Ticker:
The
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Class A | $ | |
What affected the Fund’s performance during the last year?
Tax-exempt bonds delivered positive returns for the 12-month period ended February 28, 2026, as measured by the Bloomberg Municipal Bond Index. In keeping with our investment approach, we continued to focus on income generation. The Fund’s long-term income distribution, not its price appreciation, accounts for most of its total return.
Our commitment to independent credit research continued to help us identify attractive opportunities for the Fund. We employ fundamental analysis that emphasizes an issuer’s ability and willingness to repay its debt. Through our credit research, we strive both to recognize relative value and to avoid potential pitfalls, which is especially important in volatile times like the present. As always, we worked with our in-house team of analysts to select investments for the Fund on a bond-by-bond basis. Our team continuously monitors all the holdings in the Fund’s portfolio.
The Fund continues to hold a diversified portfolio of longer-term, primarily investment-grade municipal bonds.
Top contributors to performance:
Security selection within the hospital sector.
Overweight allocation to the BBB rating category.
Top detractors from performance:
Security selection within the A and BBB rating categories.
Security selection within state and local city municipality sector.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price (“MOP”) figures reflect a maximum sales charge of 2.25% for Class A. The Net Asset Value ("NAV") figures do not reflect sales charges.
Growth of $10,000 Investment
Victory California Bond Fund Class A @ MOP - $ | ||||
|---|---|---|---|---|
2/16 | $10,000 | $ | $ | $ |
2/17 | $10,004 | $ | $ | $ |
2/18 | $10,300 | $ | $ | $ |
2/19 | $10,626 | $ | $ | $ |
2/20 | $11,634 | $ | $ | $ |
2/21 | $11,635 | $ | $ | $ |
2/22 | $11,657 | $ | $ | $ |
2/23 | $10,858 | $ | $ | $ |
2/24 | $11,472 | $ | $ | $ |
2/25 | $11,781 | $ | $ | $ |
2/26 | $12,194 | $ | $ | $ |
AVERAGE ANNUAL TOTAL RETURNS
(as of February 28, 2026)
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Class A @ NAV | |||
Class A @ MOP | |||
FUND STATISTICS
($ amounts in 000s)
(as of February 28, 2026)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top Industries* (% of Net Assets)
(as of February 28, 2026)
Value | Value |
|---|---|
Special Tax | |
Water | |
Higher Education | |
Nursing Homes | |
Transportation | |
Airport | |
Education | |
School District | |
General Obligation | |
Medical |
* | Does not include futures contracts, money market instruments, or other assets in excess of liabilities. |
|---|---|
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Material Fund Changes
Effective July 1, 2025, the principal investment strategy was changed from having a dollar-weighted average portfolio maturity of ten years or more to an effective duration that is not restricted but generally is expected to be within three years of the Fund's benchmark.
For more complete information, you may review the Fund's prospectus, issued July 1, 2025.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financials
Prospectus
Fund Holdings
Proxy Voting
Contact us at
UXABX — AR (2/26)
Ticker:
The
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Fund Shares | $ | |
What affected the Fund’s performance during the last year?
Tax-exempt bonds delivered positive returns for the 12-month period ended February 28, 2026, as measured by the Bloomberg Municipal Bond Index. In keeping with our investment approach, we continued to focus on income generation. The Fund’s long-term income distribution, not its price appreciation, accounts for most of its total return.
Our commitment to independent credit research continued to help us identify attractive opportunities for the Fund. We employ fundamental analysis that emphasizes an issuer’s ability and willingness to repay its debt. Through our credit research, we strive both to recognize relative value and to avoid potential pitfalls, which is especially important in volatile times like the present. As always, we worked with our in-house team of analysts to select investments for the Fund on a bond-by-bond basis. Our team continuously monitors all the holdings in the Fund’s portfolio.
The Fund continues to hold a diversified portfolio of longer-term, primarily investment-grade municipal bonds.
Top contributors to performance:
Security selection within the hospital sector.
Overweight allocation to the BBB rating category.
Top detractors from performance:
Security selection within the A and BBB rating categories.
Security selection within state and local city municipality sector.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Victory California Bond Fund, Fund Shares - $ | |||
|---|---|---|---|
2/16 | $ | $ | $ |
2/17 | $ | $ | $ |
2/18 | $ | $ | $ |
2/19 | $ | $ | $ |
2/20 | $ | $ | $ |
2/21 | $ | $ | $ |
2/22 | $ | $ | $ |
2/23 | $ | $ | $ |
2/24 | $ | $ | $ |
2/25 | $ | $ | $ |
2/26 | $ | $ | $ |
AVERAGE ANNUAL TOTAL RETURNS
(as of February 28, 2026)
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Fund Shares | |||
FUND STATISTICS
($ amounts in 000s)
(as of February 28, 2026)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top Industries* (% of Net Assets)
(as of February 28, 2026)
Value | Value |
|---|---|
Special Tax | |
Water | |
Higher Education | |
Nursing Homes | |
Transportation | |
Airport | |
Education | |
School District | |
General Obligation | |
Medical |
* | Does not include futures contracts, money market instruments, or other assets in excess of liabilities. |
|---|---|
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Material Fund Changes
Effective July 1, 2025, the principal investment strategy was changed from having a dollar-weighted average portfolio maturity of ten years or more to an effective duration that is not restricted but generally is expected to be within three years of the Fund's benchmark.
For more complete information, you may review the Fund's prospectus, issued July 1, 2025.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financials
Prospectus
Fund Holdings
Proxy Voting
Contact us at
USCBX — AR (2/26)
Ticker:
The
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Institutional Shares | $ | |
What affected the Fund’s performance during the last year?
Tax-exempt bonds delivered positive returns for the 12-month period ended February 28, 2026, as measured by the Bloomberg Municipal Bond Index. In keeping with our investment approach, we continued to focus on income generation. The Fund’s long-term income distribution, not its price appreciation, accounts for most of its total return.
Our commitment to independent credit research continued to help us identify attractive opportunities for the Fund. We employ fundamental analysis that emphasizes an issuer’s ability and willingness to repay its debt. Through our credit research, we strive both to recognize relative value and to avoid potential pitfalls, which is especially important in volatile times like the present. As always, we worked with our in-house team of analysts to select investments for the Fund on a bond-by-bond basis. Our team continuously monitors all the holdings in the Fund’s portfolio.
The Fund continues to hold a diversified portfolio of longer-term, primarily investment-grade municipal bonds.
Top contributors to performance:
Security selection within the hospital sector.
Overweight allocation to the BBB rating category.
Top detractors from performance:
Security selection within the A and BBB rating categories.
Security selection within state and local city municipality sector.
The graph reflects investment growth of a hypothetical investment of $1,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $1,000,000 Investment
Victory California Bond Fund Institutional Shares - $1,087,448 | |||
|---|---|---|---|
6/20Footnote Reference* | $ | $ | $ |
2/21 | $ | $ | $ |
2/22 | $ | $ | $ |
2/23 | $ | $ | $ |
2/24 | $ | $ | $ |
2/25 | $ | $ | $ |
2/26 | $ | $ | $ |
| Footnote | Description |
Footnote* | Inception date for the Victory California Bond Fund, Institutional Shares is 6/29/2020. |
AVERAGE ANNUAL TOTAL RETURNS
(as of February 28, 2026)
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
Institutional Shares | |||
FUND STATISTICS
($ amounts in 000s)
(as of February 28, 2026)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top Industries* (% of Net Assets)
(as of February 28, 2026)
Value | Value |
|---|---|
Special Tax | |
Water | |
Higher Education | |
Nursing Homes | |
Transportation | |
Airport | |
Education | |
School District | |
General Obligation | |
Medical |
* | Does not include futures contracts, money market instruments, or other assets in excess of liabilities. |
|---|---|
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Material Fund Changes
Effective July 1, 2025, the principal investment strategy was changed from having a dollar-weighted average portfolio maturity of ten years or more to an effective duration that is not restricted but generally is expected to be within three years of the Fund's benchmark.
For more complete information, you may review the Fund's prospectus, issued July 1, 2025.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financials
Prospectus
Fund Holdings
Proxy Voting
Contact us at
UCBIX — AR (2/26)
Ticker:
The
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Fund Shares | $ | |
What affected the Fund’s performance during the last year?
Top contributors to performance:
The Fund’s tactical overweight to equities and exposure to gold and gold mining equities contributed positively to performance.
The Fund’s overweight to developed international equities was a positive contributor.
Security selection within U.S. large cap and developed international equities helped performance.
Top detractors to performance:
The Fund’s shorter duration investment grade fixed income detracted from performance.
Security selection within emerging markets equities negatively impacted performance.
The Fund had a small allocation to derivatives during the period that did not have a material impact on performance.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Victory Cornerstone Aggressive Fund, Fund Shares - $ | |||
|---|---|---|---|
2/16 | $ | $ | $ |
2/17 | $ | $ | $ |
2/18 | $ | $ | $ |
2/19 | $ | $ | $ |
2/20 | $ | $ | $ |
2/21 | $ | $ | $ |
2/22 | $ | $ | $ |
2/23 | $ | $ | $ |
2/24 | $ | $ | $ |
2/25 | $ | $ | $ |
2/26 | $ | $ | $ |
AVERAGE ANNUAL TOTAL RETURNS
(as of February 28, 2026)
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Fund Shares | |||
| Footnote | Description |
Footnote |
FUND STATISTICS
($ amounts in 000s)
(as of February 28, 2026)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top 10 HoldingsFootnote Reference* (% of Net Assets)Footnote Reference
(as of February 28, 2026)
Vanguard FTSE Developed Markets ETF | |
|---|---|
Schwab Fundamental International Equity ETF | |
VictoryShares Core Intermediate Bond ETF | |
iShares Core S&P 500 ETF | |
VictoryShares Core Plus Bond ETF | |
VictoryShares Free Cash Flow Growth ETF | |
Vanguard FTSE Emerging Markets ETF | |
VictoryShares International Free Cash Flow ETF | |
Vanguard Total Stock Market ETF | |
NVIDIA Corp. |
Asset AllocationFootnote Reference* ^ (% of Net Assets)
(as of February 28, 2026)
Value | Value |
|---|---|
Exchange-Traded Funds | |
Common Stocks | |
Affiliated Fixed-Income Exchange-Traded Funds | |
Affiliated Equity Exchange-Traded Funds |
* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
|---|---|
^ | Percentages are of the net assets of the Fund and may not equal 100%. |
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Additional Shareholder Information
Additional information about the Fund is available on
Full Financials
Prospectus
Fund Holdings
Proxy Voting
Contact us at
UCAGX — AR (2/26)
Ticker:
The
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Fund Shares | $ | |
What affected the Fund’s performance during the last year?
Top contributors to performance:
The Fund’s allocation to market neutral alternative investments and gold mining stocks added to performance.
The Fund’s exposure to asset backed fixed income securities outperformed.
Security selection within developed international equities helped performance.
Top detractors to performance:
The Fund’s tactical overweight to developed international equities hurt performance.
The Fund’s shorter duration holdings in investment grade fixed income detracted from performance.
Security selection within emerging markets equities negatively impacted performance.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Victory Cornerstone Conservative Fund, Fund Shares - $ | |||
|---|---|---|---|
2/16 | $ | $ | $ |
2/17 | $ | $ | $ |
2/18 | $ | $ | $ |
2/19 | $ | $ | $ |
2/20 | $ | $ | $ |
2/21 | $ | $ | $ |
2/22 | $ | $ | $ |
2/23 | $ | $ | $ |
2/24 | $ | $ | $ |
2/25 | $ | $ | $ |
2/26 | $ | $ | $ |
AVERAGE ANNUAL TOTAL RETURNS
(as of February 28, 2026)
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Fund Shares | |||
FUND STATISTICS
($ amounts in 000s)
(as of February 28, 2026)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top 10 HoldingsFootnote Reference* (% of Net Assets)Footnote Reference
(as of February 28, 2026)
Victory Core Plus Bond Fund, Institutional Shares | |
|---|---|
VictoryShares Short-Term Bond ETF | |
Victory Government Securities Fund, Institutional Shares | |
VictoryShares Core Intermediate Bond ETF | |
Victory Income Fund, Institutional Shares | |
Victory Market Neutral Income Fund, Class I | |
Victory 500 Index Fund, Reward Shares | |
Victory High Income Fund, Institutional Shares | |
Victory International Fund, Institutional Shares | |
VictoryShares International Value Momentum ETF |
Asset AllocationFootnote Reference* ^ (% of Net Assets)
(as of February 28, 2026)
Value | Value |
|---|---|
Affiliated Fixed-Income Mutual Funds | |
Affiliated Equity Mutual Funds | |
Affiliated Fixed-Income Exchange-Traded Funds | |
Affiliated Equity Exchange-Traded Funds |
* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
|---|---|
^ | Percentages are of the net assets of the Fund and may not equal 100%. |
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Additional Shareholder Information
Additional information about the Fund is available on
Full Financials
Prospectus
Fund Holdings
Proxy Voting
Contact us at
USCCX — AR (2/26)
Ticker:
The
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Fund Shares | $ | |
What affected the Fund’s performance during the last year?
Top contributors to performance:
The Fund’s tactical overweight to gold mining stocks added to performance.
Security selection within developed international equities contributed positively to performance.
Top detractors to performance:
The Fund’s slight underweight to emerging market equities hurt performance.
