USTEX Fees and Costs — Victory Tax Exempt Long-Term Fund
Data updated: 2026-07-27
The net expense ratio is 0.46%: a 0.26% management fee plus 0.20% other expenses. There are no sales loads or redemption fees. Portfolio turnover was 4%.
USTEX Fees and Expenses
Annual operating expenses and sales charges of USTEX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.26% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.20% |
| Gross expense ratio | 0.46% |
| Fee waiver | — |
| Net expense ratio | 0.46% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| 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 |
USTEX Costs Over Time
On $10,000 invested in USTEX, assuming 5% a year before costs, total costs come to $291 over 5 years, cutting the return by 0.48% 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 |
| Fund expenses (net expense ratio 0.46%) | $48 | $152 | $264 |
| Lost growth on money paid in costs | $0 | $7 | $27 |
| Total costs | $48 | $159 | $291 |
| Value after costs | $10,452 | $11,417 | $12,472 |
| Impact on return, per year | 0.48% | 0.48% | 0.48% |
USTEX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending February 28, 2026.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $386.9M
- Portfolio turnover (prospectus): 4%
- Securities lending: none during the year
USTEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $157.7M | 45.02% |
| Barclays Capital Inc. | $40.0M | 11.43% |
| Jefferies LLC | $38.5M | 10.99% |
| Truist Securities, Inc. | $34.9M | 9.98% |
| AllianceBernstein L.P. | $17.0M | 4.84% |
| B.C. Ziegler and Company | $13.4M | 3.84% |
| BofA Securities, Inc. | $13.1M | 3.75% |
| Goldman Sachs & Co. LLC | $12.2M | 3.49% |
| Wells Fargo Securities, LLC | $11.9M | 3.41% |
| Deutsche Bank Securities Inc. | $11.4M | 3.26% |
Victory Tax Exempt Long-Term Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| ULTIX | Institutional Shares | 0.42% | none |
| USTEX | Victory Tax Exempt Long-Term - Fund Shares | 0.46% | none |
| UTELX | Class A | 0.67% | 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.