Investment objective & strategy
As of June 26, 2025 · prospectusObjective. The Victory Tax Exempt Short-Term Fund (the Fund) provides investors with interest income that is exempt from federal income tax.
Strategy. The Fund invests primarily in investment-grade securities, the interest from which is excludable from gross income for federal income tax purposes (referred to herein as tax-exempt securities). During normal market conditions, at least 80% of the Funds net assets will consist of tax-exempt securities. The effective duration of the Fund is not restricted but generally is expected to be within two 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. The Fund invests primarily in investment-grade securities, the interest from which is excludable from gross income for federal income tax purposes (referred to herein as tax-exempt securities). During normal market conditions, at least 80% of the Funds net assets will consist of tax-exempt securities. The effective duration of the Fund is not restricted but generally is expected to be within two 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 |
|---|---|---|---|
| PORT PORT ARTHUR TX NAV DIST VAR-MOTIVA ENTERPRISES PJ-A | — | $23.58M | 3.72% |
| ONE BRYANT PARK LLC | — | $14.07M | 2.22% |
| MAIN STR NAT GA 5% MT | MAIUTL | $13.54M | 2.14% |
| PORT OF PORT ARTHUR TX NAV DIST | — | $12.68M | 2.00% |
| Southeast Energy Authority, Alabama, Revenue Bonds, Cooperative District Energy Supply Series 2025B | SEEPWR | $10.76M | 1.70% |
| METROPOLITAN TRANSPORTATION AUTHORITY | MTATRN | $10.00M | 1.58% |
| Owen County, Kentucky, Waterworks System Revenue Bonds, Kentucky-American Water Company Project, Refunding Series 2019A | — | $9.82M | 1.55% |
| State of Illinois, Series C | ILS | $9.33M | 1.47% |
| PORT PORT ARTHUR TEX NAV DIST MOTIVA ENTERPRISES-C | — | $7.76M | 1.22% |
| CORTLAND NY | — | $7.51M | 1.19% |
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. |
|---|---|---|
| Victory Tax Exempt Intermediate-Term Fund · USATX, UTEIX, UITIX | 6% | 0.44% |
| Federated Hermes Short-Intermediate Municipal Fund · FSHIX, FSHSX, FMTAX, FMTHX | 6% | 0.40% |
| Victory Growth and Tax Strategy Fund · USBLX, UGTCX, UGTIX, UGTAX | 6% | 0.50% |
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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