Thrivent Mid Cap Value Fund (TMCVX)
Class
Mutual Funds may offer different "classes" of shares. Classes indicate the type and number of fees or expenses an investor can expect to pay for shares in a fund.
Class S
These are no-load funds, meaning there are no front-end or back-end sales charges to purchase or sell shares. Prior to February 1, 2016, Class S shares were named "Institutional Shares".
Class A
These are front-end load funds. This fund is not offered as Class A.
Class
Mutual Funds may offer different "classes" of shares. Classes indicate the type and number of fees or expenses an investor can expect to pay for shares in a fund.
Class S
These are no-load funds, meaning there are no front-end or back-end sales charges to purchase or sell shares. Prior to February 1, 2016, Class S shares were named "Institutional Shares".
Class A
These are front-end load funds. This fund is not offered as Class A.
Growth of $10,000
(as of 01/29/2021)
A look at this fund’s performance over the past 10 years or since the fund's inception (if less than 10 years), based on how an initial $10,000 investment would have changed over time. Performance shown assumes the reinvest of all dividends and capital gains. Performance of other share classes will vary from the results shown based on differences in sales charges and expenses.
(as of 01/29/2021)
A look at this fund’s performance over the past 10 years or since the fund's inception (if less than 10 years), based on how an initial $10,000 investment would have changed over time. Performance shown assumes the reinvest of all dividends and capital gains. Performance of other share classes will vary from the results shown based on differences in sales charges and expenses.
| Year | Value |
|---|---|
| 2020 | 12,736.04 |
Risk Potential
Risk Potential
The potential for risk within the Thrivent Mutual Funds has been categorized into five levels: Conservative, Moderately Conservative, Moderate, Moderately Aggressive, and Aggressive, ranging from lower risk potential to higher risk potential. Funds on the lower risk portion of the scale (Conservative, Moderately Conservative) are expected to have a lower degree of volatility and price fluctuations while those on the higher risk portion of the scale (Aggressive, Moderately Aggressive) are expected to have a higher degree of volatility and price fluctuations.
Risk Potential
The potential for risk within the Thrivent Mutual Funds has been categorized into five levels: Conservative, Moderately Conservative, Moderate, Moderately Aggressive, and Aggressive, ranging from lower risk potential to higher risk potential. Funds on the lower risk portion of the scale (Conservative, Moderately Conservative) are expected to have a lower degree of volatility and price fluctuations while those on the higher risk portion of the scale (Aggressive, Moderately Aggressive) are expected to have a higher degree of volatility and price fluctuations.
Market Cap and Style
Market Cap and Style
Shows a fund’s primary equity style (growth, value, or blend) and primary market capitalization (large, mid, or small). Growth stocks are companies whose earnings are expected to grow at an above-average rate relative to the market. Value stocks are companies that trade at a lower price compared to the market average, as measured by valuation ratios that compare the stock’s price to the company’s earnings and growth trends. Market capitalization is a measure of the size of the companies held in the fund, calculated by multiplying a company’s total outstanding shares by the stock price. Market cap ranges change as stock market valuations shift over time. In general, market cap ranges of approximately $1-5 billion represent small cap stocks, $5-15 billion represents mid cap stocks and greater than $15 billion represents large cap stocks. Funds may hold securities that fall into different market cap ranges. See the prospectus for more details.
Market Cap and Style
Shows a fund’s primary equity style (growth, value, or blend) and primary market capitalization (large, mid, or small). Growth stocks are companies whose earnings are expected to grow at an above-average rate relative to the market. Value stocks are companies that trade at a lower price compared to the market average, as measured by valuation ratios that compare the stock’s price to the company’s earnings and growth trends. Market capitalization is a measure of the size of the companies held in the fund, calculated by multiplying a company’s total outstanding shares by the stock price. Market cap ranges change as stock market valuations shift over time. In general, market cap ranges of approximately $1-5 billion represent small cap stocks, $5-15 billion represents mid cap stocks and greater than $15 billion represents large cap stocks. Funds may hold securities that fall into different market cap ranges. See the prospectus for more details.
