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Harbor Mid Cap Value Fund (HAMVX)

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Class

LSV Asset Management
Portfolio Managers to the Harbor Mid Cap Value Fund.

As of 6/30/23 out of 85 Manager. Please see Important Information for methodology.

Academic Foundation. LSV's roots lie in academia and their models are informed by years of academic research.

Risk-Aware Portfolio. The broadly diversified portfolio is constructed to spread risk over a wide number of stocks and minimize unintended portfolio biases.

Systematic Valuation Discipline. The quantitative approach seeks to provides diversified and consistent exposure to deep-value stocks.

Related Funds to Consider

Overview

Investment Team
LSV Asset Management
Josef Lakonishok
Menno Vermeulen
Puneet Mansharamani
Greg Sleight
Guy Lakonishok

Current Price

As of 12/1/2023

$24.53

Price (NAV)

$0.49

NAV Daily Change ($)

2.04%

NAV Daily Change (%)

9.51%

NAV YTD Return

Fund Facts

As of 11/30/2023

3/1/2002

Inception Date

0.85

Net Expense Ratio
disclaimer

0.89

Gross Expense Ratio

$221.721

Total Net Assets (million)
As of 11/30/2023

HAMVX

Ticker

2023

Fund Number

Institutional Class

Share Class

Top Ten Holdings

As of 9/30/2023

Company Name [Ticker]

% of Net Assets

Jabil Inc.[JBL]
2.0
Hartford Financial Services Group Inc.[HIG]
1.6
Molson Coors Beverage Company Class B[TAP]
1.6
Cummins Inc.[CMI]
1.5
Owens Corning[OC]
1.5
Kroger Co.[KR]
1.5
AGCO Corporation[AGCO]
1.5
Snap-on Incorporated[SNA]
1.5
HP Inc.[HPQ]
1.5
Cardinal Health Inc.[CAH]
1.4
% of Total Holdings:
15.6%

Morningstar Medalist Rating™

Morningstar Gold
Analyst-Driven %
100
Data Coverage %
100
As of 4/6/2023

"We buy boring companies, not distressed companies. These are companies that are in basic businesses, they have been around for a long time and generally they haven’t excited the marketplace. The result is that they tend to be underpriced."

SV Asset Management

Performance

Total Returns

Month-End

3 Mo.

YTD Return

1 Yr.

3 Yr.

5 Yr.

10 Yr.

Since Inception

Net Expense Ratio

Gross Expense Ratio

Mid Cap Value Fund
-0.25%
7.32%
1.64%
11.34%
6.71%
6.60%
7.39%
0.85%disclaimer
0.89%
Russell Midcap® Value Index
-1.28%
4.57%
-0.75%
7.29%
7.10%
7.74%
9.08%
--
--

Performance data shown represents past performance and is no guarantee of future results. Past performance is net of management fees and expenses and reflects reinvested dividends and distributions. Past performance reflects the beneficial effect of any expense waivers or reimbursements, without which returns would have been lower. Investment returns and principal value will fluctuate and when redeemed may be worth more or less than their original cost. Returns for periods less than one year are not annualized. Current performance may be higher or lower and is available through the most recent month end at harborcapital.com or by calling 800-422-1050.

The Russell Midcap® Value Index is an unmanaged index generally representative of the U.S. market for medium capitalization value stocks. This unmanaged index does not reflect fees and expenses and is not available for direct investment. The Russell Midcap® Value Index and Russell® are trademarks of Frank Russell Company.

