SCHEDULE A TO THE EXPENSE LIMITATION AGREEMENT DATED AUGUST 1, 2013 BETWEEN VICTORY PORTFOLIOS AND VICTORY CAPITAL MANAGEMENT INC. OPERATING EXPENSE LIMITS AS OF NOVEMBER 1, 2019

Exhibit 99.B(h)(5)(b)

 

SCHEDULE A

 

TO THE EXPENSE LIMITATION AGREEMENT DATED AUGUST 1, 2013

BETWEEN

VICTORY PORTFOLIOS AND VICTORY CAPITAL MANAGEMENT INC.

 

OPERATING EXPENSE LIMITS AS OF NOVEMBER 1, 2019

 

Fund/Class
October 31 FYE Funds

 

Maximum
Operating
Expense Limit

 

Date of
Termination

 

Effective Date
of Waiver

 

Victory Diversified Stock — Class R6

 

0.78

%

29-Feb-20

 

1-Mar-19

 

Victory Diversified Stock — Class Y

 

0.86

%

29-Feb-20

 

1-Mar-19

 

Victory INCORE Fund for Income — A

 

0.91

%

29-Feb-20

 

1-Mar-19

 

Victory INCORE Fund for Income — C

 

1.71

%

29-Feb-20

 

1-Mar-19

 

Victory INCORE Fund for Income — I

 

0.64

%

29-Feb-20

 

1-Mar-19

 

Victory INCORE Fund for Income - R

 

0.91

%

29-Feb-20

 

1-Mar-19

 

Victory INCORE Fund for Income — Class R6

 

0.63

%

29-Feb-20

 

1-Mar-19

 

Victory INCORE Fund for Income — Class Y

 

0.71

%

29-Feb-20

 

1-Mar-19

 

Victory NewBridge Large Cap Growth — Class A

 

1.36

%

29-Feb-20

 

1-Mar-19

 

Victory NewBridge Large Cap Growth — Class C

 

2.10

%

29-Feb-20

 

1-Mar-19

 

Victory NewBridge Large Cap Growth — Class I

 

0.95

%

29-Feb-20

 

1-Mar-19

 

Victory NewBridge Large Cap Growth — Class R

 

1.65

%

29-Feb-20

 

1-Mar-19

 

Victory NewBridge Large Cap Growth — Class Y

 

1.02

%

29-Feb-20

 

1-Mar-19

 

Victory Special Value — Class C

 

2.20

%

29-Feb-20

 

1-Mar-19

 

Victory Special Value — Class I

 

1.15

%

29-Feb-20

 

1-Mar-19

 

Victory Special Value — Class Y

 

1.10

%

29-Feb-20

 

1-Mar-19

 

Victory Sycamore Established Value — Class C

 

1.84

%

29-Feb-20

 

1-Mar-19

 

Victory Sycamore Small Company Opportunity — Class Y

 

1.15

%

29-Feb-20

 

1-Mar-19

 

 

Fund/Class
June 30 FYE Funds

 

Maximum
Operating
Expense Limit

 

Date of
Termination

 

Effective Date
of Waiver

 

Victory INCORE Total Return Bond Fund — Class A

 

0.85

%

31-Oct-20

 

1-Nov-19

 

Victory INCORE Total Return Bond Fund — Class C

 

1.60

%

31-Oct-20

 

1-Nov-19

 

Victory INCORE Total Return Bond Fund — Class R6

 

0.58

%

31-Oct-20

 

1-Nov-19

 

Victory INCORE Total Return Bond Fund — Class Y

 

0.60

%

31-Oct-20

 

1-Nov-19

 

Victory Integrity Discovery Fund — Class R

 

2.08

%

31-Oct-20

 

1-Nov-19

 

Victory Integrity Mid-Cap Value Fund — Class R6

 

0.60

%

31-Oct-20

 

1-Nov-19

 

Victory Integrity Mid-Cap Value Fund — Class A

 

1.00

%

31-Oct-20

 

1-Nov-19

 

Victory Integrity Mid-Cap Value Fund — Class C

 

1.75

%

31-Oct-20

 

22-Apr-19

 

 

(Maximum Operating Expense Limit excluding acquired fund fees and expenses and certain other items such as interest, taxes and brokerage commissions)

 

A-1

 

Fund/Class
June 30 FYE Funds

 

Maximum
Operating
Expense Limit

 

Date of
Termination

 

Effective Date
of Waiver

 

Victory Integrity Mid-Cap Value Fund — Class Y

 

0.75

%

31-Oct-20

 

1-Nov-19

 

Victory Integrity Small/Mid-Cap Value Fund — Class A

 

