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Growth Leaders Fund

Summary

Summary

What is the Growth Leaders Fund?

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

Fund Basicsas of 05/31/2019

Total Net Assets
$3.65 B
Inception Date
06/30/2011
Dividend Frequency
Annually
Number of Holdings
80
Minimum Initial Investment
$1,500+

Expense Ratioas of 05/31/2019

Fund Expense Ratio :

0.91%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2011
w/o sales charge 20.17% 6.59% 17.31% 12.67% - 13.52%
Lipper Category Avg. Multi-Cap Growth Funds 14.76% 3.96% 13.89% 9.98% - -
Russell 1000® Growth Index 13.68% 5.39% 15.33% 12.33% - 13.66%
w/ sales charge 13.26% 0.46% 15.03% 11.34% - 12.67%

Fund Expense Ratio :

0.91%

Fund Expense Ratio :

0.91%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2011
w/o sales charge 20.78% 14.38% 18.00% 12.69% - 13.90%
Lipper Category Avg. Multi-Cap Growth Funds 16.64% 10.38% 15.29% 10.52% - -
Russell 1000® Growth Index 16.10% 12.75% 16.53% 13.50% - 14.28%
w/ sales charge 13.84% 7.79% 15.69% 11.36% - 13.03%

Fund Expense Ratio :

0.91%

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

Holding Assets
Amazon.com, Inc. 4.6%
Microsoft Corp. 3.2%
Mastercard, Inc. 3.0%
Alphabet, Inc. 2.9%
PayPal Holdings, Inc. 2.2%
Mercadolibre, Inc. 2.1%
Match Group, Inc. 1.9%
ServiceNow, Inc. 1.8%
HEICO Corp. 1.8%
Shopify, Inc. 1.7%

INVESTMENT TEAM

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

Partner & Portfolio Manager

32 Years of Industry Experience

Vernon Bice
Vernon Bice, CMT

Portfolio Manager

18 Years of Industry Experience

Matthew DeCicco
Matthew R. DeCicco, CFA

Managing Director & Portfolio Manager

20 Years of Industry Experience

Supported By 41 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 :

0.91%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2011
w/o sales charge 20.17% 6.59% 17.31% 12.67% - 13.52%
Lipper Category Avg. Multi-Cap Growth Funds 14.76% 3.96% 13.89% 9.98% - -
Russell 1000® Growth Index 13.68% 5.39% 15.33% 12.33% - 13.66%
w/ sales charge 13.26% 0.46% 15.03% 11.34% - 12.67%

Fund Expense Ratio :

0.91%

Fund Expense Ratio :

0.91%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2011
w/o sales charge 20.78% 14.38% 18.00% 12.69% - 13.90%
Lipper Category Avg. Multi-Cap Growth Funds 16.64% 10.38% 15.29% 10.52% - -
Russell 1000® Growth Index 16.10% 12.75% 16.53% 13.50% - 14.28%
w/ sales charge 13.84% 7.79% 15.69% 11.36% - 13.03%

Fund Expense Ratio :

0.91%

Year Fund Returns Russell 1000® Growth Index
2018 -0.95% -1.51%
2017 31.19% 30.21%
2016 0.58% 7.08%
2015 6.68% 5.67%
2014 10.12% 13.05%
2013 46.73% 33.48%
2012 9.98% 15.26%
2011 -8.33% 2.64%
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 20.78% - - - 29.41%
2018 4.60% 6.90% 11.01% -20.20% -0.95%
2017 8.00% 6.10% 6.52% 7.48% 31.19%
2016 -3.91% 0.65% 6.02% -1.91% 0.58%
2015 4.71% 1.21% -6.15% 7.26% 6.68%
2014 2.07% 3.60% -0.02% 4.16% 10.12%
2013 11.46% 7.21% 13.12% 8.55% 46.73%
2012 15.41% -5.85% 3.79% -2.49% 9.98%
2011 - - -14.97% 7.81% -8.33%

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 remains overweight in the information technology, specifically internet service and software providers, as we anticipate continued innovation in e-commerce and cloud computing, while maintaining an underweight position to particular FANG stocks.
  • Within the health care sector, we remain focused on smaller capitalization biotechnology companies, as they have tended to be more innovative than their large cap peers, which have large amounts of cash but inferior product pipelines. 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 overvalued.
  • During the first quarter as the equity market showed signs of stabilization, we added to secular growth companies exhibiting technical support while trimming select defensive and stable growth companies. 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 continue to support higher equity prices.

PORTFOLIO DETAILS as of 05/31/2019

Total Net Assets
$3.65 B
Number of Holdings
80
Weighted Average Market Cap.
155.7 B
P/B Ratio
11.4x
Portfolio Turnover Ratio as of 10/31/2018
161.4%
P/E Ratio
39.4x

Contributors & Detractors as of  03/29/2019

Contributors

Holding Contribution
Trade Desk, Inc./The 0.9%
Zscaler Inc 0.8%
Twilio, Inc. 0.7%
GW Pharmaceuticals plc 0.7%
Amazon.com, Inc. 0.7%

Detractors

Holding Contribution
Tesla Motors, Inc. -0.1%
Splunk, Inc. -0.1%
Facebook, Inc. -0.1%
UnitedHealth Group, Inc. -0.1%
Illumina, Inc. -0.1%

Attribution Analysis 

Growth Leaders 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 06/18/2019
$0
Dividend Frequency
Annually
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
12/27/2012 12/28/2012 12/28/2012 $0.03120 $15.16
11/19/2012 11/20/2012 11/20/2012 $0.01310 $14.96

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 $2.8843 $1.7670 $4.6513 $23.03

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 06/18/2019

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $50,000 5.75% 5.00% $31.51
$50,000 to $99,999 4.75% 4.00% $31.18
$100,000 to $249,999 3.95% 3.25% $30.92
$250,000 to $499,999 2.75% 2.25% $30.54
$500,000 to $999,999 1.95% 1.75% $30.29
$1,000,000 to $5,000,000 0.00% 1.00% $29.70

EXPENSE RATIOas of 05/31/2019

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.

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