This site is for Institutional Investor use only and not for public use or distribution. The information contained on this site is for informational purposes only without regard to the investment objective, financial situation or specific needs of any particular investor. It is not intended for use by institutional investors in a jurisdiction where distribution or purchase is not authorized.

An “Institutional Investor” means any:

  • bank, savings and loan association, insurance company or registered investment company;
  • investment adviser registered either with the SEC under Section 203 of the Investment Advisers Act or with a state securities commission (or any agency or office performing like functions);
  • person (whether a natural person, corporation, partnership, trust or otherwise) with total assets of at least $50 million;
  • governmental entity or subdivision thereof;
  • employee benefit plan, or multiple employee benefit plans offered to employees of the same employer, that meet the requirements of Section 403(b) or Section 457 of the Internal Revenue Code and in the aggregate have at least 100 participants, but does not include any participant of such plans;
  • qualified plan, as defined in Section 3(a)(12)(C) of the Exchange Act, or multiple qualified plans offered to employees of the same employer, that in the aggregate have at least 100 participants, but does not include any participant of such plans;
  • FINRA member or registered person of such a member; or
  • person acting solely on behalf of any such institutional investor.

By accessing this site you confirm that you are an Institutional Investor, you agree not to forward or make the contents of this site available to any person who is not an Institutional Investor, and you agree to be subject to Victory Capital’s user agreement

Redirect me to

Thank you for your interest in Victory Capital Management. To download this document, please complete the registration form below. You will only need to complete this form one time to access site content.

  • Victory Capital may use my email to send out periodic news, announcements, and product information.

*All fields are required

Victory Capital


Douglas J. Gaylor Headshot

Douglas J. Gaylor

Portfolio Manager

Douglas Gaylor is a portfolio manager for Park Avenue Institutional Advisers LLC, head of tax-exempt securities and manager of the Victory Tax-Exempt Bond Fund and the Victory High Income Municipal Bond Fund.

Prior to joining the Guardian Life Insurance Company of America, the parent company of Park Avenue Institutional Advisers, Mr. Gaylor was director of municipal asset management at Principal Life Insurance. Prior to that, he was with Dreyfus for 14 years in a variety of roles, ultimately as lead portfolio manager of municipal investments. He has also held positions as a municipal bond analyst, trader and portfolio manager at PNC Bank-BlackRock and Wilmington Trust. Mr. Gaylor has more than 30 years of investment industry experience.

Mr. Gaylor holds a B.S. in financial administration from the State University of New York at Brockport and an MBA in financial planning and control from the University of Buffalo.