USA PATRIOT ACT DISCLOSURE

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents. If your identity cannot be verified, we may not be able to open your account or process transactions.

Account Agreement

I have authority and legal capacity and am of legal age in my state of residence. I am adopting and establishing a Individual Retirement Account (my IRA) under the terms and conditions in this Application and the applicable Traditional/Roth IRA Disclosure Statements and Custodial Agreement, which I have received, read, and agree to. I understand and agree that BOKF NA dba Bank of Texas is appointed as Custodian and that the Custodian may amend these documents by giving me written notice of any such amendments.

I have also received, read, and agree to the current prospectus of the Victory Funds which I am purchasing, including each Mutual Funds investment objective and risks. I have determined that each Victory Fund is a suitable investment based upon my investment needs and financial situation. I understand that my account will automatically have the Telephone/Fax/Telegram Redemption Privilege, and the Telephone Exchange Privilege, which are stated in each Victory Funds Prospectus. I also understand that information regarding my account may be shared with affiliates of Victory Funds.

I agree to be bound to the terms and conditions of this application and each Mutual Funds prospectus, including when I make an exchange or an electronic transaction into or from any Victory Fund or Victory Funds that is established now or in the future using the same registration described in this application. I agree that Victory Funds will not be liable for any loss, liability, cost or expense for acting upon such instructions regarding the establishment and maintenance of my account.

If I notice an error on my account statement or in the execution of a transaction made on my behalf, I must notify Victory Funds within ten (10) days.

Non-U.S. Addresses

I understand that the Victory Funds are only available for sale in U.S. states and certain other areas subject to U.S. jurisdiction, and that the Victory Funds may not be offered for sale in non-U.S. jurisdictions. I understand that I am required to maintain a legal U.S. physical address (and mailing address, if different from the physical address) in order to open a Victory Funds account. I understand that most, but not all, Air/Army Post Office (APO), Fleet Post Office (FPO), or Diplomatic Post Office (DPO) addresses are considered U.S. addresses. I understand that, once my Victory Funds account is opened, if either the mailing or physical address used in connection with my account is changed to a non-U.S. address (excluding most APO, FPO, or DPO addresses), restrictions will be placed on my account. I understand and acknowledge that the restrictions will not limit my ability to redeem Victory Funds shares, but such restrictions will limit (and may prohibit) my ability to make additional purchases of Victory Funds shares, including any additional purchases scheduled as part of the Automatic Investment Plan described below.

Electronic Funds Transfer Services (EFTs)

If banking information is provided, I authorize Victory Funds to initiate electronic transactions to, from, or between the financial institution accounts as set forth above, including transactions that may be necessary to correct any errors. I understand that this account information will be stored and will be available for future transactions, including transactions I request by phone or through vcm.com. I understand that EFT services are automatically included when I sign up for an Automatic Investment Plan.

For your protection, the Victory Funds may require additional verification of your identity and/or your instructions before acting on your request. You understand that verification or any other review conducted by Victory Funds may delay or prevent carrying out your request, including but not limited to the execution of your order, and you may receive an execution price that is different from the execution price when you submitted the order while awaiting the completion of verification and/or review. [If we are unable to reach you to verify your transaction within five days, we may cancel your transaction.] The Victory Funds are not liable for any delayed executions, canceled orders, or requests not acted upon as a result of a review or verification.

We may use data tools that help us mitigate the risk of identity theft and impersonation. These tools gather and store data about our customers and their interaction with us, including tools that record features and characteristics of the voice of persons who contact us by telephone and videoconferencing means. The tools are used to authenticate callers and lessen the risk of impersonation and identity theft in our communications with customers. The tools may be operated and maintained by third party service providers who will have access to the voice data and may provide the authentication services using the data. The tools are capable of recording callers' voice and voiceprint and using that information to authenticate callers. We may retain that data so long as you are a customer and for longer periods as necessary for security purposes. By calling or contacting us, you consent to the use of these tools and the recording of your voice and voiceprint in this manner.

The EFT authority provided in this document will remain in effect until I notify Victory Funds to terminate the authority and give Victory Funds reasonable opportunity to act on the notice of termination. I acknowledge that the origination of ACH transactions to my account must comply with U.S. law.

A fee of $20 will be charged for all total distributions except when due to disability, death or transfers to other Victory Funds accounts.

I understand that an investment in a Mutual Funds account is not a deposit in, or an obligation of or guaranteed by any bank; is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency; and is subject to investment risks, including possible loss of the principal invested.

Important Information Regarding Escheatment

The property within your account, including mutual fund shares, cash, securities or other assets may be transferred to the appropriate state if no activity occurs or if statements and confirmations of your account activity prove undeliverable, within time periods specified by state law.

Applications without a signature and/or Social Security Number or Tax Identification Number will not be accepted until the signature or other required information is provided.

If no beneficiary is designated, the assets in the account will be paid according to the Custodial Agreement in effect at your death. NOTE: If you are married and live in a community property state and your spouse is not named as your sole primary beneficiary, you should consult your legal adviser about how your state's community property law may affect the validity of your beneficiary designation

Primary Beneficiary(ies)

I hereby appoint and designate the named primary beneficiary(ies) for my IRA. The IRA shall be paid to the primary beneficiary(ies) who survives you. If you appoint more than one primary beneficiary, such primary beneficiaries who survive you shall share in your IRA equally, unless you state below a specific percentage of distribution to each primary beneficiary. If for any reason the percentages do not total 100%, any remaining assets shall be divided equally among the surviving primary beneficiaries. If your account is distributable to multiple beneficiaries and, after allocating any remainder in accordance with the preceding sentence, the allocations total at least 99% but less than 100%, the remainder shall be allocated to the first beneficiary designated. If your account is distributable to multiple beneficiaries and, due to rounding or fractional shares, your account cannot be fully allocated to all such beneficiaries, any portion of your account that is not fully allocated due to such rounding or fractional shares shall be allocated to the beneficiary whom you have designated to receive the largest share or, if more than one beneficiary has been designated to receive the same largest share, to the first such beneficiary so designated.

Secondary (Contingent) Beneficiary(ies)

I hereby appoint and designate the named secondary beneficiary(ies) for my IRA. The IRA shall be paid to the secondary beneficiary(ies) who survive you only if you survive the primary beneficiary (or all of the primary beneficiaries, if you designate multiple primary beneficiaries). In that event, surviving secondary beneficiary(ies) shall share in the IRA assets equally, unless you state below a specific percentage of distribution to each secondary beneficiary. If for any reason the percentages do not total 100%, any remaining assets shall be divided equally among the surviving secondary beneficiaries. If your account is distributable to multiple beneficiaries and, due to rounding or fractional shares, your account cannot be fully allocated to all such beneficiaries, any portion of your account that is not fully allocated due to such rounding or fractional shares shall be allocated to the beneficiary whom you have designated to receive the largest share or, if more than one beneficiary has been designated to receive the same largest share, to the first such beneficiary so designated.