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Victory Tax-Exempt Fund
  • The Fund seeks to maximize income exempt from federal income taxes by investing primarily in investment-grade municipal bonds.
  • In selecting securities for the Fund, the Adviser performs in-depth credit analysis of the issuer’s creditworthiness and of the security structure.  The Adviser attempts to identify securities paying attractive income and securities that it believes are undervalued.
  • At least 80% of the Fund’s net assets will ordinarily be allocated to tax-exempt municipal bonds, with up to 20% invested in bonds that are subject to regular federal income tax.
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Summary prospectus, prospectus, annual and semi-annual reports, and SAI

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What are risk measures?

Risk Measures

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Top 10 Holdings

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What are characteristics?

Characteristics

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Sector Diversification

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Quality Structure

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Average Life Structure

Investment Approach 
 
The Fund invests primarily in municipal bonds with investment grade ratings in an effort to maximize current income exempt from federal income taxes. The fund may also invest in select below investment grade, unrated or taxable municipal bonds. The Fund’s benchmark is the Bloomberg Barclays Municipal Bond Index. 

 

Philosophy and Process 
 
The investment team’s search for value with carefully limited downside risk is based on an independent, in-depth analysis of the credit fundamentals of each issuer, as well as on each bond’s specific coupon structure and yield considerations. We look for strong revenue that flows directly to the issuer, and we continually monitor the cash flows of our holdings. The Fund typically emphasizes general obligation bonds, states with large retail markets, essential services, and revenue-generating projects such as toll roads, while normally avoiding bonds that rely on local appropriations. 

 

Management Team

Regina Conklin
Regina Conklin

Victory Capital Senior Portfolio Manager - USAA Investments, a Victory Capital Investment Franchise

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