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 Agreements, 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. If I have chosen to establish a Roth IRA, I certify that my modified adjusted gross income will not exceed the limits in the Custodial Agreement for each year for which I make a contribution.

I have also received, read, and agree to the current prospectus of the Victory Fund which I am purchasing, including each Victory Fund’s 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 Fund’s Prospectus. I also understand that information regarding my account may be shared with affiliates of Victory Capital.

I agree to be bound to the terms and conditions of this application and each Fund’s prospectus, including when I make an exchange or an electronic transaction into or from any Victory Fund that is established now or in the future using the same registration described in this application. I agree that the 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 the 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 Funds may not be offered for sale in non-U.S. jurisdictions. I understand that I am required to maintain 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 Fund 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 the 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.

Automatic Investment Plan (AIP). If AIP is selected, I authorize the Victory Funds to debit my account at the financial institution as set forth above. If the amount set forth above is between $20 and $500, I authorize the Victory Funds to accept my instructions, whether in writing, by telephone, or on vcm. com, to change the amount, frequency, and date of the recurring debit, including debits that may be necessary to correct any errors. If the amount of the debit exceeds $500, the Victory Funds will provide a written confirmation of the change to the recurring debit at least 10 days before the effective date of the changed debit amount, date of the recurring debit, or frequency. I agree that automated credit entries to my Victory Funds account and debits from my account at the financial institution named above will constitute receipt and acceptance of the transaction. If I instruct the Victory Funds to change the amount, frequency or date of the electronic debit, I waive the right to receive notice of the change if the amount of the debit is no less than $20 and no more than $500.

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 the 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.] Victory Capital is 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 and/or AIP authority provided in this document will remain in effect until I notify the Victory Funds to terminate the authority and give the 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.

I understand that an investment in a Victory Fund 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.

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

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 date, and/or Social Security Number or Tax Identification Number will not be accepted until the signature or other required information is provided.