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Investment Approach

The Victory 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 provide a high level of current income together with long-term capital appreciation 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.
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Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please call 1-800-539-FUND or visit www.vcm.com.

Class A Shares MOP performance figures reflect a maximum sales charge of 2.00%. Prior to 12/31/02 the maximum sales load was 5.75%. A contingent deferred sales charge of 0.75% may be imposed on Class A shares with respect to purchases of $1,000,000 or more that are redeemed within 12 months of purchase.
Class I Shares are not subject to an initial sales charge when purchased, a contingent deferred sales charge or Rule 12b-1 fees.
Class I Shares are available only to select investors as described in the Fund’s prospectus. Please read the Prospectus for information on the eligibility requirements to purchase Class I Shares.

The Adviser has contractually agreed to waive a portion of its management fee and/or reimburse certain expenses through at least February 28, 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.

Benchmark
The BofA ML All Investment Grade US Convertibles (VXA1) Index is a market capitalization-weighted index of domestic corporate convertible securities. Bonds and preferred stocks must be convertible only to common stock, ADR’s or cash equivalent and have a market value of at least $50 million. Composed of Coupon, OID, or zero coupon convertible bonds rated by Moody’s and/or S&P with an average rating of Baa3/BBB- or higher. This Index does not include the effect of expenses and is not representative of the Fund and cannot be invested in directly.

Risk Measures
Alpha is a risk (beta adjusted) measurement of the dif­ference between a fund’s actual returns and what it might be expected to deliver based on its level of risk. Beta measures a fund’s sensitivity to market movements. Sharpe Ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. R-squared is a statistical measurement that determines the proportion of the return on a specific portfolio of securities, that can be explained by variations in the stock market, as measured by a benchmark index. Standard deviation is a statistical measure of volatility indicating the risk associated with a return series. The information ratio is a measure of the consistency of excess return. Source: Zephyr StyleADVISOR.

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 investment company can be found in the fund's prospectus. To obtain a prospectus, please call 1-800.539.FUND (1.800.539.3863). Please read the prospectus carefully before investing.

Fund policies may be subject to change.
These Funds may not be available for sale in all states. Contact your investment advisor concerning if/how you can purchase these Funds.

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. 

  • not FDIC insured
  • no bank guarantee
  • may lose value

Please read the User Agreement and Privacy Policy.

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Top Ten Holdings, Sector Diversification and Regional Weightings
The top ten holdings, sector diversification and regional weightings are presented to illus­trate examples of the Fund’s investments and may not be representative of the Fund’s current or future investments. Fund holdings are as of quarter end and may change at any time. Source: FactSet Research Systems, Inc.

Characteristics
Delta: The ratio of the change in price of a call option to the change in price of the underlying stock. Conversion Premium: The extent by which the conversion price of a convertible security exceeds the prevailing common stock price at the time the convertible security is issued. Current Yield: Annual income (interest or dividends) divided by the current price of the security. This measure looks at the current price of a bond instead of its face value and represents the return an investor would expect if he or she purchased the bond and held it for a year. This measure is not an accurate reflection of the actual return that an investor will receive in all cases because bond and stock prices are constantly changing due to market factors. Source: Charles River Manager

The rating for each security held by the Fund is generally determined based on the ratings given by the nationally recognized statistical rating organizations Moody's Investors Service, Standard & Poor's Ratings Services and Fitch Ratings Ltd. If all three organizations have rated the security, the median rating is used. If only two organizations have rated the security, the lower rating is used. If a single organization has rated the security, that rating is used. Securities that have not been rated by any of the organizations, if any, are shown as “Not Rated.” The ratings represent the opinions of the rating organizations (S&P, Moody's, and Fitch) as to the quality of the securities they rate. The ratings range from AAA (extremely strong capacity to meet its financial commitment) to D (in default). Ratings are relative and subjective and are not absolute standards of quality.

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 investment company can be found in the fund's prospectus. To obtain a prospectus, please call 1-800.539.FUND (1.800.539.3863). Please read the prospectus carefully before investing.

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. 

  • not FDIC insured
  • no bank guarantee
  • may lose value

Please read the User Agreement and Privacy Policy.

Edward Goard, CFA, Chief Investment Officer

Edward Goard is Chief Investment Officer of INCORE Capital Management. In this role, he 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.

Mr. Goard joined Munder in 2007 and has 24 years of capital markets and portfolio management experience. Munder Capital Management was acquired by Victory Capital in October 2014. Previously, he was a senior portfolio manager and head of interest rate and mortgage strategies at Barclays Global Investors (BGI). While there, he 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. He is a CFA® charterholder and member of the CFA Institute and CFA Society of Detroit.