Security selection within emerging markets equities and U.S. large cap equities dragged on performance.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Victory Cornerstone Equity Fund, Fund Shares - $ | |||
|---|---|---|---|
2/16 | $ | $ | $ |
2/17 | $ | $ | $ |
2/18 | $ | $ | $ |
2/19 | $ | $ | $ |
2/20 | $ | $ | $ |
2/21 | $ | $ | $ |
2/22 | $ | $ | $ |
2/23 | $ | $ | $ |
2/24 | $ | $ | $ |
2/25 | $ | $ | $ |
2/26 | $ | $ | $ |
AVERAGE ANNUAL TOTAL RETURNS
(as of February 28, 2026)
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Fund Shares | |||
| Footnote | Description |
Footnote |
FUND STATISTICS
($ amounts in 000s)
(as of February 28, 2026)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top 10 HoldingsFootnote Reference* (% of Net Assets)Footnote Reference
(as of February 28, 2026)
Victory 500 Index Fund, Reward Shares | |
|---|---|
Victory International Fund, Institutional Shares | |
VictoryShares WestEnd U.S. Sector ETF | |
Victory Pioneer International Equity Fund, Class Y | |
VictoryShares International Value Momentum ETF | |
Victory Nasdaq-100 Index Fund, Class R6 | |
VictoryShares Free Cash Flow ETF | |
VictoryShares Free Cash Flow Growth ETF | |
VictoryShares Emerging Markets Value Momentum ETF | |
VictoryShares US Value Momentum ETF |
Asset AllocationFootnote Reference* ^ (% of Net Assets)
(as of February 28, 2026)
Value | Value |
|---|---|
Affiliated Equity Mutual Funds | |
Affiliated Equity Exchange-Traded Funds |
* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
|---|---|
^ | Percentages are of the net assets of the Fund and may not equal 100%. |
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Additional Shareholder Information
Additional information about the Fund is available on
Full Financials
Prospectus
Fund Holdings
Proxy Voting
Contact us at
UCEQX — AR (2/26)
Ticker:
The
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Fund Shares | $ | |
What affected the Fund’s performance during the last year?
Top contributors to performance:
The Fund’s tactical overweight to equities and exposure to gold and gold mining equities contributed positively to performance.
The Fund’s overweight to developed international equities was a positive contributor.
Security selection within U.S. large cap and developed international equities helped performance.
Top detractors to performance:
The Fund’s shorter duration investment grade fixed income detracted from performance.
Security selection within emerging markets equities negatively impacted performance.
The Fund had a small allocation to derivatives during the period that did not have a material impact on performance.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Victory Cornerstone Moderate Fund, Fund Shares - $ | |||
|---|---|---|---|
2/16 | $ | $ | $ |
2/17 | $ | $ | $ |
2/18 | $ | $ | $ |
2/19 | $ | $ | $ |
2/20 | $ | $ | $ |
2/21 | $ | $ | $ |
2/22 | $ | $ | $ |
2/23 | $ | $ | $ |
2/24 | $ | $ | $ |
2/25 | $ | $ | $ |
2/26 | $ | $ | $ |
AVERAGE ANNUAL TOTAL RETURNS
(as of February 28, 2026)
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Fund Shares | |||
| Footnote | Description |
Footnote |
FUND STATISTICS
($ amounts in 000s)
(as of February 28, 2026)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top 10 HoldingsFootnote Reference* (% of Net Assets)Footnote Reference
(as of February 28, 2026)
VictoryShares Core Intermediate Bond ETF | |
|---|---|
VictoryShares Core Plus Bond ETF | |
iShares Core U.S. Aggregate Bond ETF | |
Vanguard Total Bond Market ETF | |
VictoryShares Free Cash Flow Growth ETF | |
iShares Core S&P Small-Cap ETF | |
Schwab Fundamental International Equity ETF | |
Vanguard Total Stock Market ETF | |
Vanguard FTSE Developed Markets ETF | |
VictoryShares International Free Cash Flow ETF |
Asset AllocationFootnote Reference* ^ (% of Net Assets)
(as of February 28, 2026)
Value | Value |
|---|---|
Exchange-Traded Funds | |
Affiliated Fixed-Income Exchange-Traded Funds | |
Affiliated Equity Exchange-Traded Funds | |
Common Stocks |
* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
|---|---|
^ | Percentages are of the net assets of the Fund and may not equal 100%. |
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Additional Shareholder Information
Additional information about the Fund is available on
Full Financials
Prospectus
Fund Holdings
Proxy Voting
Contact us at
USBSX — AR (2/26)
Ticker:
The
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Fund Shares | $ | |
What affected the Fund’s performance during the last year?
Top contributors to performance:
The Fund’s tactical overweight to equities and exposure to gold and gold mining equities contributed positively to performance.
The Fund’s overweight to developed international equities was a positive contributor.
Security selection within U.S. large cap and developed international equities helped performance.
Top detractors to performance:
The Fund’s shorter duration investment grade fixed income detracted from performance.
Security selection within emerging markets equities negatively impacted performance.
The Fund had a small allocation to derivatives during the period that did not have a material impact on performance.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Victory Cornerstone Moderately Aggressive Fund, Fund Shares - $ | |||
|---|---|---|---|
2/16 | $ | $ | $ |
2/17 | $ | $ | $ |
2/18 | $ | $ | $ |
2/19 | $ | $ | $ |
2/20 | $ | $ | $ |
2/21 | $ | $ | $ |
2/22 | $ | $ | $ |
2/23 | $ | $ | $ |
2/24 | $ | $ | $ |
2/25 | $ | $ | $ |
2/26 | $ | $ | $ |
AVERAGE ANNUAL TOTAL RETURNS
(as of February 28, 2026)
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Fund Shares | |||
| Footnote | Description |
Footnote |
FUND STATISTICS
($ amounts in 000s)
(as of February 28, 2026)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top 10 HoldingsFootnote Reference* (% of Net Assets)Footnote Reference
(as of February 28, 2026)
VictoryShares Core Intermediate Bond ETF | |
|---|---|
VictoryShares Core Plus Bond ETF | |
Vanguard FTSE Developed Markets ETF | |
Schwab Fundamental International Equity ETF | |
VictoryShares Free Cash Flow Growth ETF | |
VictoryShares International Free Cash Flow Growth ETF | |
iShares Core U.S. Aggregate Bond ETF | |
Vanguard Total Stock Market ETF | |
VictoryShares International Free Cash Flow ETF | |
iShares Core Universal USD Bond ETF |
Asset AllocationFootnote Reference* ^ (% of Net Assets)
(as of February 28, 2026)
Value | Value |
|---|---|
Exchange-Traded Funds | |
Affiliated Fixed-Income Exchange-Traded Funds | |
Affiliated Equity Exchange-Traded Funds | |
Common Stocks |
* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
|---|---|
^ | Percentages are of the net assets of the Fund and may not equal 100%. |
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Additional Shareholder Information
Additional information about the Fund is available on
Full Financials
Prospectus
Fund Holdings
Proxy Voting
Contact us at
USCRX — AR (2/26)
Ticker:
The
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Fund Shares | $ | |
What affected the Fund’s performance during the last year?
Top contributors to performance:
The Fund’s tactical overweight to equities and exposure to gold and gold mining equities contributed positively to performance.
The Fund’s overweight to developed international equities was a positive contributor.
Security selection within U.S. large cap and developed international equities helped performance.
Top detractors to performance:
The Fund’s shorter duration investment grade fixed income detracted from performance.
Security selection within emerging markets equities negatively impacted performance.
The Fund had a small allocation to derivatives during the period that did not have a material impact on performance.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Victory Cornerstone Moderately Conservative Fund, Fund Shares - $ | |||
|---|---|---|---|
2/16 | $ | $ | $ |
2/17 | $ | $ | $ |
2/18 | $ | $ | $ |
2/19 | $ | $ | $ |
2/20 | $ | $ | $ |
2/21 | $ | $ | $ |
2/22 | $ | $ | $ |
2/23 | $ | $ | $ |
2/24 | $ | $ | $ |
2/25 | $ | $ | $ |
2/26 | $ | $ | $ |
AVERAGE ANNUAL TOTAL RETURNS
(as of February 28, 2026)
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Fund Shares | |||
| Footnote | Description |
Footnote |
FUND STATISTICS
($ amounts in 000s)
(as of February 28, 2026)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top 10 HoldingsFootnote Reference* (% of Net Assets)Footnote Reference
(as of February 28, 2026)
VictoryShares Core Intermediate Bond ETF | |
|---|---|
VictoryShares Core Plus Bond ETF | |
iShares Core U.S. Aggregate Bond ETF | |
iShares Core Universal USD Bond ETF | |
iShares Core S&P 500 ETF | |
VictoryShares Short-Term Bond ETF | |
VictoryShares Free Cash Flow Growth ETF | |
Schwab Fundamental International Equity ETF | |
Vanguard Total Stock Market ETF | |
iShares Core S&P Small-Cap ETF |
Asset AllocationFootnote Reference* ^ (% of Net Assets)
(as of February 28, 2026)
Value | Value |
|---|---|
Affiliated Fixed-Income Exchange-Traded Funds | |
Affiliated Equity Exchange-Traded Funds | |
Exchange-Traded Funds | |
Common Stocks |
* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
|---|---|
^ | Percentages are of the net assets of the Fund and may not equal 100%. |
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Additional Shareholder Information
Additional information about the Fund is available on
Full Financials
Prospectus
Fund Holdings
Proxy Voting
Contact us at
UCMCX — AR (2/26)
Ticker:
The
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Fund Shares | $ | |
What affected the Fund’s performance during the last year?
Top contributors to performance:
An overweight to information technology was a contributor to relative performance as compared to the MSCI Emerging Markets Index (the "Index").
Stock selection in financials and information technology was a contributor to performance relative to the Index.
Country level contributor to relative performance was stock selection in South Korea.
Top detractors from performance:
Slight overweight in materials hurt relative performance as compared to the Index.
Stock selection in Industrials was a detractor to performance relative to the Index.
Country level detractor was stock selection in South Africa.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Victory Emerging Markets Fund, Fund Shares - $ | ||||
|---|---|---|---|---|
2/16 | $ | $ | $ | $ |
2/17 | $ | $ | $ | $ |
2/18 | $ | $ | $ | $ |
2/19 | $ | $ | $ | $ |
2/20 | $ | $ | $ | $ |
2/21 | $ | $ | $ | $ |
2/22 | $ | $ | $ | $ |
2/23 | $ | $ | $ | $ |
2/24 | $ | $ | $ | $ |
2/25 | $ | $ | $ | $ |
2/26 | $ | $ | $ | $ |
AVERAGE ANNUAL TOTAL RETURNS
(as of February 28, 2026)
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Fund Shares | |||
| Footnote | Description |
Footnote |
FUND STATISTICS
($ amounts in 000s)
(as of February 28, 2026)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top SectorsFootnote Reference* (% of Net Assets)
(as of February 28, 2026)
Top CountriesFootnote Reference*Footnote Reference^ (% of Net Assets)
(as of February 28, 2026)
Value | Value |
|---|---|
Utilities | |
Health Care | |
Energy | |
Consumer Staples | |
Materials | |
Communication Services | |
Industrials | |
Consumer Discretionary | |
Financials | |
Information Technology |
Value | Value |
|---|---|
Taiwan | |
South Korea | |
China | |
India | |
Brazil | |
OtherFootnote Reference** |
* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
|---|---|
** | Includes countries comprising less than 3.0% of portfolio. |
^ | Percentages are of the net assets of the Fund and may not equal 100%. |
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Additional Shareholder Information
Additional information about the Fund is available on
Full Financials
Prospectus
Fund Holdings
Proxy Voting
Contact us at
USEMX — AR (2/26)
Ticker:
The
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Institutional Shares | $ | |
What affected the Fund’s performance during the last year?
Top contributors to performance:
An overweight to information technology was a contributor to relative performance as compared to the MSCI Emerging Markets Index (the "Index").
Stock selection in financials and information technology was a contributor to performance relative to the Index.
Country level contributor to relative performance was stock selection in South Korea.
Top detractors from performance:
Slight overweight in materials hurt relative performance as compared to the Index.
Stock selection in Industrials was a detractor to performance relative to the Index.
Country level detractor was stock selection in South Africa.
The graph reflects investment growth of a hypothetical investment of $1,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $1,000,000 Investment
Victory Emerging Markets Fund Institutional Shares - $2,835,209 | ||||
|---|---|---|---|---|
2/16 | $ | $ | $ | $ |
2/17 | $ | $ | $ | $ |
2/18 | $ | $ | $ | $ |
2/19 | $ | $ | $ | $ |
2/20 | $ | $ | $ | $ |
2/21 | $ | $ | $ | $ |
2/22 | $ | $ | $ | $ |
2/23 | $ | $ | $ | $ |
2/24 | $ | $ | $ | $ |
2/25 | $ | $ | $ | $ |
2/26 | $ | $ | $ | $ |
AVERAGE ANNUAL TOTAL RETURNS
(as of February 28, 2026)
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Institutional Shares | |||
| Footnote | Description |
Footnote |
FUND STATISTICS
($ amounts in 000s)
(as of February 28, 2026)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top SectorsFootnote Reference* (% of Net Assets)
(as of February 28, 2026)
Top CountriesFootnote Reference*Footnote Reference^ (% of Net Assets)
(as of February 28, 2026)
Value | Value |
|---|---|
Utilities | |
Health Care | |
Energy | |
Consumer Staples | |
Materials | |
Communication Services | |
Industrials | |
Consumer Discretionary | |
Financials | |
Information Technology |
Value | Value |
|---|---|
Taiwan | |
South Korea | |
China | |
India | |
Brazil | |
OtherFootnote Reference** |
* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
|---|---|
** | Includes countries comprising less than 3.0% of portfolio. |
^ | Percentages are of the net assets of the Fund and may not equal 100%. |
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Additional Shareholder Information
Additional information about the Fund is available on
Full Financials
Prospectus
Fund Holdings
Proxy Voting
Contact us at
UIEMX — AR (2/26)
Ticker:
The
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Fund Shares | $ | |
What affected the Fund’s performance during the last year?
Top contributors to performance:
An overweight to materials was a contributor to relative performance as compared to the MSCI World High Dividend Yield Index (the “Index”).
Stock selection in financials was a contributor to performance relative to the Index.
Country level contributor to relative performance was stock selection in Japan.
Top detractors from performance:
Overweight to information technology hurt relative performance.
Underweight in health care was a detractor to performance relative to the Index.
