Victory
High Income Fund
(Formerly
USAA®
High Income Fund) | |||||
|
Fund
Shares |
Institutional
Shares |
Class
A |
Class
C |
Class
R6 |
|
USHYX |
UIHIX |
UHYOX |
— |
URHIX |
|
Fund
Shares |
Institutional
Shares |
Class
A |
Class
R6 |
Maximum
Sales Charge (Load) Imposed on Purchases
(as
a percentage of offering price) |
|
|
|
|
Maximum
Deferred Sales Charge (Load)
(as
a percentage of the lower of purchase or sale price) |
|
|
|
|
Management
Fees2
|
|
|
|
|
Distribution
and/or Service (12b-1) Fees |
|
|
|
|
Other
Expenses |
|
|
|
|
Acquired
Fund Fees and Expenses |
|
|
|
|
Total
Annual Fund Operating Expenses3
|
|
|
|
|
Fee
Waiver/Expense Reimbursement4
|
( |
( |
( |
( |
Total
Annual Fund Operating Expenses After Fee Waiver
and/or
Expense Reimbursement4
|
|
|
|
|
|
1
Year |
3
Years |
5
Years |
10
Years |
Fund
Shares |
$ |
$ |
$ |
$ |
Institutional
Shares |
$ |
$ |
$ |
$ |
Class
A |
$ |
$ |
$ |
$ |
Class
R6 |
$ |
$ |
$ |
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
1
Year |
5
Years |
10
Years
(or
Life
of
Class) |
FUND
SHARES Before Taxes |
- |
|
|
FUND
SHARES After Taxes on Distributions |
- |
- |
|
FUND
SHARES After Taxes on Distributions and Sale of Fund
Shares |
- |
|
|
INSTITUTIONAL
SHARES Before Taxes |
- |
|
|
CLASS
A Before Taxes |
- |
|
|
CLASS
R6 Before Taxes |
- |
|
|
Indices | |||
Bloomberg
U.S. High Yield 2% Issuer Capped Bond Index
reflects
no deduction for fees, expenses, or taxes |
- |
|
|
Lipper
High Yield Bond Funds Index
reflects
no deduction for taxes |
- |
|
|
|
Title |
Tenure
with the Fund |
Kurt
Daum, J.D.
|
Senior
Portfolio Manager |
Since
2016 |
John
Spear, CFA |
Co-Chief
Investment Officer and
Senior
Portfolio Manager |
Since
2016 |
James
F. Jackson Jr., CFA
|
Co-Chief
Investment Officer,
Head of Fixed
Income Portfolio
Management,
and Senior
Portfolio
Manager |
Since
2019 |
R.
Neal Graves, CFA, CPA |
Senior
Portfolio Manager |
Since
2019 |
Investment
Minimums |
Fund
Shares |
Institutional
Shares |
Class
A |
Class
R6 |
Minimum
Initial Investment |
$3,000 |
$1,000,000 |
$2,500 |
None |
Minimum
Subsequent Investments |
$50 |
None |
$50 |
None |
Victory
Capital Management Inc., which we refer to as the “Adviser”
throughout
the Prospectus, manages the
Fund. |
Over/Under
Performance
Relative
to Index
(in
basis points)1
|
Annual
Adjustment Rate
(in
basis points as a percentage
of
the Fund’s average daily net assets) |
+/–
20 to 50 |
+/–
4 |
+/–
51 to 100 |
+/–
5 |
+/–
101 and greater |
+/–
6 |
An
Investment Professional is an investment consultant, salesperson,
financial planner,
investment
adviser, or trust officer who provides you with investment
information.
Your
Investment Professional also can help you decide which share class is best
for you.
Investment
Professionals and other financial intermediaries may charge fees
for their services. |
For
historical expense information, see the “Financial
Highlights”
at the end of
this Prospectus. |
Your
Investment in the Fund |
Sales
Charge
as
a %
of
Offering
Price |
Sales
Charge
as
a %
of
Your
Investment |
Up
to $99,999 |
2.25% |
2.30% |
$100,000
up to $249,999 |
1.75% |
1.78% |
Over
$250,0001
|
0.00% |
0.00% |
There
are several ways you can combine multiple purchases of Class A shares of
the Victory
Funds to take
advantage of reduced sales charges or, in some cases, eliminate sales
charges. |
The Fund
reserves the right to change the criteria for eligible
investors
and the
investment minimums. |
There may be
limits on the ability to exchange between certain Victory
Funds.
You can
obtain a list of Victory Funds available for exchange by
calling
(800)
235-8396 or by visiting
VictoryFunds.com |
There are a
number of convenient ways to sell your
shares. |
The
tax information in this Prospectus is provided as general information.
