THE MASTER GLOBAL CUSTODIAL SERVICES AGREEMENT

 

Amendment and Joinder TO  

THE MASTER GLOBAL CUSTODIAL SERVICES AGREEMENT 

This Amendment and Joinder is made on December 2, 2020 (“Amendment”) by and between, severally and not jointly, (i) Victory Portfolios, Victory Portfolios II, and Victory Variable Insurance Funds, each a Delaware Statutory Trust (each, a “Trust”) on behalf of each Fund listed underneath the name of that Trust, severally and not jointly (each a “Fund” and collectively, with each Trust, acting on behalf of such Funds, the “Client”), and (ii) Citibank, N.A., acting as global custodian through its offices located in New York (“Custodian”). 

RECITALS 

WHEREAS, reference is hereby made to that certain Master Global Custodial Services Agreement, dated as of August 19, 2015 (as amended, restated, supplemented or otherwise modified from time to time) (the “Custody Agreement”) by and between (i) the Custodian and (ii) Victory Portfolios, Victory Portfolios II, and Victory Variable Insurance Funds the Funds in the then-listed Funds Appendix, (collectively, “Original Client”), together with any other entity who may become a party thereto from time to time pursuant to a separate joinder or amendment;  

WHEREAS, Victory Portfolios and Victory Portfolios II wish to obtain custodial services for each respective New Fund from the Custodian under precisely the same terms and conditions as agreed to between the Original Client and the Custodian under the Custody Agreement; and  

WHEREAS, (i) the Custodian and (ii) Victory Portfolios and Victory Portfolios II wish to terminate the Custody Agreement as it relates to each certain funds that have ceased operations and liquidated (“Liquidated Funds”) and to remove those Liquidated Funds from the Fund Appendix; and 

WHEREAS, the parties wish to replace the existing Funds Appendix to reflect the addition of the New Funds and the removal of the Liquidated Funds. 

NOW, THEREFORE, in consideration of the mutual covenants and promises hereinafter contained and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows: 

1 ADDITION OF VICTORY PORTFOLIOS FUND 

1.1 The Custodian agrees to provide global custodial services to Victory Portfolios, on behalf of each respective New Fund, and agrees, pending the launch of the New Fund, to be bound by the terms, conditions, and provisions of the Custody Agreement as if signed directly and separately between (i) the Custodian and (ii) Victory Portfolios, on behalf of each New Fund. 

1.2 The following Fund is added to the Funds Appendix under “Victory Portfolios” (each also a “New Fund”): 

Victory THB US Small Opportunities Fund 

1.3 Victory Portfolios II, on behalf of each respective New Fund, (i) confirms that it has received a copy of the Custody Agreement, Amendment and Joinder dated August 19, 2015, Amendment and Joinder dated July 18, 2016, Amendment and Joinder dated August 24, 2016 and Amendment and Joinder dated February 27, 2017, (ii) agrees and confirms that, by its execution of this Amendment, each shall (a) be automatically deemed to be a party to the Custody Agreement, separate and independent from the Original Client or any other entity who becomes a party pursuant to any other joinder or amendment and (b) have all of the rights and obligations of a Client thereunder as if it had executed the Custody Agreement as the Original Client, and (iii) ratifies as of the date hereof, and agrees to be bound by, all of the terms, provisions, and conditions contained in the Custody Agreement applicable to it to the same effect as if it was an original party thereto. 

1.4 For the sake of clarity, Victory Portfolios, on behalf of each respective New Fund, and the Custodian each hereby makes the representations and warranties required by such party contained in Section 9 of the Custody Agreement as of the date of this Amendment and as if such representations and warranties were applicable to it. 

2 TERMINATION OF CUSTODY AGREEMENT FOR CERTAIN VICTORY VARIABLE INSURANCE FUNDS 

2.1 Victory Variable Insurance Funds, on behalf of certain Liquidated Funds, and the Custodian hereby agree that the Custody Agreement is terminated as it relates to each Liquidated Fund. 

2.2 The following fund (a “Liquidated Fund”), previously listed under “Victory Variable Insurance Funds” on the  

fund Appendix is hereby removed from the Fund Appendix.  

Victory Variable Insurance Diversified Stock Fund 

2.3 For the sake of clarity, nothing in this Clause 1 shall affect the Custody Agreement between the Custodian  

And (i) Victory Variable Insurance Funds, on behalf of any other Fund listed under “Victory Variable Insurance Funds” on the Fund Appendix or (ii) any other entity or portfolio identified as a “Client” in the Custody Agreement (or under any related Custodial Services Election Agreement or Joinder Agreement) and the Custody Agreement shall continue in full force and effect as between the Custodian and Victory Variable Insurance Funds, on behalf of each Fund not identified as a Liquidated Fund. 

