Victory High Income Municipal Bond Fund Class Y is an open-end mutual fund focused on generating a high level of current income that is generally exempt from federal income taxes, with a secondary objective of capital appreciation. The strategy emphasizes bond-by-bond construction informed by fundamental credit research, investing primarily in municipal bonds at the lower end of investment-grade and allowing substantial exposure to below-investment-grade and unrated securities. The portfolio exhibits higher credit risk relative to broad municipal benchmarks and is designed for investors seeking elevated tax-exempt income from sectors such as education, healthcare, tax revenue, and special purpose revenue bonds. The fund is actively managed by a seasoned team and employs bottom-up security selection to identify mispriced credits while aiming to minimize taxable capital gain distributions over time. Class Y features an expense ratio aimed at institutional and fee-based platforms and is part of a share-class structure that includes A and C shares for varied distribution needs. Through diversified municipal holdings and extended duration positioning, it plays a niche role within the high-yield municipal bond market.
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