1. I have authority and legal capacity and am of legal age in my state of residence. I have received, read, and agree to the current prospectus of the Victory Funds which I am purchasing, including each Mutual 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 Mutual 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 Mutual 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 Victory Capital 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.
2. 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.
3. 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 http://vcm.com . I understand that EFT services are automatically included when I sign up for an Automatic Investment Plan.
4. If AIP is selected, I authorize 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 Victory Funds to accept my instructions, whether in writing, by telephone, or on http://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, 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 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.
5. 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.
6. 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.
7. The EFT and/or AIP 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.
8. I understand that an investment in a Victory 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.
9. 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.

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