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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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008 B000801 A
008 C000801 801-46878
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015 A000801 KEYTRUST COMPANY OF OHIO
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
068 A000800 N
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069 000800 N
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070 I020800 N
070 J010800 Y
070 J020800 N
070 K010800 Y
070 K020800 N
070 L010800 N
070 L020800 N
070 M010800 N
070 M020800 N
070 N010800 Y
070 N020800 N
070 O010800 Y
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070 P020800 N
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070 Q020800 N
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070 R020800 N
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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008 B000901 A
008 C000901 801-46878
008 D010901 CLEVELAND
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015 A000901 MORGAN STANLEY TRUST CO.
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
069 000900 N
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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008 A001001 KEY ASSET MANAGEMENT, INC.
008 B001001 A
008 C001001 801-46878
008 D011001 CLEVELAND
008 D021001 OH
008 D031001 44114
015 A001001 KEYTRUST COMPANY OF OHIO
015 B001001 C
015 C011001 CLEVELAND
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015 C031001 44114
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<PAGE> PAGE 53
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<PAGE> PAGE 54
048 K021000 0.000
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<PAGE> PAGE 55
070 B021000 N
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070 M011000 N
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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008 B001101 A
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<PAGE> PAGE 58
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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<PAGE> PAGE 61
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<PAGE> PAGE 62
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008 A001201 KEY ASSET MANAGEMENT, INC.
008 B001201 A
008 C001201 801-46878
008 D011201 CLEVELAND
008 D021201 OH
008 D031201 44114
015 A001201 KEYTRUST COMPANY OF OHIO
015 B001201 C
015 C011201 CLEVELAND
015 C021201 OH
015 C031201 44114
015 E031201 X
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<PAGE> PAGE 63
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<PAGE> PAGE 64
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066 A001200 Y
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<PAGE> PAGE 65
066 D001200 Y
066 E001200 N
066 F001200 N
066 G001200 N
067 001200 N
068 A001200 N
068 B001200 N
069 001200 N
070 A011200 Y
070 A021200 N
070 B011200 Y
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070 C011200 Y
070 C021200 N
070 D011200 Y
070 D021200 N
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070 E021200 N
070 F011200 Y
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070 G011200 Y
070 G021200 N
070 H011200 Y
070 H021200 N
070 I011200 Y
070 I021200 N
070 J011200 Y
070 J021200 N
070 K011200 Y
070 K021200 Y
070 L011200 Y
070 L021200 N
070 M011200 N
070 M021200 N
070 N011200 Y
070 N021200 N
070 O011200 Y
070 O021200 N
070 P011200 N
070 P021200 N
070 Q011200 N
070 Q021200 N
070 R011200 Y
070 R021200 N
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<PAGE> PAGE 66
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<PAGE> PAGE 67
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008 A001301 KEY ASSET MANAGEMENT, INC.
008 B001301 A
008 C001301 801-46878
008 D011301 CLEVELAND
008 D021301 OH
008 D031301 44114
015 A001301 KEYTRUST COMPANY OF OHIO
015 B001301 C
015 C011301 CLEVELAND
015 C021301 OH
015 C031301 44114
015 E031301 X
024 001300 Y
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<PAGE> PAGE 68
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<PAGE> PAGE 69
047 001300 Y
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<PAGE> PAGE 70
062 H001300 0.0
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066 A001300 Y
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066 D001300 N
066 E001300 N
066 F001300 N
066 G001300 N
067 001300 N
068 A001300 N
068 B001300 N
069 001300 Y
070 A011300 Y
070 A021300 N
070 B011300 Y
070 B021300 N
070 C011300 Y
070 C021300 N
070 D011300 Y
070 D021300 Y
070 E011300 Y
070 E021300 N
070 F011300 Y
070 F021300 N
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070 G021300 N
070 H011300 Y
070 H021300 N
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070 I021300 N
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070 J021300 N
070 K011300 Y
070 K021300 N
070 L011300 N
070 L021300 N
070 M011300 N
070 M021300 N
070 N011300 Y
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070 O011300 Y
<PAGE> PAGE 71
070 O021300 N
070 P011300 N
070 P021300 N
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070 Q021300 N
070 R011300 Y
070 R021300 N
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<PAGE> PAGE 72
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008 A001401 KEY ASSET MANAGEMENT, INC.