At the country level, an underweight position in Switzerland was a detractor to relative performance.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Victory Global Equity Income Fund, Fund Shares - $ | ||||
|---|---|---|---|---|
2/16 | $ | $ | $ | $ |
2/17 | $ | $ | $ | $ |
2/18 | $ | $ | $ | $ |
2/19 | $ | $ | $ | $ |
2/20 | $ | $ | $ | $ |
2/21 | $ | $ | $ | $ |
2/22 | $ | $ | $ | $ |
2/23 | $ | $ | $ | $ |
2/24 | $ | $ | $ | $ |
2/25 | $ | $ | $ | $ |
2/26 | $ | $ | $ | $ |
AVERAGE ANNUAL TOTAL RETURNS
(as of February 28, 2026)
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Fund Shares | |||
| Footnote | Description |
Footnote |
FUND STATISTICS
($ amounts in 000s)
(as of February 28, 2026)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference
(as of February 28, 2026)
Value | Value |
|---|---|
Communication Services | |
Consumer Discretionary | |
Utilities | |
Energy | |
Materials | |
Consumer Staples | |
Health Care | |
Industrials | |
Information Technology | |
Financials |
Top 10 HoldingsFootnote Reference* (% of Net Assets)Footnote Reference
(as of February 28, 2026)
Fujikura Ltd. | |
|---|---|
Apple, Inc. | |
Banco Bilbao Vizcaya Argentaria SA | |
Cisco Systems, Inc. | |
Engie SA | |
HSBC Holdings PLC | |
Novartis AG, Registered Shares | |
Applied Materials, Inc. | |
Kinross Gold Corp. | |
Canadian Imperial Bank of Commerce |
* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
|---|---|
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Additional Shareholder Information
Additional information about the Fund is available on
Full Financials
Prospectus
Fund Holdings
Proxy Voting
Contact us at
UGEIX — AR (2/26)
Ticker:
The
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Class R6 | $ | |
What affected the Fund’s performance during the last year?
Interest rates on the short and intermediate part of the curve fell during the time period, while interest rates from 20 years and beyond rose slightly.
Top contributors to performance:
An overweight allocation to agency mortgage-backed securities (“MBS”) benefited performance relative to the Bloomberg U.S. Aggregate Government Intermediate & MBS Index (the "Index").
Within MBS, 20-year and 30-year mortgage pools contributed the most to performance relative to the Index.
An underweight allocation to treasury securities also benefited performance relative to the Index.
Top detractors from performance:
Curve positioning of the Fund’s treasury securities relative to the Index detracted from performance.
Within MBS, 15-year mortgage pools detracted from performance relative to the Index.
Holdings of cash equivalents including overnight treasury repurchase agreements detracted from performance relative to the Index.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Victory Government Securities Fund Class R6 - $ | ||||
|---|---|---|---|---|
12/16Footnote Reference* | $ | $ | $ | $ |
2/17 | $ | $ | $ | $ |
2/18 | $ | $ | $ | $ |
2/19 | $ | $ | $ | $ |
2/20 | $ | $ | $ | $ |
2/21 | $ | $ | $ | $ |
2/22 | $ | $ | $ | $ |
2/23 | $ | $ | $ | $ |
2/24 | $ | $ | $ | $ |
2/25 | $ | $ | $ | $ |
2/26 | $ | $ | $ | $ |
| Footnote | Description |
Footnote* | Inception date for the Victory Government Securities Fund, Class R6 is 12/1/2016. |
AVERAGE ANNUAL TOTAL RETURNS
(as of February 28, 2026)
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
Class R6 | |||
FUND STATISTICS
($ amounts in 000s)
(as of February 28, 2026)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Asset AllocationFootnote Reference* ^ (% of Net Assets)
(as of February 28, 2026)
Value | Value |
|---|---|
U.S. Government Agency Mortgages | |
U.S. Treasury Obligations | |
Collateralized Mortgage Obligations | |
OtherFootnote Reference** |
* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
|---|---|
** | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
^ | Percentages are of the net assets of the Fund and may not equal 100%. |
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Additional Shareholder Information
Additional information about the Fund is available on
Full Financials
Prospectus
Fund Holdings
Proxy Voting
Contact us at
URGSX — AR (2/26)
Ticker:
The
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Fund Shares | $ | |
What affected the Fund’s performance during the last year?
Interest rates on the short and intermediate part of the curve fell during the time period, while interest rates from 20 years and beyond rose slightly.
Top contributors to performance:
An overweight allocation to agency mortgage-backed securities (“MBS”) benefited performance relative to the Bloomberg U.S. Aggregate Government Intermediate & MBS Index (the "Index").
Within MBS, 20-year and 30-year mortgage pools contributed the most to performance relative to the Index.
An underweight allocation to treasury securities also benefited performance relative to the Index.
Top detractors from performance:
Curve positioning of the Fund’s treasury securities relative to the Index detracted from performance.
Within MBS, 15-year mortgage pools detracted from performance relative to the Index.
Holdings of cash equivalents including overnight treasury repurchase agreements detracted from performance relative to the Index.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Victory Government Securities Fund, Fund Shares - $ | ||||
|---|---|---|---|---|
2/16 | $ | $ | $ | $ |
2/17 | $ | $ | $ | $ |
2/18 | $ | $ | $ | $ |
2/19 | $ | $ | $ | $ |
2/20 | $ | $ | $ | $ |
2/21 | $ | $ | $ | $ |
2/22 | $ | $ | $ | $ |
2/23 | $ | $ | $ | $ |
2/24 | $ | $ | $ | $ |
2/25 | $ | $ | $ | $ |
2/26 | $ | $ | $ | $ |
AVERAGE ANNUAL TOTAL RETURNS
(as of February 28, 2026)
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Fund Shares | |||
FUND STATISTICS
($ amounts in 000s)
(as of February 28, 2026)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Asset AllocationFootnote Reference* ^ (% of Net Assets)
(as of February 28, 2026)
Value | Value |
|---|---|
U.S. Government Agency Mortgages | |
U.S. Treasury Obligations | |
Collateralized Mortgage Obligations | |
OtherFootnote Reference** |
* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
|---|---|
** | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
^ | Percentages are of the net assets of the Fund and may not equal 100%. |
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Additional Shareholder Information
Additional information about the Fund is available on
Full Financials
Prospectus
Fund Holdings
Proxy Voting
Contact us at
USGNX — AR (2/26)
Ticker:
The
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Institutional Shares | $ | |
What affected the Fund’s performance during the last year?
Interest rates on the short and intermediate part of the curve fell during the time period, while interest rates from 20 years and beyond rose slightly.
Top contributors to performance:
An overweight allocation to agency mortgage-backed securities (“MBS”) benefited performance relative to the Bloomberg U.S. Aggregate Government Intermediate & MBS Index (the "Index").
Within MBS, 20-year and 30-year mortgage pools contributed the most to performance relative to the Index.
An underweight allocation to treasury securities also benefited performance relative to the Index.
Top detractors from performance:
Curve positioning of the Fund’s treasury securities relative to the Index detracted from performance.
Within MBS, 15-year mortgage pools detracted from performance relative to the Index.
Holdings of cash equivalents including overnight treasury repurchase agreements detracted from performance relative to the Index.
The graph reflects investment growth of a hypothetical investment of $1,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $1,000,000 Investment
Victory Government Securities Fund Institutional Shares - $1,206,820 | ||||
|---|---|---|---|---|
2/16 | $ | $ | $ | $ |
2/17 | $ | $ | $ | $ |
2/18 | $ | $ | $ | $ |
2/19 | $ | $ | $ | $ |
2/20 | $ | $ | $ | $ |
2/21 | $ | $ | $ | $ |
2/22 | $ | $ | $ | $ |
2/23 | $ | $ | $ | $ |
2/24 | $ | $ | $ | $ |
2/25 | $ | $ | $ | $ |
2/26 | $ | $ | $ | $ |
AVERAGE ANNUAL TOTAL RETURNS
(as of February 28, 2026)
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Institutional Shares | |||
FUND STATISTICS
($ amounts in 000s)
(as of February 28, 2026)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Asset AllocationFootnote Reference* ^ (% of Net Assets)
(as of February 28, 2026)
Value | Value |
|---|---|
U.S. Government Agency Mortgages | |
U.S. Treasury Obligations | |
Collateralized Mortgage Obligations | |
OtherFootnote Reference** |
* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
|---|---|
** | Other includes the remaining asset classes which are each under 2% of the net assets of the Fund. |
^ | Percentages are of the net assets of the Fund and may not equal 100%. |
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Additional Shareholder Information
Additional information about the Fund is available on
Full Financials
Prospectus
Fund Holdings
Proxy Voting
Contact us at
UIGSX — AR (2/26)
Ticker:
The
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Class A | $ | |
What affected the Fund’s performance during the last year?
All eleven sectors within the equity strategy produced positive absolute returns during the period. The information technology sector represented the largest individual contributor to total return for the equity strategy portion of the Fund.
Top contributors to performance for the fixed income municipal sleeve of the strategy:
Overweight allocation to the housing sector.
Overweight allocation to the A rated category.
Security selection in the AAA rated category.
Top detractors from performance for the fixed income municipal sleeve of the strategy:
Interest rate effect, as the Fund has slightly longer duration than the Fund’s benchmark (Composite Index) and longer-term yields rose during the year.
Security selection within the A and AA rated categories.
Security selection in the education and hospital sectors.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price (“MOP”) figures reflect a maximum sales charge of 2.25% for Class A. The Net Asset Value ("NAV") figures do not reflect sales charges.
Growth of $10,000 Investment
Victory Growth and Tax Strategy Fund Class A @ MOP - $ | S&P 500® Index (regulatory broad based index) - $ | |||||
|---|---|---|---|---|---|---|
6/20Footnote Reference* | $10,000 | $ | $ | $ | $ | $ |
2/21 | $11,403 | $ | $ | $ | $ | $ |
2/22 | $12,278 | $ | $ | $ | $ | $ |
2/23 | $11,113 | $ | $ | $ | $ | $ |
2/24 | $13,035 | $ | $ | $ | $ | $ |
2/25 | $14,442 | $ | $ | $ | $ | $ |
2/26 | $15,865 | $ | $ | $ | $ | $ |
| Footnote | Description |
Footnote* | Inception date for the Victory Growth and Tax Strategy Fund, Class A is 6/29/2020. |
AVERAGE ANNUAL TOTAL RETURNS
(as of February 28, 2026)
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
Class A @ NAV | |||
Class A @ MOP | |||
S&P 500® Index | |||
10.93% | 7.83% | 9.19% | |
FUND STATISTICS
($ amounts in 000s)
(as of February 28, 2026)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference
(as of February 28, 2026)
Value | Value |
|---|---|
Health Care | |
Single Family Housing | |
Consumer Discretionary | |
Communication Services | |
Higher Education | |
Education | |
Financials | |
Medical | |
General Obligation | |
Information Technology |
Top 5 Blue Chip Stocks (% of Net Assets)
(as of February 28, 2026)
NVIDIA Corp. | |
|---|---|
Apple, Inc. | |
Microsoft Corp. | |
Amazon.com, Inc. | |
Alphabet, Inc. Class A |
Top 5 Tax-Exempt Bonds (% of Net Assets)
(as of February 28, 2026)
New York City Municipal Water Finance Authority Revenue, Series DD, 1.10%, 6/15/33 | |
|---|---|
The Development Authority of Burke County Revenue, Series GA, 1.05%, 11/1/52 | |
City of New York, GO, Series B-3, 1.10%, 10/1/46 | |
Port of Port Arthur Navigation District Revenue, Series B, 1.10%, 4/1/40 | |
Development Authority of Appling County Revenue, Series GA, 1.05%, 9/1/41 |
* Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financials
Prospectus
Fund Holdings
Proxy Voting
Contact us at
UGTAX — AR (2/26)
Ticker:
The
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Class C | $ | |
What affected the Fund’s performance during the last year?
All eleven sectors within the equity strategy produced positive absolute returns during the period. The information technology sector represented the largest individual contributor to total return for the equity strategy portion of the Fund.
Top contributors to performance for the fixed income municipal sleeve of the strategy:
Overweight allocation to the housing sector.
Overweight allocation to the A rated category.
Security selection in the AAA rated category.
Top detractors from performance for the fixed income municipal sleeve of the strategy:
Interest rate effect, as the Fund has slightly longer duration than the Fund’s benchmark (Composite Index) and longer-term yields rose during the year.
Security selection within the A and AA rated categories.
Security selection in the education and hospital sectors.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. Class C is not subject to an initial sales charge, but is subject to Contingent Deferred Sales Charge (“CDSC”) of 1.00% on shares redeemed within one year of purchase. The Net Asset Value ("NAV") figures do not reflect sales charges.
Growth of $10,000 Investment
Victory Growth and Tax Strategy Fund Class C @ CDSC - $ | S&P 500® Index (regulatory broad based index) - $ | |||||
|---|---|---|---|---|---|---|
6/20Footnote Reference* | $10,000 | $ | $ | $ | $ | $ |
2/21 | $11,342 | $ | $ | $ | $ | $ |
2/22 | $12,123 | $ | $ | $ | $ | $ |
2/23 | $10,898 | $ | $ | $ | $ | $ |
2/24 | $12,681 | $ | $ | $ | $ | $ |
2/25 | $13,949 | $ | $ | $ | $ | $ |
2/26 | $15,203 | $ | $ | $ | $ | $ |
| Footnote | Description |
Footnote* | Inception date for the Victory Growth and Tax Strategy Fund, Class C is 6/29/2020. |
AVERAGE ANNUAL TOTAL RETURNS
(as of February 28, 2026)
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
Class C @ NAV | |||
Class C @ CDSC | |||
S&P 500® Index | |||
10.93% | 7.83% | 9.19% | |
FUND STATISTICS
($ amounts in 000s)
(as of February 28, 2026)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference
(as of February 28, 2026)
Value | Value |
|---|---|
Health Care | |
Single Family Housing | |
Consumer Discretionary | |
Communication Services | |
Higher Education | |
Education | |
Financials | |
Medical | |
General Obligation | |
Information Technology |
Top 5 Blue Chip Stocks (% of Net Assets)
(as of February 28, 2026)
NVIDIA Corp. | |
|---|---|
Apple, Inc. | |
Microsoft Corp. | |
Amazon.com, Inc. | |
Alphabet, Inc. Class A |
Top 5 Tax-Exempt Bonds (% of Net Assets)
(as of February 28, 2026)
New York City Municipal Water Finance Authority Revenue, Series DD, 1.10%, 6/15/33 | |
|---|---|
The Development Authority of Burke County Revenue, Series GA, 1.05%, 11/1/52 | |
City of New York, GO, Series B-3, 1.10%, 10/1/46 | |
Port of Port Arthur Navigation District Revenue, Series B, 1.10%, 4/1/40 | |
Development Authority of Appling County Revenue, Series GA, 1.05%, 9/1/41 |
* Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financials
Prospectus
Fund Holdings
Proxy Voting
Contact us at
UGTCX — AR (2/26)
Ticker:
The
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Fund Shares | $ | |
What affected the Fund’s performance during the last year?
