VICTORY INCOME FUND

FUND: USAIX A: UINCX C: UCINX INSTITUTIONAL: UIINX R6: URIFX

Q1 // MARCH 31, 2025

FUND FACTS PERFORMANCE

Average Annual Total Returns (%)
Inception Expense Ratio: Since
Class Ticker As of March 31, 2025 Q1 2025 YTD 1 Year 3 Year 5 Year 10 Year
Date Gross Net Inception
A 08/02/10 UINCX 0.88% 0.85%
A Shares, without sales charge 2.46 2.46 5.22 1.29 1.78 2.19 2.94
Fund 03/04/74 USAIX 0.60% 0.59%
A Shares, with sales charge
Inst 08/01/08 UIINX 0.55% 0.55% 0.16 0.16 2.87 0.53 1.31 1.96 2.79
(max. 2.25%)
R6 12/01/16 URIFX 0.57% 0.45%
Fund Shares 2.58 2.58 5.54 1.55 2.05 2.44 7.18

Net expense ratio reflects the contractual waiver 2.60 2.60 5.51 1.57 2.10 2.50 4.05
Institutional Shares
and/or reimbursement of management fees through
August 31, 2025. Bloomberg U.S. Aggregate
2.78 2.78 4.88 0.52 -0.40 1.46 –
Bond Index
Investment Style
Intermediate Core-Plus Bond
Calendar Year Performance (%)
Investment Objective and Strategy 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
• Seeks maximum current income without
undue risk to principal. A Shares, without sales charge
-1.36 5.55 5.39 -1.51 10.85 7.84 0.14 -13.63 6.91 3.09
• Invests its assets primarily in investment-
grade U.S. dollar-denominated fixed- A Shares, with sales charge (max. 2.25%)
-3.55 3.17 2.98 -3.72 8.33 5.40 -2.13 -15.55 4.55 0.80
income securities.
• May invest up to 65% of its assets in Fund Shares
-1.11 5.84 5.66 -1.37 11.07 8.18 0.39 -13.39 7.13 3.33
corporate bonds and up to 10% in below
investment grade securities. Institutional Shares
-1.05 5.86 5.73 -1.30 11.14 8.23 0.43 -13.36 7.19 3.39
Bloomberg U.S. Aggregate Bond Index
About the Fund 0.55 2.65 3.54 0.01 8.72 7.51 -1.54 -13.01 5.53 1.25
• High-quality, income-focused bond
portfolio. Past performance does not guarantee future results. The performance quoted represents past
performance and current performance may be lower or higher. The investment return and principal
• Portfolio constructed using relative value-
value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the
driven, bottom-up security selection. original cost. To obtain performance information current to the most recent month-end, visit
• Investment process founded on www.vcm.com. Returns include reinvestment of dividends and capital gains. Performance for periods greater
proprietary, fundamental research. than one year is annualized. Fee waivers and/or expense reimbursements were in place for some or all periods
• Targets duration within 10% of its shown, without which, fund performance would have been lower.
benchmark.
Growth of a Hypothetical $10,000 Investment Fund Shares (3/31/2015–3/31/2025)
Portfolio Managers $15,000 Ending Value $12,732
Jim Jackson, CFA. Since 2019.
Neal Graves, CFA, CPA. Since 2019.
$10,000
Brian Smith, CFA, CPA. Since 2013.
Kurt Daum, J.D. Since 2016.
$5,000

$0
3/15 3/16 3/17 3/18 3/19 3/20 3/21 3/22 3/23 3/24 3/25

MORNINGSTAR RATINGS AND RANKINGS

Overall 3 Year 5 Year 10 Year
Morningstar Rating ★★★★ ★★★★ ★★★★ ★★★★
Morningstar Ranking (%) — 21 12 14
# of Funds 530 530 478 346
Morningstar Category: Intermediate Core-Plus Bond. Morningstar ratings and rankings are based on the Fund share class.

The Morningstar RatingTM for funds, or “star rating,” is calculated for managed Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59
products (including mutual funds, variable annuity and variable life subaccounts, months of total returns, 60% five-year rating/40% three-year rating for 60-119
exchange-traded funds, closed- end funds, and separate accounts) with at least a months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year
three-year history. Exchange-traded funds and open-ended mutual funds are rating for 120 or more months of total returns. While the 10-year overall star rating
considered a single population for comparative purposes. It is calculated based on a formula seems to give the most weight to the 10-year period, the most recent three-
Morningstar Risk-Adjusted Return measure that accounts for variation in a managed year period actually has the greatest impact because it is included in all three rating
product’s monthly excess performance, placing more emphasis on downward periods. The Morningstar percentile ranking is based on a fund’s average annual total
variations and rewarding consistent performance. The Morningstar Rating does not return (excluding sales charges) relative to all funds in the same category. The highest
include any adjustment for sales loads. The top 10% of products in each product (most favorable) percentile rank is 1%, and the lowest (least favorable) percentile rank
category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 is 100%. Fund performance used for the rankings reflects certain fee waivers, without
stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall which, Morningstar rankings would have been lower and Morningstar ratings may
Morningstar Rating for a managed product is derived from a weighted average of the have been lower.
performance figures associated with its three-, five-, and 10-year (if applicable)
Not FDIC Insured • May Lose Value • No Bank Guarantee
20250416-4417001
PORTFOLIO INFORMATION As of March 31, 2025

