Victory Income Fund Member Class is an open-end mutual fund focused on generating a high level of current income while preserving capital. It invests primarily in securities issued or guaranteed by the U.S. government and its agencies, with an emphasis on mortgage-backed obligations and collateralized mortgage obligations from the Government National Mortgage Association. Under normal conditions, the portfolio targets an average effective maturity of roughly two to ten years for mortgage holdings, while other government obligations typically maintain a shorter dollar-weighted average maturity under five years. The fund aligns with a short government style, seeking to deliver above-average yield with below-average prepayment sensitivity relative to its benchmark, the Bloomberg U.S. 1–5 Year Government Bond Index. Managed by Victory Income Investors, the strategy concentrates on borrowers making above-market payments who are less likely to refinance efficiently, aiming to provide reliable income backed by the full faith and credit of the U.S. government. The Member Class features a net expense ratio disclosed by the adviser and distributes income on a monthly basis.
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