22,000 Peninsular & Oriental
Steam Navigation Co. 216
345
Transportation Leasing & Trucking (0.0%):
25,000 Avis Europe PLC <F2> 54
Utilities--Water (0.1%):
28,300 Severn Trent PLC 348
Total Britain 2,123
Canada (0.1%):
Banks (0.1%):
8,200 Canadian Imperial Bank
of Commerce 188
Total Canada 188
Finland (0.1%):
Banks (0.1%):
87,000 Merita Ltd., Class A 283
Total Finland 283
France (0.4%):
Building Materials (0.0%):
2,350 Compagnie de Saint Gobain 315
Conglomerates (0.1%):
650 Compagnie Generale d'Industrie
et de Participations 197
Insurance (0.1%):
2,300 AXA-UAP 142
1,250 Cardif SA 156
298
Oil & Gas Exploration, Production
& Services (0.1%):
1,600 Elf Aquitaine SA 155
Pharmaceuticals (0.1%):
5,800 Rhone-Poulenc, Class A 195
Total France 1,160
Germany (0.3%):
Automobiles (0.1%):
800 Volkswagen AG 393
Banks (0.1%):
6,900 Bayerische Hypotheken-und
Weschel-Bank AG 214
Chemicals--General (0.1%):
6,300 BASF AG 242
Total Germany 849
Hong Kong (0.3%):
Conglomerates (0.1%):
41,000 Citic Pacific Ltd 222
Real Estate (0.2%):
17,000 Cheung Kong Holdings Ltd. 149
70,000 Hang Lung Development Co. 129
19,000 Hutchison Whampoa Ltd. 141
419
Transportation (0.0%):
60,000 Cross Harbour Tunnel Co. 127
Utilities--Electric (0.0%):
75,000 Beijing Datang <F2> 39
Total Hong Kong 807
Italy (0.2%):
Automobiles (0.1%):
100,000 Fiat SpA 183
Food & Dairy Products (0.1%):
157,000 Parmalat Finanziaria SpA 228
Utilities--Telecommunications (0.0%):
60,000 Telecom Italia SpA 129
Total Italy 540
Japan (0.5%):
Automobiles (0.0%):
13,000 Honda Motor Co. Ltd. 404
Cosmetics & Related (0.1%):
12,000 Kao Corp. 140
16,000 Shiseido Co. Ltd. 229
369
Electronic & Electrical--General (0.1%):
19,000 Matsushita Electric
Industrial Co. Ltd. 304
Financial Services (0.1%):
3,900 Takefuji Corp. 188
Pharmaceuticals (0.1%):
11,000 Daiichi Pharmaceutical 177
Photography (0.1%):
8,000 Fuji Photo Film 306
Retail--Department Stores (0.0%):
12,000 Diamaru Inc. 50
Tools (0.0%):
10,000 Makita Corp. 137
Total Japan 1,935
Malaysia (0.1%):
Steel (0.1%):
104,000 Malayawata Steel Berhad 175
Total Malaysia 175
Netherlands (0.3%):
Banks (0.1%):
4,497 ING Groep N.V. 177
Chemicals--General (0.0%):
1,800 DSM N.V. 180
Containers (0.1%):
9,000 Koninklijke Emballage Indusrie
Van Leer 179
Electronic & Electrical--General (0.1%):
3,300 Philips Electronics N.V. 172
Food Products (0.0%):
2,600 CSM-N.R. Cert 149
Oil-Integrated Companies (0.0%):
500 Royal Dutch Petroleum Co. 89
Total Netherlands 946
New Zealand (0.1%):
Fisheries (0.0%):
25,000 Sanford Ltd. 49
Household Goods--Appliances,
Furnishings & Electronics (0.1%):
43,100 Fisher & Paykel Industries Ltd. 155
Total New Zealand 204
Portugal (0.2%):
Banks (0.1%):
11,000 Banco Commercial Portugues, SA 168
Building Materials (0.1%):
10,000 Cimpor-Cimentos de Portugal,
SGPS, SA 214
Telecommunications (0.0%):
2,700 Portugal Telecom SA 100
Total Portugal 482
Singapore (0.1%):
Conglomerates (0.1%):
85,000 Haw Par Brothers International Ltd. 187
Total Singapore 187
Spain (0.2%):
Banks (0.1%):
2,500 Banco Santander SA 189
3,000 Corporacion Bancaria de Espana SA 134
323
Commercial Services (0.0%):
6,000 Autopistas Concesionaria
Espanola SA 69
Construction (0.1%):
10,000 Dragados & Construcciones, SA 162
Utilities--Electric (0.0%):
8,000 Iberdrola SA 90
Total Spain 644
Sweden (0.1%):
Conglomerates (0.0%):
7,000 Kinnevik AB, Class B 182
Industrial Goods & Services (0.0%):
6,300 Trelleborg AB, Class B 98
Steel (0.1%):
17,500 Avesta Sheffield AB 174
Total Sweden 454
Switzerland (0.2%):
Banks (0.0%):
1,297 Credit Suisse Group 146
Business & Public Services (0.0%):
35 Societie Generale de Surveillance
Holding SA, Class B 72
Consumer Products (0.2%):
2,000 Oerlikon-Buehrle Holding AG-R <F2> 198
Insurance (0.0%):
60 Baloise Holding Ltd., Registered 127
Pharmaceuticals (0.0%):
72 Novartis AG Reg, 95
Total Switzerland 638
Total Foreign Common Stocks 12,709
Convertible Bonds (0.0%)
Banks (0.0%):
94 Mitsubishi Bank International
Finance Bermuda
3.00%, 11/30/02 96
Total Convertible Bonds 96
Convertible Stock (0.2%)
Automobiles (0.2%):
4,300 Ford Motor Co.,
Convertible Preferred 482
Total Convertible Stock 482
Corporate Bonds (8.4%)
Automobiles (1.0%):
1,500 Daimler-Benz North America Corp.
7.38%, 9/15/06 1,511
1,500 General Motors Corp.
9.13%, 7/15/01 1,615
3,126
Banks (1.3%):
300 BankAmerica Corp.
9.63%, 2/13/01 326
1,000 BankAmerica Corp.
8.38%, 3/15/02 1,054
1,200 First Union Corp.
9.45%, 8/15/01 1,306
1,000 Societe Generale--New York
7.40%, 6/1/06 995
400 SunTrust Banks, Inc.
7.38%, 7/1/02 406
4,087
Beverages (0.3%):
800 Coca-Cola Co.
6.7%, 10/15/36 789
Brokerage Services (1.4%):
1,000 Merrill Lynch & Co., Inc.
8.25%, 11/15/99 1,037
1,000 Merrill Lynch & Co., Inc.
6.00%, 3/1/01 966
800 Morgan Stanley Group, Inc.
5.63%, 3/1/99 789
750 Morgan Stanley Group, Inc.
8.88%, 10/15/01 804
800 Salomon Brothers, Inc.
6.70%, 12/1/98 803
4,399
Electronic & Electrical--General (0.3%):
1,000 Philips Electronics N.V.
7.13%, 5/15/25* 983
Financial Services (0.3%):
1,000 BHP Finance USA Ltd.
6.69%, 3/1/06 961
Industrial Goods & Services (2.2%):
900 Black & Decker Corp.
7.50%, 4/1/03 916
500 ConAgra, Inc.
7.13%, 10/1/26,
callable 10/1/06 @ 100 496
1,000 Georgia-Pacific Corp.
9.95%, 6/15/02 1,115
1,000 Harris Corp.
6.65%, 8/1/06 988
1,100 Lockheed Martin
7.20% , 5/1/36 1,096
600 Telecommunications Inc,
9.80%, 2/1/12 650
800 Tosco Corp.
7.25%, 1/1/07 786
500 USX Corp.
7.20%, 2/15/04 496
6,543
Insurance (0.4%):
600 Aetna Services, Inc.
6.97%, 8/15/36 596
775 Prudential Insurance,
7.65%, 7/01/07 778
1,374
Oil & Gas Exploration, Production
& Services (0.7%):
1,100 Phillips Petroleum,
8.00%, 1/15/37 1,078
1,000 Union Oil of California
6.38%, 2/1/04 955
2,033
Retail (0.2%):
500 Dayton Hudson Co.
6.40%, 2/15/03 481
Utilities--Electric (0.3%):
900 Tenaga Nasional Mal
7.88%, 6/15/04 929
Total Corporate Bonds 25,705
U.S. Treasury Notes (9.9%)
6,190 5.63%, 10/31/97 6,187
15,750 7.25%, 2/15/98 15,910
2,600 7.13%, 2/29/00 2,646
2,700 6.25%, 1/31/02 2,665
700 7.88%, 11/15/04 748
2,000 7.00%, 7/15/06 2,032
Total U.S. Treasury Notes 30,188
U.S Treasury Bonds (5.3%)
5,395 8.00%, 11/15/21 5,979
10,680 6.75%, 8/15/26 10,328
Total U.S Treasury Bonds 16,307
U.S. Government Securities (11.2%)
Federal Home Loan Mortgage Corp. (1.1%):
1,000 8.19%, 10/6/04 1,022
307 7.50%, 4/1/07 310
471 6.00%, 2/1/11 448
1,470 9.00%, 12/15/19 1,544
3,324
Federal National Mortgage Assoc. (3.3%):
2,500 8.50%, 2/1/05 2,600
1,000 6.65%, 3/8/06,
callable 3/8/01 @ 100 964
1,735 6.00%, 11/1/08 1,669
404 6.00%, 3/1/09 384
303 6.00%, 11/1/09 291
1,418 6.00%, 6/1/11 1,352
31 7.40%, 7/25/17 31
1,253 9.50%, 8/01/22 1,346
1,458 7.00%, 12/1/22 1,415
10,052
Government National Mortgage Assoc. (6.8%):
190 9.00%, 6/15/09 200
181 9.50%, 7/15/09 194
938 9.00%, 12/15/09 983
731 8.50%, 7/15/10 757
1,312 6.00%, 1/15/11 1,260
1,114 9.00%, 10/15/16 1,165
156 9.00%, 11/15/16 163
1,406 8.00%, 11/15/17 1,430
588 9.00%, 9/15/19 615
552 9.00%, 12/15/19 577
642 9.00%, 1/15/20 671
381 9.00%, 2/15/20 398
1,273 8.50%, 5/15/20 1,311
486 8.50%, 4/15/21 501
322 8.50%, 3/15/23 331
270 7.00%, 7/15/23 262
888 7.50%, 11/15/23 881
2,920 7.00%, 12/15/23 2,837
1,864 6.50%, 1/15/24 1,749
4,262 7.00%, 6/15/24 4,140
789 7.50%, 11/15/24 785
21,210
Total U.S. Government Securities 34,586
Total (Cost $260,328) <F1> $307,485
<FN>
Percentages indicated are based on net assets of $306,168.
<F1> Represents cost for federal income tax purposes and differs
from value by net unrealized appreciation of securities as follows:
Unrealized appreciation $50,803
Unrealized depreciation (3,646)
Net unrealized appreciation $47,157
<F2> Represents non-income producing securities.
ADR--American Depository Receipt
See notes to financial statements.
</TABLE>
<TABLE>
THE VICTORY PORTFOLIOS Schedule of Investments
Stock Index Fund April 30, 1997
(Amounts in Thousands, Except Shares) (Unaudited)
<CAPTION>
Shares or
Principal Market
Amount Security Description Value
<S> <C> <C>
Commercial Paper (12.8%)
Financial Services (12.8%):
$ 46,721 General Electric Capital Corp.,
5.62%, 5/1/97 $ 46,721
Total Commercial Paper 46,721
Common Stocks (86.5%)
Advertising (0.1%):
4,160 Interpublic Group of Cos., Inc. 236
Aerospace--Defense (1.8%):
14,513 AlliedSignal, Inc. 1,049
2,755 B.F. Goodrich, Inc. 110
18,389 Boeing Co. 1,814
3,237 General Dynamics Corp. 231
9,889 Lockheed Martin Corp. 885
10,888 McDonnell Douglas Corp. 646
2,962 Northrop Grumman Corp. 247
12,113 Raytheon Co. 528
12,180 United Technologies Corp. 921
6,431
Agriculture (0.1%):
4,227 Pioneer Hi-Bred International, Inc. 299
Airlines (0.3%):
4,669 AMR Corp. Delaware <F2> 434
3,753 Delta Air Lines, Inc. 346
7,443 Southwest Airlines Co. 205
3,294 U.S. Airways Group, Inc. <F2> 107
1,092
Aluminum (0.3%):
11,610 Alcan Aluminum Ltd. 393
8,899 Aluminum Co. of America 622
3,268 Reynolds Metals Co. 222
1,237
Apparel--Footwear (0.4%):
3,945 Fruit of the Loom, Inc., Class A <F2> 142
3,666 Liz Claiborne, Inc. 166
14,798 Nike, Inc., Class B 832
2,856 Reebok International Ltd. 109
2,546 Stride Rite Corp. 35
3,270 VF Corp. 236
1,520
Automobiles (1.5%):
36,055 Chrysler Corp. 1,082
60,836 Ford Motor Co. 2,114
38,795 General Motors Corp. 2,246
3,767 Navistar International Corp. <F2> 42
1,994 PACCAR, Inc. 139
5,623
Automotive Parts (0.3%):
2,027 Cummins Engine Co., Inc. 114
5,224 Dana Corp. 167
3,202 Echlin, Inc. 104
9,267 Genuine Parts Co. 300
6,064 ITT Industries, Inc. 153
6,517 TRW, Inc. 340
1,178
Banks (5.0%):
20,126 Bank of New York Co. 795
18,414 BankAmerica Corp. 2,152
4,192 Bankers Trust New York 341
10,013 Barnett Banks, Inc. 489
22,520 Chase Manhattan Corp. 2,086
5,514 Comerica, Inc. 323
16,362 First Chicago NBD Corp. 920
14,560 First Union Corp. 1,223
9,504 J.P. Morgan & Co., Inc. 968
11,567 KeyCorp 603
17,146 MBNA Corp. 566
6,641 Mellon Bank Corp. 539
11,454 National City Corp. 558
39,560 NationsBank Corp. 2,388
19,004 Norwest Corp. 948
17,216 PNC Bank Corp. 708
2,834 Republic New York Corp. 260
11,445 SunTrust Banks, Inc. 581
7,753 U.S. Bancorp. 443
8,478 Wachovia Corp. 496
4,741 Wells Fargo & Co. 1,265
18,652
Banks--Money Centers Regional (1.3%):
7,850 BankBoston Corp. 571
23,771 Citicorp 2,677
11,474 CoreStates Financial Corp. 581
13,462 Fleet Financial Group, Inc. 821
4,650
Banks--Outside Money Center (0.5%):
21,932 Banc One Corp. 929
5,434 Fifth Third Bancorp 406
6,903 First Bank Systems, Inc. 530
1,865
Beverages (3.6%):
25,624 Anheuser-Busch Cos., Inc. 1,099
3,541 Brown-Forman Corp., Class B 179
127,688 Coca-Cola Co. 8,123
1,946 Coors Adolph Co., Class B 45
79,725 PepsiCo, Inc. 2,780
19,027 Seagram Co. Ltd. 728
12,954
Brokerage Services (0.4%):
8,452 Merrill Lynch & Co., Inc. 805
7,822 Morgan Stanley Group, Inc. 494
5,595 Salomon Brothers, Inc. 280
1,579
Building Materials (0.2%):
2,119 Armstrong World Industries, Inc. 139
1,482 Centex Corp. 53
1,825 Fleetwood Enterprises, Inc. 48
1,995 Kaufman & Broad Home Corp. 28
8,234 Masco Corp. 312
2,671 Owens Corning 108
1,194 Pulte Corp. 34
722
Chemicals--General (2.4%):
5,731 Air Products & Chemicals, Inc. 411
12,470 Dow Chemical Co. 1,058
28,891 E.I. Du Pont de Nemours Co. 3,067
3,987 Eastman Chemical Co. 203
7,382 Englehard Corp. 155
1,906 FMC Corp. <F2> 128
3,175 Great Lakes Chemical Corp. 135
5,253 Hercules, Inc. 207
3,796 Mallinckrodt, Inc. 138
30,176 Monsanto Co. 1,290
3,457 Nalco Chemical Co. 124
9,410 PPG Industries, Inc. 512
8,028 Praxair, Inc. 414
3,283 Rohm & Haas Co. 273
5,131 Sigma-Aldrich Corp. 154
6,535 Union Carbide Corp. 326
3,652 W.R. Grace & Co. 190
8,785
Commercial Services (1.1%):
14,988 Automatic Data Processing, Inc. 678
20,355 CUC International, Inc. <F2> 430
3,312 Ecolab, Inc. 135
28,318 Eli Lilly & Co. 2,489
5,854 Federal Express Corp. <F2> 315
4,047
Computers & Peripherals (3.8%):
9,030 3Com Corp. <F2> 262
6,226 Amdahl Corp. <F2> 53
6,398 Apple Computer, Inc. <F2> 109
10,124 Bay Networks, Inc. <F2> 180
7,996 Cabletron Systems, Inc. <F2> 276
33,737 Cisco Systems, Inc. <F2> 1,746
13,897 Compaq Computer Corp. <F2> 1,186
3,925 Computer Sciences Corp. <F2> 245
2,050 Data General Corp. <F2> 38
8,985 Dell Computer, Inc. <F2> 752
8,070 Digital Equipment Corp. <F2> 241
11,941 EMC Corp. <F2> 434
52,043 Hewlett-Packard Co. 2,732
2,442 Intergraph Corp. <F2> 16
26,559 International Business
Machines Corp. 4,269
12,687 Seagate Technology, Inc. <F2> 582
9,052 Silicon Graphics, Inc. <F2> 135
18,889 Sun Microsystems, Inc. <F2> 544
6,099 Tandem Computers, Inc. <F2> 79
8,972 Unisys Corp. <F2> 54
13,933
Conglomerates (3.8%):
11,732 Corning, Inc. 566
2,358 Crane Co. 88
84,491 General Electric Co. 9,363
21,451 Minnesota Mining &
Manufacturing Co. 1,866
7,302 Morton International, Inc. 306
2,327 National Service Industries, Inc. 98
8,763 Tenneco Inc. 349
4,243 Textron, Inc. 473
30,999 Westinghouse Electric Corp. 527
5,325 Whitman Corp. 123
13,759
Construction (0.1%):
4,307 Fluor Corp. 236
2,086 Foster Wheeler Corp. 81
317
Consumer Products (1.7%):
3,840 American Greetings Corp., Class A 123
2,654 Clorox Co. 338
7,538 Colgate-Palmolive Co. 837
1,984 Jostens, Inc. 47
8,151 Newell Co. 285
34,869 Procter & Gamble Co. 4,385
6,015
Containers (0.2%):
1,566 Ball Corp. 42
2,687 Bemis, Inc. 102
6,584 Crown Cork & Seal, Inc. 361
7,685 Rubbermaid, Inc. 184
5,089 Stone Container Corp. 52
3,194 Tupperware Corp. 106
847
Cosmetics & Related (0.9%):
2,868 Alberto Culver Co. 84
6,817 Avon Products, Inc. 420
28,473 Gillette Co. 2,419
5,662 International Flavor &
Fragance, Inc. 239
3,162
Electrical Equipment (0.5%):
22,941 Emerson Electric Co. 1,165
7,026 General Instrument Corp. <F2> 164
4,272 Johnson Controls, Inc. 164
2,729 Thomas & Betts Corp. 124
2,724 W.W. Grainger, Inc. 205
1,822
Electronic & Electrical--General (1.4%):
7,007 Advanced Micro Devices, Inc. <F2> 298
11,268 AMP, Inc. 404
2,429 EG&G, Inc. 46
2,559 General Signal Corp. 100
2,002 Harris Corp. 171
6,505 Honeywell, Inc. 459
30,426 Motorola, Inc. 1,743
7,161 National Semiconductor Corp. <F2> 179
11,237 Rockwell International Corp, 747
2,991 Tandy Corp. 157
1,694 Tektronix, Inc. 92
9,772 Texas Instruments, Inc. 872
5,268
Entertainment (1.2%):
5,051 Brunswick Corp. 143
5,281 Harrah's Entertainment, Inc. <F2> 84
6,637 Hasbro, Inc. 166
1,918 King World Productions, Inc. <F2> 70
5,902 Loews Corp. 542
18,156 Viacom Inc., Class B <F2> 486
34,645 Walt Disney Co. 2,841
4,332
Financial & Insurance (0.1%):
2,218 MBIA Inc. 216
Financial Services (3.0%):
24,318 American Express Co. 1,602
10,436 American General Corp. 455
2,773 Beneficial Corp. 177
16,499 Dean Witter Discover & Co. 631
56,039 Fannie Mae 2,306
36,701 Federal Home Loan Mortgage Corp. 1,170
22,968 First Data Corp. 792
2,942 Golden West Financial Corp.,
Delaware 191
7,067 Great Western Financial Corp. 297
7,053 Green Tree Financial Corp. 209
5,414 H.F. Ahmanson & Co. 206
4,977 Household International, Inc. 438
4,809 Providian Corp 278
3,400 TransAmerica Corp. 288
32,789 Travelers, Inc. 1,816
10,856
Food Distributors (0.5%):
12,882 Albertsons, Inc. 425
7,481 American Stores Co. 340
1,939 Fleming Cos., Inc. 32
3,072 Giant Food, Inc., Class A 99
1,961 Great Atlantic & Pacific Tea, Inc. 49
12,946 Kroger Co. <F2> 356
3,434 SUPERVALU, Inc. 105
9,065 Sysco Corp. 322
7,704 Winn-Dixie Stores, Inc. 268
1,996
Food Processing & Packaging (2.1%):
27,880 Archer-Daniels-Midland Co. 512
23,980 Campbell Soup Co. 1,227
12,322 ConAgra, Inc. 710
7,378 CPC International, Inc. 610
8,287 General Mills, Inc. 514
18,897 H.J. Heinz Co. 784
7,880 Hershey Foods Corp. 427
10,815 Kellogg Co. 754
6,972 Quaker Oats Co. 279
5,456 Ralston-Ralston Purina Group 449
24,686 Sara Lee Corp. 1,037
5,958 Wm. Wrigley Jr. Co. 347
7,650
Forest Products--Lumber & Paper (1.2%):
2,487 Boise Cascade Corp. 83
4,903 Champion International Corp. 228
4,690 Georgia Pacific Corp. 366
15,403 International Paper Co. 651
4,417 James River Corp. of Virginia 132
28,998 Kimberly-Clark Corp. 1,485
5,580 Louisiana Pacific Corp. 104
2,681 Mead Corp. 150
1,480 Potlatch Corp. 61
2,844 Temple-Inland, Inc. 158
3,574 Union Camp Corp. 174
5,229 Westvaco Corp. 146
10,177 Weyerhauser Co. 466
2,832 Willamette Industries, Inc. 181
4,385
Funeral Services (0.1%):
12,095 Service Corp. International 414
Health Care (0.4%):
34,451 Columbia/HCA Healthcare Corp. 1,205
8,346 Humana, Inc. <F2> 182
1,387
Heavy Machinery (0.6%):
3,766 Case Corp. 209
9,826 Caterpillar Tractor, Inc. 874
13,133 Deere & Co. 604
2,523 Harnischfeger Industries, Inc. 105
5,617 Ingersoll Rand Co. 276
2,819 McDermott International, Inc. 52
2,120
Hotels & Motels (0.4%):
6,603 HFS, Inc. <F2> 391
12,680 Hilton Hotels Corp. 342
5,971 ITT Corp. <F2> 354
6,569 Marriott International, Inc. 363
1,450
Household Goods--Appliances,
Furnishings & Electronics (0.1%):
5,139 Maytag Corp. 118
3,815 Whirlpool Corp. 178
296
Industrial Goods & Services (0.1%):
1,437 Aeroquip-Vickers Inc. 58
5,773 Dover Corp. 306
364
Insurance--Life (0.1%):
3,630 Jefferson Pilot Corp. 209
1,764 USLIFE Corp. 86
295
Insurance--Multi-Line (2.6%):
7,745 Aetna, Inc. 706
22,820 Allstate Corp. 1,495
24,095 American International Group, Inc. 3,095
5,556 Aon Corp. 369
3,858 CIGNA Corp. 580
8,718 Conseco Inc. 361
4,226 General Re Corp. 707
6,027 ITT Hartford Group, Inc. 449
5,353 Lincoln National Corp. 300
3,686 Marsh & McLennan Cos., Inc. 444
3,025 MGIC Investment Corp. 246
6,469 Safeco Corp. 259
3,611 Torchmark Corp. 224
5,935 USF&G Corp. 119
9,354
Insurance--Property, Casualty, Health (0.3%):
8,930 Chubb Corp. 516
4,258 St. Paul Cos., Inc. 285
3,754 UNUM Corp. 289
1,090
Machine Tools (0.0%):
2,045 Cincinnati Milacron, Inc. 42
1,700 Giddings & Lewis, Inc. 34
76
Manufacturing--Capital Goods (0.3%):
5,544 Cooper Industries, Inc. 255
6,356 Illinois Tool Works, Inc. 581
3,819 Parker-Hannifin Corp. 190
1,026
Manufacturing--Consumer Goods (0.2%):
3,957 Eaton Corp. 296
13,947 Mattel, Inc. 389
685
Manufacturing--Miscellaneous (0.8%):
1,484 Briggs & Stratton Corp. 73
2,221 Millipore Corp. 84
420 NACCO Industries, Inc. 19
6,456 Pall Corp. 149
7,661 Thermo Electron Corp. <F2> 264
8,557 Tyco International Ltd. 522
8,213 Unilever N. V. 1,612
2,752 Western Atlas, Inc. <F2> 171
2,894
Medical Services (0.4%):
5,096 Beverly Enterprises, Inc. <F2> 74
16,164 HEALTHSOUTH Corp. <F2> 319
3,223 Manor Care, Inc. 75
15,460 Tenet Healthcare Corp. <F2> 402
9,444 United Healthcare Corp. 460
1,330
Medical Supplies (0.9%):
4,340 Alza Corp., Class A <F2> 127
2,927 Bard C.R., Inc. 93
2,844 Bausch & Lomb, Inc. 115
14,006 Baxter International, Inc. 671
6,310 Becton Dickinson & Co. 290
5,872 Biomet, Inc. 89
9,487 Boston Scientific Corp. <F2> 458
3,805 Guidant Corp. 260
12,318 Medtronic, Inc. 853
4,156 St. Jude Medical, Inc. <F2> 135
3,222 United States Surgical Corp. 110
3,201
Metals--Fabrication (0.1%):
3,318 Phelps Dodge Corp. 255
1,604 Timken Co. 93
348
Mining (0.1%):
2,196 Asarco, Inc. 63
4,785 Cyprus Amax Minerals Co. 107
8,635 Inco Ltd. 276
446
Newspapers (0.5%):
4,959 Dow Jones & Co., Inc. 201
