Victory Pioneer Bond Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Victory Pioneer Bond Fund held 1,911 positions with $5.29B in net assets. Its ten largest holdings made up 16.6% of the fund. The PBFRX share class costs 1.11% a year. Over the 12 months to May 2026, PBFRX returned 5.6%, with dividends reinvested. In 2026 Q2 it added 265 new positions and exited 253.
The Victory Pioneer Bond Fund (the Fund) seeks current income and total return.
The fund seeks current income and total return by investing primarily in bonds, with up to 20% of assets in non-U.S. securities and up to 5% in emerging market securities.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
United States of America 4.38% · due 2043-08-15 | 2.42% | $128.18M | — |
United States of America 0.00% · due 2026-07-28 | 2.26% | $119.67M | — |
BANK OF AMERICA | 1.99% | $105.29M | — |
United States of America 4.13% · due 2036-02-15 | 1.93% | $101.95M | — |
Federal National Mortgage Association 5.00% · due 2055-08-25 | 1.84% | $97.46M | — |
United States of America 4.00% · due 2031-01-31 | 1.42% | $75.34M | — |
Federal National Mortgage Association 4.50% · due 2055-08-25 | 1.28% | $67.96M | — |
United States of America 4.63% · due 2045-11-15 | 1.20% | $63.59M | — |
Federal National Mortgage Association 5.50% · due 2041-07-25 | 1.19% | $62.98M | — |
United States of America 3.63% · due 2053-02-15 | 1.11% | $58.68M | — |
The 200 largest of 1,911 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 60.23% |
| Securitized | 40.18% |
| Cash & short-term | 1.99% |
| Stocks | 0.44% |
| Loans | 0.05% |
| Derivatives | -0.19% |
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.
By sector
- Securitized
- 40.9%
- Government
- 17.6%
- International
- 13.5%
- Other
- 11.2%
- 11 other sectors
- 16.7%
- Securitized
- 40.9%
- Government
- 17.6%
- International
- 13.5%
- Other
- 11.2%
- Financials
- 6.6%
- Utilities
- 2.6%
- Information Technology
- 1.5%
- Industrials
- 1.4%
- Energy
- 1.1%
- Health Care
- 0.8%
- Consumer Staples
- 0.6%
- Materials
- 0.6%
- Real Estate
- 0.6%
- Communication Services
- 0.6%
- Consumer Discretionary
- 0.2%
How it has done
PBFRX share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.42%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 5 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.11% | +5.57% | — | — | — | |
| 0.47% | +6.23% | — | — | — | |
| 0.36% | +6.24% | — | — | — | |
| 0.81% | +5.90% | — | — | — | |
| 1.46% | +5.12% | — | — | — |
These classes hold the same portfolio, so the 1.12pp spread over 1 year is the cost difference between them — roughly 1.12pp a year — not a difference in what they own.
Fees & fund details
Victory Pioneer 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
- Expense ratio, by class
- 0.36% – 1.46%· PBFRX 1.11%
- Portfolio turnover
- 44.00% a year · as of 2025 Q4
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
265 new· the largest 3
253 exited· the largest 2
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
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 | 86.0% |
| Floating rate | 9.6% |
| Zero-coupon or unclassified | 4.4% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 3.3% |
| 1-3y | 4.6% |
| 3-5y | 16.0% |
| 5-10y | 24.8% |
| 10y+ | 51.3% |
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 | 62% |
| Credit spreads | 38% |
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 | +3.59 yr |
| High yield | +0.18 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 1 yr | 0.68 yr | 11% |
| 5 yr | 2.04 yr | 33% |
| 10 yr | 2.40 yr | 38% |
| 30 yr | 1.13 yr | 18% |
3 mo is NEGATIVE (-0.03 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.40 yr | 11% |
| 5 yr | 1.34 yr | 36% |
| 10 yr | 1.57 yr | 42% |
| 30 yr | 0.45 yr | 12% |
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 | -0.03 | +0.01 | +0.00 | $6.8k | $473 |
| 1 yr | +0.68 | +0.36 | +0.03 | $193.2k | $17.4k |
| 5 yr | +2.04 | +1.24 | +0.10 | $655.8k | $54.4k |
| 10 yr | +2.40 | +1.53 | +0.04 | $808.6k | $22.5k |
| 30 yr | +1.13 | +0.44 | +0.00 | $235.2k | $1.7k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
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