1.13

%

31-Oct-20

 

1-Nov-19

 

Victory Integrity Small/Mid-Cap Value Fund — Class R6

 

0.83

%

31-Oct-20

 

1-Nov-19

 

Victory Integrity Small/Mid-Cap Value Fund — Class Y

 

0.88

%

31-Oct-20

 

1-Nov-19

 

Victory Integrity Small-Cap Value Fund — Class A

 

1.50

%

31-Oct-20

 

1-Nov-19

 

Victory Integrity Small-Cap Value Fund — Class R

 

1.75

%

31-Oct-20

 

1-Nov-19

 

Victory Munder Mid-Cap Core Growth Fund — Class A

 

1.32

%

31-Oct-20

 

1-Nov-19

 

Victory Munder Mid-Cap Core Growth Fund — Class R

 

1.57

%

31-Oct-20

 

1-Nov-19

 

Victory Munder Multi-Cap Fund — Class R

 

1.88

%

31-Oct-20

 

1-Nov-19

 

Victory Munder Small Cap Growth — Class A

 

1.40

%

31-Oct-20

 

1-Nov-19

 

Victory Munder Small Cap Growth — Class I

 

1.15

%

31-Oct-20

 

1-Nov-19

 

Victory Munder Small Cap Growth — Class Y

 

1.25

%

31-Oct-20

 

1-Nov-19

 

Victory Trivalent Emerging Markets Small-Cap Fund — Class A

 

1.73

%

31-Oct-20

 

1-Nov-19

 

Victory Trivalent Emerging Markets Small-Cap Fund — Class Y

 

1.48

%

31-Oct-20

 

1-Nov-19

 

Victory Trivalent International Fund—Core Equity — Class A

 

0.95

%

31-Oct-20

 

1-Nov-19

 

Victory Trivalent International Fund—Core Equity — Class C

 

1.70

%

31-Oct-20

 

1-Jun-19

 

Victory Trivalent International Fund—Core Equity — Class I

 

0.60

%

31-Oct-20

 

1-Nov-19

 

Victory Trivalent International Fund—Core Equity — Class R6

 

0.55

%

31-Oct-20

 

1-Nov-19

 

Victory Trivalent International Fund—Core Equity — Class Y

 

0.70

%

31-Oct-20

 

1-Nov-19

 

Victory Trivalent International Small-Cap Fund — Class A

 

1.35

%

31-Oct-20

 

1-Nov-19

 

Victory Trivalent International Small-Cap Fund — Class C

 

2.10

%

31-Oct-20

 

1-Nov-19

 

Victory Trivalent International Small-Cap Fund — Class I

 

0.95

%

31-Oct-20

 

1-Nov-19

 

Victory Trivalent International Small-Cap Fund — Class R6

 

1.10

%

31-Oct-20

 

1-Nov-19

 

Victory Trivalent International Small-Cap Fund — Class Y

 

1.10

%

31-Oct-20

 

1-Nov-19

 

 

A-2

 

Fund/Class
December 31 FYE Funds

 

Maximum
Operating
Expense Limit

 

Date of
Termination

 

Effective Date
of Waiver

 

Victory Floating Rate Fund — Class A

 

1.00

%

30-Apr-20

 

1-May-19

 

Victory Floating Rate Fund — Class C

 

1.80

%

30-Apr-20

 

1-May-19

 

Victory Floating Rate Fund — Class R

 

1.56

%

30-Apr-20

 

1-May-19

 

Victory Floating Rate Fund — Class Y

 

0.78

%

30-Apr-20

 

1-May-19

 

Victory Global Natural Resources Fund — Class A

 

1.48

%

30-Apr-20

 

1-May-19

 

Victory Global Natural Resources Fund — Class C

 

2.28

%

30-Apr-20

 

1-May-19

 

Victory Global Natural Resources Fund — Class R

 

1.86

%

30-Apr-20

 

1-May-19

 

Victory Global Natural Resources Fund — Class Y

 

1.15

%

30-Apr-20

 

1-May-19

 

Victory High Income Municipal Bond Fund — Class A

 

0.80

%

30-Apr-20

 

1-May-19

 

Victory High Income Municipal Bond Fund — Class C

 

1.57

%

30-Apr-20

 

1-May-19

 

Victory High Income Municipal Bond Fund — Class Y

 

0.57

%

30-Apr-20

 

1-May-19

 

Victory High Yield Fund — Class A

 

1.00

%

30-Apr-20

 

1-May-19

 

Victory High Yield Fund — Class C

 

1.70

%

30-Apr-20

 

1-May-19

 

Victory High Yield Fund — Class R

 

