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Investment Approach

The Victory INCORE Total Return Bond fund seeks to provide a high level of current income and capital appreciation by taking advantage of bond market inefficiencies in three key ways: sector allocation, active interest rate and yield curve positioning, and credit selection. At the core of our fixed income philosophy is the view economic cycles create capital market inefficiencies, valuations are cyclical and revert to the mean over time, and value can be consistently added by exploiting these opportunities.

Philosophy & Process

The team starts the analytical process with a top-down view of the world that is complemented with thorough fundamental credit analysis and a collaborative and institutionalized decision making process. To this end we have separate modeling capabilities for risk exposure (top-down) and security selection (bottom-up) decisions, as well as the Investment Strategy and Credit Committees that meet on a weekly basis to discuss the results thereof. All of these efforts are complemented by extensive risk control measures to assure benchmark-relative tracking error is efficiently controlled.
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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%.
Class C Shares are not subject to an initial sales charge, but are subject to a deferred sales charge of 1.00% on shares redeemed within the first year. Class C Shares MOP performance for periods less than 1 year reflect the effect of the 1.00% CDSC.
Class R6 and Y Shares are not subject to an initial sales charge when purchased, a contingent deferred sales charge or Rule 12b-1 fees.
Class R6 and Y 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, R, R6 and Y Shares.

The Adviser has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual operating expenses of Class A, C, R6 and Y shares of the Fund (excluding Acquired Fund Fees and Expenses and certain items such as interest, taxes and brokerage commissions) do not exceed 0.91%, 1.66%, 0.64% and 0.66%, respectively, until at least October 31, 2017, October 31, 2017, October 31, 2018 and October 31, 2017, respectively. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the fiscal year in which the waiver or reimbursement took place (including any amounts waived or reimbursed prior to October 31, 2014 by Munder Capital Management, investment adviser to the Fund’s predecessor, Munder Bond Fund, a series of Munder Series Trust), subject to the lesser of: (a) any operating expense limits in effect at the time of the original waiver or expense reimbursement; or (b)at the time of recoupment. This agreement may only be terminated by the Fund’s Board of Trustees.

Benchmark
S&P 500® Index: A widely recognized capitalization-weighted index that measures the performance of the large-capitalization sector of the U.S. stock market. Securities indexes assume reinvestment of all distributions and interest payments and do not take in account brokerage fees or taxes. Securities in the Fund may not match those in the indexes and performance of the Fund will differ. Direct investment in an index is not possible.

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.

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.

Characteristics
Dollar-Wtd Avg Maturity: The weighted average of the time until all maturities on mortgages in a mortgage-backed security (MBS). The higher the weighted average to maturity, the longer the mortgages in the security have until maturity. Also known as "average effective maturity". Effective Duration:A duration calculation for bonds with embedded options. Effective duration takes into account that expected cash flows will fluctuate as interest rates change. Effective Yield is the yield of a bond, assuming that you reinvest the coupon (interest payments) once you have received payment. Effective yield is the total yield an investor receives in relation to the nominal yield or coupon of a bond. Effective yield takes into account the power of compounding on investment returns, while nominal yield does not. Source: FactSet Research Systems, Inc.

Portfolio characteristics are derived from a data source that may not provide information on every security in the portfolio. Such securities are excluded from the characteristics calculations and may affect the figures presented. Portfolio holdings will change and should not be considered purchase recommendations. Percentages shown for Sector Diversification and Life Structure are not based on net assets, but instead represent the breakdown of investments excluding futures, credit default swaps and similar instruments, if any, and cash. Percentages shown for Quality Structure are based on net assets. Please visit www.vcm.com for the most current list of holdings available for the Fund.

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 FINRAand 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.


S. Brad Fush, CFA, Director, Fixed Income Credit Research

Brad Fush is director of fixed income credit research for INCORE Capital Management. In this role, he leads the fixed income credit research effort. 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 24 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 and an MBA in finance and M.S. in accounting from Wayne State University. He is a CFA® charterholder and member of the CFA Institute and CFA Society of Detroit.

