The information on this site is intended only for institutional investors and consultants to separately managed account investors. It is not intended for use by or distribution to members of the general public. The information on this site is for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy any security which may be referenced herein. The information on this site is published without regard to the investment objective, financial situation or specific needs of any particular investor. The information on this site is intended for U.S. residents only and is not intended for investors in any jurisdiction in which distribution or purchase is not authorized.

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Investment Approach

The Investment Quality Bond Fund seeks to maximize total return by focusing on sector allocation, security selection, and yield curve positioning. The fixed income process is team-based and utilizes both quantitative and fundamental disciplines.

Philosophy & Process Highlights

INCORE Capital’s fixed income investment philosophy is based on the team’s belief that skillful portfolio management can deliver superior total and risk-adjusted returns by taking advantage of bond market inefficiencies in three key ways:

Sector Allocation: Bond market sectors tend to move in a cyclical fashion relative to the economy and display strong mean-reversion tendencies. These movements can be predictable and are utilized to produce potential alpha. INCORE Capital’s typical sector allocation includes governments, agencies, investment grade and high yield corporate bonds, mortgages, CMBS, asset-backed and municipal securities.

Security Selection: INCORE believes that independent, comprehensive analysis of issuers, securities, and cash flows leads to superior risk-adjusted returns. The team uses both quantitative and fundamental analysis to find relative value amongst issuers with stable to improving credit fundamentals while avoiding those with deteriorating fundamentals and downward ratings pressure.

Yield Curve Positioning: Movements in the level of interest rates and the shape of the yield curve are directly linked with economic cycles. INCORE believes movements are predictable and can be exploited to achieve superior risk-adjusted returns. 

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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 July 31, 2018. 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 U.S. Aggregate Bond Index is an unmanaged index that is generally considered to be representative of U.S. bond market activity. 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.

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. Mortgage-backed securities are subject to higher prepayment risk than corporate bonds and notes, particularly in periods of declining interest rates as well as the risk that an unexpected rise in interest rates will extend the life of the security beyond the expected repayment time, typically reducing the security’s value. 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.

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.

Victory Capital Management Inc., an affiliate of VCA, is the investment advisor to the Funds and receives a fee from the Funds for its services.

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 having visited this website.  

Not a Deposit / Not FDIC or NCUA Insured / May Lose Value / No Bank or Credit Union Guarantee

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Holdings are subject to change.

Characteristics
Wtd Average Life (WAL): The average number of years for which each dollar of unpaid principal on a loan or mortgage remains outstanding. Once calculated, WAL tells how many years it will take to pay half of the outstanding principal. Duration: A weighted average of the maturity of all the income streams from a bond or portfolio of bonds. Generally, the higher the duration, the more sensitive the bond or bond portfolio to changes in interest rates. The Fund diversification and duration schedule are presented to illustrate examples of the Fund’s investments and may not be representative of the Fund’s current or future investments.

Target metrics reflect our stated goals and are not absolute limits as these are affected by various factors like market fluctuations.
Percentage allocations listed above may not sum to 100% due to rounding methodology. 

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.

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. Mortgage-backed securities are subject to higher prepayment risk than corporate bonds and notes, particularly in periods of declining interest rates as well as the risk that an unexpected rise in interest rates will extend the life of the security beyond the expected repayment time, typically reducing the security’s value. 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.

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.

Victory Capital Management Inc., an affiliate of VCA, is the investment advisor to the Funds and receives a fee from the Funds for its services.

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 having visited this website.

Not a Deposit / Not FDIC or NCUA Insured / May Lose Value / No Bank or Credit Union Guarantee

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.

Richard Consul, CFA, Senior Portfolio ManagerRichard Consul is head of mortgage-backed securities and interest rate trading for all fixed income strategies and a member of the core fixed income portfolio management team. Munder Capital Management was acquired by Victory Capital in October 2014. INCORE Capital Management is a Victory Capital investment franchise.

Mr. Consul has nine years of investment industry experience and joined Munder in 2010. He was previously with Bank of America in San Francisco and London where he was a foreign exchange currency trader and, with DTE Energy as a futures/options trader specializing in crude oil for their $1.5 billion internal commodities hedge fund portfolio. 

