Investment objective & strategy
As of Aug. 27, 2025 · prospectusObjective. The Victory High Income Fund (the Fund) seeks to provide an attractive total return primarily through high current income and secondarily through capital appreciation .
Strategy. The Fund primarily invests its assets in a broad range of U.S. dollar-denominated high-yield securities, including bonds (often referred to as junk bonds), convertible securities, leveraged loans (which generally are adjustable-rate bank loans made to companies rated below investment grade), or preferred stocks, with an emphasis on non-investment-grade debt securities. Although the Fund will invest primarily in U.S. securities, it may invest without limit in dollar-denominated foreign securities and to a limited extent in non-dollar-denominated foreign securities, including in each case emerging markets securities. In addition, the Fund may invest in certain derivatives, such as futures and options. The Fund also may use derivatives or various other investment techniques to increase or decrease its exposure to changing security prices or … The Fund primarily invests its assets in a broad range of U.S. dollar-denominated high-yield securities, including bonds (often referred to as junk bonds), convertible securities, leveraged loans (which generally are adjustable-rate bank loans made to companies rated below investment grade), or preferred stocks, with an emphasis on non-investment-grade debt securities. Although the Fund will invest primarily in U.S. securities, it may invest without limit in dollar-denominated foreign securities and to a limited extent in non-dollar-denominated foreign securities, including in each case emerging markets securities. In addition, the Fund may invest in certain derivatives, such as futures and options. The Fund also may use derivatives or various other investment techniques to increase or decrease its exposure to changing security prices or other factors that affect security prices.
Top holdings
As of Jan. 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| FIXED INCOME CLEARING CO | — | $99.00M | 10.11% |
| DISH Network Corp | — | $12.67M | 1.29% |
| STATE STREET SPDR PORTFOLIO HI SS SPDR P HIGH YIELD ETF | SPHY | $12.03M | 1.23% |
| ISHR BB CORP BND | — | $11.68M | 1.19% |
| FTR 6 3/4 05/01/29 | FYBR | $11.48M | 1.17% |
| WOOF TL B 1L USD | WOOF | $11.41M | 1.17% |
| Royal Caribbean Cruises Ltd. | — | $9.48M | 0.97% |
| MSILF-GOVT-INS | MVRXX | $9.46M | 0.97% |
| HSBC US GOVT MMKT-I | — | $9.46M | 0.97% |
| MONEYMKT | FGTXX | $9.46M | 0.97% |
Portfolio moves
Oct 31, 2025 → Jan 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Victory High Yield Fund · GUHYX, RHYCX, RHYKX, RSYYX | 58% | 0.78% |
| State Street(R) SPDR(R) Bloomberg High Yield Bond ETF · JNK | 21% | 0.40% |
| JPMorgan BetaBuilders USD High Yield Corporate Bond ETF · BBHY | 21% | 0.07% |
Advisers
| Firm | Role |
|---|---|
| Victory Capital Management Inc. | Adviser |
Footnotes
- Expense ratio as of August 27, 2025, from the fund's prospectus.
- Net assets and holdings count as of January 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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