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Affiliated Fund

Summary

Summary

What is the Affiliated Fund?

The Fund seeks to deliver long-term growth of capital and current income by investing primarily in dividend-paying stocks of large U.S. companies.

DIVIDEND PAYERS

True to its mandate, the Affiliated Fund is focused on companies that pay dividends.

VALUE FOCUSED

We believe a professionally-managed approach can identify companies with sustainable dividend policies whose stocks are attractively valued. 

GROWTH & INCOME

A portfolio of undervalued dividend-paying stocks may provide investors with long-term growth of capital and current income. 

Fund Basicsas of 06/30/2020

Total Net Assets
$5.16 B
Inception Date
09/28/2007
Dividend Frequency
Quarterly
Fund Expense Ratio
0.96%
Number of Holdings
78

Yield

12-Month Dividend Yield 1 as of 07/31/2020  

w/o sales charge 2.22%

30-Day Standardized Yield 2 as of 06/30/2020  

2.08%

Fund Expense Ratio :

0.96%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge -14.00% -7.48% 2.39% 5.21% 8.85% 4.05%
Lipper Category Avg. Equity Income Funds - - - - - -
Russell 1000® Value Index - - - - - -

Fund Expense Ratio :

0.96%

Fund Expense Ratio :

0.96%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge -16.82% -9.32% 1.59% 4.68% 9.35% 3.80%
Lipper Category Avg. Equity Income Funds -12.87% -5.32% 3.34% 5.47% 9.98% -
Russell 1000® Value Index -16.26% -8.84% 1.82% 4.64% 10.41% 4.80%

Fund Expense Ratio :

0.96%

RELATED CONTENT

Navigating a Changed Landscape for Dividend Stocks
May 4, 2020

We believe a focus on companies with solid balance sheets and established dividend-payment histories may be worthwhile in the current environment.

Navigating a Changed Landscape for Dividend Stocks
May 4, 2020

We believe a focus on companies with solid balance sheets and established dividend-payment histories may be worthwhile in the current environment.

Our Guide to Dividend Income, in Two Charts
January 27, 2020

Instead of focusing on current yield, investors may be better served by considering the potential growth of dividend income over time.

TEN LARGEST HOLDINGS as of 06/30/2020View Portfolio

Holding Assets
Microsoft Corp. 3.7%
Home Depot USA, Inc. 2.7%
Apple, Inc. 2.4%
Merck & Co., Inc. 2.4%
Intel Corp. 2.2%
Procter & Gamble Co. 2.0%
Johnson & Johnson, Inc. 2.0%
JPMorgan Chase & Co. 1.9%
Bank of America Corp. 1.9%
Verizon Communications, Inc. 1.8%
% of Total Assets 23.0%

INVESTMENT TEAM

Walter H. Prahl
Walter H. Prahl, Ph.D.

Partner & Director

35 Years of Industry Experience

Marc O. Pavese
Marc O. Pavese, Ph.D.

Partner & Portfolio Manager

20 Years of Industry Experience

Darnell Azeez
Darnell Azeez, CFA

Portfolio Manager

18 Years of Industry Experience

Servesh Tiwari
Servesh Tiwari, CFA

Portfolio Manager

14 Years of Industry Experience

Supported By 34 Investment Professionals with 18 Years Avg. Industry Experience

Your Representative

To contact your representative, enter your zip code and select your channel below.

Performance

Performance

12-Month Dividend Yield 1 as of 07/31/2020  

w/o sales charge 2.22%

30-Day Standardized Yield 2 as of 06/30/2020  

  Subsidized3 Un-Subsidized4
w/o sales charge 2.08% 2.08%

Fund Expense Ratio :

0.96%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge -14.00% -7.48% 2.39% 5.21% 8.85% 4.05%
Lipper Category Avg. Equity Income Funds - - - - - -
Russell 1000® Value Index - - - - - -

Fund Expense Ratio :

0.96%

Fund Expense Ratio :

0.96%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge -16.82% -9.32% 1.59% 4.68% 9.35% 3.80%
Lipper Category Avg. Equity Income Funds -12.87% -5.32% 3.34% 5.47% 9.98% -
Russell 1000® Value Index -16.26% -8.84% 1.82% 4.64% 10.41% 4.80%

Fund Expense Ratio :

