Victory California Bond Fund 

This fund predominantly invests in high-quality, long-term debt instruments issued by the State of California, its political divisions, and related governmental bodies. The income derived from these securities is structured to be exempt from both federal and California state income taxes. Typically, under standard market conditions, at least 80% of the fund's net assets will be concentrated in California tax-exempt bonds. Although there isn't a strict restriction on the dollar-weighted average maturity of its holdings, it is generally expected to surpass ten years.