Needham Growth Fund
Overview
Investment Objective
The Needham Growth Fund seeks long-term, tax-efficient capital appreciation by investing primarily in the equity securities of public companies with above-average prospective long-term growth rates at value prices.
Investment Philosophy
The market inefficiently values some companies’ prospects beyond a 12-18-month time horizon.
Investment Strategy
The Needham Growth Fund’s strategy is to invest in “Quality Compounders.” It has two distinct phases:
Phase 1
During the “Transition Phase,” we aim to invest in mid-cap companies that are entering the transition towards achieving operational excellence.
Phase 2
In the “Quality Compounder” phase, the strategy is to hold our position for an extended period as we hope the company’s new product or service is widely adopted by customers, and its financials could be greatly improved as a result.
Portfolio Managers
Fund Statistics
| Class I | Class R | |
| Ticker Symbols | NEEIX | NEEGX |
| Inception Date | December 30, 2016 | January 1, 1996 |
| Minimum Initial Investment | $100,000 | $2,000/$1,000 for IRA |
| Minimum Subsequent Investment | None | $100/No Min. for IRA |
| 12b-1 Fees | None | 25 bps |
| Redemption Fee | None | None |
| Gross Expense Ratio | 1.50% | 1.79% |
| Net Expense Ratio* | 1.21% | 1.75% |
*Reflects a contractual agreement by the Fund’s investment adviser to waive its fee and/or reimburse the Fund through April 29, 2025 to the extent the Gross Expense Ratio exceeds 1.95% and 1.21% of the average daily net assets of Retail Class Shares and Institutional Class Shares (Expense Cap). The Expense Cap excludes taxes, interest, brokerage, dividends on short positions, fees and expenses of “acquired funds,” extraordinary items and shareholder redemption fees but includes the management fee. Proxy Voting Record
Independent Service Providers
Performance
Daily Performance as of 04/17/2025
| $ NAV | $ Change | Daily % | YTD % | |
|---|---|---|---|---|
| Needham Growth Fund - Class I | 48.89 | 0.03 | 0.06% | -23.54% |
| Needham Growth Fund - Class R | 46.59 | 0.03 | 0.06% | -23.65% |
Performance as of 03/31/2025
| 1st Quarter | YTD | 1 Year | 3 Years* | 5 Years* | 10 Years* | Since Inception* | |
|---|---|---|---|---|---|---|---|
| Needham Growth Fund - Class I ** | -16.06% | -16.06% | -25.08% | -1.63% | 12.91% | 7.92% | 12.20% |
| After Taxes on Distributions | -16.06 | -16.06 | -25.71 | -2.03 | 11.97 | 6.34 | 10.86 |
| After Taxes on Distributions & Redemptions | -9.51 | -9.51 | -14.22 | -1.18 | 10.39 | 6.03 | 10.44 |