Mr. Consul earned a B.B.A. in Finance with a minor in Mathematics and an M.S.E. in Financial Engineering from the University of Michigan. He is a member of the International Association of Financial Engineers. Mr. Consul is a CFA® charterholder and is a member of the CFA Institute and the CFA Society of Detroit.

Brad Filips’ primary focus is on performing modeling and credit analysis on corporate bond sectors and issuers. In addition, he also conducts fixed income research and analysis that supports duration/yield curve analysis, portfolio construction, and risk management. The Munder Fixed Income team was renamed INCORE Capital Management on April 1, 2015. INCORE Capital Management is a Victory Capital investment franchise.

Mr. Filips joined Munder in 2011 and has six years of investment industry experience. He was previously with Plante Moran, where he was an investment research analyst specializing in performing due diligence on investment managers and analyzing investment strategies. 

Mr. Filips earned a B.S. in Finance from Northern Michigan University.

S. Brad Fush, CFA, Director, Fixed Income Credit ResearchBrad Fush leads the fixed income credit research effort at INCORE Capital Management. His primary focus is on performing modeling and credit analysis on corporate bond sectors and issuers. Munder Capital Management was acquired by Victory Capital in October 2014. INCORE Capital Management is a Victory Capital investment franchise.

Mr. Fush joined Munder in 2000 and has 22 years of investment industry experience, including significant experience with in-depth credit modeling and credit analysis. He was previously with Comerica Bank where he was a commercial credit analyst, lender, and manager. 

Mr. Fush earned a B.A. in economics from Albion College, an M.B.A. in Finance and an M.S. in Accounting from Wayne State University. He is a CFA® charterholder and is a member of the CFA Institute and the CFA Society of Detroit.

Pamela Iwasko conducts fixed income research and analysis that supports portfolio construction, monitoring portfolio positions, cash flow management and duration/yield curve analysis. Her primary area of focus is on analyzing and trading corporate bonds. The Munder Fixed Income team was renamed INCORE Capital Management on April 1, 2015. INCORE Capital Management is a Victory Capital investment franchise.

Ms. Iwasko joined Munder Capital in 1993, and has 28 years of investment industry experience. Munder Capital Management was acquired by Victory Capital in October 2014.

James Kelts, CFA, Senior Portfolio Manager

James Kelts is the head of fixed income trading at INCORE and a portfolio manager on the core fixed income and enhanced core strategies. His primary focus is on commercial mortgage backed securities and corporate bonds. The Munder Fixed Income team was renamed INCORE Capital Management on April 1, 2015. INCORE Capital Management is a Victory Capital investment franchise.

Mr. Kelts joined Munder in 2003 and has 13 years of investment industry experience, including significant experience in portfolio management and credit analysis of the corporate bond, commercial mortgage backed and asset backed securities sectors. He was previously with Comerica bank, where he was an operations specialist. Munder Capital Management was acquired by Victory Capital in October 2014.

Mr. Kelts earned a B.A. in Finance from Michigan State University, is a CFA® charterholder, and a member of the CFA Institute and the CFA Society of Detroit.

Gregory Oviatt, CFA, Senior Portfolio Manager

Gregory Oviatt is a senior member of the core fixed income portfolio management team and his sector focus is on corporate bonds in the financial sector. 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 2000 and has 20 years of investment industry experience, including significant experience in the credit analysis and portfolio management of corporate bonds and structured product. Mr. Oviatt also served as a portfolio manager on the cash management team responsible for managing $9 billion in cash and fixed income securities. He was previously with National City Investment Management Co. as vice president and money market portfolio manager, and with First of America Investment Corporation as a money market and fixed income trader. Munder Capital Management was acquired by Victory Capital in October 2014.

Mr. Oviatt earned a B.A. in Economics from Kalamazoo College, is a CFA® charterholder, and a member of the CFA Institute and the CFA Society of Detroit.

Adam Thayer, CFA, Senior Portfolio Manager

Adam Thayer manages municipal fixed income strategies at INCORE. He is also responsible for trading taxable and tax-exempt municipal bonds, as well as performing credit research and analysis of the municipal sector. The Munder Fixed Income team was renamed INCORE Capital Management on April 1, 2015. INCORE Capital Management is a Victory Capital investment franchise.

