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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
05/14/1934*
Dividend Frequency
Quarterly
Number of Holdings
78
Minimum Initial Investment
$1,000+

Expense Ratioas of 07/31/2020

Yield

12-Month Dividend Yield 1 as of 08/07/2020  

w/o sales charge 2.44%
w/ sales charge 2.30%

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

2.20%

Fund Expense Ratio :

0.71%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/01/1950
w/o sales charge -13.81% -7.16% 2.63% 5.45% 9.07% 10.58%
Lipper Category Avg. Equity Income Funds -9.46% -2.56% 4.19% 6.06% 9.66% -
Russell 1000® Value Index -12.95% -6.01% 2.70% 5.36% 10.12% -
w/ sales charge -18.75% -12.48% 0.63% 4.21% 8.43% 10.49%

Fund Expense Ratio :

0.71%

Fund Expense Ratio :

0.71%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/01/1950
w/o sales charge -16.69% -9.07% 1.81% 4.92% 9.57% 10.54%
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% -
w/ sales charge -21.47% -14.29% -0.18% 3.69% 8.92% 10.45%

Fund Expense Ratio :

0.71%

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 08/07/2020  

w/o sales charge 2.44%
w/ sales charge 2.30%

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

  Subsidized3 Un-Subsidized4
w/o sales charge 2.20% 2.20%

Fund Expense Ratio :

0.71%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/01/1950
w/o sales charge -13.81% -7.16% 2.63% 5.45% 9.07% 10.58%
Lipper Category Avg. Equity Income Funds -9.46% -2.56% 4.19% 6.06% 9.66% -
Russell 1000® Value Index -12.95% -6.01% 2.70% 5.36% 10.12% -
w/ sales charge -18.75% -12.48% 0.63% 4.21% 8.43% 10.49%

Fund Expense Ratio :

0.71%

Fund Expense Ratio :

0.71%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 01/01/1950
w/o sales charge -16.69% -9.07% 1.81% 4.92% 9.57% 10.54%
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% -
w/ sales charge -21.47% -14.29% -0.18% 3.69% 8.92% 10.45%

Fund Expense Ratio :