All eleven sectors within the equity strategy produced positive absolute returns during the period. The information technology sector represented the largest individual contributor to total return for the equity strategy portion of the Fund.
Top contributors to performance for the fixed income municipal sleeve of the strategy:
Overweight allocation to the housing sector.
Overweight allocation to the A rated category.
Security selection in the AAA rated category.
Top detractors from performance for the fixed income municipal sleeve of the strategy:
Interest rate effect, as the Fund has slightly longer duration than the Fund’s benchmark (Composite Index) and longer-term yields rose during the year.
Security selection within the A and AA rated categories.
Security selection in the education and hospital sectors.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Victory Growth and Tax Strategy Fund, Fund Shares - $ | S&P 500® Index (regulatory broad based index) - $ | ||||
|---|---|---|---|---|---|
2/16 | $ | $ | $ | $ | $ |
2/17 | $ | $ | $ | $ | $ |
2/18 | $ | $ | $ | $ | $ |
2/19 | $ | $ | $ | $ | $ |
2/20 | $ | $ | $ | $ | $ |
2/21 | $ | $ | $ | $ | $ |
2/22 | $ | $ | $ | $ | $ |
2/23 | $ | $ | $ | $ | $ |
2/24 | $ | $ | $ | $ | $ |
2/25 | $ | $ | $ | $ | $ |
2/26 | $ | $ | $ | $ | $ |
AVERAGE ANNUAL TOTAL RETURNS
(as of February 28, 2026)
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Fund Shares | |||
S&P 500® Index | |||
10.93% | 7.83% | 9.03% | |
FUND STATISTICS
($ amounts in 000s)
(as of February 28, 2026)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference
(as of February 28, 2026)
Value | Value |
|---|---|
Health Care | |
Single Family Housing | |
Consumer Discretionary | |
Communication Services | |
Higher Education | |
Education | |
Financials | |
Medical | |
General Obligation | |
Information Technology |
Top 5 Blue Chip Stocks (% of Net Assets)
(as of February 28, 2026)
NVIDIA Corp. | |
|---|---|
Apple, Inc. | |
Microsoft Corp. | |
Amazon.com, Inc. | |
Alphabet, Inc. Class A |
Top 5 Tax-Exempt Bonds (% of Net Assets)
(as of February 28, 2026)
New York City Municipal Water Finance Authority Revenue, Series DD, 1.10%, 6/15/33 | |
|---|---|
The Development Authority of Burke County Revenue, Series GA, 1.05%, 11/1/52 | |
City of New York, GO, Series B-3, 1.10%, 10/1/46 | |
Port of Port Arthur Navigation District Revenue, Series B, 1.10%, 4/1/40 | |
Development Authority of Appling County Revenue, Series GA, 1.05%, 9/1/41 |
* Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financials
Prospectus
Fund Holdings
Proxy Voting
Contact us at
USBLX — AR (2/26)
Ticker:
The
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Institutional Shares | $ | |
What affected the Fund’s performance during the last year?
All eleven sectors within the equity strategy produced positive absolute returns during the period. The information technology sector represented the largest individual contributor to total return for the equity strategy portion of the Fund.
Top contributors to performance for the fixed income municipal sleeve of the strategy:
Overweight allocation to the housing sector.
Overweight allocation to the A rated category.
Security selection in the AAA rated category.
Top detractors from performance for the fixed income municipal sleeve of the strategy:
Interest rate effect, as the Fund has slightly longer duration than the Fund’s benchmark (Composite Index) and longer-term yields rose during the year.
Security selection within the A and AA rated categories.
Security selection in the education and hospital sectors.
The graph reflects investment growth of a hypothetical investment of $1,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $1,000,000 Investment
Victory Growth and Tax Strategy Fund Institutional Shares - $1,612,348 | S&P 500® Index (regulatory broad based index) - $ | ||||
|---|---|---|---|---|---|
6/20Footnote Reference* | $ | $ | $ | $ | $ |
2/21 | $ | $ | $ | $ | $ |
2/22 | $ | $ | $ | $ | $ |
2/23 | $ | $ | $ | $ | $ |
2/24 | $ | $ | $ | $ | $ |
2/25 | $ | $ | $ | $ | $ |
2/26 | $ | $ | $ | $ | $ |
| Footnote | Description |
Footnote* | Inception date for the Victory Growth and Tax Strategy Fund, Institutional Shares is 6/29/2020. |
AVERAGE ANNUAL TOTAL RETURNS
(as of February 28, 2026)
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
Institutional Shares | |||
S&P 500® Index | |||
10.93% | 7.83% | 9.19% | |
FUND STATISTICS
($ amounts in 000s)
(as of February 28, 2026)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference
(as of February 28, 2026)
Value | Value |
|---|---|
Health Care | |
Single Family Housing | |
Consumer Discretionary | |
Communication Services | |
Higher Education | |
Education | |
Financials | |
Medical | |
General Obligation | |
Information Technology |
Top 5 Blue Chip Stocks (% of Net Assets)
(as of February 28, 2026)
NVIDIA Corp. | |
|---|---|
Apple, Inc. | |
Microsoft Corp. | |
Amazon.com, Inc. | |
Alphabet, Inc. Class A |
Top 5 Tax-Exempt Bonds (% of Net Assets)
(as of February 28, 2026)
New York City Municipal Water Finance Authority Revenue, Series DD, 1.10%, 6/15/33 | |
|---|---|
The Development Authority of Burke County Revenue, Series GA, 1.05%, 11/1/52 | |
City of New York, GO, Series B-3, 1.10%, 10/1/46 | |
Port of Port Arthur Navigation District Revenue, Series B, 1.10%, 4/1/40 | |
Development Authority of Appling County Revenue, Series GA, 1.05%, 9/1/41 |
* Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities.
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financials
Prospectus
Fund Holdings
Proxy Voting
Contact us at
UGTIX — AR (2/26)
Ticker:
The
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Class R6 | $ | |
What affected the Fund’s performance during the last year?
Top contributors to performance:
An underweight to health care was a contributor to relative performance as compared to the MSCI EAFE Index (the "Index").
Stock selection in information technology contributed to performance relative to the Index.
Country level contributor to relative performance was stock selection in Japan.
Top detractors from performance:
An underweight to industrials hurt relative performance as compared to the Index.
Stock selection in energy was a detractor to performance relative to the Index.
Country level detractor was stock selection in Germany.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Victory International Fund Class R6 - $ | |||
|---|---|---|---|
8/18Footnote Reference* | $ | $ | $ |
2/19 | $ | $ | $ |
2/20 | $ | $ | $ |
2/21 | $ | $ | $ |
2/22 | $ | $ | $ |
2/23 | $ | $ | $ |
2/24 | $ | $ | $ |
2/25 | $ | $ | $ |
2/26 | $ | $ | $ |
| Footnote | Description |
Footnote* | Inception date for the Victory International Fund, Class R6 is 8/17/2018. |
AVERAGE ANNUAL TOTAL RETURNS
(as of February 28, 2026)
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
Class R6 | |||
| Footnote | Description |
Footnote |
FUND STATISTICS
($ amounts in 000s)
(as of February 28, 2026)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top SectorsFootnote Reference* (% of Net Assets)
(as of February 28, 2026)
Top CountriesFootnote Reference*Footnote Reference^ (% of Net Assets)
(as of February 28, 2026)
Value | Value |
|---|---|
Real Estate | |
Communication Services | |
Energy | |
Consumer Staples | |
Materials | |
Consumer Discretionary | |
Health Care | |
Information Technology | |
Industrials | |
Financials |
Value | Value |
|---|---|
Japan | |
United Kingdom | |
France | |
Switzerland | |
Germany | |
Netherlands | |
OtherFootnote Reference** |
* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
|---|---|
** | Includes countries comprising less than 3.0% of portfolio. |
^ | Percentages are of the net assets of the Fund and may not equal 100%. |
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Additional Shareholder Information
Additional information about the Fund is available on
Full Financials
Prospectus
Fund Holdings
Proxy Voting
Contact us at
URITX — AR (2/26)
Ticker:
The
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Fund Shares | $ | |
What affected the Fund’s performance during the last year?
Top contributors to performance:
An underweight to health care was a contributor to relative performance as compared to the MSCI EAFE Index (the "Index").
Stock selection in information technology contributed to performance relative to the Index.
Country level contributor to relative performance was stock selection in Japan.
Top detractors from performance:
An underweight to industrials hurt relative performance as compared to the Index.
Stock selection in energy was a detractor to performance relative to the Index.
Country level detractor was stock selection in Germany.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Victory International Fund, Fund Shares - $ | |||
|---|---|---|---|
2/16 | $ | $ | $ |
2/17 | $ | $ | $ |
2/18 | $ | $ | $ |
2/19 | $ | $ | $ |
2/20 | $ | $ | $ |
2/21 | $ | $ | $ |
2/22 | $ | $ | $ |
2/23 | $ | $ | $ |
2/24 | $ | $ | $ |
2/25 | $ | $ | $ |
2/26 | $ | $ | $ |
AVERAGE ANNUAL TOTAL RETURNS
(as of February 28, 2026)
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Fund Shares | |||
| Footnote | Description |
Footnote |
FUND STATISTICS
($ amounts in 000s)
(as of February 28, 2026)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top SectorsFootnote Reference* (% of Net Assets)
(as of February 28, 2026)
Top CountriesFootnote Reference*Footnote Reference^ (% of Net Assets)
(as of February 28, 2026)
Value | Value |
|---|---|
Real Estate | |
Communication Services | |
Energy | |
Consumer Staples | |
Materials | |
Consumer Discretionary | |
Health Care | |
Information Technology | |
Industrials | |
Financials |
Value | Value |
|---|---|
Japan | |
United Kingdom | |
France | |
Switzerland | |
Germany | |
Netherlands | |
OtherFootnote Reference** |
* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
|---|---|
** | Includes countries comprising less than 3.0% of portfolio. |
^ | Percentages are of the net assets of the Fund and may not equal 100%. |
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Additional Shareholder Information
Additional information about the Fund is available on
Full Financials
Prospectus
Fund Holdings
Proxy Voting
Contact us at
USIFX — AR (2/26)
Ticker:
The
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Institutional Shares | $ | |
What affected the Fund’s performance during the last year?
Top contributors to performance:
An underweight to health care was a contributor to relative performance as compared to the MSCI EAFE Index (the "Index").
Stock selection in information technology contributed to performance relative to the Index.
Country level contributor to relative performance was stock selection in Japan.
Top detractors from performance:
An underweight to industrials hurt relative performance as compared to the Index.
Stock selection in energy was a detractor to performance relative to the Index.
Country level detractor was stock selection in Germany.
The graph reflects investment growth of a hypothetical investment of $1,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $1,000,000 Investment
Victory International Fund Institutional Shares - $2,777,585 | |||
|---|---|---|---|
2/16 | $ | $ | $ |
2/17 | $ | $ | $ |
2/18 | $ | $ | $ |
2/19 | $ | $ | $ |
2/20 | $ | $ | $ |
2/21 | $ | $ | $ |
2/22 | $ | $ | $ |
2/23 | $ | $ | $ |
2/24 | $ | $ | $ |
2/25 | $ | $ | $ |
2/26 | $ | $ | $ |
AVERAGE ANNUAL TOTAL RETURNS
(as of February 28, 2026)
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Institutional Shares | |||
| Footnote | Description |
Footnote |
FUND STATISTICS
($ amounts in 000s)
(as of February 28, 2026)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top SectorsFootnote Reference* (% of Net Assets)
(as of February 28, 2026)
Top CountriesFootnote Reference*Footnote Reference^ (% of Net Assets)
(as of February 28, 2026)
Value | Value |
|---|---|
Real Estate | |
Communication Services | |
Energy | |
Consumer Staples | |
Materials | |
Consumer Discretionary | |
Health Care | |
Information Technology | |
Industrials | |
Financials |
Value | Value |
|---|---|
Japan | |
United Kingdom | |
France | |
Switzerland | |
Germany | |
Netherlands | |
OtherFootnote Reference** |
* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
|---|---|
** | Includes countries comprising less than 3.0% of portfolio. |
^ | Percentages are of the net assets of the Fund and may not equal 100%. |
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Additional Shareholder Information
Additional information about the Fund is available on
Full Financials
Prospectus
Fund Holdings
Proxy Voting
Contact us at
UIIFX — AR (2/26)
Ticker:
The
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Fund Shares | $ | |
What affected the Fund’s performance during the last year?
Tax-exempt bonds delivered positive returns for the 12-month period ended February 28, 2026, as measured by the Bloomberg Municipal Bond Index. In keeping with our investment approach, we continued to focus on income generation. The Fund’s long-term income distribution, not its price appreciation, accounts for most of its total return.
Our commitment to independent credit research continued to help us identify attractive opportunities for the Fund. We employ fundamental analysis that emphasizes an issuer’s ability and willingness to repay its debt. Through our credit research, we strive both to recognize relative value and to avoid potential pitfalls, which is especially important in volatile times like the present. As always, we worked with our in-house team of analysts to select investments for the Fund on a bond-by-bond basis. Our team continuously monitors all the holdings in the Fund’s portfolio.
The Fund continues to hold a diversified portfolio of longer-term, primarily investment- grade municipal bonds.
Top contributors to performance:
Security selection in the lease and special tax sectors.
Underweight allocation to the special tax sector.
Top detractors from performance:
Security selection in the education and housing sectors.