Fund Highlights
Net Asset Value (NAV)
The NAV is the fund’s value or price per share. The NAV is calculated by dividing the market value of all the fund’s shares (minus its liabilities) by the number of issued shares.
Daily NAV Change
The daily NAV change is the difference between the fund’s current price per share and its price at the time of market close on the prior day.
Returns
Returns are calculated on a calendar-year and year-to-date basis. These returns, also known as trailing returns, illustrate fund performance over a specific time period, including capital appreciation as well as reinvested dividends and capital gains distributions.
Net Annual Fund Operating Expenses
This figure represents the total percentage of a mutual fund’s assets used to maintain the fund, including operating expenses and management fees. It’s calculated by dividing the fund’s annual net operating expenses by the average dollar value of its assets, and includes the impact of any fee waivers or expense reimbursements that may have been in effect during the time period.
Sales Charges
The commission paid by an investor upon investment in a fund.
Net Asset Value (NAV)
The NAV is the fund’s value or price per share. The NAV is calculated by dividing the market value of all the fund’s shares (minus its liabilities) by the number of issued shares.
Daily NAV Change
The daily NAV change is the difference between the fund’s current price per share and its price at the time of market close on the prior day.
Returns
Returns are calculated on a calendar-year and year-to-date basis. These returns, also known as trailing returns, illustrate fund performance over a specific time period, including capital appreciation as well as reinvested dividends and capital gains distributions.
Net Annual Fund Operating Expenses
This figure represents the total percentage of a mutual fund’s assets used to maintain the fund, including operating expenses and management fees. It’s calculated by dividing the fund’s annual net operating expenses by the average dollar value of its assets, and includes the impact of any fee waivers or expense reimbursements that may have been in effect during the time period.
Sales Charges
The commission paid by an investor upon investment in a fund.
(as of 01/29/2021)
Fund Overview
Thrivent Mid Cap Value Fund seeks long-term capital growth.
This fund looks to provide investors with consistent, competitive performance through favorable stock selection while monitoring risk. The Fund typically invests in “value” stocks. Value stocks are companies that trade at a lower price compared to the market, as measured by valuation ratios that compare the stock’s price to the company’s earnings and growth trends. Mid-sized companies may be more established than small companies but have the opportunity to experience faster growth as they seek to become large-cap companies. However, they typically have greater risk than larger, more-seasoned companies.
The portfolio management team seeks to add value through stock selection and active management. The Fund invests in a diversified portfolio of value stocks with improving or positive outlooks relative to market expectations. The process begins with idea generation and screening to identify stocks that have certain characteristics. The team uses fundamental, quantitative and technical investment research techniques to seek to identify and purchase mid-sized companies that are in industries with good economic outlooks and that have strong prospects for growth in their sales and earnings. They also seek to identify companies with high-quality management teams and strong financial positions, and monitor risk in an effort to build a well-diversified portfolio.
Medium-sized companies often have greater price volatility, lower trading volume, and less liquidity than larger, more established companies. The Fund’s value is influenced by factors impacting the overall market, certain asset classes, certain investment styles, and specific issuers. The Adviser's assessment of investments may prove incorrect, resulting in losses or poor performance. These and other risks are described in the Fund's prospectus.
Who should consider investing?
The Portfolio may be suitable for investors who:
- Seek long-term growth
- Have a long-term investment time horizon and an aggressive risk tolerance.
- Are able to withstand a high level of risk and volatility in pursuit of potentially high long-term returns.
Fund Management
Our seasoned team of more than 110 investment professionals brings their deep expertise to managing each fund so you can feel confident in the choices you’re making. More than 80% have at least 10 years of experience, over 50% have more than 20 years of investment experience, and over 83% have earned the Chartered Financial Analyst designation, an advanced degree, or both.
Fund Details
Looking at how this fund has performed over time, and comparing to appropriate benchmarks, can help you determine if it’s right for your needs.
Average Annualized Returns
Average Annualized Returns
These returns, also known as trailing returns, illustrate fund performance over a specific time period, including capital appreciation as well as reinvested dividends and capital gains distributions.
Average Annualized Returns
These returns, also known as trailing returns, illustrate fund performance over a specific time period, including capital appreciation as well as reinvested dividends and capital gains distributions.
