Fund Evaluator:
Victory Fund for Income I (VFFIX)
Follow This Fund
Best Performing in Short Government Over the Last Year
| 3.3% | Vanguard Short-Term Federal Adm (VSGDX) |
| 3.2% | Vanguard Short-Term Federal Inv (VSGBX) |
| 3.1% | Vanguard Short-Term Treasury Idx Admiral (VSBSX) |
| 3.0% | Vanguard Short-Term Treasury Adm (VFIRX) |
| 2.9% | Vanguard Short-Term Treasury Inv (VFISX) |
Fund Details
Victory Fund for Income I Overview
Victory Fund for Income I (VFFIX) is an actively managed Taxable Bond Short Government fund. Victory Capital Management Inc. launched the fund in 2011.
The investment seeks to provide a high level of current income consistent with preservation of shareholders' capital. The fund invests primarily in securities issued by the U.S. government and its agencies or instrumentalities. Under normal circumstances, it primarily invests in 1) Mortgage-backed obligations and collateralized mortgage obligations (CMOs) issued by the Government National Mortgage Association (GNMA), with an average effective maturity ranging from 2 to 10 years, and 2) Obligations issued or guaranteed by the U.S. government or by its agencies or instrumentalities with a dollar-weighted average maturity normally less than 5 years.
About Victory Fund for Income I (VFFIX)
There are 2 members of the management team with an average tenure of 16.93 years: Harriet Uhlir (2013), Heidi Adelman (2006). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg Government 1-5 Yr TR USD index with a weighting of 100%. Victory Fund for Income I has 489 securities in its portfolio. The top 10 holdings constitute 40.9% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Victory Fund for Income I is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Victory Fund for Income I has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 100.0% (100.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Victory Fund for Income I has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $185 million in total assets, which is below the $437 million average for the Short Government category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
VFFIX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Victory Fund for Income I expense ratio is above average compared to funds in the Short Government category. Victory Fund for Income I has an expense ratio of 0.64%, which is the same as its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Victory Fund for Income I has a portfolio turnover rate of 22%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 217% for the Short Government category.
Recently, in the month of July 2026, Victory Fund for Income I returned -0.2%, which earned it a grade of D, as the Short Government category had an average return of -0.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Victory Fund for Income I has a trailing yield of 5.15%, which is above the 3.82% category average. The fund normally distributes its income monthly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Victory Fund for Income I Grades
Year to date, the fund has returned 0.4%, 0.1 percentage points worse than the category, which translates into a grade of C. The fund has returned 2.9% over the past year (grade of C), 4.3% over the past three years (grade of B) and 1.5% per year over the past five years (grade of C) and 1.5% per year over the past 10 years (grade of C).
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VFFIX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| VFFIX Return (NAV) | -0.2% | -0.0% | 2.9% | 4.3% | 1.5% | 1.5% |
| VFFIX Grade | D | D | C | B | C | C |
| +/- Category | -0.1% | -0.1% | -0.1% | 0.1% | -0.0% | 0.0% |
| Short Government Avg | -0.1% | 0.1% | 2.9% | 4.2% | 1.5% | 1.5% |
| VFFIX Tax Cost Ratio | na | na | 2.0% | 2.1% | 2.2% | 2.2% |
VFFIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| VFFIX Return (NAV) | 0.4% | 5.5% | 4.5% | 4.1% | -5.2% | -1.5% | 3.0% | 4.1% | 1.2% | 0.7% | 1.3% |
| VFFIX Grade | C | B | A | B | C | D | C | A | C | B | A |
| +/- Category | -0.1% | 0.0% | 0.6% | 0.1% | -0.4% | -0.4% | -0.1% | 1.0% | 0.1% | 0.2% | 0.6% |
| Short Government Avg | 0.6% | 5.4% | 3.8% | 4.0% | -4.9% | -1.1% | 3.2% | 3.2% | 1.1% | 0.5% | 0.7% |
| Risk Measures | |
| Standard Deviation: | 1.8% |
| Total Risk Index: | 0.14 - Low |
| Category Risk Index: | 0.90 - Below Average |
| Category Risk Grade: | B (35% Rank) |
| Beta: | 0.28 |
| R-Squared: | 80% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 5.2% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $335 Mil |
| Fund Total Assets: | $ 185 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 22% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 20.4 years | |||
| Average Tenure: 16.9 years | |||
| Managers (Year): Adelman Heidi (2006), Uhlir Harriet (2013) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 489 |
| % in Top 10 Holdings: | 40.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 100.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.0% |
Purchase Information
| Fund Family: | Victory Capital Management Inc. |
| Phone Number: | 800-539-3863 |
| Website: | www.VictoryFunds.com |
| Status: | Open |
| Inception Date: | March 1, 2011 |
| Min. Initial Purchase: | $2,000,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.00% |
Expenses and Fees | |
| Expense Ratio (%): | 0.64% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.64% |
| Share Class: | Victory Fund for Income R |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
