VICTORY NEW YORK BOND FUND

FUND: USNYX A: UNYBX INSTITUTIONAL: UNYIX

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
Fund Fund Shares -1.74 -2.35 -1.31 2.11 0.34 1.76 4.72
10/10/90 USNYX 0.77% 0.66%
Institutional Shares -1.64 -2.33 -1.28 2.13 0.36 – 0.34
Inst 06/29/20 UNYIX 0.82% 0.63% Bloomberg Municipal Bond Index -0.12 -0.35 1.11 2.50 0.51 2.20 –
Bloomberg Municipal Bond -
-0.23 -0.82 0.52 2.56 0.50 2.05 –
New York Exempt Index

Net expense ratio reflects the contractual waiver

and/or reimbursement of management fees through
June 30, 2026.

Investment Style
Muni New York Intermediate Calendar Year Performance (%)
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Investment Objective and Strategy
• Seeks to generate interest income that is Fund Shares
primarily exempt from federal and New 3.36 0.34 4.35 1.15 6.86 3.68 3.40 -11.32 8.02 1.71
York state income tax. Institutional Shares
• Invests primarily in investment-grade, – – – – – – 3.33 -11.28 7.98 1.75
tax-exempt securities. Bloomberg Municipal Bond Index
• At least 80% of fund net assets consist of 3.30 0.25 5.45 1.28 7.54 5.21 1.52 -8.53 6.40 1.05
tax-exempt securities during normal Bloomberg Municipal Bond - New York Exempt Index
market conditions. 3.44 0.39 5.09 1.04 7.12 4.56 1.87 -8.94 7.32 0.84

About the Fund

• High-quality, income-focused bond
portfolio.
• Portfolio constructed using relative value- Past performance does not guarantee future results. The performance quoted represents past
driven, bottom-up security selection. performance and current performance may be lower or higher. The investment return and principal
• Investment process founded on value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the
proprietary, fundamental research. original cost. To obtain performance information current to the most recent month-end, visit
• Emphasis on minimizing capital gain www.vcm.com. Returns include reinvestment of dividends and capital gains. Performance for periods greater
than one year is annualized. Fee waivers and/or expense reimbursements were in place for some or all periods
distributions, achieving primarily tax- shown, without which, fund performance would have been lower.
exempt income.
• Typically targets a duration of +/- 2 years Growth of a Hypothetical $10,000 Investment Fund Shares (6/30/2015–6/30/2025)
of the benchmark.
$15,000 Ending Value $11,908

Portfolio Managers
$10,000
Andy Hattman, CFA, CAIA. Since 2019.
Lauren Spalten. Since 2021.
$5,000

$0
6/15 6/16 6/17 6/18 6/19 6/20 6/21 6/22 6/23 6/24 6/25

MORNINGSTAR RATINGS AND RANKINGS

Overall 3 Year 5 Year 10 Year
Morningstar Rating ★★★ ★★★ ★★★ ★★★
Morningstar Ranking (%) — 69 48 66
# of Funds 79 79 76 61
Morningstar Category: Muni New York Long. Morningstar ratings and rankings are based on the Fund 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
20250722-4674484
PORTFOLIO INFORMATION As of June 30, 2025

Top Ten Issuers % Fund Credit Quality (% Fund)

Mta Transportation Revenue 6.32

80.0
Rochester Regional Health 5.49 65.8
Triborough Bridge & Tunnel 3.87
60.0
NYC Hsg-Multifamily 3.31
41.8
Nuvance Health 3.05
40.0 32.1
New York University 2.86

Interagcy Cncl Pld Loan Prog 2.64 19.0

20.0 13.6
Greenburgh Eleven Usfd 2.26 9.9
7.2
4.8 4.6
0.7 0.0 0.6
Children’s Aid Society, NY 2.25
0.0
Jefersons Ferry Proj 2.16 AAA AA A BBB < BBB Unrated