Mr. Thayer joined Munder in 2000 and has 17 years of investment industry experience, including serving as a portfolio manager on the mutual fund team which managed a municipal short & short intermediate strategy that received a Lipper Best Fund Award three years in a row for its consistent risk-adjusted performance among its peers over four unique time periods. Munder Capital Management was acquired by Victory Capital in October 2014.

He earned a B.A. in Finance from Michigan State University, is a CFA® charterholder, and a member of the CFA Institute and the CFA Society of Detroit.

Fees & Expenses

Annual fund operating expenses are listed below. Victory Capital is committed to being fully transparent about fees and expenses, enabling investors to make informed decisions.

This calculator is intended to help you assess the impact of the operating expenses of the Class A, C, R, or Y shares of the Fund on the Fund’s potential returns. The calculator allows you to assume that you have made a hypothetical investment of any amount in Class A, C, R, or Y shares of the Fund for a 10-year period, and that your investment earns a 5% return each year. The example assumes that the Fund’s operating expenses through Year 1 are the same as those shown in the Annual Fund Operating Expenses table of the Fund’s Prospectus under “Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement” and for all subsequent periods are the same as those shown under “Total Annual Fund Operating Expenses.” The example reflects the impact of sales loads where applicable. Your actual costs may be higher or lower. Based on these assumptions, the calculator shows, for each year and cumulatively for all 10 years, (1) the fees and the costs (the “Expenses”) associated with your investment and (2) the difference (the “Dollar Impact on Return”) between your return if the Fund had not incurred the Expenses and your return after giving effect to the Expenses.

Annual Fund Operating Expenses

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The Adviser has contractually agreed to waive a portion of its management fee and/or reimburse certain expenses through at least July 31, 2018. 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.

Investment Approach

The Investment Quality Bond Fund seeks to maximize total return by focusing on sector allocation, security selection, and yield curve positioning. The fixed income process is team-based and utilizes both quantitative and fundamental disciplines.

Philosophy & Process Highlights

INCORE Capital’s fixed income investment philosophy is based on the team’s belief that skillful portfolio management can deliver superior total and risk-adjusted returns by taking advantage of bond market inefficiencies in three key ways:

Sector Allocation: Bond market sectors tend to move in a cyclical fashion relative to the economy and display strong mean-reversion tendencies. These movements can be predictable and are utilized to produce potential alpha. INCORE Capital’s typical sector allocation includes governments, agencies, investment grade and high yield corporate bonds, mortgages, CMBS, asset-backed and municipal securities.

Security Selection: INCORE believes that independent, comprehensive analysis of issuers, securities, and cash flows leads to superior risk-adjusted returns. The team uses both quantitative and fundamental analysis to find relative value amongst issuers with stable to improving credit fundamentals while avoiding those with deteriorating fundamentals and downward ratings pressure.

Yield Curve Positioning: Movements in the level of interest rates and the shape of the yield curve are directly linked with economic cycles. INCORE believes movements are predictable and can be exploited to achieve superior risk-adjusted returns. 

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.

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. Mortgage-backed securities are subject to higher prepayment risk than corporate bonds and notes, particularly in periods of declining interest rates as well as the risk that an unexpected rise in interest rates will extend the life of the security beyond the expected repayment time, typically reducing the security’s value. 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.

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 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 having visited this website.

Annualized Returns

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Risk Measures

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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 July 31, 2018. 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 U.S. Aggregate Bond Index is an unmanaged index that is generally considered to be representative of U.S. bond market activity. 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.

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. Mortgage-backed securities are subject to higher prepayment risk than corporate bonds and notes, particularly in periods of declining interest rates as well as the risk that an unexpected rise in interest rates will extend the life of the security beyond the expected repayment time, typically reducing the security’s value. 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.

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.

Victory Capital Management Inc., an affiliate of VCA, is the investment advisor to the Funds and receives a fee from the Funds for its services.

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 having visited this website.  

