VICTORY TRIVALENT INTERNATIONAL

SMALL-CAP FUND
CLASS A: MISAX CLASS I: MISIX

Q2 // JUNE 30, 2025

FUND FACTS PERFORMANCE

Average Annual Total Returns (%)
Inception Expense Ratio: Since
Class Ticker As of June 30, 2025 Q2 2025 YTD 1 Year 3 Year 5 Year 10 Year
Date Gross Net Inception
A 08/17/07 MISAX 1.69% 1.35% A Shares, without sales charge 20.36 26.64 26.49 16.11 10.48 6.96 5.33
C 08/17/07 MCISX 2.91% 2.10% A Shares, with sales charge (max.
13.42 19.36 19.20 13.84 9.18 6.33 4.99
I 08/17/07 MISIX 1.19% 0.97% 5.75%)

R6 MSSIX 1.03% 1.03% I Shares 20.52 26.94 27.02 16.59 10.92 7.38 5.79
06/01/12
Y 08/17/07 MYSIX 1.15% 1.10% S&P Developed Ex-U.S.
17.42 21.16 19.79 12.51 8.86 5.90 –
SmallCap Index (Net)
Net expense ratio reflects the contractual waiver
and/or reimbursement of management fees through
October 31, 2025. Calendar Year Performance (%)
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Investment Style
Foreign Small/Mid Blend A Shares, without sales charge
7.74 -1.01 36.54 -20.50 27.27 14.96 11.94 -23.44 15.06 4.32
Investment Objective and Strategy
The Fund seeks to provide long-term growth A Shares, with sales charge (max. 5.75%)
1.56 -6.72 28.73 -25.07 19.92 8.36 5.49 -27.84 8.41 -1.69
of capital. The Adviser pursues the Fund’s
investment objective by investing primarily I Shares
in equity securities of companies principally 8.20 -0.70 37.13 -20.21 27.88 15.42 12.39 -23.14 15.45 4.76
in countries represented in the S&P® S&P Developed Ex-U.S. SmallCap Index (Net)
Developed Ex-U.S. SmallCap Index. Under 5.54 3.36 31.85 -18.75 24.08 13.81 9.15 -21.81 13.46 -0.14
normal circumstances, at least 80% of the
Fund’s assets will be invested in securities Past performance does not guarantee future results. The performance quoted represents past performance
of small capitalization companies. The and current performance may be lower or higher. The investment return and principal value will fluctuate so
that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain
Adviser’s investment process uses a
performance information current to the most recent month-end, visit www.vcm.com. Returns include
combination of quantitative and traditional reinvestment of dividends and capital gains. Performance for periods greater than one year is annualized. Fee
qualitative, fundamental analysis to identify waivers and/or expense reimbursements were in place for some or all periods shown, without which, fund
attractive stocks with low relative price performance would have been lower. High, double-digit returns are highly unusual and cannot be sustained.
multiples and positive trends in earnings Investors should be aware that these returns were primarily achieved during favorable market conditions.
forecasts, high profitability and companies
with a strong or positively trending Growth of a Hypothetical $10,000 Investment
environmental, social, and governance A Shares, without sales charge (06/30/2015–06/30/2025)
(“ESG”) profile. Ending Value $19,589
About the Fund $25,000
• Normally invests in a minimum of ten $20,000
countries.
• Has tight risk controls to mitigate $15,000
unintended risk and highlight security $10,000
selection as a key component of the
overall portfolio construction. $5,000

Portfolio Managers $0
6/15 6/16 6/17 6/18 6/19 6/20 6/21 6/22 6/23 6/24 6/25
Daniel LeVan, CFA. Since 2007.
John Evers, CFA. Since 2007.
MORNINGSTAR RATINGS AND RANKINGS
Overall 3 Year 5 Year 10 Year
Morningstar Rating ★★★ ★★★★ ★★★ ★★★
Morningstar Ranking (%) — 21 53 40
# of Funds 92 92 80 54

Morningstar Category: Foreign Small/Mid Blend. Morningstar ratings and rankings are based on the A share class.
The Morningstar RatingTM for funds, or “star rating,” is calculated for managed Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months
products (including mutual funds, variable annuity and variable life subaccounts, of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total
exchange-traded funds, closed- end funds, and separate accounts) with at least a returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or
three-year history. Exchange-traded funds and open-ended mutual funds are more months of total returns. While the 10-year overall star rating formula seems to
considered a single population for comparative purposes. It is calculated based on a give the most weight to the 10-year period, the most recent three-year period actually
Morningstar Risk-Adjusted Return measure that accounts for variation in a managed has the greatest impact because it is included in all three rating periods. The
product’s monthly excess performance, placing more emphasis on downward Morningstar percentile ranking is based on a fund’s average annual total return
variations and rewarding consistent performance. The Morningstar Rating does not (excluding sales charges) relative to all funds in the same category. The highest (most
include any adjustment for sales loads. The top 10% of products in each product favorable) percentile rank is 1%, and the lowest (least favorable) percentile rank is
category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, 100%. Fund performance used for the rankings reflects certain fee waivers, without
the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall which, Morningstar rankings would have been lower and Morningstar ratings may have
Morningstar Rating for a managed product is derived from a weighted average of the been lower.
performance figures associated with its three-, five-, and 10-year (if applicable)
Not FDIC Insured • May Lose Value • No Bank Guarantee
20250717-4673577
PORTFOLIO INFORMATION As of June 30, 2025
Sector Allocation %
Top Ten Holdings % Fund
Communication Services 4.0
4.9
Celestica Inc. 1.74
Consumer Discretionary 12.5
Swissquote Group Holding Ltd. 1.20 10.3