2.4 The Custodian and Victory Variable Insurance Funds, on behalf of each Liquidated Fund, agree to (i) waive  

the sixty (60) day notice of termination required under Clause 19 of the Custody Agreement and (ii) terminate the Custody Agreement with respect to the Liquidated Fund as of the date of this Amendment. 

3 NAME CHANGE OF VICTORY PORTFOLIO II ETF 

3.1 The Custodian agrees to provide global custodial services to Victory Portfolios II, on behalf of each respective Fund, under and agrees, as of the dates hereof, to be bound by the terms, conditions, and provisions of the Custody Agreement as if signed directly and separately between (i) the Custodian and (ii) Victory Portfolios II, on behalf of each New Fund. 

3.2 The following fund is changed on the Funds Appendix from VictoryShares Defend America ETF under “Victory Portfolios II” 

VictoryShares Protect America ETF 

3.3 Victory Portfolios II, on behalf of each respective Fund, (i) confirms that it has received a copy of the Custody Agreement, Amendment and Joinder dated August 19, 2015, Amendment and Joinder dated July 18, 2016, Amendment and Joinder dated August 24, 2016 and Amendment and Joinder dated February 27, 2017, (ii) agrees and confirms that, by its execution of this Amendment, each shall (a) be automatically deemed to be a party to the Custody Agreement, separate and independent from the Original Client or any other entity who becomes a party pursuant to any other joinder or amendment and (b) have all of the rights and obligations of a Client thereunder as if it had executed the Custody Agreement as the Original Client, and (iii) ratifies as of the date hereof, and agrees to be bound by, all of the terms, provisions, and conditions contained in the Custody Agreement applicable to it to the same effect as if it was an original party thereto. 

3.4 For the sake of clarity, Victory Portfolios II, on behalf of each respective Fund, and the Custodian each hereby makes the representations and warranties required by such party contained in Section 9 of the Custody Agreement as of the date of this Amendment and as if such representations and warranties were applicable to it.  

4 NEW FUNDS APPENDIX.  The Funds Appendix is deleted and replaced in its entirety with the Funds Appendix attached hereto as Exhibit 1. 

5 Miscellaneous. 

6 This Amendment and the rights and obligations of the parties hereunder shall be governed by and construed in accordance with the internal laws (and not the law of conflicts) of the jurisdiction of the State of New York.  

6 This Amendment supplements and amends the Custody Agreement.  The provisions set forth in this Amendment supersede all prior negotiations, understandings and agreements bearing upon the subject matter covered herein. 

6 Paragraph headings in this Amendment are included for convenience only and are not to be used to construe or interpret this Amendment. 

6 This Amendment may be executed in counterparts, each of which shall be an original but all of which, taken together, shall constitute one and the same agreement. 

6 In the event the Custody Agreement is terminated between the Custodian and a Client under the Custody Agreement, the Custody Agreement as in effect between the Custodian and the remaining Clients shall continue in full force and effect unless and until either party hereto terminates such agreement in accordance with the terms therein. 

6 The terms “Victory Portfolios”, “Victory Portfolios II” and “Victory Variable Insurance Funds” refer to the trusts created under the Trust Instruments and Amended and Restated Agreement and Declaration of Trust, as amended, as applicable, to which reference is hereby made and copies of which are on file at the office of the Secretary of State of the State of Delaware, such reference being inclusive of any and all amendments thereto so filed or hereafter filed.  The obligations of Victory Portfolios, Victory Portfolios II and Victory Variable Insurance Funds entered into in the name or on behalf thereof by any of their Trustees, representatives or agents are not made individually, but in such capacities and are not binding upon any of the Trustees, shareholders or representatives of the Trust personally, but bind only the assets of the Trust.  All persons dealing with a Trust or a Fund must look solely to the assets of that Trust or that Fund severally, and not jointly, for the enforcement of any claims against a Trust or Fund.  The Custody Agreement is made by Victory Portfolios, Victory Portfolios II and Victory Variable Insurance Funds each on behalf of their Funds listed on the Funds Appendix, severally and not jointly, and the assets of any one Fund or Trust shall not be used to offset the liabilities of any other Fund or Trust. 

6 The Custodian shall at all times provide its services in a manner materially consistent with each Fund’s current registration statement, on condition that the Custodian receives such registration statement and any amendments reasonably prior to filing with the Securities and Exchange Commission, and the applicable services have been mutually agreed to by the Custodian and the Client on behalf of each Fund, as applicable. 

* * * 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed all as of the day and year first above written. 

