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Developing Growth Fund

Summary

Summary

What is the Developing Growth Fund?

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

Fund Basicsas of 05/31/2019

Total Net Assets
$1.91 B
Inception Date
10/10/1973
Dividend Frequency
Annually
Number of Holdings
94
Minimum Initial Investment
$1,000+

Expense Ratioas of 05/31/2019

Fund Expense Ratio :

0.93%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 10/10/1973
w/o sales charge 26.68% 10.21% 22.47% 10.99% 16.52% 10.87%
Lipper Category Avg. Small-Cap Growth Funds 15.33% -0.55% 14.42% 9.42% 14.31% -
Russell 2000® Growth Index 11.76% -6.88% 11.72% 8.32% 13.93% -
w/ sales charge 19.43% 3.87% 20.08% 9.68% 15.83% 10.72%

Fund Expense Ratio :

0.93%

Fund Expense Ratio :

0.93%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 10/10/1973
w/o sales charge 27.01% 24.55% 23.44% 9.31% 18.71% 10.92%
Lipper Category Avg. Small-Cap Growth Funds 18.14% 9.11% 16.79% 8.77% 16.47% -
Russell 2000® Growth Index 17.14% 3.85% 14.87% 8.41% 16.52% -
w/ sales charge 19.73% 17.41% 21.02% 8.03% 18.01% 10.77%

Fund Expense Ratio :

0.93%

TEN LARGEST HOLDINGS as of 05/31/2019View Portfolio

Holding Assets
Planet Fitness, Inc. 2.7%
Tandem Diabetes Care, Inc. 2.7%
Everbridge, Inc. 2.4%
Etsy, Inc. 2.3%
Chegg, Inc. 2.0%
Insperity, Inc. 2.0%
Glaukos Corp. 2.0%
Coupa Software Inc 1.9%
Five9, Inc. 1.9%
Repligen Corp. 1.8%

Investment Team

F. Thomas O'Halloran
F. Thomas O'Halloran, J.D., CFA

Partner & Portfolio Manager

32 Years of Industry Experience

Matthew DeCicco
Matthew R. DeCicco, CFA

Managing Director & Portfolio Manager

20 Years of Industry Experience

Vernon Bice
Vernon Bice, CMT

Portfolio Manager

18 Years of Industry Experience

Supported By 3 Investment Professionals with 20 Years Avg. Industry Experience

Your Representative

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

Performance

Performance

Fund Expense Ratio :

0.93%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 10/10/1973
w/o sales charge 26.68% 10.21% 22.47% 10.99% 16.52% 10.87%
Lipper Category Avg. Small-Cap Growth Funds 15.33% -0.55% 14.42% 9.42% 14.31% -
Russell 2000® Growth Index 11.76% -6.88% 11.72% 8.32% 13.93% -
w/ sales charge 19.43% 3.87% 20.08% 9.68% 15.83% 10.72%

Fund Expense Ratio :

0.93%

Fund Expense Ratio :

0.93%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 10/10/1973
w/o sales charge 27.01% 24.55% 23.44% 9.31% 18.71% 10.92%
Lipper Category Avg. Small-Cap Growth Funds 18.14% 9.11% 16.79% 8.77% 16.47% -
Russell 2000® Growth Index 17.14% 3.85% 14.87% 8.41% 16.52% -
w/ sales charge 19.73% 17.41% 21.02% 8.03% 18.01% 10.77%

Fund Expense Ratio :