| Needham Growth Fund - Class R | -16.16% | -16.16% | -25.43% | -2.05% | 12.44% | 7.43% | 11.72% |
| After Taxes on Distributions | -16.16 | -16.16 | -26.09 | -2.47 | 11.48 | 5.84 | 10.37 |
| After Taxes on Distributions & Redemptions | -9.57 | -9.57 | -14.40 | -1.49 | 10.01 | 5.63 | 9.99 |
| Russell 3000 Total Return † | -4.72% | -4.72% | 7.22% | 8.22% | 18.18% | 11.80% | 9.74% |
| SP MidCap 400 Total Return †† | -6.10% | -6.10% | -2.71% | 4.42% | 16.91% | 8.43% | 10.84% |
| Russell Midcap Growth Total Return ††† | -7.12% | -7.12% | 3.57% | 6.16% | 14.86% | 10.14% | 9.64% |
*Annualized
Historical Monthly Returns Since Inception
| Class I | Class R | |
|---|---|---|
| Jan 96 | 8.54% | 8.50% |
| Feb 96 | 12.11% | 12.07% |
| Mar 96 | 3.41% | 3.37% |
| Apr 96 | 7.67% | 7.64% |
| May 96 | 6.69% | 6.65% |
| Jun 96 | -1.91% | -1.94% |
| Jul 96 | -2.44% | -2.47% |
| Aug 96 | 3.81% | 3.77% |
| Sep 96 | 5.27% | 5.24% |
| Oct 96 | -0.43% | -0.46% |
| Nov 96 | 1.91% | 1.88% |
| Dec 96 | -0.79% | -0.82% |
| Class I | Class R | |
|---|---|---|
| Jan 97 | 3.97% | 3.93% |
| Feb 97 | 0.56% | 0.53% |
| Mar 97 | 0.50% | 0.46% |
| Apr 97 | 0.30% | 0.26% |
| May 97 | 4.50% | 4.46% |
| Jun 97 | 1.60% | 1.57% |
| Jul 97 | 5.72% | 5.69% |
| Aug 97 | 1.03% | 0.99% |
| Sep 97 | 3.01% | 2.97% |
| Oct 97 | -3.49% | -3.53% |
| Nov 97 | -1.03% | -1.06% |
| Dec 97 | -1.23% | -1.27% |
| Class I | Class R | |
|---|---|---|
| Jan 98 | 2.12% | 2.08% |
| Feb 98 | 8.32% | 8.29% |
| Mar 98 | -3.29% | -3.32% |
| Apr 98 | 2.96% | 2.92% |
| May 98 | -2.61% | -2.65% |
| Jun 98 | 3.73% | 3.69% |
| Jul 98 | -3.71% | -3.75% |
| Aug 98 | -19.76% | -19.79% |
| Sep 98 | 10.96% | 10.92% |
| Oct 98 | 11.06% | 11.02% |
| Nov 98 | 0.82% | 0.79% |
| Dec 98 | 12.70% | 12.65% |
| Class I | Class R | |
|---|---|---|
| Jan 99 | 4.50% | 4.46% |
| Feb 99 | -5.79% | -5.82% |
| Mar 99 | 5.10% | 5.06% |
| Apr 99 | 3.57% | 3.53% |
| May 99 | 6.80% | 6.76% |
| Jun 99 | 9.72% | 9.68% |
| Jul 99 | 3.27% | 3.23% |
| Aug 99 | 2.19% | 2.15% |
| Sep 99 | -0.58% | -0.61% |
| Oct 99 | -4.82% | -4.85% |
| Nov 99 | 16.64% | 16.60% |
| Dec 99 | 23.39% | 23.35% |
| Class I | Class R | |
|---|---|---|
| Jan 00 | 2.76% | 2.72% |
| Feb 00 | 27.63% | 27.58% |
| Mar 00 | -6.54% | -6.57% |
| Apr 00 | -0.49% | -0.52% |
| May 00 | -7.91% | -7.94% |
| Jun 00 | 11.46% | 11.42% |
| Jul 00 | -3.17% | -3.21% |
| Aug 00 | 15.29% | 15.25% |
| Sep 00 | -4.85% | -4.88% |
| Oct 00 | -3.81% | -3.85% |
| Nov 00 | -12.99% | -13.02% |