CITIBANK, N.A. VICTORY PORTFOLIOS ACTING FOR AND ON 

BEHALF OF EACH FUND, SEVERALLY AND NOT 

JOINTLY 

By: /s/ Xxxxxxx Xxxxx By: /s/ Xxxxxxxxxxx Xxxx  

Name: Xxxxxxx Xxxxx Name:   Xxxxxxxxxxx Xxxx 

Title: Vice President Title:   President 

VICTORY PORTFOLIOS II ACTING FOR AND ON VICTORY VARIBALE INSURANCE FUNDS ACTING FOR 

BEHALF OF EACH FUND, SEVERALLY AND NOT AND ON BEHALF OF EACH FUND, SEVERALLY AND NOT  

JOINTLY JOINTLY 

By: /s/ Xxxxxxxxxxx Xxxx By: /s/ Xxxxxxxxxxx Xxxx  

Name:  Xxxxxxxxxxx Xxxx Name:     Xxxxxxxxxxx Xxxx 

Title: President Title:  President 

A. Victory Portfolios
7.Victory Sycamore Established Value Fund  8.Victory Diversified Stock Fund  9.Victory Strategic Allocation Fund   10.Victory NewBridge Large Cap Growth Fund  11.Victory Sycamore Small Company Opportunity Fund  12.Victory Special Value Fund  13.Victory INCORE Fund for Income   14.Victory INCORE Investment Grade Convertible Fund  15.Victory Integrity Discovery Fund  16.Victory Integrity Mid-Cap Value Fund  17.Victory Integrity Small/Mid-Cap Value Fund  18.Victory Integrity Small-Cap Value Fund  19.Victory Munder Multi-Cap Fund  20.Victory S&P 500 Index Fund  21.Victory Munder Mid-Cap Core Growth Fund  22.Victory INCORE Total Return Bond Fund  23.Victory Munder Small Cap Growth Fund  24.Victory Trivalent International Fund—Core Equity  25.Victory Trivalent International Small-Cap Fund  26.Victory Trivalent Emerging Markets Small-Cap Fund   27.Victory Floating Rate Fund  28.Victory Global Natural Resources Fund	29.Victory High Income Municipal Bond Fund  30.Victory High Yield Fund  31.Victory INCORE Investment Quality Bond Fund  32.Victory INCORE Low Duration Bond Fund  33.Victory RS Global Fund  34.Victory RS Growth Fund  35.Victory RS International Fund  36.Victory RS Investors Fund  37.Victory RS Large Cap Alpha Fund  38.Victory RS Mid Cap Growth Fund  39.Victory RS Partners Fund  40.Victory RS Science and Technology Fund  41.Victory RS Select Growth Fund  42.Victory RS Small Cap Equity Fund  43.Victory RS Small Cap Growth Fund  44.Victory RS Value Fund  45.Victory Xxxxxx Emerging Markets Fund  46.Victory Xxxxxx Emerging Markets Small Cap Fund  47.Victory Strategic Income Fund  48.Victory Tax-Exempt Fund  49.Victory THB US Small Opportunities Fund*
A. Victory Portfolios II	B.Victory Variable Insurance Funds
50.Victory US 500 Enhanced Volatility Wtd Index Fund  51.Victory Market Neutral Income Fund  52.VictoryShares US 500 Volatility Wtd ETF  53.VictoryShares US 500 Enhanced Volatility Wtd ETF  54.VictoryShares US EQ Income Enhanced Volatility Wtd ETF  55.VictoryShares US Discovery Enhanced Volatility Wtd ETF  56.VictoryShares Developed Enhanced Volatility Wtd ETF  57.VictoryShares US Small Cap Volatility Wtd ETF  58.VictoryShares International Volatility Wtd ETF  59.VictoryShares Emerging Market Volatility Wtd ETF  60.VictoryShares US High Dividend Volatility Wtd ETF  61.VictoryShares US Small Cap High Div Volatility Wtd ETF  62.VictoryShares International High Div Volatility Wtd ETF  63.VictoryShares Emerging Market High Div Volatility Wtd ETF  64.VictoryShares US Multi-Factor Minimum Volatility ETF  65.VictoryShares Global Multi-Factor Minimum Volatility ETF*   66.VictoryShares International Multi-Factor Minimum Volatility ETF*  67.VictoryShares Dividend Accelerator ETF  68.VictoryShares USAA MSCI USA Value Momentum ETF  69.VictoryShares USAA MSCI USA Small Cap Value Momentum ETF  70.VictoryShares USAA MSCI International Value Momentum ETF  71.VictoryShares USSA MSCI Emerging Markets Value  Momentum ETF  72.VictoryShares USAA Core Short-Term Bond ETF  73.VictoryShares USAA Core Intermediate-Term Bond ETF  74.VictoryShares NASDAQ Next 50 ETF  75.VictoryShares Top Veteran Employers ETF  76.VictoryShares Protect America ETF	1.Victory High Yield VIP Series  2.Victory INCORE Investment Quality Bond VIP Series  3.Victory INCORE Low Duration Bond VIP Series  4.Victory RS International VIP Series  5.Victory RS Large Cap Alpha VIP Series  6.Victory RS Small Cap Growth Equity VIP Series  7.Victory 500 Index VIP Series  8.Victory Xxxxxx Emerging Markets VIP Series

*Pending Launch 

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