Not a Deposit / Not FDIC or NCUA Insured / May Lose Value / No Bank or Credit Union Guarantee

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GNMA securities are backed by the same full faith and credit guarantee offered by U.S. Treasury securities which is an unconditional commitment to pay interest and principal on debt. This guarantee applies only to the underlying securities in the Fund and not to the Victory Fund for Income.

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Holdings are subject to change.

Characteristics
Wtd Average Life (WAL): The average number of years for which each dollar of unpaid principal on a loan or mortgage remains outstanding. Once calculated, WAL tells how many years it will take to pay half of the outstanding principal. Duration: A weighted average of the maturity of all the income streams from a bond or portfolio of bonds. Generally, the higher the duration, the more sensitive the bond or bond portfolio to changes in interest rates. The Fund diversification and duration schedule are presented to illustrate examples of the Fund’s investments and may not be representative of the Fund’s current or future investments.

Target metrics reflect our stated goals and are not absolute limits as these are affected by various factors like market fluctuations.
Percentage allocations listed above may not sum to 100% due to rounding methodology. 

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.

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. Mortgage-backed securities are subject to higher prepayment risk than corporate bonds and notes, particularly in periods of declining interest rates as well as the risk that an unexpected rise in interest rates will extend the life of the security beyond the expected repayment time, typically reducing the security’s value. 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.

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.

Victory Capital Management Inc., an affiliate of VCA, is the investment advisor to the Funds and receives a fee from the Funds for its services.

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 having visited this website.

Not a Deposit / Not FDIC or NCUA Insured / May Lose Value / No Bank or Credit Union Guarantee

Richard Consul, CFA

Senior Portfolio Manager

Richard Consul is head of mortgage-backed securities and interest rate trading for all fixed income strategies and a member of the core fixed income portfolio management team. Munder Capital Management was acquired by Victory Capital in October 2014. INCORE Capital Management is a Victory Capital investment franchise.

Mr. Consul has nine years of investment industry experience and joined Munder in 2010. He was previously with Bank of America in San Francisco and London where he was a foreign exchange currency trader and, with DTE Energy as a futures/options trader specializing in crude oil for their $1.5 billion internal commodities hedge fund portfolio. 

Mr. Consul earned a B.B.A. in Finance with a minor in Mathematics and an M.S.E. in Financial Engineering from the University of Michigan. He is a member of the International Association of Financial Engineers. Mr. Consul is a CFA® charterholder and is a member of the CFA Institute and the CFA Society of Detroit.

Brad Filips

Credit Research Analyst

Brad Filips’ primary focus is on performing modeling and credit analysis on corporate bond sectors and issuers. In addition, he also conducts fixed income research and analysis that supports duration/yield curve analysis, portfolio construction, and risk management. The Munder Fixed Income team was renamed INCORE Capital Management on April 1, 2015. INCORE Capital Management is a Victory Capital investment franchise.

Mr. Filips joined Munder in 2011 and has six years of investment industry experience. He was previously with Plante Moran, where he was an investment research analyst specializing in performing due diligence on investment managers and analyzing investment strategies. 

Mr. Filips earned a B.S. in Finance from Northern Michigan University.

S. Brad Fush, CFA

Director, Fixed Income Credit Research

Brad Fush leads the fixed income credit research effort at INCORE Capital Management. His primary focus is on performing modeling and credit analysis on corporate bond sectors and issuers. Munder Capital Management was acquired by Victory Capital in October 2014. INCORE Capital Management is a Victory Capital investment franchise.

Mr. Fush joined Munder in 2000 and has 22 years of investment industry experience, including significant experience with in-depth credit modeling and credit analysis. He was previously with Comerica Bank where he was a commercial credit analyst, lender, and manager. 

Mr. Fush earned a B.A. in economics from Albion College, an M.B.A. in Finance and an M.S. in Accounting from Wayne State University. He is a CFA® charterholder and is a member of the CFA Institute and the CFA Society of Detroit.