Periods less than one year are not annualized.
| Thrivent Mid Cap Value Fund | Russell MidCap Value Index | Lipper Mid-Cap Value Funds Median 1 | S&P 500® Index | ||
|---|---|---|---|---|---|
| 3 Month | 26.15% | 19.05% | 21.26% | 14.05% |   |
|
Russell MidCap Value Index
19.05%
Lipper Mid-Cap Value Funds Median
1
21.26%
S&P 500® Index
14.05%
|
|||||
| YTD | 1.03% | -0.23% | 0.24% | -1.01% | |
|
Russell MidCap Value Index
-0.23%
Lipper Mid-Cap Value Funds Median
1
0.24%
S&P 500® Index
-1.01%
|
|||||
|
Since Inception
02/28/2020 |
28.67% | - | - | - | |
|
Russell MidCap Value Index
-
Lipper Mid-Cap Value Funds Median
1
-
S&P 500® Index
-
|
|||||
| Thrivent Mid Cap Value Fund | Russell MidCap Value Index | Lipper Mid-Cap Value Funds Median 1 | S&P 500® Index | ||
|---|---|---|---|---|---|
| 3 Month | 28.13% | 20.43% | 22.85% | 12.15% | |
|
Russell MidCap Value Index
20.43%
Lipper Mid-Cap Value Funds Median
1
22.85%
S&P 500® Index
12.15%
|
|||||
|
Since Inception
02/28/2020 |
27.36% | - | - | - | |
|
Russell MidCap Value Index
-
Lipper Mid-Cap Value Funds Median
1
-
S&P 500® Index
-
|
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Expenses
Annual Fund Operating Expenses
This figure represents the total percentage of a mutual fund’s assets used to maintain the fund, including operating expenses and management fees. It does not include the impact of any fee waivers or expense reimbursements that may have been in effect during the time period. It’s calculated by dividing the fund’s annual operating expenses by the average dollar value of its assets.
Net Annual Fund Operating Expenses (if Applicable)
This figure represents the total percentage of a mutual fund’s assets used to maintain the fund, including operating expenses and management fees. It’s calculated by dividing the fund’s annual net operating expenses by the average dollar value of its assets, and includes the impact of any fee waivers or expense reimbursements that may have been in effect during the time period.
Annual Fund Operating Expenses
This figure represents the total percentage of a mutual fund’s assets used to maintain the fund, including operating expenses and management fees. It does not include the impact of any fee waivers or expense reimbursements that may have been in effect during the time period. It’s calculated by dividing the fund’s annual operating expenses by the average dollar value of its assets.
Net Annual Fund Operating Expenses (if Applicable)
This figure represents the total percentage of a mutual fund’s assets used to maintain the fund, including operating expenses and management fees. It’s calculated by dividing the fund’s annual net operating expenses by the average dollar value of its assets, and includes the impact of any fee waivers or expense reimbursements that may have been in effect during the time period.
| Thrivent Mid Cap Value Fund | Russell MidCap Value Index | Lipper Mid-Cap Value Funds Median 1 | S&P 500® Index |
|---|
Performance shown assumes the reinvestment of all dividends and capital gains. Performance of other share classes will vary from the results shown based on differences in sales charges and expenses.
1 Source: Lipper. The Lipper median represents the median annualized total return for all reported funds in the classification. Lipper medians do not include sales charges/fees. If included, returns would have been lower.
The Adviser has contractually agreed, through at least February 28, 2021, to waive fees and/or reimburse certain expenses associated with the Fund. Refer to the expense table in the Fund's prospectus or summary prospectus for details. If this waiver had not been in effect, performance would have been lower.
Benchmarks
Indexes are unmanaged and do not reflect the fees and expenses associated with active management. Investments cannot be made directly into an index.
S&P 500® Index is a market-cap weighted index that represents the average performance of a group of 500 large-capitalization stocks.
Russell Midcap® Value Index measures the performance of U.S. medium-capitalization value-oriented equities.
Information about the types of holdings in this mutual fund.