Security selection in the AA and BBB rating categories.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Victory New York Bond Fund, Fund Shares - $ | |||
|---|---|---|---|
2/16 | $ | $ | $ |
2/17 | $ | $ | $ |
2/18 | $ | $ | $ |
2/19 | $ | $ | $ |
2/20 | $ | $ | $ |
2/21 | $ | $ | $ |
2/22 | $ | $ | $ |
2/23 | $ | $ | $ |
2/24 | $ | $ | $ |
2/25 | $ | $ | $ |
2/26 | $ | $ | $ |
AVERAGE ANNUAL TOTAL RETURNS
(as of February 28, 2026)
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Fund Shares | |||
FUND STATISTICS
($ amounts in 000s)
(as of February 28, 2026)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top Industries* (% of Net Assets)
(as of February 28, 2026)
Value | Value |
|---|---|
Housing | |
Water | |
Airport | |
Nursing Homes | |
Multifamily Housing | |
Transportation | |
Education | |
Medical | |
Higher Education | |
General Obligation |
* | Does not include futures contracts, money market instruments, or other assets in excess of liabilities. |
|---|---|
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Additional Shareholder Information
Additional information about the Fund is available on
Full Financials
Prospectus
Fund Holdings
Proxy Voting
Contact us at
USNYX — AR (2/26)
Ticker:
The
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Institutional Shares | $ | |
What affected the Fund’s performance during the last year?
Tax-exempt bonds delivered positive returns for the 12-month period ended February 28, 2026, as measured by the Bloomberg Municipal Bond Index. In keeping with our investment approach, we continued to focus on income generation. The Fund’s long-term income distribution, not its price appreciation, accounts for most of its total return.
Our commitment to independent credit research continued to help us identify attractive opportunities for the Fund. We employ fundamental analysis that emphasizes an issuer’s ability and willingness to repay its debt. Through our credit research, we strive both to recognize relative value and to avoid potential pitfalls, which is especially important in volatile times like the present. As always, we worked with our in-house team of analysts to select investments for the Fund on a bond-by-bond basis. Our team continuously monitors all the holdings in the Fund’s portfolio.
The Fund continues to hold a diversified portfolio of longer-term, primarily investment- grade municipal bonds.
Top contributors to performance:
Security selection in the lease and special tax sectors.
Underweight allocation to the special tax sector.
Top detractors from performance:
Security selection in the education and housing sectors.
Security selection in the AA and BBB rating categories.
The graph reflects investment growth of a hypothetical investment of $1,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $1,000,000 Investment
Victory New York Bond Fund Institutional Shares - $1,093,959 | |||
|---|---|---|---|
6/20Footnote Reference* | $ | $ | $ |
2/21 | $ | $ | $ |
2/22 | $ | $ | $ |
2/23 | $ | $ | $ |
2/24 | $ | $ | $ |
2/25 | $ | $ | $ |
2/26 | $ | $ | $ |
| Footnote | Description |
Footnote* | Inception date for the Victory New York Bond Fund, Institutional Shares is 6/29/2020. |
AVERAGE ANNUAL TOTAL RETURNS
(as of February 28, 2026)
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
Institutional Shares | |||
FUND STATISTICS
($ amounts in 000s)
(as of February 28, 2026)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top Industries* (% of Net Assets)
(as of February 28, 2026)
Value | Value |
|---|---|
Housing | |
Water | |
Airport | |
Nursing Homes | |
Multifamily Housing | |
Transportation | |
Education | |
Medical | |
Higher Education | |
General Obligation |
* | Does not include futures contracts, money market instruments, or other assets in excess of liabilities. |
|---|---|
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Additional Shareholder Information
Additional information about the Fund is available on
Full Financials
Prospectus
Fund Holdings
Proxy Voting
Contact us at
UNYIX — AR (2/26)
Ticker:
The
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Class A | $ | |
What affected the Fund’s performance during the last year?
Top contributors to performance:
Owning Agnico Eagle Mines Ltd. was a top contributor to absolute performance.
Slight underweight to gold miners in China was a contributor to relative performance.
Stock selection in China was also a contributor.
Top detractors from performance:
Owning Royal Gold, Inc. was a detractor to relative performance.
Selection of gold miners in the United States was a detractor to relative performance.
Country level detractor to relative performance was stock selection of gold miners in Australia.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price (“MOP”) figures reflect a maximum sales charge of 5.75% for Class A. The Net Asset Value ("NAV") figures do not reflect sales charges.
Growth of $10,000 Investment
Victory Precious Metals and Minerals Fund Class A @ MOP - $ | |||||
|---|---|---|---|---|---|
2/16 | $10,000 | $ | $ | $ | $ |
2/17 | $12,237 | $ | $ | $ | $ |
2/18 | $11,228 | $ | $ | $ | $ |
2/19 | $11,617 | $ | $ | $ | $ |
2/20 | $13,810 | $ | $ | $ | $ |
2/21 | $16,522 | $ | $ | $ | $ |
2/22 | $18,020 | $ | $ | $ | $ |
2/23 | $14,512 | $ | $ | $ | $ |
2/24 | $13,757 | $ | $ | $ | $ |
2/25 | $21,063 | $ | $ | $ | $ |
2/26 | $60,840 | $ | $ | $ | $ |
AVERAGE ANNUAL TOTAL RETURNS
(as of February 28, 2026)
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Class A @ NAV | |||
Class A @ MOP | |||
| Footnote | Description |
Footnote |
FUND STATISTICS
($ amounts in 000s)
(as of February 28, 2026)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top 10 HoldingsFootnote Reference* (% of Net Assets)Footnote Reference
(as of February 28, 2026)
Agnico Eagle Mines Ltd. | |
|---|---|
Gold Fields Ltd., ADR | |
Kinross Gold Corp. | |
Anglogold Ashanti PLC (Johannesburg Stock Exchange) | |
Newmont Corp. | |
Barrick Mining Corp. | |
DPM Metals, Inc. | |
Torex Gold Resources, Inc. | |
Royal Gold, Inc. | |
Wheaton Precious Metals Corp. |
Top CountriesFootnote Reference^,Footnote Reference* (% of Net Assets)
(as of February 28, 2026)
Value | Value |
|---|---|
Canada | |
United States | |
South Africa | |
Australia | |
United Kingdom | |
OtherFootnote Reference** |
* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
|---|---|
** | Includes countries comprising less than 3.0% of portfolio. |
^ | Percentages are of the net assets of the Fund and may not equal 100%. |
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Additional Shareholder Information
Additional information about the Fund is available on
Full Financials
Prospectus
Fund Holdings
Proxy Voting
Contact us at
UPMMX — AR (2/26)
Ticker:
The
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Fund Shares | $ | |
What affected the Fund’s performance during the last year?
Top contributors to performance:
Owning Agnico Eagle Mines Ltd. was a top contributor to absolute performance.
Slight underweight to gold miners in China was a contributor to relative performance.
Stock selection in China was also a contributor.
Top detractors from performance:
Owning Royal Gold, Inc. was a detractor to relative performance.
Selection of gold miners in the United States was a detractor to relative performance.
Country level detractor to relative performance was stock selection of gold miners in Australia.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Victory Precious Metals and Minerals Fund, Fund Shares - $ | ||||
|---|---|---|---|---|
2/16 | $ | $ | $ | $ |
2/17 | $ | $ | $ | $ |
2/18 | $ | $ | $ | $ |
2/19 | $ | $ | $ | $ |
2/20 | $ | $ | $ | $ |
2/21 | $ | $ | $ | $ |
2/22 | $ | $ | $ | $ |
2/23 | $ | $ | $ | $ |
2/24 | $ | $ | $ | $ |
2/25 | $ | $ | $ | $ |
2/26 | $ | $ | $ | $ |
AVERAGE ANNUAL TOTAL RETURNS
(as of February 28, 2026)
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Fund Shares | |||
| Footnote | Description |
Footnote |
FUND STATISTICS
($ amounts in 000s)
(as of February 28, 2026)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top 10 HoldingsFootnote Reference* (% of Net Assets)Footnote Reference
(as of February 28, 2026)
Agnico Eagle Mines Ltd. | |
|---|---|
Gold Fields Ltd., ADR | |
Kinross Gold Corp. | |
Anglogold Ashanti PLC (Johannesburg Stock Exchange) | |
Newmont Corp. | |
Barrick Mining Corp. | |
DPM Metals, Inc. | |
Torex Gold Resources, Inc. | |
Royal Gold, Inc. | |
Wheaton Precious Metals Corp. |
Top CountriesFootnote Reference^,Footnote Reference* (% of Net Assets)
(as of February 28, 2026)
Value | Value |
|---|---|
Canada | |
United States | |
South Africa | |
Australia | |
United Kingdom | |
OtherFootnote Reference** |
* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
|---|---|
** | Includes countries comprising less than 3.0% of portfolio. |
^ | Percentages are of the net assets of the Fund and may not equal 100%. |
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Additional Shareholder Information
Additional information about the Fund is available on
Full Financials
Prospectus
Fund Holdings
Proxy Voting
Contact us at
USAGX — AR (2/26)
Ticker:
The
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Institutional Shares | $ | |
What affected the Fund’s performance during the last year?
Top contributors to performance:
Owning Agnico Eagle Mines Ltd. was a top contributor to absolute performance.
Slight underweight to gold miners in China was a contributor to relative performance.
Stock selection in China was also a contributor.
Top detractors from performance:
Owning Royal Gold, Inc. was a detractor to relative performance.
Selection of gold miners in the United States was a detractor to relative performance.
Country level detractor to relative performance was stock selection of gold miners in Australia.
The graph reflects investment growth of a hypothetical investment of $1,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $1,000,000 Investment
Victory Precious Metals and Minerals Fund Institutional Shares - $6,301,606 | ||||
|---|---|---|---|---|
2/16 | $ | $ | $ | $ |
2/17 | $ | $ | $ | $ |
2/18 | $ | $ | $ | $ |
2/19 | $ | $ | $ | $ |
2/20 | $ | $ | $ | $ |
2/21 | $ | $ | $ | $ |
2/22 | $ | $ | $ | $ |
2/23 | $ | $ | $ | $ |
2/24 | $ | $ | $ | $ |
2/25 | $ | $ | $ | $ |
2/26 | $ | $ | $ | $ |
AVERAGE ANNUAL TOTAL RETURNS
(as of February 28, 2026)
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Institutional Shares | |||
| Footnote | Description |
Footnote |
FUND STATISTICS
($ amounts in 000s)
(as of February 28, 2026)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top 10 HoldingsFootnote Reference* (% of Net Assets)Footnote Reference
(as of February 28, 2026)
Agnico Eagle Mines Ltd. | |
|---|---|
Gold Fields Ltd., ADR | |
Kinross Gold Corp. | |
Anglogold Ashanti PLC (Johannesburg Stock Exchange) | |
Newmont Corp. | |
Barrick Mining Corp. | |
DPM Metals, Inc. | |
Torex Gold Resources, Inc. | |
Royal Gold, Inc. | |
Wheaton Precious Metals Corp. |
Top CountriesFootnote Reference^,Footnote Reference* (% of Net Assets)
(as of February 28, 2026)
Value | Value |
|---|---|
Canada | |
United States | |
South Africa | |
Australia | |
United Kingdom | |
OtherFootnote Reference** |
* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
|---|---|
** | Includes countries comprising less than 3.0% of portfolio. |
^ | Percentages are of the net assets of the Fund and may not equal 100%. |
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Additional Shareholder Information
Additional information about the Fund is available on
Full Financials
Prospectus
Fund Holdings
Proxy Voting
Contact us at
UIPMX — AR (2/26)
Ticker:
The
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Class A | $ | |
What affected the Fund’s performance during the last year?
Top contributors to performance:
Stock selection in industrials was a contributor to performance relative to the MSCI All Country World Index (the “Index”).
A slight underweight to communication services was a contributor to relative performance.
Country level contributor to relative performance was stock selection in the United States.
Top detractors from performance:
An overweight to health care hurt relative performance.
Stock selection in information technology was a detractor to performance relative to the Index.
Country level detractor was stock selection in Japan.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price (“MOP”) figures reflect a maximum sales charge of 5.75% for Class A. The Net Asset Value ("NAV") figures do not reflect sales charges.
Growth of $10,000 Investment
Victory Sustainable World Fund Class A @ MOP - $ | ||||
|---|---|---|---|---|
2/16 | $10,000 | $ | $ | $ |
2/17 | $11,870 | $ | $ | $ |
2/18 | $13,865 | $ | $ | $ |
2/19 | $14,000 | $ | $ | $ |
2/20 | $14,943 | $ | $ | $ |
2/21 | $19,064 | $ | $ | $ |
2/22 | $20,408 | $ | $ | $ |
2/23 | $18,606 | $ | $ | $ |
2/24 | $23,306 | $ | $ | $ |
2/25 | $26,374 | $ | $ | $ |
2/26 | $32,676 | $ | $ | $ |
AVERAGE ANNUAL TOTAL RETURNS
(as of February 28, 2026)
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Class A @ NAV | |||
Class A @ MOP | |||
| Footnote | Description |
Footnote |
FUND STATISTICS
($ amounts in 000s)
(as of February 28, 2026)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top SectorsFootnote Reference* (% of Net Assets)
(as of February 28, 2026)
Top CountriesFootnote Reference*Footnote Reference^ (% of Net Assets)
(as of February 28, 2026)
Value | Value |
|---|---|
Utilities | |
Materials | |
Energy | |
Consumer Staples | |
Communication Services | |
Consumer Discretionary | |
Health Care | |
Industrials | |
Financials | |
Information Technology |
Value | Value |
|---|---|
United States | |
Japan | |
OtherFootnote Reference** |
* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
|---|---|
** | Includes countries comprising less than 3.0% of portfolio. |
^ | Percentages are of the net assets of the Fund and may not equal 100%. |
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Additional Shareholder Information
Additional information about the Fund is available on
Full Financials
Prospectus
Fund Holdings
Proxy Voting
Contact us at
USWGX — AR (2/26)
Ticker:
The
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Fund Shares | $ | |
What affected the Fund’s performance during the last year?
Top contributors to performance:
Stock selection in industrials was a contributor to performance relative to the MSCI All Country World Index (the “Index”).
A slight underweight to communication services was a contributor to relative performance.
Country level contributor to relative performance was stock selection in the United States.
Top detractors from performance:
An overweight to health care hurt relative performance.
Stock selection in information technology was a detractor to performance relative to the Index.