You
should review
the more detailed discussion of federal income tax
considerations
in the SAI
and consult your tax adviser regarding the federal, state, local,
or
foreign tax
consequences resulting from your investment in the
Fund. |
NAV= |
Total
Assets - Liabilities |
Number of
Shares Outstanding |
|
Fund
Shares | |||||
|
Nine
Months
Ended
4/30/23(a) |
Year
Ended
7/31/22 |
Year
Ended
7/31/21 |
Year
Ended
7/31/20 |
Year
Ended
7/31/19 |
Year
Ended
7/31/18 |
Net
Asset Value,
Beginning
of Period |
$6.91 |
$7.92 |
$7.44 |
$7.91 |
$8.01 |
$8.27 |
Investment
Activities: |
|
|
|
|
|
|
Net
investment income
(loss) |
0.33(b) |
0.37(b) |
0.39(b) |
0.44(b) |
0.47 |
0.47 |
Net
realized and
unrealized
gains
(losses) |
(0.20) |
(1.00) |
0.47 |
(0.47) |
(0.10) |
(0.26) |
Total
from
Investment
Activities |
0.13 |
(0.63) |
0.86 |
(0.03) |
0.37 |
0.21 |
Distributions
to
Shareholders
from: |
|
|
|
|
|
|
Net
investment income |
(0.33) |
(0.38) |
(0.38) |
(0.44) |
(0.47) |
(0.47) |
Total
Distributions |
(0.33) |
(0.38) |
(0.38) |
(0.44) |
(0.47) |
(0.47) |
Redemption
Fees Added
to
Beneficial Interests |
|
— |
— |
— |
—(c) |
—(c) |
Net
Asset Value, End of
Period |
$6.71 |
$6.91 |
$7.92 |
$7.44 |
$7.91 |
$8.01 |
Total
Return(d),(e) |
2.00% |
(8.17)% |
11.84% |
(0.27)% |
4.85% |
2.65% |
Ratios
to Average Net
Assets: |
|
|
|
|
|
|
Net
Expenses(f),(g),(h),(i) |
0.78% |
0.75% |
0.75% |
0.81% |
0.85% |
0.81% |
Net
Investment Income
(Loss)
(f) |
6.53% |
4.93% |
5.01% |
5.82% |
5.93% |
5.79% |
Gross
Expenses(f),(g) |
0.79% |
0.75% |
0.75% |
0.81% |
0.85% |
0.81% |
Supplemental
Data: |
|
|
|
|
|
|
Net
Assets at end of
period
(000's) |
$747,751 |
$782,254 |
$962,971 |
$1,027,510 |
$1,212,711 |
$1,207,790 |
Portfolio
Turnover(d),(j) |
60% |
35% |
30% |
48% |
31% |
22% |
|
Institutional
Shares | |||||
|
Nine
Months
Ended
4/30/23(a) |
Year
Ended
7/31/22 |
Year
Ended
7/31/21 |
Year
Ended
7/31/20 |
Year
Ended
7/31/19 |
Year
Ended
7/31/18 |
Net
Asset Value, Beginning of
Period |
$6.90 |
$7.91 |
$7.43 |
$7.90 |
$8.00 |
$8.26 |
Investment
Activities: |
|
|
|
|
|
|
Net
investment income (loss) |
0.33(b) |
0.38(b) |
0.39(b) |
0.44(b) |
0.47 |
0.48 |
Net
realized and unrealized
gains
(losses) |
(0.19) |
(1.00) |
0.48 |
(0.47) |
(0.09) |
(0.26) |
Total
from Investment
Activities |
0.14 |
(0.62) |
0.87 |
(0.03) |
0.38 |
0.22 |
Distributions
to Shareholders
from: |
|
|
|
|
|
|
Net
investment income |
(0.34) |
(0.39) |
(0.39) |
(0.44) |
(0.48) |
(0.48) |
Total
Distributions |
(0.34) |
(0.39) |
(0.39) |
(0.44) |
(0.48) |
(0.48) |
Redemption
Fees Added to
Beneficial
Interests |
|
— |
— |
— |
—(c) |
—(c) |
Net
Asset Value, End of
Period |
$6.70 |
$6.90 |
$7.91 |
$7.43 |
$7.90 |
$8.00 |
Total
Return(d),(e) |
2.11% |
(8.08)% |
11.93% |
(0.19)% |
4.94% |
2.74% |
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
Expenses(f),(g),(h),(i) |
0.64% |
0.64% |
0.67% |
0.72% |
0.78% |
0.72% |
Net
Investment Income
(Loss)
(f) |
6.65% |
5.00% |
5.08% |
5.91% |
6.00% |
5.88% |
Gross
Expenses(f),(g) |
0.66% |
0.65% |
0.68% |
0.73% |
0.78% |
0.72% |