Holdings Breakdown
Total Number of Holdings
This is a tally of the number of different investment products that make up the fund’s portfolio.
Turnover Ratio (Last 12 Months)
This is the percentage of the fund’s holdings that have been traded out or replaced with other holdings over the year.
Total Number of Holdings
This is a tally of the number of different investment products that make up the fund’s portfolio.
Turnover Ratio (Last 12 Months)
This is the percentage of the fund’s holdings that have been traded out or replaced with other holdings over the year.
(as of 01/29/2021)
Top 10 Holdings
This is the Fund’s top 10 holdings by percentage of the total assets. This excludes derivatives and cash that the fund may hold. (Updated monthly with 30 day lag)
This is the Fund’s top 10 holdings by percentage of the total assets. This excludes derivatives and cash that the fund may hold. (Updated monthly with 30 day lag)
(as of 12/31/2020)
| Security Name | Percentage of Total Assets |
|---|---|
| Wintrust Financial Corporation | 2.49% |
| Hartford Financial Services Group, Inc. | 2.38% |
| Dollar Tree, Inc. | 2.34% |
| Carlisle Companies, Inc. | 2.26% |
| Berry Plastics Group, Inc. | 2.25% |
| Interpublic Group Of Companies, Inc. | 2.21% |
| Polaris, Inc. | 2.15% |
| Capital One Financial Corporation | 2.14% |
| Robert Half International, Inc. | 2.07% |
| ON Semiconductor Corporation | 2.07% |
Fund Diversification
This is the mix of areas in the market in which the fund contains holdings. (updated quarterly)
This is the mix of areas in the market in which the fund contains holdings. (updated quarterly)
(as of 12/31/2020)
-
Financials 19.9%
-
Industrials 12.6%
-
Consumer Discretionary 11.9%
-
Information Technology 10.7%
-
Health Care 8.5%
-
Materials 7.4%
-
Real Estate 7.2%
-
Utilities 5.7%
-
Communication Services 5.5%
-
Consumer Staples 4.8%
-
Energy 4.6%
-
Cash 1.2%
Equity Characteristics
Statistics shown below are compared to the S&P 500® Index. The benchmark is intended to provide a comparison to the broad U.S. large cap stock market, and may not be representative of the Fund's investment strategies and holdings.
Statistics shown below are compared to the S&P 500® Index. The benchmark is intended to provide a comparison to the broad U.S. large cap stock market, and may not be representative of the Fund's investment strategies and holdings.
(as of 01/29/2021)
|
P/E Ratio
|
ROE
|
||
|---|---|---|---|
| Thrivent Mid Cap Value Fund | 21.6 | 11.2% | |
|
Thrivent Mid Cap Value Fund ROE
11.2%
|
|||
| S&P 500® Index | 28.1 | 25.7% | |
|
S&P 500® Index ROE
25.7%
|
|||
Making Sense of the Numbers
- A high P/E ratio generally means that investors anticipate higher earnings in the future
- Most useful when compared to like investments or historical performance
- Market average is 20-25 times earnings
- High growth companies should have a higher ROE
- Useful to compare profitability to similar investments
Related Documents
Schedule of Investments
Annual Proxy Voting
2 Turnover Ratio: 12-month rolling as of 12/31/2020. A measure of the Fund's trading activity which is calculated by dividing the lesser of long-term purchases or long-term sales by average long term market value.
Benchmarks
Indexes are unmanaged and do not reflect the fees and expenses associated with active management. Investments cannot be made directly into an index.
S&P 500® Index is a market-cap weighted index that represents the average performance of a group of 500 large-capitalization stocks.
A fund's yield is the income return on an investment based on the distributions paid and the net asset value of the fund. Yields are only shown for funds which have a monthly or quarterly dividend schedule.