James Kaesberg, CFA, Senior Portfolio Manager

James Kaesberg is a senior portfolio manager for INCORE Capital Management. In this role, he helps manage INCORE’s convertible securities strategy in addition to co-managing various separately managed convertible portfolios. He is also a co-manager of the Victory INCORE Investment Grade Convertible Fund as well as common and collective funds that invest in this 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, he was an equity analyst concentrating on pharmaceuticals, health care, telecommunications, computers, and office equipment. 

Mr. Kaesberg has been a speaker and lecturer on convertible securities and asset allocation. He has made guest appearances on local and national radio and been quoted in publications such as The Wall Street Transcript.

Mr. Kaesberg holds a B.B.A. and an MBA from the University of Wisconsin. He is a CFA® charterholder and past president of the CFA Society of Cleveland.

Amy Bush, CFA, Portfolio Manager

Amy Bush is a portfolio manager and fixed income portfolio strategist for INCORE Capital Management. In this role, she helps manage 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 1994. 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 a well-diversified portfolio. 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 B.A. from Miami University and an MBA from Case Western Reserve University. She is a CFA® charterholder.

Mark Vucenovic, Portfolio Manager/Analyst

Mark Vucenovic is a portfolio manager for INCORE Capital Management. In this role, 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 later transferred to equity research. Previously, he worked as a director and senior equity analyst at FTN Equity Capital Markets and Midwest Securities primarily covering the Information Technology sector. He has been quoted in Barron’s, Investor’s Business Daily, The Wall Street Journal and several other media outlets. Earlier in his career, he worked as a relationship manager and credit analyst in the commercial banking and international finance divisions of KeyCorp.

Mr. Vucenovic holds a B.B.A. in accounting from Ohio University and an MBA from Cleveland State University.

Fees & Expenses

Annual Fund Operating Expenses

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Minimum Investment

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Calculate Expenses

Amount Invested($):
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Investment Approach

The Victory 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 provide a high level of current income together with long-term capital appreciation 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.
Investment Considerations

The Fund may invest in below-investment-grade securities, sometimes known as "junk bonds." These securities generally offer higher yields than investment-grade securities, but carry a higher risk of default and may be considered speculative. Investors should be able to assume the risks of investing in below-investment-grade securities. Bond funds fluctuate in price, especially longer-term issues and in environments of rising interest rates. Stocks generally provide greater return potential and risk when compared with other types of investments. The principal value of some bonds falls when interest rates rise and rise when interest rates fall. During periods of rising interest rates, the value of a bond investment is at greater risk than during periods of stable or falling rates.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please call 1-800-539-FUND or visit www.vcm.com.

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 investment company can be found in the fund's prospectus. To obtain a prospectus, please call 1-800.539.FUND (1.800.539.3863). Please read the prospectus carefully before investing.

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. 

Annualized Returns

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Risk Measures

(As of {{::asOf | date:"MM/dd/yyyy"}})

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Calendar Year Returns

(As of {{::asOf | date:"MM/dd/yyyy"}})

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Annual Expenses

(As of 03/01/2017)

{{::category}}
Gross Expense Ratio (%) {{::info.itemData | number}}
Net Expense Ratio (%) {{::info.itemData | number}}

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please call 1-800-539-FUND or visit www.vcm.com.

Class A Shares MOP performance figures reflect a maximum sales charge of 2.00%. Prior to 12/31/02 the maximum sales load was 5.75%. A contingent deferred sales charge of 0.75% may be imposed on Class A shares with respect to purchases of $1,000,000 or more that are redeemed within 12 months of purchase.
Class I Shares are not subject to an initial sales charge when purchased, a contingent deferred sales charge or Rule 12b-1 fees.
Class I Shares are available only to select investors as described in the Fund’s prospectus. Please read the Prospectus for information on the eligibility requirements to purchase Class I Shares.

The Adviser has contractually agreed to waive a portion of its management fee and/or reimburse certain expenses through at least February 28, 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.

Benchmark
The BofA ML All Investment Grade US Convertibles (VXA1) Index is a market capitalization-weighted index of domestic corporate convertible securities. Bonds and preferred stocks must be convertible only to common stock, ADR’s or cash equivalent and have a market value of at least $50 million. Composed of Coupon, OID, or zero coupon convertible bonds rated by Moody’s and/or S&P with an average rating of Baa3/BBB- or higher. This Index does not include the effect of expenses and is not representative of the Fund and cannot be invested in directly.

Risk Measures
Alpha is a risk (beta adjusted) measurement of the dif­ference between a fund’s actual returns and what it might be expected to deliver based on its level of risk. Beta measures a fund’s sensitivity to market movements. Sharpe Ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. R-squared is a statistical measurement that determines the proportion of the return on a specific portfolio of securities, that can be explained by variations in the stock market, as measured by a benchmark index. Standard deviation is a statistical measure of volatility indicating the risk associated with a return series. The information ratio is a measure of the consistency of excess return. Source: Zephyr StyleADVISOR.

