News Release - 3/24/2023

Victory Capital Receives Eight 2023 Refinitiv Lipper Fund Awards
SAN ANTONIO--(BUSINESS WIRE)-- Victory Capital Holdings, Inc. (NASDAQ: VCTR) (“Victory Capital” or the“Company”) today announced that it received eight prestigious 2023 US Refinitiv Lipper Fund Awards based on riskadjusted returns for the period ended November 30, 2022.
“We are honored to receive these awards, which measure our performance relative to our industry peers,” said DavidBrown, Chairman and Chief Executive Officer of Victory Capital. “Being recognized with eight Refinitiv Lipper FundAwards demonstrates the hard work and dedication of our investment professionals and our commitment to consistently
deliver excellent, long-term risk-adjusted returns to our fund shareholders.”

Fund
USAA® Short-Term Bond Fund, Institutional(UISBX)USAA® Short-Term Bond Fund, R6 (URSBX)USAA® Government Securities Fund, R6 (URGSX)USAA® Ultra Short-Term Bond Fund, R6 (URUSX)
Victory Integrity Mid-Cap Value Fund, R6 (MRIMX)
Victory INCORE Fund for Income, R6 (VFFRX)
Victory INCORE Fund for Income, R6 (VFFRX)
Victory Global Energy Transition Fund, Y (RSNYX)

Victory Capital Mutual Funds
2023 Refinitiv Lipper Fund Awards
Category
Short Investment Grade Debt (out of 70 funds and 209 share classes)
Short Investment Grade Debt (out of 88 funds and 296 share classes)
Intermediate U.S. Government Funds (out of 11 funds and 54 shareclasses)
Ultra-Short Obligations (out of 43 funds and 115 share classes)
Mid-Cap Value (out of 38 funds and 134 share classes)
GNMA (out of 13 funds and 48 shares classes)
GNMA (out of 13 funds and 50 share classes)
Global Natural Resources (out of 15 funds and 49 share classes)

2023 Refinitiv LipperAward
10 years
5 years
5 years
5 years
5 years
5 years
3 years
3 years

The Refinitiv Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering
consistently strong risk-adjusted performance relative to their peers. The Refinitiv Lipper Fund Awards are based on theLipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120
months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible category
wins the Refinitiv Lipper Fund Award. For more information, see lipperfundawards.com. Although Refinitiv Lipper makes
reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed byRefinitiv Lipper.
Only one share class (the one with the best Lipper Leader score) is used for each portfolio in determining asset classawards. Past performance is not indicative of future results.
About Victory Capital
Victory Capital is a diversified global asset management firm with $157.7 billion in assets under management as ofFebruary 28, 2023. It was ranked No. 55 on the Fortune® 100 Fastest-Growing Companies list for 2022 and is one ofonly 24 companies to make the list for the second consecutive year. The Company operates a next-generation businessmodel combining boutique investment qualities with the benefits of a fully integrated, centralized operating anddistribution platform.
Victory Capital provides specialized investment strategies to institutions, intermediaries, retirement platforms andindividual investors. With 12 autonomous Investment Franchises and a Solutions Platform, Victory Capital offers a widearray of investment products, including mutual funds, ETFs, separately managed accounts, alternative investments, thirdparty ETF model strategies, collective investment trusts, private funds, and a 529 Education Savings Plan.
For more information, please visit www.vcm.com or follow us: Twitter and LinkedIn.
Carefully consider a fund's investment objectives, risks, charges and expenses before investing. To obtain aprospectus or summary prospectus containing this and other important information, visit
www.vcm.com/prospectus. Read it carefully before investing.
Investments involve risk including possible loss of principal, and an investment should be made with anunderstanding of the risks involved with owning a particular security or asset class. Interested parties are strongly
encouraged to seek advice from qualified tax and financial experts regarding the best options for your particular
circumstances.
Victory Capital means Victory Capital Management Inc., the investment adviser of the USAA Mutual Funds. USAA Mutual
Funds are distributed by Victory Capital Services, Inc., member FINRA, an affiliate of Victory Capital. Victory Capital andits affiliates are not affiliated with United Services Automobile Association or its affiliates. USAA and the USAA logos areregistered trademarks and the USAA Mutual Funds logo is a trademark of United Services Automobile Association and isbeing used by Victory Capital and its affiliates under license.
Refinitiv Lipper Fund Awards, ©2023 Refinitiv. All rights reserved. Used under license.
© 2022 Fortune Media IP Limited All rights reserved. Fortune® is a registered trademark of Fortune Media IP Limited
and is used under license. Fortune and Fortune Media IP Limited are not affiliated with, and do not endorse products orservices of, Victory Capital Holdings, Inc.
The Fortune® annual list ranks the top performing, publicly traded companies in revenues, profits and stock returns over
the three-year period ended April 30, 2022.
Investors:
Matthew Dennis, CFA
Chief of Staff
Director, Investor Relations
216-898-2412
mdennis@vcm.com
Media:Jessica Davila
Director, Global Communications

210-694-9693
jessica_davila@vcm.com
Source: Victory Capital Holdings, Inc.