Dividend Distributions & Price History
(as of 01/29/2021)
Trailing 12-Months; Dividend Schedule: Paid Annually
| Dividends | Month End NAV | ||
|---|---|---|---|
| January 2021 | $0.0000 | $12.79 | |
|
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| $0.0756 (Total) | |||
| December 2020 | $0.0756 | $12.66 | |
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|
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| $0.0756 (Total) | |||
| November 2020 | $0.0000 | $11.97 | |
|
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| $0.0756 (Total) | |||
| October 2020 | $0.0000 | $10.20 | |
|
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| $0.0756 (Total) | |||
| September 2020 | $0.0000 | $9.94 | |
|
|
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| $0.0756 (Total) | |||
| August 2020 | $0.0000 | $10.38 | |
|
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| $0.0756 (Total) | |||
| July 2020 | $0.0000 | $10.02 | |
|
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| $0.0756 (Total) | |||
| June 2020 | $0.0000 | $9.81 | |
|
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| $0.0756 (Total) | |||
| May 2020 | $0.0000 | $9.79 | |
|
|
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| $0.0756 (Total) | |||
| April 2020 | $0.0000 | $9.25 | |
|
|
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| $0.0756 (Total) | |||
| March 2020 | $0.0000 | $8.09 | |
|
|
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| $0.0756 (Total) | |||
| February 2020 | $0.0000 | $10.00 | |
|
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| $0.0756 (Total) | |||
Capital Gains - Trailing 12 Months
A capital gain is a profit that a mutual fund realizes by selling securities for a price higher than at which they were purchased.
Short-Term Capital Gain Distributions
Capital Gains paid on assets held by the fund for one year or less.
Long-Term Capital Gain Distributions
Capital Gains paid on assets held by the fund for more than one year.
A capital gain is a profit that a mutual fund realizes by selling securities for a price higher than at which they were purchased.
Short-Term Capital Gain Distributions
Capital Gains paid on assets held by the fund for one year or less.
Long-Term Capital Gain Distributions
Capital Gains paid on assets held by the fund for more than one year.
(as of 01/29/2021)
| Record Date | Short Term Capital Gains | Long Term Capital Gains | Total |
|---|---|---|---|
| - | - | - | - |
|
Record Date
-
Short Term Capital Gains
-
Long Term Capital Gains
-
Total
-
|
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Morningstar Information
Risk vs. Category
An assessment of the variations in a fund's monthly returns in comparison to similar funds, with an emphasis on downward variation. The greater the variation, the larger the risk score. If two funds have the exact same return, the one with greater variations in its return is given the larger risk score. In each Morningstar Category, the 10% of funds with the lowest measured risk are described as Low Risk, the next 22.5% Below Average, the middle 35% Average, the next 22.5% Above Average, and the top 10% High. Morningstar Risk is measured for up to three time periods (three-, five-, and 10-years). These separate measures are then weighted and averaged to produce an overall measure for the fund. The score shown is the overall measure. Funds with less than three years of performance history are not rated.
Source: Morningstar
An assessment of the variations in a fund's monthly returns in comparison to similar funds, with an emphasis on downward variation. The greater the variation, the larger the risk score. If two funds have the exact same return, the one with greater variations in its return is given the larger risk score. In each Morningstar Category, the 10% of funds with the lowest measured risk are described as Low Risk, the next 22.5% Below Average, the middle 35% Average, the next 22.5% Above Average, and the top 10% High. Morningstar Risk is measured for up to three time periods (three-, five-, and 10-years). These separate measures are then weighted and averaged to produce an overall measure for the fund. The score shown is the overall measure. Funds with less than three years of performance history are not rated.
Source: Morningstar
Doesn't apply due to fund's inception date of 02/28/2020
Return vs. Category
Morningstar return is an assessment of the fund's excess return over a risk-free rate (the return of the 90-day Treasury bill) in comparison to similar funds, with an emphasis on downward variation. Therefore, if two funds have precisely the same return, the one with greater variations in its return is given the lower return score. In each Morningstar Category, the top 10% of funds earn a High Morningstar Return, the next 22.5% Above Average, the middle 35% Average, the next 22.5% Below Average, and the bottom 10% Low. Morningstar Return is measured for up to three time periods (three-, five-, and 10-years). These separate measures are then weighted and averaged to produce an overall measure for the fund. The score shown is the overall measure. Funds with less than three years of performance history are not rated.
