Victory Pioneer High Income Municipal Fund Class Y is an open-end mutual fund specializing in high-yield municipal bonds. Its primary objective is to maximize total return through a blend of federally tax-exempt income and capital appreciation, making it especially relevant to investors seeking tax-advantaged income. The fund primarily invests at least 80% of its assets in debt securities issued by or on behalf of U.S. states, counties, municipalities, and related authorities, targeting both investment-grade and below-investment-grade municipal securities, including unrated bonds. Notable features include a below-average expense ratio relative to peers, a significant allocation to high-yield (riskier) municipal credits, and a portfolio structure diversified across over 270 holdings. The fund pays monthly dividends, with a trailing twelve-month yield above 5%, and is managed for institutional investors given its high minimum initial investment. In broader market context, this fund plays a vital role in providing access to higher-yielding municipal fixed income, serving as a tool for diversifying risk and pursuing after-tax income within the municipal bond sector.
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