0.96%

Year Fund Returns Russell 1000® Value Index
2019 25.02% 26.54%
2018 -7.65% -8.27%
2017 15.79% 13.66%
2016 17.08% 17.34%
2015 -4.37% -3.83%
2014 11.75% 13.45%
2013 31.96% 32.53%
2012 15.75% 17.51%
2011 -8.04% 0.39%
2010 14.17% 15.51%
2009 19.16% -
2008 -37.22% -
2007 3.57% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 -27.98% 15.50% - - -14.00%
2019 10.54% 3.74% 2.38% 6.48% 25.02%
2018 -2.45% 0.43% 6.47% -11.46% -7.65%
2017 4.04% 1.94% 2.99% 6.01% 15.79%
2016 2.40% 3.09% 3.72% 6.93% 17.08%
2015 0.36% -1.29% -7.63% 4.51% -4.37%
2014 2.23% 3.93% -0.18% 5.36% 11.75%
2013 10.86% 3.81% 4.45% 9.78% 31.96%
2012 12.59% -4.72% 6.56% 1.26% 15.75%
2011 5.55% -2.72% -20.84% 13.15% -8.04%
2010 6.67% -14.39% 10.22% 13.44% 14.17%
2009 -16.54% 18.72% 16.22% 3.48% 19.16%
2008 -9.70% -6.18% -6.67% -20.60% -37.22%
2007 0.33% 5.06% 1.87% -3.55% 3.57%

NAV HISTORICAL PRICES

Date Net Asset Value

Portfolio

Portfolio

Portfolio Positioningas of 06/30/2020

  • Consistent with our investment approach, which seeks to achieve excess returns through a focus on security selection, we continue to find opportunities consisting of undervalued securities that we believe will drive relative performance in the future.
  • Microsoft Corp., a software developer, is the Fund’s largest overweight position relative to its benchmark, the Russell 1000® Value Index, as of June 30, 2020. We believe Microsoft is attractively positioned for a generational shift to cloud computing thanks to a massive ecosystem, installed bases in Office, and omnipresence in large enterprises. 
  • Merck & Co., Inc., a health solutions provider, is another of the Fund’s largest overweight positions relative to the benchmark. We believe that Merck is well positioned in the growing immune-oncology space with Keytruda, which has continued to gain momentum as follow on studies have shown effectiveness in multiple cancers.
  • The Fund is also overweight relative to the benchmark in Home Depot, Inc., one of the largest home improvement retailers. We believe Home Depot operates a business model that is highly resistant to disruption and well positioned to continue gaining share of total retail sales given its e-commerce capabilities, investments in delivery and fulfillment, and leadership position among both DIY and professional customers.

PORTFOLIO DETAILS as of 06/30/2020

Total Net Assets
$5.16 B
Number of Holdings
78
Weighted Average Market Cap.
202.9 B
P/B Ratio
2.6x
P/E Ratio
17.3x

Contributors & Detractors as of  06/30/2020

Contributors

Holding Contribution
Microsoft Corp. 1.0%
Home Depot USA, Inc. 0.8%
Apple, Inc. 0.8%
Lowe's Cos, Inc. 0.7%
Ameriprise Financial, Inc. 0.5%

Detractors

Holding Contribution
Raytheon Co. -0.1%
CME Group, Inc. -0.1%
Northrop Grumman Corp. -0.1%
Interpublic Group of Cos., Inc. -0.1%
Philip Morris International, Inc. 0.0%

Attribution Analysis 

Affiliated Fund Benchmark Variance
Sector Avg. Weight Base Return Avg. Weight Base Return Stock Selection Group Weight Total

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 07/31/2020
$0.142
Dividend Frequency
Quarterly
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
06/29/2020 06/30/2020 06/30/2020 $0.07150 $12.98
03/26/2020 03/27/2020 03/27/2020 $0.07100 $11.17

Upcoming Dividend Payment Dates

This section lists all anticipated income and Capital Gain distribution dates and any actual distributions are subject to adequacy of earnings and must be approved by the Board of Directors/Trustees. Please note that dates are subject to change.

Record Date Ex-Dividend Date Reinvest & Payable Date
09/28/2020 09/29/2020 09/29/2020
12/28/2020 12/29/2020 12/29/2020

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
11/20/2019 11/21/2019 $0.2639 $0.0717 $0.3356 $15.35

Upcoming Capital Gain Distribution

This section lists all anticipated income and Capital Gain distribution dates and any actual distributions are subject to adequacy of earnings and must be approved by the Board of Directors/Trustees. Please note that dates are subject to change.

Record Date Ex-Dividend Date
11/23/2020 11/24/2020

Fees & Expenses

Fees & Expenses

Fund Documents

Fund Documents

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Summary Prospectus
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Annual Report
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Publish Date:11/03/2015
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Class R3 - The performance quotations for Class R3 reflect the following methods of calculation: (a) for periods prior to the inception date for Class R3, a restated figure is used based on the Fund's Class A performance, excluding the effect of Class A's maximum sales charge (which does not apply to Class R3, adjusted to reflect the Rule 12b-1 rate differential between Class A and Class R3, which has a higher 12b-1 fee than Class A; and (b) for periods after the inception date for Class R3, actual Class R3 performance is used reflecting all charges and fees applicable to Class R3 shares. Hypothetical performance data for Class R3, as measured from since inception of the Fund using the methodology described above, is not available if the Class A inception date is equal or greater than ten years old. Please refer to the Class R3 performance information for the inception date for Class R3. Please refer to the Class A performance information for the inception date for Class A.

Class R3 shares are only offered to certain eligible investors.  For additional information, see the Fund’s current prospectus.

The Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

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