0.93%

Year Fund Returns Russell 2000® Growth Index
2018 5.09% -9.31%
2017 29.92% 22.17%
2016 -2.71% 11.32%
2015 -8.90% -1.38%
2014 3.25% 5.60%
2013 57.19% 43.30%
2012 10.39% 14.59%
2011 -1.66% -2.91%
2010 36.54% 29.09%
2009 47.03% 34.47%
2008 -47.50% -
2007 35.83% -
2006 12.45% -
2005 11.87% -
2004 6.00% -
2003 40.06% -
2002 -29.54% -
2001 -6.98% -
2000 -17.69% -
1999 38.16% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 27.01% - - - 34.87%
2018 7.16% 14.97% 12.18% -23.96% 5.09%
2017 8.36% 4.06% 7.07% 7.61% 29.92%
2016 -10.30% 2.24% 10.87% -4.32% -2.71%
2015 7.12% 2.61% -15.70% -1.68% -8.90%
2014 1.67% 0.15% -5.75% 7.59% 3.25%
2013 13.50% 10.00% 18.78% 6.00% 57.19%
2012 12.16% -2.68% 5.55% -4.19% 10.39%
2011 10.23% 1.49% -20.86% 11.06% -1.66%
2010 8.21% -7.94% 16.47% 17.68% 36.54%
2009 -2.17% 24.37% 14.25% 5.76% 47.03%
2008 -21.82% 6.65% -11.81% -28.60% -47.50%
2007 4.65% 13.60% 9.82% 4.04% 35.83%
2006 15.98% -6.23% -6.80% 10.93% 12.45%
2005 -5.91% 5.82% 9.60% 2.52% 11.87%
2004 2.00% 0.20% -7.05% 11.58% 6.00%
2003 -3.27% 21.33% 9.79% 8.70% 40.06%
2002 0.07% -11.90% -23.81% 4.90% -29.54%
2001 -17.44% 16.01% -22.68% 25.62% -6.98%
2000 3.52% -13.67% -0.56% -7.37% -17.69%
1999 1.42% 11.69% -3.37% 26.23% 38.16%
1998 11.49% -2.94% -22.00% 28.29% 8.27%
1997 -2.88% 17.68% 21.77% -6.03% 30.78%
1996 8.18% 8.18% -2.85% 7.46% 22.19%
1995 6.04% 19.02% 15.90% -0.42% 45.66%
1994 0.16% -8.07% 10.54% 4.34% 6.20%
1993 -0.67% 1.03% 8.15% 3.76% 12.62%
1992 -2.92% -13.34% 5.39% 9.32% -3.06%
1991 29.96% -5.07% 9.77% 15.46% 56.36%
1990 1.18% 11.38% -24.62% 10.17% -6.41%
1989 3.04% 1.70% 8.07% 0.77% 14.12%
1988 8.71% 2.49% -4.04% -3.23% 3.45%
1987 23.22% -1.54% 5.33% -21.15% 0.76%
1986 12.02% 1.82% -18.44% 7.95% 0.42%
1985 9.91% -2.42% -9.28% 18.16% 14.96%
1984 -15.56% -5.27% 1.63% -4.54% -22.39%
1983 19.37% 16.69% -4.44% -6.33% 24.68%
1982 -11.29% 1.28% 11.66% 29.18% 29.58%
1981 6.38% 7.72% -18.09% 14.79% 7.74%
1980 -8.32% 13.37% 24.22% 5.17% 35.80%
1979 11.23% 3.38% 10.21% 1.23% 28.29%
1978 12.74% 18.50% 11.85% -9.31% 35.51%
1977 -5.21% 6.36% 3.99% 7.90% 13.12%
1976 25.90% -5.36% -5.21% 5.87% 19.57%
1975 36.09% 17.79% -12.76% -0.65% 38.93%
1974 2.02% -14.31% -23.96% -3.25% -35.69%
1973 - - - - -9.00%

Growth of $10,000 as of 05/31/2019

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Portfolio Positioning as of 03/31/2019

  • The portfolio has an overweight in the information technology sector relative to its benchmark, the Russell 2000® Growth Index, as we anticipate continued innovation in e-commerce and cloud computing. Additionally, the portfolio maintains an overweight position in internet service and software providers within the sector.
  • Within the health care sector, we remain focused on innovative biotechnology companies, as large cap firms within the industry seek growth opportunities. Moreover, the portfolio maintains exposure to innovative minimally-invasive medical device companies.
  • The portfolio remains underweight in certain bond proxy sectors, such as consumer staples and real estate, as we continue to believe these sectors are extremely overvalued.
  • We reduced the portfolio’s exposure to the financials sector as funding costs have increased and the yield curve has flattened further, negatively impacting small banks’ net interest margins.
  • At the start of the first quarter the equity market showed signs of stabilization, as such, we added to secular growth companies exhibiting technical support. We believe that many high growth companies are now more attractive as the sell-off of high growth stocks was overdone. We have rebuilt positions in select secular growth stocks as we believe that improving fundamentals and moderate inflation levels will support higher equity prices.

Portfolio Details as of 05/31/2019

Total Net Assets
$1.91 B
Number of Holdings
94
Weighted Average Market Cap.
4.6 B
P/B Ratio
9.2x
Portfolio Turnover Ratio as of 07/31/2018
89.3%
P/E Ratio
39.1x

Contributors & Detractors as of  03/29/2019

Contributors

Holding Contribution
Tandem Diabetes Care, Inc. 1.2%
Trade Desk, Inc./The 1.2%
Etsy, Inc. 1.0%
Loxo Oncology Inc 0.9%
Zscaler Inc 0.9%

Detractors

Holding Contribution
Restoration Hardware Holdings, Inc. -0.4%
Eventbrite Inc -0.3%
Stamps.com, Inc. -0.2%
Tactile Systems Technology, Inc. -0.2%
Haemonetics Corp. -0.1%

Attribution Analysis 

Developing Growth 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 06/25/2019
$0
Dividend Frequency
Annually
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
02/14/1997 02/18/1997 03/03/1997 $0.00000

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
11/20/2019 11/21/2019 11/21/2019

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
11/19/2018 11/20/2018 $6.2452 - $6.2452 $18.98

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

Sales Charge Schedule as of 06/25/2019

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $50,000 5.75% 5.00% $26.39
$50,000 to $99,999 4.75% 4.00% $26.11
$100,000 to $249,999 3.95% 3.25% $25.89
$250,000 to $499,999 2.75% 2.25% $25.57
$500,000 to $999,999 1.95% 1.75% $25.36
$1,000,000 to $5,000,000 0.00% 1.00% $24.87

Expense Ratioas of 05/31/2019

Fund Documents

Fund Documents

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Annual Report
Publish Date:11/03/2015
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Publish Date:11/03/2015
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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.

The Russell 2000® Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

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