008 B001401 A
008 C001401 801-46878
008 D011401 CLEVELAND
008 D021401 OH
008 D031401 44114
015 A001401 KEYTRUST COMPANY OF OHIO
015 B001401 C
015 C011401 CLEVELAND
015 C021401 OH
015 C031401 44114
015 E031401 X
024 001400 Y
025 A001401 BEAR STEARNS
025 C001401 E
025 D001401 5603
025 A001402 DONALDSON, LUFKIN & JENRETTE, INC.
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025 D001402 3801
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<PAGE> PAGE 73
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<PAGE> PAGE 74
042 B001400 0
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<PAGE> PAGE 75
060 B001400 Y
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066 G001400 N
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068 B001400 N
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070 A011400 Y
070 A021400 N
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070 C021400 N
070 D011400 Y
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070 E011400 Y
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070 G011400 Y
070 G021400 N
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070 H021400 N
070 I011400 Y
070 I021400 N
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<PAGE> PAGE 76
070 K011400 Y
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070 L011400 Y
070 L021400 N
070 M011400 N
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070 N011400 Y
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070 O011400 Y
070 O021400 N
070 P011400 N
070 P021400 N
070 Q011400 N
070 Q021400 N
070 R011400 Y
070 R021400 N
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<PAGE> PAGE 77
072DD021400 1
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008 A001501 KEY ASSET MANAGEMENT, INC.
008 B001501 A
008 C001501 801-46878
008 D011501 CLEVELAND
008 D021501 OH
008 D031501 44114
015 A001501 KEYTRUST COMPANY OF OHIO
015 B001501 C
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015 C021501 OH
015 C031501 44114
015 E031501 X
<PAGE> PAGE 78
024 001500 Y
025 A001501 DONALDSON, LUFKIN & JENRETTE, INC.
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<PAGE> PAGE 79
037 001500 N
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<PAGE> PAGE 80
058 B001500 N
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<PAGE> PAGE 81
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<PAGE> PAGE 82
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074 C001500 7821
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008 A001601 KEY ASSET MANAGEMENT, INC.
008 B001601 A
008 C001601 801-46878
008 D011601 CLEVELAND
008 D021601 OH
008 D031601 44114
<PAGE> PAGE 83
015 A001601 KEYTRUST COMPANY OF OHIO
015 B001601 C
015 C011601 CLEVELAND
015 C021601 OH
015 C031601 44114
015 E031601 X
024 001600 Y
025 A001601 LEHMAN BROTHERS
025 C001601 D
025 D001601 7192
025 A001602 MERRILL LYNCH
025 C001602 D
025 D001602 3149
025 A001603 MORGAN STANLEY
025 C001603 D
025 D001603 2093
025 A001604 SALOMON BROTHERS, INC.
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<PAGE> PAGE 84
028 H001600 81
029 001600 Y
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031 B001600 0
032 001600 0
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035 001600 0
036 B001600 0
037 001600 N
038 001600 0
039 001600 N
040 001600 N
041 001600 N
042 A001600 0
042 B001600 0
042 C001600 0
042 D001600 0
042 E001600 0
042 F001600 0
042 G001600 0
042 H001600 0
043 001600 0
044 001600 0
045 001600 Y
046 001600 N
047 001600 Y
048 001600 0.750
048 A011600 0
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048 B011600 0
048 B021600 0.000
048 C011600 0
048 C021600 0.000
048 D011600 0
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048 E011600 0
048 E021600 0.000
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048 F021600 0.000
048 G011600 0
048 G021600 0.000
048 H011600 0
048 H021600 0.000
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048 I021600 0.000
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048 J021600 0.000
<PAGE> PAGE 85
048 K011600 0
