Victory Pioneer Securitized Income Fund Class Y

Victory Pioneer Securitized Income Fund Class Y is an open‑end mutual fund focused on securitized fixed income. Its primary objective is total return, achieved by investing mainly in mortgage‑backed securities, asset‑backed securities, and related securitized instruments, with a policy to keep the majority of assets in this segment. The strategy spans residential and commercial mortgage credit as well as consumer and esoteric asset‑backed markets, allowing diversified exposure beyond traditional corporate bonds. The fund is managed with flexibility in interest‑rate positioning, a hallmark of its category, enabling active duration management across a wide range, including very low or near‑zero duration when warranted. Portfolio holdings often include agency credit‑risk transfer deals, auto loan receivables trusts, and short‑dated U.S. Treasury bills for liquidity and risk management. Within the broader fixed income landscape, the fund serves as a specialized vehicle to access securitized credit premia and structural enhancements not typically found in core bond allocations, offering a complement to aggregate bond benchmarks by emphasizing collateralized cash flows and sector rotation within securitized markets.