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Investment Approach

The INCORE Investment Grade Convertible fund’s approach is centered on bottom up research and has remained consistent over the last 25 years. The objective is to achieve superior returns while minimizing risk by identifying and remaining fully invested in convertible securities which possess the following characteristics: 1) strong underlying equity potential, 2) high quality financial characteristics, and 3) the opportunity for solid total return over a 12-18 month time horizon. Our performance goal is to outperform the Bank of America Merrill Lynch All Investment Grade US Convertibles Index (VXA1) over a full market cycle.

Philosophy & Process

The convertible valuation process focuses on the intrinsic value of the underlying common stock, the fixed income component, and the convertible security itself. The methodology used to value the equity component includes, but is not limited to, use of a dividend discount model, a P/E divided by growth plus yield screen, and screens based on statistical cheapness, quality of earnings, and mean reversion. Additionally, earnings revisions are analyzed as are indicators of changes in investor sentiment.
Edward Goard, CFA, Chief Investment Officer

Edward Goard, CIO of INCORE, is responsible for the oversight of all fixed income strategies and the fixed income team. The Munder Fixed Income team was renamed INCORE Capital Management on April 1, 2015. INCORE Capital Management is a Victory Capital investment franchise.

He joined Munder in 2007 and has 22 years of capital markets and portfolio management experience. Munder Capital Management was acquired by Victory Capital in October 2014. He was previously with Barclays Global Investors (BGI) as a senior portfolio manager and the head of interest rate and mortgage strategies. There Mr. Goard oversaw a team of fixed income portfolio managers responsible for the management of $100 billion, with direct responsibility for managing $40 billion of fixed income investments. He helped develop and implement several multi-sector core and core-plus fixed income strategies and, served as a member of the fixed income investment committee providing expertise in sector allocation, mortgage, and interest rate strategy.

Mr. Goard earned a B.S. in International Finance from San Francisco State University, is a CFA® charterholder, and a member of the CFA Institute and the CFA Society of Detroit.

Amy Bush, CFA, Portfolio Manager

Amy Bush serves as a portfolio manager for INCORE’s convertible securities portfolios as well as specific common, charitable, employee benefits, and mutual funds. The Investment Grade Convertible team was renamed INCORE Capital Management on April 1, 2015. INCORE Capital Management is a Victory Capital investment franchise.

Ms. Bush joined Victory Capital in 1992. Prior to her tenure as a portfolio manager, she was a convertible securities research analyst for Victory Capital and a credit analyst for Society Bank.

Ms. Bush has spoken frequently on the subject of convertible securities and how this unique asset class may fit in an overall portfolio in the context of successful financial planning. She has made guest appearances on radio and been quoted in publications such as The Wall Street Transcript. She also was recognized as a “Woman of Excellence” by the Cleveland chapter of the YWCA.

Ms. Bush holds a Bachelor of Arts from Miami University and a Master of Business Administration from Case Western Reserve University. Additionally, she is a CFA charterholder.

James Kaesberg, CFA, Senior Portfolio Manager

James Kaesberg is a senior portfolio manager with INCORE Capital Management's convertible securities strategy. In addition to co-managing various separately managed convertible portfolios, Mr. Kaesberg is a co-manager of the Victory INCORE Investment Grade Convertible Fund as well as common and collective funds which invest in this unique asset class. The Investment Grade Convertible team was renamed INCORE Capital Management on April 1, 2015. INCORE Capital Management is a Victory Capital investment franchise.

Mr. Kaesberg joined Victory Capital in 1985 and has been managing convertible portfolios since 1992. Prior to joining INCORE’s convertible securities team, Mr. Kaesberg was an equity analyst concentrating on pharmaceuticals, health care, telecommunications, computers, and office equipment.

Mr. Kaesberg has been a speaker and lecturer on the subjects of convertible securities and asset allocation. He has made guest appearances on local and national radio and in The Wall Street Transcript.

Mr. Kaesberg holds a Bachelor of Business Administration and a Master of Business Administration from the University of Wisconsin. Additionally, he is a CFA charterholder and a past president of the CFA Society of Cleveland.

Mark Vucenovic, Portfolio Manager/Analyst

Mark Vucenovic is a portfolio manager with INCORE Capital Management's convertible securities strategy. In his current position he provides research and portfolio support for the convertible securities strategy. The Investment Grade Convertible team was renamed INCORE Capital Management on April 1, 2015. INCORE Capital Management is a Victory Capital investment franchise.

