Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate, so shares, when redeemed, may be worth more or less than their original cost. Performance during periods of exceptional market conditions should not be expected to be repeated in a normal market environment. Current performance may be lower or higher than that cited.
Class A performance quoted "with maximum sales load" reflects the current maximum sales charge of 2.00%. The sales load on Class C shares is deferred and will be charged if you redeem shares within one year of purchase. The contingent deferred sales load is 1.00% of the purchase or sale price of the shares, whichever is less. Please read the prospectus carefully for more information on sales charges as they do not apply in all cases and if applied are reduced for larger purchases. Any sales charges are in addition to the Fund's fees and expenses as detailed in the Fund's most current prospectus. The performance quoted at NAV or "without sales load" does not reflect any sales charge. If a sales charge were included, the performance stated above would be lower.
Total return figures reflect an expense limitation in effect during the periods shown; without such limitation, the performance shown would have been lower. Performance results assume the reinvestment of dividends and capital gains.
The Adviser has contractually agreed to waive a portion of its management fee and/or reimburse certain expenses through at least April 30, 2020. The Adviser is permitted to recoup fees waived/expenses reimbursed for up to 3 years after the fiscal year in which the waiver/reimbursement took place, subject to certain limitations. Please read the prospectus for details.
Class R and Y shares of the Fund are only available to investors that meet certain eligibility requirements.
Returns are average annual total returns, except those for periods of less than one year, which are cumulative
The Barclays Municipal Bond Index is an unmanaged index that is generally considered to be representative of investment-grade municipal issues having remaining maturities greater than one year and a national scope. You may not invest in the index, and, unlike the Fund, the index does not incur fees and expenses.
An investor should consider the fund’s investment objectives, risks, charges and expenses carefully before investing or sending money. This and other important information about the fund can be found in the fund’s prospectus, or, if applicable, the summary prospectus. To obtain a copy, visit the prospectus page.Read the prospectus carefully before investing.
All investing involves risk, including potential loss of principal. There is no guarantee that the Fund will achieve its objective. Fixed income funds are subject to interest-rate and credit risk. Typically, when interest rates rise bond values decline. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments. Investors in the Fund may be subject to the Alternative Minimum Tax and certain other state and local taxes. The Fund may invest in below-investment-grade debt securities (“junk bonds”) which may be less liquid and are subject to greater risk of loss than investment-grade securities. Such securities may experience greater price volatility and higher default rates during period of adverse market conditions.
Ratings reflect fee waivers in effect; in their absence, ratings may have been lower.
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The Funds are distributed by Victory Capital Advisers, Inc. ("VCA"), member FINRA and SIPC. Find out more about the background of this firm on FINRA's BrokerCheck.
The Victory Tax-Exempt Fund is sub-advised by Park Avenue Institutional Advisers LLC., not affiliated with Victory Capital.
The information on this website is intended for U.S. residents only. The information provided does not constitute a solicitation of an offer to buy, or an offer to sell securities in any jurisdiction to any person to whom it is not lawful to make such an offer. Victory Capital will not accept subscriptions from any investor who is not a U.S. resident and who approaches Victory Capital as a result of having visited this website.
Not a Deposit / Not FDIC or NCUA Insured / May Lose Value / No Bank or Credit Union Guarantee