SCHEDULE A
TO THE EXPENSE LIMITATION AGREEMENT DATED AUGUST 1, 2013
BETWEEN
VICTORY PORTFOLIOS AND VICTORY CAPITAL MANAGEMENT INC.
OPERATING EXPENSE LIMITS AS OF FEBRUARY 2, 2021
| Maximum |
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Fund/Class | Operating | Date of | Effective Date |
October 31 FYE Funds | Expense Limit | Termination | of Waiver |
Victory Diversified Stock – Class C | 2.02% | 28-Feb-21 | 1-Mar-20 |
Victory Diversified Stock – Class I | 0.83% | 28-Feb-21 | 1-Mar-20 |
Victory Diversified Stock – Class R6 | 0.78% | 28-Feb-21 | 1-Mar-20 |
Victory Diversified Stock – Class Y | 0.86% | 28-Feb-21 | 1-Mar-20 |
Victory INCORE Fund for Income – Class A | 0.91% | 28-Feb-21 | 1-Mar-20 |
Victory INCORE Fund for Income – Class C | 1.71% | 28-Feb-21 | 1-Mar-20 |
Victory INCORE Fund for Income – Class I | 0.64% | 28-Feb-21 | 1-Mar-20 |
Victory INCORE Fund for Income – Class R | 0.91% | 28-Feb-21 | 1-Mar-20 |
Victory INCORE Fund for Income – Class R6 | 0.63% | 28-Feb-21 | 1-Mar-20 |
Victory INCORE Fund for Income – Class Y | 0.71% | 28-Feb-21 | 1-Mar-20 |
Victory INCORE Fund for Income – Member Class | 0.75% | 28-Feb-22 | 10-Jun-20 |
Victory INCORE Investment Grade Convertible – Class | 1.39% | 28-Feb-21 | 1-Mar-20 |
A |
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Victory INCORE Investment Grade Convertible – | 1.10% | 28-Feb-22 | 10-Jun-20 |
Member Class |
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Victory NewBridge Large Cap Growth – Class A | 1.36% | 28-Feb-21 | 1-Mar-20 |
Victory NewBridge Large Cap Growth – Class C | 2.10% | 28-Feb-21 | 1-Mar-20 |
Victory NewBridge Large Cap Growth – Class I | 0.95% | 28-Feb-21 | 1-Mar-20 |
Victory NewBridge Large Cap Growth – Class Y | 1.02% | 28-Feb-21 | 1-Mar-20 |
Victory Special Value – Class C | 2.20% | 28-Feb-21 | 1-Mar-20 |
Victory Special Value – Class I | 1.15% | 28-Feb-21 | 1-Mar-20 |
Victory Special Value – Class Y | 1.10% | 28-Feb-21 | 1-Mar-20 |
Victory Sycamore Established Value – Class C | 1.84% | 28-Feb-21 | 1-Mar-20 |
Victory Sycamore Small Company Opportunity – | 1.15% | 28-Feb-21 | 1-Mar-20 |
Class Y |
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Victory THB US Small Opportunities Fund – Class A | 1.70% | 28-Feb-23 | 1-May-21 |
Victory THB US Small Opportunities Fund – Class I | 1.25% | 28-Feb-23 | 1-May-21 |
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| Maximum |
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Fund/Class |
| Operating | Date of | Effective Date |
June 30 FYE Funds |
| Expense Limit | Termination | of Waiver |
Victory INCORE Total Return Bond Fund – Class A | 0.85% | 31-Oct-21 | 1-Nov-20 | |
Victory INCORE Total Return Bond Fund – Class C | 1.60% | 31-Oct-21 | 1-Nov-20 | |
| A-1 |
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(Maximum Operating Expense Limit excluding acquired fund fees and expenses and certain other items such as interest, taxes and brokerage commissions)
ACTIVE 262403061
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| Maximum |
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Fund/Class |
| Operating | Date of | Effective Date |
June 30 FYE Funds |
| Expense Limit | Termination | of Waiver |
Victory INCORE Total Return Bond Fund – Class R6 | 0.58% | 31-Oct-21 | 1-Nov-20 | |
Victory INCORE Total Return Bond Fund – Class Y | 0.60% | 31-Oct-21 | 1-Nov-20 | |
Victory Integrity Discovery Fund – Class A | 1.66% | 31-Oct-21 | 1-Nov-20 | |
Victory Integrity Discovery Fund – Class C | 2.45% | 31-Oct-21 | 1-Nov-20 | |
Victory Integrity Discovery Fund – Class R | 2.08% | 31-Oct-21 | 1-Nov-20 | |
Victory Integrity Discovery Fund – Class Y | 1.44% | 31-Oct-21 | 1-Nov-20 | |
Victory Integrity Discovery Fund – Member Class | 1.50% | 31-Oct-21 | 10-Jun-20 | |
Victory Integrity Mid-Cap Value Fund – Class R6 | 0.60% | 31-Oct-21 | 1-Nov-20 | |
Victory Integrity Mid-Cap Value Fund – Class A | 1.00% | 31-Oct-21 | 1-Nov-20 | |
Victory Integrity Mid-Cap Value Fund – Class C | 1.75% | 31-Oct-21 | 1-Nov-20 | |
Victory Integrity Mid-Cap Value Fund – Class Y | 0.75% | 31-Oct-21 | 1-Nov-20 | |
Victory Integrity Mid-Cap Value Fund – Member | 0.85% | 31-Oct-21 | 10-June-20 | |
Class |
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Victory Integrity Small/Mid-Cap Value Fund – Class | 1.13% | 31-Oct-21 | 1-Nov-20 | |
A |
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Victory Integrity Small/Mid-Cap Value Fund – Class | 0.83% | 31-Oct-21 | 1-Nov-20 | |
R6 |
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Victory Integrity Small/Mid-Cap Value Fund – Class | 0.88% | 31-Oct-21 | 1-Nov-20 | |
Y |
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Victory Integrity Small/Mid-Cap Value Fund – | 0.95% | 31-Oct-21 | 10-Jun-20 | |
Member Class |
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Victory Integrity Small-Cap Value Fund – Class A | 1.50% | 31-Oct-21 | 1-Nov-20 | |
Victory Integrity Small-Cap Value Fund – Class C | 2.35% | 31-Oct-21 | 1-Nov-20 | |
Victory Integrity Small-Cap Value Fund – Class R | 1.75% | 31-Oct-21 | 1-Nov-20 | |
Victory Munder Mid-Cap Core Growth Fund – Class | 1.32% | 31-Oct-21 | 1-Nov-20 | |
A |
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Victory Munder Mid-Cap Core Growth Fund – Class | 2.12% | 31-Oct-21 | 1-Nov-20 | |
C |
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Victory Munder Mid-Cap Core Growth Fund – Class | 1.57% | 31-Oct-21 | 1-Nov-20 | |
R |
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Victory Munder Multi-Cap Fund – Class C | 2.16% | 31-Oct-21 | 1-Nov-20 | |
Victory Munder Small Cap Growth – Class A | 1.40% | 31-Oct-21 | 1-Nov-20 | |
Victory Munder Small Cap Growth – Class I | 1.15% | 31-Oct-21 | 1-Nov-20 | |
Victory Munder Small Cap Growth – Class Y | 1.25% | 31-Oct-21 | 1-Nov-20 | |
Victory Trivalent Emerging Markets Small-Cap Fund | 1.73% | 31-Oct-21 | 1-Nov-20 | |
– Class A |
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Victory Trivalent Emerging Markets Small-Cap Fund | 1.48% | 31-Oct-21 | 1-Nov-20 | |
– Class Y |
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Victory Trivalent International Fund—Core Equity – | 0.95% | 31-Oct-21 | 1-Nov-20 | |
Class A |
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Victory Trivalent International Fund—Core Equity – | 1.70% | 31-Oct-21 | 1-Nov-20 | |
Class C |
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A-2
(Maximum Operating Expense Limit excluding acquired fund fees and expenses and certain other items such as interest, taxes and brokerage commissions)
ACTIVE 262403061
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| Maximum |
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Fund/Class |
| Operating | Date of | Effective Date |