7,234 Gannett Co., Inc. 632
4,814 Knight-Ridder, Inc. 187
4,965 New York Times Co., Class A 215
5,003 Times Mirror Co., Class A 276
6,322 Tribune Co. 277
1,788
Office Equipment & Supplies
(Non-Computer Related) (0.6%):
5,349 Avery Dennison Corp. 197
4,227 Deluxe Corp. 129
6,910 Ikon Office Solutions 186
5,125 Moore Corp. Ltd. 103
7,618 Pitney Bowes, Inc. 488
16,656 Xerox Corp. 1,024
2,127
Oil & Gas Exploration, Production
& Services (1.4%):
4,780 Amerada Hess Corp. 232
3,337 Ashland, Inc. 149
6,411 Burlington Resource, Inc. 272
5,401 Coastal Corp. 257
2,833 Columbia Gas System, Inc. 175
13,058 Enron Corp. 490
3,575 ENSEARCH Corp. 70
1,279 Helmerich & Payne, Inc. 61
2,489 Kerr-McGee Corp. 150
1,754 Louisana Land & Exploration Co. 88
7,046 NorAm Energy Corp. 103
16,879 Occidental Petroleum Corp. 373
1,401 ONEOK, Inc. 42
5,380 Oryx Energy Co. <F2> 108
7,752 PanEnergy Corp. 343
2,388 Pennzoil Co. 118
4,390 Rowan Cos., Inc. <F2> 79
4,657 Sante Fe Energy Resources, Inc. 66
4,427 Sonat, Inc. 253
3,746 Sun Co., Inc. 103
12,819 Union Pacific Resources Group, Inc. 348
12,851 Unocal Corp. 490
14,754 USX--Marathon Group 408
8,056 Williams Cos., Inc. 353
5,131
Oil-Integrated Companies (6.0%):
25,518 Amoco Corp. 2,134
8,266 Atlantic Richfield Co. 1,125
33,481 Chevron Corp. 2,293
127,452 Exxon Corp. 7,217
20,217 Mobil Corp. 2,628
13,506 Phillips Petroleum Co. 532
27,510 Royal Dutch Petroleum Co. ADR 4,959
13,572 Texaco, Inc. 1,432
22,320
Oilfield Services & Equipment (0.7%):
7,463 Baker Hughes, Inc. 257
9,023 Dresser Industries, Inc. 270
6,425 Halliburton Co. 454
12,639 Schlumberger Ltd. 1,400
2,381
Paint, Varnishes, Enamels (0.1%):
8,812 Sherwin-Williams Co. 267
Pharmaceuticals (7.0%):
39,866 Abbott Laboratories 2,432
3,360 Allergan, Inc. 90
32,773 American Home Products Corp. 2,171
13,571 Amgen, Inc. 799
51,400 Bristol-Myers Squibb Co. 3,367
8,737 Cognizant Corp. 285
68,341 Johnson & Johnson 4,186
61,861 Merck & Co., Inc. 5,599
33,081 Pfizer, Inc. 3,176
26,075 Pharmacia & Upjohn, Inc. 772
18,956 Schering-Plough Corp. 1,516
13,920 Warner-Lambert Co. 1,364
25,757
Photography (0.4%):
17,102 Eastman Kodak Co. 1,428
2,332 Polaroid Corp. 113
1,541
Pollution Control Services
& Equipment (0.4%):
10,934 Browning-Ferris Industries, Inc. 310
16,115 Laidlaw, Inc., Class B 220
2,989 Safety-Kleen, Corp. 44
24,787 WMX Technologies, Inc. 728
1,302
Precision Instruments & Related (0.0%):
2,239 Perkin-Elmer Corp. 163
Primary Metal & Mineral Production (0.4%):
18,331 Barrick Gold Corp. 410
11,527 Battle Mountain Gold Co. 66
7,152 Echo Bay Mines Ltd. 39
9,917 Freeport-McMoRan Copper & Gold,
Inc., Class B 289
7,527 Homestake Mining Co. 100
2,513 Inland Steel Industries, Inc. 57
5,107 Newmont Mining Corp. 177
12,288 Placer Dome, Inc. 201
6,747 Santa Fe Pacific Gold Corp. 100
1,439
Publishing (0.6%):
8,737 Dun & Bradstreet Corp. 215
1,584 John H. Harland Co. 33
5,106 McGraw-Hill Cos., Inc. 260
2,746 Meredith Corp. 65
7,743 R.R. Donnelley & Sons Co. 265
29,178 Time Warner, Inc. 1,312
2,150
Radio & Television (0.4%):
16,748 Comcast, Class A Special Shares 264
34,078 Tele-Communications, Inc.,
Class A <F2> 471
32,055 U.S. West Media Group <F2> 552
1,287
Railroads (0.8%):
7,849 Burlington Northern Santa Fe 618
4,111 Conrail, Inc. 470
11,132 CSX Corp. 519
6,419 Norfolk Southern Corp. 577
12,562 Union Pacific Corp. 801
2,985
Restaurants (0.6%):
8,206 Darden Restaurants, Inc. 64
35,805 McDonald's Corp. 1,920
6,638 Wendy's International, Inc. 137
2,121
Retail (1.3%):
10,770 Costco Cos., Inc. <F2> 311
11,132 Dayton Hudson Corp. 501
24,856 K-mart Corp. <F2> 339
117,716 Wal-Mart Stores, Inc. 3,325
6,876 Woolworth Corp. <F2> 148
4,624
Retail--Department Stores (0.9%):
5,828 Dillard Department Stores, Inc.,
Class A 180
10,672 Federated Department Stores,
Inc. <F2> 363
3,650 Harcourt General, Inc. 169
12,676 J.C. Penney Co., Inc. 605
12,568 May Department Stores Co. 581
1,891 Mercantile Stores Co., Inc. 93
4,116 Nordstrom, Inc. 162
20,092 Sears, Roebuck & Co. 964
3,117
Retail--Drug Stores (0.3%):
5,425 CVS Corp. 269
2,002 Longs Drug Stores Corp. 51
6,289 Rite Aid Corp. 289
12,631 Walgreen Co. 581
1,190
Retail--Specialty Stores (1.0%):
7,717 AutoZone, Inc. <F2> 189
5,409 Charming Shoppes, Inc. <F2> 32
5,030 Circuit City Stores, Inc. 199
14,330 Gap, Inc. 457
24,650 Home Depot, Inc. 1,431
13,910 Limited, Inc. 252
8,880 Lowe's Cos., Inc. 337
3,108 Pep Boys--Manny, Moe & Jack 101
3,989 TJX Cos., Inc. 188
14,904 Toys "R" Us, Inc. <F2> 425
3,611
Rubber & Rubber Products
Including Tires (0.1%):
3,918 Cooper Tire & Rubber Co. 86
7,973 Goodyear Tire & Rubber Co. 420
506
Semiconductors (2.1%):
9,284 Applied Materials, Inc. <F2> 509
42,112 Intel Corp. 6,448
6,602 LSI Logic Corp. <F2> 253
10,753 Micron Technology, Inc. 379
7,589
Software & Computer Services (2.9%):
2,303 Autodesk, Inc. 82
4,146 Ceridian Corp. <F2> 138
18,635 Computer Associates
International, Inc. 969
61,744 Microsoft Corp. <F2> 7,503
17,759 Novell, Inc. <F2> 134
34,691 Oracle Corp. <F2> 1,379
5,732 Parametric Technology Corp. <F2> 259
1,207 Shared Medical Systems Corp. 51
10,515
Steel (0.2%):
8,946 Allegheny Teledyne, Inc. 239
5,471 Armco, Inc. <F2> 19
5,730 Bethlehem Steel Corp. <F2> 47
4,502 Nucor Corp. 224
4,350 USX-U.S. Steel Group, Inc. 127
4,953 Worthington Industries, Inc. 93
749
Tax Return Preparation (0.0%):
5,338 H&R Block, Inc. 172
Telecommunications (2.2%):
25,733 AirTouch Communications, Inc. <F2> 656
9,607 Alltel Corp. 303
4,665 Andrew Corp. <F2> 115
22,465 Bell Atlantic Corp. 1,522
6,017 DSC Communications Corp. <F2> 123
32,750 Lucent Technologies, Inc. 1,937
13,260 Northern Telecom Ltd. 963
3,967 Scientific-Atlanta, Inc. 63
9,200 Tellabs, Inc. <F2> 367
24,598 U.S. West, Inc. 864
44,422 WorldCom, Inc. <F2> 1,066
7,979
Textile Manufacturing (0.0%):
1,963 Russell Corp. 55
1,034 Springs Industries, Inc., Class A 48
103
Tobacco & Tobacco Products (1.6%):
8,733 American Brands, Inc. 469
125,379 Philip Morris Cos., Inc. 4,937
9,555 UST, Inc. 250
5,656
Tools & Hardware Manufacturing (0.1%):
4,837 Black & Decker Corp. 162
3,126 Snap-On Tools, Inc. 120
4,562 Stanley Works 178
460
Transportation Leasing &Trucking (0.1%):
2,009 Caliber System, Inc. 60
4,129 Ryder Systems, Inc. 128
188
Utilities--Electric (2.0%):
9,619 American Electric Power Co. 390
7,770 Carolina Power & Light Co. 264
10,822 Central & South West Corp. 218
8,092 CINergy Corp. 269
12,059 Consolidated Edison Co. of
New York, Inc. 335
7,447 Detroit Edison Co. 199
9,246 Dominion Resources, Inc. 318
10,345 Duke Power Co. 454
22,232 Edison International 467
11,850 Entergy Corp 277
9,391 FPL Group, Inc. 419
12,029 Houston Industries, Inc. 241
7,409 Niagara Mohawk Power Corp. <F2> 63
3,544 Northern States Power Co.
Minnesota 161
7,830 Ohio Edison Co. 157
15,122 PacifiCorp 301
11,420 Peco Energy Co. 226
21,156 PG&E 508
8,328 PP&L Resources, Inc. 163
12,236 Public Service Enterprise Group 295
2,292 Raychem Corp. 148
34,571 Southern Co. 702
11,526 Texas Utilities Co. 389
11,067 Unicom Corp. 241
5,241 Union Electric Co. 187
7,392
Utilities--Electric & Gas (0.1%):
7,573 Baltimore Gas & Electric Co. 193
6,187 GPU, Inc. 200
393
Utilities--Natural Gas (0.2%):
4,867 Consolidated Natural Gas Co. 245
1,042 Eastern Enterprises 35
2,562 NICOR, Inc. 87
4,365 Pacific Enterprises 134
1,795 Peoples Energy Corp. 61
562
Utilities--Telecommunications (4.2%):
28,194 Ameritech Corp. 1,723
83,150 AT&T Corp. 2,786
50,867 BellSouth Corp. 2,264
8,400 Frontier Corp. 133
49,359 GTE Corp. 2,264
35,148 MCI Telecommunications Corp. 1,340
22,579 NYNEX Corp. 1,168
47,056 SBC Communications, Inc. 2,612
22,089 Sprint Corp. 969
15,259
Total Common Stocks 315,028
U.S. Treasury Bills (0.5%)
$ 1,970 U.S. Treasury Bill,
5.13%, 6/19/97 1,956
Total U.S. Treasury Bills 1,956
Total (Cost $328,833) <F1> $411,070
<FN>
Percentages indicated are based on net assets of $364,377.
<F1> Represents cost for federal income tax purposes and differs
from value by net unrealized appreciation of securities as follows:
Unrealized appreciation $89,195
Unrealized depreciation (6,958)
Net unrealized appreciation $82,237
<F2> Represents non-income producing securities.
</TABLE>
<TABLE>
<CAPTION>
Number of Market
Contracts Value
<S> <C> <C>
Futures Contracts (13.0%)
Long Standard & Poor's
500 Index Futures Contract,
face amount $47,414
expiring June 19, 1997 118 $47,365
Total Futures Contracts $47,365
</TABLE>
See notes to financial statements.
<TABLE>
THE VICTORY PORTFOLIOS Schedule of Investments
Diversified Stock Fund April 30, 1997
(Amounts in Thousands, Except Shares) (Unaudited)
<CAPTION>
Shares or
Principal Market
Amount Security Description Value
<S> <C> <C>
Commercial Paper (8.9%)
$ 59,645 General Electric Capital Corp.,
5.62%, 5/1/97 $ 59,645
Total Commercial Paper 59,645
Common Stocks (91.5%)
Aerospace/Defense (4.0%):
191,100 AlliedSignal, Inc. 13,807
197,500 B.F. Goodrich Co. 7,875
53,500 Boeing Co. 5,276
26,958
Automobiles (1.3%):
155,000 General Motors Corp. 8,971
Banks (11.3%):
215,000 Banc One Corp. 9,111
50,800 BankAmerica Corp. 5,937
90,000 Chase Manhattan Corp. 8,336
70,000 Citicorp 7,884
150,000 First Union Corp. 12,600
102,000 Mellon Bank Corp. 8,275
110,000 NationsBank Corp. 6,641
160,100 Norwest Corp. 7,985
235,000 PNC Bank Corp. 9,664
76,433
Beverages (3.8%):
270,000 Anheuser-Busch Cos., Inc. 11,576
400,000 PepsiCo, Inc. 13,950
25,526
Brokerage Services (0.9%):
192,428 Bear Stearns Cos., Inc. 5,869
Chemicals (3.2%):
110,000 Air Products & Chemicals, Inc. 7,893
255,900 Nalco Chemical Co. 9,212
277,750 RPM Inc. 4,652
21,757
Computers & Peripherals (4.4%):
110,000 Hewlett-Packard Co. 5,775
150,000 International Business Machines Corp. 24,113
29,888
Conglomerates (4.4%):
70,800 General Electric Co. 7,850
140,000 Tenneco, Inc. 5,583
77,000 Textron, Inc. 8,576
447,500 Westinghouse Electric Corp. 7,607
29,616
Electronic & Electrical--General (1.1%):
30,000 Motorola, Inc. 1,718
60,000 Texas Instruments, Inc. 5,355
7,073
Entertainment (1.9%):
245,000 Viacom, Inc., Class B <F2> 6,554
80,000 Walt Disney Co. 6,560
13,114
Financial Services (0.5%):
60,000 Franklin Resources, Inc. 3,547
Food Processing & Packaging (1.2%):
195,000 Sara Lee Corp. 8,190
Forest Products--Lumber & Paper (1.9%):
87,600 Bowater, Inc. 3,789
213,400 International Paper Co. 9,016
12,805
Health Care (1.0%):
200,000 Columbia/HCA Healthcare Corp. 7,000
Hotels & Motels (0.6%):
195,000 Mirage Resorts, Inc. <F2> 3,924
Household Goods--Appliances, Furnishings
& Electronics (1.2%):
175,600 Whirlpool Corp. 8,209
Insurance--Multi-Line (4.8%):
75,000 Allstate Corp. 4,913
85,350 American International Group, Inc. 10,967
49,500 General Re Corp. 8,279
70,000 Marsh & McLennan Cos., Inc. 8,435
32,594
Insurance--Property, Casualty, Health (1.7%):
213,500 Everest Reinsurance Holdings, Inc. 6,138
148,800 Travelers Property Casualty Corp.,
Class A 5,022
11,160
Machine Tools (0.5%):
100,000 Kennametal, Inc. 3,600
Manufacturing--Miscellaneous (0.4%):
75,000 Millipore Corp. 2,831
Medical Supplies (0.6%):
247,600 Biomet, Inc. 3,760
Oil & Gas Exploration & Production (3.4%):
460,700 Enron Corp. 17,334
140,000 Unocal Corp. 5,338
22,672
Oil--Integrated Companies (5.6%):
30,400 Atlantic Richfield Co. 4,138
151,000 Exxon Corp. 8,550
179,500 Phillips Petroleum Co. 7,068
15,000 Royal Dutch Petroleum Co. ADR 2,704
145,500 Texaco, Inc. 15,350
37,810
Oilfield Equipment & Services (3.4%):
270,000 Baker Hughes, Inc. 9,315
225,600 Dresser Industries, Inc. 6,740
60,000 Schlumberger, Ltd. 6,645
22,700
Pharmaceuticals (4.6%):
80,000 Abbott Laboratories 4,880
70,000 American Home Products Corp. 4,638
65,000 Merck & Co., Inc. 5,882
165,000 Pfizer, Inc. 15,840
31,240
Pollution Control Services & Equipment (0.8%):
198,400 Browning-Ferris Industries, Inc. 5,630
Publishing (0.7%):
100,000 Time Warner, Inc. 4,500
Retail--Department Stores (1.7%):
290,000 Nordstrom, Inc. 11,382
Retail (2.0%):
50,800 Dayton Hudson Corp. 2,286
400,000 Wal-Mart Stores, Inc. 11,300
13,586
Retail--Drug Stores (0.9%):
125,000 Walgreen Co. 5,750
Retail--Specialty Stores (2.1%):
279,000 AutoZone, Inc. <F2> 6,835
185,000 Lowe's Cos., Inc. 7,030
13,865
Semiconductors (1.5%):
40,000 Intel Corp. 6,125
110,000 LSI Logic Corp. <F2> 4,207
10,332
Software & Computer Service (1.5%):
101,000 Computer Associates
International, Inc. 5,252
650,000 Informix Corp. <F2> 4,753
10,005
Telecommunications (0.5%):
152,000 WorldCom, Inc. <F2> 3,648
Tobacco & Tobacco Related (1.3%):
120,000 Philip Morris Cos., Inc. 4,725
142,000 UST, Inc. 3,710
8,435
Utilities--Electric (4.4%):
121,700 CINergy Corp. 4,047
725,300 Houston Industries, Inc. 14,506
290,300 Southern Co. 5,915
153,500 Texas Utilities Co. 5,181
29,649
Utilities--Telecommunications (6.4%):
208,600 Ameritech Corp. 12,751
450,000 GTE Corp. 20,644
250,000 MCI Telecommunications Corp. 9,531
42,926
Total Common Stocks 616,955
Total (Cost $590,497) <F1> $676,600
<FN>
Percentages are based on net assets of $674,202.
<F1> Represents cost for federal income tax purposes and differs
from value by net unrealized appreciation of securities as follows:
Unrealized appreciation $103,510
Unrealized depreciation (17,407)
Net unrealized appreciation $ 86,103
<F2> Represents non-income producing securities.
</TABLE>
See notes to financial statements.
<TABLE>
THE VICTORY PORTFOLIOS Schedule of Investments
Value Fund April 30, 1997
(Amounts in Thousands, Except Shares) (Unaudited)
<CAPTION>
Shares or
Principal Market
Amount Security Description Value
<S> <C> <C>
Commercial Paper (3.5%)
Financial Services (3.5%):
$ 14,722 General Electric Capital Corp.,
5.62%, 5/1/97 $ 14,722
Total Commercial Paper 14,722
Common Stocks (96.5%)
Aerospace--Defense (3.2%):
69,500 Boeing Co. 6,855
59,000 Litton Industries, Inc. <F2> 2,500
96,000 Raytheon Co. 4,188
13,543
Agriculture (0.9%):
53,000 Pioneer Hi-Bred International, Inc. 3,743
Aluminum (0.7%):
43,000 Aluminum Co. of America 3,005
Automobiles (1.9%):
126,000 Chrysler Corp. 3,780
70,800 General Motors Corp. 4,098
7,878
Banks (7.5%):
90,000 BankAmerica Corp. 10,520
74,800 Chase Manhattan Corp. 6,928
79,000 First Union Corp. 6,636
51,000 Mellon Bank Corp. 4,137
62,000 Norwest Corp. 3,092
31,313
Beverages (1.7%):
88,500 Anheuser-Busch Cos., Inc. 3,794
97,400 PepsiCo, Inc. 3,397
7,191
Chemicals--General (2.1%):
50,000 Air Products & Chemicals, Inc. 3,587
30,000 Dow Chemical Co. 2,546
29,300 Lubrizol Corp. 960
90,000 RPM, Inc. 1,508
8,601
Chemicals--Specialty (0.3%):
35,000 Millipore Corp. 1,321
Computers & Peripherals (3.5%):
103,000 Bay Networks, Inc. <F2> 1,828
50,000 Cisco Systems, Inc. <F2> 2,588
63,000 Hewlett-Packard Co. 3,308
42,000 International Business Machines Corp. 6,751
14,475
Conglomerates (2.3%):
49,000 AlliedSignal, Inc. 3,540
53,000 Textron, Inc. 5,903
9,443
Consumer Products (1.8%):
42,000 Colgate-Palmolive Co. 4,662
83,000 Newell Co. 2,905
7,567
Containers (0.4%):
67,100 Sonoco Products Co. 1,803
Cosmetics & Related (1.0%):
67,000 Avon Products, Inc. 4,129
Electrical Equipment (3.0%):
86,000 Emerson Electric Co. 4,365
76,000 General Electric Co. 8,426
12,791
Entertainment (0.7%):
114,800 Viacom Inc., Class B <F2> 3,071
Financial Services (4.3%):
73,000 American Express Co. 4,809
95,000 American General Corp. 4,144
124,000 Fannie Mae 5,100
46,000 Household International, Inc. 4,048
18,101
Food Distributors (0.6%):
81,000 SUPERVALU, Inc. 2,481
Food Processing & Packaging (2.7%):
79,000 ConAgra, Inc. 4,552
165,000 Sara Lee Corp. 6,930
11,482
Forest Products-Lumber & Paper (1.2%):
53,000 Bowater, Inc. 2,292
49,000 Mead Corp. 2,750
5,042
Health Care (0.9%):
110,000 Columbia/HCA Healthcare Corp. 3,850
Insurance--Multi-Line (4.3%):
49,000 Aetna, Inc. 4,465
150,000 Allstate Corp. 9,825
21,500 General Re Corp. 3,596
17,886
Insurance--Property, Casualty, Health (1.0%):
106,300 Everest Reinsurance Holdings, Inc. 3,056
37,000 Travelers Property Casualty Corp.,
Class A 1,249
4,305
Manufacturing--Capital Goods (0.8%):
73,000 Cooper Industries, Inc. 3,358
Medical Supplies (1.6%):
158,700 Biomet, Inc. 2,410
60,000 Medtronic, Inc. 4,155
6,565
Mining (0.5%):
95,000 Cyprus Amax Minerals Co. 2,126
Newspapers (0.4%):
46,000 Dow Jones & Co., Inc. 1,863
Oil--Integrated Companies (10.2%):
28,600 Atlantic Richfield Co. 3,893
99,000 Mobil Corp. 12,869
148,000 Phillips Petroleum Co. 5,828
54,000 Royal Dutch Petroleum Co. ADR 9,734
104,000 Texaco, Inc. 10,972
43,296
Oilfield Services & Equipment (1.3%):
80,000 Baker Hughes, Inc. 2,760
22,500 Schlumberger Ltd. 2,492
5,252
Paint, Varnishes, Enamels (0.5%):
64,000 Sherwin-Williams Co. 1,936
Pharmaceuticals (7.1%):
74,000 Abbott Laboratories 4,514
65,000 American Home Products Corp. 4,306
46,800 Merck & Co., Inc. 4,235
103,000 Pfizer, Inc. 9,887
83,100 Pharmacia & Upjohn, Inc. 2,462
55,000 Schering-Plough Corp. 4,400
29,804
Pollution Control Services & Equipment (0.3%):
39,000 WMX Technologies, Inc. 1,146
Radio & Television (0.4%):
91,800 Cox Communications, Inc., Class A <F2> 1,790
Retail (1.9%):
118,000 Dayton Hudson Corp. 5,310
92,000 Wal-Mart Stores, Inc. 2,599
7,909
Retail--Department Stores (2.0%):
86,500 May Department Stores Co. 4,001
93,000 Sears, Roebuck & Co. 4,464
8,465
Retail--Drug Stores (0.8%):
71,900 Walgreen Co. 3,307
Retail--Specialty Stores (1.0%):
95,000 AutoZone, Inc. <F2> 2,328
45,900 Lowe's Cos., Inc. 1,744
4,072
Semiconductors (2.5%):
41,300 Intel Corp. 6,324
105,000 LSI Logic Corp. <F2> 4,016
10,340
Software & Computer Services (1.9%):
147,000 Informix Corp. <F2> 1,075
35,000 Microsoft Corp. <F2> 4,252
65,300 Oracle Corp. <F2> 2,596
7,923
Steel (0.6%):
92,000 USX-U.S. Steel Group, Inc. 2,691
Tax Return Preparation (0.7%):
93,000 H&R Block, Inc. 2,999
Tobacco & Tobacco Products (1.2%):
125,000 Philip Morris Cos., Inc. 4,922
Transportation Leasing &Trucking (0.3%):
42,000 USFreightways Corp. 1,134
Utilities--Electric (4.6%):
56,000 CINergy Corp. 1,862
103,000 Consolidated Edison Co.
of New York, Inc. 2,858
120,000 DQE, Inc. 3,315
39,200 FPL Group, Inc. 1,749
219,300 Houston Industries, Inc. 4,386
150,000 Texas Utilities Co. 5,063
19,233
Utilities--Natural Gas (2.3%):
80,000 Consolidated Natural Gas Co. 4,030
114,000 Enron Corp. 4,289
37,000 Peoples Energy Corp. 1,249
9,568
Utilities--Telecommunications (7.6%):
89,800 Ameritech Corp. 5,489
107,000 AT&T Corp. 3,585
173,000 GTE Corp. 7,936
38,300 Lucent Technologies, Inc. 2,264
207,000 MCI Telecommunications Corp. 7,892
25,000 NYNEX Corp. 1,294
157,400 WorldCom, Inc. <F2> 3,778
32,238
Total Common Stocks 404,958
Total (Cost $306,338) <F1> $419,680
<FN>
Percentages indicated are based on net assets of $419,508.
<F1> Represents cost for federal income tax purposes and differs
from value by net unrealized appreciation of securities as follows:
Unrealized appreciation $122,409
Unrealized depreciation (9,067)
Net unrealized appreciation $113,342
<F2> Represents non-income producing securities.
ADR--American Depository Receipt
</TABLE>
See notes to financial statements.
