Dear Valued Shareholder,

Victory Funds would like to make you aware of an upcoming change to the log-in process for accessing your accounts. The upgrade is being made as part of our commitment to provide you with convenient and secure online information about your investments.

Beginning on October 26th, 2016, a one-time password (OTP) will be introduced to provide an additional layer of security for user access. You will continue to use your current user ID and password once the upgrade is made, however upon successful log-in you will be required to enter a one-time password (OTP) that will be sent to your email address. The OTP will be valid for 5 minutes. You may elect to register your device as part of entering your OTP which will allow access without an OTP for 60 days unless you log-in from an unregistered device or erase your browser cookies from your registered device.

As part of Victory’s on-going efforts to improve the services available to our shareholders, we are pleased to provide improved online account access, which includes the ability to change distribution types from cash (i.e., check, wire, EFT/ACH) to reinvestment and vice versa, online Cost Basis Method elections available for revocations, and real time profile changes for telephone and address updates. Access your account through vcm.com to view these enhancements.

For assistance with accessing your account information, please contact a Victory Funds Shareholder Services Representative at 800-539-3863. For your security you should change your password every 90 days.

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