RETCX Fees and Costs — Victory Tax-Exempt Fund, Class C
Data updated: 2025-11-25
The net expense ratio is 1.61%: a 0.50% management fee, a 1.00% 12b-1 fee plus 3.26% other expenses, less a 3.16% fee waiver. This share class carries a deferred sales charge of up to 1.00%. In fiscal 2024 the fund paid $2K in broker commissions, 0.0067% of average net assets, and portfolio turnover was 18%.
RETCX Fees and Expenses
Annual operating expenses and sales charges of RETCX. Prospectus, as of April 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | 1.00% |
| Other expenses | 3.26% |
| Gross expense ratio | 4.77% |
| Fee waiver | −3.16% |
| Net expense ratio | 1.61% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 1.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
RETCX Costs Over Time
On $10,000 invested in RETCX, assuming 5% a year before costs, total costs come to $999 over 5 years, cutting the return by 1.70% 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 | $103 | $0 | $0 |
| Fund expenses (net expense ratio 1.61%) | $169 | $524 | $903 |
| Trading costs (broker commissions) | $1 | $2 | $4 |
| Lost growth on money paid in costs | $0 | $26 | $92 |
| Total costs | $273 | $552 | $999 |
| Value after costs | $10,227 | $11,024 | $11,764 |
| Impact on return, per year | 2.73% | 1.70% | 1.70% |
RETCX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2024.
- Explicit cost rate (commissions ÷ average net assets): 0.0067%
- Total broker commissions: $2K
- Bought from dealers (principal trades, not a cost): $30.1M
- Portfolio turnover (prospectus): 18%
- Securities lending: none during the year
RETCX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Jane Street Capital, LLC | $600 | 25.00% |
| Virtu Americas LLC | $600 | 25.00% |
| Susquehanna Securities | $600 | 25.00% |
| Citadel Securities LLC | $300 | 12.50% |
| Wallachbeth Capital LLC | $300 | 12.50% |
RETCX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| SunTrust Robinson Humphrey | $11.1M | 38.68% |
| Jefferies LLC | $5.8M | 20.18% |
| J.P. Morgan Securities LLC | $5.0M | 17.42% |
| BofA Securities, Inc. | $1.8M | 6.28% |
| Wells Fargo Securities, LLC | $1.1M | 3.78% |
| Stifel, Nicolaus & Company, Incorporated | $1.0M | 3.59% |
| Barclays Capital Inc. | $1.0M | 3.48% |
| SWBC Investment Services, LLC | $922K | 3.21% |
| D.A. Davidson & Co. | $487K | 1.70% |
| Goldman Sachs & Co. LLC | $479K | 1.67% |
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.