Price History

Chart

Record Date

Reinvest Date

Payable Date

Return of Capital Non Taxable Dist

Ordinary Income

Total Capital Gains

Short Term Capital Gains

Mid Term Capital Gains

Long Term Capital Gains

Total Distribution

Foreign Tax Credit

Reinvest Price

12/16/2022
12/19/2022
12/19/2022
0.00000
0.39688
1.44873
0.03596
0.00000
1.41277
1.84561
0.00000
22.06
12/17/2021
12/20/2021
12/20/2021
0.00000
0.32514
0.00000
--
0.00000
--
0.32514
0.00000
24.22
12/16/2020
12/17/2020
12/17/2020
0.00000
0.47142
0.00000
0.00000
0.00000
0.00000
0.47142
0.00000
19.94
12/13/2019
12/16/2019
12/16/2019
0.00000
0.51472
0.14724
0.00000
0.00000
0.14724
0.66196
0.00000
21.16
12/14/2018
12/17/2018
12/17/2018
0.00000
0.35174
1.15318
0.12272
0.00000
1.03046
1.50492
0.00000
18.09
12/15/2017
12/18/2017
12/18/2017
0.00000
0.31062
0.59293
0.18085
0.00000
0.41208
0.90355
0.00000
23.62
12/16/2016
12/19/2016
12/19/2016
0.00000
0.35393
0.31339
0.06717
0.00000
0.24622
0.66732
0.00000
22.08
12/16/2015
12/17/2015
12/17/2015
0.00000
0.26872
0.35444
0.13104
0.00000
0.22340
0.62316
0.00000
18.78
12/17/2014
12/18/2014
12/18/2014
0.00000
0.19256
0.12942
0.00000
0.00000
0.12942
0.32198
0.00000
20.52
12/16/2013
12/17/2013
12/17/2013
0.00000
0.19572
0.00000
0.00000
0.00000
0.00000
0.19572
0.00000
17.75
12/14/2012
12/17/2012
12/17/2012
0.00000
0.28075
0.00000
0.00000
0.00000
0.00000
0.28075
0.00000
12.84
12/15/2011
12/16/2011
12/16/2011
0.00000
0.14537
0.00000
0.00000
0.00000
0.00000
0.14537
0.00000
10.64
12/16/2010
12/17/2010
12/17/2010
0.00000
0.12337
0.00000
0.00000
0.00000
0.00000
0.12337
0.00000
11.54
12/17/2009
12/18/2009
12/18/2009
0.00000
0.14296
0.00000
0.00000
0.00000
0.00000
0.14296
0.00000
9.65
12/18/2008
12/19/2008
12/19/2008
0.00000
0.32993
0.00000
0.00000
0.00000
0.00000
0.32993
0.00000
6.92
12/18/2007
12/19/2007
12/19/2007
0.00000
0.18581
0.46949
0.14958
0.00000
0.31991
0.65530
0.00000
11.69
12/18/2006
12/19/2006
12/19/2006
0.00000
0.11586
0.36971
0.04626
0.00000
0.32345
0.48557
0.00000
13.32
12/19/2005
12/20/2005
12/20/2005
0.00000
0.13413
0.29396
0.13690
0.00000
0.15706
0.42809
0.00000
11.92
12/29/2004
12/30/2004
12/30/2004
0.00000
0.04575
0.95868
0.00000
0.00000
0.95868
1.00443
0.00000
11.21
12/29/2003
12/30/2003
12/30/2003
0.00000
0.01153
0.00000
0.00000
0.00000
0.00000
0.01153
0.00000
10.63
12/27/2002
12/30/2002
12/30/2002
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
8.61

Holdings

Portfolio Characteristics

As of 9/30/2023

150

Number of Holdings

13755.5

Wtd Avg Market Cap ($Mil)

1.7

Price/Book Ratio

10.3

Adjusted Trailing P/E Ratio

29.7

% EPS Growth - Past 3 Yr

20.78

Return on Equity (%)

9.3

Forecasted P/E Ratio

Top Ten Holdings

As of 9/30/2023

Company Name [Ticker]

% of Net Assets

Jabil Inc.[JBL]
2.0
Hartford Financial Services Group Inc.[HIG]
1.6
Molson Coors Beverage Company Class B[TAP]
1.6
Cummins Inc.[CMI]
1.5
Owens Corning[OC]
1.5
Kroger Co.[KR]
1.5
AGCO Corporation[AGCO]
1.5
Snap-on Incorporated[SNA]
1.5
HP Inc.[HPQ]
1.5
Cardinal Health Inc.[CAH]
1.4
% of Total Holdings:
15.6%

This information should not be considered as a recommendation to purchase or sell a particular security. The weightings, holdings, industry, sector, countries mentioned may change at any time and may not represent current or future investments.

