Victory Pioneer High Income Municipal Fund Class Y 

A fundamental objective of this fund is to deploy at least 80% of its net capital into debt instruments and financial obligations. These assets are sourced from a broad spectrum of governmental issuers, including states, counties, and municipalities, as well as U.S. territories, the District of Columbia, and their various authorities, political subdivisions, agencies, and instrumentalities. Crucially, the interest income derived from these investments – commonly referred to as municipal securities – is not subject to regular federal income tax. The fund maintains the discretion to invest in municipal securities regardless of their time to maturity.