Victory High Income Municipal Bond Fund Member Class is an actively managed municipal bond mutual fund focused on generating **high current income** that is **exempt from federal income taxes**, with a secondary objective of capital appreciation. The strategy invests primarily in **lower investment-grade** municipal securities and may allocate significantly to **below-investment-grade and unrated** municipal bonds, emphasizing rigorous, bond-by-bond credit research and structural analysis. The portfolio spans essential public finance sectors such as **education, healthcare, tax revenue, and continuing care retirement communities**, reflecting diversified exposure to revenue-backed issuers and project-specific credits. Management applies a bottom-up, fundamentals-driven process designed to assess issuer creditworthiness and security structures while seeking to minimize capital gains distributions. The Member Class was launched in 2020 and is part of a broader fund lineup that targets tax-advantaged income solutions. By concentrating on the municipal high-yield segment, the fund plays a role in connecting capital to state and local infrastructure and services, while offering investors access to tax-exempt income opportunities across the U.S. market.
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