As of 9/30/2023

Company Name [Ticker]

Country

Shares (000's)

Current Price ($)

Market Value ($000's)

% of Net Assets

Jabil Inc. [JBL]
41
126.89
5,241
2.0
Hartford Financial Services Group Inc. [HIG]
59
70.91
4,177
1.6
Molson Coors Beverage Company Class B [TAP]
64
63.59
4,063
1.6
Cummins Inc. [CMI]
18
228.46
4,021
1.5
Owens Corning [OC]
29
136.41
3,997
1.5
Kroger Co. [KR]
88
44.75
3,934
1.5
AGCO Corporation [AGCO]
33
118.28
3,868
1.5
Snap-on Incorporated [SNA]
15
255.06
3,851
1.5
HP Inc. [HPQ]
148
25.70
3,801
1.5
Cardinal Health Inc. [CAH]
42
86.82
3,629
1.4
PulteGroup Inc. [PHM]
48
74.05
3,584
1.4
Ameriprise Financial Inc. [AMP]
11
329.68
3,495
1.3
Jazz Pharmaceuticals Public Limited Company [JAZZ]
27
129.44
3,469
1.3
Old Republic International Corporation [ORI]
129
26.94
3,478
1.3
Vistra Corp. [VST]
103
33.18
3,414
1.3
Aflac Incorporated [AFL]
44
76.75
3,354
1.3
Allison Transmission Holdings Inc. [ALSN]
55
59.06
3,272
1.3
Sprouts Farmers Market Inc. [SFM]
72
42.80
3,060
1.2
Atkore Inc [ATKR]
20
149.19
3,014
1.2
Ally Financial Inc [ALLY]
111
26.68
2,956
1.1
Arrow Electronics Inc. [ARW]
23
125.24
2,918
1.1
Navient Corp [NAVI]
167
17.22
2,869
1.1
Ryder System Inc. [R]
26
106.95
2,809
1.1
American International Group Inc. [AIG]
45
60.60
2,744
1.1
Marathon Petroleum Corporation [MPC]
18
151.34
2,770
1.1
NRG Energy Inc. [NRG]
69
38.52
2,646
1.0
Bank of New York Mellon Corp [BK]
61
42.65
2,593
1.0
Centene Corporation [CNC]
37
68.88
2,576
1.0
Amkor Technology Inc. [AMKR]
113
22.60
2,558
1.0
Regions Financial Corporation [RF]
148
17.20
2,540
1.0
Toll Brothers Inc. [TOL]
35
73.96
2,552
1.0
Brixmor Property Group Inc. [BRX]
122
20.78
2,527
1.0
HF Sinclair Corporation [DINO]
42
56.93
2,414
0.9
McKesson Corporation [MCK]
6
434.85
2,392
0.9
Whirlpool Corporation [WHR]
18
133.70
2,366
0.9
Ingredion Incorporated [INGR]
24
98.40
2,342
0.9
Phillips 66 [PSX]
20
120.15
2,343
0.9
State Street Corporation [STT]
34
66.96
2,297
0.9
Citizens Financial Group Inc. [CFG]
83
26.80
2,230
0.9
Nexstar Media Group Inc. [NXST]
16
143.37
2,237
0.9
MGIC Investment Corporation [MTG]
133
16.69
2,218
0.8
Reliance Steel & Aluminum Co. [RS]
8
262.23
2,124
0.8
Berry Global Group Inc [BERY]
33
61.91
2,068
0.8
Harley-Davidson Inc. [HOG]
62
33.06
2,056
0.8
Textron Inc. [TXT]
26
78.14
2,039
0.8
Fox Corporation Class A [FOXA]
65
31.20
2,012
0.8
ManpowerGroup Inc. [MAN]
28
73.32
2,016
0.8
APA Corporation [APA]
49
41.10
2,006
0.8
United Therapeutics Corporation [UTHR]
9
225.87
1,988