James Kelts, CFA, Senior Portfolio Manager

James Kelts is a senior portfolio manager and head of fixed income trading for INCORE Capital Management. As 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 16 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. He is a CFA® charterholder and member of the CFA Institute and CFA Society of Detroit.

Gregory Oviatt, CFA, Senior Portfolio Manager

Gregory Oviatt is a senior portfolio manager for INCORE Capital Management. As a senior member of the core fixed income portfolio management team, his primary focus is on 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. Oviatt joined Munder in 2000 and has 22 years of investment industry experience, including significant experience in the credit analysis and portfolio management of corporate bonds and structured product. He also served as a portfolio manager on the cash management team responsible for managing $9 billion in cash and fixed income securities. Previously, he was a vice president and money market portfolio manager at National City Investment Management Co. Earlier in his career, he was 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. He is a CFA® charterholder and member of the CFA Institute and CFA Society of Detroit.

Richard Consul, CFA, Senior Portfolio Manager

Richard Consul is a senior portfolio manager for INCORE Capital Management and head of mortgage-backed securities and interest rate trading for all fixed income strategies. He is also 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 11 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. He also worked for DTE Energy as a futures/options trader specializing in crude oil for the company’s $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. He is a CFA® charterholder and member of the CFA Institute and CFA Society of Detroit.

Fees & Expenses

Annual Fund Operating Expenses

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Investment Approach

The Victory INCORE Total Return Bond fund seeks to provide a high level of current income and capital appreciation by taking advantage of bond market inefficiencies in three key ways: sector allocation, active interest rate and yield curve positioning, and credit selection. At the core of our fixed income philosophy is the view economic cycles create capital market inefficiencies, valuations are cyclical and revert to the mean over time, and value can be consistently added by exploiting these opportunities.

Philosophy & Process

The team starts the analytical process with a top-down view of the world that is complemented with thorough fundamental credit analysis and a collaborative and institutionalized decision making process. To this end we have separate modeling capabilities for risk exposure (top-down) and security selection (bottom-up) decisions, as well as the Investment Strategy and Credit Committees that meet on a weekly basis to discuss the results thereof. All of these efforts are complemented by extensive risk control measures to assure benchmark-relative tracking error is efficiently controlled.
Investment Considerations

Bond funds will tend to experience smaller fluctuations in value than stock funds. However, investors in any bond fund should anticipate fluctuations in price, especially for longer-term issues and in environments of rising interest rates. A significant portion of the Fund is invested in mortgage-backed securities, which are subject to higher prepayment risk than corporate bonds and notes, particularly in periods of declining interest rates, and are subject to 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. In addition, the Fund invests in to-be-announced (TBA) and dollar-roll transactions, which involve the risk that the security will decline in value between the purchase date and the delivery or issue date, the risk that value of the security the Fund is required to buy will be less than an identical security, and the risk that the counterparty will fail to deliver. The Fund invests in credit default swaps, which involve the risk that small price movements can result in substantial gains or losses. The Fund also invests in dollar-denominated securities of foreign issuers, which involve additional risks due to foreign economic and political conditions, and differences in financial reporting standards. To the extent the Fund invests a greater amount in any one sector, the Fund's performance will depend to a greater extent on the overall condition of that sector, and there is increased risk to the Fund if conditions adversely affect that sector. 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

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Annual Expenses

(As of 11/01/2016)

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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%.
Class C Shares are not subject to an initial sales charge, but are subject to a deferred sales charge of 1.00% on shares redeemed within the first year. Class C Shares MOP performance for periods less than 1 year reflect the effect of the 1.00% CDSC.
Class R6 and Y Shares are not subject to an initial sales charge when purchased, a contingent deferred sales charge or Rule 12b-1 fees.
Class R6 and Y 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, R, R6 and Y Shares.

