Morningstar

Victory Tax Exempt Long-Term Fund USTEX

Morningstar Medalist Rating
Medalist Rating as of | See Victory Capital Investment Hub
  • NAV / 1-Day Return 12.17  /  +0.08 %
  • Total Assets 1.6B
  • Adj. Expense Ratio
    0.450%
  • Expense Ratio 0.460%
  • Distribution Fee Level Below Average
  • Share Class Type No Load
  • Category Muni National Long
  • Credit Quality / Interest Rate Sensitivity Medium/Extensive
  • Min. Initial Investment 3,000
  • Status Open
  • TTM Yield 3.67%
  • Effective Duration 7.63 years

USD | NAV as of Jun 18, 2026 | 1-Day Return as of Jun 18, 2026, 12:11 AM GMT+0

Morningstar’s Analysis USTEX

Will USTEX 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 USTEX’s performance objective and investment process is for both security selection and portfolio construction.

  • People Pillar

    The People Pillar is our evaluation of the USTEX 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 USTEX’s parent organization’s priorities and whether they’re in line with investors’ interests.

null Morningstar Automated Analysis

Morningstar Automated Analysis

Summary

Victory Tax Exempt Long-Term holds a quantitatively derived Neutral Morningstar Medalist Rating. The rating suggests the model does not express a clear expectation of outperformance or underperformance relative to peers over a full market cycle.

by Morningstar Automated Analysis
Rated on Published on

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Portfolio Holdings USTEX

More USTEX Holdings
  • Current Portfolio Date
  • Equity Holdings —
  • Bond Holdings —
  • Other Holdings —
  • % Assets in Top 10 Holdings 11.3
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

REGIONAL TRANSN AUTH ILL 6.5%

2.65 41M
municipal

MIAMI-DADE CNTY FLA WTR & SWR REV 4%

1.34 21M
municipal

TEXAS ST TPK AUTH CENT TEX TPK SYS REV 0%

1.05 16M
municipal

MISSOURI DEV FIN BRD INFRASTRUCTURE FACS LEASEHOLD REV 4%

1.02 16M
municipal

MIDLOTHIAN TEX INDPT SCH DIST 5%

0.97 15M
municipal

CENTRAL PLAINS ENERGY PROJ NEB GAS PROJ REV 5%

0.90 14M
municipal

HARRIS CNTY TEX HOSP DIST REV 4%

0.90 14M
municipal

NEW JERSEY ST TRANSN TR FD AUTH 4%

0.87 14M
municipal

SANGAMON CNTY ILL WTR RECLAMATION DIST 4%

0.85 13M
municipal

GAINESVILLE & HALL CNTY GA HOSP AUTH REV ANTIC CTFS 4%

0.75 12M
municipal

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