048 K021600 0.000
049 001600 N
050 001600 N
051 001600 N
052 001600 N
053 A001600 Y
053 B001600 Y
053 C001600 N
055 A001600 Y
055 B001600 N
056 001600 Y
057 001600 N
058 A001600 N
058 B001600 N
058 C001600 N
058 D001600 N
058 E001600 N
059 001600 Y
060 A001600 Y
060 B001600 Y
061 001600 500
062 A001600 Y
062 B001600 0.0
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062 D001600 0.0
062 E001600 0.0
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062 G001600 0.0
062 H001600 0.0
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062 J001600 0.0
062 K001600 0.0
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062 P001600 27.3
062 Q001600 6.4
062 R001600 0.0
063 A001600 0
063 B001600 8.5
064 A001600 Y
064 B001600 N
066 A001600 N
067 001600 N
068 A001600 N
068 B001600 N
069 001600 N
070 A011600 Y
070 A021600 N
<PAGE> PAGE 86
070 B011600 Y
070 B021600 N
070 C011600 Y
070 C021600 N
070 D011600 Y
070 D021600 N
070 E011600 Y
070 E021600 N
070 F011600 Y
070 F021600 N
070 G011600 Y
070 G021600 N
070 H011600 Y
070 H021600 N
070 I011600 Y
070 I021600 N
070 J011600 Y
070 J021600 N
070 K011600 Y
070 K021600 N
070 L011600 Y
070 L021600 N
070 M011600 Y
070 M021600 N
070 N011600 Y
070 N021600 N
070 O011600 Y
070 O021600 N
070 P011600 N
070 P021600 N
070 Q011600 N
070 Q021600 N
070 R011600 Y
070 R021600 N
071 A001600 398969
071 B001600 371833
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<PAGE> PAGE 87
072 N001600 13
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<PAGE> PAGE 88
074 W001600 0.0000
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008 A001701 KEY ASSET MANAGEMENT, INC.
008 B001701 A
008 C001701 801-46878
008 D011701 CLEVELAND
008 D021701 OH
008 D031701 44114
015 A001701 KEYTRUST COMPANY OF OHIO
015 B001701 C
015 C011701 CLEVELAND
015 C021701 OH
015 C031701 44114
015 E031701 X
024 001700 Y
025 A001701 LEHMAN BROTHERS
025 C001701 D
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025 A001702 MERRILL LYNCH
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025 A001703 D.R. INVESTMENTS
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<PAGE> PAGE 89
028 E031700 0
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035 001700 0
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040 001700 N
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042 A001700 0
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042 D001700 0
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<PAGE> PAGE 90
048 F011700 0
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048 I021700 0.000
048 J011700 0
048 J021700 0.000
048 K011700 0
048 K021700 0.000
049 001700 N
050 001700 N
051 001700 N
052 001700 N
053 A001700 Y
053 B001700 Y
053 C001700 N
055 A001700 N
055 B001700 N
056 001700 Y
057 001700 N
058 A001700 N
058 B001700 N
058 C001700 N
058 D001700 N
058 E001700 N
059 001700 Y
060 A001700 Y
060 B001700 Y
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062 A001700 Y
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<PAGE> PAGE 91
063 B001700 4.6
064 A001700 N
064 B001700 N
066 A001700 N
067 001700 N
068 A001700 N
068 B001700 N
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070 A011700 Y
070 A021700 N
070 B011700 Y
070 B021700 N
070 C011700 Y
070 C021700 N
070 D011700 Y
070 D021700 N
070 E011700 Y
070 E021700 N
070 F011700 Y
070 F021700 N
070 G011700 Y
070 G021700 N
070 H011700 Y
070 H021700 N
070 I011700 Y
070 I021700 N
070 J011700 Y
070 J021700 N
070 K011700 Y
070 K021700 N
070 L011700 Y
070 L021700 N
070 M011700 N
070 M021700 N
070 N011700 Y
070 N021700 N
070 O011700 Y
070 O021700 N
070 P011700 N
070 P021700 N
070 Q011700 N
070 Q021700 N
070 R011700 Y
070 R021700 N
071 A001700 485621
071 B001700 516454
071 C001700 249460
071 D001700 195
072 A001700 12
072 B001700 17870
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<PAGE> PAGE 92
072 D001700 0
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<PAGE> PAGE 93
074 R011700 0
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008 A001801 KEY ASSET MANAGEMENT, INC.