1.35

%

30-Apr-20

 

1-May-19

 

Victory High Yield Fund — Class Y

 

0.76

%

30-Apr-20

 

1-May-19

 

Victory INCORE Investment Quality Bond Fund — Class A

 

0.90

%

30-Apr-20

 

1-May-19

 

Victory INCORE Investment Quality Bond Fund — Class C

 

1.77

%

30-Apr-20

 

1-May-19

 

Victory INCORE Investment Quality Bond Fund — Class R

 

1.30

%

30-Apr-20

 

1-May-19

 

Victory INCORE Investment Quality Bond Fund — Class Y

 

0.66

%

30-Apr-20

 

1-May-19

 

Victory INCORE Low Duration Bond Fund — Class A

 

0.85

%

30-Apr-20

 

1-May-19

 

Victory INCORE Low Duration Bond Fund — Class C

 

1.62

%

30-Apr-20

 

1-May-19

 

Victory INCORE Low Duration Bond Fund — Class R

 

1.27

%

30-Apr-20

 

1-May-19

 

Victory INCORE Low Duration Bond Fund — Class Y

 

0.62

%

30-Apr-20

 

1-May-19

 

Victory Xxxxxx Emerging Markets Fund — Class A

 

1.34

%

30-Apr-20

 

1-May-19

 

Victory Xxxxxx Emerging Markets Fund — Class C

 

2.14

%

30-Apr-20

 

1-May-19

 

Victory Xxxxxx Emerging Markets Fund — Class R

 

1.58

%

30-Apr-20

 

1-May-19

 

Victory Xxxxxx Emerging Markets Fund — Class Y

 

0.99

%

30-Apr-20

 

1-May-19

 

Victory Xxxxxx Emerging Markets Fund — Class R6

 

0.89

%

30-Apr-20

 

1-May-19

 

Victory Xxxxxx Emerging Markets Small Cap Fund — Class A

 

1.75

%

30-Apr-20

 

1-May-19

 

Victory Xxxxxx Emerging Markets Small Cap Fund — Class C

 

2.50

%

30-Apr-20

 

1-May-19

 

Victory Xxxxxx Emerging Markets Small Cap Fund — Class Y

 

1.50

%

30-Apr-20

 

1-May-19

 

Victory RS Global Fund — Class A

 

0.85

%

30-Apr-20

 

1-May-19

 

 

A-3

 

Fund/Class
December 31 FYE Funds

 

Maximum
Operating
Expense Limit

 

Date of
Termination

 

Effective Date
of Waiver

 

Victory RS Global Fund — Class C

 

1.60

%

30-Apr-20

 

1-May-19

 

Victory RS Global Fund — Class R

 

1.10

%

30-Apr-20

 

1-May-19

 

Victory RS Global Fund — Class Y

 

0.60

%

30-Apr-20

 

1-May-19

 

Victory RS Global Fund — Class R6

 

0.55

%

30-Apr-20

 

22-Apr-19

 

Victory RS Growth Fund — Class A

 

1.10

%

30-Apr-20

 

1-May-19

 

Victory RS Growth Fund — Class C

 

1.93

%

30-Apr-20

 

1-May-19

 

Victory RS Growth Fund — Class R

 

1.71

%

30-Apr-20

 

1-May-19

 

Victory RS Growth Fund — Class Y

 

0.83

%

30-Apr-20

 

1-May-19

 

Victory RS International Fund — Class A

 

1.13

%

30-Apr-20

 

1-May-19

 

Victory RS International Fund — Class C

 

1.88

%

30-Apr-20

 

1-May-19

 

Victory RS International Fund — Class R

 

1.38

%

30-Apr-20

 

1-May-19

 

Victory RS International Fund — Class Y

 

0.88

%

30-Apr-20

 

1-May-19

 

Victory RS International Fund — Class R6

 

0.83

%

30-Apr-20

 

22-Apr-19

 

Victory RS Investors Fund — Class A

 

1.33

%

30-Apr-20

 

1-May-19

 

Victory RS Investors Fund — Class C

 

2.07

%

30-Apr-20

 

1-May-19

 

Victory RS Investors Fund — Class R

 

1.95

%

30-Apr-20

 

1-May-19

 

Victory RS Investors Fund — Class Y

 

1.05

%

30-Apr-20

 

1-May-19

 

Victory RS Large Cap Alpha Fund — Class A

 

0.89

%

30-Apr-20

 

1-May-19

 

Victory RS Large Cap Alpha Fund — Class C

 

1.69

%

30-Apr-20

 

1-May-19

 

Victory RS Large Cap Alpha Fund — Class R

 