<TABLE>
THE VICTORY PORTFOLIOS Schedule of Investments
Growth Fund April 30, 1997
(Amounts in Thousands, Except Shares) (Unaudited)
<CAPTION>
Shares or
Principal Market
Amount Security Description Value
<S> <C> <C>
Commercial Paper (1.7%)
Financial Services (1.7%):
$ 2,690 General Electric Capital Corp.,
5.62%, 5/1/97 $ 2,690
Total Commercial Paper 2,690
Common Stocks (98.1%)
Aerospace-Defense (1.1%):
17,500 Boeing Co. 1,726
Airlines (0.7%):
42,500 Southwest Airlines Co. 1,169
Banks (5.1%):
35,000 BankAmerica Corp. 4,091
10,000 First Union Corp. 840
10,000 J.P. Morgan & Co., Inc. 1,019
45,000 Norwest Corp. 2,244
8,194
Beverages (5.4%):
50,000 Anheuser-Busch Cos., Inc. 2,144
70,000 Coca-Cola Co. 4,453
60,000 PepsiCo, Inc. 2,093
8,690
Chemicals--General (2.1%):
30,000 Air Products & Chemicals, Inc. 2,152
70,000 RPM, Inc. 1,173
3,325
Chemicals--Specialty (0.4%):
15,000 Millipore Corp. 566
Computers & Peripherals (1.9%):
16,000 3Com Corp. <F2> 464
35,000 Cisco Systems, Inc. <F2> 1,811
15,000 Hewlett-Packard Co. 788
3,063
Conglomerates (2.7%):
35,000 AlliedSignal, Inc. 2,529
20,000 Minnesota Mining &
Manufacturing Co. 1,740
4,269
Consumer Products (5.1%):
15,000 Colgate-Palmolive Co. 1,665
50,000 Newell Co. 1,750
37,500 Procter & Gamble Co. 4,716
8,131
Containers (0.4%):
25,000 Sonoco Products Co. 672
Cosmetics & Related (1.3%):
25,000 Gillette Co. 2,125
Electrical Equipment (6.9%):
65,000 Emerson Electric Co. 3,299
60,000 General Electric Co. 6,652
17,500 W.W. Grainger, Inc. 1,319
11,270
Entertainment (1.8%):
45,000 Viacom Inc., Class B <F2> 1,204
20,000 Walt Disney Co. 1,640
2,844
Financial Services (1.9%):
75,000 Fannie Mae 3,084
Food Processing & Packaging (4.7%):
35,000 ConAgra, Inc. 2,017
15,000 CPC International, Inc. 1,239
25,000 General Mills, Inc. 1,550
63,000 Sara Lee Corp. 2,646
7,452
Forest Products--Lumber & Paper (0.9%):
25,000 Mead Corp. 1,403
Health Care (2.3%):
71,250 Columbia/HCA Healthcare Corp. 2,494
45,000 Health Management Assoc., Inc.,
Class A <F2> 1,204
3,698
Insurance--Multi-Line (3.5%):
30,000 American International Group, Inc. 3,855
10,000 General Re Corp. 1,673
5,528
Insurance--Property, Casualty, Health (0.8%):
42,500 Everest Reinsurance Holdings, Inc. 1,222
Medical Supplies (1.7%):
70,000 Biomet, Inc. 1,063
25,000 Medtronic, Inc. 1,731
2,794
Oil--Integrated Companies (5.3%):
10,000 Atlantic Richfield Co. 1,361
40,000 Chevron Corp. 2,740
27,500 Mobil Corp. 3,571
20,000 Phillips Petroleum Co. 788
8,460
Oilfield Services & Equipment (1.1%):
25,000 Baker Hughes, Inc. 862
7,500 Schlumberger Ltd. 831
1,693
Pharmaceuticals (12.9%):
60,000 Abbott Laboratories 3,660
50,000 American Home Products Corp. 3,313
20,000 Amgen, Inc. 1,178
40,000 Johnson & Johnson 2,450
35,000 Merck & Co., Inc. 3,168
52,000 Pfizer, Inc. 4,991
25,000 Schering-Plough Corp. 2,000
20,760
Retail (1.9%):
35,000 Dayton Hudson Corp. 1,575
50,000 Wal-Mart Stores, Inc. 1,413
2,988
Retail--Drug Stores (1.4%):
50,000 Walgreen Co. 2,300
Retail--Specialty Stores (3.4%):
50,000 AutoZone, Inc. <F2> 1,225
60,000 Home Depot, Inc. 3,480
60,000 OfficeMax, Inc. <F2> 743
5,448
Semiconductors (3.6%):
27,500 Intel Corp. 4,211
40,000 LSI Logic Corp. <F2> 1,530
5,741
Software & Computer Services (5.7%):
40,000 Automatic Data Processing, Inc. 1,810
30,000 Electronic Data Systems Corp. 1,001
37,500 Microsoft Corp. <F2> 4,557
42,500 Oracle Corp. <F2> 1,689
9,057
Tobacco & Tobacco Products (2.1%):
85,000 Philip Morris Cos., Inc. 3,347
Transportation Leasing &Trucking (0.7%):
40,000 USFreightways Corp. 1,080
Utilities--Natural Gas (1.4%):
57,500 Enron Corp. 2,163
Utilities--Telecommunications (7.9%):
40,000 AirTouch Communications, Inc. <F2> 1,020
25,000 Ameritech Corp. 1,528
20,000 GTE Corp. 918
27,500 Lucent Technologies, Inc. 1,626
70,000 MCI Telecommunications Corp. 2,669
50,000 SBC Communications, Inc. 2,775
30,000 Sprint Corp. 1,316
37,500 WorldCom, Inc. <F2> 900
12,752
Total Common Stocks 157,014
Total (Cost $107,996) <F1> $159,704
<FN>
Percentages indicated are based on net assets of $160,093.
<F1> Represents cost for federal income tax purposes and differs
from value by net unrealized appreciation of securities
as follows:
Unrealized appreciation $53,637
Unrealized depreciation (1,930)
Net unrealized appreciation $51,707
<F2> Represents non-income producing securities.
</TABLE>
See notes to financial statements.
<TABLE>
THE VICTORY PORTFOLIOS Schedule of Investments
Special Value Fund April 30, 1997
(Amounts in Thousands, Except Shares) (Unaudited)
<CAPTION>
Shares or
Principal Market
Amount Security Description Value
<S> <C> <C>
Commercial Paper (4.0%)
$ 12,872 General Electric Capital Corp.,
5.62%, 5/1/97 $ 12,872
Total Commercial Paper 12,872
Common Stocks (96.0%)
Aerospace/Defense (4.8%):
141,000 B.F. Goodrich, Inc. 5,622
156,900 GenCorp, Inc. 2,942
109,800 Gulfstream Aerospace Corp. <F2> 2,800
64,000 Thiokol Corp. 4,176
15,540
Automotive Parts (2.5%):
120,900 Echlin, Inc. 3,944
69,300 Genuine Parts Co. 2,244
79,700 ITT Industries, Inc. 2,012
8,200
Banks (6.6%):
79,000 First of America Bank Corp. 5,253
125,000 First Security Corp. 4,453
84,400 First Tennessee National Corp. 3,661
88,000 Northern Trust Corp. 3,916
86,700 Summit Bancorp 4,032
21,315
Beverages (0.5%):
24,500 Coca-Cola Enterprises, Inc. 1,479
Brokerage Services (2.0%):
134,190 Bear Stearns Cos., Inc. 4,093
55,900 Donaldson, Lufkin & Jenrette, Inc. 2,411
6,504
Chemicals (2.6%):
129,000 Nalco Chemical Co. 4,644
137,700 RPM, Inc. 2,306
23,900 WD-40 Co. 1,380
8,330
Commercial Services (1.4%):
138,700 Pittston Brink's Group 4,404
Conglomerates (1.9%):
173,250 Mark IV Industries, Inc. 4,028
98,000 Whitman Corp. 2,266
6,294
Consumer Products (0.7%):
66,500 Newell Co. 2,327
Containers (1.0%):
118,900 Sonoco Products Co. 3,195
Electronic & Electrical--General (3.1%):
22,000 Arrow Electronics, Inc. <F2> 1,224
45,200 Harris Corp. 3,865
205,445 Vishay Intertechnology, Inc. <F2> 4,956
10,045
Entertainment (1.0%):
113,500 Brunswick Corp. 3,206
Financial Services (0.6%):
70,000 Equifax, Inc. 2,013
Food Distributors (1.0%):
102,900 Hannaford Brothers Co. 3,280
Food Processing & Packaging (3.0%):
94,800 Dole Food Co. 3,863
119,300 IBP, Inc. 2,833
134,500 McCormick & Co., Inc.
(non-voting shares) 3,178
9,874
Forest Products--Lumber & Paper (1.3%):
97,600 Bowater, Inc. 4,221
Health & Personal Care (1.1%):
75,300 Tambrands, Inc. 3,539
Hospital & Nursing Equipment (0.9%):
67,900 Hillenbrand Industries, Inc. 2,920
Hotels & Motels (0.4%):
61,000 Mirage Resorts, Inc. <F2> 1,228
Household Goods--Appliances, Furnishings
& Electronics (1.1%):
70,000 Sunbeam Corp., Inc. 2,223
32,000 Whirlpool Corp. 1,496
3,719
Insurance (6.1%):
97,400 American Financial Group, Inc. 3,397
124,900 Amerin Corp. <F2> 2,436
181,900 Everest Reinsurance Holdings, Inc. 5,230
61,300 Horace Mann Educators Corp. 2,873
24,900 Nationwide Financial Services, Inc.,
Class A <F2> 660
7,600 Progressive Corp. 579
60,500 The PMI Group, Inc. 3,093
18,600 Transatlantic Holdings, Inc. 1,539
19,807
Leisure--Recreation, Gaming (1.4%):
287,000 International Game Technology 4,556
Machine Tools (1.3%):
115,000 Kennametal, Inc. 4,140
Manufacturing--Capital Goods (0.1%):
10,000 Federal Signal Corp. 244
Manufacturing--Miscellaneous (2.1%):
43,000 Briggs & Stratton Corp. 2,112
65,324 Pentair, Inc. 1,952
44,450 Tyco International Ltd. 2,711
6,775
Medical Services (4.4%):
254,000 Apria Healthcare Group, Inc. <F2> 4,286
247,000 Coventry Corp. <F2> 3,196
158,200 Quorum Health Group, Inc. <F2> 4,924
70,855 Vivra, Inc. <F2> 1,833
14,239
Medical Supplies (2.2%):
239,300 Biomet, Inc. 3,634
209,000 Nellcor Puritan Bennett, Inc. <F2> 3,553
7,187
Merchandising (0.6%):
67,600 Lands' End, Inc. <F2> 1,808
Metals--Fabrication (0.9%):
65,500 Kaydon Corp. 2,898
Metals--Nonferrous (0.8%):
102,000 Titanium Metals Corp. <F2> 2,639
Newspapers (1.1%):
82,800 Tribune Co. 3,633
Oil & Gas Exploration, Production
& Services (3.1%):
80,900 Anadarko Petroleum Corp. 4,439
198,400 Enserch Exploration, Inc. <F2> 1,761
109,000 Reading & Bates Corp. <F2> 2,439
46,100 Vastar Resources, Inc. 1,441
10,080
Oil Marketing & Refining (2.0%):
91,172 Ultramar Diamond Shamrock Corp. 2,929
104,000 Valero Energy Corp. 3,653
6,582
Oilfield Equipment & Services (1.2%):
141,500 Baker Hughes, Inc. 4,019
Pharmaceuticals (0.9%):
251,900 Mylan Laboratories 3,023
Primary Metal & Mineral Production (2.1%):
59,700 Minerals Technologies, Inc. 2,097
112,300 UCAR International, Inc. <F2> 4,717
6,814
Pollution Control &
Environmental Services (0.8%):
86,200 Browning-Ferris Industries, Inc. 2,446
Railroads (1.1%):
95,000 Canadian National Railway Co. 3,658
Real Estate Investment Trusts (4.7%):
140,300 Cali Realty Corp. 4,139
91,900 Equity Residential Properties Trust 4,021
124,300 Meditrust Corp. 4,537
122,100 Merry Land & Investment Co., Inc. 2,503
15,200
Retail--Specialty Stores (5.7%):
115,000 AutoZone, Inc. <F2> 2,818
286,300 General Nutrition Cos., Inc. <F2> 6,155
128,000 Heilig-Myers Co. 1,920
406,000 OfficeMax, Inc. <F2> 5,024
95,000 Talbots, Inc. 2,565
18,482
Semiconductors (1.1%):
95,000 LSI Logic Corp. <F2> 3,634
Software & Computer Services (1.1%):
283,400 Informix Corp. <F2> 2,072
97,000 Symantec Corp. <F2> 1,394
3,466
Steel (0.7%):
123,770 Worthington Industries, Inc. 2,336
Tax Return Preparation (0.7%):
74,300 H&R Block, Inc. 2,396
Textile Manufacturing (1.9%):
215,200 Warnaco Group, Inc., Class A 6,133
Tobacco & Tobacco Related (0.8%):
97,000 UST, Inc. 2,534
Transportation Leasing & Trucking (1.3%):
75,050 GATX Corp. 4,109
Transportation Services (0.9%):
221,450 Laidlaw, Inc., Class B 2,881
Utilities--Electric (6.8%):
147,800 CINergy Corp. 4,914
80,900 DQE, Inc. 2,235
53,000 Florida Progress Corp. 1,630
96,000 PP&L Resources, Inc. 1,884
153,000 Public Service Co. of Colorado 5,929
84,000 Public Service Co. of New Mexico 1,397
170,000 SCANA Corp. 4,101
22,090
Utilities--Natural Gas (0.6%):
37,300 Brooklyn Union Gas Co. 1,021
41,900 Washington Gas Light Co. 964
1,985
Total Common Stocks 311,427
Total (Cost $ 279,696) <F1> $324,299
<FN>
Percentages indicated are based on net assets of $324,427.
<F1> Represents cost for federal income tax purposes and differs
from value by net unrealized appreciation of securities as follows:
Unrealized appreciation $55,719
Unrealized depreciation (11,116)
Net unrealized appreciation $44,603
<F2> Non-income producing securities.
</TABLE>
See notes to financial statements.
<TABLE>
THE VICTORY PORTFOLIOS Schedule of Investments
Special Growth Fund April 30, 1997
(Amounts in Thousands, Except Shares) (Unaudited)
<CAPTION>
Shares or
Principal Market
Amount Security Description Value
<S> <C> <C>
Commercial Paper (12.7%)
Financial Services (12.7%):
$ 9,518 General Electric Capital Corp.,
5.62%, 5/1/97 $ 9,518
Total Commercial Paper 9,518
Common Stocks (92.9%)
Airlines (1.1%):
20,000 Midwest Express Holdings, Inc. <F2> 825
Apparel (2.9%):
100,000 Ashworth, Inc. <F2> 756
44,500 Cutter & Buck, Inc. <F2> 534
75,000 Genesco, Inc. <F2> 872
2,162
Banks (1.2%):
20,000 U.S. Trust Corp. 880
Broadcasting & Publishing (1.6%):
50,000 Westwood One, Inc. <F2> 1,194
Brokerage Services (1.2%):
20,000 Donaldson, Lufkin & Jenrette, Inc. 863
Building Materials (2.3%):
40,000 Encore Wire Corp. <F2> 760
50,000 Synthetic Industries, Inc. <F2> 963
1,723
Commercial Services (3.8%):
50,000 Hooper Holmes, Inc. 868
60,000 PhyMatrix Corp. <F2> 690
250,000 Substance Abuse Technologies<F2> 328
60,000 Viisage Technology, Inc. <F2> 548
30,000 Vivid Technologies, Inc. <F2> 405
2,839
Computers & Peripherals (2.2%):
50,000 Creative Technology Ltd. <F2> 688
50,000 Data General Corp. <F2> 937
1,625
Conglomerates (1.3%):
50,000 MascoTech, Inc. 956
Consumer Products (0.7%):
21,000 Action Performance Cos., Inc. <F2> 554
Cosmetics & Related (1.7%):
22,400 Enamelon, Inc. <F2> 378
25,000 Revlon, Inc., Class A<F2> 919
1,297
Electrical Equipment (1.4%):
75,000 Printrak International, Inc. <F2> 1,013
Electronic & Electrical--General (5.1%):
25,000 Dallas Semiconductor Corp. 913
60,000 Integrated Circuit Systems, Inc. <F2> 825
40,000 Photronics, Inc. <F2> 1,383
30,000 Sipex Corp. <F2> 720
3,841
Financial Services (1.1%):
20,000 Coast Savings Financial, Inc. <F2> 805
Leisure--Recreation, Gaming (2.3%):
50,000 Family Golf Centers, Inc. <F2> 1,019
60,000 Sodak Gaming, Inc. <F2> 705
1,724
Medical Services (1.2%):
70,000 Coventry Corp. <F2> 906
Medical Supplies (5.0%):
40,000 Heartport, Inc. <F2> 1,025
30,000 Sofamor Danek Group, Inc. <F2> 1,169
30,000 Spine-Tech, Inc. <F2> 863
50,000 Wesley Jessen VisionCare, Inc. <F2> 688
3,745
Merchandising (1.4%):
60,000 dELiA*s, Inc. <F2> 1,020
Metals--Nonferrous (1.8%):
150,000 International Precious Metals Corp. <F2> 1,331
Oil & Gas Exploration, Production
& Services (6.6%):
15,000 Cliffs Drilling Co. <F2> 915
50,000 Denbury Resources, Inc. <F2> 675
250,000 Di Industries, Inc. <F2> 625
60,000 Marine Drilling Cos., Inc. <F2> 945
50,000 Noble Drilling Corp. <F2> 869
35,000 Stone Energy Corp. <F2> 936
4,965
Oilfield Services & Equipment (7.9%):
20,000 Energy Ventures, Inc. <F2> 1,337
50,000 Global Industries Ltd. <F2> 1,050
56,600 Midcoast Energy Resources, Inc. 771
75,000 Pool Energy Services Co. <F2> 975
50,000 Pride Petroleum Services, Inc. <F2> 863
40,000 Varco International, Inc. <F2> 920
5,916
Pharmaceuticals (3.9%):
50,000 Collagenex Pharmaceuticals, Inc. <F2> 575
100,000 DUSA Pharmaceuticals, Inc. <F2> 563
25,000 Jones Medical Industries, Inc. 881
25,000 Vivus, Inc. <F2> 923
2,942
Real Estate Investment Trusts (3.6%):
25,000 Cali Realty Corp. 738
40,000 Crescent Real Estate Equities Co. 1,050
40,000 Reckson Associates Realty Corp. 925
2,713
Retail--Specialty Stores (6.9%):
50,000 Claire's Stores, Inc. 956
100,000 Garden Ridge Corp. <F2> 813
40,000 Pacific Sunwear of California 1,249
50,000 Pier 1 Imports, Inc. 988
100,000 Sunglass Hut International, Inc. <F2> 725
35,800 Travis Boats & Motors, Inc. <F2> 385
5,116
Shipbuilding (1.1%):
40,000 Halter Marine Group, Inc. <F2> 785
Software & Computer Services (16.7%):
60,000 Accelr8 Technology Corp. <F2> 743
60,000 Activision, Inc. <F2> 705
30,000 Ciber, Inc. <F2> 1,073
30,000 Computer Horizons Corp. <F2> 1,303
100,000 ForeFront Group, Inc. <F2> 300
50,000 Hyperion Software Corp. <F2> 813
40,000 Information Management
Resources, Inc. <F2> 1,020
95,300 ISG International Software
Group Ltd. <F2> 989
50,000 ONTRACK Data International, Inc. <F2> 784
36,000 Smallworldwide PLC ADR<F2> 504
60,000 Summit Design, Inc. <F2> 420
100,000 SystemSoft Corp. <F2> 763
70,000 Versant Object Technology Corp. <F2> 341
30,000 Viasoft, Inc. <F2> 1,275
15,000 Visio Corp. 761
50,000 XcelleNet, Inc. <F2> 594
12,388
Telecommunications (4.3%):
60,000 Cidco, Inc. <F2> 765
25,000 Davox Corp. <F2> 825
40,000 Premiere Technologies, Inc. <F2> 955
30,000 Tekelec<F2> 690
3,235
Transportation Leasing & Trucking (1.2%):
30,000 Caliber System, Inc. 893
Utilities--Telecommunications (1.4%):
45,000 Pacific Gateway Exchange, Inc. <F2> 1,080
Total Common Stocks 69,336
Total (Cost $79,200) <F1> $ 78,854
<FN>
Percentages indicated are based on net assets of $74,671.
<F1> Represents cost for federal income tax purposes and differs
from value by net unrealized depreciation of securities as follows:
Unrealized appreciation $7,931
Unrealized depreciation (8,277)
Net unrealized depreciation $ (346)
<F2> Represents non-income producing securities.
ADR--American Depository Receipt
PLC--Public Liability Co.
</TABLE>
See notes to financial statements.
<TABLE>
THE VICTORY PORTFOLIOS Schedule of Investments
Ohio Regional Stock Fund April 30, 1997
(Amounts in Thousands, Except Shares) (Unaudited)
<CAPTION>
Shares or
Principal Market
Amount Security Description Value
<S> <C> <C>
Commercial Paper (1.0%)
Financial Services (1.0%):
$ 473 General Electric Capital Corp.,
5.62%, 5/1/97 $ 473
Total Commercial Paper 473
Common Stocks (98.9%)
Agriculture & Livestock (0.3%):
15,000 Andersons, Inc. 137
Airlines (2.1%):
45,000 Comair Holdings, Inc. 951
Amusement & Recreation Services (0.9%):
10,000 Cedar Fair L.P. 398
Automotive Parts (5.9%):
24,000 Dana Corp. 765
19,800 Myers Industries, Inc. 347
30,000 TRW, Inc. 1,563
2,675
Banks (12.8%):
10,000 BancFirst Ohio Corp. 333
23,000 Charter One Financial, Inc. 1,024
21,000 FirstMerit Corp. 898
10,000 Huntington Bancshares, Inc. 286
5,100 Mahoning National Bancorp 113
20,000 National City Corp. 975
5,000 Park National Corp. 278
28,000 Provident Bancorp, Inc. 1,090
2,235 Second Bancorp, Inc. 91
18,000 Star Banc Corp. 765
5,853
Broadcasting & Publishing (2.9%):
35,000 Scripps (E.W.) Co., Class A 1,330
Brokerage Services (1.4%):
18,000 McDonald & Co. Investments 648
Building Materials (1.9%):
5,000 Holophane Corp. <F2> 101
10,000 Medusa Corp. 379
10,000 Owens Corning 405
885
Chemicals--General (5.8%):
12,500 A. Schulman, Inc. 238
15,000 Chemed Corp. 506
20,000 Ferro Corp. 622
9,000 Lubrizol Corp. 295
15,000 OM Group, Inc. 418
32,812 RPM, Inc. 550
2,629
Computers & Peripherals (4.4%):
44,250 Diebold, Inc. 1,482
1,000 LanVision Systems, Inc. <F2> 5
34,000 Telxon Corp. <F2> 540
2,027
Conglomerates (2.7%):
27,000 Lancaster Colony Corp. 1,111
10,000 Park-Ohio Industries, Inc. <F2> 121
1,232
Consumer Products (2.3%):
14,000 American Greetings Corp., Class A 448
30,000 Gibson Greetings, Inc. <F2> 615
1,063
Electronic & Electrical--General (2.1%):
10,000 Cincinnati Microwave, Inc. <F2> 1
78,500 Pioneer-Standard Electronics, Inc. 961
962
Engineering, Industrial Construction (0.2%):
10,000 Corrpro Cos., Inc. <F2> 85
Environmental Control (1.0%):
33,000 Cuno, Inc. <F2> 458
Food Distributors (0.8%):
14,000 Kroger Co. <F2> 385
Food Processing & Packaging (0.8%):
20,000 Chiquita Brands International, Inc. 287
5,000 J.M. Smucker Co., Class A 88
375
Forest Products--Lumber & Paper (1.3%):
11,000 Mead Corp. 617
Health Care (2.6%):
50,000 Omnicare, Inc. 1,219
Hospital & Nursing Equipment & Supplies (1.6%):
36,000 Invacare Corp. 716
Insurance (5.5%):
3,150 Cincinnati Financial Corp. 220
18,000 Ohio Casualty Corp. 700
12,000 Progressive Corp. 913
40,500 State Auto Financial Corp. 709
2,542
Machine Tools (0.8%):
17,000 Cincinnati Milacron, Inc. 344
5,000 Monarch Machine Tool Co. 39
383
Manufacturing--Capital Goods (8.8%):
35,050 Commercial Intertech Corp. 416
45,000 Gorman-Rupp Co. 748
10,000 Gradall Industries, Inc. <F2> 123
16,000 Lincoln Electric Co., Class A 512
15,000 Parker-Hannifin Corp. 746
38,000 Robbins & Myers, Inc. 1,040
20,000 Thor Industries, Inc. 433
4,018
Manufacturing--Miscellaneous (1.1%):
24,750 Essef Corp. <F2> 489
Medical Supplies (0.3%):
5,000 Gliatech, Inc. <F2> 46
12,000 Meridian Diagnostics, Inc. 85
131
Metals--Fabrication (3.0%):
20,000 Amcast Industrial Corp. 455
10,000 Brush Wellman, Inc. 190
10,000 RMI Titanium Co. <F2> 214
9,000 Timken Co. 523
1,382
Mining (0.5%):
5,500 Cleveland-Cliffs, Inc. 233
Office Equipment & Supplies
(Non-Computer Related) (1.4%):
30,000 Reynolds & Reynolds Co., Class A 623
Oil & Gas Exploration, Production
& Services (4.8%):
5,000 Belden & Blake Corp. <F2> 129
5,000 Lomak Petroleum, Inc. 84
73,000 USX -- Marathon Group 2,017
2,230
Paint, Varnishes, Enamels (1.8%):
28,000 Sherwin-Williams Co. 847
Precision Instruments & Related (1.3%):
75,000 Keithley Instruments, Inc. 619
Real Estate Investment Trusts (0.7%):
14,000 Health Care REIT, Inc. 338
Restaurants (0.7%):
10,000 Bob Evans Farms, Inc. 133
10,000 Wendy's International, Inc. 206
339
Retail--Specialty Stores (2.1%):
15,000 Fabri-Centers of America,
Class A <F2> 301
15,000 Fabri-Centers of America,
Class B <F2> 287
15,000 Limited, Inc. 272
10,000 Sun Television & Appliances, Inc. 18
10,000 Value City Department
Stores, Inc. <F2> 85
963
Rubber & Rubber Products
Including Tires (1.6%):
5,000 Cooper Tire & Rubber Co. 110
12,000 Goodyear Tire & Rubber Co. 632
742
Steel (2.1%):
7,000 Cold Metal Products, Inc. <F2> 37
30,000 Shiloh Industries, Inc. <F2> 465
25,000 Worthington Industries, Inc. 472
974
Telecommunications (0.7%):
20,000 Allen Telecom Inc. <F2> 345
Transportation Leasing &Trucking (0.5%):
6,000 Caliber System, Inc. 178
3,000 Roadway Express, Inc. 53
231
Transportation--Marine (0.3%):
3,000 Oglebay Norton Co. 118
Utilities--Electric (3.1%):
14,000 American Electric Power Co. 566
10,000 CINergy Corp. 333
22,500 DPL, Inc. 532
1,431
Utilities--Telecommunications (2.4%):
20,000 Cincinnati Bell, Inc. 1,120
Wholesale Distribution (1.6%):
23,625 Applied Industrial Technology, Inc. 747
Total Common Stocks 45,490
Convertible Bonds (0.1%)
Medical Supplies (0.1%):
75 Meridian Diagnostics, Inc.
7.00%, 9/1/06 callable 9/1/99 @ 104 68
Total Convertible Bonds 68
Rights & Warrants (0.0%)
10,000 Cincinnati Microwave, Inc.,
Expire 12/31/98 <F2> 1
Total Rights & Warrants 1
Total (Cost $25,105) <F1> $46,032
<FN>
Percentages indicated are based on net assets of $46,010.
<F1> Represents cost for federal income tax purposes and differs
from value by net unrealized appreciation of securities
as follows:
Unrealized appreciation $21,928
Unrealized depreciation (1,001)
Net unrealized appreciation $20,927
<F2> Represents non-income producing securities.
