The Victory High Income Municipal Bond Fund Class A is an open-end mutual fund focused on delivering a high level of current income that is generally exempt from federal income taxes. Its primary investment strategy centers on municipal bonds, with the flexibility to allocate up to 100% of its assets to high-yield or lower-rated securities, including those rated below investment grade as well as unrated issues. This approach means the fund predominantly holds bonds often referred to as “junk” bonds, which carry higher yields but increased credit risk compared to investment-grade municipal bonds. This fund employs a bond-by-bond portfolio construction process, emphasizing detailed credit analysis of issuers and security structures. It tends to invest in bonds near the lower end of the investment-grade spectrum and beyond, making it notable within the high-yield municipal sector. The fund serves investors seeking tax-advantaged income, with capital appreciation as a secondary objective. Its role in the market is to provide access to a diversified portfolio of municipal bonds, potentially offering higher income than funds limited to higher-rated securities, catering to those who prioritize income and tax efficiency within the municipal bond universe.
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