Victory Core Plus Intermediate Bond Fund
Victory Portfolios III · 5 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Victory Core Plus Intermediate Bond Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2025 Q3
The Victory Core Plus Intermediate Bond Fund (the Fund) seeks high current income without undue risk to principal.
The fund invests at least 80% of its assets in debt securities with a dollar-weighted average maturity of three to ten years, drawn from government, municipal, mortgage-backed, asset-backed, and corporate sources, with up to 65% in corporate bonds and up to 10% in below-investment-grade securities. It may also hold up to 20% in foreign debt, including emerging markets. Because the fund's selection relies on manager discretion across a broad range of eligible securities rather than a defined index, its composition and performance will depend on those choices.
| Share class | Gross | Net |
|---|---|---|
| USIBX | 0.64% | 0.64% |
| UIITX | 0.56% | 0.55% |
| URIBX | 0.43% | 0.41% |
| UITBX | 0.88% | 0.88% |
| UITCX | 1.68% | 1.53% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 51.00% · as of 2025 Q3
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Securitized | 49.14% |
| Bonds | 48.21% |
| Loans | 1.75% |
| Cash & short-term | 1.55% |
| Stocks | 0.31% |
| Derivatives | -0.18% |
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Securitized | 48.7% |
| Government | 22.3% |
| Other | 11.5% |
| International | 4.6% |
| 12 smaller | 12.9% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Largest new: United States of America ×2, VISTRA OPERATIONS COMPANY LLC, Freddie Mac, SALESFORCE, INC., BLOCK FINANCIAL LLC, HOWDEN UK REFINANCE 2 PLC, Federal National Mortgage Association
Largest exited: United States of America, WELLS FARGO & COMPANY, Olin Corporation, BRIGHTSTAR LOTTERY PLC, BX COMMERCIAL MORTGAGE TRUST, LUMEN TECHNOLOGIES, INC., United Airlines 2014-1 Pass Through Trusts, ORACLE CORPORATION
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +4.70% | +13.59% | +5.58% | 3.28% | -5.14% | |
| +4.77% | +13.86% | +5.86% | 3.26% | -5.09% | |
| +4.92% | +14.35% | +6.71% | 3.25% | -5.02% | |
| +4.47% | +12.82% | +4.31% | 3.21% | -5.26% | |
| +3.77% | +10.72% | +1.05% | 3.28% | -5.57% |
These classes hold the same portfolio, so the 5.66pp spread over 5 years is the cost difference between them — roughly 1.13pp a year — not a difference in what they own.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 90.1% |
| Floating rate | 9.8% |
| Zero-coupon or unclassified | 0.1% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.5% |
| 1-3y | 4.7% |
| 3-5y | 10.4% |
| 5-10y | 28.2% |
| 10y+ | 56.2% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying about half as much.
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.
| Interest rates | 66% |
| Credit spreads | 34% |
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.
| Investment grade | +2.60 yr |
| High yield | +0.31 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.02 yr | 0% |
| 1 yr | 0.50 yr | 9% |
| 5 yr | 1.50 yr | 27% |
| 10 yr | 2.74 yr | 49% |
| 30 yr | 0.81 yr | 15% |
| 3 mo | 0.03 yr | 1% |
| 1 yr | 0.42 yr | 15% |
| 5 yr | 1.02 yr | 35% |
| 10 yr | 1.23 yr | 42% |
| 30 yr | 0.21 yr | 7% |
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.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.02 | +0.02 | +0.00 | $11.8k | $1.6k |
| 1 yr | +0.50 | +0.33 | +0.09 | $176.5k | $47.9k |
| 5 yr | +1.50 | +0.85 | +0.17 | $451.0k | $88.9k |
| 10 yr | +2.74 | +1.19 | +0.04 | $630.6k | $21.9k |
| 30 yr | +0.81 | +0.20 | +0.01 | $106.8k | $3.4k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | United States of America5.00% · due 2037-05-15 | 3.10% | $163.86M | — |
| — | United States of America4.50% · due 2033-11-15 | 1.67% | $88.28M | — |
| — | United States of America4.38% · due 2039-11-15 | 1.64% | $86.60M | — |
| — | United States of America3.38% · due 2033-05-15 | 1.59% | $83.95M | — |
| — | United States of America4.50% · due 2036-02-15 | 1.28% | $67.94M | — |
| — | United States of America4.13% · due 2053-08-15 | 0.98% | $51.68M | — |
| — | United States of America4.75% · due 2041-02-15 | 0.72% | $37.90M | — |
| — | United States of America4.75% · due 2053-11-15 | 0.68% | $36.10M | — |
| — | United States of America2.38% · due 2042-02-15 | 0.65% | $34.21M | — |
| — | MEDLINE BORROWER, LP5.25% · due 2029-10-01 | 0.60% | $31.86M | — |
Top 10 positions are 12.89% of net assets, top 25 19.23%, across 681 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
Sign in free