</TABLE>
See notes to financial statements.
<TABLE>
THE VICTORY PORTFOLIOS Schedule of Investments
International Growth Fund April 30, 1997
(Amounts in Thousands, Except Shares) (Unaudited)
<CAPTION>
Shares or
Principal Market
Amount Security Description Value
<S> <C> <C>
Commercial Paper (5.0%)
Financial Services (5.0%):
$ 5,873 General Electric Capital Corp.,
5.62%, 5/1/97 $ 5,873
Total Commercial Paper 5,873
Common Stocks (94.5%)
Australia (6.5%):
Banks (1.6%):
129,400 National Australia Bank Ltd. 1,775
Construction (1.4%):
350,000 Leighton Holdings 1,575
Entertainment (1.4%):
660,000 Village Roadshow Limited, Class A 1,677
Leisure--Recreation, Gaming (0.9%):
500,000 Aristocrat Leisure 1,047
Publishing (1.2%):
275,000 Publishing & Broadcasting Ltd. 1,455
Total Australia 7,529
Austria (2.6%):
Steel (1.6%):
17,000 Boehler-Uddeholm AG 1,226
15,000 Voest-Alpine Stahl AG 592
1,818
Utilities--Electric (1.0%):
17,000 Oesterreichische
Elektrizitaetswirtschafts, Class A 1,187
Total Austria 3,005
Brazil (0.6%):
Utilities--Telecommunications (0.6%):
6,400 Telecomunicacoes Brasileriras
S/A-Telebras ADR 734
Total Brazil 734
Britain (15.8%):
Banks (2.5%):
232,000 Allied Irish Banks PLC 1,626
108,371 National Westminster Bank PLC 1,284
2,910
Business Services (1.3%):
135,000 Compass Group 1,487
Commercial Services (0.9%):
108,000 Professional Staff PLC ADR <F2> 999
Diversified (1.8%):
90,000 BOC Group PLC 1,380
155,000 Hanson PLC 751
2,131
Food Processing & Packaging (1.3%):
175,000 Associated British Foods PLC 1,513
Leisure--Recreation, Gaming (2.5%):
500,000 Ladbroke Group PLC 1,878
172,000 Rank Group PLC 1,183
3,061
Office Equipment & Supplies
(Non-Computer Related) (0.6%):
81,000 De La Rue PLC 726
Software & Computer Services (0.9%):
75,000 JBA Holdings PLC 992
Transportation (2.3%):
270,000 Associated British Ports Holdings PLC 1,165
150,000 Peninsular & Oriental Steam
Navigation Co. 1,462
2,627
Transportation Leasing &Trucking (0.3%):
185,000 Avis Europe PLC <F2> 399
Utilities--Water (1.4%):
117,000 Hyder PLC 1,630
Total Britain 18,475
Canada (1.5%):
Banks (1.5%):
74,000 Canadian Imperial Bank of Commerce 1,700
Total Canada 1,700
Chile (1.9%):
Brewery (1.9%):
100,000 Compania Cervecerias Unides
S.A.-Sponsered ADR 2,225
Total Chile 2,225
Finland (3.2%):
Banks (3.2%):
1,166,000 Merita Ltd., Class A 3,787
Total Finland 3,787
France (6.3%):
Chemicals--General (1.3%):
46,000 Rhone-Poulenc, Class A 1,547
Conglomerates (1.4%):
5,200 Compagnie Generale d'Industrie
et de Participations 1,576
Insurance (1.1%):
20,800 AXA SA 1,280
Manufacturing--Miscellaneous (1.0%):
8,950 Compagnie de Saint Gobain 1,199
Oil & Gas Exploration, Production
& Services (1.5%):
18,200 Elf Aquitaine SA 1,765
Total France 7,367
Germany (4.9%):
Automobiles (1.0%):
2,300 Volkswagen AG 1,129
Banks (1.2%):
43,600 Bayerische Hypotheken-und
Weschel-Bank AG 1,355
Chemicals--General (2.7%):
84,500 BASF AG 3,241
Total Germany 5,725
Hong Kong (3.9%):
Conglomerates (1.6%):
353,000 Citic Pacific Ltd. 1,910
Hotels & Motels (0.8%):
3,000,000 Regal Hotels International 891
Transportation--Marine (1.1%):
725,000 Hong Kong Ferry Holdings 1,263
Utilities--Electric (0.4%):
915,000 Beijing Datang <F2> 475
Total Hong Kong 4,539
India (0.5%):
Conglomerates (0.5%):
29,400 Videsh Sanchar Nigam Ltd. GDR <F2> 547
Total India 547
Italy (3.8%):
Automobiles (1.3%):
850,000 Fiat SpA 1,549
Food Manufacturing (1.6%):
1,240,000 Parmalat Finanziaria SpA 1,804
Utilities--Telecommunications (0.9%):
487,000 Telecom Italia SpA 1,050
Total Italy 4,403
Japan (14.4%):
Apparel--Footware (1.5%):
400,000 Gunze Ltd. 1,727
Automobiles (2.4%):
33,000 Honda Motor Co. Ltd. 1,025
60,000 Toyota Motor Corp. 1,739
2,764
Consumer Products (1.7%):
138,000 Shiseido Co. Ltd. 1,979
Electronic & Electrical--General (2.0%):
134,000 Hitachi Ltd. 1,214
16,000 Sony Corp. 1,165
2,379
Financial Services (1.4%):
33,800 Takefuji Corp. 1,627
Office Equipment & Supplies
(Non-Computer Related) (1.5%):
145,000 Ricoh Company Ltd. 1,725
Pharmaceuticals (1.4%):
103,000 Daiichi Pharma Co. Ltd. 1,656
Photography (1.1%):
35,000 Fuji Photo Film 1,338
Retail (0.4%):
101,000 Diamaru Inc. 425
Tools (1.0%):
88,000 Makita Corp. 1,207
Total Japan 16,827
Netherlands (7.5%):
Banks (0.9%):
25,915 ING Groep N.V. 1,018
Chemicals--General (0.7%):
8,200 DSM N.V. 817
Containers (0.9%):
54,500 Koninklijke Emballage Indistrie
Van Leer 1,085
Electronic & Electrical--General (2.1%):
46,000 Phillips Electronics N.V. 2,400
Household Goods--Appliances, Furnishings
& Electronics (1.5%):
22,000 Hunter Douglas N.V. 1,796
Oil--Integrated Companies (1.4%):
9,000 Royal Dutch Petroleum Co. 1,609
Total Netherlands 8,725
New Zealand (1.6%):
Fisheries (0.4%):
250,000 Sanford Ltd. 495
Household Goods--Appliances, Furnishings
& Electronics (1.2%):
380,400 Fisher & Paykel Industries Ltd. 1,366
Total New Zealand 1,861
Norway (2.4%):
Commercial Banking (1.1%):
340,000 Den Norske Bank ASA 1,227
Shipping (1.3%):
75,000 Bergesen d.y. ASA, Class A 1,548
Total Norway 2,775
Portugal (2.9%):
Banks (1.3%):
100,000 Banco Commercial Portugues, SA 1,523
Building Materials (0.9%):
51,000 Cimpor-Cimentos de Portugal,
SGPS, SA 1,098
Telecommunications (0.7%):
22,000 Portugal Telecom 811
Total Portugal 3,432
Singapore (1.9%):
Conglomerates (1.4%):
475,000 Jardine Strategic Holdings Ltd. ADR 1,615
Real Estate (0.5%):
234,000 Keppel Land Ltd. <F2> 602
Total Singapore 2,217
Spain (4.7%):
Banks (1.1%):
27,600 Corporacion Bancaria de Espana SA 1,232
Commercial Services (1.5%):
150,000 Autopistas Concesionaria
Espanola SA 1,735
Construction (1.2%):
90,000 Dragados y Construcciones, SA 1,454
Utilities--Telecommunications (0.9%)
42,000 Telefonica de Espana 1,077
Total Spain 5,498
Sweden (3.2%):
Diversified (1.3%):
60,000 Kinnevik AB, Class B 1,556
Industrial Goods & Services (0.5%):
38,000 Trelleborg AB, Class B 593
Steel (1.4%):
160,000 Avesta Sheffield AB 1,591
Total Sweden 3,740
Switzerland (4.4%):
Banks (1.7%):
17,530 Credit Suisse Group 1,975
Diversified (1.0%):
11,800 Oerlikon-Buehrle Holding AG <F2> 1,169
Pharmaceuticals (1.7%):
1,513 Novartis AG Registered 1,994
Total Switzerland 5,138
Total Common Stocks $110,249
Convertible Bonds (1.4%)
Banks (0.8%):
943 Mitsubishi Bank International
Finance Bermuda
3.00%, 11/30/02 959
Hotels & Motels (0.6%):
620 Regal Hotels International
5.25%, 12/5/08 674
Total Convertible Bonds 1,633
Total (Cost $106,708) <F1> $117,755
<FN>
Percentages indicated are based on net assets of $116,660.
<F1> Represents cost for federal income tax purposes and differs
from value by net unrealized appreciation of securities
as follows:
Unrealized appreciation $12,101
Unrealized depreciation (1,054)
Net unrealized appreciation $11,047
<F2> Represents non-income producing securities.
ADR--American Depository Receipt
GDR--Global Depository Receipt
</TABLE>
See notes to financial statements.
<TABLE>
THE VICTORY PORTFOLIOS Schedule of Investments
Lakefront Growth Fund April 30, 1997
(Amounts in Thousands, Except Shares) (Unaudited)
<CAPTION>
Market
Shares Security Description Value
<S> <C> <C>
Common Stocks (100.5%)
Aerospace/Defense (4.7%):
163 Boeing Co. $ 16
395 United Technologies Corp. 30
46
Aluminum (3.9%):
193 Aluminum Co. of America 13
380 Reynolds Metal Co. 26
39
Apparel & Footwear (1.7%):
449 Reebok International Ltd. 17
Automobiles (1.9%):
553 Ford Motor Co. 19
Automotive Parts (4.1%):
573 Federal-Mogul Corp. 16
395 TRW, Inc. 25
41
Banks (6.6%):
335 Chase Manhattan Corp. 31
452 MBNA Corp. 15
73 Wells Fargo & Co. 19
65
Brokerage Services (3.3%):
975 Lehman Brothers Holding, Inc. 33
Building Materials (2.0%):
310 Armstrong World Industries, Inc. 20
Chemicals (3.0%):
760 Cabot Corp. 17
340 IMC Global, Inc. 13
30
Computers & Peripherals (6.9%):
550 Diebold, Inc. 18
543 Hewlett-Packard Co. 28
134 International Business Machines Corp. 22
68
Conglomerates (3.0%):
268 General Electric Co. 30
Consumer Products (1.9%):
168 Colgate-Palmolive Co. 19
Electronic & Electrical--General (10.8%):
534 AMP, Inc. 19
302 Johnson Controls, Inc. 11
380 Rockwell International Corp. 25
382 Texas Instrumrents, Inc. 34
372 Varian Associates, Inc. 18
107
Financial Services (4.6%):
376 American Express Co. 25
385 Travelers Group, Inc. 21
46
Health Care (1.7%):
479 Columbia/HCA Healthcare Corp. 17
Heavy Machinery--Industrial, Farm,
Construction (5.0%):
213 Caterpillar Tractor, Inc. 19
662 Deere & Co. 30
49
Medical Supplies (2.3%):
711 C.R. Bard, Inc. 23
Oil--Integrated Companies (3.5%):
129 Mobil Corp. 17
174 Texaco, Inc. 18
35
Pharmaceuticals (6.9%):
352 American Home Products Corp. 23
312 Bristol-Myers Squibb Co. 21
303 Schering-Plough Corp. 24
68
Photography (4.1%):
488 Eastman Kodak Co. 41
Retail (3.2%):
2,315 K-Mart Corp. <F2> 32
Retail--Specialty Stores (2.4%):
765 Gap, Inc. 24
Rubber & Rubber Products (1.7%):
793 M.A. Hanna Co. 17
Semiconductors (2.2%):
141 Intel Corp. 22
Software & Computer Service (2.4%):
470 Computer Associates International, Inc. 24
Steel (1.9%):
1,470 LTV Corp. 19
Tobacco & Tobacco Related (2.4%):
603 Philip Morris Cos., Inc. 24
Utilities--Telecommunications (2.4%):
334 AT&T Corp. 11
203 Ameritech Corp. 13
24
Total Common Stocks 999
Investment Companies (5.7%)
$ 57 Federated Treasury Obligation Fund $ 57
Total Investment Companies 57
Total (Cost $1,022) <F1> $1,056
<FN>
Percentages indicated are based on net assets of $994.
<F1> Represents cost for federal income tax purposes and differs
from value by net unrealized appreciation of securities
as follows:
Unrealized appreciation $53
Unrealized depreciation (19)
Net unrealized appreciation $34
<F2> Represents non-income producing securities.
</TABLE>
See notes to financial statements.
<TABLE>
THE VICTORY PORTFOLIOS Schedule of Investments
Real Estate Investment Fund April 30, 1997
(Amounts in Thousands, Except Shares) (Unaudited)
<CAPTION>
Market
Shares Security Description Value
<S> <C> <C>
Common Stocks (81.0%)
Real Estate (81.0%):
Diversified (12.5%):
1,400 Cousins Properties, Inc. $ 36
2,450 Security Capital U.S. Realty <F2> 37
500 Vornado Realty Trust 32
105
Hotels (8.9%):
1,650 Patriot American Hospitality, Inc. 36
970 Starwood Lodging Trust 38
74
Industrial (4.2%):
2,000 Bedford Property Investors, Inc. 35
Office (8.5%):
1,200 Cali Realty Corp. 35
1,000 Spieker Properties, Inc. 36
71
Residential (29.7%):
1,500 Ambassador Apartments, Inc. 37
840 Equity Residential Properties Trust 37
1,840 Evans Withycombe Residential, Inc. 37
1,500 Gables Residential Trust 36
1,380 Irvine Apartment Communities, Inc. 37
1,700 Security Capital Atlantic, Inc. 37
1,000 Smith, Charles E. Residential Realty, Inc. 27
248
Retail (8.7%):
1,000 Developers Diversified Realty Corp. <F2> 36
1,290 Simon DeBartolo Group, Inc. 37
73
Other (8.5%):
980 Storage USA, Inc. 37
1,000 TriNet Corporate Realty Trust, Inc. 34
71
Total Common Stocks 677
Total (Cost $677) <F1> $677
<FN>
Percentages are based on net assets of $836.
<F1> Represents cost for federal income tax purposes and differs
from value by net unrealized depreciation of securities
as follows:
Unrealized appreciation $--
Unrealized depreciation --
Net unrealized depreciation $--
<F2> Represents non-income producing securities.
</TABLE>
See notes to financial statements.
<TABLE>
Statements of Assets and Liabilities
The Victory Portfolios April 30, 1997
(Amounts in Thousands, Except Per Share Amounts) (Unaudited)
<CAPTION>
U.S. Government Prime Financial
Obligations Obligations Reserves
Fund Fund Fund
<S> <C> <C> <C>
ASSETS:
Investments, at amortized cost $ 400,243 $ 475,948 $ 771,154
Repurchase agreements, at cost 1,171,568 18,003 22,874
Total 1,571,811 493,951 794,028
Cash 1 -- 207
Interest receivable 3,696 2,540 3,983
Prepaid expenses and other assets 67 14 5
Total Assets 1,575,575 496,505 798,223
LIABILITIES:
Dividends payable 6,292 1,985 3,357
Capital gains distribution payable -- 2 --
Accrued expenses and other payables:
Investment advisory fees 463 143 309
Administration fees 33 10 17
Custodian fees 29 12 16
Accounting and transfer agent fees 25 25 26
Shareholder service fees -- 91 --
Shareholder service fees--Select Shares 216 -- --
Other 118 49 73
Total Liabilities 7,176 2,317 3,798
NET ASSETS:
Capital 1,568,540 494,173 794,616
Undistributed (distributions in excess of) net investment income (80) -- (173)
Accumulated undistributed net realized gains
(losses) from investment transactions (61) 15 (18)
Net Assets $1,568,399 $ 494,188 $ 794,425
Net Assets
Investor Shares 515,471 -- --
Select Shares 1,052,928 -- --
Total 1,568,399 -- --
Outstanding units of beneficial interest (shares)
Investor Shares 515,462 -- --
Select Shares 1,053,057 -- --
Total 1,568,519 494,173 794,334
Net asset value
Offering and redemption price per share -- $ 1.00 $ 1.00
Offering and redemption price per share--Investor Shares $ 1.00 -- --
Offering and redemption price per share--Select Shares 1.00 -- --
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
Ohio
Tax-Free Municipal
Money Money
Market Market
Fund Fund
<S> <C> <C>
ASSETS:
Investments, at amortized cost $346,438 $584,896
Interest and dividends receivable 2,946 5,133
Prepaid expenses and other assets 8 10
Total Assets 349,392 590,039
LIABILITIES:
Dividends payable 969 1,632
Accrued expenses and other payables:
Investment advisory fees 106 165
Administration fees 7 12
Custodian fees 8 13
Accounting and transfer agent fees 10 19
Shareholder service fees 58 92
Other 29 52
Total Liabilities 1,187 1,985
NET ASSETS:
Capital 348,203 588,050
Undistributed net investment income -- 2
Accumulated undistributed net realized gains from investment transactions 2 2
Net Assets $348,205 $588,054
Outstanding units of beneficial interest (shares) 348,203 588,050
Net asset value
Offering and redemption price per share $ 1.00 $ 1.00
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
Investment Government
Limited Term Intermediate Quality Bond Mortgage
Income Fund Income Fund Fund Fund
<S> <C> <C> <C> <C>
ASSETS:
Investments, at value
(Cost $83,694; $261,817; $146,759 & $111,383) $ 82,766 $259,258 $145,705 $109,568
Cash -- -- -- 1
Interest and dividends receivable 1,344 3,603 2,094 792
Receivable for capital shares issued 1 -- 94 --
Receivable from brokers for investments sold -- 11,755 2,480 8,866
Prepaid expenses and other assets 1 17 4 1
Total Assets 84,112 274,633 150,377 119,228
LIABILITIES:
Payable to brokers for investments purchased -- 13,143 3,100 7,072
Payable for capital shares redeemed 30 -- 39 --
Accrued expenses and other payables:
Investment advisory fees 33 133 76 47
Administration fees 2 5 3 2
Custodian fees 3 5 4 5
Accounting and transfer agent fees 6 7 4 6
Shareholder service fees 7 20 12 9
Other 12 201 85 95
Total Liabilities 93 13,514 3,323 7,236
NET ASSETS:
Capital 87,337 268,979 158,707 115,993
Undistributed (distributions in excess of)
net investment income (33) 104 (109) 167
Net unrealized depreciation from investments (928) (2,559) (1,054) (1,815)
Accumulated undistributed net realized
losses from investment transactions (2,357) (5,405) (10,490) (2,353)
Net Assets $ 84,019 $261,119 $147,054 $111,992
Outstanding units of beneficial interest (shares) 8,506 27,751 15,564 10,501
Net asset value
Redemption price per share $ 9.88 $ 9.41 $ 9.45 $ 10.67
Maximum sales charge 2.00% 4.75% 4.75% 4.75%
Maximum offering price per share
(100%/(100%-maximum sales charge) of
net asset value adjusted to nearest cent) $ 10.08 $ 9.88 $ 9.92 $ 11.20
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
National Ohio
Municipal New York Municipal
Fund For Bond Tax-Free Bond
Income Fund Fund Fund
<S> <C> <C> <C> <C>
ASSETS:
Investments, at value
(Cost $18,428; $45,194; $17,883 & $70,882) $19,032 $45,378 $18,786 $72,417
Interest and dividends receivable 142 689 370 1,437
Receivable for capital shares issued -- 33 -- 65
Receivable from brokers for investments sold 1 -- -- --
Prepaid expenses and other assets 1 43 7 2
Total Assets 19,176 46,143 19,163 73,921
LIABILITIES:
Payable to brokers for investments purchased -- 4,266 730 145
Payable for capital shares redeemed 66 232 26 2
Accrued expenses and other payables:
Investment advisory fees -- -- 4 30
Administration fees -- 1 -- 2
Custodian fees 4 3 1 2
Accounting and transfer agent fees 14 12 5 7
Shareholder service fees 3 -- -- 6
Shareholder service fees--Class A -- 8 3 --
Shareholder service and 12b-1 fees--Class B -- 1 3 --
Other 11 5 13 6
Total Liabilities 98 4,528 785 200
NET ASSETS:
Capital 20,222 41,856 17,484 71,926
Undistributed (distributions in excess of) net investment income (11) 11 (11) (49)
Net unrealized appreciation from investments 604 184 903 1,535
Accumulated undistributed net realized gains
(losses) from investment transactions (1,737) (436) 2 309
Net Assets $19,078 $41,615 $18,378 $73,721
Net Assets
Class A $39,379 $15,815
Class B 2,236 2,563
Total $41,615 $18,378
Outstanding units of beneficial interest (shares)
Class A 3,889 1,266
Class B 221 205
Total 1,974 4,110 1,471 6,517
Net asset value
Redemption price per share $ 9.66 $ 11.31
Redemption price per share--Class A $ 10.13 $ 12.49
Offering price per share--Class B<F1> $ 10.13 $ 12.50
Maximum sales charge 2.00% 4.75% 4.75% 4.75%
Maximum offering price per share
(100%/(100%-maximum sales charge) of
net asset value adjusted to nearest cent) $ 9.86 $ 11.87
Maximum offering price per share
(100%/(100%-maximum sales charge) of
net asset value adjusted to nearest cent)--Class A $ 10.63 $ 13.11
<FN>
<F1> Redemption price per Class B Share varies based on length of time held.
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
Stock Diversified
Balanced Index Stock Value Growth
Fund Fund Fund Fund Fund
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments, at value (Cost $260,328; $281,468;
$590,497; $306,338 & $107,996) $307,485 $363,705 $676,600 $419,680 $159,704
Interest and dividends receivable 1,705 579 480 475 148
Receivable for capital shares issued 2 197 454 -- 1
Receivable from brokers for investments sold 2,519 38 1,748 370 403
Net variation margin on open futures contracts -- 39 -- -- --
Reclaim receivable 13 -- -- -- --
Prepaid expenses and other assets 10 11 22 6 2
Total Assets 311,734 364,569 679,304 420,531 160,258
LIABILITIES:
Cash overdraft 167 -- -- -- --
Payable for capital shares redeemed -- -- 99 -- --
Payable to brokers for investments purchased 5,066 20 4,497 601 --
Accrued expenses and other payables:
Investment advisory fees 212 126 340 331 125
Administration fees 6 -- 13 8 3
Custodian fees 7 3 10 8 3
Accounting and transfer agent fees 19 14 38 11 9
Shareholder service fees -- -- -- 26 10
Shareholder service fees--Class A 24 -- 52 -- --
Shareholder service and 12b-1 fees--Class B 2 -- 14 -- --
Other 63 29 39 38 15
Total Liabilities 5,566 192 5,102 1,023 165
NET ASSETS:
Capital 253,507 270,990 530,609 290,943 101,884
Undistributed (distributions in excess of)
net investment income (301) 534 335 102 (52)
Net unrealized appreciation from investments 47,340 82,237 86,103 113,342 51,708
Net unrealized depreciation from translation
of assets and liabilities in foreign currencies (184) -- -- -- --
Accumulated undistributed net realized gains
from investment transactions 6,155 10,616 57,155 15,121 6,553
Accumulated undistributed net realized losses from
foreign currency transactions (349) -- -- -- --
Net Assets $306,168 $364,377 $674,202 $419,508 $160,093
Net Assets
Class A $303,759 $655,003
Class B 2,409 19,199
Total $306,168 $674,202
Outstanding units of beneficial interest (shares)
Class A 24,012 42,335
Class B 190 1,248
Total 24,202 22,159 43,583 28,113 10,087
Net asset value
Redemption price per share $ 16.44 $ 14.92 $ 15.87
Redemption price per share--Class A $ 12.65 $ 15.47
Offering price per share--Class B<F1> $ 12.66 $ 15.38
Maximum sales charge 4.75% 4.75% 4.75% 4.75% 4.75%
Maximum offering price per share (100%/
(100%-maximum sales charge) of net asset
value adjusted to nearest cent) $ 17.26 $ 15.66 $ 16.66
Maximum offering price per share (100%/
(100%-maximum sales charge) of net asset
value adjusted to nearest cent)--Class A $ 13.28 $ 16.24
<FN>
<F1> Redemption price per Class B Share varies based on length of time held.
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
Ohio
Special Special Regional International
Value Growth Stock Growth Lakefront
Fund Fund Fund Fund Fund
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments, at value (Cost $279,696; $79,200;
$25,106; $106,708 & $1,022) $324,299 $ 78,854 $ 46,032 $117,755 $ 1,056
Interest and dividends receivable 367 17 31 427 2
Receivable for capital shares issued 74 1 1 -- --
Receivable from brokers for investments sold 290 244 -- 547 --
Unamortized organization costs -- -- -- -- 29
Reclaim receivable -- -- -- 302 --
Prepaid expenses and other assets 14 2 1 9 6
Total Assets 325,044 79,118 46,065 119,040 1,093
LIABILITIES:
Payable for capital shares redeemed 22 -- 1 -- --
Payable to brokers for investments purchased 260 4,349 -- 2,219 56
Payable for organization costs -- -- -- -- 30
Accrued expenses and other payables:
Investment advisory fees 259 62 28 103 --
Administration fees 7 2 1 2 --
Custodian fees 9 10 1 14 1
Accounting, and transfer agent fees 12 12 14 24 7
Shareholder service fees -- 5 -- -- --
Shareholder service fees--Class A 26 -- 4 9 --
Shareholder service and 12b-1 fees--Class B 1 -- -- -- --
Other 21 7 6 9 5
Total Liabilities 617 4,447 55 2,380 99
NET ASSETS:
Capital 262,811 75,781 23,345 105,247 961
Undistributed (distributions in excess of )
net investment income 214 (340) (19) 107 2
Net unrealized appreciation (depreciation)
from investments 44,603 (346) 20,926 12,006 34
Net unrealized depreciation from translation of
assets and liabilities in foreign currencies -- -- -- (981) --
Accumulated undistributed net realized gains
(losses) from investment transactions 16,799 (424) 1,758 (2,119) (3)
Accumulated undistributed net realized gains
from foreign currency transactions -- -- -- 2,400 --
Net Assets $324,427 $ 74,671 $ 46,010 $116,660 $ 994
Net Assets
Class A $323,478 $ 45,524 $116,490
Class B 949 486 170
Total $324,427 $ 46,010 $116,660
Outstanding units of beneficial interest (shares)
Class A 22,975 2,367 8,970
Class B 68 25 13
Total 23,043 6,377 2,392 8,983 99
Net asset value
Redemption price per share $ 11.71 $ 10.00
Redemption price per share--Class A $ 14.08 $ 19.23 $ 12.99
Offering and redemption price per share--Class B $ 13.97 $ 19.09 $ 12.83
Maximum sales charge 4.75% 4.75% 4.75% 4.75% 4.75%
Maximum offering price per share (100%/
(100%-maximum sales charge) of net asset
value adjusted to nearest cent) $ 12.29 $ 10.50
Maximum offering price per share (100%/
(100%-maximum sales charge) of net asset
value adjusted to nearest cent)--Class A $ 14.78 $ 20.19 $ 13.64
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
Real Estate
Investment
Fund
<S> <C>
ASSETS:
Investments, at value (Cost $677) $ 677
Receivable for capital shares issued 836
Unamortized organization costs 30
Total Assets 1,543
LIABILITIES:
Payable to brokers for investments purchased 677
Payable for organization costs 30
Total Liabilities 707
NET ASSETS:
Capital 836
Net Assets $ 836
Outstanding units of beneficial interest (shares) 84
Net asset value
Redemption price per share $10.00
Maximum sales charge 4.75%
Maximum offering price per share (100%/(100%-maximum sales charge)
of net asset value adjusted to nearest cent) $10.50
</TABLE>
See notes to financial statements.
