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Investment Approach

The Victory Integrity Discovery Fund’s management team seeks capital appreciation in the Fund by investing in a diversified portfolio of micro-cap companies that the management team feels are undervalued, but poised to outperform. Micro-cap companies are companies with market capitalizations lower than the largest company in the bottom 75% (based on index weightings) of the Russell 2000® Index.

Philosophy & Process

The team’s investment style focuses on undiscovered, small-sized companies that have strong potential for consistent earnings growth. Since micro-capitalization companies are generally not as well known to investors and have less of an investor following than larger companies, they may provide higher returns due to inefficiencies in the marketplace.
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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 the 2.09% 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 Micro-Cap Equity 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.

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, R 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 the 1.83%, 2.58%, 2.08%, and 1.58%, 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 Micro-Cap Equity 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
The Russell Microcap® Value Index measures the performance of the microcap value segment of the U.S. equity market. It includes Russell Microcap companies that are considered more value oriented relative to the overall market as defined by Russell's leading style methodology. The Russell Microcap Value Index is constructed to provide a comprehensive and unbiased barometer for the microcap value segment of the market. The Index is completely reconstituted annually to ensure larger stocks do not distort performance and characteristics of the microcap opportunity set.

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.

Daniel G. Bandi, CFA, Chief Investment Officer, Integrity

Daniel Bandi is Chief Investment Officer for Integrity Asset Management’s value equity strategies and lead portfolio manager for the company’s Small Cap Value Equity strategy and Small/Mid Cap Value Equity strategy. He is responsible for research coverage of the Financials and Industrials sectors. 

Integrity Asset Management was established in 2003. Munder Capital Management and its wholly owned subsidiary, Integrity Asset Management, were acquired by Victory Capital in October 2014. Integrity Asset Management is a Victory Capital investment franchise.

Mr. Bandi has more than 26 years of investment management experience. He and his team have been featured in The New York Times, The Wall Street Journal, The Financial Times and Investor's Business Daily and have appeared as guests on CNBC, CNNfn TV, Bloomberg TV and other media outlets. He graduated from the University of Pittsburgh and earned an MBA from Texas A&M University-Commerce. He is a CFA® charterholder.




Daniel J. DeMonica, CFA, Senior Portfolio Manager, Integrity

Dan DeMonica is a senior portfolio manager for Integrity Asset Management’s value strategies. He is a member of Integrity’s value equity management team and co-lead portfolio manager for the Micro Cap Value Equity strategy. He is responsible for research coverage of the Health Care, Utilities, Telecommunication Services and Consumer Staples sectors.

Integrity Asset Management was established in 2003. Munder Capital Management and its wholly owned subsidiary, Integrity Asset Management, were acquired by Victory Capital in October 2014. Integrity Asset Management is a Victory Capital investment franchise.

Mr. DeMonica has more than 22 years of investment management experience. He has been featured in The New York Times, The Wall Street Journal and Forbes magazine and has appeared as a guest on CNBC and Bloomberg TV. He graduated from Indiana University-Bloomington and earned his MBA from Case Western Reserve University. He is a CFA® charterholder.

 

Mirsat Nikovic is a portfolio manager and member of Integrity Asset Management’s value equity management team. He is also co-lead portfolio manager for the Micro Cap Value Equity strategy. He is responsible for research coverage of the REITS, Financials and Industrials sectors.

Integrity Asset Management was established in 2003. Munder Capital Management and its wholly owned subsidiary, Integrity Asset Management, were acquired by Victory Capital in October 2014. Integrity Asset Management is a Victory Capital investment franchise.

Mr. Nikovic has more than 19 years of security research experience. He is a graduate of John Carroll University. He is a CFA® charterholder and member of the CFA Society of Cleveland.

 

Sean Burke is a portfolio manager and member of Integrity Asset Management’s value equity management team. He is responsible for research coverage of Energy, Health Care, Telecommunications and Utilities sectors. 

Integrity Asset Management was established in 2003. Munder Capital Management and its wholly owned subsidiary, Integrity Asset Management, were acquired by Victory Capital in October 2014. Integrity Asset Management is a Victory Capital investment franchise.

Mr. Burke has more than 9 years of investment management industry experience. He is a graduate of Cleveland State University.

 

Brian Cavalier is head of equity trading and a member of Integrity Asset Management’s value equity management team. In this role, he manages all trading-related activities for Integrity’s products, including the Small-Cap Value Equity, Small/Mid-Cap Value Equity, Mid-Cap Value Equity and Micro-Cap Value Equity strategies.

Integrity Asset Management was established in 2003. Munder Capital Management and its wholly owned subsidiary, Integrity Asset Management, were acquired by Victory Capital in October 2014. Integrity Asset Management is a Victory Capital investment franchise.

