Investment objective & strategy
As of June 26, 2025 · prospectusObjective. The Victory California Bond Fund (the Fund) provides California investors with a high level of current interest income that is exempt from federal and California state income taxes.
Strategy. The Fund invests primarily in long-term investment-grade securities issued by the state of California, its political subdivisions, instrumentalities, and by other government entities, the interest on which is excludable from gross income for federal income tax and California state income tax purposes (referred to herein as California tax-exempt securities). During normal market conditions, at least 80% of the Funds net assets will consist of California tax-exempt securities. This policy may be changed only by a shareholder vote. The effective duration of the Fund is not restricted but generally is expected to be within three years of the Fund's benchmark. In addition, during normal market conditions, at least 80% of the Funds annual net investment income dividends will be tax-exempt and … The Fund invests primarily in long-term investment-grade securities issued by the state of California, its political subdivisions, instrumentalities, and by other government entities, the interest on which is excludable from gross income for federal income tax and California state income tax purposes (referred to herein as California tax-exempt securities). During normal market conditions, at least 80% of the Funds net assets will consist of California tax-exempt securities. This policy may be changed only by a shareholder vote. The effective duration of the Fund is not restricted but generally is expected to be within three years of the Fund's benchmark. In addition, during normal market conditions, at least 80% of the Funds annual net investment income dividends will be tax-exempt and excludable from the calculation of the federal alternative minimum tax (AMT) for individual taxpayers. This policy may be changed only by a shareholder vote.
Top holdings
As of Feb. 28, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| BAY AREA TOLL-VAR A | BAYTRN | $15.00M | 3.69% |
| CALIFORNIA ST HLTH FACS FING AUTH REVENUE | — | $14.01M | 3.45% |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2025 A, RB | — | $13.02M | 3.20% |
| FOOTHILL ESTRN TRANSPRTN CORRIDOR AGY CA TOLL ROAD REVENUE | — | $12.11M | 2.98% |
| PALOMAR POMERADO HLTH CA REGD N/C ZCP OID B/E AG 0.00000000 | — | $10.07M | 2.48% |
| California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), Series 2016 A, Ref. RB | — | $9.23M | 2.27% |
| CENTINELA VLY SD-B | — | $8.70M | 2.14% |
| CALIFORNIA ST HLTH FACS FING AUTH REVENUE | CASMED | $7.37M | 1.81% |
| NORWALK LA MIRADA UNIFIED SCHOOL DISTRICT | — | $6.83M | 1.68% |
| Moreno Valley Unified School District, Series 2018 B | — | $6.80M | 1.67% |
Portfolio moves
Nov 30, 2025 → Feb 28, 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. |
|---|---|---|
| BNY Mellon California AMT-Free Municipal Bond Fund, Inc. · DRCAX, DCACX, DCAAX, DCMIX, DCAYX | 7% | 0.58% |
| California Municipal Bond Fund · TACAX, TCCAX, JCAFX, JCSRX | 6% | 0.50% |
| Lord Abbett California Tax-Free Income Fund · LCFIX, CALAX, LCFFX, CAILX, LCFOX | 6% | 0.57% |
Advisers
| Firm | Role |
|---|---|
| Victory Capital Management Inc. | Adviser |
Footnotes
- Expense ratio as of June 26, 2025, from the fund's prospectus.
- Net assets and holdings count as of February 28, 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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