<TABLE>
Statements of Operations
The Victory Portfolios For the Six Months Ended April 30, 1997
(Amounts in Thousands) (Unaudited)
<CAPTION>
U.S. Government Prime Financial
Obligations Obligations Reserves
Fund Fund Fund
<S> <C> <C> <C>
Investment Income:
Interest income $39,917 $13,478 $22,952
Expenses:
Investment advisory fees 2,574 848 2,074
Administration fees 1,103 363 622
Shareholder service fees -- 569 --
Shareholder service fees--Investor Shares 42 -- --
Shareholder service fees--Select Shares 599 -- --
Accounting fees 47 47 55
Custodian fees 142 53 84
Legal and audit fees 81 34 58
Trustees' fees and expenses 25 8 15
Transfer agent fees 56 39 30
Registration and filing fees 73 17 9
Printing fees 103 102 13
Other 2 3 5
Expenses voluntarily reduced -- -- (168)
Net Expenses 4,847 2,083 2,797
Net Investment Income 35,070 11,395 20,155
Realized Gains from Investments:
Net realized gains from investment transactions 32 9 6
Change in net assets resulting from operations $35,102 $11,404 $20,161
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
Tax-Free Ohio Municipal
Money Market Money Market
Fund Fund
<S> <C> <C>
Investment Income:
Interest income $6,457 $10,813
Dividend income 213 150
Total Income 6,670 10,963
Expenses:
Investment advisory fees 637 1,519
Administration fees 273 455
Shareholder service fees 314 663
Accounting fees 39 50
Custodian fees 38 61
Legal and audit fees 25 40
Trustees' fees and expenses 6 11
Transfer agent fees 13 24
Registration and filing fees 13 13
Printing fees 16 39
Other 3 15
Expenses voluntarily reduced (23) (619)
Net Expenses 1,354 2,271
Net Investment Income 5,316 8,692
Realized Gains from Investments:
Net realized gains from investment transactions -- --
Change in net assets resulting from operations $5,316 $ 8,692
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
Limited Investment Government
Term Intermediate Quality Mortgage
Income Fund Income Fund Bond Fund Fund
<S> <C> <C> <C> <C>
Investment Income:
Interest income $ 3,147 $ 9,181 $ 5,374 $ 4,382
Expenses:
Investment advisory fees 222 993 569 299
Administration fees 66 198 114 90
Shareholder service fees 48 130 86 61
Accounting fees 18 35 26 17
Custodian fees 11 28 20 9
Legal and audit fees 7 17 13 9
Trustees' fees and expenses 1 5 3 2
Transfer agent fees 9 12 12 9
Registration and filing fees 6 20 10 7
Printing fees 1 4 17 2
Other 1 2 1 1
Expenses voluntarily reduced (11) (173) (99) --
Net Expenses 379 1,271 772 506
Net Investment Income 2,768 7,910 4,602 3,876
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment transactions (162) (381) (581) (345)
Change in unrealized appreciation/
depreciation from investments (934) (3,682) (2,361) (799)
Net realized/unrealized losses from investments (1,096) (4,063) (2,942) (1,144)
Change in net assets resulting from operations $ 1,672 $ 3,847 $ 1,660 $ 2,732
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
National New York Ohio
Fund For Municipal Tax-Free Municipal
Income Bond Fund Fund Bond Fund
<S> <C> <C> <C> <C>
Investment Income:
Interest income $ 809 $ 933 $ 523 $ 2,005
Dividend income -- 39 7 70
Total Income 809 972 530 2,075
Expenses:
Investment advisory fees 49 112 46 225
Administration fees 15 30 13 56
Shareholder service fees 21 -- -- 40
Shareholder service fees--Class A -- 42 17 --
Shareholder service fees and 12b-1 fees--Class B -- 10 13 --
Accounting fees 26 31 27 25
Custodian fees 10 7 3 9
Legal and audit fees 3 4 4 5
Trustees' fees and expenses -- 1 -- 1
Transfer agent fees 23 13 15 8
Registration and filing fees 7 16 2 3
Printing fees 13 9 6 3
Other 3 8 6 --
Expenses voluntarily reduced (58) (112) (50) (44)
Expenses before reimbursement from distributor 112 171 102 331
Expenses reimbursed by distributor (14) (98) (12) --
Net Expenses 98 73 90 331
Net Investment Income 711 899 440 1,744
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment transactions (16) (25) 2 308
Change in unrealized appreciation/
depreciation from investments (180) (122) (215) (1,026)
Net realized/unrealized losses from investments (196) (147) (213) (718)
Change in net assets resulting from operations $ 515 $ 752 $ 227 $ 1,026
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
Balanced Stock Index Diversified Value Growth
Fund Fund Stock Fund Fund Fund
<S> <C> <C> <C> <C> <C>
Investment Income:
Interest income $ 3,809 $ 1,343 $ 1,258 $ 311 $ 81
Dividend income 1,822 2,633 5,723 4,312 1,211
Foreign tax withholding (11) (3) -- -- --
Total Income 5,620 3,973 6,981 4,623 1,292
Expenses:
Investment advisory fees 1,446 967 2,033 2,011 778
Administration fees 217 242 469 302 117
Shareholder service fees -- -- -- 197 78
Shareholder service fees--Class A 147 -- 335 -- --
Shareholder service fees and 12b-1 fees--Class B 9 -- 68 -- --
Accounting fees 42 63 57 42 27
Custodian fees 34 65 65 42 18
Legal and audit fees 25 22 46 28 9
Trustees' fees and expenses 5 5 11 7 3
Transfer agent fees 32 13 128 15 10
Registration and filing fees 19 18 27 11 10
Printing fees 9 4 29 6 2
Other -- 2 4 3 1
Expenses voluntarily reduced (190) (486) -- -- --
Expenses before reimbursement from distributor 1,795 915 3,272 2,664 1,053
Expenses reimbursed by distributor (5) -- -- -- --
Net Expenses 1,790 915 3,272 2,664 1,053
Net Investment Income 3,830 3,058 3,709 1,959 239
Realized/Unrealized Gains (Losses) from
Investments and Foreign Currencies:
Net realized gains from investment transactions 6,612 14,201 57,416 15,232 6,553
Net realized losses from foreign currency transactions (98) -- -- -- --
Net change in unrealized appreciation from investments 9,598 24,187 2,691 23,492 13,086
Change in unrealized depreciation from translation of
assets and liabilities in foreign currencies (4) -- -- -- --
Net realized/unrealized gains from investments and
foreign currencies 16,108 38,388 60,107 38,724 19,639
Change in net assets resulting from operations $19,938 $41,446 $63,816 $40,683 $19,878
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
Special Special Ohio International
Value Growth Regional Growth Lakefront
Fund Fund Stock Fund Fund Fund<F1>
<S> <C> <C> <C> <C> <C>
Investment Income:
Interest income $ 358 $ 97 $ 29 $ 141 $ 1
Dividend income 2,808 174 439 1,088 1
Foreign tax withholding (11) -- -- (111) --
Total Income 3,155 271 468 1,118 2
Expenses:
Investment advisory fees 1,541 430 178 656 1
Administration fees 231 64 36 89 --
Shareholder service fees -- 42 -- -- --
Shareholder service fees--Class A 163 -- 26 59 --
Shareholder service fees and 12b-1 fees--Class B 3 -- 2 1 --
Accounting fees 45 24 25 41 6
Custodian fees 39 22 7 109 1
Legal and audit fees 22 6 4 15 1
Amortization of organization costs -- -- -- -- 1
Trustees' fees and expenses 6 2 1 2 --
Transfer agent fees 36 6 23 29 1
Registration and filing fees 21 10 6 13 --
Printing fees 7 2 3 4 4
Other 2 -- -- -- --
Expenses voluntarily reduced -- -- -- -- (1)
Expenses before reimbursement from distributor 2,116 608 311 1,018 14
Expenses reimbursed by distributor (6) -- (5) (7) (14)
Net Expenses 2,110 608 306 1,011 --
Net Investment Income (Loss) 1,045 (337) 162 107 2
Realized/Unrealized Gains (Losses) from
Investments and Foreign Currencies:
Net realized gains (losses) from
investment transactions 16,815 (424) 1,757 684 (3)
Net realized losses from foreign
currency transactions -- -- -- (453) --
Net change in unrealized appreciation
(depreciation) from investments 1,896 (10,640) 2,429 3,802 34
Change in unrealized depreciation from translation
of assets and liabilities in foreign currencies -- -- -- (29) --
Net realized/unrealized gains from investments
and foreign currencies 18,711 (11,064) 4,186 4,004 31
Change in net assets resulting from operations $19,756 $(11,401) $ 4,348 $ 4,111 $ 33
<FN>
<F1> The Lakefront Fund commenced operations as of March 3, 1997.
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
Real Estate
Investment Fund<F1>
<S> <C>
Investment Income:
Interest income $ --
Expenses:
Investment advisory fees --
Administration fees --
Shareholder service fees --
Accounting fees --
Custodian fees --
Total Expenses --
Net Investment Income --
Realized/Unrealized Gains (Losses) from Investments
and Foreign Currencies:
Net change in unrealized appreciation from investments --
Net realized/unrealized losses from investments: --
Change in net assets resulting from operations $ --
<FN>
<F1> The Real Estate Investment Fund commenced operations as of April 30, 1997.
</TABLE>
See notes to financial statements.
The Victory Portfolios Statements of Changes in Net Assets
(Amounts in Thousands) (Unaudited)
<TABLE>
<CAPTION>
U.S. Government Prime Financial
Obligations Fund Obligations Fund Reserves Fund
Six Six Six
Months Year Months Year Months Year
Ended Ended Ended Ended Ended Ended
April 30, October 31, April 30, October 31, April 30, October 31,
1997 1996<F1> 1997 1996 1997 1996
<S> <C> <C> <C> <C> <C> <C>
From Investment Activities:
Operations:
Net investment income $ 35,070 $ 58,184 $ 11,395 $ 21,953 $ 20,155 $ 38,933
Net realized gains from
investment transactions 32 24 9 13 6 4
Change in net assets resulting
from operations 35,102 58,208 11,404 21,966 20,161 38,937
Distributions to Shareholders:
From net investment income -- (58,184) (11,395) (21,953) (20,155) (38,877)
From net investment income by class:
Investor Shares (28,734) -- -- -- -- --
Select Shares (6,336) -- -- -- -- --
From net realized gains from
investment transactions -- -- (7) -- -- --
Change in net assets from
distributions to shareholders (35,070) (58,184) (11,402) (21,953) (20,155) (38,877)
Capital Transactions:
Proceeds from shares issued 2,078,324 3,877,755 635,017 1,282,599 904,755 2,348,380
Dividends reinvested 12,518 13,036 10,214 18,208 1,021 2,546
Cost of shares redeemed (1,880,292) (3,497,927) (647,064) (1,261,067) (879,347) (2,345,866)
Change in net assets from
capital transactions 210,550 392,864 (1,833) 39,740 26,429 5,060
Change in net assets 210,582 392,888 (1,831) 39,753 26,435 5,120
Net Assets:
Beginning of period 1,357,817 964,929 496,019 456,266 767,990 762,870
End of period $ 1,568,399 $ 1,357,817 $ 494,188 $ 496,019 $ 794,425 $ 767,990
Share Transactions:
Issued 2,078,324 3,877,755 635,018 1,282,599 904,755 2,348,379
Reinvested 12,518 13,036 10,214 18,208 1,021 2,546
Redeemed (1,880,292) (3,497,927) (647,065) (1,261,167) (879,347) (2,345,866)
Change shares 210,550 392,864 (1,833) 39,640 26,429 5,059
<FN>
<F1> Effective February 1, 1996, the U.S. Government Obligations Fund
designated the existing shares as Select Shares and on January 8,
1997 commenced offering Investor Shares.
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
Tax-Free Ohio Municipal
Money Market Fund Money Market
Six Six
Months Year Months Year
Ended Ended Ended Ended
April 30, October 31, April 30, October 31,
1997 1996 1997 1996
<S> <C> <C> <C> <C>
From Investment Activities:
Operations:
Net investment income $ 5,316 $ 9,527 $ 8,692 $ 17,162
Net realized gains from investment transactions -- 3 -- --
Change in net assets resulting from operations 5,316 9,530 8,692 17,162
Distributions to Shareholders:
From net investment income (5,316) (9,527) (8,692) (17,162)
In excess of net investment income -- -- -- (216)
From net realized gains from investment transactions (3) (3) -- --
In excess of net realized gains from investment transactions -- (57) -- (17)
Change in net assets from distributions to shareholders (5,319) (9,587) (8,692) (17,395)
Capital Transactions:
Proceeds from shares issued 272,982 562,564 529,930 1,157,311
Dividends reinvested 2,579 3,035 6,682 10,022
Cost of shares redeemed (272,149) (528,472) (509,689) (1,116,601)
Change in net assets from capital transactions 3,412 37,127 26,923 50,732
Change in net assets 3,409 37,070 26,923 50,499
Net Assets:
Beginning of period 344,796 307,726 561,131 510,632
End of period $ 348,205 $ 344,796 $ 588,054 $ 561,131
Share Transactions:
Issued 272,982 562,564 529,930 1,157,311
Reinvested 2,579 3,035 6,682 10,022
Redeemed (272,149) (528,472) (509,689) (1,116,601)
Change in shares 3,412 37,127 26,923 50,732
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
Limited Term Intermediate Investment Quality
Income Fund Income Fund Bond Fund
Six Six Six
Months Year Months Year Months Year
Ended Ended Ended Ended Ended Ended
April 30, October 31, April 30, October 31, April 30, October 31,
1997 1996 1997 1996 1997 1996
<S> <C> <C> <C> <C> <C> <C>
From Investment Activities:
Operations:
Net investment income $ 2,768 $ 8,481 $ 7,910 $ 12,201 $ 4,602 $ 8,159
Net realized losses from
investment transactions (162) (475) (381) (1,103) (581) (1,769)
Net change in unrealized appreciation/
depreciation from investments (934) (1,765) (3,682) (428) (2,361) 177
Change in net assets resulting
from operations 1,672 6,241 3,847 10,670 1,660 6,567
Distributions to Shareholders:
From net investment income (2,890) (8,481) (7,936) (12,201) (4,700) (7,938)
In excess of net investment income -- (125) -- (14) -- --
In excess of net realized gains (losses)
from investment transactions -- (122) -- (52) -- --
Tax Return of Capital -- -- -- -- -- (122)
Change in net assets from
distributions to shareholders (2,890) (8,728) (7,936) (12,267) (4,700) (8,060)
Capital Transactions:
Proceeds from shares issued 13,234 29,303 30,054 145,956 26,731 54,446
Dividends reinvested 2,267 8,683 5,949 12,260 3,583 8,045
Cost of shares redeemed (20,283) (117,482) (42,882) (47,813) (31,027) (35,439)
Change in net assets from
capital transactions (4,782) (79,496) (6,879) 110,403 (713) 27,052
Change in net assets (6,000) (81,983) (10,968) 108,806 (3,753) 25,559
Net Assets:
Beginning of period 90,019 172,002 272,087 163,281 150,807 125,248
End of period $ 84,019 $ 90,019 $261,119 $272,087 $147,054 $150,807
Share Transactions:
Issued 1,327 2,898 3,163 15,335 2,793 5,668
Reinvested 228 864 628 1,286 376 840
Redeemed (2,040) (11,710) (4,513) (5,005) (3,264) (3,676)
Change in shares (485) (7,948) (722) 11,616 (95) 2,832
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
Government Fund For
Mortgage Fund Income
Six Six
Months Year Months Year
Ended Ended Ended Ended
April 30, October 31, April 30, October 31,
1997 1996 1997 1996
<S> <C> <C> <C> <C>
From Investment Activities:
Operations:
Net investment income $ 3,876 $ 8,396 $ 711 $ 1,558
Net realized gains (losses) from investment transactions (345) (338) (16) 28
Net change in unrealized appreciation/
depreciation from investments (799) (1,193) (180) (261)
Change in net assets resulting from operations 2,732 6,865 515 1,325
Distributions to Shareholders:
From net investment income (3,708) (7,983) (722) (1,558)
In excess of net investment income -- -- -- (65)
Tax return of capital -- (180) -- (102)
Change in net assets from distributions to shareholders (3,708) (8,163) (722) (1,725)
Capital Transactions:
Proceeds from shares issued 7,565 22,111 1,900 4,189
Dividends reinvested 2,207 8,134 440 1,208
Cost of shares redeemed (22,796) (39,058) (3,871) (6,937)
Change in net assets from capital transactions (13,024) (8,813) (1,531) (1,540)
Change in net assets (14,000) (10,111) (1,738) (1,940)
Net Assets:
Beginning of period 125,992 136,103 20,816 22,756
End of period $ 111,992 $ 125,992 $ 19,078 $ 20,816
Share Transactions:
Issued 702 2,051 196 425
Reinvested 206 758 45 124
Redeemed (2,120) (3,629) (398) (708)
Change in shares (1,212) (820) (157) (159)
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
National Municipal New York Ohio Municipal
Bond Fund Tax-Free Fund Bond Fund
Six Six Six
Months Year Months Year Months Year
Ended Ended Ended Ended Ended Ended
April 30, October 31, April 30, October 31, April 30, October 31,
1997 1996 1997 1996 1997 1996
<S> <C> <C> <C> <C> <C> <C>
From Investment Activities:
Operations:
Net investment income $ 899 $ 1,628 $ 440 $ 848 $ 1,744 $ 3,158
Net realized gains (losses) from
investment transactions (25) (400) 2 56 308 549
Net change in unrealized appreciation/
depreciation from investments (122) (189) (215) (194) (1,026) 148
Change in net assets resulting
from operations 752 1,039 227 710 1,026 3,855
Distributions to Shareholders:
From net investment income -- -- -- -- (1,832) (3,158)
From net investment income by class:
Class A (873) (1,581) (445) (744) -- --
Class B (33) (43) (68) (104) -- --
In excess of net investment income -- -- -- (6) -- (15)
From net realized gains from
investment transactions -- -- (56) (10) -- (11)
In excess of net realized gains from
investment transactions -- (45) -- -- -- --
Change in net assets from distributions
to shareholders (906) (1,669) (569) (864) (1,832) (3,184)
Capital Transactions:
Proceeds from shares issued 11,216 64,998 3,450 3,250 9,849 23,494
Dividends reinvested 767 1,564 364 635 587 3,096
Cost of shares redeemed (8,980) (39,586) (1,363) (4,789) (9,372) (13,829)
Change in net assets from
capital transactions 3,003 26,976 2,451 (904) 1,064 12,761
Change in net assets 2,849 26,346 2,109 (1,058) 258 13,432
Net Assets:
Beginning of period 38,766 12,420 16,269 17,327 73,463 60,031
End of period $ 41,615 $ 38,766 $ 18,378 $ 16,269 $ 73,721 $ 73,463
Share Transactions:
Issued 1,099 6,352 273 248 859 2,070
Reinvested 75 156 29 50 51 273
Redeemed (880) (3,926) (108) (369) (820) (1,219)
Change in shares 294 2,582 194 (71) 90 1,124
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
Diversified
Balanced Fund Stock Index Fund Stock Fund
Six Six Six
Months Year Months Year Months Year
Ended Ended Ended Ended Ended Ended
April 30, October 31, April 30, October 31, April 30, October 31,
1997 1996 1997 1996 1997 1996
<S> <C> <C> <C> <C> <C> <C>
From Investment Activities:
Operations:
Net investment income $ 3,830 $ 7,480 $ 3,058 $ 4,712 $ 3,709 $ 6,880
Net realized gains (losses) from
investment transactions 6,612 8,750 14,201 3,924 57,416 67,743
Net realized gains from foreign
currency transactions (98) (289) -- -- -- --
Net change in unrealized appreciation
(depreciation) from investments 9,598 19,657 24,187 35,634 2,691 41,714
Change in unrealized depreciation from
translation of assets and liabilities
in foreign currencies (4) 56 -- -- -- --
Change in net assets resulting
from operations 19,938 35,654 41,446 44,270 63,816 116,337
Distributions to Shareholders:
From net investment income -- -- (3,079) (4,526) -- --
From net investment income by class:
Class A (4,240) (7,390) -- -- (3,627) (6,646)
Class B (14) (12) -- -- (38) (23)
From net realized gains from
investment transactions (8,510) (1,376) (6,553) (3,041) (67,736) (33,023)
Change in net assets from distributions
to shareholders (12,764) (8,778) (9,632) (7,567) (71,401) (39,692)
Capital Transactions:
Proceeds from shares issued 39,519 86,059 73,436 109,909 137,373 141,320
Dividends reinvested 11,351 8,753 8,853 7,563 70,694 39,534
Cost of shares redeemed (26,861) (47,776) (26,850) (37,873) (105,661) (87,667)
Change in net assets from
capital transactions 24,009 47,036 55,439 79,599 102,406 93,187
Change in net assets 31,183 73,912 87,253 116,302 94,821 169,832
Net Assets:
Beginning of period 274,985 201,073 277,124 160,822 579,381 409,549
End of period $306,168 $274,985 $364,377 $277,124 $674,202 $579,381
Share Transactions:
Issued 3,141 7,405 4,645 7,985 8,966 9,901
Reinvested 912 754 572 563 4,759 3,022
Redeemed (2,152) (4,113) (1,721) (2,755) (6,920) (6,214)
Change in shares 1,901 4,046 3,496 5,793 6,805 6,709
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
Special
Value Fund Growth Fund Value Fund
Six Six Six
Months Year Months Year Months Year
Ended Ended Ended Ended Ended Ended
April 30, October 31, April 30, October 31, April 30, October 31,
1997 1996 1997 1996 1997 1996
<S> <C> <C> <C> <C> <C> <C>
From Investment Activities:
Operations:
Net investment income $ 1,959 $ 5,358 $ 239 $ 796 $ 1,045 $ 2,081
Net realized gains from
investment transactions 15,232 17,738 6,553 6,303 16,815 20,290
Net change in unrealized
appreciation from investments 23,492 51,084 13,086 21,351 1,896 21,511
Change in net assets resulting
from operations 40,683 74,180 19,878 28,450 19,756 43,882
Distributions to Shareholders:
From net investment income (2,273) (5,326) (344) (765) -- --
From net investment income by class:
Class A -- -- -- -- (1,488) (1,910)
Class B -- -- -- -- (1) --
From net realized gains from
investment transactions (17,674) (8,483) (6,303) (4,494) (19,845) (5,473)
Change in net assets from distributions
to shareholders (19,947) (13,809) (6,647) (5,259) (21,334) (7,383)
Capital Transactions:
Proceeds from shares issued 44,482 66,804 11,428 39,189 46,649 88,238
Dividends reinvested 8,224 13,808 5,862 5,250 17,797 7,377
Cost of shares redeemed (36,017) (54,771) (18,181) (28,130) (28,287) (36,968)
Change in net assets from
capital transactions 16,689 25,841 (891) 16,309 36,159 58,647
Change in net assets 37,425 86,212 12,340 39,500 34,581 95,146
Net Assets:
Beginning of period 382,083 295,871 147,753 108,253 289,846 194,700
End of period $419,508 $382,083 $160,093 $147,753 $324,427 $289,846
Share Transactions:
Issued 3,038 5,130 747 2,989 3,282 6,706
Reinvested 574 1,101 394 425 1,302 591
Redeemed (2,443) (4,214) (1,195) (2,183) (2,018) (2,846)
Change in shares 1,169 2,017 (54) 1,231 2,566 4,451
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
Special Ohio Regional International
Growth Fund Stock Fund Growth Fund
Six Six Six
Months Year Months Year Months Year
Ended Ended Ended Ended Ended Ended
April 30, October 31, April 30, October 31, April 30, October 31,
1997 1996 1997 1996 1997 1996
<S> <C> <C> <C> <C> <C> <C>
From Investment Activities:
Operations:
Net investment income (loss) $ (337) $ (463) $ 162 $ 337 $ 107 $ 728
Net realized gains (losses) from
investment transactions (424) 4,480 1,757 869 684 7,046
Net realized losses from foreign
currency transactions -- -- -- -- (453) (1,537)
Net change in unrealized appreciation
(depreciation) from investments (10,640) 7,642 2,429 5,662 3,802 2,689
Change in unrealized appreciation
from translation of assets and
liabilities in foreign currencies -- -- -- -- (29) (3,200)
Change in net assets resulting
from operations (11,401) 11,659 4,348 6,868 4,111 5,726
Distributions to Shareholders:
From net investment income -- -- -- -- -- --
From net investment income by class:
Class A -- -- (182) (337) (128) (144)
Class B -- -- -- -- -- --
From net realized gains from
investment transactions (4,070) -- (869) (869) (4,172) --
In excess of net realized gains
from investment transactions -- -- -- (616) -- --
Change in net assets from distributions
to shareholders (4,070) -- (1,051) (1,822) (4,300) (144)
Capital Transactions:
Proceeds from shares issued 12,814 33,870 4,088 8,066 14,488 47,665
Dividends reinvested 3,006 -- 749 1,805 2,595 144
Cost of shares redeemed (13,515) (12,027) (7,744) (8,345) (21,869) (38,233)
Change in net assets from
capital transactions 2,305 21,843 (2,907) 1,526 (4,786) 9,576
Change in net assets (13,166) 33,502 390 6,572 (4,975) 15,158
Net Assets:
Beginning of period 87,837 54,335 45,620 39,048 121,635 106,477
End of period $ 74,671 $ 87,837 $ 46,010 $45,620 $116,660 $121,635
Share Transactions:
Issued 936 2,512 211 473 1,115 3,700
Reinvested 216 -- 40 111 202 11
Redeemed (986) (902) (400) (492) (1,686) (2,996)
Change in shares 166 1,610 (149) 92 (369) 715
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
Real Estate
Lakefront Fund<F1> Investment Fund<F2>
Period Ended Period Ended
April 30, April 30,
1997 1997
<S> <C> <C>
From Investment Activities:
Operations:
Net investment income $ 2 $ --
Net realized (losses) from investment transactions (3) --
Net change in unrealized appreciation (depreciation) from investments 34 --
Change in net assets resulting from operations 33 --
Distributions to Shareholders:
From net investment income -- --
From net realized gains from investment transactions -- --
Change in net assets from distributions to shareholders -- --
Capital Transactions:
Proceeds from shares issued 961 836
Dividends reinvested -- --
Cost of shares redeemed -- --
Change in net assets from capital transactions 961 836
Change in net assets 994 836
Net Assets:
Beginning of period -- --
End of period $994 $836
Share Transactions:
Issued 99 84
Reinvested -- --
Redeemed -- --
Change in shares 99 84
<FN>
<F1> The Lakefront Fund commenced operations as of March 3, 1997.
