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The information on this site is intended only for institutional investors and consultants to separately managed account investors. It is not intended for use by or distribution to members of the general public. The information on this site is for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy any security which may be referenced herein. The information on this site is published without regard to the investment objective, financial situation or specific needs of any particular investor. The information on this site is intended for U.S. residents only and is not intended for investors in any jurisdiction in which distribution or purchase is not authorized.

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Victory Tax-Exempt Fund

Class {{currentProdClass | uppercase}} {{currentProdTicker | uppercase}}

Investment Approach

The Fund invests primarily in municipal bonds with investment grade ratings in an effort to maximize current income exempt from federal income taxes. The fund may also invest in select below investment grade, unrated or taxable municipal bonds. The Fund’s benchmark is the Bloomberg Barclays Municipal Bond Index.

Philosophy and Process

The investment team’s search for value with carefully limited downside risk is based on an independent, in-depth analysis of the credit fundamentals of each issuer, as well as on each bond’s specific coupon structure and yield considerations. We look for strong revenue that flows directly to the issuer, and we continually monitor the cash flows of our holdings. The Fund typically emphasizes general obligation bonds, states with large retail markets, essential services, and revenue-generating projects such as toll roads, while normally avoiding bonds that rely on local appropriations.

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Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost. Performance during periods of exceptional market conditions should not be expected to be repeated in a normal market environment. Current performance may be lower or higher than that cited.

Class A performance quoted "with maximum sales load" reflects the current maximum sales charge of 2.00%. The sales load on Class C shares is deferred and will be charged if you redeem shares within one year of purchase. The contingent deferred sales load is 1.00% of the purchase or sale price of the shares, whichever is less. Please read the prospectus carefully for more information on sales charges as they do not apply in all cases and if applied are reduced for larger purchases. Any sales charges are in addition to the Fund's fees and expenses as detailed in the Fund's most current prospectus. The performance quoted at NAV or "without sales load" does not reflect any sales charge. If a sales charge were included, the performance stated above would be lower.

Total return figures reflect an expense limitation in effect during the periods shown; without such limitation, the performance shown would have been lower. Performance results assume the reinvestment of dividends and capital gains.

The Adviser has contractually agreed to waive a portion of its management fee and/or reimburse certain expenses through at least July 31, 2018. The Adviser is permitted to recoup fees waived/expenses reimbursed for up to 3 years after the fiscal year in which the waiver/reimbursement took place, subject to certain limitations. Please read the prospectus for details.

Class R and Y shares of the Fund are only available to investors that meet certain eligibility requirements.

Returns are average annual total returns, except those for periods of less than one year, which are cumulative

The Barclays Municipal Bond Index is an unmanaged index that is generally considered to be representative of investment-grade municipal issues having remaining maturities greater than one year and a national scope. You may not invest in the index, and, unlike the Fund, the index does not incur fees and expenses.

An investor should consider the fund’s investment objectives, risks, charges and expenses carefully before investing or sending money. This and other important information about the fund can be found in the fund’s prospectus, or, if applicable, the summary prospectus. To obtain a copy, visit the prospectus page.Read the prospectus carefully before investing.

All investing involves risk, including potential loss of principal. There is no guarantee that the Fund will achieve its objective. Fixed income funds are subject to interest-rate and credit risk. Typically, when interest rates rise bond values decline. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments. Investors in the Fund may be subject to the Alternative Minimum Tax and certain other state and local taxes. The Fund may invest in below-investment-grade debt securities (“junk bonds”) which may be less liquid and are subject to greater risk of loss than investment-grade securities. Such securities may experience greater price volatility and higher default rates during period of adverse market conditions.

The Funds are distributed by Victory Capital Advisers, Inc. ("VCA"), member FINRA and SIPC. Find out more about the background of this firm on FINRA's BrokerCheck.

The Victory Tax-Exempt Fund is sub-advised by Park Avenue Institutional Advisers LLC., not affiliated with Victory Capital.

The information on this website is intended for U.S. residents only. The information provided does not constitute a solicitation of an offer to buy, or an offer to sell securities in any jurisdiction to any person to whom it is not lawful to make such an offer. Victory Capital will not accept subscriptions from any investor who is not a U.S. resident and who approaches Victory Capital as a result of having visited this website.

Not a Deposit / Not FDIC or NCUA Insured / May Lose Value / No Bank or Credit Union Guarantee

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Holdings are subject to change.

Characteristics
Wtd Average Life (WAL): The average number of years for which each dollar of unpaid principal on a loan or mortgage remains outstanding. Once calculated, WAL tells how many years it will take to pay half of the outstanding principal. Duration: A weighted average of the maturity of all the income streams from a bond or portfolio of bonds. Generally, the higher the duration, the more sensitive the bond or bond portfolio to changes in interest rates. The Fund diversification and duration schedule are presented to illustrate examples of the Fund’s investments and may not be representative of the Fund’s current or future investments. Fund holdings are as of quarter end and may change at any time.

