The
Elite Funds are
managed by
McCormick Capital Management (MCM). If
you have questions regarding the Elite Funds, MCM, or the
markets in general, don't hesitate to contact us by
e-mail (mcminfo@mcmelite.com) or by phone, 800.423.1068 Monday - Friday 7:30am-4:30pm
PST.
The Elite Income Fund - [ELINX]
The Elite Growth & Income Fund - [ELGIX]
THE
ELITE INCOME FUND - ELINX
PLEASE
READ THE PROSPECTUS BEFORE INVESTING
Fund Objective - The
Fund's objective is to achieve the highest income return
possible by primarily investing in investment grade Government & Corporate debt (bond) securities. The Elite Income Fund is
designed for investors who are:
- Seeking a conservative
intermediate-to-long-term investment
- Seeking current income
and are willing to forego growth of capital to get it,
and
- Can accept the risk of
an aggressive investments of as much as 30% of the portfolio
as a trade-off for boosting income potential.
Portfolio Manager - The Income Fund changed managers
as of September 30, 2002. The New manager, Michael Cheung has
over 18 years of investment experience. Michael's extensive
fixed income portfolio management experience includes the direct
responsibility for investing $26 billion at General Electric
Financial Assurance and $8 billion at the State of Alaska. Michael's
investment strengths include global economic and capital markets
analysis as well as a diverse investment exposure in all sectors
of the bond market. Michael received his BS degree from University
of Wisconsin-Green Bay and an MBA from Texas Christian University.
He has served on the CFA candidate curriculum committee and
has participated in the CFA candidate grading effort extensively.Michael
works closely with Kevin Loucks. Kevin's experience with financial
and investment analysis includes extensive knowledge of financial
modeling and income analysis operations. Prior to joining WCM,
Kevin led the credit underwriting effort for various investment
grade sectors at General Electric Financial Assurance. He is
proficient at issuer credit analysis with emphasis placed on
targeting credits poised to maintain or improve their credit
matrix. Kevin earned his BS degree in finance from the University
of Portland in 1993 and achieved his Chartered Financial Analyst
(CFA) designation in 2001.
Investment Approach - The Fund balances U.S. Government bond instruments with
investment grade Corporate bonds. The portfolio weightings
generally range from 60/40 to 40/60 Government/Corporate.
The approach taken in the past is to use longer maturity
Government bonds and shorter maturity Corporate bonds. We
find this approach is a good way to reduce default risk,
while at the same time, benefiting from higher yields on
the long maturity Government issues. The Fund's weighted
average maturity generally is between 5-6 years.
Largest Holdings (as of July 1, 2010)
| SECURITY |
MATURITY |
COUPON |
% OF ASSETS |
|
Fannie Mae |
04/20/12 |
1.875% |
3.3% |
|
Ameren Corp. |
05/15/14 |
8.875% |
3.3% |
| Household Financial Co |
11/27/12 |
5.830% |
2.8% |
| Nisource Financial |
11/27/12 |
8.470% |
2.6% |
| Oncor Electric |
05/11/12 |
5.890% |
2.5% |
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THE
ELITE GROWTH & INCOME FUND - ELGIX
PLEASE
READ THE PROSPECTUS BEFORE INVESTING
Fund Objective - The
Fund's goal is to maximize total return through an aggressive
approach primarily in the equity markets and to a lesser
degree the debt markets. Total return means any combination
of capital gains and income.The Elite Growth & Income Fund is designed for investors who are:
- Seeking an aggressive long-term
investment
- Seeking capital growth
- Can accept the risk of
an aggressive investment
Portfolio Manager -
The Growth and Income Fund has been managed by Richard McCormick
since the fund's inception (1987). Dick is the President
and CEO of the investment manager (MCM), and Chairman of
the Board of Trustees and President of The Elite Group.
Dicks investment management experience dates back to 1969.
Over the past 30 years, he has managed money for banks,
labor unions, corporations, universities, municipalities,
but what he likes best is managing money for individuals.
Dick is a Chartered Financial Analyst.
Investment Approach - The manager's philosophy in finding investments can
be classified as growth stocks at reasonable prices
(GARP).
With the majority of the portfolio, the manager looks for
companies that meet the following criteria:
- Clean balance sheet
- Consistent earnings growth
- Relative value compared
with peers and the overall market
- The fund is diversified
among many sectors with healthcare, financial, and capital
goods sectors having the heaviest emphasis.
Largest Holdings (as of July 1, 2010)
| SECURITY |
SYMBOL |
SECTOR |
% OF
ASSETS |
| CF Industries |
CF |
Basic Industry |
5.2% |
| Forest Labs |
FRX |
Health Care |
5.0% |
| Abbott Laboratories |
ABT |
Health Care |
4.9% |
| Mastercard |
MA |
Business Services |
4.5% |
| Exxon Mobile |
XOM |
Energy |
4.4% |
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