<F2> The Real Estate Investment Fund commenced operations as of April 30, 1997.
</TABLE>
See notes to financial statements.
Notes to Financial Statements
The Victory Portfolios April 30, 1997
(Unaudited)
1. Organization:
The Victory Portfolios (collectively, the "Funds" and individually,
a "Fund") were organized on February 5, 1986, and are registered under
the Investment Company Act of 1940, as amended, (the "1940 Act") as
an open-end investment company established as a Delaware business
trust. The Funds are authorized to issue an unlimited number of shares
which are units of beneficial interest without par value. The Funds
presently offer shares of 26 active funds. Included are the financial
statements and financial highlights of the U.S. Government Obligations
Fund, Prime Obligations Fund, Financial Reserves Fund,Tax-Free Money
Market Fund, Ohio Municipal Money Market Fund, Limited Term Income
Fund, Intermediate Income Fund, Investment Quality Bond Fund, Government
Mortgage Fund, Fund for Income, National Municipal Bond Fund, New
York Tax-Free Fund, Ohio Municipal Bond Fund, Balanced Fund, Stock
Index Fund, Diversified Stock Fund, Value Fund, Growth Fund, Special
Value Fund, Special Growth Fund, Ohio Regional Stock Fund, International
Growth Fund, Lakefront Fund, and the Real Estate Investment ("REIT")
Fund.
The U.S. Government Obligations Fund is authorized to issue two classes
of shares: Investor Shares and Select Shares. The National Municipal
Bond Fund, New York Tax-Free Fund, Balanced Fund, Diversified Stock
Fund, Special Value Fund, Ohio Regional Stock Fund and International
Growth Fund, are authorized to issue two classes of shares: Class
A Shares and Class B Shares. Each class of shares in a Fund has identical
rights and privileges except with respect to fees paid under shareholder
servicing or distribution plans, expenses allocable exclusively to
each class of shares, voting rights on matters affecting a single
class of shares, and the exchange privilege of each class of shares.
The U.S. Government Obligations Fund and The Prime Obligations Fund
seek to provide current income consistent with liquidity and stability
of principal. The Financial Reserves Fund seeks to obtain as high
a level of current income as is consistent with preserving capital
and providing liquidity. The Tax-Free Money Market Fund seeks to provide
current interest income free from federal income taxes consistent
with relative liquidity and stability of principal. The Ohio Municipal
Money Market Fund seeks to provide current income exempt from federal
regular income tax and the personal income taxes imposed by the State
of Ohio and Ohio municipalities consistent with the stability of principal.
The Limited Term Income Fund seeks to provide income consistent with
limited fluctuation of principal. The Intermediate Income Fund and
Investment Quality Bond Fund seek to provide a high level of income.
The Government Mortgage Fund seeks to provide a high level of current
income consistent with safety of principal. The Fund for Income seeks
to provide a high level of current income consistent with preservation
of shareholders' capital. The National Municipal Bond Fund seeks to
provide a high level of current interest income exempt from federal
income tax, as is consistent with the preservation of capital. The
New York Tax-Free Fund seeks to provide a high level of current income
exempt from federal, New York State, and New York City income taxes,
consistent with the preservation of shareholders' capital. The Ohio
Municipal Bond Fund seeks to produce a high level of current interest
income which is exempt from both federal income tax and Ohio personal
income tax. The Balanced Fund seeks to provide income and long-term
growth of capital. The Stock Index Fund seeks to provide long-term
capital appreciation by attempting to match the investment performance
of the Standard & Poor's 500 Composite Stock Index. The Diversified
Stock Fund and the Growth Fund seek to provide long term growth of
capital. The Value Fund seeks to provide long-term growth of capital
and dividend income. The Special Value Fund seeks to provide long-term
growth of capital and dividend income. The Special Growth Fund and
The Ohio Regional Stock Fund seek to provide capital appreciation.
The International Growth Fund seeks to provide capital growth consistent
with reasonable investment risk. The Lakefront Fund seeks to provide
long-term growth of capital and income. The REIT Fund seeks to provide
total return through investments in real estate-related securities.
2. Reorganization:
As of April 30, 1997, The Victory Portfolios also included the
Government Bond Fund, which was authorized to issue two classes of
shares: Class A and Class B shares, each class having the same voting
rights and expense allocation policies as the other Class A and B
shares of the Victory Portfolios. On May 16, 1997, the Shareholders
approved a reorganization plan to exchange Class A and B shares of
the Government Bond Fund for shares of the Investment Quality Bond
Fund. The reorganization will occur on June 13, 1997. The financial
statements of the Government Bond Fund are not included in the
accompanying financial statements.
3. Significant Accounting Policies:
The following is a summary of significant accounting policies followed
by the Funds in the preparation of their financial statements. The
policies are in conformity with generally accepted accounting principles.
The preparation of financial statements requires management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities at the date of the financial statements and the reported
amounts of income and expenses for the period. Actual results could
differ from those estimates.
Securities Valuation:
Investments of the U.S. Government Obligations Fund, Prime Obligations
Fund, Financial Reserves Fund, Tax-Free Money Market Fund, and Ohio
Municipal Money Market Fund (collectively "the money market funds")
are valued at either amortized cost which approximates market value,
or at original cost which, combined with accrued interest, approximates
market value. Under the amortized cost valuation method, discount
or premium is amortized on a constant basis to the maturity of the
security. In addition, the money market funds may not (a) purchase
any instrument with a remaining maturity greater than 397 days unless
such instrument is subject to a demand feature within 397 days, or
(b) maintain a dollar-weighted-average portfolio maturity which exceeds
90 days.
Investments in common and preferred stocks, corporate bonds, commercial
paper, municipal and foreign government bonds, U.S. Government securities
and securities of U.S. Government agencies of the Limited Term Income
Fund, Intermediate Income Fund, Investment Quality Bond Fund, Government
Mortgage Fund, Fund for Income, National Municipal Bond Fund, New
York Tax-Free Fund, Ohio Municipal Bond Fund, Balanced Fund, Stock
Index Fund, Diversified Stock Fund, Value Fund, Growth Fund, Special
Value Fund, Special Growth Fund, Ohio Regional Stock Fund, International
Growth Fund, Lakefront Fund and REIT Fund, (collectively "the variable
net asset value funds"), and investments in real estate investment
trusts of the REIT Fund are valued at their market values determined
on the basis of the latest available bid prices in the principal market
(closing sales prices if the principal market is an exchange) in which
such securities are normally traded or on the basis of valuation procedures
approved by the Board of Trustees. Investments in investment companies
are valued at their respective net asset values as reported by such
companies. Investments in foreign securities, currency holdings and
other assets and liabilities of the Balanced Fund and International
Growth Fund are valued based on quotations from the primary market
in which they are traded and are translated from the local currency
into U.S. dollars using current exchange rates. The differences between
the cost and market values of investments held by the variable net
asset value funds are reflected as either unrealized appreciation
or depreciation.
Securities Transactions and Related Income:
Securities transactions are accounted for on the date the security
is purchased or sold (trade date). Interest income is recognized on
the accrual basis and includes, where applicable, the pro rata amortization
of premium or accretion of discount. Dividend income is recorded on
the ex-dividend date, net of foreign taxes withheld. Gains or losses
realized on sales of securities are determined by comparing the identified
cost of the security lot sold with the net sales proceeds.
Foreign Currency Translation:
The accounting records of the Funds are maintained in U.S. dollars.
Investment securities and other assets and liabilities of the Balanced
Fund and the International Growth Fund denominated in a foreign currency
are translated into U.S. dollars at the current exchange rate. Purchases
and sales of securities, income receipts and expense payments are
translated into U.S. dollars at the exchange rate on the dates of
the transactions.
The Funds isolate that portion of the results of operations resulting
from changes in foreign exchange rates from those resulting from changes
in market prices of securities held.
Realized foreign exchange gains or losses arise from sales and maturities
of securities, sales of foreign currencies, currency exchange fluctuations
between the trade and settlement dates of securities transactions,
and the difference between the amount of assets and liabilities recorded
and the U.S. dollar equivalent of the amounts actually received or
paid. Net unrealized foreign exchange gains and losses arise from
changes in the value of assets and liabilities, including investments
in securities, resulting from changes in currency exchange rates.
Repurchase Agreements:
Each Fund may acquire repurchase agreements from financial institutions
such as banks and broker-dealers which the Funds' investment adviser
deems creditworthy under guidelines approved by the Board of Trustees,
subject to the seller's agreement to repurchase such securities at
a mutually agreed-upon date and price. The repurchase price generally
equals the price paid by a Fund plus interest negotiated on the basis
of current short-term rates, which may be more or less than the rate
on the underlying Fund securities. The seller, under a repurchase
agreement, is required to maintain the value of collateral held pursuant
to the agreement at not less than the repurchase price (including
accrued interest). Securities subject to repurchase agreements are
held by the Funds' custodian or another qualified custodian or in
the Federal Reserve/Treasury book-entry system. Repurchase agreements
are considered to be loans by a Fund under the 1940 Act.
Forward Currency Contracts:
A forward currency contract ("forward") is an agreement between two
parties to buy and sell a currency at a set price on a future date.
The market value of the forward fluctuates with changes in currency
exchange rates. The forward is marked-to-market daily and the change
in market value is recorded by a Fund as unrealized appreciation or
depreciation. When the forward is closed, the Fund records a realized
gain or loss equal to the fluctuation in value during the period the
forward was open. A Fund could be exposed to risk if a counterparty
is unable to meet the terms of a forward or if the value of the currency
changes unfavorably.
Futures Contracts:
The variable net asset value funds, except Fund for Income and the
REIT Fund, may enter into contracts for the future delivery of securities
or foreign currencies and futures contracts based on a specific security,
class of securities, foreign currency or an index, purchase or sell
options on any such futures contracts and engage in related closing
transactions. A futures contract on a securities index is an agreement
obligating either party to pay, and entitling the other party to receive,
while the contract is outstanding, cash payments based on the level
of a specified securities index. The Funds may enter into futures
contracts in an effort to hedge against market risks. The acquisition
of put and call options on futures contracts will give the Funds the
right (but not the obligation), for a specified price, to sell or
to purchase the underlying futures contract, upon exercise of the
option, at any time during the option period. Futures transactions
involve brokerage costs and require the Funds to segregate assets
to cover contracts that would require it to purchase securities or
currencies. A Fund may lose the expected benefit of futures transactions
if interest rates, exchange rates or securities prices change in an
unanticipated manner. Such unanticipated changes may also result in
lower overall performance than if the Fund had not entered into any
futures transactions. In addition, the value of a Fund's futures positions
may not prove to be perfectly or even highly correlated with the value
of its portfolio securities or foreign currencies, limiting a Fund's
ability to hedge effectively against interest rate, exchange rate
and /or market risk and giving rise to additional risks. There is
no assurance of liquidity in the secondary market for purposes of
closing out futures positions.
Securities Purchased on a When-Issued Basis:
Each Fund may purchase securities on a "when-issued" basis. When-issued
securities are securities purchased for delivery beyond the normal
settlement date at a stated price and/or yield, thereby, involving
the risk that the price and/or yield obtained may be more or less
than those available in the market when delivery takes place. At the
time a Fund makes the commitment to purchase a security on a when-issued
basis, the Fund records the transaction and reflects the value of
the security in determining net asset value. Normally, the settlement
date occurs within one month of the purchase. A segregated account
is established and the Funds maintain cash and marketable securities
at least equal in value to commitments for when-issued securities.
Securities purchased on a when-issued basis do not earn income until
settlement date.
Dividends to Shareholders:
Dividends from net investment income are declared daily and paid monthly
for the money market funds. Dividends from net investment income are
declared and paid quarterly for the Stock Index Fund, Diversified
Stock Fund, Value Fund, Growth Fund, Special Value Fund, Special Growth
Fund, Ohio Regional Stock Fund, International Growth Fund, Lakefront
Fund, and the REIT Fund. Dividends from net investment income are
declared and paid monthly for the Limited Term Income Fund, Intermediate
Income Fund, Investment Quality Bond Fund, Government Mortgage Fund,
Fund for Income, National Municipal Bond Fund, New York Tax-Free Fund,
Ohio Municipal Bond Fund, and Balanced Fund. Distributable net realized
capital gains, if any, are declared and distributed at least annually.
Dividends from net investment income and from net realized capital
gains are determined in accordance with federal income tax regulations
which may differ from generally accepted accounting principles. These
differences are primarily due to differing treatments for mortgage-
backed securities, foreign currency transactions, expiring capital
loss carryforwards and deferrals of certain losses. Permanent book
and tax basis differences are reflected in the components of net assets.
Federal Income Taxes:
It is the policy of each Fund to continue to qualify as a regulated
investment company by complying with the provisions available to certain
investment companies, as defined in applicable sections of the Internal
Revenue Code, and to make distributions of net investment income and
net realized capital gains sufficient to relieve it from all, or substantially
all, federal income taxes.
Other:
Expenses that are directly related to one of the Funds are charged
directly to that Fund. Other operating expenses of the Funds are prorated
to each Fund on the basis of relative net assets or other appropriate
basis. Fees paid under a Fund's shareholder servicing or distribution
plans are borne by the specific class of shares to which they apply.
All expenses in connection with Lakefront and REIT's organization
and registration under the 1940 Act and the Securities Act of 1933
will be paid by those Funds. Such expenses are being amortized over
a period of five years commencing with the respective inception dates.
4. Purchases and Sales of Securities:
Purchases and sales of securities (excluding short-term securities)
for the six months ended April 30, 1997 were as follows (amounts in
thousands):
<TABLE>
<CAPTION>
Purchases Sales
<S> <C> <C>
Limited Term Income Fund $ 37,159 $ 42,234
Intermediate Income Fund 217,846 242,880
Investment Quality Bond Fund 162,610 190,784
Government Mortgage Fund 22,547 21,012
Fund for Income 145 1,684
National Municipal Bond Fund 31,963 27,798
New York Tax-Free Fund 2,858 102
Ohio Municipal Bond Fund 30,745 32,031
Balanced Fund 139,931 150,879
Stock Index Fund 83,927 10,248
Diversified Stock Fund 276,022 246,239
Value Fund 47,716 48,307
Growth Fund 13,944 19,643
Special Value Fund 83,739 69,732
Special Growth Fund 95,292 98,392
Ohio Regional Stock Fund 1,202 2,978
International Growth Fund 85,637 93,043
Lakefront Fund 2,333 42
REIT Fund 866 --
</TABLE>
5. Related Party Transactions:
Investment advisory services are provided to all the Funds by Key
Asset Management Inc. ("the Adviser"), a wholly owned subsidiary of
KeyBank National Association ("Key"), formerly Society National Bank,
a wholly owned subsidiary of KeyCorp. On February 28, 1997, Key Asset
Management Inc. became the surviving corporation after the reorganization
of four indirect investment adviser subsidiaries of KeyCorp, including
KeyCorp Mutual Fund Advisers. Lakefront Capital Investors, Inc. serves
as the sub-adviser for the Lakefront Fund. Under the terms of the
investment advisory agreements, the Adviser is entitled to receive
fees based on a percentage of the average daily net assets of the
Funds. KeyTrust Company of Ohio N.A., serving as custodian for all
of the Funds, received custodian fees in addition to reimbursement
of actual out-of-pocket expenses incurred.
Key and its affiliated brokerage and banking companies also serve
as Shareholder Servicing Agent for all the Funds except the U.S. Government
Obligations Funds (Investor Shares), Financial Reserves Fund and Stock
Index Fund. As such, Key and its affiliates provide support services
to their clients who are shareholders, which may include establishing
and maintaining accounts and records, processing dividend and distribution
payments, providing account information, assisting in processing of
purchase, exchange and redemption requests, and assisting shareholders
in changing dividend options, account designations and addresses.
For providing such services, Key and its affiliates may receive a
fee of up to 0.25% of the average daily net assets of the Funds serviced.
BISYS Fund Services (the "Administrator"), an indirect, wholly-owned
subsidiary of The BISYS Group, Inc. ("BISYS") serves as the administrator
and distributor to the Funds. Certain officers of the Funds are affiliated
with BISYS. Such officers receive no direct payments or fees from
the Fund for serving as officers of the Funds.
Under the terms of the administration agreement, the Administrator's
fee is computed at the annual rate of 0.15% of the average daily net
assets of the Funds. Pursuant to a 12b-1 Plan, the Distributor may
receive fees computed at the annual rate of 0.75% of the average daily
net assets of Class B Shares of the National Municipal Bond Fund,
New York Tax-Free Fund, Balanced Fund, Diversified Stock Fund, Special
Value Fund, Ohio Regional Stock Fund and International Growth Fund
for providing distribution services and is entitled to receive commissions
on sales of shares of the variable net asset value funds. BISYS Fund
Services, Ohio, Inc. (the Company), an affiliate of BISYS, serves
the Funds as Mutual Fund Accountant. Under the terms of the Fund Accounting
Agreement, the Company's fee is based on a percentage of average daily
net assets.
Fees may be voluntarily reduced to assist the Funds in maintaining
competitive expense ratios.
Additional information regarding related party transactions is as
follows for the six months ended April 30, 1997:
<TABLE>
<CAPTION>
Mutual
Investment Fund
Advisory Administration Accountant Custodian
Fees Fees Fees Fees
Percentage
of Average Voluntary Voluntary Semi Semi
Daily Fee Fee Annual Annual
Net Assets Reductions Reductions Fee Fee
(000) (000) (000) (000)
<S> <C> <C> <C> <C> <C>
U.S. Government Obligations Fund 0.35% $ -- $ -- $47 $142
Prime Obligations Fund 0.35% -- -- 47 53
Financial Reserves Fund 0.50% 168 -- 55 84
Tax-Free Money Market Fund 0.35% 23 -- 39 38
Ohio Municipal Money Market Fund 0.50% 243 376 50 61
Limited Term Income Fund 0.50% 11 -- 18 11
Intermediate Income Fund 0.75% 173 -- 35 28
Investment Quality Bond Fund 0.75% 99 -- 26 20
Government Mortgage Fund 0.50% -- -- 17 9
Fund for Income 0.50% 49 9 26 10
National Municipal Bond Fund 0.55% 112 -- 31 7
New York Tax-Free Fund 0.55% 42 8 27 3
Ohio Municipal Bond Fund 0.60% 44 -- 25 9
Balanced Fund 1.00% 190 -- 42 34
Stock Index Fund 0.60% 244 242 63 65
Diversified Stock Fund 0.65% -- -- 57 65
Value Fund 1.00% -- -- 42 42
Growth Fund 1.00% -- -- 27 18
Special Value Fund 1.00% -- -- 45 39
Special Growth Fund 1.00% -- -- 24 22
Ohio Regional Stock Fund 0.75% -- -- 25 7
International Growth Fund 1.10% -- -- 41 109
Lakefront Fund 1.00% 1 -- 6 1
Real Estate Investment Fund 1.00% -- -- -- --
</TABLE>
6. Capital Share Transactions:
Transactions in capital shares for the Funds with multiple share classes
were as follows (amounts in thousands):
<TABLE>
<CAPTION>
National Municipal
Bond Fund New York Tax-Free Fund
Six Months Year Six Months Year
Ended Ended Ended Ended
April 30, October 31, April 30, October 31,
1997 1996 1997 1996
<S> <C> <C> <C> <C>
Capital Transactions:
Class A Shares:
Proceeds from shares issued $ 10,802 $ 63,557 $ 3,251 $ 2,391
Dividends reinvested 736 1,520 299 547
Cost of shares redeemed (8,972) (39,445) (1,195) (4,419)
Total $ 2,566 $ 25,632 $ 2,355 $ (1,481)
Class B Shares:
Proceeds from shares issued $ 414 $ 1,441 $ 200 $ 859
Dividends reinvested 31 44 65 88
Cost of shares redeemed (8) (141) (168) (370)
Total $ 437 $ 1,344 $ 97 $ 577
Share Transactions:
Class A Shares:
Issued 1,059 6,209 257 181
Reinvested 72 152 24 43
Redeemed (880) (3,912) (95) (341)
Total 251 2,449 186 (117)
Class B Shares:
Issued 41 143 16 67
Reinvested 3 4 5 7
Redeemed (1) (14) (13) (28)
Total 43 133 8 46
</TABLE>
<TABLE>
<CAPTION>
Balanced Fund Diversified Stock Fund Special Value Fund
Six Months Year Six Months Year Six Months Year
Ended Ended Ended Ended Ended Ended
April 30, October 31, April 30, October 31, April 30, October 31,
1997 1996<F1> 1997 1996<F1> 1997 1996<F1>
<S> <C> <C> <C> <C> <C> <C>
Capital Transactions:
Class A Shares:
Proceeds from shares issued $ 38,461 $ 84,671 $ 126,940 $133,383 $ 46,104 $ 87,823
Dividends reinvested 11,293 8,742 69,581 39,512 17,761 7,377
Cost of shares redeemed (26,678) (47,743) (105,182) (87,452) (28,282) (36,916)
Total $ 23,076 $ 45,670 $ 91,339 $ 85,443 $ 35,583 $ 58,284
Class B Shares:
Proceeds from shares issued $ 1,058 $ 1,388 $ 10,433 $ 7,937 $ 545 $ 415
Dividends reinvested 58 11 1,113 22 36 --
Cost of shares redeemed (183) (33) (479) (215) (5) (52)
Total $ 933 $ 1,366 $ 11,067 $ 7,744 $ 576 $ 363
Share Transactions:
Class A Shares:
Issued 3,058 7,287 8,286 9,364 3,243 6,676
Reinvested 907 753 4,684 3,020 1,299 591
Redeemed (2,138) (4,110) (6,889) (6,199) (2,017) (2,842)
Total 1,827 3,930 6,081 6,185 2,525 4,425
Class B Shares:
Issued 84 118 680 537 38 30
Reinvested 5 1 75 2 3 --
Redeemed (15) (3) (31) (15) -- (4)
Total 74 116 724 524 41 26
<FN>
<F1> Effective March 1, 1996, the Fund designated the existing shares
as Class A Shares and commenced offering Class B Shares.
</TABLE>
<TABLE>
<CAPTION>
Ohio Regional International
Stock Fund Growth Fund
Six Months Year Six Months Year
Ended Ended Ended Ended
April 30, October 31, April 30, October 31,
1997 1996<F1> 1997 1996<F1>
<S> <C> <C> <C> <C>
Capital Transactions:
Class A Shares:
Proceeds from shares issued $ 3,958 $ 7,754 $ 14,427 $ 47,527
Dividends reinvested 741 1,805 2,590 144
Cost of shares redeemed (7,741) (8,344) (21,856) (38,212)
Total $(3,042) $ 1,215 $ (4,839) $ 9,459
Class B Shares:
Proceeds from shares issued $ 130 $ 312 $ 61 $ 138
Dividends reinvested 8 -- 5 --
Cost of shares redeemed (3) (1) (13) (21)
Total $ 135 $ 311 $ 53 $ 117
Share Transactions:
Class A Shares:
Issued 205 455 1,111 3,689
Reinvested 39 111 201 11
Redeemed (400) (492) (1,685) (2,994)
Total (156) 74 (373) 706
Class B Shares:
Issued 7 18 5 11
Reinvested -- -- -- --
Redeemed -- -- (1) (2)
Total 7 18 4 9
<FN>
<F1> Effective March 1, 1996, the Fund designated the existing shares
as Class A Shares and commenced offering Class B Shares.
</TABLE>
<TABLE>
<CAPTION>
U.S. Government
Obligations Fund
Six Months Year
Ended Ended
April 30, October 31,
1997 1996<F1>
<S> <C> <C>
Capital and Share Transactions:
Investor Shares:
Proceeds from shares issued $ 674,496 $ --
Dividends reinvested 2 --
Cost of shares redeemed (159,036) --
Total $ 515,462 $ --
Select Shares:
Proceeds from shares issued $ 1,403,828 $ 3,877,755
Dividends reinvested 12,516 13,036
Cost of shares redeemed (1,721,256) $(3,497,927)
Total $ (304,912) 392,864
<FN>
<F1> Effective February 1, 1996, the U.S. Government Obligations Fund
designated the existing shares as Select Shares and on January 8, 1997
commenced offering Investor Shares.
</TABLE>
7. Concentration of Credit Risk:
The Ohio Municipal Money Market Fund, New York Tax-Free Fund, and
Ohio Municipal Bond Fund invest primarily in debt obligations issued
by the respective states and their political subdivisions, agencies
and public authorities to obtain funds for various public purposes
and the Ohio Regional Stock Fund invests in equity securities issued
by organizations domiciled in Ohio. These Funds are more susceptible
to economic and political factors that may adversely affect companies
domiciled within each of the states and issuers of the States' specific
municipal securities than are municipal bond funds and stock funds
that are not geographically concentrated to the same extent.
<TABLE>
The Victory Portfolios Financial Highlights
<CAPTION>
U.S. Government Obligations Fund
Investor Select
Shares<F2> Shares<F2>
Period Six Months
Ended Ended
April 30, April 30, Year Ended October 31,
1997 1997 1996 1995<F3> 1994 1993
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
Investment Activities
Net investment income 0.014 0.024 0.049 0.052 0.032 0.026
Distributions
Net investment income (0.014) (0.024) (0.049) (0.052) (0.032) (0.026)
Net Asset Value, End of Period $ 1.000
Total Return 1.46%<F4> 2.42%<F4> 4.96% 5.38% 3.30% 2.62%
Ratios/Supplemental Data:
Net Assets, End of Period (000) $515,471 $1,052,928 $1,357,817 $964,929 $412,048 $515,734
Ratio of expenses to average
net assets 0.56%<F5> 0.68%<F5> 0.61% 0.58% 0.63% 0.60%
Ratio of net investment income to
average net assets 4.86%<F5> 4.75%<F5> 4.84% 5.28% 3.20% 2.57%
Ratio of expenses to average
net assets<F1> <F6> <F6> <F6> 0.60% 0.80% <F6>
Ratio of net investment income to
average net assets<F1> <F6> <F6> <F6> 5.26% 3.03% <F6>
<FN>
<F1> During the period, certain fees were voluntarily reduced.
If such voluntary fee reductions had not occurred, the ratios would
have been as indicated.
<F2> Effective February 1, 1996, the Fund designated the existing
shares as Select Shares and on January 8, 1997, commenced offering Investor Shares.
