RCRAX Fees and Costs — Victory Pioneer Active Credit Fund, Class A
Data updated: 2026-07-27
The net expense ratio is 0.91%: a 0.50% management fee, a 0.25% 12b-1 fee plus 0.96% other expenses, less a 0.81% fee waiver. This share class carries a maximum front-end sales load of 2.25%. In fiscal 2025 the fund paid $3K in broker commissions, 0.0085% of average net assets, and portfolio turnover was 142%.
RCRAX Fees and Expenses
Annual operating expenses and sales charges of RCRAX. Prospectus, as of August 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.96% |
| Gross expense ratio | 1.72% |
| Fee waiver | −0.81% |
| Net expense ratio | 0.91% |
| 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 |
RCRAX Costs Over Time
On $10,000 invested in RCRAX, assuming 5% a year before costs, total costs come to $850 over 5 years, cutting the return by 1.44% 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 0.91%) | $93 | $292 | $506 |
| Trading costs (broker commissions) | $1 | $3 | $5 |
| Lost growth on money paid in costs | $11 | $50 | $114 |
| Total costs | $331 | $569 | $850 |
| Value after costs | $10,169 | $11,007 | $11,913 |
| Impact on return, per year | 3.31% | 1.75% | 1.44% |
RCRAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0085%
- Total broker commissions: $3K
- Bought from dealers (principal trades, not a cost): $255.1M
- Portfolio turnover (prospectus): 142%
- Securities lending: none during the year
RCRAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| CITIGROUP GLOBAL MARKETS INC. | $3K | 98.96% |
| GOLDMAN SACHS & CO. LLC | $15 | 0.54% |
| Stifel, Nicolaus & Company, Incorporated | $14 | 0.50% |
RCRAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $54.7M | 24.70% |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | $54.0M | 24.37% |
| GOLDMAN SACHS & CO. LLC | $32.3M | 14.57% |
| BNP PARIBAS SECURITIES CORP. | $17.6M | 7.97% |
| BARCLAYS CAPITAL, INC. | $17.4M | 7.86% |
| WELLS FARGO SECURITIES, LLC | $13.6M | 6.16% |
| J.P. Morgan Securities LLC | $12.0M | 5.40% |
| CitiGroup Global Markets Inc. | $7.5M | 3.38% |
| Mizuho Securities USA LLC | $6.3M | 2.85% |
| NOMURA SECURITIES INTERNATIONAL, INC. | $6.1M | 2.74% |
Victory Pioneer Active Credit Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| RCRYX | Class Y | 0.61% | none |
| RCRAX | Class A | 0.91% | 2.25% |
| RCRCX | Class C | 1.66% | 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.