Victory Income Fund
Victory Portfolios III · 4 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Victory Income 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 Income Fund (the Fund) seeks maximum current income without undue risk to principal.
The fund selects fixed-income securities for high yield relative to risk, holding U.S. government and agency debt, mortgage- and asset-backed securities, corporate bonds (up to 65% of assets), and may also hold income-producing equities and preferred securities. It invests primarily in investment-grade securities but may allocate up to 10% of net assets to below-investment-grade bonds, and up to 20% to foreign securities including emerging markets. Because the fund's returns depend on the manager's selection of individual securities across multiple asset classes and credit qualities, performance will diverge from any benchmark.
| Share class | Gross | Net |
|---|---|---|
| USAIX | 0.59% | 0.59% |
| UIINX | 0.53% | 0.53% |
| URIFX | 0.52% | 0.43% |
| UINCX | 0.90% | 0.84% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 21.00% · as of 2025 Q3
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 71.27% |
| Securitized | 26.72% |
| Cash & short-term | 1.02% |
| Stocks | 0.91% |
| Loans | 0.07% |
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Securitized | 26.7% |
| Government | 25.4% |
| Other | 14.1% |
| International | 7.5% |
| 12 smaller | 26.3% |
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: SALESFORCE, INC., AMERICAN INTERNATIONAL GROUP, INC., AMGEN INC., LG ENERGY SOLUTION, LTD., SLG OFFICE TRUST, BANC OF CALIFORNIA, MAPLE PARENT HOLDINGS CORP., ERAC USA FINANCE LLC
Largest exited: United States of America ×5, NP SPE II LLC, Freddie Mac, T-MOBILE USA, INC.
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 |
|---|---|---|---|---|---|
| +4.58% | +14.37% | +4.56% | 3.23% | -5.01% | |
| +4.72% | +14.66% | +4.92% | 3.26% | -4.98% | |
| +4.73% | +14.91% | +5.34% | 3.22% | -4.93% | |
| +4.37% | +13.56% | +3.40% | 3.24% | -5.15% | |
| — | — | — | — | — |
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 | 95.4% |
| Floating rate | 4.6% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 2.1% |
| 1-3y | 8.2% |
| 3-5y | 18.4% |
| 5-10y | 29.9% |
| 10y+ | 41.3% |
Based on what filers reported; a filer that never reported a flag also reads as none.
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 | 61% |
| Credit spreads | 39% |
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 | +3.39 yr |
| High yield | +0.20 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 | 1.66 yr | 30% |
| 10 yr | 2.32 yr | 42% |
| 30 yr | 1.04 yr | 19% |
| 3 mo | 0.02 yr | 1% |
| 1 yr | 0.39 yr | 11% |
| 5 yr | 1.25 yr | 35% |
| 10 yr | 1.39 yr | 39% |
| 30 yr | 0.54 yr | 15% |
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 | $6.6k | $851 |
| 1 yr | +0.50 | +0.35 | +0.04 | $127.6k | $14.0k |
| 5 yr | +1.66 | +1.16 | +0.09 | $426.4k | $31.5k |
| 10 yr | +2.32 | +1.34 | +0.05 | $491.5k | $17.0k |
| 30 yr | +1.04 | +0.51 | +0.02 | $187.7k | $8.5k |
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 America3.88% · due 2033-08-15 | 1.44% | $52.81M | — |
| — | United States of America2.25% · due 2041-05-15 | 1.38% | $50.63M | — |
| — | United States of America4.13% · due 2030-08-31 | 1.10% | $40.19M | — |
| — | United States of America2.50% · due 2045-02-15 | 1.04% | $38.18M | — |
| — | United States of America4.00% · due 2034-02-15 | 1.02% | $37.33M | — |
| — | United States of America4.25% · due 2034-11-15 | 0.95% | $34.83M | — |
| — | United States of America3.88% · due 2034-08-15 | 0.93% | $33.97M | — |
| — | United States of America3.88% · due 2029-09-30 | 0.82% | $29.93M | — |
| — | United States of America4.25% · due 2035-05-15 | 0.81% | $29.77M | — |
| — | United States of America2.25% · due 2046-08-15 | 0.76% | $27.72M | — |
Top 10 positions are 10.25% of net assets, top 25 17.94%, across 561 issuers.
See more of this fund's book
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