<F3> Effective June 5, 1995, the Victory U.S. Treasury Money Market
Portfolio merged into the U.S. Government Obligations Fund. Financial
highlights for the periods prior to June 5, 1995 represent the U.S.
Government Obligation Fund.
<F4> Not annualized.
<F5> Annualized.
<F6> There were no waivers during the period.
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
Prime Obligations Fund
Six Months
Ended
April 30, Year Ended October 31,
1997 1996 1995 1994 1993
(Unaudited)
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
Investment Activities
Net investment income 0.023 0.047 0.051 0.035 0.030
Net realized losses from
investment transactions -- -- -- (0.003) --
Total from Investment Activities 0.023 0.047 0.051 0.032 0.030
Distributions
Net investment income (0.023) (0.047) (0.051) (0.035) (0.030)
Capital transactions -- -- -- 0.003<F2> --
Net Asset Value, End of Period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
Total Return 2.35%<F3> 4.81% 5.26% 3.57% 3.05%
Ratios/Supplemental Data:
Net Assets, End of Period (000) $494,188 $496,019 $456,266 $782,303 $720,024
Ratio of expenses to average net assets 0.86%<F4> 0.87% 0.74% 0.62% 0.60%
Ratio of net investment income to
average net assets 4.70%<F4> 4.72% 5.09% 3.52% 2.96%
Ratio of expenses to average net assets<F1> <F5> <F5> <F5> 0.79% <F5>
Ratio of net investment income to
average net assets<F1> <F5> <F5> <F5> 3.35% <F5>
<FN>
<F1> During the period, certain fees were voluntarily reduced.
If such voluntary fee reductions had not occurred, the ratios would
have been as indicated.
<F2> During 1994, KeyCorp made a capital contribution of approximately
$2,506,000 for losses realized from the disposition of certain securities.
<F3> Not annualized.
<F4> Annualized.
<F5> There were no waivers during the period.
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
Financial Reserves Fund
Six Months
Ended
April 30, Year Ended October 31,
1997 1996 1995<F4> 1994<F3> 1993<F2>
(Unaudited)
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
Investment Activities
Net investment income 0.024 0.049 0.054 0.035 0.030
Distributions
Net investment income (0.024) (0.049) (0.054) (0.035) (0.030)
Net Asset Value, End of Period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
Total Return 2.43%<F5> 5.00% 5.50% 3.57% 2.81%
Ratios/Supplemental Data:
Net Assets, End of Period (000) $794,425 $767,990 $762,870 $433,266 $457,872
Ratio of expenses to average net assets 0.67%<F6> 0.67% 0.60% 0.57% 0.55%
Ratio of net investment income to
average net assets 4.86%<F6> 4.89% 5.40% 3.48% 2.78%
Ratio of expenses to average net assets<F1> 0.71%<F6> 0.75% 0.76% 0.73% 0.70%
Ratio of net investment income to
average net assets<F1> 4.82%<F6> 4.81% 5.24% 3.32% 2.63%
<FN>
<F1> During the period, certain fees were voluntarily reduced.
If such voluntary fee reductions had not occurred, the ratios would
have been as indicated.
<F2> Effective May 16, 1991, Ameritrust Company National Association
became investment adviser to the Fund. Effective March 16, 1992 Ameritrust was acquired by Society Corporation and
merged into Society National Bank, a wholly-owned subsidiary of Society
Corporation, on July 13, 1992. On January 7, 1993, Society Asset Management,
Inc., a wholly-owned subsidiary of Society Corporation, was named
investment adviser to the Fund.
<F3> Effective August 30, 1994, Financial Reserved Fund became
Victory Financial Reserves Portfolio.
<F4> Effective June 5, 1995, the Victory Financial Reserves Portfolio
became the Financial Reserves Fund.
<F5> Not annualized.
<F6> Annualized.
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
Tax-Free Money Market Fund
Six Months
Ended
April 30, Year Ended October 31,
1997 1996 1995 1994 1993
(Unaudited)
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
Investment Activities
Net investment income 0.014 0.030 0.034 0.021 0.020
Distributions
Net investment income (0.014) (0.030) (0.034) (0.021) (0.020)
Net Asset Value, End of Period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
Total Return 1.46%<F2> 3.04% 3.42% 2.17% 2.06%
Ratios/Supplemental Data:
Net Assets, End of Period (000) $348,205 $344,796 $307,726 $198,561 $189,351
Ratio of expenses to average net assets 0.74%<F3> 0.78% 0.61% 0.60% 0.59%
Ratio of net investment income to
average net assets 2.92%<F3> 2.97% 3.36% 2.14% 2.04%
Ratio of expenses to average net assets<F1> 0.76%<F3> 0.80% 0.62% 0.79% 0.60%
Ratio of net investment income to
average net assets<F1> 2.91%<F3> 2.95% 3.35% 1.95% 2.02%
<FN>
<F1> During the period, certain fees were voluntarily reduced.
If such voluntary fee reductions had not occurred, the ratios would
have been as indicated.
<F2> Not annualized.
<F3> Annualized.
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
Ohio Municipal Money Market Fund
Six Two
Months Year Months
Ended Ended Ended
April 30, October 31, October 31, Year Ended August 31,
1997 1996 1995 1995<F3> 1994 1993<F2>
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
Investment Activities
Net investment income 0.014 0.030 0.006 0.033 0.021 0.021
Distributions
Net investment income (0.014) (0.030) (0.006) (0.033) (0.021) (0.021)
Net Asset Value, End of Period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
Total Return 1.43%<F4> 3.11% 0.55%<F4> 3.33% 2.10% 2.14%
Ratios/Supplemental Data:
Net Assets, End of Period (000) $588,054 $561,131 $510,632 $502,453 $318,132 $262,681
Ratio of expenses to average
net assets 0.75%<F5> 0.67% 0.64%<F5> 0.63% 0.65% 0.65%
Ratio of net investment income
to average net assets 2.86%<F5> 3.03% 3.31%<F5> 3.33% 2.08% 2.12%
Ratio of expenses to average
net assets<F1> 0.95%<F5> 0.97% 0.92%<F5> 0.94% 0.76% 0.72%
Ratio of net investment income
to average net assets<F1> 2.66%<F5> 2.73% 3.03%<F5> 3.02% 1.97% 2.05%
<FN>
<F1> During the period, certain fees were voluntarily reduced.
If such voluntary fee reductions had not occurred, the ratios would
have been as indicated.
<F2> Effective February 27, 1991, Ameritrust Company National Association
became investment adviser to the Fund. Effective March 16, 1992, it
was acquired by Society Corporation and merged into Society National
Bank, a wholly-owned subsidiary of Society Corporation, on July 13,
1992. Effective February 3, 1993, Society Asset Management, Inc. a
wholly-owned subsidiary of Society Corporation was named investment
adviser to the Fund.
<F3> Effective August 30, 1994, Ohio Municipal Money Market Fund
became Victory Ohio Municipal Money Market Portfolio, and effective
June 5, 1995, the Victory Ohio Municipal Money Market Portfolio became
the Ohio Municipal Money Market Fund.
<F4> Not annualized.
<F5> Annualized.
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
Limited Term Income Fund
Six Months
Ended
April 30, Year Ended October 31,
1997 1996 1995<F2> 1994 1993
(Unaudited)
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $ 10.01 $ 10.15 $ 9.88 $ 10.53 $ 10.45
Investment Activities
Net investment income 0.31 0.63 0.57 0.54 0.57
Net realized and unrealized gains
(losses) from investments (0.12) (0.14) 0.27 (0.61) 0.08
Total from Investment Activities 0.19 0.49 0.84 (0.07) 0.65
Distributions
Net investment income (0.32) (0.62) (0.57) (0.54) (0.57)
In excess of net investment income -- (0.01) -- -- --
Net realized gains -- -- -- (0.04) --
Total Distributions (0.32) (0.63) (0.57) (0.58) (0.57)
Net Asset Value, End of Period $ 9.88 $ 10.01 $ 10.15 $ 9.88 $ 10.53
Total Return (excludes sales charges) 1.95%<F3> 4.94% 8.77% (0.66)% 6.39%
Ratios/Supplemental Data:
Net Assets, End of Period (000) $84,019 $90,019 $172,002 $79,150 $81,771
Ratio of expenses to average net assets 0.85%<F4> 0.86% 0.78% 0.79% 0.77%
Ratio of net investment income to
average net assets 6.23%<F4> 5.90% 5.77% 5.29% 5.49%
Ratio of expenses to average net assets<F1> 0.88%<F4> 0.89% 0.79% 0.97% 0.78%
Ratio of net investment income to
average net assets<F1> 6.21%<F4> 5.87% 5.76% 5.10% 5.48%
Portfolio turnover 43% 221% 97% 41% 50%
<FN>
<F1> During the period, certain fees were voluntarily reduced.
If such voluntary fee reductions had not occurred, the ratios would
have been as indicated.
<F2> Effective June 5, 1995, the Victory Short-Term Government
Income Portfolio merged into the Limited Term Income Fund. Financial
highlights for the periods prior to June 5, 1995 represent the Limited
Term Income Fund.
<F3> Not annualized.
<F4> Annualized.
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
Intermediate Income Fund
Six Months Year Year December 30,
Ended Ended Ended 1993
April 30, October 31, October 31, to October 31,
1997 1996 1995 1994<F2>
(Unaudited)
<S> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $ 9.56 $ 9.69 $ 9.25 $ 10.00
Investment Activities
Net investment income 0.28 0.56 0.60 0.52
Net realized and unrealized gains
(losses) from investments (0.15) (0.13) 0.44 (0.76)
Total from Investment Activities 0.13 0.43 1.04 (0.24)
Distributions
Net investment income (0.28) (0.56) (0.60) (0.51)
Net Asset Value, End of Period $ 9.41 $ 9.56 $ 9.69 $ 9.25
Total Return (excludes sales charges) 1.41%<F3> 4.56% 11.65% (2.48)%<F3>
Ratios/Supplemental Data:
Net Assets, End of Period (000) $261,119 $272,087 $163,281 $112,923
Ratio of expenses to average net assets 0.96%<F4> 0.94% 0.82% 0.79%<F4>
Ratio of net investment income to average net assets 5.97%<F4> 5.81% 6.32% 6.23%<F4>
Ratio of expenses to average net assets<F1> 1.09%<F4> 1.11% 1.06% 1.25%<F4>
Ratio of net investment income to average net assets<F1> 5.84%<F4> 5.64% 6.08% 5.77%<F4>
Portfolio turnover 86% 164% 98% 55%
<FN>
<F1> During the period, certain fees were voluntarily reduced.
If such voluntary fee reductions had not occurred, the ratios would
have been as indicated.
<F2> Period from commencement of operations.
<F3> Not annualized.
<F4> Annualized.
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
Investment Quality Bond Fund
Six Months Year Year December 30,
Ended Ended Ended 1993
April 30, October 31, October 31, to October 31,
1997 1996 1995 1994<F2>
(Unaudited)
<S> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $ 9.63 $ 9.76 $ 9.10 $ 10.00
Investment Activities
Net investment income 0.28 0.57 0.62 0.53
Net realized and unrealized gains
(losses) from investments (0.17) (0.13) 0.66 (0.92)
Total from Investment Activities 0.11 0.44 1.28 (0.39)
Distributions
Net investment income (0.29) (0.56) (0.62) (0.51)
In excess of net investment income -- -- (0.01) --
Tax return of capital -- (0.01) -- --
Net Asset Value, End of Period $ 9.45 $ 9.63 $ 9.76 $ 9.10
Total Return (excludes sales charges) 1.21%<F3> 4.65% 14.63% (3.92)%<F3>
Ratios/Supplemental Data:
Net Assets, End of Period (000) $147,054 $150,807 $125,248 $94,685
Ratio of expenses to average net assets 1.02%<F4> 1.01% 0.88% 0.79%<F4>
Ratio of net investment income to average net assets 6.06%<F4> 5.99% 6.59% 6.33%<F4>
Ratio of expenses to average net assets<F1> 1.15%<F4> 1.14% 1.10% 1.25%<F4>
Ratio of net investment income to average net assets<F1> 5.93%<F4> 5.86% 6.37% 5.87%<F4>
Portfolio turnover 116% 182% 160% 90%
<FN>
<F1> During the period, certain fees were voluntarily reduced.
If such voluntary fee reductions had not occurred, the ratios would
have been as indicated.
<F2> Period from commencement of operations.
<F3> Not annualized.
<F4> Annualized.
<F5> Effective June 5, 1995, the Victory Corporate Bond Portfolio
merged into the Investment Quality Bond Fund. Financial highlights for the periods prior to June 5, 1995 represent
the Investment Quality Bond Fund.
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
Government Mortgage Fund
Six Months
Ended
April 30, Year Ended October 31,
1997 1996 1995 1994 1993
(Unaudited)
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $ 10.76 $ 10.86 $ 10.33 $ 11.36 $ 11.07
Investment Activities
Net investment income 0.35 0.70 0.72 0.68 0.66
Net realized and unrealized gains
(losses) from investments (0.11) (0.12) 0.62 (1.02) 0.32
Total from Investment Activities 0.24 0.58 1.34 (0.34) 0.98
Distributions
Net investment income (0.33) (0.67) (0.71) (0.67) (0.66)
Net realized gains -- -- -- (0.02) (0.03)
In excess of net realized gains -- -- (0.08) -- --
Tax return of capital -- (0.01) (0.02) -- --
Total Distributions (0.33) (0.68) (0.81) (0.69) (0.69)
Net Asset Value, End of Period $ 10.67 $ 10.76 $ 10.86 $ 10.33 $ 11.36
Total Return (excludes sales charges) 2.29%<F2> 5.54% 13.55% (3.01)% 9.05%
Ratios/Supplemental Data:
Net Assets, End of Period (000) $111,992 $125,992 $136,103 $148,168 $132,738
Ratio of expenses to average net assets 0.84%<F3> 0.89% 0.77% 0.76% 0.75%
Ratio of net investment income
to average net assets 6.47%<F3> 6.46% 6.81% 6.38% 5.92%
Ratio of expenses to average net assets<F1> <F4> 0.90% 0.79% 0.96% 0.76%
Ratio of net investment income to
average net assets<F1> <F4> 6.45% 6.80% 6.18% 5.92%
Portfolio turnover 18% 127% 59% 132% 50%
<FN>
<F1> During the period, certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred, the ratios
would have been as indicated.
<F2> Not annualized.
<F3> Annualized.
<F4> There were no waivers during the period.
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
Fund for Income
February 1,
Six Months 1994
Ended through
April 30, Year Ended October 31, October 31, Year Ended January 31,
1997 1996 1995<F4> 1994 1994 1993
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $ 9.77 $ 9.93 $ 9.43 $ 10.14 $ 10.57 $ 10.55
Investment Activities
Net investment income 0.34 0.68 0.73 0.52 0.80 0.80
Net realized and unrealized gains
(losses) on investments (0.10) (0.08) 0.43 (0.71) (0.41) 0.06
Total from
Investment Activities 0.24 0.60 1.16 (0.19) 0.39 0.86
Distributions
Net investment income (0.35) (0.68) (0.66) (0.51) (0.80) (0.80)
In excess of net
investment income -- (0.03) -- (0.01) -- --
Net realized gains -- -- -- -- (0.02) (0.04)
Tax return of capital -- (0.05) -- -- -- --
Total Distributions (0.35) (0.76) (0.66) (0.52) (0.82) (0.84)
Net Asset Value, End of Period $ 9.66 $ 9.77 $ 9.93 $ 9.43 $ 10.14 $ 10.57
Total Return (excludes sales charges) 2.54%<F2> 6.35% 12.75% (1.99)%<F2> 3.75% 8.45%
Ratios/Supplemental Data:
Net Assets, End of Period (000) $19,078 $20,816 $22,756 $29,358 $46,632 $55,075
Ratio of expenses to average
net assets 1.00%<F3> 1.02% 1.12% 1.12%<F3> 1.13% 1.12%
Ratio of net investment income
to average net assets 7.19%<F3> 7.05% 7.62% 7.21%<F3> 7.65% 7.56%
Ratio of expenses to average
net assets<F1> 1.73%<F3> 1.73% 1.58% 1.26% <F5> <F5>
Ratio of net investment income
to average net assets<F1> 6.46%<F3> 6.34% 7.16% 7.07% <F5> <F5>
Portfolio turnover 1% 25% 35% 18% 47% 23%
<FN>
<F1> During the period, certain fees were voluntarily reduced and/or reimbursed. If such voluntary fee reductions and/or
reimbursements had not occurred, the ratios would have been as indicated.
<F2> Not annualized.
<F3> Annualized.
<F4> Effective June 5, 1995, the Victory Fund For Income Portfolio became the Fund For Income.
<F5> There were no waivers during the period.
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
National Municipal Bond Fund
Class A
Six Six
Months Year Months Year
Ended Ended Ended Ended
April 30, October 31, October 31, April 30,
1997 1996 1995<F5> 1995<F6>
(Unaudited)
<S> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period $ 10.16 $ 10.06 $ 9.59 $ 9.64
Investment Activities
Net investment income 0.23 0.44 0.24 0.44
Net realized and
unrealized gains (losses)
from investments (0.03) 0.13 0.46 (0.05)
Total from
Investment Activities 0.20 0.57 0.70 0.39
Distributions
Net investment income (0.23) (0.44) (0.23) (0.44)
In excess of net
investment income -- -- -- --
In excess of net realized gains -- (0.03) -- --
Total Distributions (0.23) (0.47) (0.23) (0.44)
Net Asset Value,
End of Period $ 10.13 $ 10.16 $ 10.06 $ 9.59
Total Return (excludes
sales charges) 1.96%<F3> 5.83% 7.39%<F3> 4.21%
Ratios/Supplemental Data:
Net Assets, End of Period (000) $39,379 $36,958 $11,964 $5,118
Ratio of expenses to
average net assets 0.30%<F4> 0.29% 0.02%<F4> 0.20%
Ratio of net investment income
(loss) to average net assets 4.50%<F4> 4.37% 5.11%<F4> 5.01%
Ratio of expenses to average
net assets<F1> 1.33%<F4> 1.35% 2.57%<F4> 3.95%
Ratio of net investment income
to average net assets<F1> 3.47%<F4> 3.31% 2.56%<F4> 1.26%
Portfolio turnover<F7> 75% 143% 72% 52%
<FN>
<F1> During the period, certain fees were voluntarily reduced and/or reimbursed. If such voluntary fee reductions and/or
reimbursements had not occurred, the ratios would have been as indicated.
<F2> Period from commencement of operations.
<F3> Not annualized.
<F4> Annualized.
<F5> Effective June 5, 1995, the Victory National Municipal Bond Portfolio became the National Municipal Bond Fund.
<F6> Effective September 26, 1994, the Fund designated the existing shares as Class A Shares and commenced
offering Class B Shares.
<F7> Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the
classes of shares issued.
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
National Municipal Bond Fund
Class B
Six Six September
Months Year Months 26, February 3,
Ended Ended Ended 1994 to 1994 to
April 30, October 31, October 31, April 30, April 30,
1997 1996 1995<F5> 1995<F6> 1994<F2>
(Unaudited)
<S> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period $10.16 $10.07 $ 9.59 $ 9.53 $ 10.00
Investment Activities
Net investment income 0.16 0.35 0.20 0.28 0.08
Net realized and
unrealized gains (losses)
from investments (0.03) 0.13 0.47 0.05 (0.36)
Total from
Investment Activities 0.13 0.48 0.67 0.33 (0.28)
Distributions
Net investment income (0.16) (0.35) (0.19) (0.27) (0.08)
In excess of net
investment income -- (0.01) -- -- --
In excess of net realized gains -- (0.03) -- -- --
Total Distributions (0.16) (0.39) (0.19) (0.27) (0.08)
Net Asset Value,
End of Period $10.13 $10.16 $10.07 $ 9.59 $ 9.64
Total Return (excludes
sales charges) 1.31%<F3> 4.85% 6.99%<F3> 3.54%<F3> (2.82)%<F3>
Ratios/Supplemental Data:
Net Assets, End of Period (000) $2,236 $1,808 $ 456 $ 147 $ 494
Ratio of expenses to
average net assets 1.55%<F4> 1.20% 0.96%<F4> (0.05)%<F4> 0.65%<F4>
Ratio of net investment income
(loss) to average net assets 3.25%<F4> 3.50% 4.15%<F4> 4.35%<F4> 3.15%<F4>
Ratio of expenses to average
net assets<F1> 2.72%<F4> 2.17% 3.67%<F4> 2.63%<F4> 26.10%<F4>
Ratio of net investment income
to average net assets<F1> 2.08%<F4> 2.53% 1.44%<F4> 1.72%<F4> (22.30)%<F4>
Portfolio turnover<F7> 75% 143% 72% 52% 13%
<FN>
<F1> During the period, certain fees were voluntarily reduceded. If such voluntary fee reductions and /or reimbursements
had not occurred, the ratios would have been as indicated.
<F2> Period from commencement of operations.
<F3> Not annualized.
<F4> Annualized.
<F5> Effective June 5, 1995, the Victory National Municipal Bond Portfolio became the National Municipal Bond Fund.
<F6> Effective September 26, 1994, the Fund designated the existing shares as Class A Shares
and commenced offering Class B Shares.
<F7> Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing
between the classes of shares issued.
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
New York Tax-Free Fund
Class A
Six
Months January 1,
Ended Year Ended 1994 to
April 30, October 31, October 31,
1997 1996 1995<F4> 1994<F5>
(Unaudited)
<S> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period $ 12.73 $ 12.85 $ 12.39 $ 13.54
Investment Activities
Net investment income 0.33 0.68 0.87 0.57
Net realized and unrealized
gains (losses)
from investments (0.14) (0.11) 0.42 (1.15)
Total from
Investment Activities 0.19 0.57 1.29 (0.58)
Distributions
Net investment income (0.39) (0.68) (0.83) (0.57)
In excess of net
investment income -- -- -- --
Net realized gains (0.04) (0.01) -- --
Total Distributions (0.43) (0.69) (0.83) (0.57)
Net Asset Value,
End of Period $ 12.49 $ 12.73 $ 12.85 $ 12.39
Total Return
(excludes sales charges) 1.54%<F2> 4.53% 10.82% (4.31)%<F3>
Ratios/Supplemental Data:
Net Assets, End of Period (000) $15,815 $13,754 $15,374 $17,840
Ratio of expenses to average
net assets 0.95%<F3> 0.93% 1.16% 0.91%<F3>
Ratio of net investment income
to average net assets 5.33%<F3> 5.25% 5.50% 5.33%<F3>
Ratio of expenses to average
net assets<F1> 1.59%<F3> 1.58% 1.96% 1.25%<F3>
Ratio of net investment income
to average net assets<F1> 4.68%<F3> 4.60% 4.70% 4.99%<F3>
Portfolio turnover<F7> 1% 0% 18% 18%
<FN>
<F1> During the period, certain fees were voluntarily reduced and/or reimbursed. If such voluntary fee reductions
and/or reimbursements had not occurred, the ratios would have been as indicated.
<F2> Not annualized.
<F3> Annualized.
<F4> Effective June 5, 1995, the Victory New York Tax-Free Portfolio became the New York Tax-Free Fund.
<F5> Effective September 26, 1994, the Fund designated the existing shares as Class A Shares and
commenced offering Class B Shares.
<F6> Amount is less than $1,000.
<F7> Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing
between the classes of shares issued.
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
New York Tax-Free Fund
Class B
Six September
Months 26,
Ended Year Ended 1994 to Ended
April 30, October 31, October 31, December 31,
1997 1996 1995<F4> 1994<F5> 1993
(Unaudited)
<S> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period $12.74 $12.86 $12.39 $12.62 $ 12.76
Investment Activities
Net investment income 0.29 0.57 0.85 0.07 0.70
Net realized and unrealized
gains (losses)
from investments (0.15) (0.10) 0.36 (0.23) 0.84
Total from
Investment Activities 0.14 0.47 1.21 (0.16) 1.54
Distributions
Net investment income (0.34) (0.57) (0.74) (0.07) (0.70)
In excess of net
investment income -- (0.01) -- -- --
Net realized gains (0.04) (0.01) -- -- (0.06)
Total Distributions (0.38) (0.59) (0.74) (0.07) (0.76)
Net Asset Value,
End of Period $12.50 $12.74 $12.86 $12.39 $ 13.54
Total Return
(excludes sales charges) 1.14%<F2> 3.72% 10.18% (1.25%)<F2> 12.34%
Ratios/Supplemental Data:
Net Assets, End of Period (000) $2,563 $2,515 $1,953 <F6> $28,530
Ratio of expenses to average
net assets 1.76%<F3> 1.65% 2.02% 0.52%<F3> 0.87%
Ratio of net investment income
to average net assets 4.56%<F3> 4.52% 5.94% 5.94%<F3> 5.28%
Ratio of expenses to average
net assets<F1> 2.96%<F3> 2.34% 2.25% 0.86%<F3> 0.96%
Ratio of net investment income
to average net assets<F1> 3.36%<F3> 3.83% 5.71% 5.60%<F3> 5.19%
Portfolio turnover<F7> 1% 0% 18% 18% 12%
<FN>
<F1> During the period, certain fees were voluntarily reduced and/or reimbursed. If such voluntary fee reductions and/or
reimbursements had not occurred, the ratios would have been as indicated.
<F2> Not annualized.
<F3> Annualized.
<F4> Effective June 5, 1995, the Victory New York Tax-Free Portfolio became the New York Tax-Free Fund.
<F5> Effective September 26, 1994, the Fund designated the existing shares as Class A Shares and commenced
offering Class B Shares.
<F6> Amount is less than $1,000.
<F7> Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the
classes of shares issued.
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
Ohio Municipal Bond Fund
Six Months
Ended
April 30, Year Ended October 31,
1997 1996 1995 1994 1993
(Unaudited)
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $ 11.43 $ 11.32 $ 10.33 $ 11.52 $ 10.52
Investment Activities
Net investment income 0.27 0.54 0.52 0.49 0.52
Net realized and unrealized gains
(losses) from investments (0.11) 0.11 0.99 (0.94) 1.00
Total from Investment Activities 0.16 0.65 1.51 (0.45) 1.52
Distributions
Net investment income (0.28) (0.54) (0.52) (0.49) (0.52)
In excess of net investment income -- -- (0.01)
Net realized gains -- -- -- (0.25) --
Total Distributions (0.28) (0.54) (0.53) (0.74) (0.52)
Net Asset Value, End of Period $ 11.31 $ 11.43 $ 11.32 $ 10.33 $ 11.52
Total Return (excludes sales charges) 1.37%<F2> 5.87% 15.03% (4.08)% 14.75%
Ratios/Supplemental Data:
Net Assets, End of Period (000) $73,721 $73,463 $60,031 $57,704 $50,676
Ratio of expenses to average net assets 0.89%<F3> 0.89% 0.66% 0.51% 0.42%
Ratio of net investment income to
average net assets 4.66%<F3> 4.72% 4.78% 4.58% 4.77%
Ratio of expenses to average net assets<F1> 1.00%<F3> 1.05% 0.94% 1.09% 0.86%
Ratio of net investment income to
average net assets<F1> 4.54%<F3> 4.56% 4.49% 4.01% 4.33%
Portfolio turnover 43% 81% 125% 53% 151%
<FN>
<F1> During the period, certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred, the
ratios would have been as indicated.