Country level detractor was stock selection in Japan.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Victory Sustainable World Fund, Fund Shares - $ | |||
|---|---|---|---|
2/16 | $ | $ | $ |
2/17 | $ | $ | $ |
2/18 | $ | $ | $ |
2/19 | $ | $ | $ |
2/20 | $ | $ | $ |
2/21 | $ | $ | $ |
2/22 | $ | $ | $ |
2/23 | $ | $ | $ |
2/24 | $ | $ | $ |
2/25 | $ | $ | $ |
2/26 | $ | $ | $ |
AVERAGE ANNUAL TOTAL RETURNS
(as of February 28, 2026)
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Fund Shares | |||
| Footnote | Description |
Footnote |
FUND STATISTICS
($ amounts in 000s)
(as of February 28, 2026)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top SectorsFootnote Reference* (% of Net Assets)
(as of February 28, 2026)
Top CountriesFootnote Reference*Footnote Reference^ (% of Net Assets)
(as of February 28, 2026)
Value | Value |
|---|---|
Utilities | |
Materials | |
Energy | |
Consumer Staples | |
Communication Services | |
Consumer Discretionary | |
Health Care | |
Industrials | |
Financials | |
Information Technology |
Value | Value |
|---|---|
United States | |
Japan | |
OtherFootnote Reference** |
* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
|---|---|
** | Includes countries comprising less than 3.0% of portfolio. |
^ | Percentages are of the net assets of the Fund and may not equal 100%. |
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Additional Shareholder Information
Additional information about the Fund is available on
Full Financials
Prospectus
Fund Holdings
Proxy Voting
Contact us at
USAWX — AR (2/26)
Ticker:
The
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Institutional Shares | $ | |
What affected the Fund’s performance during the last year?
Top contributors to performance:
Stock selection in industrials was a contributor to performance relative to the MSCI All Country World Index (the “Index”).
A slight underweight to communication services was a contributor to relative performance.
Country level contributor to relative performance was stock selection in the United States.
Top detractors from performance:
An overweight to health care hurt relative performance.
Stock selection in information technology was a detractor to performance relative to the Index.
Country level detractor was stock selection in Japan.
The graph reflects investment growth of a hypothetical investment of $1,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $1,000,000 Investment
Victory Sustainable World Fund Institutional Shares - $3,375,685 | |||
|---|---|---|---|
2/16 | $ | $ | $ |
2/17 | $ | $ | $ |
2/18 | $ | $ | $ |
2/19 | $ | $ | $ |
2/20 | $ | $ | $ |
2/21 | $ | $ | $ |
2/22 | $ | $ | $ |
2/23 | $ | $ | $ |
2/24 | $ | $ | $ |
2/25 | $ | $ | $ |
2/26 | $ | $ | $ |
AVERAGE ANNUAL TOTAL RETURNS
(as of February 28, 2026)
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Institutional Shares | |||
| Footnote | Description |
Footnote |
FUND STATISTICS
($ amounts in 000s)
(as of February 28, 2026)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top SectorsFootnote Reference* (% of Net Assets)
(as of February 28, 2026)
Top CountriesFootnote Reference*Footnote Reference^ (% of Net Assets)
(as of February 28, 2026)
Value | Value |
|---|---|
Utilities | |
Materials | |
Energy | |
Consumer Staples | |
Communication Services | |
Consumer Discretionary | |
Health Care | |
Industrials | |
Financials | |
Information Technology |
Value | Value |
|---|---|
United States | |
Japan | |
OtherFootnote Reference** |
* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
|---|---|
** | Includes countries comprising less than 3.0% of portfolio. |
^ | Percentages are of the net assets of the Fund and may not equal 100%. |
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Additional Shareholder Information
Additional information about the Fund is available on
Full Financials
Prospectus
Fund Holdings
Proxy Voting
Contact us at
UIWGX — AR (2/26)
Ticker:
The
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Fund Shares | $ | |
What affected the Fund’s performance during the last year?
Top contributors to performance:
The Fund’s tactical underweight to U.S. small cap equities contributed positively to performance.
The Fund’s tactical overweight to gold mining companies helped performance.
Top detractors to performance:
The Fund’s tactical overweight U.S. large cap equities negatively impacted performance.
The Fund’s tactical overweight to Switzerland and Germany also detracted from performance.
The Fund had a small allocation to derivatives during the period that did not have a material impact on performance.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Victory Target Managed Allocation Fund, Fund Shares - $ | |||
|---|---|---|---|
2/16 | $ | $ | $ |
2/17 | $ | $ | $ |
2/18 | $ | $ | $ |
2/19 | $ | $ | $ |
2/20 | $ | $ | $ |
2/21 | $ | $ | $ |
2/22 | $ | $ | $ |
2/23 | $ | $ | $ |
2/24 | $ | $ | $ |
2/25 | $ | $ | $ |
2/26 | $ | $ | $ |
AVERAGE ANNUAL TOTAL RETURNS
(as of February 28, 2026)
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Fund Shares | |||
| Footnote | Description |
Footnote |
FUND STATISTICS
($ amounts in 000s)
(as of February 28, 2026)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top SectorsFootnote Reference* (% of Net Assets)Footnote Reference
(as of February 28, 2026)
Value | Value |
|---|---|
Real Estate | |
Materials | |
Consumer Staples | |
Energy | |
Health Care | |
Communication Services | |
Consumer Discretionary | |
Industrials | |
Information Technology | |
Financials |
Top 10 HoldingsFootnote Reference* (% of Net Assets)Footnote Reference
(as of February 28, 2026)
iShares Core MSCI Emerging Markets ETF | |
|---|---|
VanEck Gold Miners ETF | |
NVIDIA Corp. | |
Apple, Inc. | |
Microsoft Corp. | |
Amazon.com, Inc. | |
Royal Bank of Canada | |
Alphabet, Inc., Class A | |
Alphabet, Inc., Class C | |
Meta Platforms, Inc., Class A |
* | Does not include futures contracts, money market instruments, short-term investments purchased with cash collateral from securities loaned, or other assets in excess of liabilities. |
|---|---|
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Additional Shareholder Information
Additional information about the Fund is available on
Full Financials
Prospectus
Fund Holdings
Proxy Voting
Contact us at
UTMAX — AR (2/26)
Ticker:
The
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Class A | $ | |
What affected the Fund’s performance during the last year?
Tax-exempt bonds delivered positive returns for the 12-month period ended February 28, 2026, as measured by the Bloomberg Municipal Bond Index.
In keeping with our investment approach, we continued to focus on income generation. The Fund’s long-term income distribution, not its price appreciation, accounts for most of its total return.
Our commitment to independent credit research continued to help us identify attractive opportunities for the Fund. We employ fundamental analysis that emphasizes an issuer’s ability and willingness to repay its debt. Through our credit research, we strive both to recognize relative value and to avoid potential pitfalls, which is especially important in volatile times like the present. As always, we worked with our in-house team of analysts to select investments for the Fund on a bond-by-bond basis. Our team continuously monitors all the holdings in the Fund’s portfolio.
The Fund continues to hold a diversified portfolio of intermediate-term, primarily investment-grade municipal bonds.
Top contributors to performance:
Overweight allocation to the A and BBB rating categories.
Underweight allocation to the State & Local sector.
Top detractors from performance:
Interest rate headwinds, as the Fund is overweight bonds with maturities exceeding 15 years relative to the Fund’s benchmark (Bloomberg Municipal 1-15 Year Blend Index). These headwinds were amplified as the municipal yield curve steepened in the 1-25 year range.
Security selection within the A and BBB rating categories detracted from performance.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price (“MOP”) figures reflect a maximum sales charge of 2.25% for Class A. The Net Asset Value ("NAV") figures do not reflect sales charges.
Growth of $10,000 Investment
Victory Tax Exempt Intermediate-Term Fund Class A @ MOP - $ | |||||
|---|---|---|---|---|---|
2/16 | $10,000 | $ | $ | $ | $ |
2/17 | $9,894 | $ | $ | $ | $ |
2/18 | $10,205 | $ | $ | $ | $ |
2/19 | $10,594 | $ | $ | $ | $ |
2/20 | $11,503 | $ | $ | $ | $ |
2/21 | $11,622 | $ | $ | $ | $ |
2/22 | $11,554 | $ | $ | $ | $ |
2/23 | $10,944 | $ | $ | $ | $ |
2/24 | $11,468 | $ | $ | $ | $ |
2/25 | $11,904 | $ | $ | $ | $ |
2/26 | $12,438 | $ | $ | $ | $ |
AVERAGE ANNUAL TOTAL RETURNS
(as of February 28, 2026)
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Class A @ NAV | |||
Class A @ MOP | |||
FUND STATISTICS
($ amounts in 000s)
(as of February 28, 2026)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top Industries* (% of Net Assets)
(as of February 28, 2026)
Value | Value |
|---|---|
Airport | |
School District | |
Single Family Housing | |
General Obligation | |
Education | |
Nursing Homes | |
Transportation | |
Higher Education | |
General | |
Medical |
* | Does not include futures contracts, money market instruments, or other assets in excess of liabilities. |
|---|---|
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Material Fund Changes
Effective July 1, 2025, the principal investment strategy was changed from having a dollar-weighted average portfolio maturity between four and 12 years to an effective duration that is not restricted but generally is expected to be within two years of the Fund's benchmark.
For more complete information, you may review the Fund's prospectus, issued July 1, 2025.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financials
Prospectus
Fund Holdings
Proxy Voting
Contact us at
UTEIX — AR (2/26)
Ticker:
The
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Fund Shares | $ | |
What affected the Fund’s performance during the last year?
Tax-exempt bonds delivered positive returns for the 12-month period ended February 28, 2026, as measured by the Bloomberg Municipal Bond Index.
In keeping with our investment approach, we continued to focus on income generation. The Fund’s long-term income distribution, not its price appreciation, accounts for most of its total return.
Our commitment to independent credit research continued to help us identify attractive opportunities for the Fund. We employ fundamental analysis that emphasizes an issuer’s ability and willingness to repay its debt. Through our credit research, we strive both to recognize relative value and to avoid potential pitfalls, which is especially important in volatile times like the present. As always, we worked with our in-house team of analysts to select investments for the Fund on a bond-by-bond basis. Our team continuously monitors all the holdings in the Fund’s portfolio.
The Fund continues to hold a diversified portfolio of intermediate-term, primarily investment-grade municipal bonds.
Top contributors to performance:
Overweight allocation to the A and BBB rating categories.
Underweight allocation to the State & Local sector.
Top detractors from performance:
Interest rate headwinds, as the Fund is overweight bonds with maturities exceeding 15 years relative to the Fund’s benchmark (Bloomberg Municipal 1-15 Year Blend Index). These headwinds were amplified as the municipal yield curve steepened in the 1-25 year range.
Security selection within the A and BBB rating categories detracted from performance.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Victory Tax Exempt Intermediate-Term Fund, Fund Shares - $ | ||||
|---|---|---|---|---|
2/16 | $ | $ | $ | $ |
2/17 | $ | $ | $ | $ |
2/18 | $ | $ | $ | $ |
2/19 | $ | $ | $ | $ |
2/20 | $ | $ | $ | $ |
2/21 | $ | $ | $ | $ |
2/22 | $ | $ | $ | $ |
2/23 | $ | $ | $ | $ |
2/24 | $ | $ | $ | $ |
2/25 | $ | $ | $ | $ |
2/26 | $ | $ | $ | $ |
AVERAGE ANNUAL TOTAL RETURNS
(as of February 28, 2026)
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Fund Shares | |||
FUND STATISTICS
($ amounts in 000s)
(as of February 28, 2026)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top Industries* (% of Net Assets)
(as of February 28, 2026)
Value | Value |
|---|---|
Airport | |
School District | |
Single Family Housing | |
General Obligation | |
Education | |
Nursing Homes | |
Transportation | |
Higher Education | |
General | |
Medical |
* | Does not include futures contracts, money market instruments, or other assets in excess of liabilities. |
|---|---|
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Material Fund Changes
Effective July 1, 2025, the principal investment strategy was changed from having a dollar-weighted average portfolio maturity between four and 12 years to an effective duration that is not restricted but generally is expected to be within two years of the Fund's benchmark.
For more complete information, you may review the Fund's prospectus, issued July 1, 2025.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financials
Prospectus
Fund Holdings
Proxy Voting
Contact us at
USATX — AR (2/26)
Ticker:
The
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Institutional Shares | $ | |
What affected the Fund’s performance during the last year?
Tax-exempt bonds delivered positive returns for the 12-month period ended February 28, 2026, as measured by the Bloomberg Municipal Bond Index.
In keeping with our investment approach, we continued to focus on income generation. The Fund’s long-term income distribution, not its price appreciation, accounts for most of its total return.
Our commitment to independent credit research continued to help us identify attractive opportunities for the Fund. We employ fundamental analysis that emphasizes an issuer’s ability and willingness to repay its debt. Through our credit research, we strive both to recognize relative value and to avoid potential pitfalls, which is especially important in volatile times like the present. As always, we worked with our in-house team of analysts to select investments for the Fund on a bond-by-bond basis. Our team continuously monitors all the holdings in the Fund’s portfolio.
The Fund continues to hold a diversified portfolio of intermediate-term, primarily investment-grade municipal bonds.
Top contributors to performance:
Overweight allocation to the A and BBB rating categories.
Underweight allocation to the State & Local sector.
Top detractors from performance:
Interest rate headwinds, as the Fund is overweight bonds with maturities exceeding 15 years relative to the Fund’s benchmark (Bloomberg Municipal 1-15 Year Blend Index). These headwinds were amplified as the municipal yield curve steepened in the 1-25 year range.
Security selection within the A and BBB rating categories detracted from performance.
The graph reflects investment growth of a hypothetical investment of $1,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $1,000,000 Investment
Victory Tax Exempt Intermediate-Term Fund Institutional Shares - $1,123,480 | ||||
|---|---|---|---|---|
6/20Footnote Reference* | $ | $ | $ | $ |
2/21 | $ | $ | $ | $ |
2/22 | $ | $ | $ | $ |
2/23 | $ | $ | $ | $ |
2/24 | $ | $ | $ | $ |
2/25 | $ | $ | $ | $ |
2/26 | $ | $ | $ | $ |
| Footnote | Description |
Footnote* | Inception date for the Victory Tax Exempt Intermediate-Term Fund, Institutional Shares is 6/29/2020. |
AVERAGE ANNUAL TOTAL RETURNS
(as of February 28, 2026)
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
Institutional Shares | |||
FUND STATISTICS
($ amounts in 000s)
(as of February 28, 2026)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top Industries* (% of Net Assets)
(as of February 28, 2026)
Value | Value |
|---|---|
Airport | |
School District | |
Single Family Housing | |
General Obligation | |
Education | |
Nursing Homes | |
Transportation | |
Higher Education | |
General | |
Medical |
* | Does not include futures contracts, money market instruments, or other assets in excess of liabilities. |
|---|---|
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Material Fund Changes
Effective July 1, 2025, the principal investment strategy was changed from having a dollar-weighted average portfolio maturity between four and 12 years to an effective duration that is not restricted but generally is expected to be within two years of the Fund's benchmark.