0.8
National Fuel Gas Company [NFG]
38
51.91
1,947
0.7
Radian Group Inc. [RDN]
77
25.11
1,933
0.7
Koppers Holdings Inc. [KOP]
49
39.55
1,918
0.7
PACCAR Inc [PCAR]
23
85.02
1,921
0.7
Archer-Daniels-Midland Company [ADM]
25
75.42
1,878
0.7
Penske Automotive Group Inc. [PAG]
11
167.06
1,871
0.7
Group 1 Automotive Inc. [GPI]
7
268.71
1,827
0.7
Simon Property Group Inc. [SPG]
17
108.03
1,815
0.7
Unum Group [UNM]
37
49.19
1,820
0.7
Vishay Intertechnology Inc. [VSH]
70
24.72
1,725
0.7
Banco Latinoamericano de Comercio Exterior S.A. Class E [BLX]
80
21.20
1,696
0.7
ODP Corporation [ODP]
36
46.15
1,671
0.6
Omega Healthcare Investors Inc. [OHI]
51
33.16
1,688
0.6
Sanmina Corporation [SANM]
31
54.28
1,694
0.6
Timken Company [TKR]
23
73.49
1,668
0.6
Diodes Incorporated [DIOD]
21
78.84
1,648
0.6
Tanger Factory Outlet Centers Inc. [SKT]
71
22.60
1,600
0.6
Devon Energy Corporation [DVN]
33
47.70
1,584
0.6
H&R Block Inc. [HRB]
37
43.06
1,585
0.6
WestRock Company [WRK]
44
35.80
1,579
0.6
Zions Bancorporation N.A. [ZION]
46
34.89
1,587
0.6
Brunswick Corporation [BC]
20
79.00
1,541
0.6
Ironwood Pharmaceuticals Inc. Class A [IRWD]
161
9.63
1,550
0.6
Western Union Company [WU]
118
13.18
1,550
0.6
DXC Technology Co. [DXC]
73
20.83
1,527
0.6
Valero Energy Corporation [VLO]
11
141.71
1,516
0.6
Dropbox Inc. Class A [DBX]
55
27.23
1,506
0.6
Encore Wire Corporation [WIRE]
8
182.46
1,496
0.6
Ethan Allen Interiors Inc. [ETD]
50
29.90
1,482
0.6
Xerox Holdings Corporation [XRX]
94
15.69
1,473
0.6
BorgWarner Inc. [BWA]
36
40.37
1,453
0.5
Best Buy Co. Inc. [BBY]
20
69.47
1,417
0.5
Greif Inc Class A [GEF]
21
66.81
1,416
0.5
Synchrony Financial [SYF]
46
30.57
1,418
0.5
Viatris Inc. [VTRS]
143
9.86
1,408
0.5
Bloomin' Brands Inc. [BLMN]
57
24.59
1,389
0.5
Meritage Homes Corporation [MTH]
11
122.39
1,395
0.5
Mueller Industries Inc. [MLI]
18
75.16
1,375
0.5
Alaska Air Group Inc. [ALK]
36
37.08
1,335
0.5
United Airlines Holdings Inc. [UAL]
32
42.30
1,332
0.5
Conagra Brands Inc. [CAG]
48
27.42
1,308
0.5
eBay Inc. [EBAY]
30
44.09
1,323
0.5
O-I Glass Inc [OI]
78
16.73
1,312
0.5
PennyMac Financial Services Inc. [PFSI]
20
66.60
1,312
0.5
Universal Health Services Inc. Class B [UHS]
10
125.73
1,282
0.5
SS&C Technologies Holdings Inc. [SSNC]
24
52.54
1,250
0.5
DaVita Inc. [DVA]
13
94.53
1,238
0.5
Delta Air Lines Inc. [DAL]
33
37.00
1,225
0.5
First American Financial Corporation [FAF]
22
56.49
1,231
0.5
KeyCorp [KEY]
115
10.76
1,233
0.5
Foot Locker Inc. [FL]
68
17.35
1,171
0.5
