VICTORY ULTRA SHORT-TERM BOND FUND

FUND: UUSTX A: USBAX INSTITUTIONAL: UUSIX R6: URUSX

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 06/29/20 USBAX 8.30% 0.86% A Shares, without sales charge 1.28 2.57 5.53 5.37 3.42 – 3.44
A Shares, with sales charge
– – – – – – –
Fund 10/18/10 UUSTX 0.62% 0.62% (max. 0.00%)
Fund Shares 1.24 2.59 5.68 5.61 3.67 2.63 2.30
Inst 07/12/13 UUSIX 0.58% 0.57%
Institutional Shares 1.24 2.60 5.69 5.62 3.72 2.66 2.44
R6 03/01/17 URUSX 0.55% 0.41% Bloomberg U.S. Treasury
1.05 2.10 4.73 4.64 2.81 2.01 –
Bellwethers 3-Month Index
Net expense ratio reflects the contractual waiver
and/or reimbursement of management fees through
August 31, 2025. Calendar Year Performance (%)
Investment Style
Ultrashort Bond 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

A Shares, without sales charge

Investment Objective and Strategy – – – – – – 0.57 -0.91 6.17 5.93
• Seeks high current income consistent A Shares, with sales charge (max. 0.00%)
with preservation of capital. – – – – – – – – – –
• Invests primarily in investment grade Fund Shares
securities with the ability to invest up to 0.02 1.73 1.51 1.40 4.37 2.81 0.80 -0.68 6.45 6.20
10% in below investment grade Institutional Shares
securities. 0.04 1.68 1.44 1.46 4.43 2.87 0.87 -0.62 6.53 6.22
• Diversified exposure in corporate bonds, Bloomberg U.S. Treasury Bellwethers 3-Month Index
asset and mortgage-backed securities, 0.07 0.35 0.87 1.89 2.30 0.67 0.04 1.51 5.15 5.29
taxable municipal securities and U.S.
Government obligations.
Past performance does not guarantee future results. The performance quoted represents past
About the Fund performance 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
• Seeks income opportunities with lower
original cost. To obtain performance information current to the most recent month-end, visit
interest rate risk. www.vcm.com. Returns include reinvestment of dividends and capital gains. Performance for periods greater
• Portfolio constructed using relative value- than one year is annualized. Fee waivers and/or expense reimbursements were in place for some or all periods
driven, bottom-up security selection. shown, without which, fund performance would have been lower.
• Investment process founded on
proprietary, fundamental research Growth of a Hypothetical $10,000 Investment Fund Shares (6/30/2015–6/30/2025)
• Targets duration between 0.5 and 0.75
Ending Value $12,963
years.
$15,000

Portfolio Managers $10,000

Doug Rollwitz, CFA, CPA. Since 2018.
Brian Smith, CFA, CPA. Since 2018. $5,000
Neal Graves, CFA, CPA. Since 2019.
Jim Jackson, CFA. Since 2019. $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 (%) — 18 9 20

# of Funds 211 211 187 112

Morningstar Category: Ultrashort Bond. 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
20250725-4674627
PORTFOLIO INFORMATION As of June 30, 2025
Credit Quality (% Fund)
Top Ten Issuers % Fund
120.0
U.S. Government 4.22
100.0
Barclays Plc 0.54 100.0

Abn Amro 0.53

80.0
Ares Capital Corp 0.53
60.0
Commonwealth Bank Of Australia 0.53

Gaming And Leisure Properties 0.53 40.0

20.8 24.0
Part 2023-2 0.53 17.2 17.8
20.0 14.8
Santander Finance 0.53 4.2 1.2 0.0
0.0 0.0 0.0 0.0 0.0
0.0
Toronto Dominion Bank 0.53 AAA AA A BBB < BBB Cash Unrated
Westpac Banking Corp 0.53
Victory Ultra Short-Term Bond Fund
Total 9.00
Bloomberg U.S. Treasury Bellwethers 3-Month Index
Issuers are subject to change.
Top 5 Sectors (% Fund)

Bloomberg U.S. 30.0

25.7
Treasury
General Statistics Fund 25.0
Bellwethers 3- 21.5
Month Index
20.0 17.8
Net Assets ($) 283.7M - 15.7
15.0
Average Effective Duration (years) 0.6 0.5 9.4
10.0
Number of Securities 398 1
5.0
30-Day SEC Yield Subsidized 4.86% - 0.0 0.0 0.0 0.0 0.0
0.0
Finance ABS Cash Industrials CMBS
30-Day SEC Yield Unsubsidized 4.86% -

Yields shown reflects the Fund share class. Victory Ultra Short-Term Bond Fund
Bloomberg U.S. Treasury Bellwethers 3-Month Index

Carefully consider a fund's investment objectives, risks, charges and Average Effective Duration is a duration calculation for bonds that have
expenses before investing. To obtain a prospectus or summary embedded options. This measure of duration takes into account the fact that
prospectus containing this and other important information, visit expected cash flows will fluctuate as interest rates change and is, therefore, a
www.vcm.com/prospectus. Read it carefully before investing. measure of risk.
Not all share classes are available to all investors. Subsidized Yield reflects fee waivers/reimbursements/limits in effect.
All investing involves risk, including the potential loss of principal. Unsubsidized Yield does not reflect any fee waivers/reimbursements/limits
Fixed income securities are subject to interest rate, inflation, credit and in effect.
default risk. The bond market is volatile. Bonds and bond funds will decrease Bloomberg U.S. Treasury Bellwethers 3-Month Index represents the total
in value as interest rates rise and vice versa. Credit risk refers to the return received by investors of 3-month U.S. Treasury securities.
possibility that debt issuers may not be able to make principal and interest The following copyright pertains only to the Morningstar information. ©2025
payments or may have their debt downgraded by ratings agencies. High yield Morningstar, Inc. All rights reserved. The Morningstar information contained
securities may be more volatile, be subject to greater levels of credit or herein: (1) is proprietary to Morningstar; (2) may not be copied; and (3) is not
default risk, and may be less liquid and more difficult to sell at an warranted to be accurate, complete or timely. Neither Morningstar nor its
advantageous time or price than higher-rated securities of similar maturity. content providers are responsible for any damages or losses arising from any
Mortgage-backed securities ("MBS") are subject to credit, prepayment and use of this information.
extension risk and may react differently to changes in interest rates than
Funds distributed by Victory Capital Services, Inc., an affiliate of Victory
other bonds. Small movements in interest rates may quickly and significantly
Capital Management Inc.
reduce the value of certain MBS. The fund is also subject to liquidity risk,
which is the risk that the Adviser may not be able to sell a security at an ©2025 Victory Capital Management Inc.
advantageous time or price, which may adversely affect the Fund. Large V19.064 // 2Q 2025 Victory Ultra Short-Term Bond Fund FS
shareholders, including other funds advised by the Adviser, may own a
substantial amount of the Fund's shares. The actions of large shareholders,
including large inflows or outflows, may adversely affect other shareholders,
including potentially increasing capital gains. The value of your investment is
also subject to geopolitical risks such as wars, terrorism, trade disputes,
environmental disasters, and public health crises; the risk of technology
malfunctions or disruptions; and the responses to such events by
governments and/or 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 D. Unrated securities do
not necessarily indicate low quality. Below-investment-grade is represented
by a rating of BB and below. Quality ratings are subject to change.

WWW.VCM.COM
20250725-4674627