008 B001801 A
008 C001801 801-46878
008 D011801 CLEVELAND
008 D021801 OH
008 D031801 44114
015 A001801 KEYTRUST COMPANY OF OHIO
015 B001801 C
015 C011801 CLEVELAND
015 C021801 OH
015 C031801 44114
015 E031801 X
024 001800 Y
025 A001801 BEAR STEARNS
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028 A011800 63
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<PAGE> PAGE 94
028 C031800 0
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031 B001800 0
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<PAGE> PAGE 95
048 B011800 0
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048 K011800 0
048 K021800 0.000
049 001800 N
050 001800 N
051 001800 N
052 001800 N
053 A001800 Y
053 B001800 Y
053 C001800 N
055 A001800 Y
055 B001800 N
056 001800 Y
057 001800 N
058 A001800 N
058 B001800 N
058 C001800 N
058 D001800 N
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059 001800 Y
060 A001800 Y
060 B001800 Y
061 001800 500
062 A001800 Y
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<PAGE> PAGE 96
062 L001800 0.0
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064 A001800 N
064 B001800 N
066 A001800 N
067 001800 N
068 A001800 N
068 B001800 N
069 001800 N
070 A011800 Y
070 A021800 N
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070 B021800 N
070 C011800 N
070 C021800 N
070 D011800 N
070 D021800 N
070 E011800 N
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070 F021800 N
070 G011800 N
070 G021800 N
070 H011800 N
070 H021800 N
070 I011800 N
070 I021800 N
070 J011800 N
070 J021800 N
070 K011800 Y
070 K021800 N
070 L011800 N
070 L021800 N
070 M011800 N
070 M021800 N
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070 O011800 Y
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070 P011800 N
070 P021800 N
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<PAGE> PAGE 97
070 R021800 N
071 A001800 5338
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<PAGE> PAGE 98
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008 A001901 KEY ASSET MANAGEMENT, INC.
008 B001901 A
008 C001901 801-46878
008 D011901 CLEVELAND
008 D021901 OH
008 D031901 44114
015 A001901 KEYTRUST COMPANY OF OHIO
015 B001901 C
015 C011901 CLEVELAND
015 C021901 OH
015 C031901 44114
015 E031901 X
024 001900 Y
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<PAGE> PAGE 99
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<PAGE> PAGE 100
044 001900 0
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<PAGE> PAGE 101
062 E001900 0.0
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<PAGE> PAGE 102
070 O011900 Y
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<PAGE> PAGE 103
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008 D022001 OH
008 D032001 44114
015 A002001 KEYTRUST COMPANY OF OHIO
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<PAGE> PAGE 104
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<PAGE> PAGE 105
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<PAGE> PAGE 106
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<PAGE> PAGE 107
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<PAGE> PAGE 108
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008 B002101 A
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008 D012101 CLEVELAND
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008 D032101 44114
015 A002101 KEYTRUST COMPANY OF OHIO
015 B002101 C
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<PAGE> PAGE 109
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<PAGE> PAGE 110
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<PAGE> PAGE 111
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<PAGE> PAGE 112
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<PAGE> PAGE 113
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008 A002201 KEY ASSET MANAGEMENT, INC.
008 B002201 A
008 C002201 801-46878
008 D012201 CLEVELAND
008 D022201 OH
008 D032201 44114
<PAGE> PAGE 114
015 A002201 KEYTRUST COMPANY OF OHIO
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<PAGE> PAGE 115
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<PAGE> PAGE 116
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<PAGE> PAGE 117
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<PAGE> PAGE 118
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<PAGE> PAGE 119
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015 A002301 KEYTRUST COMPANY OF OHIO
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<PAGE> PAGE 120
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<PAGE> PAGE 121
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<PAGE> PAGE 122
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<PAGE> PAGE 123
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<FN>
<F1>Investor Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
<SERIES>
<NUMBER> 022
<NAME> VICTORY U.S. GOVERNMENT OBLIGATIONS FUND
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<S> <C>
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<FN>
<F1>Select Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
<SERIES>
<NUMBER> 03
<NAME> VICTORY TAX-FREE MONEY MARKET FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
<SERIES>
<NUMBER> 041
<NAME> VICTORY OHIO REGIONAL STOCK FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 26418
<INVESTMENTS-AT-VALUE> 54423
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<SHARES-COMMON-PRIOR> 2523<F1>
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<NET-CHANGE-IN-ASSETS> 8788
<ACCUMULATED-NII-PRIOR> 1
