Fund Facts  

Inception Date: Jul 30, 2003
Ticker Symbol: RLDAX
Morningstar Category:Short-Term Bond
As of Mar 31, 2014
Fund Net Assets ($millions) $1,206

Documents for Fund or Underlying Fund(s)  

Description

Objective  

The investment seeks a high level of current income consistent with preservation of capital.

Principal Investment Strategies  

The fund invests primarily in investment-grade securities, including corporate bonds, mortgage-backed and asset-backed securities, and obligations of the U.S. government and its agencies. It tends to have an average duration within a range of one to three years and an average maturity between one and three years. The fund normally invests at least 80% of its net assets in debt securities. It may also invest up to 20% of the value of its net assets in foreign securities denominated in foreign currencies.

Principal Investment Risks  

There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund. Please see the Fund’s prospectus or other disclosure documents for information about the Fund’s risks.

 

Performance & Expenses

Standard Performance As of Jun 30, 2016
Fund/Benchmark Name QtrYTD1-Yr3-Yr5-Yr10-YrSince Inception
Victory INCORE Low Dur Bonda0.98%1.67%1.08%1.18%1.25%2.93%2.63%
Barclays U.S. 1-3 Year Government Bond Indexa,b0.52%1.42%1.31%1.00%0.84%2.54%N/A
Morningstar Short-Term Bonda,c1.03%2.04%1.49%1.42%1.54%2.97%N/A

Fund past performance, as shown, is no guarantee of how the Fund will perform in the future. The performance shown has been annualized for periods greater than one year. Investment returns and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. For current performance, visit www.icmarc.org.

Fund performance is shown comparing it to a "benchmark" which may be a (i) broad-based securities market index (ii) a group of mutual funds with similar investment objectives, or (iii) a short term government backed debt obligation such as a U.S. Treasury Bill. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. A fund's portfolio may differ from the securities held in an index.

Annual Fund Operating Expenses
Total Expensesa0.83%

 

a. Certain information including, but not limited to, benchmark performance or other performance and/or fee information, is provided by Morningstar, Inc., © 2016 All rights reserved. This information: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar and/or its content providers are responsible for any damages or losses arising from any use of information. Morningstar is a registered trademark of Morningstar, Inc.

b. The Barclays U.S. 1-3 Year Government Bond Index consist of securities in the U.S. Government Index with a maturity from 1 up to (but not including) 3 years.

c. The Fund’s Morningstar Category Average is a group of funds with similar investment objectives and strategies and is the equal-weighted return of all funds per category. Morningstar places funds in certain categories based on a fund’s historical portfolio holdings.

Morningstar Information

Morningstar Rating   As of Mar 31, 2014
Period Stars Category Size
Overall 3 Stars493
3-Year 2 Stars493
5-Year 2 Stars405
10-Year 3 Stars284

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, fee waivers, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. For funds with loads, the Morningstar rating on a load-waived basis is provided, when available. Load-waived ratings do not include any front- or back-end sales loads and are intended for investors that have access to such purchase terms. Funds with loads are waived for plans administered by ICMA-RC. Past performance is no guarantee of future results.

Morningstar Stylebox As of Mar 31, 2014
Fixed Income Stylebox
Medium Limited
Allocation of Assets As of Dec 31, 2013
Type of Asset Percent
Equity0%
Fixed Income84%
Cash/Other16%

Due to rounding, percentages shown may not add up to 100%.

 
 

Characteristics

Allocation of Assets As of Dec 31, 2013
Asset ClassPercent
Domestic Stock0.0%
Foreign Stock0.0%
Domestic Bond77.0%
Foreign Bond7.2%
Preferred0.0%
Convertible0.0%
Cash7.6%
Other8.1%

Due to rounding, percentages shown may not add up to 100%.

 
Fixed Income Sector As of Dec 31, 2013
SectorPercent
Securitized50.7%
Corporate36.6%
Cash & Equivalents7.6%
Government2.3%
Municipal0.4%
Derivative-6.1%

Exposure reflects fixed income securities only and will sum to the fixed income exposure of the fund.

 
Credit Quality As of Sep 30, 2013
Quality LevelPercent
AAA36.0%
AA5.6%
A11.7%
BBB27.9%
BB18.8%
B0.0%
Below B0.0%
Not Rated0.0%

Due to rounding, percentages shown may not add up to 100%. Exposure reflects fixed income securities only.

 
Top Ten Holdings As of Dec 31, 2013
Holding NamePercent
Us 10yr Note (Cbt)mar14 Xcbt 201403206.1%
JP MORGAN CHASE 2007-CIBC18 5.44%1.3%
Wachovia Cmbs 2006-C29 CMO 5.308%1.3%
Ge Cap Ccmt 2012-6 1.36%1.3%
Motel 6 Tr 2012-Mtl6 CMO 1.9483%1.3%
US Treasury Note 1.25%1.3%
Banc Amer Cmbs 2005-5 CMO1.2%
Bear Stearns Cmbs 2005-Pwr10 CMO1.2%
Amer Express Credit 2012-2 0.68%1.2%
Citigroup Coml Mtg 2006-C5 CMO 5.431%1.1%
 

Statistics

Duration and Maturity As of Sep 30, 2013
StatisticValue
Average Effective Duration1.43 years
Average Effective Maturity2.69 years
Portfolio Statistics As of Mar 31, 2014
Statistic3-Year5-Year
Beta0.590.65
Alpha0.330.90
Standard Deviation1.061.21
 
 

Trading Restrictions

Purchase, Sale, and Transfer Restrictions

 

Fund-to-Fund Transfers involving the RS Funds will be limited to reduce excessive trading and its adverse effects on the funds. If you transfer assets out of a RS Fund to another investment option, you must wait at least 61 days before transferring assets back into the same fund.

 

Footnotes

1.

Please read the fund's prospectus carefully for a complete summary of all fees, expenses, investment objectives and strategies, risks, financial highlights, and performance information. Investing involves risk, including possible loss of the amount invested. Investors should carefully consider the information contained in the prospectus before investing. You may contact us to obtain a prospectus or to answer questions by calling 800-669-7400, emailing investorservices@icmarc.org, or visiting www.icmarc.org.

2.

Effective July 29, 2016, the RS Low Duration Bond Fund is now known as the Victory INCORE Low Duration Bond Fund.

The source for this information is Morningstar, Inc. Copyright © 2016 Morningstar, Inc.® All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar, Inc. is a global investment research firm that is not affiliated with ICMA-RC. ICMA-RC does not independently verify Morningstar data.

Morningstar places funds in certain categories based on the fund's historical portfolio holdings. Placement of a fund in a particular Morningstar category does not mean that the fund will remain in that category or that it will invest primarily in securities consistent with its Morningstar category. A fund's investment strategy and portfolio holdings are governed by its prospectus, guidelines or other governing documents, not its Morningstar category.