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THB Asset Management MicroCap Fund proxy with Victory Funds

https://www.sec.gov/Archives/edgar/data/0000802716/000168386321001458/f8362d1.htm

For THB MicroCap fund investors in investor class:

Q:Will there be any differences in the types of fees or charges associated with my investment as a result of the Reorganization?

Yes, there will be differences in the types of fees or charges associated with both the Investor Class and Institutional Class shares of the Acquired Fund as compared to the corresponding series of the Acquiring Fund as summarized below:

•The Investor Class and Institutional Class shares of the Acquired Fund are subject to a redemption fee of 2% if redeemed within 30 days of purchase. However, no redemption fees will apply to shares received in connection with the Reorganization. No redemption fee is charged by the Class A or Class I shares of the Acquiring Fund.

•The Investor Class of the Acquired Fund is subject to a shareholder servicing fee of up to 0.25% (currently, 0.20%). No separate shareholder servicing fee is charged to the Class A shares of the Acquiring Fund. However, the Class A shares do pay fees to third parties for shareholder services pursuant to separately negotiated agreements entered into with those third parties on behalf of the Acquiring Fund. These amounts may be more or less than 0.20% annually, though Victory Capital does not expect the difference to be material.

•Class A shares of the Acquiring Fund are generally subject to a front-end sales charge of up to 5.75% and may be subject to a contingent deferred sales charge ("CDSC"). The Investor Class and Institutional Class shares of the Acquired Fund are not subject to any front-end sales charge or CDSC. No front-end sales charge or CDSC will apply to Class A shares received in connection with the Reorganization. However, any new investments by investors in Class A shares of the Acquiring Fund after the Reorganization will be subject to a front-end sales charge or CDSC unless the applicable
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