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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 12/31/2019

Total Net Assets
$1.73 B
Inception Date
11/24/1997
Dividend Frequency
Semi-Annually
Fund Expense Ratio
1.18%
Number of Holdings
78

Fund Expense Ratio :

1.18%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 11/24/1997
w/o sales charge 22.69% 22.69% 3.79% 4.61% 9.65% 7.50%
Lipper Category Avg. Mid-Cap Value Funds 25.20% 25.20% 6.60% 6.08% 10.73% -
Russell Midcap® Value Index 27.06% 27.06% 8.10% 7.62% 12.41% 9.46%

Fund Expense Ratio :

1.18%

Fund Expense Ratio :

1.18%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 11/24/1997
w/o sales charge 22.69% 22.69% 3.79% 4.61% 9.65% 7.50%
Lipper Category Avg. Mid-Cap Value Funds 25.20% 25.20% 6.60% 6.08% 10.73% -
Russell Midcap® Value Index 27.06% 27.06% 8.10% 7.62% 12.41% 9.46%

Fund Expense Ratio :

1.18%

TEN LARGEST HOLDINGS as of 12/31/2019View Portfolio

Holding Assets
Hartford Financial Services Group, Inc. 1.9%
Stanley Black & Decker, Inc. 1.8%
Alexandria Real Estate Equities, Inc. 1.8%
Teradyne, Inc. 1.8%
E*TRADE Financial Corp. 1.8%
CMS Energy Corp. 1.7%
Centene Corp. 1.7%
FirstEnergy Corp. 1.7%
Noble Energy, Inc. 1.7%
Evergy Inc 1.7%

INVESTMENT TEAM

Eli Rabinowich
Eli Rabinowich

Portfolio Manager

15 Years of Industry Experience

Jeff Diamond
Jeff Diamond, CFA

Portfolio Manager

32 Years of Industry Experience

Supported By 36 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 :

1.18%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 11/24/1997
w/o sales charge 22.69% 22.69% 3.79% 4.61% 9.65% 7.50%
Lipper Category Avg. Mid-Cap Value Funds 25.20% 25.20% 6.60% 6.08% 10.73% -
Russell Midcap® Value Index 27.06% 27.06% 8.10% 7.62% 12.41% 9.46%

Fund Expense Ratio :

1.18%

Fund Expense Ratio :

1.18%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 11/24/1997
w/o sales charge 22.69% 22.69% 3.79% 4.61% 9.65% 7.50%
Lipper Category Avg. Mid-Cap Value Funds 25.20% 25.20% 6.60% 6.08% 10.73% -
Russell Midcap® Value Index 27.06% 27.06% 8.10% 7.62% 12.41% 9.46%

Fund Expense Ratio :

1.18%

Year Fund Returns Russell Midcap® Value Index
2019 22.69% 27.06%
2018 -14.71% -12.29%
2017 6.84% 13.34%
2016 16.35% 20.00%
2015 -3.68% -4.78%
2014 11.63% 14.75%
2013 30.34% 33.46%
2012 14.49% 18.51%
2011 -4.03% -1.38%
2010 25.43% 24.75%
2009 26.63% -
2008 -39.56% -
2007 0.43% -
2006 12.19% -
2005 8.07% -
2004 23.99% -
2003 24.87% -
2002 -9.86% -
2001 7.95% -
2000 53.31% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 - - - - 0.43%
2019 13.33% 1.37% 1.36% 5.37% 22.69%
2018 -1.83% 0.98% 4.05% -17.31% -14.71%
2017 2.48% 1.51% 0.07% 2.64% 6.84%
2016 1.83% 3.68% 4.19% 5.77% 16.35%
2015 3.55% -1.35% -8.37% 2.91% -3.68%
2014 3.19% 5.06% -3.27% 6.45% 11.63%
2013 12.23% 1.84% 4.73% 8.89% 30.34%
2012 11.44% -7.10% 5.56% 4.77% 14.49%
2011 8.03% 0.00% -22.34% 14.40% -4.03%
2010 7.29% -9.36% 12.50% 14.64% 25.43%
2009 -12.25% 14.30% 19.51% 5.65% 26.63%
2008 -13.36% 0.07% -11.54% -21.20% -39.56%
2007 4.92% 5.99% -3.81% -6.11% 0.43%
2006 3.63% -2.91% 2.39% 8.91% 12.19%
2005 -0.16% 2.22% 4.20% 1.63% 8.07%
2004 6.53% 2.58% 0.25% 13.17% 23.99%
2003 -7.85% 15.35% 4.56% 12.35% 24.87%
2002 5.72% -6.19% -14.69% 6.54% -9.86%
2001 -2.10% 5.33% -7.98% 13.77% 7.95%
2000 10.79% 6.84% 12.81% 14.81% 53.31%
1999 -7.05% 17.49% -7.37% 2.26% 3.45%
1998 8.37% 0.07% -17.44% 10.60% -0.97%
1997 - - - - -10.74%

NAV HISTORICAL PRICES

Date Net Asset Value

Portfolio

Portfolio

Portfolio Positioning as of 12/31/2019

  • 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 BankUnited, Inc., a commercial real estate lender. Management is undertaking a strategic shift to increase focus on growing deposits while optimizing cots and returning capital to shareholders. We expect these actions to enhance return and drive multiple expansion over time.
  • We also initiated a position in shares of Brunswick Corp., a recreation products manufacturer. We believe the company is well positioned to benefit from the ongoing recovery in industry-wide boat sales, which still appear to be running below prior peak levels. The company’s marine engine business operates within a duopolistic industry structure and is benefiting from the trend toward outboard and higher horsepower engines. Finally, management is actively growing the parts and accessories business which we believe should dampen the overall cyclicality of the business in the future.
  • We eliminated the portfolio’s position in Advanced Auto Parts, Inc., an aftermarket automotive products distributor, and Masco Corp., a home improvements and building products distributor. The sales were consistent with our normalized free cash flow framework.

PORTFOLIO DETAILS as of 12/31/2019

Total Net Assets
$1.73 B
Number of Holdings
78
Weighted Average Market Cap.
14.4 B
P/B Ratio
2.1x
P/E Ratio
18.7x

Contributors & Detractors as of  12/31/2019

Contributors

Holding Contribution
Centene Corp. 0.5%
Lundin Mining Corp. 0.3%
Humana, Inc. 0.3%
Teradyne, Inc. 0.3%
Stanley Black & Decker, Inc. 0.3%

Detractors

Holding Contribution
Axis Capital Holdings Ltd. -0.2%
Foot Locker, Inc. -0.1%
Pacific Gas & Electric Co. -0.1%
Pacific Gas & Electric -0.1%
Avnet, Inc. -0.1%

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 01/22/2020
$0
Dividend Frequency
Semi-Annually
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
12/17/2019 12/18/2019 12/18/2019 $0.18740 $27.44
07/30/2019 07/31/2019 07/31/2019 $0.00210 $27.11

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
07/30/2020 07/31/2020 07/31/2020
12/17/2020 12/18/2020 12/18/2020

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/17/2019 12/18/2019 $0.6596 - $0.6596 $27.44

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
07/30/2020 07/31/2020

Fees & Expenses

Fees & Expenses

EXPENSE RATIOas of 12/31/2019

1.18%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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Statutory Prospectus
Publish Date:11/03/2015
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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 P - Performance is shown at net asset value (NAV). Class P shares are not subject to front-end or back-end sales charges.

Class P shares are only available on a limited basis through certain financial intermediaries and retirement and benefit plans. For additional information, see the Fund’s current prospectus.

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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