June 30 FYE Funds |
| Expense Limit | Termination | of Waiver |
Victory Trivalent International Fund—Core Equity – | 0.60% | 31-Oct-21 | 1-Nov-20 | |
Class I |
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Victory Trivalent International Fund—Core Equity – | 0.55% | 31-Oct-21 | 1-Nov-20 | |
Class R6 |
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Victory Trivalent International Fund—Core Equity – | 0.70% | 31-Oct-21 | 1-Nov-20 | |
Class Y |
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Victory Trivalent International Small-Cap Fund – | 1.35% | 31-Oct-21 | 1-Nov-20 | |
Class A |
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Victory Trivalent International Small-Cap Fund – | 2.10% | 31-Oct-21 | 1-Nov-20 | |
Class C |
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Victory Trivalent International Small-Cap Fund – | 0.95% | 31-Oct-21 | 1-Nov-20 | |
Class I |
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Victory Trivalent International Small-Cap Fund – | 1.10% | 31-Oct-21 | 1-Nov-20 | |
Class R6 |
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Victory Trivalent International Small-Cap Fund – | 1.10% | 31-Oct-21 | 1-Nov-20 | |
Class Y |
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| Maximum |
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Fund/Class | Operating | Date of | Effective Date |
December 31 FYE Funds | Expense Limit | Termination | of Waiver |
Victory Floating Rate Fund – Class A | 1.00% | 30-Apr-21 | 1-May-20 |
Victory Floating Rate Fund – Class C | 1.80% | 30-Apr-21 | 1-May-20 |
Victory Floating Rate Fund – Class R | 1.56% | 30-Apr-21 | 1-May-20 |
Victory Floating Rate Fund – Class Y | 0.78% | 30-Apr-21 | 1-May-20 |
Victory Floating Rate Fund – Member Class | 0.85% | 30-Apr-22 | 10-Jun-20 |
Victory Global Natural Resources Fund – Class A | 1.48% | 30-Apr-21 | 1-May-20 |
Victory Global Natural Resources Fund – Class C | 2.28% | 30-Apr-21 | 1-May-20 |
Victory Global Natural Resources Fund – Class R | 1.86% | 30-Apr-21 | 1-May-20 |
Victory Global Natural Resources Fund – Class Y | 1.15% | 30-Apr-21 | 1-May-20 |
Victory High Income Municipal Bond Fund – Class A | 0.80% | 30-Apr-21 | 1-May-20 |
Victory High Income Municipal Bond Fund – Class C | 1.57% | 30-Apr-21 | 1-May-20 |
Victory High Income Municipal Bond Fund – Class Y | 0.57% | 30-Apr-21 | 1-May-20 |
Victory High Income Municipal Bond Fund – | 0.65% | 30-Apr-22 | 10-Jun-20 |
Member Class |
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Victory High Yield Fund – Class A | 1.00% | 30-Apr-21 | 1-May-20 |
Victory High Yield Fund – Class C | 1.70% | 30-Apr-21 | 1-May-20 |
Victory High Yield Fund – Class R | 1.35% | 30-Apr-21 | 1-May-20 |
Victory High Yield Fund – Class Y | 0.76% | 30-Apr-21 | 1-May-20 |
Victory INCORE Investment Quality Bond Fund – | 0.90% | 30-Apr-21 | 1-May-20 |
Class A |
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Victory INCORE Investment Quality Bond Fund – | 1.77% | 30-Apr-21 | 1-May-20 |
Class C |
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A-3 |
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(Maximum Operating Expense Limit excluding acquired fund fees and expenses and certain other items such as interest, taxes and brokerage commissions)
ACTIVE 262403061
| Maximum |
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Fund/Class | Operating | Date of | Effective Date |
