MUCAX Fees and Costs — Victory Total Return Bond Fund, Class A
Data updated: 2025-11-25
The net expense ratio is 0.85%: a 0.40% management fee, a 0.25% 12b-1 fee plus 0.75% other expenses, less a 0.55% fee waiver. This share class carries a maximum front-end sales load of 2.25%. Portfolio turnover was 36%.
MUCAX Fees and Expenses
Annual operating expenses and sales charges of MUCAX. Prospectus, as of June 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.40% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.75% |
| Gross expense ratio | 1.40% |
| Fee waiver | −0.55% |
| Net expense ratio | 0.85% |
| Sales charges | |
|---|---|
| Max front load | 2.25% |
| 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 |
MUCAX Costs Over Time
On $10,000 invested in MUCAX, assuming 5% a year before costs, total costs come to $808 over 5 years, cutting the return by 1.37% 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 | $225 | $225 | $225 |
| Fund expenses (net expense ratio 0.85%) | $87 | $273 | $474 |
| Lost growth on money paid in costs | $11 | $49 | $110 |
| Total costs | $323 | $547 | $808 |
| Value after costs | $10,177 | $11,030 | $11,954 |
| Impact on return, per year | 3.23% | 1.68% | 1.37% |
MUCAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $52.8M
- Portfolio turnover (prospectus): 36%
- Securities on loan, average value: $123K
- Net income from securities lending: $1K (0.003% of average net assets)
MUCAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BofA Securities, Inc. | $12.9M | 30.73% |
| J.P. Morgan Securities LLC | $4.7M | 11.21% |
| Barclays Capital Inc. | $4.7M | 11.17% |
| Goldman Sachs & Co. LLC | $4.0M | 9.47% |
| StoneX Financial Inc. | $3.3M | 7.92% |
| Stifel, Nicolaus & Company, Incorporated | $3.3M | 7.87% |
| Jane Street Capital, LLC | $2.9M | 6.84% |
| Deutsche Bank Securities Inc. | $2.6M | 6.08% |
| RBC Capital Markets, LLC | $2.0M | 4.69% |
| Wells Fargo Securities, LLC | $1.7M | 4.03% |
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.