CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants we hereby consent to the incorporation by
reference in this Post Effective Amendment No. 60 Form N-1A filing of The
Victory Portfolios of our auditors' reports on the financial statements of the
Established Value Fund and Victory Small Company Opportunity Fund dated April
28, 1999, the Gradison Government Income Fund dated January 28,1999, and the
Gradison U.S. Government Reserves Fund dated October 23, 1998 and to all
references to our Firm included in or made a part of this Post Effective
Amendment No.60 Form N-1A.
/s/ ARTHUR ANDERSEN LLP
Cincinnati, Ohio,
May 30, 2000