Mr. Cavalier has more than 17 years of investment management industry experience.  He is a graduate of John Carroll 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 Integrity Discovery Fund’s management team seeks capital appreciation in the Fund by investing in a diversified portfolio of micro-cap companies that the management team feels are undervalued, but poised to outperform. Micro-cap companies are companies with market capitalizations lower than the largest company in the bottom 75% (based on index weightings) of the Russell 2000® Index.

Philosophy & Process

The team’s investment style focuses on undiscovered, small-sized companies that have strong potential for consistent earnings growth. Since micro-capitalization companies are generally not as well known to investors and have less of an investor following than larger companies, they may provide higher returns due to inefficiencies in the marketplace.

Investment Considerations

The Fund invests in smaller company stocks, which are more volatile and less liquid than larger, more established company securities. A substantial portion of the Fund’s assets is invested in the financials sector, whose performance can be significantly negatively impacted by economic downturns and changes in government regulation and interest rates. The Fund 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. Performance and after-tax returns can be significantly impacted by the Fund's investments in Initial Public Offerings (IPOs), which may involve short-term trading. We cannot, however, ensure that the Fund will obtain IPOs.

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 the 2.09% 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 Micro-Cap Equity 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.

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, R 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 the 1.83%, 2.58%, 2.08%, and 1.58%, 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 Micro-Cap Equity 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
The Russell Microcap® Value Index measures the performance of the microcap value segment of the U.S. equity market. It includes Russell Microcap companies that are considered more value oriented relative to the overall market as defined by Russell's leading style methodology. The Russell Microcap Value Index is constructed to provide a comprehensive and unbiased barometer for the microcap value segment of the market. The Index is completely reconstituted annually to ensure larger stocks do not distort performance and characteristics of the microcap opportunity set.

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"}})

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

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

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

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

{{::category}}
{{::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
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.

Daniel J. DeMonica, CFA

Senior Portfolio Manager

Dan DeMonica is a senior portfolio manager for Integrity Asset Management’s value strategies. He is a member of Integrity’s value equity management team and co-lead portfolio manager for the Micro Cap Value Equity strategy. He is responsible for research coverage of the Health Care, Utilities, Telecommunication Services and Consumer Staples sectors.

Integrity Asset Management was established in 2003. Munder Capital Management and its wholly owned subsidiary, Integrity Asset Management, were acquired by Victory Capital in October 2014. Integrity Asset Management is a Victory Capital investment franchise.

Mr. DeMonica has more than 22 years of investment management experience. He has been featured in The New York Times, The Wall Street Journal and Forbes magazine and has appeared as a guest on CNBC and Bloomberg TV. He graduated from Indiana University-Bloomington and earned his MBA from Case Western Reserve University. He is a CFA® charterholder.

 

Mirsat Nikovic, CFA

Portfolio Manager

Mirsat Nikovic is a portfolio manager and member of Integrity Asset Management’s value equity management team. He is also co-lead portfolio manager for the Micro Cap Value Equity strategy. He is responsible for research coverage of the REITS, Financials and Industrials sectors.

Integrity Asset Management was established in 2003. Munder Capital Management and its wholly owned subsidiary, Integrity Asset Management, were acquired by Victory Capital in October 2014. Integrity Asset Management is a Victory Capital investment franchise.

Mr. Nikovic has more than 19 years of security research experience. He is a graduate of John Carroll University. He is a CFA® charterholder and member of the CFA Society of Cleveland.

 

Sean A. Burke

Portfolio Manager

Sean Burke is a portfolio manager and member of Integrity Asset Management’s value equity management team. He is responsible for research coverage of Energy, Health Care, Telecommunications and Utilities sectors. 

Integrity Asset Management was established in 2003. Munder Capital Management and its wholly owned subsidiary, Integrity Asset Management, were acquired by Victory Capital in October 2014. Integrity Asset Management is a Victory Capital investment franchise.

Mr. Burke has more than 9 years of investment management industry experience. He is a graduate of Cleveland State University.

 

Brian T. Cavalier

Head of Equity Trading

Brian Cavalier is head of equity trading and a member of Integrity Asset Management’s value equity management team. In this role, he manages all trading-related activities for Integrity’s products, including the Small-Cap Value Equity, Small/Mid-Cap Value Equity, Mid-Cap Value Equity and Micro-Cap Value Equity strategies.

Integrity Asset Management was established in 2003. Munder Capital Management and its wholly owned subsidiary, Integrity Asset Management, were acquired by Victory Capital in October 2014. Integrity Asset Management is a Victory Capital investment franchise.

Mr. Cavalier has more than 17 years of investment management industry experience.  He is a graduate of John Carroll University. 

 

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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