Top Ten Issuers % Fund Credit Quality (% Fund)

U.S. Government 35.11 80.0 73.1

American Airlines Group Inc 0.61

Air Canada 0.52 60.0

Nprl 0.48 42.5

Royalty Pharma Plc 0.43 40.0

30.8
Societe Generale 0.43

Warner Brothers Discovery 0.42 20.0 15.7

11.3 11.2
6.1
Ashtead Capital Inc 0.40 3.2 3.3
0.0 0.4 0.0 1.1 1.1
Berkshire Hathaway Energ 0.40 0.0
AAA AA A BBB < BBB Cash Unrated
Eastern Maine Medical Center 0.39

Total 39.19
Victory Income Fund Bloomberg US Aggregate Idx
Issuers are subject to change.

Bloomberg US
Top 5 Sectors (% Fund)
General Statistics Fund
Aggregate Idx
50.0
44.6
Net Assets ($) 4.1B -
45.0
40.0
Average Effective Duration (years) 5.9 5.9
35.0
Number of Securities 942 13,723 30.0 27.3
24.4 25.0
25.0
30-Day SEC Yield Subsidized 4.57% - 20.0
13.7 12.9
15.0 11.2
30-Day SEC Yield Unsubsidized 4.57% - 8.2 9.0
10.0
Yields shown reflects the Fund share class. 5.0 0.5
0.0
Industrials Treasury Finance ABS MBS

Victory Income Fund Bloomberg US Aggregate Idx

Carefully consider a fund's investment objectives, risks, charges and the equivalent S&P major rating category. S&P rates securities in
expenses before investing. To obtain a prospectus or summary descending order as AAA, AA, A, BBB, BB, B, CCC, CC, C and D. Unrated
prospectus containing this and other important information, visit securities do not necessarily indicate low quality. Below-investment-grade is
www.vcm.com/prospectus. Read it carefully before investing. represented by a rating of BB and below. Quality ratings are subject to
Not all share classes are available to all investors. change. Average Effective Duration is a duration calculation for bonds that
have embedded options. This measure of duration takes into account the
All investing involves risk, including the potential loss of principal. In
fact that expected cash flows will fluctuate as interest rates change and is,
addition to the normal risks associated with investing, fixed income
therefore, a measure of risk. Subsidized Yield reflects fee
securities are subject to interest rate, inflation, credit and default risk. The
waivers/reimbursements/limits in effect. Unsubsidized Yield does not
bond market is volatile. Bonds and bond funds will decrease in value as
reflect any fee waivers/reimbursements/limits in effect.
interest rates rise and vice versa. Credit risk refers to the possibility that debt
issuers may not be able to make principal and interest payments or may The Bloomberg U.S. Aggregate Bond Index (Bloomberg US Aggregate)
have their debt downgraded by ratings agencies. High yield securities may measures the investment grade, USD-denominated, fixed-rate taxable bond
be more volatile, be subject to greater levels of credit or default risk, and market. The index includes Treasurys, government-related and corporate
may be less liquid and more difficult to sell at an advantageous time or price securities, MBS, ABS and CMBS.
than higher-rated securities of similar maturity. Mortgage-backed securities ©2025 Morningstar, Inc. All rights reserved. The information contained
(“MBS”) are subject to credit, prepayment and extension risk and may react herein: (1) is proprietary to Morningstar and/or its content providers; (2) may
differently to changes in interest rates than other bonds. Small movements not be copied or distributed; and (3) is not warranted to be accurate,
in interest rates may quickly and significantly reduce the value of certain complete, or timely. Neither Morningstar nor its content providers are
MBS. The fund is also subject to liquidity risk, which is the risk that the responsible for any damages or losses arising from any use of this
Adviser may not be able to sell a security at an advantageous time or price, information. Past performance is no guarantee of future results.
which may adversely affect the Fund. Derivatives may not work as intended Funds distributed by Victory Capital Services, Inc., an affiliate of Victory
and may result in losses. Large shareholders, including other funds advised Capital Management Inc.
by the Adviser, may own a substantial amount of the Fund’s shares. The ©2025 Victory Capital Management Inc.
actions of large shareholders, including large inflows or outflows, may
adversely affect other shareholders, including potentially increasing capital V19.061 // 1Q 2025 Victory Income Fund FS
gains. The value of your investment is also subject to geopolitical risks such
as wars, terrorism, environmental disasters, and public health crises; the risk
of technology malfunctions or disruptions; and the responses to such
events by governments and/or individual companies.
Credit Quality ratings on underlying securities of the fund reflect the
highest long-term rating from S&P, Moody’s, or Fitch, and are converted to

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20250416-4417001