| Dec 00 | -3.09% | -3.13% |
| Class I | Class R | |
|---|---|---|
| Jan 01 | 22.21% | 22.16% |
| Feb 01 | -11.54% | -11.57% |
| Mar 01 | -5.91% | -5.94% |
| Apr 01 | 10.53% | 10.49% |
| May 01 | 1.40% | 1.37% |
| Jun 01 | 3.83% | 3.80% |
| Jul 01 | -4.34% | -4.37% |
| Aug 01 | -5.58% | -5.61% |
| Sep 01 | -11.93% | -11.97% |
| Oct 01 | 8.12% | 8.09% |
| Nov 01 | 7.36% | 7.32% |
| Dec 01 | 3.04% | 3.00% |
| Class I | Class R | |
|---|---|---|
| Jan 02 | -0.11% | -0.14% |
| Feb 02 | -4.26% | -4.29% |
| Mar 02 | 5.95% | 5.91% |
| Apr 02 | -4.80% | -4.84% |
| May 02 | -4.82% | -4.86% |
| Jun 02 | -10.85% | -10.88% |
| Jul 02 | -12.44% | -12.47% |
| Aug 02 | -0.87% | -0.91% |
| Sep 02 | -10.69% | -10.72% |
| Oct 02 | 6.75% | 6.72% |
| Nov 02 | 15.45% | 15.41% |
| Dec 02 | -7.91% | -7.95% |
| Class I | Class R | |
|---|---|---|
| Jan 03 | -0.46% | -0.50% |
| Feb 03 | -0.42% | -0.45% |
| Mar 03 | -1.64% | -1.67% |
| Apr 03 | 6.94% | 6.91% |
| May 03 | 13.15% | 13.11% |
| Jun 03 | 2.25% | 2.22% |
| Jul 03 | 7.08% | 7.05% |
| Aug 03 | 6.04% | 6.00% |
| Sep 03 | 0.70% | 0.66% |
| Oct 03 | 5.26% | 5.22% |
| Nov 03 | 2.36% | 2.32% |
| Dec 03 | -0.44% | -0.47% |
| Class I | Class R | |
|---|---|---|
| Jan 04 | 5.90% | 5.86% |
| Feb 04 | -1.06% | -1.09% |
| Mar 04 | -2.34% | -2.38% |
| Apr 04 | -4.30% | -4.33% |
| May 04 | 2.72% | 2.68% |
| Jun 04 | 2.72% | 2.68% |
| Jul 04 | -10.41% | -10.44% |
| Aug 04 | -3.29% | -3.32% |
| Sep 04 | 5.00% | 4.96% |
| Oct 04 | 2.11% | 2.07% |
| Nov 04 | 6.13% | 6.09% |
| Dec 04 | 4.70% | 4.67% |
| Class I | Class R | |
|---|---|---|
| Jan 05 | -4.59% | -4.62% |
| Feb 05 | 4.20% | 4.17% |
| Mar 05 | -2.84% | -2.87% |
| Apr 05 | -5.95% | -5.98% |
| May 05 | 7.39% | 7.36% |
| Jun 05 | 2.01% | 1.98% |
| Jul 05 | 9.50% | 9.46% |
| Aug 05 | -0.14% | -0.18% |
| Sep 05 | 2.84% | 2.81% |
| Oct 05 | -4.19% | -4.23% |
| Nov 05 | 6.88% | 6.84% |
| Dec 05 | 0.32% | 0.28% |
| Class I | Class R | |
|---|---|---|
| Jan 06 | 8.70% | 8.66% |
| Feb 06 | 0.57% | 0.54% |
| Mar 06 | 1.19% | 1.15% |
| Apr 06 | 1.56% | 1.52% |
| May 06 | -3.31% | -3.35% |
| Jun 06 | -0.28% | -0.31% |
| Jul 06 | 0.94% | 0.91% |
| Aug 06 | 2.96% | 2.93% |
| Sep 06 | 0.36% | 0.32% |
| Oct 06 | 2.62% | 2.59% |
| Nov 06 | 1.70% | 1.66% |
| Dec 06 | 0.53% | 0.49% |
| Class I | Class R | |
|---|---|---|
| Jan 07 | 0.75% | 0.72% |
| Feb 07 | 0.01% | -0.03% |
| Mar 07 | 1.16% | 1.12% |
| Apr 07 | 2.60% | 2.57% |
| May 07 | 2.32% | 2.28% |
| Jun 07 | -0.66% | -0.70% |
| Jul 07 | -3.61% | -3.65% |
