Victory Tax Exempt Short-Term Fund
Data updated: 2026-07-27
C000091160 — Victory Tax Exempt Short-Term Fund. Long Municipal - National Bond · $621.15M AUM. Holdings, fees, performance and SEC filings.
C000091160 Fund Overview
Victory Tax Exempt Short-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: $621.15M
- SEC CIK: 0000908695
- SEC series ID: S000012912
- Share class ID: C000091160
C000091160 Investment Objective and Strategy
Victory Tax Exempt Short-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 Short-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 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. 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.
C000091160 Holdings
Top 10 holdings of Victory Tax Exempt Short-Term Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| New York Liberty Dev Corp. Liberty Rev | 2.28% |
| Main Str Nat Gas, Inc. Ga Gas Supply Rev | 2.12% |
| Southeast Energy Auth Coop Dist Ala Energy Supply Rev | 1.66% |
| Owen Cnty Ky Wtr Facs Rev | 1.57% |
| Valley Stream N Y | 1.51% |
| Illinois St | 1.49% |
| Chandler Ariz Indl Dev Auth Indl Dev Rev | 1.22% |
| Gilliam Cnty Ore Solid Waste Disp Rev | 1.02% |
| Central Plains Energy Proj Neb Gas Proj Rev | 1.01% |
| Main Str Nat Gas, Inc. Ga Gas Supply Rev | 1.00% |
C000091160 Portfolio Allocation
Asset-class allocation of Victory Tax Exempt Short-Term Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 100.0% |
C000091160 Costs and Fees
C000091160 costs about $75 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.75%
- Gross expense ratio: 0.92%
- Portfolio turnover: 31%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
C000091160 Cashflows
Over the 12 months to 2026-05, Victory Tax Exempt Short-Term Fund had net outflows of $28.83M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-05 | −$496.64K |
| 2026-04 | −$3.76M |
| 2026-03 | −$1.55M |
| 2026-02 | −$1.18M |
| 2026-01 | −$1.23M |
| 2025-12 | −$8.76M |
C000091160 Debt Constituents
Largest debt holdings of Victory Tax Exempt Short-Term Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| New York Liberty Dev Corp. Liberty Rev | 2.28% |
| Main Str Nat Gas, Inc. Ga Gas Supply Rev | 2.12% |
| Southeast Energy Auth Coop Dist Ala Energy Supply Rev | 1.66% |
| Owen Cnty Ky Wtr Facs Rev | 1.57% |
| Valley Stream N Y | 1.51% |
| Illinois St | 1.49% |
| Chandler Ariz Indl Dev Auth Indl Dev Rev | 1.22% |
| Gilliam Cnty Ore Solid Waste Disp Rev | 1.02% |
| Central Plains Energy Proj Neb Gas Proj Rev | 1.01% |
| Main Str Nat Gas, Inc. Ga Gas Supply Rev | 1.00% |
C000091160 Prospectus and SEC Filings
Official Victory Tax Exempt Short-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.