Victory Tax Exempt Intermediate-Term Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Victory Tax Exempt Intermediate-Term Fund held 1,076 positions with $2.78B in net assets. Its ten largest holdings made up 7.0% of the fund. The USATX share class costs 0.48% a year. Over the 12 months to May 2026, USATX returned 6.4%, with dividends reinvested. In 2026 Q2 it added 35 new positions and exited 33.
The Victory Tax Exempt Intermediate-Term Fund (the Fund) provides investors with interest income that is exempt from federal income tax.
The fund invests primarily in investment-grade tax-exempt securities, generally holding positions until maturity to keep turnover low. At least 80% of annual net investment income will be tax-exempt and excludable from the federal alternative minimum tax. The fund's effective duration typically stays within two years of its benchmark. Because security selection depends on balancing tax-exempt income, credit risk, and price volatility, performance will vary with the adviser's assessment of those factors.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
REGIONAL TRANSN AUTH ILL 4.00% · due 2034-07-01 | 0.84% | $23.40M | — |
MISSOURI ST ENVIRONMENTAL IMPT & ENERGY RES AUTH ENV IMPT REV 2.90% · due 2033-09-01 | 0.84% | $23.21M | — |
NEW YORK ST DORM AUTH ST PERS INCOME TAX REV 4.00% · due 2041-03-15 | 0.78% | $21.57M | — |
PENNSYLVANIA ST TPK COMMN TPK REV 4.00% · due 2034-06-01 | 0.72% | $20.00M | — |
PORT PORT ARTHUR TEX NAV DIST ENVIRONMENTAL FACS REV 3.00% floating · due 2040-04-01 | 0.72% | $19.91M | — |
CHICAGO ILL BRD ED 4.00% · due 2040-12-01 | 0.70% | $19.58M | — |
NORTH TEX TWY AUTH REV 0.00% · due 2029-01-01 | 0.67% | $18.52M | — |
BLACK BELT ENERGY GAS DIST ALA GAS PROJ REV 5.25% · due 2056-05-01 | 0.61% | $17.01M | — |
LOWER ALA GAS DIST GAS PROJ REV 5.00% · due 2034-09-01 | 0.57% | $15.90M | — |
SOUTHEAST ENERGY AUTH COMMODITY SUPPLY REV ALA 5.25% · due 2054-01-01 | 0.57% | $15.75M | — |
The 200 largest of 1,076 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 99.36% |
How it has done
USATX share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.34%. Past returns are a record, not a forecast.
The 3 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.48% | +6.38% | +13.09% | +6.10% | -4.07% | |
| 0.72% | +6.12% | +12.30% | +4.85% | -4.14% | |
| 0.44% | +6.50% | +13.20% | +6.34% | -4.06% |
These classes hold the same portfolio, so the 1.48pp spread over 5 years is the cost difference between them — roughly 0.30pp a year — not a difference in what they own.
Fees & fund details
Victory Tax Exempt Intermediate-Term Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 0.44% – 0.72%· USATX 0.48%
- Portfolio turnover
- 11.00% a year · as of 2026 Q2
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
35 new· the largest 7
33 exited· the largest 7
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 95.0% |
| Floating rate | 3.3% |
| Zero-coupon or unclassified | 1.7% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.1% |
| 1-3y | 2.4% |
| 3-5y | 4.9% |
| 5-10y | 28.2% |
| 10y+ | 63.4% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 52% |
| Credit spreads | 48% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +5.28 yr |
| High yield | +0.38 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.03 yr | 0% |
| 1 yr | 0.40 yr | 6% |
| 5 yr | 1.42 yr | 23% |
| 10 yr | 3.37 yr | 55% |
| 30 yr | 0.94 yr | 15% |
| 3 mo | 0.03 yr | 0% |
| 1 yr | 0.36 yr | 6% |
| 5 yr | 1.29 yr | 23% |
| 10 yr | 3.10 yr | 55% |
| 30 yr | 0.89 yr | 16% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.03 | +0.02 | +0.00 | $6.6k | $464 |
| 1 yr | +0.40 | +0.35 | +0.02 | $96.5k | $4.4k |
| 5 yr | +1.42 | +1.21 | +0.08 | $337.0k | $21.7k |
| 10 yr | +3.37 | +2.86 | +0.23 | $795.2k | $64.6k |
| 30 yr | +0.94 | +0.84 | +0.05 | $232.2k | $14.6k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
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