Investment objective & strategy
As of Aug. 27, 2025 · prospectusObjective. The Victory Ultra Short-Term Bond Fund (the Fund) seeks to provide high current income consistent with preservation of principal.
Strategy. The Funds principal investment strategy is normally to invest at least 80% of the Funds assets in investment-grade debt securities that have a dollar-weighted average portfolio maturity of 18 months (one and a half years) or less. The Fund invests primarily in U.S. dollar-denominated debt securities that may include, but are not limited to, obligations of U.S., state, and local governments, their agencies and instrumentalities; mortgage- and asset-backed securities; corporate debt securities; repurchase agreements; Yankee obligations; and other securities believed to have debt-like characteristics. This 80% policy may be changed upon at least 60 days prior written notice to shareholders. In addition, the Fund may invest up to 10% of its net assets in securities that at the time of … The Funds principal investment strategy is normally to invest at least 80% of the Funds assets in investment-grade debt securities that have a dollar-weighted average portfolio maturity of 18 months (one and a half years) or less. The Fund invests primarily in U.S. dollar-denominated debt securities that may include, but are not limited to, obligations of U.S., state, and local governments, their agencies and instrumentalities; mortgage- and asset-backed securities; corporate debt securities; repurchase agreements; Yankee obligations; and other securities believed to have debt-like characteristics. This 80% policy may be changed upon at least 60 days prior written notice to shareholders. In addition, the Fund may invest up to 10% of its net assets in securities that at the time of purchase are below-investment-grade securities, which are sometimes referred to as high-yield or junk bonds.
Top holdings
As of Jan. 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| NGPL PIPECO LLC | — | $5.00M | 1.70% |
| CONAGRA BRANDS INC | — | $3.50M | 1.19% |
| AUTONATION INC | — | $3.00M | 1.02% |
| NATIONAL FUEL GAS CO | — | $3.00M | 1.02% |
| OVINTIV INC | — | $2.99M | 1.02% |
| GUADALUPE VAL ELEC | — | $2.99M | 1.01% |
| SONOCO PRODUCTS COMPANY | — | $2.50M | 0.85% |
| INTL FLAVORS FRAGNANCE | — | $2.24M | 0.76% |
| GENUINE PARTS CO | — | $2.00M | 0.68% |
| EVERGY MISSOURI WEST INC | — | $2.00M | 0.68% |
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 Short-Term Bond Fund · USSBX, UISBX, URSBX, UASBX | 17% | 0.33% |
| VictoryShares Short-Term Bond ETF · USTB | 15% | 0.34% |
| Victory Low Duration Bond Fund · RLDAX, RLDCX, RSDYX | 14% | 0.62% |
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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