LyondellBasell Industries NV [LYB]
13
94.70
1,193
0.5
SITE Centers Corp. [SITC]
96
12.33
1,181
0.5
Avnet Inc. [AVT]
24
48.19
1,166
0.4
Sabra Health Care REIT Inc. [SBRA]
80
13.94
1,117
0.4
TEGNA Inc. [TGNA]
78
14.57
1,141
0.4
Eastman Chemical Company [EMN]
14
76.72
1,097
0.4
UGI Corporation [UGI]
48
23.00
1,097
0.4
Fifth Third Bancorp [FITB]
43
25.33
1,084
0.4
Ingles Markets Incorporated Class A [IMKTA]
14
75.33
1,079
0.4
Thor Industries Inc. [THO]
11
95.13
1,084
0.4
American Financial Group Inc. [AFG]
9
111.67
1,027
0.4
Chemours Co. [CC]
36
28.05
1,018
0.4
Dick's Sporting Goods Inc. [DKS]
10
108.58
1,032
0.4
TD SYNNEX Corporation [SNX]
10
99.86
1,029
0.4
American Axle & Manufacturing Holdings Inc. [AXL]
138
7.26
1,001
0.4
CNH Industrial NV [CNHI]
81
12.10
984
0.4
Laboratory Corporation of America Holdings [LH]
5
201.05
965
0.4
Moog Inc. Class A [MOG.A]
9
112.96
970
0.4
Discover Financial Services [DFS]
11
86.63
944
0.4
Macy's Inc. [M]
82
11.61
956
0.4
Titan International Inc. [TWI]
70
13.43
945
0.4
Photronics Inc. [PLAB]
46
20.21
928
0.4
Sylvamo Corporation [SLVM]
21
43.94
918
0.4
Lincoln National Corp [LNC]
36
24.69
884
0.3
Goodyear Tire & Rubber Company [GT]
69
12.43
856
0.3
Capri Holdings Limited [CPRI]
16
52.61
842
0.3
Huntsman Corporation [HUN]
35
24.40
842
0.3
Annaly Capital Management Inc. [NLY]
42
18.81
783
0.3
Gates Industrial Corporation plc [GTES]
67
11.61
777
0.3
Piedmont Office Realty Trust Inc. Class A [PDM]
138
5.62
777
0.3
Prestige Consumer Healthcare Inc [PBH]
14
57.19
789
0.3
Service Properties Trust [SVC]
102
7.69
788
0.3
Silgan Holdings Inc. [SLGN]
19
43.11
798
0.3
Huntington Ingalls Industries Inc. [HII]
4
204.58
757
0.3
Ingevity Corporation [NGVT]
16
47.61
770
0.3
G-III Apparel Group Ltd. [GIII]
28
24.92
700
0.3
Walgreens Boots Alliance Inc. [WBA]
32
22.24
701
0.3
Medical Properties Trust Inc. [MPW]
114
5.45
623
0.2
Paramount Group Inc. [PGRE]
139
4.62
642
0.2
Scorpio Tankers Inc. [STNG]
11
54.12
569
0.2
Brandywine Realty Trust [BDN]
99
4.54
451
0.2
Franklin Street Properties Corp. [FSP]
240
1.85
444
0.2
Kohl's Corporation [KSS]
20
20.96
428
0.2
Universal Insurance Holdings Inc. [UVE]
21
14.02
293
0.1
Office Properties Income Trust [OPI]
53
4.10
216
0.1
PHINIA Inc. [PHIN]
7
26.79
193
0.1
Fortrea Holdings Inc. [FTRE]
5
28.59
137
0.1
Methode Electronics Inc. [MEI]
5
22.85
103
0.0
Vitesse Energy Inc. [VTS]
4
22.89
83
0.0
Total
--
--
--
260,252
100.0
Cash and Other Assets Less Liabilities
--
--
--
--
0.0
Total Net Assets
--
--
--
--
100%

