Victory Trivalent International Small-Cap Fund

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Investment Approach

The Victory Trivalent International Small-Cap Fund’s management team seeks to provide long-term growth of capital in the Fund by investing primarily in equity securities of small-capitalization companies in countries represented in the S&P® Developed ex-U.S. SmallCap Index.

Philosophy & Process

The team selects stocks using a blend of fundamental research and quantitative analysis, focusing on both positive business momentum and favorable valuation. The team uses risk controls to help avoid unintended risk and highlight security selection as a key part of the overall construction of the Fund. The Fund’s investment allocation to countries and sectors tends to closely approximate the country and sector allocations of the S&P® Developed ex-U.S. SmallCap Index. To ensure a diversified geographic portfolio, the Fund invests in a minimum of ten countries.

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 the Fund 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 I, 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 I, 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, 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, I, 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 1.35%, 2.10%, 0.95%, 1.10% and 1.10%, respectively, until at least October 31, 2016. 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 International Small-Cap Fund, a series of Munder Series Trust), subject to any operating expense limits in effect at the time of the original waiver or expense reimbursement and at the time of recoupment. This agreement may only be terminated by the Fund’s Board of Trustees.

Benchmark
S&P® Developed ex-U.S. SmallCap Index: Consists of the stocks representing the lowest 15% of float-adjusted market capitalization in each country other than the U.S. represented in the S&P® Developed Broad Market Index (BMI). The S&P® Developed BMI includes all listed shares of companies from 26 developed countries with float-adjusted market capitalizations of at least US$100 million and annual trading value of at least US$50 million. 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 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.

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.

not FDIC insured
no bank guarantee
may lose value

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Dan LeVan is Chief Investment Officer of Trivalent Investments. In this role, he oversees the management of Trivalent’s international and emerging markets equity strategies and manages a team of investment professionals who have been working together for over 20 years. He is also lead portfolio manager of the International Small-Capitalization Equity strategy and its related mutual and collective funds. The Munder International Equity team was renamed Trivalent Investments on April 1, 2015. Trivalent Investments is a Victory Capital investment franchise.

An early institutional investor in the international small-cap space, Mr. LeVan has specialized in this asset class since he began his investment career in 1994 with Standish, Ayer & Wood (currently a subsidiary of BNY Mellon). While at BNY Mellon, he worked with a team of investment professionals who were responsible for managing over $15 billion in international equity assets, $3 billion of which was in international small-cap. There he developed the foundation of the international small-cap investment approach that the team employs today. In 2007, Mr. LeVan and the team joined Munder from The Boston Company (a subsidiary of BNY Mellon), forming the Munder International Equity team. Munder Capital Management was acquired by Victory Capital in October 2014.

Prior to his investment career, Mr. LeVan served as a U.S. Air Force captain for six years. He holds a B.S. in electrical & computer engineering from Clarkson University, an MBA from Bentley College and an M.S. in finance from Boston College. He is a CFA® charterholder and member of the CFA Institute.

John Evers is a senior portfolio manager for Trivalent Investments. In this role, he serves as co-manager of the International Small-Capitalization Equity strategy and its related mutual and collective funds and as lead manager of the Emerging Markets Small-Capitalization Equity strategy. He is also a member of the team managing the international core equity strategies and is responsible for research coverage of the Financials and Real Estate sectors. The Munder International Equity team was renamed Trivalent Investments on April 1, 2015. Munder Capital Management was acquired by Victory Capital in October 2014. Trivalent Investments is a Victory Capital Investment franchise.

Mr. Evers joined Munder in 2007. Previously, he worked for Standish, Ayer & Wood with the other members of what eventually would become the Munder International Equity team. From 1994 to 1998, he was a fixed income quantitative analyst with Wellington Management Company. He began his career in 1991 as a programmer/analyst at Aetna Life & Casualty.

Mr. Evers holds a B.S. in business administration from the University of Maine and an M.S. in finance from Boston College. He is a CFA® charterholder and member of the CFA Institute.

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Fees & Expenses

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Fund Downloads

Fact Sheet Manager Commentary

Investment Considerations

Investors should note that investments in foreign securities involve additional risks due to currency fluctuations, economic and political conditions, and differences in financial reporting standards. A substantial portion of the Fund’s assets is invested in securities of Japanese and U.K. issuers; therefore, adverse market conditions affecting those countries may have a more pronounced effect on the Fund. Smaller company stocks are more volatile and less liquid than larger, more established company securities.

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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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.

not FDIC insured
no bank guarantee
may lose value

Please read the User Agreement and Privacy Policy.

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not FDIC insured
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may lose value

Please read the User Agreement and Privacy Policy.

John Evers, CFA

Senior Portfolio Manager

Mr. Evers holds a B.S. in business administration from the University of Maine and an M.S. in finance from Boston College. He is a CFA® charterholder and member of the CFA Institute.

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Our People

Dan LeVan, CFA

Chief Investment Officer – Trivalent Investments

John Evers, CFA

Senior Portfolio Manager

Fees & Expenses

Annual Fund Operating Expenses

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