Fund Evaluator:
Victory CA Bond Class A (UXABX)
Follow This Fund
Best Performing in Muni California Long Over the Last Year
| 8.2% | Invesco California Municipal Y (OCAYX) |
| 7.4% | American Century CA High Yield Muni Y (ACYHX) |
| 7.3% | American Century CA High Yield Muni Inv (BCHYX) |
| 6.9% | Columbia Strat CA Muncpl Inc Inst (CCAZX) |
| 6.8% | Vanguard CA Long-Term Tax-Exempt Adm (VCLAX) |
Fund Details
Victory CA Bond Class A Overview
Victory CA Bond Class A (UXABX) is an actively managed Municipal Bond Muni California Long fund. Victory Capital Management Inc. launched the fund in 2010.
The investment seeks a high level of current interest income that is exempt from federal and California state income taxes. The fund invests primarily in long-term investment-grade securities issued by the state of California, its political subdivisions, instrumentalities, and by other government entities, the interest on which is excludable from gross income for federal income tax and California state income tax purposes. During normal market conditions, at least 80% of the fund's net assets will consist of California tax-exempt securities. Its dollar-weighted average portfolio maturity is not restricted, but is expected to be greater than 10 years.
About Victory CA Bond Class A (UXABX)
There are 2 members of the management team with an average tenure of 6.26 years: Andrew Hattman (2019), Lauren Spalten (2021). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Lipper California Muni Debt Fund index with a weighting of 100%. Victory CA Bond Class A has 157 securities in its portfolio. The top 10 holdings constitute 26.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Victory CA Bond Class A is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Victory CA Bond Class A has 0.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 98.6% (97.7% domestic bond, 0.9% foreign bond and 0.0% convertible bond). Victory CA Bond Class A has 1.4% of the portfolio in cash.
Assets Under Management
The fund has $534 million in total assets, which is below the $455 million average for the Muni California Long category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
UXABX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Victory CA Bond Class A expense ratio is above average compared to funds in the Muni California Long category. Victory CA Bond Class A has an expense ratio of 0.76%, which is 7% lower than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Victory CA Bond Class A has a portfolio turnover rate of 11%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 35% for the Muni California Long category.
Recently, in the month of July 2026, Victory CA Bond Class A returned -2.3%, which earned it a grade of F, as the Muni California Long category had an average return of -2.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Victory CA Bond Class A has a trailing yield of 3.31%, which is below the 3.52% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Victory CA Bond Class A Grades
Year to date, the fund has returned 0.5%, 0.1 percentage points worse than the category, which translates into a grade of D. The fund has returned 6.4% over the past year (grade of C), 2.4% over the past three years (grade of F) and -0.1% per year over the past five years (grade of D) and 1.6% per year over the past 10 years (grade of D).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Victory CA Bond Class A, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
UXABX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| UXABX Return (NAV) | -2.3% | -0.6% | 6.4% | 2.4% | -0.1% | 1.6% |
| UXABX Grade | F | F | C | F | D | D |
| +/- Category | -0.3% | -0.3% | 0.0% | -0.8% | -0.1% | -0.1% |
| Muni California Long Avg | -2.0% | -0.3% | 6.3% | 3.2% | -0.0% | 1.7% |
| UXABX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
UXABX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| UXABX Return (NAV) | 0.5% | 2.4% | 1.1% | 6.4% | -9.9% | 2.0% | 4.6% | 7.0% | 1.1% | 5.3% | -0.1% |
| UXABX Grade | D | D | F | C | B | D | C | F | A | F | D |
| +/- Category | -0.1% | -0.5% | -1.4% | -0.0% | 1.3% | -0.5% | 0.2% | -1.1% | 0.3% | -0.9% | -0.3% |
| Muni California Long Avg | 0.7% | 2.8% | 2.5% | 6.4% | -11.2% | 2.5% | 4.4% | 8.1% | 0.8% | 6.2% | 0.2% |
| Risk Measures | |
| Standard Deviation: | 6.7% |
| Total Risk Index: | 0.54 - Below Average |
| Category Risk Index: | 1.03 - Above Average |
| Category Risk Grade: | D (72% Rank) |
| Beta: | 1.15 |
| R-Squared: | 97% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 3.3% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $383 Mil |
| Fund Total Assets: | $ 1 Mil |
| Share Class Type: | Adv |
| Portfolio Turnover: | 11% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 7.1 years | |||
| Average Tenure: 6.3 years | |||
| Managers (Year): Hattman Andrew (2019), Spalten Lauren (2021) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 157 |
| % in Top 10 Holdings: | 26.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.9% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 97.7% |
| Foreign Bond: | 0.9% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.4% |
Purchase Information
| Fund Family: | Victory Capital Management Inc. |
| Phone Number: | 800-235-8396 |
| Website: | www.usaa.com |
| Status: | Open |
| Inception Date: | August 2, 2010 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $1,000 |
| True No-Load: | No |
| Front Load Maximum: | 2.25% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.76% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.82% |
| Share Class: | Victory CA Bond |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