As of 9/30/2023

Mid Cap Value Fund (HIMVX)

Russell Midcap® Value Index

-

Financials

HIMVX: 20.5%

Benchmark: 16.8%

-

Industrials

HIMVX: 17.1%

Benchmark: 18.9%

-

Consumer Discretionary

HIMVX: 13.6%

Benchmark: 9.2%

-

Information Technology

HIMVX: 10.4%

Benchmark: 9.6%

-

Health Care

HIMVX: 8.2%

Benchmark: 7.1%

-

Consumer Staples

HIMVX: 7.0%

Benchmark: 4.0%

-

Materials

HIMVX: 6.5%

Benchmark: 7.8%

-

Real Estate

HIMVX: 5.3%

Benchmark: 10.1%

-

Energy

HIMVX: 5.1%

Benchmark: 5.8%

-

Utilities

HIMVX: 3.5%

Benchmark: 7.4%

-

Communication Services

HIMVX: 2.1%

Benchmark: 3.3%

-

X

HIMVX: 0.9%

Benchmark: NaN%

HIMVX: Mid Cap Value Fund

Benchmark: Russell Midcap® Value Index

As of 9/30/2023

Economic Sector

Mid Cap Value Fund %

Russell Midcap® Value Index %

Energy

Economic sector icon
22.8
12.5

Utilities

Economic sector icon
8.4
-7.2

Financials

Economic sector icon
1.2
1.0

[Unassigned]

0.0
-7.0

Real Estate

Economic sector icon
-1.1
-7.9

Consumer Staples

Economic sector icon
-2.8
-8.8

Health Care

Economic sector icon
-3.2
-9.9

Materials

Economic sector icon
-3.8
-4.4

Industrials

Economic sector icon
-5.3
-4.6

Consumer Discretionary

Economic sector icon
-5.3
-7.8

Information Technology

Economic sector icon
-8.0
-4.8

Communication Services

Economic sector icon
-10.4
-10.0

Investment Team


LSV Asset Management

LSV Asset Management was established in 1994 as a partnership to provide domestic, international, and global value equity investment management services to institutional investors using their proprietary quantitative model. Their research and investment team developed the model through years of research in value investing, contrarian strategies, and behavioral finance. The firm’s roots in these areas of academic research form the core of their investment philosophy and continue to drive the evolution of the LSV model over time. LSV employs their approach to manage assets in strategies covering global equity markets encompassing all capitalization ranges.

From time to time, certain fees and/or expenses have been voluntarily or contractually waived or reimbursed, which has resulted in higher returns. Without these waivers or reimbursements, the returns would have been lower. Voluntary waivers or reimbursements may be applied or discontinued at any time without notice. Only the Board of Trustees may modify or terminate contractual fee waivers or expense reimbursements.

As a result of changing market conditions, total net asset levels, expenses and other factors may change at any time during the current fiscal period and may differ from those shown.

There is no guarantee that the investment objective of the Fund will be achieved. Stock markets are volatile and equity values can decline significantly in response to adverse issuer, political, regulatory, market and economic conditions. The value of securities selected using quantitative analysis can react differently to issuer, political, market, and economic developments than the market as a whole or securities selected using only fundamental analysis. The factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security's value. In addition, any model may contain flaws or the model may not perform as anticipated. Stocks of mid cap companies pose special risks, including possible illiquidity and greater price volatility than stocks of larger, more established companies.

Weighted Average Market Capitalization: The average size of the companies in a portfolio or index as measured by the market value of outstanding shares.

Price/Book: The price-to-book (P/B) ratio evaluates a firm's market value relative to its book value.