For more complete information, you may review the Fund's prospectus, issued July 1, 2025.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financials
Prospectus
Fund Holdings
Proxy Voting
Contact us at
UITIX — AR (2/26)
Ticker:
The
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Class A | $ | |
What affected the Fund’s performance during the last year?
Tax-exempt bonds delivered positive returns for the 12-month period ended February 28, 2026, as measured by the Bloomberg Municipal Bond Index.
In keeping with our investment approach, we continued to focus on income generation. The Fund’s long-term income distribution, not its price appreciation, accounts for most of its total return.
Our commitment to independent credit research continued to help us identify attractive opportunities for the Fund. We employ fundamental analysis that emphasizes an issuer’s ability and willingness to repay its debt. Through our credit research, we strive both to recognize relative value and to avoid potential pitfalls, which is especially important in volatile times like the present. As always, we worked with our in-house team of analysts to select investments for the Fund on a bond-by-bond basis. Our team continuously monitors all the holdings in the Fund’s portfolio.
The Fund continues to hold a diversified portfolio of longer-term, primarily investment- grade municipal bonds.
Top contributors to performance:
Overweight allocation to the A rating category.
Security selection in the state & local sector.
Security selection in the AA rating category.
Top detractors from performance:
Security selection in the BBB rating category.
Security selection in the education and hospital sectors.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price (“MOP”) figures reflect a maximum sales charge of 2.25% for Class A. The Net Asset Value ("NAV") figures do not reflect sales charges.
Growth of $10,000 Investment
Victory Tax Exempt Long-Term Fund Class A @ MOP - $ | ||||
|---|---|---|---|---|
2/16 | $10,000 | $ | $ | $ |
2/17 | $10,038 | $ | $ | $ |
2/18 | $10,352 | $ | $ | $ |
2/19 | $10,654 | $ | $ | $ |
2/20 | $11,722 | $ | $ | $ |
2/21 | $11,791 | $ | $ | $ |
2/22 | $11,891 | $ | $ | $ |
2/23 | $10,798 | $ | $ | $ |
2/24 | $11,447 | $ | $ | $ |
2/25 | $11,988 | $ | $ | $ |
2/26 | $12,454 | $ | $ | $ |
AVERAGE ANNUAL TOTAL RETURNS
(as of February 28, 2026)
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Class A @ NAV | |||
Class A @ MOP | |||
FUND STATISTICS
($ amounts in 000s)
(as of February 28, 2026)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top Industries* (% of Net Assets)
(as of February 28, 2026)
Value | Value |
|---|---|
Pollution | |
Water | |
Transportation | |
School District | |
Education | |
Higher Education | |
General | |
Nursing Homes | |
General Obligation | |
Medical |
* | Does not include futures contracts, money market instruments, or other assets in excess of liabilities. |
|---|---|
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Material Fund Changes
Effective July 1, 2025, the principal investment strategy was changed from having a dollar-weighted average portfolio maturity in 10 years or more to an effective duration that is not restricted but generally is expected to be within three years of the Fund's benchmark.
For more complete information, you may review the Fund's prospectus, issued July 1, 2025.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financials
Prospectus
Fund Holdings
Proxy Voting
Contact us at
UTELX — AR (2/26)
Ticker:
The
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Fund Shares | $ | |
What affected the Fund’s performance during the last year?
Tax-exempt bonds delivered positive returns for the 12-month period ended February 28, 2026, as measured by the Bloomberg Municipal Bond Index.
In keeping with our investment approach, we continued to focus on income generation. The Fund’s long-term income distribution, not its price appreciation, accounts for most of its total return.
Our commitment to independent credit research continued to help us identify attractive opportunities for the Fund. We employ fundamental analysis that emphasizes an issuer’s ability and willingness to repay its debt. Through our credit research, we strive both to recognize relative value and to avoid potential pitfalls, which is especially important in volatile times like the present. As always, we worked with our in-house team of analysts to select investments for the Fund on a bond-by-bond basis. Our team continuously monitors all the holdings in the Fund’s portfolio.
The Fund continues to hold a diversified portfolio of longer-term, primarily investment- grade municipal bonds.
Top contributors to performance:
Overweight allocation to the A rating category.
Security selection in the state & local sector.
Security selection in the AA rating category.
Top detractors from performance:
Security selection in the BBB rating category.
Security selection in the education and hospital sectors.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Victory Tax Exempt Long-Term Fund, Fund Shares - $ | |||
|---|---|---|---|
2/16 | $ | $ | $ |
2/17 | $ | $ | $ |
2/18 | $ | $ | $ |
2/19 | $ | $ | $ |
2/20 | $ | $ | $ |
2/21 | $ | $ | $ |
2/22 | $ | $ | $ |
2/23 | $ | $ | $ |
2/24 | $ | $ | $ |
2/25 | $ | $ | $ |
2/26 | $ | $ | $ |
AVERAGE ANNUAL TOTAL RETURNS
(as of February 28, 2026)
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Fund Shares | |||
FUND STATISTICS
($ amounts in 000s)
(as of February 28, 2026)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top Industries* (% of Net Assets)
(as of February 28, 2026)
Value | Value |
|---|---|
Pollution | |
Water | |
Transportation | |
School District | |
Education | |
Higher Education | |
General | |
Nursing Homes | |
General Obligation | |
Medical |
* | Does not include futures contracts, money market instruments, or other assets in excess of liabilities. |
|---|---|
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Material Fund Changes
Effective July 1, 2025, the principal investment strategy was changed from having a dollar-weighted average portfolio maturity in 10 years or more to an effective duration that is not restricted but generally is expected to be within three years of the Fund's benchmark.
For more complete information, you may review the Fund's prospectus, issued July 1, 2025.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financials
Prospectus
Fund Holdings
Proxy Voting
Contact us at
USTEX — AR (2/26)
Ticker:
The
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Institutional Shares | $ | |
What affected the Fund’s performance during the last year?
Tax-exempt bonds delivered positive returns for the 12-month period ended February 28, 2026, as measured by the Bloomberg Municipal Bond Index.
In keeping with our investment approach, we continued to focus on income generation. The Fund’s long-term income distribution, not its price appreciation, accounts for most of its total return.
Our commitment to independent credit research continued to help us identify attractive opportunities for the Fund. We employ fundamental analysis that emphasizes an issuer’s ability and willingness to repay its debt. Through our credit research, we strive both to recognize relative value and to avoid potential pitfalls, which is especially important in volatile times like the present. As always, we worked with our in-house team of analysts to select investments for the Fund on a bond-by-bond basis. Our team continuously monitors all the holdings in the Fund’s portfolio.
The Fund continues to hold a diversified portfolio of longer-term, primarily investment- grade municipal bonds.
Top contributors to performance:
Overweight allocation to the A rating category.
Security selection in the state & local sector.
Security selection in the AA rating category.
Top detractors from performance:
Security selection in the BBB rating category.
Security selection in the education and hospital sectors.
The graph reflects investment growth of a hypothetical investment of $1,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $1,000,000 Investment
Victory Tax Exempt Long-Term Fund Institutional Shares - $1,109,502 | |||
|---|---|---|---|
6/20Footnote Reference* | $ | $ | $ |
2/21 | $ | $ | $ |
2/22 | $ | $ | $ |
2/23 | $ | $ | $ |
2/24 | $ | $ | $ |
2/25 | $ | $ | $ |
2/26 | $ | $ | $ |
| Footnote | Description |
Footnote* | Inception date for the Victory Tax Exempt Long-Term Fund, Institutional Shares is 6/29/2020. |
AVERAGE ANNUAL TOTAL RETURNS
(as of February 28, 2026)
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
Institutional Shares | |||
FUND STATISTICS
($ amounts in 000s)
(as of February 28, 2026)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top Industries* (% of Net Assets)
(as of February 28, 2026)
Value | Value |
|---|---|
Pollution | |
Water | |
Transportation | |
School District | |
Education | |
Higher Education | |
General | |
Nursing Homes | |
General Obligation | |
Medical |
* | Does not include futures contracts, money market instruments, or other assets in excess of liabilities. |
|---|---|
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Material Fund Changes
Effective July 1, 2025, the principal investment strategy was changed from having a dollar-weighted average portfolio maturity in 10 years or more to an effective duration that is not restricted but generally is expected to be within three years of the Fund's benchmark.
For more complete information, you may review the Fund's prospectus, issued July 1, 2025.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financials
Prospectus
Fund Holdings
Proxy Voting
Contact us at
ULTIX — AR (2/26)
Ticker:
The
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Fund Shares | $ | |
AVERAGE ANNUAL TOTAL RETURNS
(as of February 28, 2026)
FUND STATISTICS
($ amounts in 000s)
(as of February 28, 2026)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
7 Day Net Yield | 1.54% |
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Fund Shares |
Top Industries (% of Net Assets)
(as of February 28, 2026)
Value | Value |
|---|---|
General | |
Nursing Homes | |
Higher Education | |
Education | |
Transportation | |
Power | |
Multifamily Housing | |
Pollution | |
Medical | |
Development |
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Additional Shareholder Information
Additional information about the Fund is available on
Full Financials
Prospectus
Fund Holdings
Proxy Voting
Contact us at
USEXX — AR (2/26)
Ticker:
The
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Class A | $ | |
What affected the Fund’s performance during the last year?
Tax-exempt bonds delivered positive returns for the 12-month period ended February 28, 2026, as measured by the Bloomberg Municipal Bond Index.
In keeping with our investment approach, we continued to focus on income generation. The Fund’s long-term income distribution, not its price appreciation, accounts for most of its total return.
Our commitment to independent credit research continued to help us identify attractive opportunities for the Fund. We employ fundamental analysis that emphasizes an issuer’s ability and willingness to repay its debt. Through our credit research, we strive both to recognize relative value and to avoid potential pitfalls, which is especially important in volatile times like the present. As always, we worked with our in-house team of analysts to select investments for the Fund on a bond-by-bond basis. Our team continuously monitors all the holdings in the Fund’s portfolio.
The Fund continues to hold a diversified portfolio of shorter-term, primarily investment- grade municipal bonds.
Top contributors to performance:
Overweight allocation to gas forward sector.
Overweight allocation to the A and BBB rating categories and underweight to AAA.
Interest rate effect as the Fund’s overweight to 6-10 year bonds outperformed shorter-duration bonds during the period.
Top detractors from performance:
Security selection within the industrial development revenue and gas forward sectors.
Security selection within the A and BBB rating categories.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price (“MOP”) figures reflect a maximum sales charge of 2.25% for Class A. The Net Asset Value ("NAV") figures do not reflect sales charges.
Growth of $10,000 Investment
Victory Tax Exempt Short-Term Fund Class A @ MOP - $ | |||||
|---|---|---|---|---|---|
2/16 | $10,000 | $ | $ | $ | $ |
2/17 | $9,973 | $ | $ | $ | $ |
2/18 | $10,070 | $ | $ | $ | $ |
2/19 | $10,277 | $ | $ | $ | $ |
2/20 | $10,592 | $ | $ | $ | $ |
2/21 | $10,692 | $ | $ | $ | $ |
2/22 | $10,610 | $ | $ | $ | $ |
2/23 | $10,368 | $ | $ | $ | $ |
2/24 | $10,799 | $ | $ | $ | $ |
2/25 | $11,248 | $ | $ | $ | $ |
2/26 | $11,706 | $ | $ | $ | $ |
AVERAGE ANNUAL TOTAL RETURNS
(as of February 28, 2026)
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Class A @ NAV | |||
Class A @ MOP | |||
FUND STATISTICS
($ amounts in 000s)
(as of February 28, 2026)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top Industries* (% of Net Assets)
(as of February 28, 2026)
Value | Value |
|---|---|
Water | |
Transportation | |
Multifamily Housing | |
Education | |
Nursing Homes | |
Development | |
Pollution | |
Medical | |
General Obligation | |
General |
* | Does not include futures contracts, money market instruments, or other assets in excess of liabilities. |
|---|---|
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Material Fund Changes
Effective July 1, 2025, the principal investment strategy was changed from having a dollar-weighted average portfolio maturity of four years or less to an effective duration that is not restricted but generally is expected to be within two years of the Fund's benchmark.
For more complete information, you may review the Fund's prospectus, issued July 1, 2025.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financials
Prospectus
Fund Holdings
Proxy Voting
Contact us at
UTESX — AR (2/26)
Ticker:
The
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Fund Shares | $ | |
What affected the Fund’s performance during the last year?
Tax-exempt bonds delivered positive returns for the 12-month period ended February 28, 2026, as measured by the Bloomberg Municipal Bond Index.
In keeping with our investment approach, we continued to focus on income generation. The Fund’s long-term income distribution, not its price appreciation, accounts for most of its total return.
Our commitment to independent credit research continued to help us identify attractive opportunities for the Fund. We employ fundamental analysis that emphasizes an issuer’s ability and willingness to repay its debt. Through our credit research, we strive both to recognize relative value and to avoid potential pitfalls, which is especially important in volatile times like the present. As always, we worked with our in-house team of analysts to select investments for the Fund on a bond-by-bond basis. Our team continuously monitors all the holdings in the Fund’s portfolio.
The Fund continues to hold a diversified portfolio of shorter-term, primarily investment- grade municipal bonds.
Top contributors to performance:
Overweight allocation to gas forward sector.
Overweight allocation to the A and BBB rating categories and underweight to AAA.
Interest rate effect as the Fund’s overweight to 6-10 year bonds outperformed shorter-duration bonds during the period.
Top detractors from performance:
Security selection within the industrial development revenue and gas forward sectors.
