Victory Tax Exempt Intermediate-Term Fund

Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.

Largest new: ALLEGHENY CNTY PA ARPT AUTH ARPT REV, PUBLIC FIN AUTH WIS REV, CORTLAND N Y ×2, SOUTH CAROLINA ST PUB SVC AUTH REV, CHICAGO ILL O HARE INTL ARPT REV, BLACK BELT ENERGY GAS DIST ALA GAS PROJ REV, MINNESOTA MUN GAS AGY GAS PROJ REV

Largest exited: UNIVERSITY ILL UNIV REVS, SOUTH CAROLINA ST PUB SVC AUTH REV, KENTUCKY ST MUN PWR AGY PWR SYS REV, HOUSTON TEX HOTEL OCCUPANCY TAX & SPL REV ×2, NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV, LEE CNTY FLA ARPT REV, LIVONIA MICH PUB SCHS SCH DIST

Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.

Share of the fund's debt value in each maturity band, shortest first.

These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.

Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.

Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.

Share of the fund's spread duration carried by each credit tier.

Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.

The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.