Morningstar

Victory Tax Exempt Intermediate-Term Fund USATX

Morningstar Medalist Rating
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Medalist Rating as of See Victory Capital Investment Hub
  • NAV / 1-Day Return $12.03  /  −0.08 %
  • Fund Size $2.6B
  • Adjusted Expense Ratio 0.480%
  • Net Expense Ratio 0.480%
  • Fee Level: Distribution Average
  • Share Class Type No Load
  • Morningstar Category Muni National Interm
  • Fixed-Income Style Box (Funds) Medium/Moderate
  • Minimum Initial Investment $3,000
  • Investment Status Open
  • TTM Yield 3.74%
  • Average Effective Duration 5.25 yrs
NAV and 1-Day Return as of

Morningstar’s Analysis USATX

Will USATX outperform in the future?

Get our overall rating based on a fundamental assessment of the pillars below.

  • Process Pillar

    The Process Pillar is our assessment of how sensible, clearly defined, and repeatable USATX’s performance objective and investment process is for both security selection and portfolio construction.

  • People Pillar

    The People Pillar is our evaluation of the USATX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.

  • Parent Pillar

    The Parent Pillar is our rating of USATX’s parent organization’s priorities and whether they’re in line with investors’ interests.

A straightforward, research-driven approach has produced a solid long-term record.

Associate Analyst Rafael Ramirez

Rafael Ramirez

Associate Analyst

Summary

Victory Tax Exempt Intermediate-Term’s research-driven process and capable managers have delivered solid long-term returns, but the lean team’s relatively aggressive approach compared with most peers limits our conviction in the strategy.

by Rafael Ramirez
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Portfolio Holdings USATX

More USATX Holdings
  • Current Portfolio Date
  • Equity Holdings —
  • Bond Holdings —
  • Other Holdings —
  • % Assets in Top 10 Holdings 7.0
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

REGIONAL TRANSN AUTH ILL 4%

0.84 23M
municipal

MISSOURI ST ENVIRONMENTAL IMPT & ENERGY RES AUTH ENV IMPT REV 2.9%

0.84 23M
municipal

NEW YORK ST DORM AUTH ST PERS INCOME TAX REV 4%

0.78 22M
municipal

PORT PORT ARTHUR TEX NAV DIST ENVIRONMENTAL FACS REV 3%

0.72 20M
municipal

CHICAGO ILL BRD ED 4%

0.70 20M
municipal

NORTH TEX TWY AUTH REV 0%

0.67 19M
municipal

PORT PORT ARTHUR TEX NAV DIST ENVIRONMENTAL FACS REV 3.05%

0.64 18M
municipal

BLACK BELT ENERGY GAS DIST ALA GAS PROJ REV 5.25%

0.61 17M
municipal

PORT PORT ARTHUR TEX NAV DIST ENVIRONMENTAL FACS REV 3%

0.60 17M
municipal

LOWER ALA GAS DIST GAS PROJ REV 5%

0.57 16M
municipal

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