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 investment company can be found in the fund's prospectus. To obtain a prospectus, please call 1-800.539.FUND (1.800.539.3863). Please read the prospectus carefully before investing.

Fund policies may be subject to change.
These Funds may not be available for sale in all states. Contact your investment advisor concerning if/how you can purchase these Funds.

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. 

  • not FDIC insured
  • no bank guarantee
  • may lose value

Please read the User Agreement and Privacy Policy.

Characteristics (As of {{::asOf | date:"MM/dd/yyyy"}})

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{{::item.name}}
{{::info | number:2}}
N/A

Characteristics (As of {{::asOf | date:"MM/dd/yyyy"}})

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{{::item.name}} {{::info}}

Characteristics (As of {{::asOf | date:"MM/dd/yyyy"}})

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{{::item.name}} {{::info | number}}

Duration Schedule (%) (As of {{::asOf | date:"MM/dd/yyyy"}})

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Quality Structure (%) (As of {{::asOf | date:"MM/dd/yyyy"}})

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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.

100.00

Average Life Structure (%) (As of {{::asOf | date:"MM/dd/yyyy"}})

Top Ten Holdings, Sector Diversification and Regional Weightings
The top ten holdings, sector diversification and regional weightings are presented to illus­trate examples of the Fund’s investments and may not be representative of the Fund’s current or future investments. Fund holdings are as of quarter end and may change at any time. Source: FactSet Research Systems, Inc.

Characteristics
Delta: The ratio of the change in price of a call option to the change in price of the underlying stock. Conversion Premium: The extent by which the conversion price of a convertible security exceeds the prevailing common stock price at the time the convertible security is issued. Current Yield: Annual income (interest or dividends) divided by the current price of the security. This measure looks at the current price of a bond instead of its face value and represents the return an investor would expect if he or she purchased the bond and held it for a year. This measure is not an accurate reflection of the actual return that an investor will receive in all cases because bond and stock prices are constantly changing due to market factors. Source: Charles River Manager

The rating for each security held by the Fund is generally determined based on the ratings given by the nationally recognized statistical rating organizations Moody's Investors Service, Standard & Poor's Ratings Services and Fitch Ratings Ltd. If all three organizations have rated the security, the median rating is used. If only two organizations have rated the security, the lower rating is used. If a single organization has rated the security, that rating is used. Securities that have not been rated by any of the organizations, if any, are shown as “Not Rated.” The ratings represent the opinions of the rating organizations (S&P, Moody's, and Fitch) as to the quality of the securities they rate. The ratings range from AAA (extremely strong capacity to meet its financial commitment) to D (in default). Ratings are relative and subjective and are not absolute standards of quality.

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 investment company can be found in the fund's prospectus. To obtain a prospectus, please call 1-800.539.FUND (1.800.539.3863). Please read the prospectus carefully before investing.

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. 

  • not FDIC insured
  • no bank guarantee
  • may lose value

Please read the User Agreement and Privacy Policy.

James Kaesberg, CFA

Senior Portfolio Manager - Convertibles

James Kaesberg is a senior portfolio manager for INCORE Capital Management. In this role, he helps manage INCORE’s convertible securities strategy in addition to co-managing various separately managed convertible portfolios. He is also a co-manager of the Victory INCORE Investment Grade Convertible Fund as well as common and collective funds that invest in this 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, he was an equity analyst concentrating on pharmaceuticals, health care, telecommunications, computers, and office equipment. 

Mr. Kaesberg has been a speaker and lecturer on convertible securities and asset allocation. He has made guest appearances on local and national radio and been quoted in publications such as The Wall Street Transcript.

Mr. Kaesberg holds a B.B.A. and an MBA from the University of Wisconsin. He is a CFA® charterholder and past president of the CFA Society of Cleveland.

Amy Bush, CFA

Portfolio Manager and Fixed Income Portfolio Strategist

Amy Bush is a portfolio manager and fixed income portfolio strategist for INCORE Capital Management. In this role, she helps manage 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 1994. 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 a well-diversified portfolio. 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 B.A. from Miami University and an MBA from Case Western Reserve University. She is a CFA® charterholder.

Mark Vucenovic

Portfolio Manager - Convertibles

Mark Vucenovic is a portfolio manager for INCORE Capital Management. In this role, 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 later transferred to equity research. Previously, he worked as a director and senior equity analyst at FTN Equity Capital Markets and Midwest Securities primarily covering the Information Technology sector. He has been quoted in Barron’s, Investor’s Business Daily, The Wall Street Journal and several other media outlets. Earlier in his career, he worked as a relationship manager and credit analyst in the commercial banking and international finance divisions of KeyCorp.

Mr. Vucenovic holds a B.B.A. in accounting from Ohio University and an MBA from Cleveland State University.

Fees & Expenses

Annual Fund Operating Expenses

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Minimum Investment

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Calculate Expenses

Amount Invested($):
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