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 647
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<PER-SHARE-NAV-BEGIN> 17.95<F1>
<PER-SHARE-NII> 0.14<F1>
<PER-SHARE-GAIN-APPREC> 5.96<F1>
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<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
<SERIES>
<NUMBER> 042
<NAME> VICTORY OHIO REGIONAL STOCK FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 26418
<INVESTMENTS-AT-VALUE> 54423
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<ACCUMULATED-NII-PRIOR> 1
<ACCUMULATED-GAINS-PRIOR> 870
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<GROSS-EXPENSE> 647
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<PER-SHARE-NAV-BEGIN> 17.87<F1>
<PER-SHARE-NII> 0.14<F1>
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<FN>
<F1>Class B Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
<SERIES>
<NUMBER> 051
<NAME> VICTORY DIVERSIFIED STOCK FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> OCT-31-1997
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<INVESTMENTS-AT-VALUE> 797478
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<NUMBER-OF-SHARES-REDEEMED> 23505
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<ACCUMULATED-NII-PRIOR> 291
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<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
<SERIES>
<NUMBER> 052
<NAME> VICTORY DIVERSIFIED STOCK FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
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<FN>
<F1>Class B Shares
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
<SERIES>
<NUMBER> 06
<NAME> VICTORY LIMITED TERM INCOME FUND
<MULTIPLIER> 1000
<S> <C>
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<TABLE> <S> <C>
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<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
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<NAME> VICTORY OHIO MUNICIPAL BOND FUND
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
<SERIES>
<NUMBER> 08
<NAME> VICTORY GOVERNMENT MORTGAGE FUND
<MULTIPLIER> 1000
<S> <C>
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<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
<SERIES>
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<NAME> VICTORY SPECIAL VALUE FUND
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<S> <C>
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<F1>Class B Shares
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
<SERIES>
<NUMBER> 15
<NAME> VICTORY SPECIAL GROWTH FUND
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<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
<SERIES>
<NUMBER> 16
<NAME> VICTORY INVESTMENT QUALITY BOND FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
<SERIES>
<NUMBER> 17
<NAME> VICTORY INTERMEDIATE INCOME FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
<SERIES>
<NUMBER> 18
<NAME> VICTORY FUND FOR INCOME
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
<SERIES>
<NUMBER> 191
<NAME> VICTORY NATIONAL MUNICIPAL BOND FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> OCT-31-1997
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<NET-INVESTMENT-INCOME> 1903
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<PER-SHARE-NII> 0.45<F1>
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<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
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<NUMBER> 192
<NAME> VICTORY NATIONAL MUNICIPAL BOND FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
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<FN>
<F1>Class B Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
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<NAME> VICTORY GOVERNMENT BOND FUND
<MULTIPLIER> 1000
<S> <C>
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<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
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<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
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<NAME> VICTORY GOVERNMENT BOND FUND
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<APPREC-INCREASE-CURRENT> (341)
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<NET-CHANGE-IN-ASSETS> (7616)
<ACCUMULATED-NII-PRIOR> 82
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 7580
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<PER-SHARE-NAV-BEGIN> 9.64<F1>
<PER-SHARE-NII> 0.21<F1>
<PER-SHARE-GAIN-APPREC> (0.07)<F1>
<PER-SHARE-DIVIDEND> 0.22<F1>
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<PER-SHARE-NAV-END> 9.56<F1>
<EXPENSE-RATIO> 2.48<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class B Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
<SERIES>
<NUMBER> 211
<NAME> VICTORY NEW YORK TAX-FREE FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> OCT-31-1997
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<INVESTMENTS-AT-VALUE> 17692
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<SHARES-COMMON-PRIOR> 1080<F1>
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<ACCUM-APPREC-OR-DEPREC> 1133
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<EXPENSES-NET> 190
<NET-INVESTMENT-INCOME> 920
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<NUMBER-OF-SHARES-REDEEMED> 314
<SHARES-REINVESTED> 53
<NET-CHANGE-IN-ASSETS> 1797
<ACCUMULATED-NII-PRIOR> 62
<ACCUMULATED-GAINS-PRIOR> 56
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 97
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 295