Security selection within the A and BBB rating categories.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Victory Tax Exempt Short-Term Fund, Fund Shares - $ | ||||
|---|---|---|---|---|
2/16 | $ | $ | $ | $ |
2/17 | $ | $ | $ | $ |
2/18 | $ | $ | $ | $ |
2/19 | $ | $ | $ | $ |
2/20 | $ | $ | $ | $ |
2/21 | $ | $ | $ | $ |
2/22 | $ | $ | $ | $ |
2/23 | $ | $ | $ | $ |
2/24 | $ | $ | $ | $ |
2/25 | $ | $ | $ | $ |
2/26 | $ | $ | $ | $ |
AVERAGE ANNUAL TOTAL RETURNS
(as of February 28, 2026)
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Fund Shares | |||
FUND STATISTICS
($ amounts in 000s)
(as of February 28, 2026)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top Industries* (% of Net Assets)
(as of February 28, 2026)
Value | Value |
|---|---|
Water | |
Transportation | |
Multifamily Housing | |
Education | |
Nursing Homes | |
Development | |
Pollution | |
Medical | |
General Obligation | |
General |
* | Does not include futures contracts, money market instruments, or other assets in excess of liabilities. |
|---|---|
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Material Fund Changes
Effective July 1, 2025, the principal investment strategy was changed from having a dollar-weighted average portfolio maturity of four years or less to an effective duration that is not restricted but generally is expected to be within two years of the Fund's benchmark.
For more complete information, you may review the Fund's prospectus, issued July 1, 2025.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financials
Prospectus
Fund Holdings
Proxy Voting
Contact us at
USSTX — AR (2/26)
Ticker:
The
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Institutional Shares | $ | |
What affected the Fund’s performance during the last year?
Tax-exempt bonds delivered positive returns for the 12-month period ended February 28, 2026, as measured by the Bloomberg Municipal Bond Index.
In keeping with our investment approach, we continued to focus on income generation. The Fund’s long-term income distribution, not its price appreciation, accounts for most of its total return.
Our commitment to independent credit research continued to help us identify attractive opportunities for the Fund. We employ fundamental analysis that emphasizes an issuer’s ability and willingness to repay its debt. Through our credit research, we strive both to recognize relative value and to avoid potential pitfalls, which is especially important in volatile times like the present. As always, we worked with our in-house team of analysts to select investments for the Fund on a bond-by-bond basis. Our team continuously monitors all the holdings in the Fund’s portfolio.
The Fund continues to hold a diversified portfolio of shorter-term, primarily investment- grade municipal bonds.
Top contributors to performance:
Overweight allocation to gas forward sector.
Overweight allocation to the A and BBB rating categories and underweight to AAA.
Interest rate effect as the Fund’s overweight to 6-10 year bonds outperformed shorter-duration bonds during the period.
Top detractors from performance:
Security selection within the industrial development revenue and gas forward sectors.
Security selection within the A and BBB rating categories.
The graph reflects investment growth of a hypothetical investment of $1,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $1,000,000 Investment
Victory Tax Exempt Short-Term Fund Institutional Shares - $1,130,432 | ||||
|---|---|---|---|---|
6/20Footnote Reference* | $ | $ | $ | $ |
2/21 | $ | $ | $ | $ |
2/22 | $ | $ | $ | $ |
2/23 | $ | $ | $ | $ |
2/24 | $ | $ | $ | $ |
2/25 | $ | $ | $ | $ |
2/26 | $ | $ | $ | $ |
| Footnote | Description |
Footnote* | Inception date for the Victory Tax Exempt Short-Term Fund, Institutional Shares is 6/29/2020. |
AVERAGE ANNUAL TOTAL RETURNS
(as of February 28, 2026)
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
Institutional Shares | |||
FUND STATISTICS
($ amounts in 000s)
(as of February 28, 2026)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top Industries* (% of Net Assets)
(as of February 28, 2026)
Value | Value |
|---|---|
Water | |
Transportation | |
Multifamily Housing | |
Education | |
Nursing Homes | |
Development | |
Pollution | |
Medical | |
General Obligation | |
General |
* | Does not include futures contracts, money market instruments, or other assets in excess of liabilities. |
|---|---|
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Material Fund Changes
Effective July 1, 2025, the principal investment strategy was changed from having a dollar-weighted average portfolio maturity of four years or less to an effective duration that is not restricted but generally is expected to be within two years of the Fund's benchmark.
For more complete information, you may review the Fund's prospectus, issued July 1, 2025.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financials
Prospectus
Fund Holdings
Proxy Voting
Contact us at
USTIX — AR (2/26)
Ticker:
The
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Fund Shares | $ | |
AVERAGE ANNUAL TOTAL RETURNS
(as of February 28, 2026)
FUND STATISTICS
($ amounts in 000s)
(as of February 28, 2026)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
7 Day Net Yield | 3.31% |
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Fund Shares |
Asset AllocationFootnote Reference^ (% of Net Assets)
(as of February 28, 2026)
Value | Value |
|---|---|
U.S. Treasury Obligations | |
Repurchase Agreements |
^ | Percentages are of the net assets of the Fund and may not equal 100%. |
|---|---|
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Additional Shareholder Information
Additional information about the Fund is available on
Full Financials
Prospectus
Fund Holdings
Proxy Voting
Contact us at
UATXX — AR (2/26)
Ticker:
The
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Class A | $ | |
What affected the Fund’s performance during the last year?
Tax-exempt bonds delivered positive returns for the 12-month period ended February 28, 2026, as measured by the Bloomberg Municipal Bond Index. In keeping with our investment approach, we continued to focus on income generation. The Fund’s long-term income distribution, not its price appreciation, accounts for most of its total return.
Our commitment to independent credit research continued to help us identify attractive opportunities for the Fund. We employ fundamental analysis that emphasizes an issuer’s ability and willingness to repay its debt. Through our credit research, we strive both to recognize relative value and to avoid potential pitfalls, which is especially important in volatile times like the present. As always, we worked with our in-house team of analysts to select investments for the Fund on a bond-by-bond basis. Our team continuously monitors all the holdings in the Fund’s portfolio.
The Fund continues to hold a diversified portfolio of longer-term, primarily investment- grade municipal bonds.
Top contributors to performance:
Overweight allocation to the continuing care retirement center (“CCRC”) sector.
Security selection in the A rated category.
Top detractors from performance:
Security selection in the CCRC sector.
Security selection in the AAA rating category.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower. The maximum offering price (“MOP”) figures reflect a maximum sales charge of 2.25% for Class A. The Net Asset Value ("NAV") figures do not reflect sales charges.
Growth of $10,000 Investment
Victory Virginia Bond Fund Class A @ MOP - $ | ||||
|---|---|---|---|---|
2/16 | $10,000 | $ | $ | $ |
2/17 | $10,051 | $ | $ | $ |
2/18 | $10,276 | $ | $ | $ |
2/19 | $10,580 | $ | $ | $ |
2/20 | $11,389 | $ | $ | $ |
2/21 | $11,483 | $ | $ | $ |
2/22 | $11,439 | $ | $ | $ |
2/23 | $10,631 | $ | $ | $ |
2/24 | $11,218 | $ | $ | $ |
2/25 | $11,571 | $ | $ | $ |
2/26 | $11,938 | $ | $ | $ |
AVERAGE ANNUAL TOTAL RETURNS
(as of February 28, 2026)
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Class A @ NAV | |||
Class A @ MOP | |||
FUND STATISTICS
($ amounts in 000s)
(as of February 28, 2026)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top Industries* (% of Net Assets)
(as of February 28, 2026)
Value | Value |
|---|---|
Education | |
Facilities | |
Development | |
Airport | |
Multifamily Housing | |
Higher Education | |
Transportation | |
General Obligation | |
Nursing Homes | |
Medical |
* | Does not include futures contracts, money market instruments, or other assets in excess of liabilities. |
|---|---|
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Material Fund Changes
Effective July 1, 2025, the principal investment strategy was changed from having a dollar-weighted average portfolio maturity of four years or less to an effective duration that is not restricted but generally is expected to be within three years of the Fund's benchmark.
For more complete information, you may review the Fund's prospectus, issued July 1, 2025.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financials
Prospectus
Fund Holdings
Proxy Voting
Contact us at
UVABX — AR (2/26)
Ticker:
The
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Fund Shares | $ | |
What affected the Fund’s performance during the last year?
Tax-exempt bonds delivered positive returns for the 12-month period ended February 28, 2026, as measured by the Bloomberg Municipal Bond Index. In keeping with our investment approach, we continued to focus on income generation. The Fund’s long-term income distribution, not its price appreciation, accounts for most of its total return.
Our commitment to independent credit research continued to help us identify attractive opportunities for the Fund. We employ fundamental analysis that emphasizes an issuer’s ability and willingness to repay its debt. Through our credit research, we strive both to recognize relative value and to avoid potential pitfalls, which is especially important in volatile times like the present. As always, we worked with our in-house team of analysts to select investments for the Fund on a bond-by-bond basis. Our team continuously monitors all the holdings in the Fund’s portfolio.
The Fund continues to hold a diversified portfolio of longer-term, primarily investment- grade municipal bonds.
Top contributors to performance:
Overweight allocation to the continuing care retirement center (“CCRC”) sector.
Security selection in the A rated category.
Top detractors from performance:
Security selection in the CCRC sector.
Security selection in the AAA rating category.
The graph reflects investment growth of a hypothetical investment of $10,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $10,000 Investment
Victory Virginia Bond Fund, Fund Shares - $ | |||
|---|---|---|---|
2/16 | $ | $ | $ |
2/17 | $ | $ | $ |
2/18 | $ | $ | $ |
2/19 | $ | $ | $ |
2/20 | $ | $ | $ |
2/21 | $ | $ | $ |
2/22 | $ | $ | $ |
2/23 | $ | $ | $ |
2/24 | $ | $ | $ |
2/25 | $ | $ | $ |
2/26 | $ | $ | $ |
AVERAGE ANNUAL TOTAL RETURNS
(as of February 28, 2026)
1 Year | 5 Year | 10 Year | |
|---|---|---|---|
Fund Shares | |||
FUND STATISTICS
($ amounts in 000s)
(as of February 28, 2026)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top Industries* (% of Net Assets)
(as of February 28, 2026)
Value | Value |
|---|---|
Education | |
Facilities | |
Development | |
Airport | |
Multifamily Housing | |
Higher Education | |
Transportation | |
General Obligation | |
Nursing Homes | |
Medical |
* | Does not include futures contracts, money market instruments, or other assets in excess of liabilities. |
|---|---|
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Material Fund Changes
Effective July 1, 2025, the principal investment strategy was changed from having a dollar-weighted average portfolio maturity of four years or less to an effective duration that is not restricted but generally is expected to be within three years of the Fund's benchmark.
For more complete information, you may review the Fund's prospectus, issued July 1, 2025.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financials
Prospectus
Fund Holdings
Proxy Voting
Contact us at
USVAX — AR (2/26)
Ticker:
The
What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)
Class Name | Costs of a $10,000 Investment | Costs paid as a percentage of a $10,000 Investment |
|---|---|---|
Institutional Shares | $ | |
What affected the Fund’s performance during the last year?
Tax-exempt bonds delivered positive returns for the 12-month period ended February 28, 2026, as measured by the Bloomberg Municipal Bond Index. In keeping with our investment approach, we continued to focus on income generation. The Fund’s long-term income distribution, not its price appreciation, accounts for most of its total return.
Our commitment to independent credit research continued to help us identify attractive opportunities for the Fund. We employ fundamental analysis that emphasizes an issuer’s ability and willingness to repay its debt. Through our credit research, we strive both to recognize relative value and to avoid potential pitfalls, which is especially important in volatile times like the present. As always, we worked with our in-house team of analysts to select investments for the Fund on a bond-by-bond basis. Our team continuously monitors all the holdings in the Fund’s portfolio.
The Fund continues to hold a diversified portfolio of longer-term, primarily investment- grade municipal bonds.
Top contributors to performance:
Overweight allocation to the continuing care retirement center (“CCRC”) sector.
Security selection in the A rated category.
Top detractors from performance:
Security selection in the CCRC sector.
Security selection in the AAA rating category.
The graph reflects investment growth of a hypothetical investment of $1,000,000 in the Fund. The graph and table total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions, or redemption of shares. The total return figures include all waivers of fees. Without such fee waivers, the total returns would have been lower.
Growth of $1,000,000 Investment
Victory Virginia Bond Fund Institutional Shares - $1,080,923 | |||
|---|---|---|---|
6/20Footnote Reference* | $ | $ | $ |
2/21 | $ | $ | $ |
2/22 | $ | $ | $ |
2/23 | $ | $ | $ |
2/24 | $ | $ | $ |
2/25 | $ | $ | $ |
2/26 | $ | $ | $ |
| Footnote | Description |
Footnote* | Inception date for the Victory Virginia Bond Fund, Institutional Shares is 6/29/2020. |
AVERAGE ANNUAL TOTAL RETURNS
(as of February 28, 2026)
1 Year | 5 Year | Since Inception | |
|---|---|---|---|
Institutional Shares | |||
FUND STATISTICS
($ amounts in 000s)
(as of February 28, 2026)
Net Assets | $ |
|---|---|
Number of Holdings | |
Investment Advisory Fees | $ |
Portfolio Turnover |
Top Industries* (% of Net Assets)
(as of February 28, 2026)
Value | Value |
|---|---|
Education | |
Facilities | |
Development | |
Airport | |
Multifamily Housing | |
Higher Education | |
Transportation | |
General Obligation | |
Nursing Homes | |
Medical |
* | Does not include futures contracts, money market instruments, or other assets in excess of liabilities. |
|---|---|
Utilize the Full Financials link below to refer to the Schedule of Portfolio Investments for a complete list of securities. |
Material Fund Changes
Effective July 1, 2025, the principal investment strategy was changed from having a dollar-weighted average portfolio maturity of four years or less to an effective duration that is not restricted but generally is expected to be within three years of the Fund's benchmark.
For more complete information, you may review the Fund's prospectus, issued July 1, 2025.
Additional Shareholder Information
Additional information about the Fund is available on
Full Financials
Prospectus
Fund Holdings
Proxy Voting
Contact us at
UVAIX — AR (2/26)
