UTESX Fees and Costs — Victory Tax Exempt Short-Term Fund, Class A
Data updated: 2026-07-27
The net expense ratio is 0.78%: a 0.31% management fee, a 0.25% 12b-1 fee plus 0.71% other expenses, less a 0.49% fee waiver. This share class carries a maximum front-end sales load of 2.25%. Portfolio turnover was 31%.
UTESX Fees and Expenses
Annual operating expenses and sales charges of UTESX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.31% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.71% |
| Gross expense ratio | 1.27% |
| Fee waiver | −0.49% |
| Net expense ratio | 0.78% |
| 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 |
UTESX Costs Over Time
On $10,000 invested in UTESX, assuming 5% a year before costs, total costs come to $766 over 5 years, cutting the return by 1.29% 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 0.78%) | $80 | $250 | $435 |
| Lost growth on money paid in costs | $11 | $48 | $106 |
| Total costs | $316 | $523 | $766 |
| Value after costs | $10,184 | $11,053 | $11,997 |
| Impact on return, per year | 3.16% | 1.61% | 1.29% |
UTESX 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): $495.1M
- Portfolio turnover (prospectus): 31%
- Securities lending: none during the year
UTESX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $215.5M | 48.43% |
| BofA Securities, Inc. | $61.9M | 13.92% |
| Jefferies LLC | $40.5M | 9.11% |
| Barclays Capital Inc. | $32.1M | 7.23% |
| Truist Securities, Inc. | $23.7M | 5.33% |
| Deutsche Bank Securities Inc. | $19.6M | 4.40% |
| Oppenheimer & Co. Inc. | $14.9M | 3.35% |
| Roosevelt & Cross, Incorporated | $13.3M | 2.99% |
| Goldman Sachs & Co. LLC | $13.2M | 2.97% |
| B.C. Ziegler and Company | $10.1M | 2.28% |
Victory Tax Exempt Short-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 |
|---|---|---|---|
| USTIX | Institutional Shares | 0.51% | none |
| USSTX | Victory Tax Exempt Short-Term - Fund Shares | 0.55% | none |
| UTESX | Class A | 0.78% | 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.