<AVERAGE-NET-ASSETS> 15052<F1>
<PER-SHARE-NAV-BEGIN> 12.73<F1>
<PER-SHARE-NII> 0.68<F1>
<PER-SHARE-GAIN-APPREC> 0.03<F1>
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<PER-SHARE-DISTRIBUTIONS> 0.04<F1>
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<EXPENSE-RATIO> 0.94<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
<SERIES>
<NUMBER> 212
<NAME> VICTORY NEW YORK TAX-FREE FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> OCT-31-1997
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<INVESTMENTS-AT-VALUE> 17692
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<OVERDISTRIBUTION-GAINS> 0
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<SHARES-REINVESTED> 53
<NET-CHANGE-IN-ASSETS> 1797
<ACCUMULATED-NII-PRIOR> 62
<ACCUMULATED-GAINS-PRIOR> 56
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 295
<AVERAGE-NET-ASSETS> 2664<F1>
<PER-SHARE-NAV-BEGIN> 12.74<F1>
<PER-SHARE-NII> 0.57<F1>
<PER-SHARE-GAIN-APPREC> 0.03<F1>
<PER-SHARE-DIVIDEND> 0.61<F1>
<PER-SHARE-DISTRIBUTIONS> 0.04<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 12.69<F1>
<EXPENSE-RATIO> 1.82<F1>
<AVG-DEBT-OUTSTANDING> 0
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<FN>
<F1>Class B Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
<SERIES>
<NUMBER> 221
<NAME> VICTORY FINANCIAL RESERVES FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> OCT-31-1997
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<OVERDISTRIBUTION-GAINS> 14
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<NET-ASSETS> 800642
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<NET-CHANGE-IN-ASSETS> 32652
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<EXPENSE-RATIO> 0.67
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
<SERIES>
<NUMBER> 231
<NAME> VICTORY INSTITUTIONAL MONEY MARKET FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 1099396
<INVESTMENTS-AT-VALUE> 1099396
<RECEIVABLES> 5124
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<TOTAL-ASSETS> 1104528
<PAYABLE-FOR-SECURITIES> 24911
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5315
<TOTAL-LIABILITIES> 30226
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1074147
<SHARES-COMMON-STOCK> 585646<F1>
<SHARES-COMMON-PRIOR> 671567<F1>
<ACCUMULATED-NII-CURRENT> 140
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 15
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1074302
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 55882
<OTHER-INCOME> 0
<EXPENSES-NET> 3841
<NET-INVESTMENT-INCOME> 52041
<REALIZED-GAINS-CURRENT> 15
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 52056
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 31873<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 4221092
<NUMBER-OF-SHARES-REDEEMED> 4213079
<SHARES-REINVESTED> 21609
<NET-CHANGE-IN-ASSETS> 29637
<ACCUMULATED-NII-PRIOR> 76
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 4
<GROSS-ADVISORY-FEES> 2494
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5853
<AVERAGE-NET-ASSETS> 598852<F1>
<PER-SHARE-NAV-BEGIN> 1.000<F1>
<PER-SHARE-NII> 0.053<F1>
<PER-SHARE-GAIN-APPREC> 0<F1>
<PER-SHARE-DIVIDEND> 0.053<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 1.000<F1>
<EXPENSE-RATIO> 0.28<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Investor Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
<SERIES>
<NUMBER> 232
<NAME> VICTORY INSTITUTIONAL MONEY MARKET FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 1099396
<INVESTMENTS-AT-VALUE> 1099396
<RECEIVABLES> 5124
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<TOTAL-ASSETS> 1104528
<PAYABLE-FOR-SECURITIES> 24911
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5315
<TOTAL-LIABILITIES> 30226
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1074147
<SHARES-COMMON-STOCK> 488637<F1>
<SHARES-COMMON-PRIOR> 373094<F1>
<ACCUMULATED-NII-CURRENT> 140
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 15
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1074302
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 55882
<OTHER-INCOME> 0
<EXPENSES-NET> 3841
<NET-INVESTMENT-INCOME> 52041
<REALIZED-GAINS-CURRENT> 15
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 52056
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 20168<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 4221092
<NUMBER-OF-SHARES-REDEEMED> 4213079
<SHARES-REINVESTED> 21609
<NET-CHANGE-IN-ASSETS> 29637
<ACCUMULATED-NII-PRIOR> 76
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 4
<GROSS-ADVISORY-FEES> 2494
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5853
<AVERAGE-NET-ASSETS> 398929<F1>
<PER-SHARE-NAV-BEGIN> 1.000<F1>
<PER-SHARE-NII> 0.051<F1>
<PER-SHARE-GAIN-APPREC> 0<F1>
<PER-SHARE-DIVIDEND> 0.051<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 1.000<F1>
<EXPENSE-RATIO> 0.55<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Select Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
<SERIES>
<NUMBER> 24
<NAME> VICTORY OHIO MUNICIPAL MONEY MARKET FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-01-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 655490
<INVESTMENTS-AT-VALUE> 655490
<RECEIVABLES> 5292
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 660782
<PAYABLE-FOR-SECURITIES> 7749
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<OTHER-ITEMS-LIABILITIES> 2055
<TOTAL-LIABILITIES> 9804
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 650978
<SHARES-COMMON-STOCK> 650974
<SHARES-COMMON-PRIOR> 561127