Mr. Vucenovic joined Victory Capital in July 2009 as a credit analyst in the fixed income area and transferred to equity research in March of 2012. Prior to joining Victory Capital, he worked as a director and senior equity analyst for FTN Equity Capital Markets and Midwest Securities primarily covering the information technology sector. While at FTN, he was ranked as a four star analyst by Starmine on earnings accuracy and stock performance and was quoted in Barron’s, Investor’s Business Daily, the Wall Street Journal, and several other media outlets. Prior to that, he worked as a relationship manager and credit analyst in the commercial banking and international finance divisions of KeyCorp.

Mr. Vucenovic holds a BBA in accounting from Ohio University as well as an MBA from Cleveland State University. He also holds Series 7, 63, 86, and 87 licenses.

Investment Approach

The INCORE Investment Grade Convertible fund’s approach is centered on bottom up research and has remained consistent over the last 25 years. The objective is to achieve superior returns while minimizing risk by identifying and remaining fully invested in convertible securities which possess the following characteristics: 1) strong underlying equity potential, 2) high quality financial characteristics, and 3) the opportunity for solid total return over a 12-18 month time horizon. Our performance goal is to outperform the Bank of America Merrill Lynch All Investment Grade US Convertibles Index (VXA1) over a full market cycle.

Philosophy & Process

The convertible valuation process focuses on the intrinsic value of the underlying common stock, the fixed income component, and the convertible security itself. The methodology used to value the equity component includes, but is not limited to, use of a dividend discount model, a P/E divided by growth plus yield screen, and screens based on statistical cheapness, quality of earnings, and mean reversion. Additionally, earnings revisions are analyzed as are indicators of changes in investor sentiment.

Amy Bush, CFA

Portfolio Manager - Convertibles

Amy Bush serves as a portfolio manager for INCORE’s convertible securities portfolios as well as specific common, charitable, employee benefits, and mutual funds. The Investment Grade Convertible team was renamed INCORE Capital Management on April 1, 2015. INCORE Capital Management is a Victory Capital investment franchise.

Ms. Bush joined Victory Capital in 1992. Prior to her tenure as a portfolio manager, she was a convertible securities research analyst for Victory Capital and a credit analyst for Society Bank.

Ms. Bush has spoken frequently on the subject of convertible securities and how this unique asset class may fit in an overall portfolio in the context of successful financial planning. She has made guest appearances on radio and been quoted in publications such as The Wall Street Transcript. She also was recognized as a “Woman of Excellence” by the Cleveland chapter of the YWCA.

Ms. Bush holds a Bachelor of Arts from Miami University and a Master of Business Administration from Case Western Reserve University. Additionally, she is a CFA charterholder.

James Kaesberg, CFA

Senior Portfolio Manager - Convertibles

James Kaesberg is a senior portfolio manager with INCORE Capital Management's convertible securities strategy. In addition to co-managing various separately managed convertible portfolios, Mr. Kaesberg is a co-manager of the Victory INCORE Investment Grade Convertible Fund as well as common and collective funds which invest in this unique asset class. The Investment Grade Convertible team was renamed INCORE Capital Management on April 1, 2015. INCORE Capital Management is a Victory Capital investment franchise.

Mr. Kaesberg joined Victory Capital in 1985 and has been managing convertible portfolios since 1992. Prior to joining INCORE’s convertible securities team, Mr. Kaesberg was an equity analyst concentrating on pharmaceuticals, health care, telecommunications, computers, and office equipment.

Mr. Kaesberg has been a speaker and lecturer on the subjects of convertible securities and asset allocation. He has made guest appearances on local and national radio and in The Wall Street Transcript.

Mr. Kaesberg holds a Bachelor of Business Administration and a Master of Business Administration from the University of Wisconsin. Additionally, he is a CFA charterholder and a past president of the CFA Society of Cleveland.

Mark Vucenovic

Portfolio Manager - Convertibles

Mark Vucenovic is a portfolio manager with INCORE Capital Management's convertible securities strategy. In his current position he provides research and portfolio support for the convertible securities strategy. The Investment Grade Convertible team was renamed INCORE Capital Management on April 1, 2015. INCORE Capital Management is a Victory Capital investment franchise.

Mr. Vucenovic joined Victory Capital in July 2009 as a credit analyst in the fixed income area and transferred to equity research in March of 2012. Prior to joining Victory Capital, he worked as a director and senior equity analyst for FTN Equity Capital Markets and Midwest Securities primarily covering the information technology sector. While at FTN, he was ranked as a four star analyst by Starmine on earnings accuracy and stock performance and was quoted in Barron’s, Investor’s Business Daily, the Wall Street Journal, and several other media outlets. Prior to that, he worked as a relationship manager and credit analyst in the commercial banking and international finance divisions of KeyCorp.

Mr. Vucenovic holds a BBA in accounting from Ohio University as well as an MBA from Cleveland State University. He also holds Series 7, 63, 86, and 87 licenses.