The rating for each security held by the Fund is generally determined based on the ratings given by the nationally recognized statistical rating organizations Moody's Investors Service, Standard & Poor's Ratings Services and Fitch Ratings Ltd. If all three organizations have rated the security, the median rating is used. If only two organizations have rated the security, the lower rating is used. If a single organization has rated the security, that rating is used. Securities that have not been rated by any of the organizations, if any, are shown as “Not Rated” or “NR”. “Short Term” refers to cash and other short term instruments. Short term also includes other assets and liabilities that are not picked up by any other bucket, such as financings and derivatives positions. The ratings represent the opinions of the rating organizations (S&P, Moody's, and Fitch) as to the quality of the securities they rate. The ratings range from AAA (extremely strong capacity to meet its financial commitment) to D (in default). Ratings are relative and subjective and are not absolute standards of quality.

Target metrics reflect our stated goals and are not absolute limits as these are affected by various factors like market fluctuations.
Percentage allocations listed above may not sum to 100% due to rounding methodology.

The Funds are distributed by Victory Capital Advisers, Inc. ("VCA"), member FINRA and SIPC. Find out more about the background of this firm on FINRA's BrokerCheck.

The Victory Tax-Exempt Fund is sub-advised by Park Avenue Institutional Advisers LLC., not affiliated with Victory Capital.

Not a Deposit / Not FDIC or NCUA Insured / May Lose Value / No Bank or Credit Union Guarantee

Douglas Gaylor is a portfolio manager for Park Avenue Institutional Advisers LLC, head of tax-exempt securities and manager of the Victory Tax-Exempt Bond Fund and the Victory High Income Municipal Bond Fund.

Prior to joining the Guardian Life Insurance Company of America, the parent company of Park Avenue Institutional Advisers, Mr. Gaylor was director of municipal asset management at Principal Life Insurance. Prior to that, he was with Dreyfus for 14 years in a variety of roles, ultimately as lead portfolio manager of municipal investments. He has also held positions as a municipal bond analyst, trader and portfolio manager at PNC Bank-BlackRock and Wilmington Trust. Mr. Gaylor has more than 30 years of investment industry experience.

Mr. Gaylor holds a B.S. in financial administration from the State University of New York at Brockport and an MBA in financial planning and control from the University of Buffalo.

Fees & Expenses

Annual fund operating expenses are listed below. Victory Capital is committed to being fully transparent about fees and expenses, enabling investors to make informed decisions.

This calculator is intended to help you assess the impact of the operating expenses of the Class A, C, R, or Y shares of the Fund on the Fund’s potential returns. The calculator allows you to assume that you have made a hypothetical investment of any amount in Class A, C, R, or Y shares of the Fund for a 10-year period, and that your investment earns a 5% return each year. The example assumes that the Fund’s operating expenses through Year 1 are the same as those shown in the Annual Fund Operating Expenses table of the Fund’s Prospectus under “Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement” and for all subsequent periods are the same as those shown under “Total Annual Fund Operating Expenses.” The example reflects the impact of sales loads where applicable. Your actual costs may be higher or lower. Based on these assumptions, the calculator shows, for each year and cumulatively for all 10 years, (1) the fees and the costs (the “Expenses”) associated with your investment and (2) the difference (the “Dollar Impact on Return”) between your return if the Fund had not incurred the Expenses and your return after giving effect to the Expenses.

Annual Fund Operating Expenses

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Total Fund AUM: $84,521,119

Fund Downloads

Fact Sheet Manager Commentary

Annualized Returns

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Class R and Y shares of the Fund are only available to investors that meet certain eligibility requirements.

Returns are average annual total returns, except those for periods of less than one year, which are cumulative

The Funds are distributed by Victory Capital Advisers, Inc. ("VCA"), member FINRA and SIPC. Find out more about the background of this firm on FINRA's BrokerCheck.

The Victory Tax-Exempt Fund is sub-advised by Park Avenue Institutional Advisers LLC., not affiliated with Victory Capital.

Not a Deposit / Not FDIC or NCUA Insured / May Lose Value / No Bank or Credit Union Guarantee

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Average Life Structure (%) (As of {{::asOf | date:"MM/dd/yyyy"}})

Holdings are subject to change.

Not a Deposit / Not FDIC or NCUA Insured / May Lose Value / No Bank or Credit Union Guarantee

Douglas J. Gaylor

Portfolio Manager

Fees & Expenses

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