1.26

%

30-Apr-20

 

1-May-19

 

Victory RS Large Cap Alpha Fund — Class Y

 

0.68

%

30-Apr-20

 

1-May-19

 

Victory RS Mid Cap Growth Fund — Class A

 

1.20

%

30-Apr-20

 

1-May-19

 

Victory RS Mid Cap Growth Fund — Class C

 

2.11

%

30-Apr-20

 

1-May-19

 

Victory RS Mid Cap Growth Fund — Class R

 

1.80

%

30-Apr-20

 

1-May-19

 

Victory RS Mid Cap Growth Fund — Class Y

 

0.95

%

30-Apr-20

 

1-May-19

 

Victory RS Mid Cap Growth Fund — Class R6

 

0.94

%

30-Apr-20

 

1-May-19

 

Victory RS Partners Fund — Class A

 

1.45

%

30-Apr-20

 

1-May-19

 

Victory RS Partners Fund — Class R

 

1.81

%

30-Apr-20

 

1-May-19

 

Victory RS Partners Fund — Class Y

 

1.12

%

30-Apr-20

 

1-May-19

 

Victory RS Science and Technology Fund — Class A

 

1.49

%

30-Apr-20

 

1-May-19

 

Victory RS Science and Technology Fund — Class C

 

2.28

%

30-Apr-20

 

1-May-19

 

Victory RS Science and Technology Fund — Class R

 

1.93

%

30-Apr-20

 

1-May-19

 

Victory RS Science and Technology Fund — Class Y

 

1.24

%

30-Apr-20

 

1-May-19

 

Victory RS Select Growth Fund — Class A

 

1.40

%

30-Apr-20

 

1-May-19

 

Victory RS Select Growth Fund — Class C

 

2.18

%

30-Apr-20

 

1-May-19

 

Victory RS Select Growth Fund — Class R

 

1.91

%

30-Apr-20

 

1-May-19

 

Victory RS Select Growth Fund — Class Y

 

1.14

%

30-Apr-20

 

1-May-19

 

Victory RS Select Growth Fund — Class R6

 

1.06

%

30-Apr-20

 

1-May-19

 

Victory RS Small Cap Equity Fund — Class A

 

1.35

%

30-Apr-20

 

1-May-19

 

Victory RS Small Cap Equity Fund — Class C

 

2.10

%

30-Apr-20

 

1-May-19

 

 

A-4

 

Fund/Class
December 31 FYE Funds

 

Maximum
Operating
Expense Limit

 

Date of
Termination

 

Effective Date
of Waiver

 

Victory RS Small Cap Equity Fund — Class R

 

1.75

%

30-Apr-20

 

1-May-19

 

Victory RS Small Cap Equity Fund — Class Y

 

1.10

%

30-Apr-20

 

1-May-19

 

Victory RS Small Cap Growth Fund — Class A

 

1.40

%

30-Apr-20

 

1-May-19

 

Victory RS Small Cap Growth Fund — Class C

 

2.16

%

30-Apr-20

 

1-May-19

 

Victory RS Small Cap Growth Fund — Class R

 

1.86

%

30-Apr-20

 

1-May-19

 

Victory RS Small Cap Growth Fund — Class Y

 

1.13

%

30-Apr-20

 

1-May-19

 

Victory RS Small Cap Growth Fund — Class R6

 

1.06

%

30-Apr-20

 

1-May-19

 

Victory RS Value Fund — Class A

 

1.30

%

30-Apr-20

 

1-May-19

 

Victory RS Value Fund — Class C

 

2.07

%

30-Apr-20

 

1-May-19

 

Victory RS Value Fund — Class R

 

1.69

%

30-Apr-20

 

1-May-19

 

Victory RS Value Fund — Class Y

 

1.06

%

30-Apr-20

 

1-May-19

 

Victory Strategic Income Fund — Class A

 

0.95

%

30-Apr-20

 

1-May-19

 

Victory Strategic Income Fund — Class C

 

1.74

%

30-Apr-20

 

1-May-19

 

Victory Strategic Income Fund — Class R

 

1.34

%

30-Apr-20

 

1-May-19

 

Victory Strategic Income Fund — Class Y

 

0.74

%

30-Apr-20

 

1-May-19

 

Victory Tax-Exempt Fund — Class A

 

0.80

%

30-Apr-20

 

1-May-19

 

Victory Tax-Exempt Fund — Class C

 

1.60

%

30-Apr-20

 

1-May-19

 

Victory Tax-Exempt Fund — Class Y

 

0.69

%

30-Apr-20

 

1-May-19

 

 

A-5

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Filed: October 25th, 2019
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