Victory Tax Exempt Long-Term Fund
Data updated: 2026-07-27
C000091156 — Victory Tax Exempt Long-Term Fund. Long Municipal - National Bond · $1.59B AUM. Holdings, fees, performance and SEC filings.
C000091156 Fund Overview
Victory Tax Exempt Long-Term Fund is a US mutual fund managed by Victory Portfolios III, categorised as Long Municipal - National Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Victory Portfolios III
- Category: Long Municipal - National Bond
- Assets under management: $1.59B
- SEC CIK: 0000908695
- SEC series ID: S000012904
- Share class ID: C000091156
C000091156 Investment Objective and Strategy
Victory Tax Exempt Long-Term Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Victory Portfolios III.
Investment objective
The Victory Tax Exempt Long-Term Fund (the Fund) provides investors with interest income that is exempt from federal income tax.
Principal investment 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 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. When weighing the decision to buy or sell a security, the Adviser strives to balance the amount of the tax-exempt income, the credit risk of the issuer, and the price volatility of the bond.
The Adviser generally intends to hold investments until maturity, resulting in lower portfolio turnover in the Fund, although these intentions may be adjusted in response to the market or other events.
C000091156 Holdings
Top 10 holdings of Victory Tax Exempt Long-Term Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Regional Transn Auth Ill | 2.57% |
| Miami-Dade Cnty Fla Wtr & Swr Rev | 1.32% |
| Missouri Dev Fin Brd Infrastructure Facs Leasehold Rev | 1.06% |
| Texas St Tpk Auth Cent Tex Tpk Sys Rev | 1.02% |
| Harris Cnty Tex Hosp Dist Rev | 0.89% |
| Central Plains Energy Proj Neb Gas Proj Rev | 0.88% |
| New Jersey St Transn Tr Fd Auth | 0.86% |
| Sangamon Cnty Ill Wtr Reclamation Dist | 0.86% |
| Illinois Fin Auth Rev | 0.77% |
| Lee Cnty Fla Indl Dev Auth Health Care Facs Rev | 0.76% |
C000091156 Portfolio Allocation
Asset-class allocation of Victory Tax Exempt Long-Term Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 99.1% |
C000091156 Costs and Fees
C000091156 costs about $70 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.70%
- Gross expense ratio: 0.99%
- Portfolio turnover: 4%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
C000091156 Cashflows
Over the 12 months to 2026-05, Victory Tax Exempt Long-Term Fund had net outflows of $67.81M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-05 | −$6.40M |
| 2026-04 | $2.38M |
| 2026-03 | −$2.82M |
| 2026-02 | −$2.22M |
| 2026-01 | −$3.53M |
| 2025-12 | −$10.60M |
C000091156 Debt Constituents
Largest debt holdings of Victory Tax Exempt Long-Term Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Regional Transn Auth Ill | 2.57% |
| Miami-Dade Cnty Fla Wtr & Swr Rev | 1.32% |
| Missouri Dev Fin Brd Infrastructure Facs Leasehold Rev | 1.06% |
| Texas St Tpk Auth Cent Tex Tpk Sys Rev | 1.02% |
| Harris Cnty Tex Hosp Dist Rev | 0.89% |
| Central Plains Energy Proj Neb Gas Proj Rev | 0.88% |
| New Jersey St Transn Tr Fd Auth | 0.86% |
| Sangamon Cnty Ill Wtr Reclamation Dist | 0.86% |
| Illinois Fin Auth Rev | 0.77% |
| Lee Cnty Fla Indl Dev Auth Health Care Facs Rev | 0.76% |
C000091156 Prospectus and SEC Filings
Official Victory Tax Exempt Long-Term Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-06-26
- Prospectus (485BPOS) — filed 2025-06-26
- Prospectus (485BPOS) — filed 2024-06-27
- Portfolio holdings (N-PORT) — filed 2026-07-27
- Portfolio holdings (N-PORT) — filed 2026-04-24
- Portfolio holdings (N-PORT) — filed 2026-01-27
- Annual census (N-CEN) — filed 2026-05-11
- Annual census (N-CEN) — filed 2025-05-13
Related Funds
Other Long Municipal - National Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.