<PAGE> PAGE 1
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000 C000000 0000802716
000 D000000 N
000 E000000 NF
000 F000000 Y
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000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 THE VICTORY PORTFOLIOS
001 B000000 811-4852
001 C000000 6144708000
002 A000000 3435 STELZER ROAD
002 B000000 COLUMBUS
002 C000000 OH
002 D010000 43219
002 D020000 3035
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
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<PAGE> PAGE 2
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007 C013100 31
007 C013200 32
007 C013300 33
007 C023300 VICTORY GRADISON GOVERNMENT RESERVES FUND
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008 A00AA01 KEY ASSET MANAGEMENT, INC.
008 B00AA01 A
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008 D01AA01 CLEVELAND
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010 A00AA01 BISYS FUND SERVICES
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011 A00AA01 BISYS FUND SERVICES
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012 A00AA01 BOSTON FINANCIAL DATA SERVICE, INC.
012 B00AA01 85-05003
012 C01AA01 NO. QUINCY
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013 A00AA01 PRICEWATERHOUSECOOPERS LLP
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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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SIGNATURE RICK KRUMENACKER
TITLE SUPERVISOR
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802716
<NAME> THE VICTORY PORTFOLIOS
<SERIES>
<NUMBER> 331
<NAME> VICTORY GRADISON GOVERNMENT RESERVES FUND
<MULTIPLIER> 1000
<S>
<PERIOD-TYPE> 12 MONTHS
<FISCAL-YEAR-END> SEPT-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> SEPT-30-1999
<INVESTMENTS-AT-COST> 2016290
<INVESTMENTS-AT-VALUE> 2016290
<RECEIVABLES> 11254
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2027544
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8789
<TOTAL-LIABILITIES> 8789
<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 2018755
<SHARES-COMMON-PRIOR> 1933824
<ACCUMULATED-NII-CURRENT> 0
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<OVERDISTRIBUTION-GAINS> 0
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<OTHER-INCOME> 0
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<SHARES-REINVESTED> 82687
<NET-CHANGE-IN-ASSETS> 84931
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</TABLE>
Report of Independent Accountants
To the Board of Directors and Shareholders
of the Gradison Government Reserves Fund
In planning and performing our audit of the financial statements of the
Gradison Government Reserves Fund (the "Fund") for the year ended September
30, 1999 and the period ended October 31, 1999, we considered its internal
control, including control activities 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 internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments
by management are required to assess the expected benefits and related costs
of controls. Generally, controls that are relevant to an audit pertain to
the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding of assets
against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that controls may become
inadequate because of changes in conditions or that the effectiveness of
their design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants.
A material weakness is a condition in which the design or operation of one
or more of the internal control components does not reduce to a relatively
low level the risk that misstatements caused by error or fraud in amounts
that would be material in relation to the financial statements being audited
may occur and not be detected within a timely period by employees in the
normal course of performing their assigned functions. However, we noted
no matters involving internal control and its operation, including controls
for safeguarding securities, that we consider to be material weaknesses as
defined above as of September 30, 1999 and October 31, 1999.
This report is intended solely for the information and use of the Board of
Directors, management and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these specified
parties.
November 19, 1999