Bankinter SA 1.02 4.1

Consumer Staples 5.9
Dundee Precious Metals Inc. 0.99
Energy 3.5
Sanwa Holdings Corporation 0.96 3.6

Coca-Cola HBC AG 0.87 Financials 13.2

16.0
Indra Sistemas, S.A. Class A 0.85 7.6
Health Care 7.0
Buzzi Spa 0.84
Industrials 23.9
SPIE SA 0.84 20.8

Euronext NV 0.81 Information Technology 11.2

10.5
Total 10.12
Materials 9.7
10.1
Holdings are subject to change.
Real Estate 7.8
6.7
S&P Dev Ex US
Fund Statistics Fund
SmallCap (Net) Utilities 2.6
4.1
Active Share 81.6% -
Victory Trivalent International Small-Cap Fund
Weighted Average Market Capitalization ($) 6.0B 4.3B S&P Dev Ex US SmallCap (Net)
Alpha* 1.79 -
Beta* 0.95 1.00 Region Allocation %
Tracking Error* 3.96 0.00
R-Squared* 95.19 100.00 Europe - 39.6

Standard Deviation* 17.66 18.07

Japan - 23.5
Portfolio Turnover Ratio - LTM 49.1% 14.5%
Average Price/Earnings - NTM 13.1 13.8
Asia Pacific Ex Japan -
EPS Growth - LTM 19.0 2.7 13.8
Total Number of Holdings 217 3,944 United Kingdom - 11.7
Assets ($) 3.8B -
*Data is for the A share class for the five-year period ended 6/30/25. Canada - 11.5

Carefully consider a fund's investment objectives, risks, charges and or options/futures contracts holdings. The most currently available data
expenses before investing. To obtain a prospectus or summary regarding portfolio holdings can be found on our website, www.vcm.com.
prospectus containing this and other important information, visit Contributors and Detractors Source: FactSet. The top contributors and
www.vcm.com/prospectus. Read it carefully before investing. detractors are presented to illustrate examples of the portfolio’s
Other share classes are available. Not all share classes are available to all investments and may not be representative of the portfolio’s current or
investors. future investments. The percent displayed is contribution to return.
All investing involves risk, including the potential loss of principal.In Holdings are as of quarter end and may change at any time.The S&P
addition to the normal risks associated with investing, international Developed Ex-U.S. SmallCap Index seeks to measure the stocks
investments may involve risk of capital loss from unfavorable fluctuation in representing the lowest 15% of float-adjusted market cap in each
currency values, from differences in generally accepted accounting developed country, excluding the U.S.
principles or from economic or political instability in other nations. The S&P Developed Ex-U.S. SmallCap Index seeks to measure the
Investments in smaller companies typically exhibit higher volatility. The stocks representing the lowest 15% of float-adjusted market cap in each
fund is also subject to liquidity risk, which is the risk that the Adviser may developed country, excluding the U.S.
not be able to sell a security at an advantageous time or price, which may The following copyright pertains only to the Morningstar information.
adversely affect the Fund. The value of your investment is also subject to ©2025 Morningstar, Inc. All rights reserved. The Morningstar information
geopolitical risks such as wars, terrorism, trade disputes, environmental contained herein: (1) is proprietary to Morningstar; (2) may not be copied;
disasters, and public health crises; the risk of technology malfunctions or and (3) is not warranted to be accurate, complete or timely. Neither
disruptions; and the responses to such events by governments and/or Morningstar nor its content providers are responsible for any damages or
individual companies.The opinions are as of the date noted and are subject losses arising from any use of this information.
to change at any time due to changes in market or economic conditions. Distributed by Victory Capital Services, Inc.
The comments should not be construed as a recommendation of individual
holdings or market sectors, but as an illustration of broader themes. Fund ©2025 Victory Capital Management Inc.
holdings are subject to change and should not be consideredpurchase V17.206 // 2Q 2025 TRI Intl Small Cap Fund FS
recommendations. There is no assurance that the securities mentioned
remain in the Fund’s portfolio or that securities sold have not been
repurchased. Top holdings do not reflect cash, money market instruments

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20250717-4673577