The Adviser has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual operating expenses of Class A, C, R6 and Y shares of the Fund (excluding Acquired Fund Fees and Expenses and certain items such as interest, taxes and brokerage commissions) do not exceed 0.91%, 1.66%, 0.64% and 0.66%, respectively, until at least October 31, 2017, October 31, 2017, October 31, 2018 and October 31, 2017, respectively. The Adviser is permitted to recoup advisory fees waived and expenses reimbursed for up to three years after the fiscal year in which the waiver or reimbursement took place (including any amounts waived or reimbursed prior to October 31, 2014 by Munder Capital Management, investment adviser to the Fund’s predecessor, Munder Bond Fund, a series of Munder Series Trust), subject to the lesser of: (a) any operating expense limits in effect at the time of the original waiver or expense reimbursement; or (b)at the time of recoupment. This agreement may only be terminated by the Fund’s Board of Trustees.

Benchmark
S&P 500® Index: A widely recognized capitalization-weighted index that measures the performance of the large-capitalization sector of the U.S. stock market. Securities indexes assume reinvestment of all distributions and interest payments and do not take in account brokerage fees or taxes. Securities in the Fund may not match those in the indexes and performance of the Fund will differ. Direct investment in an index is not possible.

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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{{::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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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.

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.

Characteristics
Dollar-Wtd Avg Maturity: The weighted average of the time until all maturities on mortgages in a mortgage-backed security (MBS). The higher the weighted average to maturity, the longer the mortgages in the security have until maturity. Also known as "average effective maturity". Effective Duration:A duration calculation for bonds with embedded options. Effective duration takes into account that expected cash flows will fluctuate as interest rates change. Effective Yield is the yield of a bond, assuming that you reinvest the coupon (interest payments) once you have received payment. Effective yield is the total yield an investor receives in relation to the nominal yield or coupon of a bond. Effective yield takes into account the power of compounding on investment returns, while nominal yield does not. Source: FactSet Research Systems, Inc.

Portfolio characteristics are derived from a data source that may not provide information on every security in the portfolio. Such securities are excluded from the characteristics calculations and may affect the figures presented. Portfolio holdings will change and should not be considered purchase recommendations. Percentages shown for Sector Diversification and Life Structure are not based on net assets, but instead represent the breakdown of investments excluding futures, credit default swaps and similar instruments, if any, and cash. Percentages shown for Quality Structure are based on net assets. Please visit www.vcm.com for the most current list of holdings available for the Fund.

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 FINRAand 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.

 

S. Brad Fush, CFA

Director, Fixed Income Credit Research

Brad Fush is director of fixed income credit research for INCORE Capital Management. In this role, he leads the fixed income credit research effort. 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 24 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 and an MBA in finance and M.S. in accounting from Wayne State University. He is a CFA® charterholder and member of the CFA Institute and CFA Society of Detroit.

James Kelts, CFA

Senior Portfolio Manager

James Kelts is a senior portfolio manager and head of fixed income trading for INCORE Capital Management. As 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 16 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. He is a CFA® charterholder and member of the CFA Institute and CFA Society of Detroit.

Gregory Oviatt, CFA

Senior Portfolio Manager

Gregory Oviatt is a senior portfolio manager for INCORE Capital Management. As a senior member of the core fixed income portfolio management team, his primary focus is on 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. Oviatt joined Munder in 2000 and has 22 years of investment industry experience, including significant experience in the credit analysis and portfolio management of corporate bonds and structured product. He also served as a portfolio manager on the cash management team responsible for managing $9 billion in cash and fixed income securities. Previously, he was a vice president and money market portfolio manager at National City Investment Management Co. Earlier in his career, he was 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. He is a CFA® charterholder and member of the CFA Institute and CFA Society of Detroit.

Richard Consul, CFA

Senior Portfolio Manager

Richard Consul is a senior portfolio manager for INCORE Capital Management and head of mortgage-backed securities and interest rate trading for all fixed income strategies. He is also 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 11 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. He also worked for DTE Energy as a futures/options trader specializing in crude oil for the company’s $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. He is a CFA® charterholder and member of the CFA Institute and CFA Society of Detroit.

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