VictoryConnect

Investment Grade Convertible Fund

Fund Facts (as of 09/09/2010)

Share
Class Inception
Date Ticker
Symbol Cusip
Number NAV Price Daily NAV
Change NAV as Of 30 Day
Standardized
Yield 30 Day
Standardized
Yield as Of

A Shares:
04/14/1988
SBFCX
926464538
10.40
0.02
09/09/2010
1.42
08/31/2010

I Shares:
08/31/2007
VICIX
92646A781
10.41
0.03
09/09/2010
1.80
08/31/2010

Performance
Fact Sheet [PDF]
Prospectus [PDF]
Portfolio Holdings [PDF]

Investment Objective / Strategy
The Fund seeks to provide a high level of current income together with long-term capital appreciation.

Investor Profile
Investors looking for a high level of current income together with long-term capital appreciation by investing in a professionally managed portfolio consisting of convertible stocks and bonds and other securities convertible into common stock.

Investment Considerations
The Fund may invest in below-investment-grade securities, sometimes known as "junk bonds." These securities generally offer higher yields than investment-grade securities, but carry a higher risk of default and may be considered speculative. Investors should be able to assume the risks of investing in below-investment-grade securities. Bond funds fluctuate in price, especially longer-term issues and in environments of rising interest rates. Stocks generally provide greater return potential and risk when compared with other types of investments.

Fund Managers
Richard A. Janus, James K. Kaesberg, and Amy E. Bush are the portfolio managers of the Fund. Mr. Janus and Mr. Kaesberg have held that position since April 1996, and Ms. Bush since January 1, 2000. Together they are primarily responsible for the day-to-day management of the Fund's portfolio.

Mr. Janus is a Managing Director of the Advisor, and has been associated with the Advisor or its affiliates since 1977.

Mr. Kaesberg is a Senior Portfolio Manager and Managing Director of Convertible Securities Investments for the Advisor, and has been associated with the Advisor or its affiliates since 1985.

Ms. Bush is a Director of the Advisor and has been associated with the Advisor or an affiliate since 1993.

Fund Manager Comments
In managing the Fund, we strive to identify high quality convertibles that are not only attractive fixed income vehicles, but also have fundamentally strong equity performance potential.

Before including any security in the Fund, we conduct an extensive, threepronged analysis that includes the following:

An equity analysis is done on the common stocks to evaluate the underlying company's growth rates, competitive advantage, and management teams.
A fixed income evaluation is conducted. This process helps measure the volatility of the securities under consideration and also can help predict how the securities will react in varying interest rate environments.
Those securities that pass the first two screens must then undergo a convertible analysis to determine if they are undervalued in the current market.

We structure our portfolios to provide a balance of upside partipation and just as importantly downside protection. To do this we divide our portfolios into thirds. A third of the portfolio in very equity sensitive convertibles, a third in defensive, bond like convertibles and a third in total return or middle of the road convertibles. This balanced structure keeps our portfolios from becoming too stock-like at market peaks or too bond-like at market bottoms.

Our portfolios are geared toward investors seeking long-term growth and current income.

There can be no assurance that the Fund will be successful in meeting its investment goals and objectives.

Daily Prices - all Victory funds
Performance - all Victory funds

Class I Shares are not subject to an initial sales charge when purchased, a contingent deferred sales charge or Rule 12b-1 fees.

Class A Shares MOP performance figures reflect a maximum sales charge of 2.00% for Class A Shares. Prior to 12/31/02 the maximum sales load was 5.75%.

Class I Shares are available only to select investors as described in the Fund’s prospectus. Please read the Prospectus for information on the eligibility requirements to purchase Class I Shares. Total returns are historical and include the change in share price and reinvestment of dividends and capital gains distributions, if any.

The Funds are distributed by Victory Capital Advisers, Inc. ("VCA"), member FINRA and SIPC. VCA is a wholly owned subsidiary of KeyCorp. 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.

Please read the User Agreement and Privacy Policy.

Past performance is not indicative of 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. Click here for returns current to most recent month-end.

Performance figures are historical and reflect the change in share price, reinvested distributions, changes in principal value, sales charges and capital gains distributions, if any. During the period shown, portions of the investment advisory and shareholder servicing fees were waived. Had these waivers not been in effect, the performance quoted would have been lower. Performance for periods of greater than one year are annualized.

Mutual funds, annuities, and other investments are:
not insured or guaranteed by the FDIC or by any other government agency or government sponsored agency of the federal government or any state
not deposits, obligations, or guaranteed by KeyCorp. or its affiliates
subject to investment risks, including possible loss of the principal amount invested

These Funds may not be available for sale in all states. Contact your investment advisor concerning if/how you can purchase these Funds. There is no guarantee that the Fund will continue to hold any one particular security or stay invested in any one particular company. The composition of the Fund's top holdings is subject to change.

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.