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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 02/28/2019

Total Net Assets
$6.22 B
Inception Date
06/30/2015
Dividend Frequency
Quarterly
Fund Expense Ratio
0.39%
Number of Holdings
127
CUSIP
544001860

Yield

12-Month Dividend Yield 1 as of 03/19/2019  

w/o sales charge 2.50%

30-Day Standardized Yield 2 as of 02/28/2019  

2.49%

Fund Expense Ratio :

0.39%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 10.70% 3.17% 13.70% 8.77% 14.81% -
Lipper Category Avg. Equity Income Funds 10.06% 3.02% 11.67% 7.39% 13.90% -
Russell 1000® Value Index 11.23% 3.16% 12.80% 8.09% 15.39% -

Fund Expense Ratio :

0.39%

Fund Expense Ratio :

0.39%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -7.22% -7.22% 8.39% 6.59% 10.48% -
Lipper Category Avg. Equity Income Funds -7.24% -7.24% 6.88% 5.44% 10.60% -
Russell 1000® Value Index -8.27% -8.27% 6.95% 5.95% 11.18% -

Fund Expense Ratio :

0.39%

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TEN LARGEST HOLDINGS as of 02/28/2019View Portfolio

Holding Assets
Chevron Corp. 2.9%
Intel Corp. 2.5%
Merck & Co., Inc. 2.5%
JPMorgan Chase & Co. 2.4%
Pfizer, Inc. 2.3%
Bank of America Corp. 2.2%
Procter & Gamble Co. 2.1%
Cisco Systems, Inc. 1.9%
Verizon Communications, Inc. 1.8%
Medtronic, Inc. 1.5%
% of Total Assets 22.2%

INVESTMENT TEAM

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

Partner & Director

34 Years of Industry Experience

pavese
Marc Pavese, Ph.D.

Partner & Portfolio Manager

19 Years of Industry Experience

Supported By 38 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 03/19/2019  

w/o sales charge 2.50%

30-Day Standardized Yield 2 as of 02/28/2019  

  Subsidized3 Un-Subsidized4
w/o sales charge 2.49% 2.49%

Fund Expense Ratio :

0.39%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 10.70% 3.17% 13.70% 8.77% 14.81% -
Lipper Category Avg. Equity Income Funds 10.06% 3.02% 11.67% 7.39% 13.90% -
Russell 1000® Value Index 11.23% 3.16% 12.80% 8.09% 15.39% -

Fund Expense Ratio :

0.39%

Fund Expense Ratio :

0.39%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -7.22% -7.22% 8.39% 6.59% 10.48% -
Lipper Category Avg. Equity Income Funds -7.24% -7.24% 6.88% 5.44% 10.60% -
Russell 1000® Value Index -8.27% -8.27% 6.95% 5.95% 11.18% -

Fund Expense Ratio :

0.39%

Year Fund Returns Russell 1000® Value Index
2018 -7.22% -8.27%
2017 16.47% 13.66%
2016 17.83% 17.34%
2015 -3.83% -3.83%
2014 12.34% 13.45%
2013 32.80% 32.53%
2012 16.36% 17.51%
2011 -7.47% 0.39%
2010 14.87% 15.51%
2009 19.94% 19.69%
2008 -36.87% -
2007 4.13% -
2006 18.17% -
2005 3.71% -
2004 13.15% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 - - - - 11.38%
2018 -2.36% 0.57% 6.63% -11.38% -7.22%
2017 4.15% 2.12% 3.10% 6.22% 16.47%
2016 2.59% 3.28% 3.83% 7.10% 17.83%
2015 0.50% -1.14% -7.49% 4.62% -3.83%
2014 2.30% 4.13% -0.02% 5.49% 12.34%
2013 11.06% 3.95% 4.59% 9.98% 32.80%
2012 12.69% -4.57% 6.69% 1.41% 16.36%
2011 5.68% -2.57% -20.73% 13.37% -7.47%
2010 6.89% -14.30% 10.44% 13.55% 14.87%
2009 -16.35% 18.86% 16.46% 3.58% 19.94%
2008 -9.60% -5.95% -6.59% -20.51% -36.87%
2007 0.43% 5.27% 1.95% -3.39% 4.13%
2006 6.01% -0.36% 6.01% 5.52% 18.17%
2005 -2.53% -0.38% 4.32% 2.39% 3.71%
2004 - - - 11.04% 13.15%

NAV HISTORICAL PRICES

Date Net Asset Value

Portfolio

Portfolio

Portfolio Positioningas of 12/31/2018

  • Broadcom Limited, a semiconductor device developer, is the portfolio’s largest overweight position relative to its benchmark, the Russell 1000® Value Index, as of December 31, 2018. We believe the company’s diversified portfolio, cost savings approach, and successful third quarter will continue to drive outperformance.
  • Union Pacific Corp., a rail transportation company, is another of the portfolio’s overweight positions relative to its benchmark. We believe that Union Pacific’s diversified revenue mix, significant opportunities for margin growth, and strong free cash flow will result in a higher valuation going forward.
  • The portfolio also is overweight in Chevron Corp., an energy company, relative to the benchmark. We believe that Chevron’s focus on responsible capital spending, shareholder-friendly payout policies, and solid execution on growth projects will likely result in a higher valuation going forward.

PORTFOLIO DETAILS as of 02/28/2019

Total Net Assets
$6.22 B
Number of Holdings
127
Weighted Average Market Cap.
117.6 B
P/B Ratio
2.3x
Portfolio Turnover Ratio as of 10/31/2018
61.6%
P/E Ratio
16.0x

Contributors & Detractors as of  12/31/2018

Contributors

Holding Contribution
Merck & Co., Inc. 0.2%
CME Group, Inc. 0.2%
Procter & Gamble Co. 0.1%
Verizon Communications, Inc. 0.1%
Duke Energy Corp. 0.1%

Detractors

Holding Contribution
Valero Energy Corp. -0.5%
Schlumberger Ltd. -0.5%
Bank of America Corp. -0.3%
JPMorgan Chase & Co. -0.3%
ConocoPhillips Co. -0.3%

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 03/19/2019
$0
Dividend Frequency
Quarterly
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
12/26/2018 12/27/2018 12/27/2018 $0.08600 $13.18
09/27/2018 09/28/2018 09/28/2018 $0.09270 $16.36
06/28/2018 06/29/2018 06/29/2018 $0.09740 $15.43
03/28/2018 03/29/2018 03/29/2018 $0.09380 $15.44

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
03/28/2019 03/29/2019 03/29/2019
06/27/2019 06/28/2019 06/28/2019
09/26/2019 09/27/2019 09/27/2019
12/26/2019 12/27/2019 12/27/2019

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
11/19/2018 11/20/2018 $0.8245 $0.3982 $1.2227 $14.30

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
11/20/2019 11/21/2019

Fees & Expenses

Fees & Expenses

EXPENSE RATIOas of 02/28/2019

0.39%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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Statutory Prospectus
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Prospectus (XBRL)
Publish Date:11/03/2015
SAI
Publish Date:11/03/2015
Annual Report
Publish Date:11/03/2015
Semi-Annual Report
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
Commentary
Publish Date:11/03/2015

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Class R6 - The inception date for Class R6 shares is June 30, 2015. The performance quotations for Class R6 are based on the following methods of calculation: (a) for periods prior to June 30, 2015, a restated figure is used based on the historical performance of the Fund’s portfolio since inception to reflect all charges and fees applicable to Class R6 shares; and (b) for periods after June 30, 2015, actual Class R6 performance is used, which reflects all charges and fees applicable to Class R6 shares.

Class R6 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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