Total 34.20
Issuers are subject to change. Victory New York Bond Fund Bloomberg Muni Bond-NY Exempt

Bloomberg Muni Top 5 Sectors (% Fund)

General Statistics Fund
Bond-NY Exempt

Net Assets ($) 107.7M - 45.0

39.5
40.0
Average Effective Duration (years) 8.4 7.2 35.0
28.1
30.0
Number of Securities 103 6,791
25.0
20.0 15.3 15.5
30-Day SEC Yield Subsidized 4.05% - 13.5
15.0
30-Day SEC Yield Unsubsidized 3.94% - 10.0 6.4 5.4
4.0
5.0 2.4
0.0
Yields shown reflects the Fund share class. 0.0
Education HealthCare Transportation Continuing Care Tax Revenue
Retirement Ctr

Victory New York Bond Fund Bloomberg Muni Bond-NY Exempt

Carefully consider a fund's investment objectives, risks, charges and D. Unrated securities do not necessarily indicate low quality. Below-
expenses before investing. To obtain a prospectus or summary investment-grade is represented by a rating of BB and below. Quality ratings
prospectus containing this and other important information, visit are subject to change. Average Effective Duration is a duration calculation
www.vcm.com/prospectus. Read it carefully before investing. for bonds that have embedded options. This measure of duration takes into
Not all share classes are available to all investors. account the fact that expected cash flows will fluctuate as interest rates
All investing involves risk, including the potential loss of principal. change and is, therefore, a measure of risk. Subsidized Yield reflects fee
Fixed income securities are subject to interest rate, inflation, credit and waivers/reimbursements/limits in effect. Unsubsidized Yield does not
default risk. The bond market is volatile. Bonds and bond funds will reflect any fee waivers/reimbursements/limits in effect.
decrease in value as interest rates rise and vice versa. Credit risk refers to The Bloomberg Municipal Bond Index (Bloomberg Municipal Bond) is
the possibility that debt issuers may not be able to make principal and considered to be generally representative of investment-grade-municipal
interest payments or may have their debt downgraded by ratings agencies. issues having remaining maturities greater than 1 year and a national scope.
Because the Fund invests primarily in New York tax-exempt securities, the The Bloomberg Municipal Bond - New York Exempt Index (Bloomberg
Fund is more vulnerable to unfavorable economic, political and regulatory Muni Bond-NY Exempt) is an unmanaged index considered representative
changes affecting issuers in New York and in the financial health of New of New York investment-grade municipal bonds.
York City. New York State's economy is broad, it does have concentrations The following copyright pertains only to the Morningstar information. ©2025
in the financial services industry and may be sensitive to economic problems Morningstar, Inc. All rights reserved. The Morningstar information contained
affecting that industry. Some income may be subject to local taxes or could herein: (1) is proprietary to Morningstar; (2) may not be copied; and (3) is not
be declared taxable and/or subject to the federal alternative minimum tax warranted to be accurate, complete or timely. Neither Morningstar nor its
(AMT) if tax laws change or other unforeseen circumstances occur. The fund content providers are responsible for any damages or losses arising from
is also subject to liquidity risk, which is the risk that the Adviser may not be any use of this information.
able to sell a security at an advantageous time or price, which may Funds distributed by Victory Capital Services, Inc., an affiliate of Victory
adversely affect the Fund. The value of your investment is also subject to Capital Management Inc.
geopolitical risks such as wars, terrorism, trade disputes, environmental
©2025 Victory Capital Management Inc.
disasters, and public health crises; the risk of technology malfunctions or
disruptions; and the responses to such events by governments and/or V19.066 // 2Q 2025 Victory New York Bond Fund FS
individual companies. Credit Quality ratings on underlying securities of the
fund reflect the highest long-term rating from S&P, Moody’s, or Fitch, and
are converted to the equivalent S&P major rating category. S&P rates
securities in descending order as AAA, AA, A, BBB, BB, B, CCC, CC, C and

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20250722-4674484