Mid Cap Value Fund

Summary

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FUND FACTS

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Expenses and Dividends

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Morningstar

Morningstar Rating™:
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange‐traded funds, closed‐end funds, and separate accounts) with at least a three‐year history. Exchange‐traded funds and open‐ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk‐Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three‐, five‐, and 10‐year (if applicable) Morningstar Rating metrics. The weights are: 100% three‐year rating for 36‐59 months of total returns, 60% five‐year rating/40% three‐year rating for 60‐119 months of total returns, and 50% 10‐year rating/30% five‐year rating/20% three‐ year rating for 120 or more months of total returns. While the 10‐year overall star rating formula seems to give the most weight to the 10‐year period, the most recent three‐year period actually has the greatest impact because it is included in all three rating periods.
Morningstar Investment Style Box™:
The Morningstar Investment Style Box™ reveals a fund's investment strategy. For the equity holdings in the fund's portfolio, the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend or growth).
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FUND DOCUMENTS & RESOURCES

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Early Distribution Paid

Due to the acquisition of the NT Mid Cap Value Fund on March 25, 2022, the Mid Cap Value Fund has paid capital gains distributions in March of 2022. All earnings, including income and gains, were paid out prior to the merger to ensure both sets of shareholders involved in the merger receive the appropriate level of earnings. Note: This is typically an acceleration of the distributions that would occur in December, and the December distributions will be lower than they would have been due to the early payout ahead of the merger. Please refer to our Distributions page for more details.

Seek Higher Returns with Lower Risk. Mid Cap Value seeks to consistently deliver higher returns and lower volatility through investments in high-quality, mid-sized companies temporarily selling at a discount.

Investment Objective

Seeks long-term capital growth. Income is a secondary objective.

Risk & Additional Details

Goal & Strategy

Long-term capital growth and income by investing in the stocks of mid-sized companies that are believed to be undervalued.

Characteristics

Seeks higher returns, lower volatility and attractive yields with consistent mid-cap value exposure. Invests in high-quality, mid-sized companies temporarily selling at a discount.

Performance

  • ANNUALIZED
  • Average annual total returns illustrate the annual compounded returns that would have produced the cumulative total return if the fund's performance had remained constant throughout the period indicated. Returns for periods less than one year are not annualized.

    For periods prior to the inception of a class, performance is for the oldest class, restated with applicable fees, if any.

    Annualized

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  • CALENDAR YEAR
  • Calendar Year

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  • YIELDS
  • Yields

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  • RISK/RETURNS
  • Risk/Returns

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  • GROWTH CHART
  • Growth Chart

    Please Note: The x-axis represents the selected time frame by which the funds are being measured. The y-axis represents the value of a $10,000 investment made at the start of the selected time frame or on the fund's inception date, whichever is more recent.

    Composition

    • INVESTMENT BLEND
    • Investment Blend

    • TOP TEN HOLDINGS
    • Top Ten Holdings

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    • SECTOR WEIGHTINGS
    • Sector Weightings

      Geography

      • TOP COUNTRIES
      • Top Countries

      • TOP REGIONS
      • Top Regions

        Management

        Phillip N. Davidson, CFA

        Phillip Davidson, CFA

        Senior Vice President, Executive Portfolio Manager

        Kevin Toney, CFA

        Kevin Toney, CFA

        Chief Investment Officer — Global Value Equity, Senior Vice President, Senior Portfolio Manager

        Michael Liss, CFA, CPA

        Michael Liss, CFA, CPA

        Vice President, Senior Portfolio Manager

        Brian Woglom, CFA

        Brian Woglom, CFA

        Vice President, Senior Portfolio Manager

        Nathan Rawlins, CFA

        Nathan Rawlins, CFA

        Portfolio Manager, Senior Investment Analyst

        The management fee has been restated to reflect the decrease in the management fee schedule effective August 1, 2019. Returns or yields for the fund would have been lower if a portion of the management fee had not been waived. Review the annual or semiannual report for the most current information.

        The value and/or returns of a portfolio will fluctuate with market and economic conditions.

        Historically, small- and/or mid-cap stocks have been more volatile than the stock of larger, more-established companies. Smaller companies may have limited resources, product lines and markets, and their securities may trade less frequently and in more limited volumes than the securities of larger companies.

        International investing involves special risks, such as political instability and currency fluctuations.

        B

        Please see the prospectus for details about sales charges.

        C

        The gross expense ratio is the fund's total annual operating costs, expressed as a percentage of the fund's average net assets for a given time period. It is gross of any fee waivers or expense reimbursement. The net expense ratio is the expense ratio after the application of any waivers or reimbursement. This is the actual ratio that investors paid during the fund's most recent fiscal year. Please see the prospectus for more information.

        Only Investor Class shares are made available to investors directly. Advisor, A, C, I, and Y Classes of shares are only available for purchase by institutions or other financial intermediaries. R, R5, and R6 Classes of shares are only available for purchase by group employer-sponsored retirement plans. Review definitions and minimums for all share classes.

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