MISAX Fees and Costs — Victory Trivalent International Small-Cap Fund, Class A
Data updated: 2026-09-11
The net expense ratio is 1.35%: a 0.91% management fee, a 0.25% 12b-1 fee plus 0.54% other expenses, less a 0.35% fee waiver. This share class carries a maximum front-end sales load of 5.75%. In fiscal 2026 the fund paid $4.4M in broker commissions, 0.1028% of average net assets, and portfolio turnover was 49%.
MISAX Fees and Expenses
Annual operating expenses and sales charges of MISAX. Prospectus, as of June 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.91% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.54% |
| Gross expense ratio | 1.70% |
| Fee waiver | −0.35% |
| Net expense ratio | 1.35% |
| Sales charges | |
|---|---|
| Max front load | 5.75% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
MISAX Costs Over Time
On $10,000 invested in MISAX, assuming 5% a year before costs, total costs come to $1,583 over 5 years, cutting the return by 2.74% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Sales charges | $575 | $575 | $575 |
| Fund expenses (net expense ratio 1.35%) | $134 | $415 | $716 |
| Trading costs (broker commissions) | $10 | $32 | $55 |
| Lost growth on money paid in costs | $29 | $113 | $237 |
| Total costs | $748 | $1,134 | $1,583 |
| Value after costs | $9,752 | $10,442 | $11,180 |
| Impact on return, per year | 7.48% | 3.55% | 2.74% |
MISAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.1028%
- Total broker commissions: $4.4M
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 49%
- Securities on loan, average value: $152.7M
- Net income from securities lending: $511K (0.012% of average net assets)
MISAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BNP Paribas Securities Corp. | $519K | 21.23% |
| J.P. Morgan Securities LLC | $361K | 14.78% |
| UBS Securities LLC | $252K | 10.32% |
| RBC Capital Markets, LLC | $222K | 9.07% |
| HSBC Securities (USA) Inc. | $213K | 8.71% |
| SG Americas Securities, LLC | $199K | 8.16% |
| Jefferies LLC | $195K | 7.97% |
| Barclays Capital Inc. | $186K | 7.63% |
| Citigroup Global Markets Inc. | $154K | 6.31% |
| Berenberg Capital Markets LLC | $143K | 5.85% |
Victory Trivalent International Small-Cap Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| MISIX | Class I | 0.97% | none |
| MSSIX | Class R6 | 1.02% | none |
| MYSIX | Class Y | 1.10% | none |
| MISAX | Class A | 1.35% | 5.75% |
| MCISX | Class C | 2.10% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.