0.71%

Year Fund Returns Russell 1000® Value Index
2019 25.24% 26.54%
2018 -7.46% -8.27%
2017 16.12% 13.66%
2016 17.34% 17.34%
2015 -4.20% -3.83%
2014 12.07% 13.45%
2013 32.15% 32.53%
2012 15.90% 17.51%
2011 -7.84% 0.39%
2010 14.30% 15.51%
2009 19.39% -
2008 -37.13% -
2007 3.66% -
2006 17.61% -
2005 3.33% -
2004 12.60% -
2003 30.89% -
2002 -18.79% -
2001 -7.94% -
2000 15.24% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 -27.92% 15.58% - - -11.82%
2019 10.53% 3.81% 2.51% 6.47% 25.24%
2018 -2.39% 0.50% 6.53% -11.45% -7.46%
2017 4.16% 2.00% 3.05% 6.06% 16.12%
2016 2.52% 3.15% 3.70% 6.99% 17.34%
2015 0.35% -1.23% -7.57% 4.57% -4.20%
2014 2.29% 3.99% -0.12% 5.48% 12.07%
2013 10.88% 3.84% 4.49% 9.84% 32.15%
2012 12.61% -4.77% 6.68% 1.30% 15.90%
2011 5.67% -2.77% -20.73% 13.17% -7.84%
2010 6.69% -14.37% 10.35% 13.36% 14.30%
2009 -16.43% 18.76% 16.22% 3.51% 19.39%
2008 -9.69% -6.07% -6.72% -20.56% -37.13%
2007 0.36% 5.10% 1.90% -3.56% 3.66%
2006 5.88% -0.47% 5.85% 5.44% 17.61%
2005 -2.61% -0.49% 4.22% 2.30% 3.33%
2004 2.47% 1.10% -1.93% 10.82% 12.60%
2003 -5.46% 18.25% 2.90% 13.78% 30.89%
2002 3.15% -10.96% -19.74% 10.16% -18.79%
2001 -9.47% 5.32% -13.97% 12.22% -7.94%
2000 1.59% -3.13% 8.61% 7.82% 15.24%
1999 2.72% 10.79% -6.67% 10.04% 16.88%
1998 10.75% -0.26% -11.55% 17.10% 14.42%
1997 3.05% 13.38% 7.12% 0.01% 25.16%
1996 5.48% 0.87% 3.91% 8.59% 20.05%
1995 8.27% 7.30% 6.95% 6.00% 31.70%
1994 -3.48% 1.45% 6.09% 0.18% 4.06%
1993 5.46% 0.93% 4.26% 2.01% 13.21%
1992 -0.50% 4.48% 2.81% 5.16% 12.39%
1991 9.50% -0.41% 6.25% 5.29% 22.00%
1990 -1.70% 1.65% -12.52% 8.41% -5.23%
1989 3.79% 6.94% 7.96% 3.09% 23.53%
1988 3.23% 8.29% -1.48% 2.42% 12.81%
1987 16.69% 4.94% 5.68% -20.26% 3.19%
1986 16.15% 3.65% -3.96% 6.33% 22.95%
1985 6.25% 8.55% -4.81% 15.57% 26.87%
1984 -3.91% -3.92% 10.21% 5.00% 6.83%
1983 9.35% 7.44% 3.82% 2.91% 25.53%
1982 -4.66% -0.45% 9.76% 18.99% 23.97%
1981 6.42% -1.17% -9.99% 5.99% 0.33%
1980 -5.50% 13.53% 8.08% 7.35% 24.47%
1979 11.53% 3.31% 10.26% 1.83% 29.37%
1978 -4.28% 6.83% 8.64% -6.63% 3.72%
1977 -3.89% 3.00% -6.81% 1.18% -6.66%
1976 18.64% 6.11% 1.12% 5.79% 34.66%
1975 23.87% 17.67% -7.35% 5.02% 41.83%
1974 1.24% -9.11% -16.45% 9.29% -15.97%
1973 -6.88% -7.04% 15.23% -5.49% -5.73%
1972 5.04% -3.65% 3.51% 7.49% 12.60%
1971 9.60% 0.10% -2.99% 2.40% 8.98%
1970 -1.66% -16.57% 14.95% 8.95% 2.76%
1969 -1.74% -6.16% -6.47% -1.19% -14.78%
1968 -5.70% 12.37% 6.90% 4.73% 18.63%
1967 12.00% 2.18% 7.49% 0.65% 23.82%
1966 -1.24% -3.16% -8.07% 6.79% -6.11%
1965 3.16% -3.69% 8.46% 4.33% 12.44%
1964 6.16% 4.43% 4.96% 0.26% 16.66%
1963 7.53% 3.71% 3.50% 3.17% 19.08%
1962 -2.79% -17.81% 2.65% 12.18% -8.01%
1961 13.99% 0.36% 4.14% 5.48% 25.66%
1960 -4.30% 4.10% -3.30% 9.86% 5.84%
1959 4.20% 4.46% -2.25% 6.11% 12.90%
1958 10.53% 8.61% 9.14% 9.76% 43.80%
1957 0.87% 3.46% -3.62% -0.81% -0.23%
1956 4.58% 0.32% -2.98% 3.34% 5.19%
1955 3.31% 4.21% -0.01% 4.48% 12.47%
1954 6.85% 5.12% 6.62% 10.29% 32.09%
1953 0.59% -4.04% -0.66% 6.28% 1.91%
1952 3.99% 1.68% -2.27% 10.16% 13.84%
1951 4.51% -0.89% 2.11% 10.89% 17.29%
1950 - 1.64% 4.32% 13.65% 22.81%

Growth of $10,000 as of 07/31/2020

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 08/07/2020
$0.160
Dividend Frequency
Quarterly
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
06/29/2020 06/30/2020 06/30/2020 $0.08000 $12.98
03/26/2020 03/27/2020 03/27/2020 $0.08030 $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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Class A  Except as noted below, returns with sales charges reflect a maximum sales charge of 5.75% for equity funds, 2.25% for all tax-free income funds, fixed income funds and multi-asset class funds. There are also ongoing 12b-1 service fees (and, in certain cases, distribution fees).

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

Except as noted below, returns with sales charges reflect a maximum sales charge of 2.50%. There are also ongoing 12b-1 service and distribution fees.

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1.50% if the shares are repurchased before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

 

Except as noted below, returns with sales charges reflect a maximum sales charge of 2.50%. There are also ongoing 12b-1 service and distribution fees.

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1.50% if the shares are repurchased before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

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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