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Investment Approach

The Victory Munder Multi-Cap Fund’s management team seeks to provide long-term capital appreciation in the Fund by identifying secular growth trends and investing in stocks of companies the team believes will benefit from these trends. In selecting individual securities for the Fund, the team looks for companies it believes have significant growth opportunities and exhibit attractive long-term growth characteristics. It does so by conducting a thorough review of a company’s products and services, competitive positioning, balance sheet and financial stability. In addition, the team attempts to identify and evaluate underlying growth drivers for each company and to arrive at a projected fair value for the company’s equity securities.

Philosophy & Process

The management team’s process is designed to achieve consistent long-term returns across the full breadth of market conditions and economic cycles. The focus of its investment process is on security selection and risk management. The team believes this is the best way to position investors to achieve an optimal balance between potential reward and investment risk over a complete market cycle.
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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 5.75%.
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 Y Shares are not subject to an initial sales charge when purchased, a contingent deferred sales charge or Rule 12b-1 fees.
Class R 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 R and Y Shares.
Class R Shares are not subject to an initial sales charge or a contingent deferred sales charge, but have a Rule 12b-1 fee. 

The Adviser has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual operating expenses of Class R shares of the Fund (excluding acquired fund fees and expenses and certain items such as interest, taxes and brokerage commissions) do not exceed 1.88% until at least October 31, 2017. 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 Growth Opportunities 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
The Russell 1000® Growth & Russell 3000® Index is a capitalization-weighted index that measures the performance of those Russell 1000® Index companies (the 1,000 largest stocks by market capitalization in the Russell 3000® Index, an index of the top 3,000 U.S. stocks by market capitalization covering 98% of the U.S. equity investable universe) with lower composite value scores. Securities indexes assume reinvestment of all distributions and interest payments and do not take into account brokerage fees or taxes. Securities in the Fund may not match those in the index 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.

Characteristics
Weighted harmonic average is the average market capitalization of all companies in a portfolio with each company weighted according to its percent of the portfolio. Market capitalization is the total dollar value of all outstanding shares computed as number of shares times current market price. Avg Price/Earnings Ratio (Last 12 Months & Next 12 Months) Shows the multiple of earnings at which a stock sells. Determined by dividing current stock price by earnings per share for the relevant 12 month period. Earnings per share for the P/E ratio are determined by dividing earnings for the relevant 12 month period by the number of common shares outstanding. Average Price/Book Ratio: Compares a stock’s market value to the value of total assets less total liabilities (book value). Dividend yield is total cash dividends paid as a percent of market capitalization at the end of the period. The yield for the index is the total of all dividends paid over twelve months divided by the total market capitalization. Return on Equity is net income divided by common equity. A measure of how well a company used reinvested earnings to generate additional earnings. EPS is the portion of a company's profit allocated to each outstanding share of common stock. Earnings per share serves as an indicator of a company's profitability. Long-Term Debt/Capitalization is an indicator of financial leverage. Shows long-term debt as a proportion of the capital available. Determined by dividing long-term debt by the sum of long-term debt, preferred stock and common stockholder's equity. Source: FactSet Research Systems, Inc.

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.

Tony Dong, CFA, Chief Investment Officer and Lead Manager, Munder Capital Management

Tony Dong is Vice Chairman, Chief Investment Officer and a senior portfolio manager for Munder Capital Management. He acts as team leader for all of Munder’s investment strategies while serving as lead portfolio manager for the Mid-Cap Core Growth and Mid-Cap Growth strategies and co-portfolio manager for the Small-Cap/Mid-Cap Blend, Focused Small/Mid-Cap and Small-Cap Growth strategies. Munder Capital Management was acquired by Victory Capital in October 2014 and is a Victory Capital investment franchise.

Mr. Dong has over 30 years of investment experience that includes overseeing equity strategies, portfolio management and equity research. He developed and manages investment strategies designed to generate alpha, control risk and create long-term value for clients through stock selection. His team’s flagship strategy, Mid-Cap Core Growth, was recognized by PSN as a “Top Guns Manager of the Decade” within the mid-cap growth universe for five consecutive years (2009-2013). Mr. Dong and his team's investment strategies have also been featured in Barron’s magazine and on CNBC and Bloomberg TV. He joined Munder in 1988 and has served as a board member. Prior to Munder, he was a portfolio manager and research analyst at Manufacturers National Bank. 

Mr. Dong holds a B.B.A. (with distinction) from the University of Michigan and an MBA in finance from Wayne State University. He is a CFA® charterholder and member of the CFA Institute and CFA Society of Detroit.


Michael Gura Headshot

Michael Gura is a senior portfolio manager for Munder Capital Management. In this role, he serves as lead portfolio manager for the Multi-Cap strategy and Diversified Equity strategy and as an analyst for the Mid-Cap Core Growth, Mid-Cap Growth, Small-Cap/Mid-Cap Blend, Focused Small/Mid-Cap and Small-Cap Growth strategies. He is responsible for research coverage of the Health Care, Consumer Discretionary and Consumer Staples sectors. Munder Capital Management was acquired by Victory Capital in October 2014 and is a Victory Capital investment franchise.