<F2> Not annualized.
<F3> Annualized.
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
Balanced Fund
Class A Shares Class B Shares
March 1, December 10,
Six Months Year Six Months 1996 Year 1993
Ended Ended Ended through Ended through
April 30, October 31, April 30, October 31, October 31, October 31,
1997 1996<F5> 1997 1996<F5> 1995 1994<F2>
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $ 12.33 $ 11.01 $ 12.34 $ 11.51 $ 9.62 $ 10.00
Investment Activities
Net investment income 0.16 0.36 .0.9 0.14 0.41 0.33
Net realized and unrealized gains
(losses) from investments and
foreign currencies 0.71 1.39 0.70 0.85 1.39 (0.39)
Total from Investment Activities 0.87 1.75 0.79 0.99 1.80 (0.06)
Distributions
Net investment income (0.18) (0.36) (0.10) (0.14) (0.41) (0.32)
In excess of net investment income -- -- -- (0.02) (0.01) --
Net realized gains (0.37) (0.07) (0.37) -- -- --
Total Distributions (0.55) (0.43) (0.47) (0.16) (0.42) (0.32)
Net Asset Value, End of Period $ 12.65 $ 12.33 $ 12.66 12.34 $ 11.01 $ 9.62
Total Return (excludes sales charges) 7.25%<F3> 16.27% 6.53%<F3> 15.73%<F6> 19.24% (0.57)%<F3>
Ratios/Supplemental Data:
Net Assets, End of Period (000) $303,759 $273,553 $ 2,409 $ 1,432 $201,073 $127,285
Ratio of expenses to average
net assets 1.23%<F4> 1.27% 2.55%<F4> 2.46%<F4> 0.98% 0.87%<F4>
Ratio of net investment income to
average net assets 2.66%<F4> 3.14% 1.33%<F4> 1.78%<F4> 4.05% 3.97%<F4>
Ratio of expenses to average net assets<F1> 1.36%<F4> 1.43% 3.18%<F4> 2.67%<F4> 1.36% 1.49%<F4>
Ratio of net investment income to
average net assets<F1> 2.53%<F4> 2.98% 0.69%<F4> 1.57%<F4> 3.67% 3.35%<F4>
Portfolio turnover <F7> 51% 80% 51% 80% 69% 118%
Average commission rate paid <F8> $ 0.0377 $ 0.0084 $0.0377 $0.0084 -- --
<FN>
<F1> During the period, certain fees were voluntarily reduced and/or
reimbursed. If such voluntary fee reductions and /or reimbursements
had not occurred, the ratios would have been as indicated.
<F2> Period from commencement of operations.
<F3> Not annualized.
<F4> Annualized.
<F5> Effective March 1, 1996, the Fund designated the existing
shares as Class A Shares and commenced offering Class B Shares.
<F6> Represents total return for the Fund for the period November
1, 1995 through February 29, 1996 plus total return for Class B Shares
for the period March 1, 1996 through October 31,1996.
<F7> Portfolio turnover is calculated on the basis of the Fund
as a whole without distinguishing between the classes
of shares issued.
<F8> Represents the total dollar amount of commissions paid on
portfolio security transactions divided by total number of shares
purchased and sold by the Fund for which commissions were charged.
Disclosure is not required for periods ending prior to September 1, 1995.
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
Stock Index Fund
Six Months Year Year December 3,
Ended Ended Ended 1993
April 30, October 31, October 31, to October 31,
1997 1996 1995 1994<F2>
(Unaudited)
<S> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $ 14.85 $ 12.50 $ 10.18 $ 10.00
Investment Activities
Net investment income 0.14 0.28 0.27 0.20
Net realized and unrealized gains from
investments and foreign currencies 1.93 2.58 2.31 0.16
Total from Investment Activities 2.07 2.86 2.58 0.36
Distributions
Net investment income (0.15) (0.28) (0.26) (0.18)
Net realized gains (0.33) (0.23) -- --
Total Distributions (0.48) (0.51) (0.26) (0.18)
Net Asset Value, End of Period $ 16.44 $ 14.85 $ 12.50 $ 10.18
Total Return (excludes sales charges) 14.12%<F3> 23.38% 25.72% 3.66%<F3>
Ratios/Supplemental Data:
Net Assets, End of Period (000) $364,377 $277,124 $160,822 $89,686
Ratio of expenses to average net assets 0.57%<F4> 0.57% 0.55% 0.58%<F4>
Ratio of net investment income to average net assets 1.90%<F4> 2.14% 2.53% 2.35%<F4>
Ratio of expenses to average net assets<F1> 0.87%<F4> 0.89% 0.87% 1.10%<F4>
Ratio of net investment income to average net assets<F1> 1.60%<F4> 1.82% 2.21% 1.82%<F4>
Portfolio turnover 4% 4% 12% 1%
Average commission rate paid <F5> $ 0.0232 $ 0.0186 -- --
<FN>
<F1> During the period, certain fees were voluntarily reduced. If
such voluntary fee reductions had not occurred, the ratios would have been as indicated.
<F2> Period from commencement of operations.
<F3> Not annualized.
<F4> Annualized.
<F5> Represents the total dollar amount of commissions paid on
portfolio security transactions divided by total number of shares
purchased and sold by the Fund for which commissions were charged.
Disclosure is not required for periods ending prior to September 1, 1995.
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
Diversified Stock Fund
Class A Shares Class B Shares
Six Six March 1,
Months Year Months 1996
Ended , Ended Ended through
April 30, October 31, April 30, October 31, Year Ended October 31,
1997 1996<F2> 1997 1996<F2> 1995 1994 1993
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period $ 15.75 $ 13.62 $ 15.71 $ 14.18 $ 12.68 $ 13.39 $ 12.16
Investment Activities
Net investment income 0.09 0.20 0.03 0.07 0.27 0.25 0.18
Net realized and unrealized
gains from investments 1.55 3.21 1.51 1.57 2.32 0.64 1.50
Total from
Investment Activities 1.64 3.41 1.54 1.64 2.59 0.89 1.68
Distributions
Net investment income (0.09) (0.19) (0.04) (0.07) (0.27) (0.23) (0.21)
In excess of net
investment income -- -- -- (0.04) (0.01) -- --
Net realized gains (1.83) (1.09) (1.83) -- (1.38) (1.37) (0.24)
Total Distributions (1.92) (1.28) (1.87) (0.11) (1.66) (1.60) (0.45)
Net Asset Value, End of Period $ 15.47 $ 15.75 $ 15.38 $ 15.71 $ 13.62 $ 12.68 $ 13.39
Total Return (excludes
sales charges) 11.01%<F3> 27.16% 10.36%<F3> 26.61%<F5> 23.54% 7.39% 14.04%
Ratios/Supplemental Data:
Net Assets, End of Period (000) $655,003 $571,153 $19,199 $ 8,228 $409,549 $263,227 $257,405
Ratio of expenses to average
net assets 1.02%<F4> 1.05% 2.12%<F4> 2.07%<F4> 0.92% 0.89% 0.89%
Ratio of net investment income
to average net assets 1.21%<F4> 1.40% 0.40%<F4> 0.11%<F4> 2.11% 2.06% 1.45%
Ratio of expenses to average
net assets<F1> <F8> 1.08% <F8> 2.08%<F4> 0.95% 1.10% 0.90%
Ratio of net investment income
to average net assets<F1> <F8> 1.37% <F8> 0.10%<F4> 2.07% 1.86% 1.43%
Portfolio turnover <F6> 42% 94% 42% 94% 75% 104% 86%
Average commission rate paid <F7> $ 0.0512 $ 0.0504 $0.0512 $0.0504 -- -- --
<FN>
<F1> During the period, certain fees were voluntarily reduced. If
such voluntary fee reductions had not occurred, the ratios would have
been as indicated.
<F2> Effective March 1, 1996, the Fund designated the existing
shares as Class A Shares and commenced offering Class B Shares.
<F3> Not annualized.
<F4> Annualized.
<F5> Represents total return for the Fund for the period November
1, 1995 through February 29, 1996 plus total return for Class B
Shares for the Period March 1, 1996 through October 31, 1996.
<F6> Portfolio turnover is calculated on the basis of the Fund
as a whole without distinguishing between the classes of shares issued.
<F7> Represents the total dollar amount of commissions paid on
portfolio security transactions divided by total number of shares
purchased and sold by the Fund for which commissions were charged.
Disclosure is not required for periods ending prior to September 1, 1995.
<F8> There were no waivers during the period.
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
Value Fund
Six Months Year Year December 3,
Ended Ended Ended 1993
April 30, October 31, October 31, to October 31,
1997 1996 1995<F5> 1994<F2>
(Unaudited)
<S> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $ 14.18 $ 11.87 $ 10.13 $ 10.00
Investment Activities
Net investment income 0.07 0.20 0.27 0.21
Net realized and unrealized gains from investments 1.42 2.65 1.92 0.11
Total from Investment Activities 1.49 2.85 2.19 0.32
Distributions
Net investment income (0.08) (0.20) (0.27) (0.19)
In excess of net investment income -- -- (0.01) --
Net realized gains (0.67) (0.34) (0.17) --
Total Distributions (0.75) (0.54) (0.45) (0.19)
Net Asset Value, End of Period $ 14.92 $ 14.18 $ 11.87 $ 10.13
Total Return (excludes sales charges) 10.74%<F3> 24.66% 22.28% 3.27%<F3>
Ratios/Supplemental Data:
Net Assets, End of Period (000) $419,508 $382,083 $295,871 $188,184
Ratio of expenses to average net assets 1.32%<F4> 1.33% 0.99% 0.92%<F4>
Ratio of net investment income to average net assets 0.97%<F4> 1.56% 2.55% 2.32%<F4>
Ratio of expenses to average net assets<F1> <F7> 1.35% 1.30% 1.48%<F4>
Ratio of net investment income to average
net assets<F1> <F7> 1.54% 2.24% 1.76%<F4>
Portfolio turnover 12% 28% 23% 39%
Average commission rate paid <F6> $ 0.0533 $ 0.0524 -- --
<FN>
<F1> During the period, certain fees were voluntarily reduced. If
such voluntary fee reductions had not occurred, the ratios would have
been as indicated.
<F2> Period from commencement of operations.
<F3> Not annualized.
<F4> Annualized.
<F5> Effective June 5, 1995, the Victory Equity Income Portfolio
merged into the Value Fund. Financial highlights for the periods prior
to June 5, 1995 represent the Value Fund.
<F6> Represents the total dollar amount of commissions paid on
portfolio security transactions divided by total number of shares
purchased and sold by the Fund for which commissions were charged.
Disclosure is not required for periods ending prior to September 1, 1995.
<F7> There were no waivers during the period.
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
Growth Fund
Six Months Year Year December 3,
Ended Ended Ended 1993
April 30, October 31, October 31, to October 31,
1997 1996 1995<F5> 1994<F2><F6>
(Unaudited)
<S> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $ 14.57 $ 12.15 $ 10.23 $ 10.00
Investment Activities
Net investment income 0.02 0.08 0.11 0.10
Net realized and unrealized gains on investments 1.93 2.93 1.97 0.22
Total from Investment Activities 1.95 3.01 2.08 0.32
Distributions
Net investment income (0.03) (0.08) (0.11) (0.09)
Net realized gains (0.62) (0.51) (0.05)
Total Distributions (0.65) (0.59) (0.16) (0.09)
Net Asset Value, End of Period $ 15.87 $ 14.57 $ 12.15 $ 10.23
Total Return (excludes sales charges) 13.71%<F3> 25.66% 20.54% 3.22%<F3>
Ratios/Supplemental Data:
Net Assets, End of Period (000) $160,093 $147,753 $108,253 $66,921
Ratio of expenses to average net assets 1.35%<F4> 1.33% 1.07% 0.94%<F4>
Ratio of net investment income to average net assets 0.31%<F4> 0.64% 1.00% 1.10%<F4>
Ratio of expenses to average net assets<F1> <F8> 1.39% 1.42% 1.51%<F4>
Ratio of net investment income to average net assets<F1> <F8> 0.58% 0.65% 0.52%<F4>
Portfolio turnover 9% 27% 107% 28%
Average commission rate paid <F7> $ 0.0590 $ 0.0618 -- --
<FN>
<F1> During the period, certain fees were voluntarily reduced. If
such voluntary fee reductions had not occurred, the ratios would have
been as indicated.
<F2> Period from commencement of operations.
<F3> Not annualized.
<F4> Annualized.
<F5> Effective June 5, 1995, the Victory Equity Portfolio merged
into the Growth Fund. Financial highlights for the periods prior to
June 5, 1995 represent the Growth Fund.
<F6> Effective March 17, 1994, the Society Earnings Momentum Fund
merged into the Growth Fund. Financial highlights for
the period prior to March 17, 1994 represent the Growth Fund.
<F7> Represents the total dollar amount of commissions paid on
portfolio security transactions divided by total number of shares
purchased and sold by the Fund for which commissions were charged.
Disclosure is not required for periods ending prior to September 1, 1995.
<F8> There were no waivers during the period.
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
Special Value Fund
Class A Shares Class B Shares
March 1, December 3,
Six Months Year Six Months 1996 Year 1993
Ended Ended Ended through Ended through
April 30, October 31, April 30, October 31, October 31, October 31,
1997 1996<F5> 1997 1996<F5> 1995 1994<F2>
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $ 14.15 $ 12.15 $ 14.09 $ 12.89 $ 10.49 $ 10.00
Investment Activities
Net investment income (loss) 0.05 0.12 (0.02) 0.01 0.15 0.11
Net realized and unrealized
gains on investments 0.90 2.33 0.87 1.23 1.71 0.48
Total from Investment Activities 0.95 2.45 0.85 1.24 1.86 0.59
Distributions
Net investment income (0.07) (0.11) (0.02) (0.01) (0.15) (0.10)
In excess of net investment income -- -- -- (0.03) -- --
Net realized gains (0.95) (0.34) (0.95) -- (0.05) --
Total Distributions (1.02) (0.45) (0.97) (0.04) (0.20) (0.10)
Net Asset Value, End of Period $ 14.08 $ 14.15 $ 13.97 $ 14.09 $ 12.15 $ 10.49
Total Return (excludes sales charges) 6.94%<F3> 20.60% 6.25%<F3> 19.80%<F6> 18.01% 5.92%<F3>
Ratios/Supplemental Data:
Net Assets, End of Period (000) $323,478 $289,460 $ 949 $ 386 $194,700 $118,600
Ratio of expenses to average net assets 1.36%<F4> 1.37% 2.65%<F4> 2.51%<F4> 1.04% 1.00%<F4>
Ratio of net investment income
(loss) to average net assets 0.68%<F4> 0.88% (0.56)%<F4> (0.31)%<F4> 1.35% 1.23%<F4>
Ratio of expenses to average net assets<F1> 1.36%<F4> 1.40% 4.35%<F4> 3.75%<F4> 1.30% 1.49%<F4>
Ratio of net investment income
(loss) to average net assets<F1> 0.68%<F4> 0.85% (2.26)%<F4> (1.55)%<F4> 1.09% 0.74%<F4>
Portfolio turnover <F7> 23% 55% 23% 55% 39% 18%
Average commission rate paid <F8> $ 0.0505 $ 0.0501 $0.0505 $0.0501 -- --
<FN>
<F1> During the period, certain fees were voluntarily reduced and/or
reimbursed. If such voluntary fee reductions
and /or reimbursements had not occurred, the ratios would have been
as indicated.
<F2> Period from commencement of operations.
<F3> Not annualized.
<F4> Annualized.
<F5> Effective March 1, 1996, the Fund designated the existing
shares as Class A Shares and commenced offering Class B Shares.
<F6> Represents total return for the Fund for the period November
1, 1995 through February 29, 1996 plus total return for Class B
Shares for the Period March 1, 1996 through October 31, 1996.
<F7> Portfolio turnover is calculated on the basis of the Fund
as a whole without distinguishing between the classes of shares issued.
<F8> Represents the total dollar amount of commissions paid on
portfolio security transactions divided by total number of shares
purchased and sold by the Fund for which commissions were charged.
Disclosure is not required for periods ending prior to September 1, 1995.
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
Special Growth Fund
Six Months Year Six Months Year January 11,
Ended Ended Ended Ended 1994 to
April 30, October 31, October 31, April 30, April 30,
1997 1996 1995 1995<F5> 1994<F2>
(Unaudited)
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $ 14.14 $ 11.81 $ 10.54 $ 9.82 $ 10.00
Investment Activities
Net investment income (loss) (0.05) (0.07) -- 0.02 (0.01)
Net realized and unrealized gains
(losses) on investments (1.73) 2.40 1.27 0.72 (0.17)
Total from Investment Activities (1.78) 2.33 1.27 0.74 (0.18)
Distributions
Net investment income -- -- -- (0.02) --
Net realized gains (0.65) -- -- -- --
Total Distributions (0.65) -- -- (0.02) --
Net Asset Value, End of Period $ 11.71 $ 14.14 $ 11.81 $ 10.54 $ 9.82
Total Return (excludes sales charges) (13.29)%<F3> 19.73% 12.05%<F3> 7.51% (1.80)%<F3>
Ratios/Supplemental Data:
Net Assets, End of Period (000) $74,671 $87,837 $54,335 $20,796 $30,867
Ratio of expenses to average net assets 1.42%<F4> 1.47% 0.65%<F4> 1.04% 0.82%<F4>
Ratio of net investment income
(loss) to average net assets (0.78)%<F4> (0.62)% (0.13)%<F4> 0.17% (0.27)%<F4>
Ratio of expenses to average net assets<F1> <F7> 1.51% 1.40%<F4> 1.35% 1.47%<F4>
Ratio of net investment loss to
average net assets<F1> <F7> (0.66)% (0.88)%<F4> (0.14)% (0.92)%<F4>
Portfolio turnover 115% 152% 54% 102% 61%
Average commission rate paid <F6> $0.0376 $0.0468 -- -- --
<FN>
<F1> During the period, certain fees were voluntarily reduced. If
such voluntary fee reductions had not occurred, the ratios would have
been as indicated.
<F2> Period from commencement of operations.
<F3> Not annualized.
<F4> Annualized.
<F5> Effective June 5, 1995, the Victory Aggressive Growth Portfolio
merged into the Special Growth Fund. Financial highlights for the
periods prior to June 5, 1995 represent the Aggressive Growth Portfolio.
<F6> Represents the total dollar amount of commissions paid on
portfolio security transactions divided by total number of shares
purchased and sold by the Fund for which commissions were charged.
Disclosure is not required for periods ending prior to September 1, 1995.
<F7> There were no waivers during the period.
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
Ohio Regional Stock Fund
Class A Shares Class B Shares
Six Six March 1,
Months Year Months 1996
Ended , Ended Ended through
April 30, October 31, April 30, October 31, Year Ended October 31,
1997 1996<F2> 1997 1996<F2> 1995 1994 1993
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period $ 17.95 $ 15.94 $ 17.87 $ 16.43 $ 14.56 $ 14.69 $ 12.12
Investment Activities
Net investment income (loss) 0.06 0.14 (0.04) (0.03) 0.17 0.18 0.16
Net realized and
unrealized gains
from investments 1.64 2.62 1.61 1.51 2.13 0.39 2.63
Total from
Investment Activities 1.70 2.76 1.57 1.48 2.30 0.57 2.79
Distributions
Net investment income (0.07) (0.14) -- -- (0.17) (0.17) (0.18)
In excess of net
investment income -- -- -- (0.04) (0.01) -- --
Net realized gains (0.35) (0.36) (0.35) -- (0.65) (0.53) (0.04)
In excess of net
realized gains -- (0.25) -- -- (0.09) -- --
Total Distributions (0.42) (0.75) (0.35) (0.04) (0.92) (0.70) (0.22)
Net Asset Value, End of Period $ 19.23 $ 17.95 $ 19.09 $ 17.87 $ 15.94 $ 14.56 $ 14.69
Total Return
(excludes sales charges) 9.54%<F4> 17.79% 8.82%<F4> 16.95%<F3> 16.93% 3.96% 23.16%
Ratios/Supplemental Data:
Net Assets, End of Period (000) $45,524 $45,294 $ 486 $ 326 $39,048 $33,965 $34,926
Ratio of expenses to
average net assets 1.28%<F5> 1.39% 2.67%<F5> 2.61%<F5> 1.20% 1.04% 1.04%
Ratio of net investment
income (loss) to
average net assets 0.70%<F5> 0.79% (0.75)%<F5> (0.60)%<F5> 1.13% 1.27% 1.17%
Ratio of expenses to
average net assets<F1> 1.28%<F5> 1.40% 4.88%<F5> 3.50%<F5> 1.24% 1.27% 1.06%
Ratio of net investment
income (loss) to average
net assets<F1> 0.70%<F5> 0.78% (2.95)%<F5> (1.49)%<F5> 1.09% 1.04% 1.15%
Portfolio turnover <F6> 3% 6% 3% 6% 11% 14% 7%
Average commission rate paid <F7> $0.0563 $0.0513 $0.0563 $0.0513 -- -- --
<FN>
<F1> During the period, certain fees were voluntarily reduced and/or
reimbursed. If such voluntary fee reductions and /or reimbursements
had not occurred, the ratios would have been as indicated.
<F2> Effective March 1, 1996, the Fund designated the existing
shares as Class A Shares and commenced offering Class B Shares.
<F3> Represents total return for the Fund for the period November
1, 1995 through February 29, 1996 plus total return for Class B
Shares for the period March 1, 1996 through October 31, 1996.
<F4> Not annualized.
<F5> Annualized.
<F6> Portfolio turnover is calculated on the basis of the Fund
as a whole without distinguishing between the classes of shares issued.
<F7> Represents the total dollar amount of commissions paid on
portfolio security transactions divided by total number of shares
purchased and sold by the Fund for which commissions were charged.
Disclosure is not required for periods ending prior to September 1, 1995.
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
International Growth Fund
Class A Shares Class B Shares
Six Six March 1,
Months Year Months 1996
Ended , Ended Ended through
April 30, October 31, April 30, October 31, Year Ended October 31,
1997 1996<F2> 1997 1996<F2> 1995<F3> 1994 1993
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period $ 13.01 $ 12.33 $ 12.93 $ 12.79 $ 13.32 $ 11.93 $ 8.93
Investment Activities
Net investment income (loss) 0.01 0.08 (0.04) -- 0.05 (0.01) (0.03)
Net realized and unrealized
gains (losses) from investments
and foreign currencies 0.43 0.62 0.39 0.14 (0.42) 1.40 3.03
Total from
Investment Activities 0.44 0.70 0.35 0.14 (0.37) 1.39 3.00
Distributions
Net investment income (0.01) (0.02) -- -- -- -- --
Net realized gains (0.45) -- (0.45) -- (0.55) -- --
Tax return of capital -- -- -- -- (0.07) -- --
Total Distributions (0.46) (0.02) (0.45) -- (0.62) -- --
Net Asset Value,
End of Period $ 12.99 $ 13.01 $ 12.83 $ 12.93 $ 12.33 $ 13.32 $ 11.93
Total Return
(excludes sales charges) 3.49%<F5> 5.65% 2.76%<F5> 4.89%<F4> (2.50)% (11.65)% 33.59%
Ratios/Supplemental Data:
Net Assets, End of Period (000) $116,490 $121,517 $ 170 $ 118 $106,477 $81,307 $30,629
Ratio of expenses to
average net assets 1.69%<F6> 1.73% 3.09%<F6> 2.91%<F6> 1.53% 1.48% 1.46%
Ratio of net investment
income (loss) to average
net assets 0.18%<F6> 0.64% (1.90)%<F6> (0.10)%<F6> 0.75% (0.51)% (0.74)
Ratio of expenses to
average net assets<F1> 1.69%<F6> 1.75% 12.34%<F6> 6.46%<F6> 1.65% 1.83% 1.63%
Ratio of net investment
income (loss) to average
net assets<F1> 0.18%<F6> 0.62% (11.15)%<F6> (3.65)%<F6> 0.63% (0.86)% (0.91)%
Portfolio turnover <F7> 74% 178% 74% 178% 68% 51% 45%
Average commission rate paid <F8> $ 0.0236 $ 0.0242 $0.0236 $0.0242 -- -- --
<FN>
<F1> During the period, certain fees were voluntarily reduced and/or
reimbursed. If such voluntary fee reductions and /or reimbursements
had not occurred, the ratios would have been as indicated.
<F2> Effective March 1, 1996, the Fund designated the existing
shares as Class A Shares and commenced offering Class B Shares.
<F3> Effective June 5, 1995, the Victory Foreign Markets Portfolio
merged into the International Growth Fund. Financial highlights for
the periods prior to June 5, 1995 represent the International Growth
Portfolio.
<F4> Represents total return for the Fund for the period November
1, 1995 through February 29, 1996 plus total return for
Class B Shares for the period March 1, 1996 through October 31, 1996.
<F5> Not annualized.
<F6> Annualized.
<F7> Portfolio turnover is calculated on the basis of the Fund
as a whole without distinguishing between the classes of shares issued.
<F8> Represents the total dollar amount of commissions paid on
portfolio security transactions divided by total number of shares
purchased and sold by the Fund for which commissions were charged.
Disclosure is not required for periods ending prior to September 1, 1995.
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
Real Estate
Lakefront Fund Investment Fund
March 3, 1997 Period
through Ended
April 30, April 30,
1997<F2> 1997<F6>
(Unaudited) (Unaudited)
<S> <C> <C>
Net Asset Value, Beginning of Period $ 10.00 $ 10.00
Investment Activities
Net investment income 0.03 --
Net realized and unrealized losses from investments (0.02) --
Total from Investment Activities $ 0.01 $ --
Distributions
Net investment income (0.01) --
In excess of net investment income -- --
Net realized gains -- --
Total Distributions (0.01) --
Net Asset Value, End of Period $ 10.00 $ 10.00
Total Return (excludes sales charges) 0.10%<F3> 0%
Ratios/Supplemental Data:
Net Assets, End of Period (000) $ 994 $ 836
Ratio of expenses to average net assets 0%<F4> 0.00%
Ratio of net investment income to average net assets 2.17%<F4> 0.00%
Ratio of expenses to average net assets<F1> 14.86%<F4> 0.00%
Ratio of net investment income to average
net assets<F1> (12.69)%<F4> 0.00%
Portfolio turnover 6% 0%
Average commission rate paid <F5> $0.0800 $0.0600
<FN>
<F1> During the period, certain fees were voluntarily reduced and/or
reimbursed. If such voluntary fee reductions and /or reimbursements
had not occurred, the ratios would have been as indicated.
<F2> Period from commencement of operations.
<F3> Not annualized.
<F4> Annualized.
<F5> Represents the total dollar amount of commissions paid on
portfolio security transactions divided by total number of shares
purchased and sold by the Fund for which commissions were charged.
<F6> The Fund did not commence operations until April 30, 1997.
</TABLE>
See notes to financial statements.
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