Victory Short-Term Bond Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Victory Short-Term Bond Fund held 1,095 positions with $2.74B in net assets. Its ten largest holdings made up 12.0% of the fund. The USSBX share class costs 0.57% a year. Over the 12 months to May 2026, USSBX returned 4.5%, with dividends reinvested. In 2026 Q3 it added 151 new positions and exited 100.
The Victory Short-Term Bond Fund (the Fund) seeks high current income consistent with preservation of principal.
The fund invests at least 80% of its assets in investment-grade debt securities with a dollar-weighted average maturity of three years or less, including government, mortgage-backed, asset-backed, and corporate obligations. It may hold up to 10% in below-investment-grade securities and up to 20% in foreign debt, including emerging markets. Because security selection depends on credit quality and maturity constraints rather than an index, the fund's composition and returns will differ from any benchmark.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
United States of America 4.00% · due 2031-01-31 | 2.04% | $55.94M | — |
United States of America 4.13% · due 2030-08-31 | 2.02% | $55.26M | — |
United States of America 1.63% · due 2029-08-15 | 1.70% | $46.49M | — |
United States of America 0.50% · due 2027-08-31 | 1.57% | $43.05M | — |
United States of America 4.00% · due 2028-06-30 | 1.46% | $40.09M | — |
United States of America 4.13% · due 2027-11-15 | 0.99% | $27.10M | — |
United States of America 3.75% · due 2028-12-31 | 0.76% | $20.91M | — |
DEVON ENERGY CORPORATION 5.25% · due 2027-10-15 | 0.49% | $13.33M | — |
AMERICAN EXPRESS COMPANY 3.55% · due 2199-12-31 | 0.48% | $13.16M | — |
TEXAS CAPITAL BANCSHARES, INC. 4.00% · due 2031-05-06 | 0.48% | $13.13M | — |
The 200 largest of 1,095 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 | 62.10% |
| Securitized | 34.60% |
| Cash & short-term | 3.40% |
| Stocks | 0.21% |
| Loans | 0.05% |
By sector
- Securitized
- 33.4%
- Other
- 17.9%
- Government
- 10.8%
- Financials
- 10.5%
- 12 other sectors
- 27.3%
- Securitized
- 33.4%
- Other
- 17.9%
- Government
- 10.8%
- Financials
- 10.5%
- International
- 8.0%
- Utilities
- 3.9%
- Cash
- 3.3%
- Industrials
- 2.5%
- Real Estate
- 2.2%
- Information Technology
- 1.4%
- Consumer Staples
- 1.2%
- Energy
- 1.2%
- Health Care
- 1.1%
- Materials
- 1.0%
- Consumer Discretionary
- 0.9%
- Communication Services
- 0.7%
How it has done
USSBX share class · total returns with dividends reinvested
Volatility over the last 12 months: 1.11%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are 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 4 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.57% | +4.49% | +19.14% | +17.55% | -0.48% | |
| 0.47% | +4.61% | +19.38% | +17.95% | -0.50% | |
| 0.33% | +4.74% | +19.88% | +18.78% | -0.57% | |
| 0.75% | +4.33% | +18.51% | +16.44% | -0.50% |
These classes hold the same portfolio, so the 2.34pp spread over 5 years is the cost difference between them — roughly 0.47pp a year — not a difference in what they own.
Fees & fund details
Victory Short-Term 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
- Short duration
- Expense ratio, by class
- 0.33% – 0.75%· USSBX 0.57%
- Portfolio turnover
- 41.00% a year · as of 2025 Q3
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.
151 new· the largest 8
100 exited· the largest 8
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 | 96.5% |
| Floating rate | 3.4% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 11.1% |
| 1-3y | 27.0% |
| 3-5y | 30.9% |
| 5-10y | 16.7% |
| 10y+ | 14.3% |
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 nearly 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 | 52% |
| Credit spreads | 48% |
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 | +1.53 yr |
| High yield | +0.19 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 | 0.05 yr | 3% |
| 1 yr | 0.83 yr | 45% |
| 5 yr | 0.91 yr | 49% |
| 10 yr | 0.04 yr | 2% |
| 30 yr | 0.01 yr | 1% |
| 3 mo | 0.05 yr | 3% |
| 1 yr | 0.69 yr | 40% |
| 5 yr | 0.75 yr | 43% |
| 10 yr | 0.15 yr | 9% |
| 30 yr | 0.08 yr | 5% |
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 | +0.05 | +0.05 | +0.01 | $13.2k | $1.8k |
| 1 yr | +0.83 | +0.64 | +0.05 | $174.2k | $13.9k |
| 5 yr | +0.91 | +0.69 | +0.05 | $190.1k | $14.1k |
| 10 yr | +0.04 | +0.11 | +0.04 | $28.8k | $11.4k |
| 30 yr | +0.01 | +0.05 | +0.03 | $12.4k | $9.6k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
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