Source: Morningstar
Morningstar return is an assessment of the fund's excess return over a risk-free rate (the return of the 90-day Treasury bill) in comparison to similar funds, with an emphasis on downward variation. Therefore, if two funds have precisely the same return, the one with greater variations in its return is given the lower return score. In each Morningstar Category, the top 10% of funds earn a High Morningstar Return, the next 22.5% Above Average, the middle 35% Average, the next 22.5% Below Average, and the bottom 10% Low. Morningstar Return is measured for up to three time periods (three-, five-, and 10-years). These separate measures are then weighted and averaged to produce an overall measure for the fund. The score shown is the overall measure. Funds with less than three years of performance history are not rated.
Source: Morningstar
Doesn't apply due to fund's inception date of 02/28/2020
Equity Style Map
Thrivent Mid Cap Value Fund appeared as a mid market-cap style, value investment style fund on the Morningstar Style Box™ as of 11/30/2020.
Thrivent Mid Cap Value Fund appeared as a mid market-cap style, value investment style fund on the Morningstar Style Box™ as of 11/30/2020.
A high rating does not necessarily imply that a fund had the best total performance or that the fund achieved positive results for that period. Morningstar rating is for the S share class only; Other classes may have different performance characteristics. Please see the Performance tab for results of the most recent quarter end.
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.
The Morningstar Style Box™ reveals a fund’s investment strategy. For equity funds, the vertical axis of the Equity Style Map shows the market capitalization of the stocks owned (large, medium, or small) and the horizontal axis shows investment style (value, blend, or growth).
© 2021 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
It’s important to understand investing costs because they can impact your net return. Here is a breakdown of applicable sales charges and annual operating expenses associated with this mutual fund. Other fees may apply for certain services or account types and are redeemed directly from your account. Examples include overnight delivery or wire fees and annual custodial fees on IRAs.
Annual Fund Operating Expenses
Management Fees and Other Expenses
This figure represents the total percentage of a mutual fund's assets paid to the investment adviser for portfolio management and investment services (the "management fee"), "Acquired Fund Fees and Expenses" (if the Fund invests in other mutual funds or investments with management fees), plus "Other Expenses" such as custodial, transfer agency, legal, accounting and administrative fees that are required to operate the fund. For more information, please see the prospectus or Statement of Additional Information.
Distribution/12b-1 Fee (May not apply. See prospectus for more details)
This is an annual marketing or distribution fee on a mutual fund. This is an operational expense, so it’s included in a fund's expense ratio.
Total Annual Fund Operating Expenses
This figure represents the total percentage of a mutual fund’s assets used to maintain the fund, including operating expenses and management fees. It does not include the impact of any fee waivers or expense reimbursements that may have been in effect during the time period. It’s calculated by dividing the fund’s annual operating expenses by the average dollar value of its assets.
Less Waiver (May not apply. See prospectus for more details)
Certain funds may be subject to an expense waiver, or the amount the fund's Adviser waives or assumes to keep the fund's expenses low.
Net Annual Fund Operating Expenses
This figure represents the total percentage of a mutual fund’s assets used to maintain the fund, including operating expenses and management fees. It’s calculated by dividing the fund’s annual net operating expenses by the average dollar value of its assets, and includes the impact of any fee waivers or expense reimbursements that may have been in effect during the time period.
Management Fees and Other Expenses
This figure represents the total percentage of a mutual fund's assets paid to the investment adviser for portfolio management and investment services (the "management fee"), "Acquired Fund Fees and Expenses" (if the Fund invests in other mutual funds or investments with management fees), plus "Other Expenses" such as custodial, transfer agency, legal, accounting and administrative fees that are required to operate the fund. For more information, please see the prospectus or Statement of Additional Information.
Distribution/12b-1 Fee (May not apply. See prospectus for more details)
This is an annual marketing or distribution fee on a mutual fund. This is an operational expense, so it’s included in a fund's expense ratio.
Total Annual Fund Operating Expenses
This figure represents the total percentage of a mutual fund’s assets used to maintain the fund, including operating expenses and management fees. It does not include the impact of any fee waivers or expense reimbursements that may have been in effect during the time period. It’s calculated by dividing the fund’s annual operating expenses by the average dollar value of its assets.
