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Name

As of 12/05/2023

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Victory Income Fund (Formerly USAA Income Fund)

URIFX | Fund

$11.22

$4.55 B

4.46%

$0.50

0.74%

Vitals

YTD Return

4.4%

1 yr return

3.0%

3 Yr Avg Return

-2.8%

5 Yr Avg Return

2.0%

Net Assets

$4.55 B

Holdings in Top 10

7.5%

52 WEEK LOW AND HIGH

$11.2
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.74%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

$0

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 12/05/2023

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Victory Income Fund (Formerly USAA Income Fund)

URIFX | Fund

$11.22

$4.55 B

4.46%

$0.50

0.74%

URIFX - Profile

Distributions

  • YTD Total Return 4.4%
  • 3 Yr Annualized Total Return -2.8%
  • 5 Yr Annualized Total Return 2.0%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.07%
DIVIDENDS
  • Dividend Yield 4.5%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Victory Income Fund (Formerly USAA Income Fund)
  • Fund Family Name
    Victory Portfolios III
  • Inception Date
    Dec 02, 2016
  • Shares Outstanding
    N/A
  • Share Class
    R6
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Julianne Bass

Fund Description

The Fund invests its assets primarily in U.S. dollar-denominated fixed-income securities that have been selected for their high yields relative to the risk involved. The fixed-income securities in which the Fund invests include obligations of U.S., state, and local governments, and their agencies and instrumentalities; mortgage- and asset-backed securities; corporate debt securities; and repurchase agreements. The Fund also may invest in income-producing common stock, preferred securities, and other securities believed to have debt-like characteristics.The Fund may invest up to 65% of its assets in corporate bonds. The Fund may invest up to 20% of its assets in foreign securities, including non-dollar-denominated securities and emerging markets securities. The Fund will invest primarily in investment-grade securities but also may invest up to 10% of its net assets in below-investment-grade securities, which are sometimes referred as high-yield or “junk” bonds. Investment-grade securities include securities issued or guaranteed by the U.S. government, its agencies and instrumentalities, as well as securities rated or subject to a guarantee that is rated in one of the four highest credit grades by a public rating agency (or of equivalent quality if not publicly rated. Such securities are measured at the time of purchase.The Fund may use derivatives, such as futures, options, and swaps, to increase or decrease its exposure to changing security prices or other factors that affect security values, to seek to enhance income, to protect the value of portfolio securities, or to keep cash on hand to meet shareholder redemptions or other needs while maintaining exposure to the market.
Read More

URIFX - Performance

Return Ranking - Trailing

Period URIFX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.4% -12.9% 10.1% 17.96%
1 Yr 3.0% -17.4% 10.4% 10.19%
3 Yr -2.8%* -12.4% 25.6% 12.86%
5 Yr 2.0%* -5.8% 191.4% 10.36%
10 Yr N/A* -2.2% 73.4% 12.87%

* Annualized

Return Ranking - Calendar

Period URIFX Return Category Return Low Category Return High Rank in Category (%)
2022 -16.2% -34.7% 131.9% 55.95%
2021 -4.3% -11.6% 4.4% 84.68%
2020 3.4% -10.1% 946.1% 62.46%
2019 7.1% -1.7% 156.4% 7.92%
2018 -4.7% -9.4% 2.7% 89.10%

Total Return Ranking - Trailing

Period URIFX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.4% -12.9% 10.1% 17.96%
1 Yr 3.0% -17.4% 10.4% 10.19%
3 Yr -2.8%* -12.4% 25.6% 12.86%
5 Yr 2.0%* -5.8% 191.4% 10.36%
10 Yr N/A* -2.2% 73.4% 12.33%

* Annualized

Total Return Ranking - Calendar

Period URIFX Return Category Return Low Category Return High Rank in Category (%)
2022 -13.3% -32.2% 131.9% 40.67%
2021 0.5% -9.4% 14.3% 14.91%
2020 8.3% -1.9% 1009.0% 50.27%
2019 11.3% 1.1% 21668.0% 4.35%
2018 -1.3% -5.7% 20.2% 72.81%

NAV & Total Return History

URIFX - Holdings

Concentration Analysis

URIFX Category Low Category High URIFX % Rank
Net Assets 4.55 B 2.73 M 292 B 23.56%
Number of Holdings 1017 1 17931 36.28%
Net Assets in Top 10 359 M -106 M 34.8 B 47.12%
Weighting of Top 10 7.50% 4.5% 141.1% 97.68%

Top 10 Holdings

  1. US TREASURY INFLATION INDEX 1.33%
  2. UNITED STATES TREASURY BOND 0.93%
  3. U S TREASURY BOND 0.90%
  4. UNITED STATES TREASURY BOND 0.87%
  5. U S TREASURY NOTE 0.83%
  6. U S TREASURY BOND 0.64%
  7. U S TREASURY BOND 0.53%
  8. U S TREASURY NOTE 0.51%
  9. UNITED STATES TREASURY NOTE 0.50%
  10. U S TREASURY NOTE 0.47%

Asset Allocation

Weighting Return Low Return High URIFX % Rank
Bonds 		97.87% 0.00% 234.55% 40.23%
Convertible Bonds 		2.96% 0.00% 7.93% 10.24%
Cash 		1.30% -54.51% 87.52% 71.69%
Preferred Stocks 		0.95% 0.00% 73.42% 4.80%
Stocks 		0.00% 0.00% 99.96% 89.46%
Other 		0.00% -17.03% 54.81% 88.77%

Bond Sector Breakdown

Weighting Return Low Return High URIFX % Rank
Corporate 		57.16% 0.00% 100.00% 3.67%
Securitized 		16.49% 0.00% 98.40% 87.73%
Government 		16.06% 0.00% 86.23% 71.88%
Municipal 		9.20% 0.00% 100.00% 3.96%
Cash & Equivalents 		1.30% 0.00% 81.24% 64.49%
Derivative 		0.00% -4.02% 51.36% 54.61%

Bond Geographic Breakdown

Weighting Return Low Return High URIFX % Rank
US 		97.87% 0.00% 234.55% 35.80%
Non US 		0.00% 0.00% 32.95% 90.21%

URIFX - Expenses

Operational Fees

URIFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.74% 0.01% 39.10% 47.73%
Management Fee 0.34% 0.00% 1.76% 41.96%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.50% 78.15%

Sales Fees

URIFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

URIFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

URIFX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 2.00% 493.39% 4.90%

URIFX - Distributions

Dividend Yield Analysis

URIFX Category Low Category High URIFX % Rank
Dividend Yield 4.46% 0.00% 8.46% 13.61%

Dividend Distribution Analysis

URIFX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

URIFX Category Low Category High URIFX % Rank
Net Income Ratio 3.07% -1.28% 4.79% 2.62%

Capital Gain Distribution Analysis

URIFX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

URIFX - Fund Manager Analysis

Managers

Julianne Bass

Start Date

Tenure

Tenure Rank

Jul 16, 2012

9.88

9.9%

Julianne Bass, CFA, Victory Capital Senior Portfolio Manager–USAA Investments, A Victory Capital Investment Franchise, has co-managed the Fund since 2007. Ms. Bass has 32 years of investment management experience including 20 years with AMCO, which was acquired by the Adviser’s parent company in 2019. Education: B.B.A., University of Texas at Austin; M.B.A., University of Houston. She holds the Chartered Financial Analyst (“CFA”) designation and is a member of the CFA Institute and the CFA Society of San Antonio.

Brian Smith

Start Date

Tenure

Tenure Rank

Dec 01, 2013

8.5

8.5%

Brian W. Smith, CFA, CPA, Executive Director Mutual Funds Portfolios. Mr. Smith has started to engage in investment management and worked for USAA since 1999 and 1985, respectively. Education: B.B.A., University of Texas at San Antonio, M.B.A., University of Texas at San Antonio. He is a member of the CFA Institute and the CFA Society of San Antonio.

John Spear

Start Date

Tenure

Tenure Rank

Nov 04, 2016

5.57

5.6%

CFA, Senior Vice President, Chief Investment Officer of USAA Investments, has co-managed the Fund since November 2016. Mr. Spear has managed the USAA Life Insurance Portfolio since November 1999 and has supervised the USAA fixed-income portfolio management team since May 2012.Education: B.B.A., Western Illinois University. He holds the CFA designation and is a member of the CFA Institute and the CFA Society of San Antonio.

Kurt Daum

Start Date

Tenure

Tenure Rank

Nov 04, 2016

5.57

5.6%

Kurt Daum, J.D., Executive Director of Mutual Funds Portfolios, focusing on all areas of fixed-income research, has co-managed the Fund since November 2016. Prior to joining USAA, he was a Director at Highland Capital Management focused on fixed-income and private equity investing from January 2009 until November 2013. Education: B.B.A., University of Texas at Austin; J.D., University of Texas School of Law.

R.Neal Graves

Start Date

Tenure

Tenure Rank

Jul 01, 2019

2.92

2.9%

R. Neal Graves, CFA, CPA, Victory Capital Senior Portfolio Manager–USAA Investments, A Victory Capital Investment Franchise, has co-managed the Fund since July 2019. Education: Master in Professional Accounting, University of Texas at Austin and a B.B.A., University of Texas at Austin. He holds the CFA designation and is a member of the CFA Institute and the CFA Society of San Antonio.

James Jackson

Start Date

Tenure

Tenure Rank

Jul 01, 2019

2.92

2.9%

James F. Jackson, Jr., CFA, Victory Capital Senior Portfolio Manager and Head of Fixed Income Portfolio Management–USAA Investments, A Victory Capital Investment Franchise. Mr. Jackson has investment management experience since 2000, including 10 years with AMCO, which was acquired by the Adviser's parent company in 2019. Education: M.B.A. with High Distinction, Ross School of Business, University of Michigan and a B.S., United States Naval Academy. He holds the CFA designation and is a member of the CFA Institute and the CFA Society of San Antonio.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.07 33.43 6.82 1.16

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