SIFFX Fees and Costs — Victory Pioneer Securitized Income Fund, Class A
Data updated: 2026-09-28
The net expense ratio is 0.90%: a 0.55% management fee, a 0.25% 12b-1 fee plus 0.28% other expenses, less a 0.18% fee waiver. This share class carries a maximum front-end sales load of 2.25%. In fiscal 2025 the fund paid $4K in broker commissions, 0.0023% of average net assets, and portfolio turnover was 12%.
SIFFX Fees and Expenses
Annual operating expenses and sales charges of SIFFX. Prospectus, as of July 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.55% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.28% |
| Gross expense ratio | 1.08% |
| Fee waiver | −0.18% |
| Net expense ratio | 0.90% |
| 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 | No |
SIFFX Costs Over Time
On $10,000 invested in SIFFX, assuming 5% a year before costs, total costs come to $840 over 5 years, cutting the return by 1.42% 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 0.90%) | $92 | $289 | $501 |
| Trading costs (broker commissions) | $0 | $1 | $1 |
| Lost growth on money paid in costs | $11 | $50 | $113 |
| Total costs | $329 | $564 | $840 |
| Value after costs | $10,171 | $11,012 | $11,923 |
| Impact on return, per year | 3.29% | 1.73% | 1.42% |
SIFFX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending July 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0023%
- Total broker commissions: $4K
- Bought from dealers (principal trades, not a cost): $547.0M
- Portfolio turnover (prospectus): 12%
- Securities lending: none during the year
SIFFX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $4K | 100.00% |
SIFFX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | $190.5M | 18.80% |
| MORGAN STANLEY & CO. LLC | $187.3M | 18.49% |
| CitiGroup Global Markets Inc. | $98.8M | 9.75% |
| WELLS FARGO SECURITIES, LLC | $90.6M | 8.94% |
| BMO CAPITAL MARKETS CORP. | $86.3M | 8.51% |
| GOLDMAN SACHS & CO. LLC | $86.1M | 8.50% |
| Mizuho Securities USA LLC | $81.0M | 7.99% |
| J.P. Morgan Securities LLC | $78.3M | 7.73% |
| BARCLAYS CAPITAL, INC. | $77.0M | 7.60% |
| NOMURA SECURITIES INTERNATIONAL, INC. | $37.4M | 3.69% |
Victory Pioneer Securitized Income Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| SYFFX | Class Y | 0.65% | none |
| SIFFX | Class A | 0.90% | 2.25% |
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.