December 31 FYE Funds | Expense Limit | Termination | of Waiver |
Victory INCORE Investment Quality Bond Fund – | 1.30% | 30-Apr-21 | 1-May-20 |
Class R |
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Victory INCORE Investment Quality Bond Fund – | 0.66% | 30-Apr-21 | 1-May-20 |
Class Y |
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Victory INCORE Low Duration Bond Fund – Class A | 0.85% | 30-Apr-21 | 1-May-20 |
Victory INCORE Low Duration Bond Fund – Class C | 1.62% | 30-Apr-21 | 1-May-20 |
Victory INCORE Low Duration Bond Fund – Class R | 1.27% | 30-Apr-21 | 1-May-20 |
Victory INCORE Low Duration Bond Fund – Class Y | 0.62% | 30-Apr-21 | 1-May-20 |
Victory Sophus Emerging Markets Fund – Class A | 1.34% | 30-Apr-21 | 1-May-20 |
Victory Sophus Emerging Markets Fund – Class C | 2.14% | 30-Apr-21 | 1-May-20 |
Victory Sophus Emerging Markets Fund – Class R | 1.58% | 30-Apr-21 | 1-May-20 |
Victory Sophus Emerging Markets Fund – Class Y | 0.99% | 30-Apr-21 | 1-May-20 |
Victory Sophus Emerging Markets Fund – Class R6 | 0.89% | 30-Apr-21 | 1-May-20 |
Victory Sophus Emerging Markets Small Cap Fund – | 1.75% | 30-Apr-21 | 1-May-20 |
Class A |
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Victory Sophus Emerging Markets Small Cap Fund – | 2.50% | 30-Apr-21 | 1-May-20 |
Class C |
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Victory Sophus Emerging Markets Small Cap Fund – | 1.50% | 30-Apr-21 | 1-May-20 |
Class Y |
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Victory RS Global Fund – Class A | 0.85% | 30-Apr-21 | 1-May-20 |
Victory RS Global Fund – Class C | 1.60% | 30-Apr-21 | 1-May-20 |
Victory RS Global Fund – Class R | 1.10% | 30-Apr-21 | 1-May-20 |
Victory RS Global Fund – Class Y | 0.60% | 30-Apr-21 | 1-May-20 |
Victory RS Global Fund – Class R6 | 0.55% | 30-Apr-21 | 1-May-20 |
Victory RS Growth Fund – Class A | 1.10% | 30-Apr-21 | 1-May-20 |
Victory RS Growth Fund – Class C | 1.93% | 30-Apr-21 | 1-May-20 |
Victory RS Growth Fund – Class R | 1.71% | 30-Apr-21 | 1-May-20 |
Victory RS Growth Fund – Class Y | 0.83% | 30-Apr-21 | 1-May-20 |
Victory RS International Fund – Class A | 1.13% | 30-Apr-21 | 1-May-20 |
Victory RS International Fund – Class C | 1.88% | 30-Apr-21 | 1-May-20 |
Victory RS International Fund – Class R | 1.38% | 30-Apr-21 | 1-May-20 |
Victory RS International Fund – Class Y | 0.88% | 30-Apr-21 | 1-May-20 |
Victory RS International Fund – Class R6 | 0.83% | 30-Apr-21 | 1-May-20 |
Victory RS Investors Fund – Class A | 1.33% | 30-Apr-21 | 1-May-20 |
Victory RS Investors Fund – Class C | 2.07% | 30-Apr-21 | 1-May-20 |
Victory RS Investors Fund – Class R | 1.95% | 30-Apr-21 | 1-May-20 |
Victory RS Investors Fund – Class Y | 1.05% | 30-Apr-21 | 1-May-20 |
Victory RS Large Cap Alpha Fund – Class A | 0.89% | 30-Apr-21 | 1-May-20 |
Victory RS Large Cap Alpha Fund – Class C | 1.69% | 30-Apr-21 | 1-May-20 |
Victory RS Large Cap Alpha Fund – Class R | 1.26% | 30-Apr-21 | 1-May-20 |
Victory RS Large Cap Alpha Fund – Class Y | 0.68% | 30-Apr-21 | 1-May-20 |
Victory RS Mid Cap Growth Fund – Class A | 1.20% | 30-Apr-21 | 1-May-20 |
A-4 |
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(Maximum Operating Expense Limit excluding acquired fund fees and expenses and certain other items such as interest, taxes and brokerage commissions)