Adjusted Trailing P/E Ratio: The Adjusted Trailing P/E (Price/Earnings) Ratio is the closing stock price divided by the sum of the last 12 months actual EPS.

% EPS Growth – Past 3 year: Earnings per share refers to the bottom-line measure of a company’s profitability defined as net income divided by the number of outstanding shares.

Return on Equity: Return on equity (ROE) is a measure of financial performance calculated by dividing net income by shareholders' equity.

Forecasted P/E Ratio: a measure of the P/E (price-to-earnings) ratio using forecasted earnings for the P/E calculation.

The Morningstar Medalist Ratings are shown for funds that have received a rating of Gold, Silver, or Bronze The funds shown without Medalist Ratings may not have received a Medalist Rating or may have received lower ratings.

The Morningstar Medalist Rating™ is the summary expression of Morningstar’s forward-looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. The Medalist Ratings indicate which investments Morningstar believes are likely to outperform a relevant index or peer group average on a risk-adjusted basis over time. Investment products are evaluated on three key pillars (People, Parent, and Process) which, when coupled with a fee assessment, forms the basis for Morningstar’s conviction in those products’ investment merits and determines the Medalist Rating they’re assigned. Pillar ratings take the form of Low, Below Average, Average, Above Average, and High. Pillars may be evaluated via an analyst’s qualitative assessment (either directly to a vehicle the analyst covers or indirectly when the pillar ratings of a covered vehicle are mapped to a related uncovered vehicle) or using algorithmic techniques. Vehicles are sorted by their expected performance into rating groups defined by their Morningstar Category and their active or passive status. When analysts directly cover a vehicle, they assign the three pillar ratings based on their qualitative assessment, subject to the oversight of the Analyst Rating Committee, and monitor and reevaluate them at least every 14 months. When the vehicles are covered either indirectly by analysts or by algorithm, the ratings are assigned monthly. For more detailed information about these ratings, including their methodology, please go to global.morningstar.com/managerdisclosures/.

The Morningstar Medalist Ratings are not statements of fact, nor are they credit or risk ratings. The Morningstar Medalist Rating (i) should not be used as the sole basis in evaluating an investment product, (ii) involves unknown risks and uncertainties which may cause expectations not to occur or to differ significantly from what was expected, (iii) are not guaranteed to be based on complete or accurate assumptions or models when determined algorithmically, (iv) involve the risk that the return target will not be met due to such things as unforeseen changes in management, technology, economic development, interest rate development, operating and/or material costs, competitive pressure, supervisory law, exchange rate, tax rates, exchange rate changes, and/or changes in political and social conditions, and (v) should not be considered an offer or solicitation to buy or sell the investment product. A change in the fundamental factors underlying the Morningstar Medalist Rating can mean that the rating is subsequently no longer accurate.

©2023 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.

Essentia Analytics Managers Award is conferred annually at each calendar year-end; with interim rankings computed each quarter – most currently, the quarter ended June 30, 2023.

The analysis measured the demonstrated skill of 85 portfolio managers in seven key decision types: stock picking, entry timing, sizing, scaling in, size adjusting, scaling out and exit timing. We isolated each decision type and measured its impact on the portfolio using decision attribution analysis techniques we have developed in conjunction with our clients over the past nine years.

Managers were scored on an Essentia Behavioral Alpha Frontier (EBAF) that considers the hit rate (percentage of decisions that added value) and payoff (the ratio of value added by the average good decision to the value destroyed by the average bad decision) for each decision type. The five managers with the highest aggregate scores across all decision types are recognized as top performers in the Behavioral Alpha Benchmark ranking.

Performance data shown represents past performance and is no guarantee of future results. For complete methodology, https://www.essentia-analytics.com/behavioral-alpha-benchmark-q2-2023/

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Investors should carefully consider the investment objectives, risks, charges and expenses of a fund before investing. To obtain a summary prospectus or prospectus for this and other information, click here or call 800-422-1050. Read it carefully before investing.

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