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Mid Cap Stock Fund

Summary

Summary

What is the Mid Cap Stock Fund?

The Fund seeks to deliver long-term growth of capital by investing primarily in stocks of mid-sized U.S. companies.

Fund Basicsas of 08/30/2019

Total Net Assets
$1.69 B
Inception Date
05/03/1999
Dividend Frequency
Semi-Annually
Fund Expense Ratio
0.73%
Number of Holdings
83
Minimum Initial Investment
$1,000,000+

Fund Expense Ratio :

0.73%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 05/03/1999
w/o sales charge 11.90% -7.79% 3.00% 3.66% 10.26% 8.65%
Lipper Category Avg. Mid-Cap Value Funds 11.82% -7.90% 4.73% 3.76% 10.58% -
Russell Midcap® Value Index 14.81% -3.13% 6.54% 5.88% 12.46% 8.83%

Fund Expense Ratio :

0.73%

Fund Expense Ratio :

0.73%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 05/03/1999
w/o sales charge 15.17% -0.74% 5.35% 4.30% 11.95% 8.88%
Lipper Category Avg. Mid-Cap Value Funds 16.15% -1.06% 7.71% 4.66% 12.49% -
Russell Midcap® Value Index 18.02% 3.68% 8.95% 6.72% 14.56% 9.05%

Fund Expense Ratio :

0.73%

TEN LARGEST HOLDINGS as of 08/30/2019View Portfolio

Holding Assets
FirstEnergy Corp. 2.2%
Hartford Financial Services Group, Inc. 2.2%
Axis Capital Holdings Ltd. 2.1%
CMS Energy Corp. 2.0%
Evergy Inc 1.9%
Alexandria Real Estate Equities, Inc. 1.9%
Universal Health Services, Inc. 1.8%
E*TRADE Financial Corp. 1.8%
Duke Realty Corp. 1.7%
Masco Corp. 1.7%

INVESTMENT TEAM

Eli Rabinowich
Eli Rabinowich

Portfolio Manager

14 Years of Industry Experience

Jeff Diamond
Jeff Diamond, CFA

Portfolio Manager

31 Years of Industry Experience

Supported By 39 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

Fund Expense Ratio :

0.73%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 05/03/1999
w/o sales charge 11.90% -7.79% 3.00% 3.66% 10.26% 8.65%
Lipper Category Avg. Mid-Cap Value Funds 11.82% -7.90% 4.73% 3.76% 10.58% -
Russell Midcap® Value Index 14.81% -3.13% 6.54% 5.88% 12.46% 8.83%

Fund Expense Ratio :

0.73%

Fund Expense Ratio :

0.73%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 05/03/1999
w/o sales charge 15.17% -0.74% 5.35% 4.30% 11.95% 8.88%
Lipper Category Avg. Mid-Cap Value Funds 16.15% -1.06% 7.71% 4.66% 12.49% -
Russell Midcap® Value Index 18.02% 3.68% 8.95% 6.72% 14.56% 9.05%

Fund Expense Ratio :

0.73%

Year Fund Returns Russell Midcap® Value Index
2018 -14.34% -12.29%
2017 7.29% 13.34%
2016 16.90% 20.00%
2015 -3.31% -4.78%
2014 11.97% 14.75%
2013 30.76% 33.46%
2012 14.88% 18.51%
2011 -3.64% -1.38%
2010 25.98% 24.75%
2009 27.21% 34.21%
2008 -39.27% -
2007 0.90% -
2006 12.69% -
2005 8.53% -
2004 24.59% -
2003 25.39% -
2002 -9.43% -
2001 8.33% -
2000 53.57% -
1999 1.45% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 13.49% 1.48% - - 16.36%
2018 -1.69% 1.10% 4.15% -17.25% -14.34%
2017 2.60% 1.61% 0.20% 2.71% 7.29%
2016 1.95% 3.79% 4.32% 5.90% 16.90%
2015 3.62% -1.24% -8.28% 3.02% -3.31%
2014 3.24% 5.15% -3.19% 6.53% 11.97%
2013 12.35% 1.90% 4.86% 8.92% 30.76%
2012 11.56% -7.04% 5.67% 4.84% 14.88%
2011 8.08% 0.17% -22.27% 14.51% -3.64%
2010 7.35% -9.20% 12.65% 14.74% 25.98%
2009 -12.16% 14.40% 19.60% 5.86% 27.21%
2008 -13.25% 0.13% -11.42% -21.07% -39.27%
2007 5.09% 6.07% -3.68% -6.03% 0.90%
2006 3.74% -2.80% 2.52% 9.01% 12.69%
2005 -0.06% 2.31% 4.34% 1.72% 8.53%
2004 6.66% 2.75% 0.34% 13.31% 24.59%
2003 -7.79% 15.58% 4.62% 12.46% 25.39%
2002 5.82% -6.07% -14.63% 6.73% -9.43%
2001 -2.02% 5.41% -7.91% 13.89% 8.33%
2000 10.76% 6.87% 12.93% 14.88% 53.57%
1999 - - -7.51% 2.47% 1.45%

NAV HISTORICAL PRICES

Date Net Asset Value

Portfolio

Portfolio

Portfolio Positioning as of 06/30/2019

  • The portfolio employs a fundamental, bottom-up individual stock selection strategy that focuses on quality companies with compelling valuations over a long term horizon.
  • We initiated a position in shares of Clorox Co., a diversified manufacturer of household consumer and professional products.  Recent competitive pressure in certain product lines has depressed near-term free cash flow growth. We believe this has created an attractive entry point for investment as these pressures are largely transitory and we are confident that management’s actions will be effective in restoring competitive balance over time.
  • We also initiated a position in shares of Universal Health Services, a leading operator of acute care hospitals and behavioral health facilities. Changes in Medicaid reimbursement have pressured margins in the U.S. behavioral business. We expect these pressures to stabilize, which may allow margins to expand over time. We also believe that management has shown themselves to be good stewards of capital through acquisitions, capital investments, and returns to shareholders.
  • We eliminated the portfolio's position in PerkinElmer, Inc., a global corporation focused on diagnostic, life science research, and industrial testing, which was consistent with our normalized free cash flow framework.

PORTFOLIO DETAILS as of 08/30/2019

Total Net Assets
$1.69 B
Number of Holdings
83
Weighted Average Market Cap.
13.1 B
P/B Ratio
1.9x
P/E Ratio
16.4x

Contributors & Detractors as of  06/28/2019

Contributors

Holding Contribution
RenaissanceRe Holdings Ltd. 0.3%
EMCOR Group, Inc. 0.3%
Lundin Mining Corp. 0.3%
ARAMARK Holdings Corp. 0.2%
Hartford Financial Services Group, Inc. 0.2%

Detractors

Holding Contribution
Urban Outfitters, Inc. -0.5%
Foot Locker, Inc. -0.5%
Conduent, Inc. -0.5%
Mylan, Inc. -0.2%
TreeHouse Foods, Inc. -0.2%

Attribution Analysis 

Mid Cap Stock 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 09/20/2019
$0.002
Dividend Frequency
Semi-Annually
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
07/30/2019 07/31/2019 07/31/2019 $0.00210 $27.82

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
12/17/2019 12/18/2019 12/18/2019

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/17/2018 12/18/2018 $1.3167 - $1.3167 $24.25

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
12/17/2019 12/18/2019

Fees & Expenses

Fees & Expenses

EXPENSE RATIOas of 08/31/2019

0.73%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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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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Publish Date:11/03/2015

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Class I - SEC Returns reflect performance for Class I shares at Net Asset Value.

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

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