Less Waiver (May not apply. See prospectus for more details)
Certain funds may be subject to an expense waiver, or the amount the fund's Adviser waives or assumes to keep the fund's expenses low.
Net Annual Fund Operating Expenses
This figure represents the total percentage of a mutual fund’s assets used to maintain the fund, including operating expenses and management fees. It’s calculated by dividing the fund’s annual net operating expenses by the average dollar value of its assets, and includes the impact of any fee waivers or expense reimbursements that may have been in effect during the time period.
| Management Fees and Other Expenses | 3.89% |
| Distribution/12b-1 Fee | None |
| Total Annual Fund Operating Expenses | 3.89% |
| Less Waiver4 | (2.89%) |
| Net Annual Fund Operating Expenses | 1.00% |
Other Fund Fees
Redemption Fee
A fee charged for withdrawing money from a mutual fund. These fees are usually used to discourage shareholders from making too many sales in a short period of time.
Transaction Fee
A fee charged by a broker or other intermediary for assistance in purchasing or selling shares of a fund.
Low Balance Fee
A fee charged to offset expenses incurred when maintaining low balance accounts.
Redemption Fee
A fee charged for withdrawing money from a mutual fund. These fees are usually used to discourage shareholders from making too many sales in a short period of time.
Transaction Fee
A fee charged by a broker or other intermediary for assistance in purchasing or selling shares of a fund.
Low Balance Fee
A fee charged to offset expenses incurred when maintaining low balance accounts.
| Redemption Fee | None |
| Transaction Fee | None |
| Low Balance Fee3 | $10 semiannually |
Sales Charge
Front-End Charge
The sales charge applied at the time of an initial purchase of mutual fund shares. The charge is deducted from the amount being invested, so a front-end load lowers the size of the investment.
Back-End Charge
The fee paid when selling shares in a mutual fund within a set number of years, often five to 10 years. The fee amounts to a percentage of the value of the share being sold. The fee percentage is highest in the first year and decreases yearly until the specified holding period ends, at which time it drops to zero.
Front-End Charge
The sales charge applied at the time of an initial purchase of mutual fund shares. The charge is deducted from the amount being invested, so a front-end load lowers the size of the investment.
Back-End Charge
The fee paid when selling shares in a mutual fund within a set number of years, often five to 10 years. The fee amounts to a percentage of the value of the share being sold. The fee percentage is highest in the first year and decreases yearly until the specified holding period ends, at which time it drops to zero.
| Front-End Charge | None |
| Back-End Charge | None |
Minimum Investment
Initial Minimum Investments
The minimum amount of money needed to first invest in a mutual fund.
Additional Purchases Amount
After the initial minimum investment has been made, ongoing purchases of shares can happen at a much lower amount.
Recurring Investments
This indicates the smallest amount with which you may enter a fund’s automatic recurring plan. You can arrange for the fund to receive money from your checking account on a monthly, quarterly, semiannual, or annual basis.
Initial Minimum Investments
The minimum amount of money needed to first invest in a mutual fund.
Additional Purchases Amount
After the initial minimum investment has been made, ongoing purchases of shares can happen at a much lower amount.
Recurring Investments
This indicates the smallest amount with which you may enter a fund’s automatic recurring plan. You can arrange for the fund to receive money from your checking account on a monthly, quarterly, semiannual, or annual basis.
| Initial for non-retirement accounts | $2,000 |
| Initial for retirement or tax deferred accounts | $1,000 |
| Additional Purchases | $50 |
3 Due to the high cost to shareholders of maintaining accounts with low balances, the transfer agent may, by redeeming shares, charge a semiannual fee of $10 if the value of shares in the account falls to an amount below the fund minimum. See the Prospectus for more details.
4 The Adviser has contractually agreed, through at least February 28, 2021, to waive fees and/or reimburse certain expenses associated with the Fund. Refer to the expense table in the Fund's prospectus or summary prospectus for details. If this waiver had not been in effect, performance would have been lower.
Performance data cited represents past performance and should not be viewed as an indication of future results. Investment return and principal value of the investment will fluctuate so that an investor's shares, when redeemed may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted.