Investment objective & strategy
As of June 26, 2025 · prospectusObjective. The Victory Virginia Bond Fund (the Fund) provides Virginia investors with a high level of current interest income that is exempt from federal and Virginia state income taxes.
Strategy. The Fund invests primarily in long-term investment-grade securities issued by the Commonwealth of Virginia, its political subdivisions, instrumentalities, and by other government entities, the interest on which is excludable from gross income for federal income tax and Virginia state income tax purposes (referred to herein as Virginia tax-exempt securities). During normal market conditions, at least 80% of the Funds net assets will consist of Virginia 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 Commonwealth of Virginia, its political subdivisions, instrumentalities, and by other government entities, the interest on which is excludable from gross income for federal income tax and Virginia state income tax purposes (referred to herein as Virginia tax-exempt securities). During normal market conditions, at least 80% of the Funds net assets will consist of Virginia 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 |
|---|---|---|---|
| VIRGINIA ST SMALL BUSINESS FIN VIRGINIA SMALL BUSINESS FINANCING AUTHORITY | — | $14.30M | 3.05% |
| VIRGINIA ST SMALL BUSINESS FIN REGD B/E 4.00000000 | — | $14.22M | 3.04% |
| LYNCHBURG VA ECON DEV AUTH HOS REGD B/E 4.00000000 | — | $12.17M | 2.60% |
| Virginia Transportation Board, Transportation Revenue Bonds, Capital Projects, Series 2017 | — | $10.07M | 2.15% |
| WASTE MANAGEMENT INC 2.875% 02-01-29 | — | $9.91M | 2.12% |
| VIRGINIA COMMONWEALTH TRANSPORTATION BOARD | — | $9.52M | 2.03% |
| BRISTOL INDUSTRIAL DEVELOPMENT AUTHORITY | — | $8.30M | 1.77% |
| UNIVERSITY OF VIRGINIA | — | $8.28M | 1.77% |
| WILLIAMSBURG LANDING INC OBLIGATED GROUP 4.0% 12-01-50 | — | $8.01M | 1.71% |
| HENRICO VA EDA 5% 10/1/2052 | — | $7.35M | 1.57% |
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. |
|---|---|---|
| Franklin Virginia Tax-Free Income Fund · FRVAX, FVAIX, FRVZX, FRVRX, FVAQX | 17% | 0.58% |
| Nuveen Virginia Municipal Bond Fund · FVATX, NMVAX, FVCCX | 15% | 0.54% |
| Nuveen Virginia Quality Municipal Income Fund | 13% | — |
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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