ACTIVE 262403061
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| Maximum |
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Fund/Class |
| Operating | Date of | Effective Date |
December 31 FYE Funds |
| Expense Limit | Termination | of Waiver |
Victory RS Mid Cap Growth Fund – Class C | 2.11% | 30-Apr-21 | 1-May-20 | |
Victory RS Mid Cap Growth Fund – Class R | 1.80% | 30-Apr-21 | 1-May-20 | |
Victory RS Mid Cap Growth Fund – Class Y | 0.95% | 30-Apr-21 | 1-May-20 | |
Victory RS Mid Cap Growth Fund – Class R6 | 0.94% | 30-Apr-21 | 1-May-20 | |
Victory RS Mid Cap Growth Fund – Member Class | 1.05% | 30-Apr-22 | 10-Jun-20 | |
Victory RS Partners Fund – Class A | 1.45% | 30-Apr-21 | 1-May-20 | |
Victory RS Partners Fund – Class R | 1.81% | 30-Apr-21 | 1-May-20 | |
Victory RS Partners Fund – Class Y | 1.12% | 30-Apr-21 | 1-May-20 | |
Victory RS Partners Fund – Member Class | 1.25% | 30-Apr-22 | 10-Jun-20 | |
Victory RS Science and Technology Fund – Class A | 1.49% | 30-Apr-21 | 1-May-20 | |
Victory RS Science and Technology Fund – Class C | 2.28% | 30-Apr-21 | 1-May-20 | |
Victory RS Science and Technology Fund – Class R | 1.93% | 30-Apr-21 | 1-May-20 | |
Victory RS Science and Technology Fund – Class Y | 1.24% | 30-Apr-21 | 1-May-20 | |
Victory RS Select Growth Fund – Class A | 1.40% | 30-Apr-21 | 1-May-20 | |
Victory RS Select Growth Fund – Class C | 2.18% | 30-Apr-21 | 1-May-20 | |
Victory RS Select Growth Fund – Class R | 1.91% | 30-Apr-21 | 1-May-20 | |
Victory RS Select Growth Fund – Class Y | 1.14% | 30-Apr-21 | 1-May-20 | |
Victory RS Select Growth Fund – Class R6 | 1.06% | 30-Apr-21 | 1-May-20 | |
Victory RS Small Cap Equity Fund – Class A | 1.35% | 30-Apr-21 | 1-May-20 | |
Victory RS Small Cap Equity Fund – Class C | 2.10% | 30-Apr-21 | 1-May-20 | |
Victory RS Small Cap Equity Fund – Class R | 1.75% | 30-Apr-21 | 1-May-20 | |
Victory RS Small Cap Equity Fund – Class Y | 1.10% | 30-Apr-21 | 1-May-20 | |
Victory RS Small Cap Equity Fund – Member Class | 1.15% | 30-Apr-22 | 10-Jun-20 | |
Victory RS Small Cap Growth Fund – Class A | 1.40% | 30-Apr-21 | 1-May-20 | |
Victory RS Small Cap Growth Fund – Class C | 2.16% | 30-Apr-21 | 1-May-20 | |
Victory RS Small Cap Growth Fund – Class R | 1.86% | 30-Apr-21 | 1-May-20 | |
Victory RS Small Cap Growth Fund – Class Y | 1.13% | 30-Apr-21 | 1-May-20 | |
Victory RS Small Cap Growth Fund – Class R6 | 1.06% | 30-Apr-21 | 1-May-20 | |
Victory RS Value Fund – Class A | 1.30% | 30-Apr-21 | 1-May-20 | |
Victory RS Value Fund – Class C | 2.07% | 30-Apr-21 | 1-May-20 | |
Victory RS Value Fund – Class R | 1.69% | 30-Apr-21 | 1-May-20 | |
Victory RS Value Fund – Class Y | 1.06% | 30-Apr-21 | 1-May-20 | |
Victory Strategic Income Fund – Class A | 0.95% | 30-Apr-21 | 1-May-20 | |
Victory Strategic Income Fund – Class C | 1.74% | 30-Apr-21 | 1-May-20 | |
Victory Strategic Income Fund – Class R | 1.34% | 30-Apr-21 | 1-May-20 | |
Victory Strategic Income Fund – Class Y | 0.74% | 30-Apr-21 | 1-May-20 | |
Victory Tax-Exempt Fund – Class A | 0.80% | 30-Apr-21 | 1-May-20 | |
Victory Tax-Exempt Fund – Class C | 1.60% | 30-Apr-21 | 1-May-20 | |
Victory Tax-Exempt Fund – Class Y | 0.69% | 30-Apr-21 | 1-May-20 |
A-5
(Maximum Operating Expense Limit excluding acquired fund fees and expenses and certain other items such as interest, taxes and brokerage commissions)
ACTIVE 262403061