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Name

As of 12/19/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Victory Tax Exempt Short-Term Fund (Formerly USAA Tax Exempt Short-Term Fund)

USTIX | Fund

$10.17

$664 M

2.95%

$0.30

0.57%

Vitals

YTD Return

3.1%

1 yr return

3.1%

3 Yr Avg Return

1.0%

5 Yr Avg Return

N/A

Net Assets

$664 M

Holdings in Top 10

17.1%

52 WEEK LOW AND HIGH

$10.2
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.57%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 16.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 12/19/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Victory Tax Exempt Short-Term Fund (Formerly USAA Tax Exempt Short-Term Fund)

USTIX | Fund

$10.17

$664 M

2.95%

$0.30

0.57%

USTIX - Profile

Distributions

  • YTD Total Return 3.1%
  • 3 Yr Annualized Total Return 1.0%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 1.28%
DIVIDENDS
  • Dividend Yield 3.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Victory Tax Exempt Short-Term Fund (Formerly USAA Tax Exempt Short-Term Fund)
  • Fund Family Name
    Victory Portfolios III
  • Inception Date
    Oct 06, 2020
  • Shares Outstanding
    3215699
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Regina Conklin

Fund Description

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 Fund’s net assets will consist of tax-exempt securities. The Fund’s dollar-weighted average portfolio maturity is four years or less.In addition, during normal market conditions, at least 80% of the Fund’s 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.
Read More

USTIX - Performance

Return Ranking - Trailing

Period USTIX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.1% -6.1% 36.1% 6.25%
1 Yr 3.1% -6.0% 38.2% 11.28%
3 Yr 1.0%* -11.5% 5.9% 5.87%
5 Yr N/A* -7.2% 1103.7% 76.08%
10 Yr N/A* -1.1% 248.9% 89.27%

* Annualized

Return Ranking - Calendar

Period USTIX Return Category Return Low Category Return High Rank in Category (%)
2023 1.5% -1.4% 41.0% 87.41%
2022 -5.9% -39.7% 0.3% 11.60%
2021 0.1% -5.6% 6.9% 25.09%
2020 N/A -2.6% 310.0% N/A
2019 N/A 0.0% 26.0% N/A

Total Return Ranking - Trailing

Period USTIX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.1% -6.1% 36.1% 6.25%
1 Yr 3.1% -6.0% 38.2% 11.28%
3 Yr 1.0%* -11.5% 5.9% 5.87%
5 Yr N/A* -7.2% 1103.7% 64.96%
10 Yr N/A* -1.1% 248.9% 88.64%

* Annualized

Total Return Ranking - Calendar

Period USTIX Return Category Return Low Category Return High Rank in Category (%)
2023 4.6% -1.3% 41.0% 73.00%
2022 -4.0% -39.7% 1.1% 9.49%
2021 1.5% -4.8% 23761504.0% 52.71%
2020 N/A -1.5% 17057.9% N/A
2019 N/A 0.2% 3514.6% N/A

NAV & Total Return History

USTIX - Holdings

Concentration Analysis

USTIX Category Low Category High USTIX % Rank
Net Assets 664 M 3.22 M 71.9 B 40.86%
Number of Holdings 366 4 13418 34.65%
Net Assets in Top 10 116 M -317 M 3.09 B 38.95%
Weighting of Top 10 17.11% 1.8% 100.3% 52.08%

Top 10 Holdings

  1. DEVELOPMENT AUTHORITY OF BURKE COUNTY THE 2.63%
  2. ONE BRYANT PARK LLC 2.04%
  3. MAIN STREET NATURAL GAS INC 1.97%
  4. LONG ISLAND NY PWR AUTH ELEC SYS REVENUE 1.54%
  5. NEW YORK NY 1.51%
  6. ILLINOIS FINANCE AUTHORITY 1.49%
  7. KENTUCKY PUBLIC ENERGY AUTHORITY 1.48%
  8. VILLAGE OF JOHNSON CITY NY 1.48%
  9. KENTUCKY ST ECON DEV FIN AUTH 1.48%
  10. WASHINGTON ST HLTH CARE FACS AUTH 1.48%

Asset Allocation

Weighting Return Low Return High USTIX % Rank
Bonds 		99.16% 0.00% 150.86% 44.50%
Cash 		0.84% -50.86% 44.62% 56.48%
Stocks 		0.00% 0.00% 99.77% 92.55%
Preferred Stocks 		0.00% 0.00% 0.07% 90.40%
Other 		0.00% -3.69% 53.54% 85.96%
Convertible Bonds 		0.00% 0.00% 0.93% 90.36%

Bond Sector Breakdown

Weighting Return Low Return High USTIX % Rank
Municipal 		94.92% 44.39% 100.00% 82.20%
Derivative 		0.00% -3.69% 53.54% 86.03%
Cash & Equivalents 		0.00% 0.00% 44.41% 96.84%
Securitized 		0.00% 0.00% 5.93% 90.90%
Corporate 		0.00% 0.00% 9.41% 92.25%
Government 		0.00% 0.00% 52.02% 90.83%

Bond Geographic Breakdown

Weighting Return Low Return High USTIX % Rank
US 		99.16% 0.00% 142.23% 42.51%
Non US 		0.00% 0.00% 23.89% 92.41%

USTIX - Expenses

Operational Fees

USTIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.57% 0.01% 8.02% 73.59%
Management Fee 0.27% 0.00% 1.20% 13.29%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.44% 43.48%

Sales Fees

USTIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 4.75% N/A
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

USTIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

USTIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 16.00% 0.00% 283.00% 46.27%

USTIX - Distributions

Dividend Yield Analysis

USTIX Category Low Category High USTIX % Rank
Dividend Yield 2.95% 0.00% 14.51% 61.34%

Dividend Distribution Analysis

USTIX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

USTIX Category Low Category High USTIX % Rank
Net Income Ratio 1.28% -0.53% 5.33% 80.08%

Capital Gain Distribution Analysis

USTIX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

USTIX - Fund Manager Analysis

Managers

Regina Conklin

Start Date

Tenure

Tenure Rank

Jun 01, 2003

19.01

19.0%

Regina G. Conklin, CFA, CPA, Victory Capital Senior Portfolio Manager--USAA Investments, a Victory Capital investment franchise, has 24 years of investment management experience, and has worked 28 years with USAA Asset Management Company (AMCO), which was acquired by the Adviser's parent company in 2019. Ms. Conklin is a member of the CFA Institute, the CFA Society of San Antonio, and the National Federation of Municipal Analysts.

Andrew Hattman

Start Date

Tenure

Tenure Rank

Jul 01, 2019

2.92

2.9%

Andrew Hattman, CFA, CAIA, Victory Capital Portfolio Manager--USAA Investments, a Victory Capital investment franchise, has eight years of investment management experience, all of which have been with USAA Asset Management Company (AMCO), which was acquired by the Adviser's parent company in 2019. Mr. Hattman holds CFA and CAIA designations.

Lauren Spalten

Start Date

Tenure

Tenure Rank

Mar 02, 2021

1.25

1.3%

Lauren Spalten is a Portfolio Manager with USAA Investments, A Victory Capital Investment Franchise, and has managed the Funds since March 2021. In 2018, Ms. Spalten joined USAA Investments as a Municipal Analyst covering the Southeast region. Prior to joining USAA, Lauren was an Associate Director at Standard & Poor's (now S&P Global Ratings), where she specialized in evaluating creditworthiness of state and local governments across the Southwest United States. Lauren has additional experience in commercial real estate development and business plan development, primarily for medical and non-profit entities.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.36 1.58

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