Victory Tax-Exempt Fund Class Y is a mutual fund primarily focused on generating interest income that is exempt from federal income taxes. Managed by Victory Income Investors, this fund invests mainly in a diversified portfolio of investment-grade municipal bonds issued by state and local governments to finance public projects such as schools, transit systems, and utilities. With an average portfolio maturity of over ten years, the fund falls within the muni national long category, making it suitable for investors seeking longer-duration municipal bond exposure and the potential stability that comes from diversification across various regions and sectors. Approximately 98% of the portfolio is allocated to municipal bonds, with no equity or foreign bond holdings, highlighting its focus on fixed-income instruments. The fund’s objective centers on maximizing current tax-exempt income while preserving capital, a characteristic valued by investors aiming to reduce taxable income through tax-efficient investing. Its holdings reflect a broad spread across different issuers and project types, further aimed at mitigating sector and geographic risk typically associated with muni bond investing.
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