Supplemental
Data: |
|
|
|
|
|
|
Net
Assets at end of period
(000's) |
$264,669 |
$317,913 |
$801,226 |
$798,688 |
$913,599 |
$966,124 |
Portfolio
Turnover(d),(j) |
60% |
35% |
30% |
48% |
31% |
22% |
|
Class
A | |||||
|
Nine
Months
Ended
4/30/23(a) |
Year
Ended
7/31/22 |
Year
Ended
7/31/21 |
Year
Ended
7/31/20 |
Year
Ended
7/31/19 |
Year
Ended
7/31/18 |
Net
Asset Value, Beginning of
Period |
$6.93 |
$7.94 |
$7.46 |
$7.93 |
$8.03 |
$8.28 |
Investment
Activities: |
|
|
|
|
|
|
Net
investment income (loss) |
0.32(b) |
0.36(b) |
0.38(b) |
0.43(b) |
0.46 |
0.46 |
Net
realized and unrealized
gains
(losses) |
(0.20) |
(1.00) |
0.47 |
(0.48) |
(0.10) |
(0.26) |
Total
from Investment
Activities |
0.12 |
(0.64) |
0.85 |
(0.05) |
0.36 |
0.20 |
Distributions
to Shareholders
from: |
|
|
|
|
|
|
Net
investment income |
(0.32) |
(0.37) |
(0.37) |
(0.42) |
(0.46) |
(0.45) |
Total
Distributions |
(0.32) |
(0.37) |
(0.37) |
(0.42) |
(0.46) |
(0.45) |
Redemption
Fees Added to
Beneficial
Interests |
|
— |
— |
— |
—(c) |
—(c) |
Net
Asset Value, End of Period |
$6.73 |
$6.93 |
$7.94 |
$7.46 |
$7.93 |
$8.03 |
Total
Return (excludes sales
charges)(d),(e) |
1.91% |
(8.22)% |
11.58% |
(0.44)% |
4.69% |
2.55% |
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
Expenses(f),(g),(h),(i) |
0.90% |
0.83% |
0.92% |
0.98% |
1.00% |
1.02%(j) |
Net
Investment Income (Loss)
(f) |
6.41% |
4.85% |
4.89% |
5.63% |
5.78% |
5.58% |
Gross
Expenses(f),(g) |
1.81% |
1.58% |
1.37% |
1.09% |
1.21% |
1.13% |
Supplemental
Data: |
|
|
|
|
|
|
Net
Assets at end of period
(000's) |
$2,151 |
$2,229 |
$2,586 |
$7,184 |
$10,021 |
$10,019 |
Portfolio
Turnover(d),(k) |
60% |
35% |
30% |
48% |
31% |
22% |
|
Class
R6 | |||||
|
Nine
Months
Ended
4/30/23(a) |
Year
Ended
7/31/22 |
Year
Ended
7/31/21 |
Year
Ended
7/31/20 |
Year
Ended
7/31/19 |
Year
Ended
7/31/18 |
Net
Asset Value, Beginning of
Period |
$6.91 |
$7.92 |
$7.43 |
$7.90 |
$8.01 |
$8.26 |
Investment
Activities: |
|
|
|
|
|
|
Net
investment income (loss) |
0.34(b) |
0.41(b) |
0.40(b) |
0.45(b) |
0.48 |
0.48 |
Net
realized and unrealized
gains
(losses) |
(0.20) |
(1.00) |
0.49 |
(0.47) |
(0.10) |
(0.25) |
Total
from Investment
Activities |
0.14 |
(0.59) |
0.89 |
(0.02) |
0.38 |
0.23 |
Distributions
to Shareholders
from: |
|
|
|
|
|
|
Net
investment income |
(0.34) |
(0.42) |
(0.40) |
(0.45) |
(0.49) |
(0.48) |
Total
Distributions |
(0.34) |
(0.42) |
(0.40) |
(0.45) |
(0.49) |
(0.48) |
Net
Asset Value, End of Period |
$6.71 |
$6.91 |
$7.92 |
$7.43 |
$7.90 |
$8.01 |
Total
Return(c),(d) |
2.19% |
(7.65)% |
12.25% |
(0.12)% |
4.95% |
2.94% |
Ratios
to Average Net Assets: |
|
|
|
|
|
|
Net
Expenses(e),(f),(g),(h) |
0.56% |
0.22% |
0.58% |
0.64% |
0.65% |
0.65% |
Net
Investment Income (Loss) (e) |
6.75% |
5.51% |
5.25% |
5.98% |
6.13% |
5.95% |
Gross
Expenses(e),(f) |
3.06% |
4.07% |
0.92% |
0.82% |
0.96% |
0.92% |
Supplemental
Data: |
|
|
|
|
|
|
Net
Assets at end of period
(000's) |
$774 |
$763 |
$463 |
$5,323 |
$5,214 |
$5,055 |
Portfolio
Turnover(c),(i) |
60% |
35% |
30% |
48% |
31% |
22% |