Pamela Iwasko

Fixed Income Trader/Analyst

Pamela Iwasko conducts fixed income research and analysis that supports portfolio construction, monitoring portfolio positions, cash flow management and duration/yield curve analysis. Her primary area of focus is on analyzing and trading corporate bonds. The Munder Fixed Income team was renamed INCORE Capital Management on April 1, 2015. INCORE Capital Management is a Victory Capital investment franchise.

Ms. Iwasko joined Munder Capital in 1993, and has 28 years of investment industry experience. Munder Capital Management was acquired by Victory Capital in October 2014.

James Kelts, CFA

Senior Portfolio Manager

James Kelts is the head of fixed income trading at INCORE and a portfolio manager on the core fixed income and enhanced core strategies. His primary focus is on commercial mortgage backed securities and corporate bonds. The Munder Fixed Income team was renamed INCORE Capital Management on April 1, 2015. INCORE Capital Management is a Victory Capital investment franchise.

Mr. Kelts joined Munder in 2003 and has 13 years of investment industry experience, including significant experience in portfolio management and credit analysis of the corporate bond, commercial mortgage backed and asset backed securities sectors. He was previously with Comerica bank, where he was an operations specialist. Munder Capital Management was acquired by Victory Capital in October 2014.

Mr. Kelts earned a B.A. in Finance from Michigan State University, is a CFA® charterholder, and a member of the CFA Institute and the CFA Society of Detroit.

Gregory Oviatt, CFA

Senior Portfolio Manager

Gregory Oviatt is a senior member of the core fixed income portfolio management team and his sector focus is on corporate bonds in the financial sector. 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 2000 and has 20 years of investment industry experience, including significant experience in the credit analysis and portfolio management of corporate bonds and structured product. Mr. Oviatt also served as a portfolio manager on the cash management team responsible for managing $9 billion in cash and fixed income securities. He was previously with National City Investment Management Co. as vice president and money market portfolio manager, and with First of America Investment Corporation as a money market and fixed income trader. Munder Capital Management was acquired by Victory Capital in October 2014.

Mr. Oviatt earned a B.A. in Economics from Kalamazoo College, is a CFA® charterholder, and a member of the CFA Institute and the CFA Society of Detroit.

Adam Thayer, CFA

Senior Portfolio Manager

Adam Thayer manages municipal fixed income strategies at INCORE. He is also responsible for trading taxable and tax-exempt municipal bonds, as well as performing credit research and analysis of the municipal sector. The Munder Fixed Income team was renamed INCORE Capital Management on April 1, 2015. INCORE Capital Management is a Victory Capital investment franchise.

Mr. Thayer joined Munder in 2000 and has 17 years of investment industry experience, including serving as a portfolio manager on the mutual fund team which managed a municipal short & short intermediate strategy that received a Lipper Best Fund Award three years in a row for its consistent risk-adjusted performance among its peers over four unique time periods. Munder Capital Management was acquired by Victory Capital in October 2014.

He earned a B.A. in Finance from Michigan State University, is a CFA® charterholder, and a member of the CFA Institute and the CFA Society of Detroit.

Fees & Expenses

Annual fund operating expenses are listed below. Victory Capital is committed to being fully transparent about fees and expenses, enabling investors to make informed decisions.

This calculator is intended to help you assess the impact of the operating expenses of the Class A, C, R, or Y shares of the Fund on the Fund’s potential returns. The calculator allows you to assume that you have made a hypothetical investment of any amount in Class A, C, R, or Y shares of the Fund for a 10-year period, and that your investment earns a 5% return each year. The example assumes that the Fund’s operating expenses through Year 1 are the same as those shown in the Annual Fund Operating Expenses table of the Fund’s Prospectus under “Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement” and for all subsequent periods are the same as those shown under “Total Annual Fund Operating Expenses.” The example reflects the impact of sales loads where applicable. Your actual costs may be higher or lower. Based on these assumptions, the calculator shows, for each year and cumulatively for all 10 years, (1) the fees and the costs (the “Expenses”) associated with your investment and (2) the difference (the “Dollar Impact on Return”) between your return if the Fund had not incurred the Expenses and your return after giving effect to the Expenses.

Annual Fund Operating Expenses

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The Adviser has contractually agreed to waive a portion of its management fee and/or reimburse certain expenses through at least July 31, 2018. 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.