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 650978
<DIVIDEND-INCOME> 227
<INTEREST-INCOME> 22927
<OTHER-INCOME> 0
<EXPENSES-NET> 4663
<NET-INVESTMENT-INCOME> 18491
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 18491
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 18491
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1046897
<NUMBER-OF-SHARES-REDEEMED> 971638
<SHARES-REINVESTED> 14588
<NET-CHANGE-IN-ASSETS> 89847
<ACCUMULATED-NII-PRIOR> 2
<ACCUMULATED-GAINS-PRIOR> 2
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3114
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5872
<AVERAGE-NET-ASSETS> 622884
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.030
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0.030
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
<SERIES>
<NUMBER> 25
<NAME> VICTORY LAKEFRONT FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> MAR-03-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 1110
<INVESTMENTS-AT-VALUE> 1252
<RECEIVABLES> 1
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<TOTAL-ASSETS> 1326
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 71
<TOTAL-LIABILITIES> 71
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1091
<SHARES-COMMON-STOCK> 111
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 2
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 20
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 142
<NET-ASSETS> 1255
<DIVIDEND-INCOME> 11
<INTEREST-INCOME> 1
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 12
<REALIZED-GAINS-CURRENT> 20
<APPREC-INCREASE-CURRENT> 142
<NET-CHANGE-FROM-OPS> 174
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 10
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 111
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1255
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 52
<AVERAGE-NET-ASSETS> 1076
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.12
<PER-SHARE-GAIN-APPREC> 1.27
<PER-SHARE-DIVIDEND> 0.10
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.29
<EXPENSE-RATIO> 0.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
<SERIES>
<NUMBER> 26
<NAME> VICTORY REAL ESTATE INVESTMENT FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> APR-30-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 3674
<INVESTMENTS-AT-VALUE> 4168
<RECEIVABLES> 208
<ASSETS-OTHER> 45
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4421
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 45
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3842
<SHARES-COMMON-STOCK> 362
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 20
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 20
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 494
<NET-ASSETS> 4376
<DIVIDEND-INCOME> 14
<INTEREST-INCOME> 65
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 79
<REALIZED-GAINS-CURRENT> 20
<APPREC-INCREASE-CURRENT> 494
<NET-CHANGE-FROM-OPS> 593
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 59
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 363
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4376
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 16
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 45
<AVERAGE-NET-ASSETS> 2613
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.23
<PER-SHARE-GAIN-APPREC> 2.01
<PER-SHARE-DIVIDEND> 0.17
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.07
<EXPENSE-RATIO> 0.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
To the Trustees of
The Victory Portfolios
In planning and performing our audits of the financial
statements of The Victory Portfolios for the year ended October
31, 1997, we considered its internal control structure,
including procedures for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing
our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on the
internal control structure.
The management of The Victory Portfolios is responsible for
establishing and maintaining an internal control structure. In
fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of internal control structure policies and
procedures. Two objectives of an internal control structure are
to provide management with reasonable, but not absolute,
assurance that assets are safeguarded against loss from
unauthorized use or disposition and transactions are executed in
accordance with management's authorization and recorded properly
to permit preparation of financial statements in conformity with
generally accepted accounting principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and may not be
detected. Also, projection of any evaluation of the structure
to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control
structure that might be material weaknesses under standards
established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the
design or operation of the specific internal control structure
elements does not reduce to a relatively low level the risk that
errors or irregularities in amounts that would be material in
relation to the financial statements being audited may occur and
not be detected within a timely period by employees in the
normal course of performing their assigned functions. However,
we noted no matters involving the internal control structure,
including procedures for safeguarding securities, that we
consider to be material weaknesses as defined above as of
October 31, 1997.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
COOPERS & LYBRAND, L.L.P.
Columbus, Ohio
December 15, 1997