Mr. Gura joined Munder in 1995 as a senior equity research analyst in a merger with the investment management division of Comerica Bank.

Mr. Gura received a B.B.A. and an M.S. in finance (with distinction) from Walsh College. 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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Minimum Investment

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Calculate Expenses

Amount Invested($):
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Investment Approach

The Victory Munder Multi-Cap Fund’s management team seeks to provide long-term capital appreciation in the Fund by identifying secular growth trends and investing in stocks of companies the team believes will benefit from these trends. In selecting individual securities for the Fund, the team looks for companies it believes have significant growth opportunities and exhibit attractive long-term growth characteristics. It does so by conducting a thorough review of a company’s products and services, competitive positioning, balance sheet and financial stability. In addition, the team attempts to identify and evaluate underlying growth drivers for each company and to arrive at a projected fair value for the company’s equity securities.

Philosophy & Process

The management team’s process is designed to achieve consistent long-term returns across the full breadth of market conditions and economic cycles. The focus of its investment process is on security selection and risk management. The team believes this is the best way to position investors to achieve an optimal balance between potential reward and investment risk over a complete market cycle.

Investment Considerations

A significant portion of the Fund’s assets is likely to be invested in the information technology sector. In addition, the Fund concentrates its investments in Internet-related securities. Investments in both of these areas tend to be relatively volatile. The Fund is therefore subject to higher market risk and price volatility than funds with more broadly diversified investments. The Fund tends to invest in smaller company stocks, which are more volatile and less liquid than larger, more established company securities. The Fund also may invest up to 25% of its assets in foreign securities, which involve additional risks due to currency fluctuations, economic and political conditions, and differences in financial reporting standards.

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 11/01/2016)

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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 5.75%.
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 Y Shares are not subject to an initial sales charge when purchased, a contingent deferred sales charge or Rule 12b-1 fees.
Class R 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 R and Y Shares.
Class R Shares are not subject to an initial sales charge or a contingent deferred sales charge, but have a Rule 12b-1 fee. 

The Adviser has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual operating expenses of Class R shares of the Fund (excluding acquired fund fees and expenses and certain items such as interest, taxes and brokerage commissions) do not exceed 1.88% until at least October 31, 2017. 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 Growth Opportunities 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
The Russell 1000® Growth & Russell 3000® Index is a capitalization-weighted index that measures the performance of those Russell 1000® Index companies (the 1,000 largest stocks by market capitalization in the Russell 3000® Index, an index of the top 3,000 U.S. stocks by market capitalization covering 98% of the U.S. equity investable universe) with lower composite value scores. Securities indexes assume reinvestment of all distributions and interest payments and do not take into account brokerage fees or taxes. Securities in the Fund may not match those in the index 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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N/A

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

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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.

Characteristics
Weighted harmonic average is the average market capitalization of all companies in a portfolio with each company weighted according to its percent of the portfolio. Market capitalization is the total dollar value of all outstanding shares computed as number of shares times current market price. Avg Price/Earnings Ratio (Last 12 Months & Next 12 Months) Shows the multiple of earnings at which a stock sells. Determined by dividing current stock price by earnings per share for the relevant 12 month period. Earnings per share for the P/E ratio are determined by dividing earnings for the relevant 12 month period by the number of common shares outstanding. Average Price/Book Ratio: Compares a stock’s market value to the value of total assets less total liabilities (book value). Dividend yield is total cash dividends paid as a percent of market capitalization at the end of the period. The yield for the index is the total of all dividends paid over twelve months divided by the total market capitalization. Return on Equity is net income divided by common equity. A measure of how well a company used reinvested earnings to generate additional earnings. EPS is the portion of a company's profit allocated to each outstanding share of common stock. Earnings per share serves as an indicator of a company's profitability. Long-Term Debt/Capitalization is an indicator of financial leverage. Shows long-term debt as a proportion of the capital available. Determined by dividing long-term debt by the sum of long-term debt, preferred stock and common stockholder's equity. Source: FactSet Research Systems, Inc.

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.

Michael Gura, CFA

Senior Portfolio Manager

Michael Gura is a senior portfolio manager for Munder Capital Management. In this role, he serves as lead portfolio manager for the Multi-Cap strategy and Diversified Equity strategy and as an analyst for the Mid-Cap Core Growth, Mid-Cap Growth, Small-Cap/Mid-Cap Blend, Focused Small/Mid-Cap and Small-Cap Growth strategies. He is responsible for research coverage of the Health Care, Consumer Discretionary and Consumer Staples sectors. Munder Capital Management was acquired by Victory Capital in October 2014 and is a Victory Capital investment franchise.

Mr. Gura joined Munder in 1995 as a senior equity research analyst in a merger with the investment management division of Comerica Bank.

Mr. Gura received a B.B.A. and an M.S. in finance (with distinction) from Walsh College. 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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{{::item.name}} {{::info | percentage:2}}

Minimum Investment

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

Calculate Expenses

Amount Invested($):
Calculate
Please enter a valid numeric value
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