| Aug 07 | -0.32% | -0.35% |
| Sep 07 | 1.75% | 1.71% |
| Oct 07 | 2.66% | 2.62% |
| Nov 07 | -3.20% | -3.24% |
| Dec 07 | 0.26% | 0.22% |
| Class I | Class R | |
|---|---|---|
| Jan 08 | -8.37% | -8.40% |
| Feb 08 | -3.45% | -3.48% |
| Mar 08 | -2.35% | -2.38% |
| Apr 08 | 6.24% | 6.20% |
| May 08 | 4.03% | 4.00% |
| Jun 08 | -8.49% | -8.53% |
| Jul 08 | 0.00% | -0.03% |
| Aug 08 | 3.09% | 3.06% |
| Sep 08 | -10.19% | -10.22% |
| Oct 08 | -19.68% | -19.71% |
| Nov 08 | -10.15% | -10.18% |
| Dec 08 | 2.51% | 2.48% |
| Class I | Class R | |
|---|---|---|
| Jan 09 | -6.53% | -6.56% |
| Feb 09 | -5.35% | -5.39% |
| Mar 09 | 7.96% | 7.92% |
| Apr 09 | 12.91% | 12.87% |
| May 09 | 4.30% | 4.26% |
| Jun 09 | 3.90% | 3.87% |
| Jul 09 | 8.37% | 8.33% |
| Aug 09 | 2.50% | 2.46% |
| Sep 09 | 6.86% | 6.82% |
| Oct 09 | -3.71% | -3.75% |
| Nov 09 | 2.30% | 2.26% |
| Dec 09 | 7.94% | 7.90% |
| Class I | Class R | |
|---|---|---|
| Jan 10 | -3.22% | -3.26% |
| Feb 10 | 5.42% | 5.38% |
| Mar 10 | 8.21% | 8.17% |
| Apr 10 | 2.50% | 2.47% |
| May 10 | -7.28% | -7.31% |
| Jun 10 | -4.39% | -4.43% |
| Jul 10 | 3.59% | 3.56% |
| Aug 10 | -6.54% | -6.58% |
| Sep 10 | 16.06% | 16.03% |
| Oct 10 | 3.71% | 3.68% |
| Nov 10 | 3.64% | 3.60% |
| Dec 10 | 8.89% | 8.85% |
| Class I | Class R | |
|---|---|---|
| Jan 11 | 2.80% | 2.76% |
| Feb 11 | 1.95% | 1.92% |
| Mar 11 | 0.55% | 0.51% |
| Apr 11 | 2.46% | 2.43% |
| May 11 | -1.46% | -1.49% |
| Jun 11 | -2.16% | -2.19% |
| Jul 11 | -7.40% | -7.43% |
| Aug 11 | -10.26% | -10.29% |
| Sep 11 | -10.61% | -10.64% |
| Oct 11 | 17.52% | 17.48% |
| Nov 11 | -1.66% | -1.69% |
| Dec 11 | 0.07% | 0.03% |
| Class I | Class R | |
|---|---|---|
| Jan 12 | 9.40% | 9.37% |
| Feb 12 | 3.24% | 3.21% |
| Mar 12 | 2.47% | 2.43% |
| Apr 12 | -2.55% | -2.59% |
| May 12 | -9.15% | -9.18% |
| Jun 12 | 4.27% | 4.23% |
| Jul 12 | 0.46% | 0.43% |
| Aug 12 | 3.26% | 3.22% |
| Sep 12 | 1.11% | 1.08% |
| Oct 12 | -3.60% | -3.63% |
| Nov 12 | 1.77% | 1.74% |
| Dec 12 | 3.02% | 2.99% |
| Class I | Class R | |
|---|---|---|
| Jan 13 | 5.12% | 5.08% |
| Feb 13 | 1.39% | 1.36% |
| Mar 13 | 2.69% | 2.65% |
| Apr 13 | 0.93% | 0.90% |
| May 13 | 6.80% | 6.76% |
| Jun 13 | -0.60% | -0.63% |
| Jul 13 | 5.62% | 5.59% |
| Aug 13 | -2.32% | -2.36% |
| Sep 13 | 3.68% | 3.64% |
| Oct 13 | 1.49% | 1.45% |
| Nov 13 | 3.49% | 3.46% |
| Dec 13 | 2.65% | 2.62% |
| Class I | Class R | |
|---|---|---|
| Jan 14 | 0.39% | 0.35% |
| Feb 14 | 3.19% | 3.16% |
| Mar 14 | -2.56% | -2.59% |
| Apr 14 | -3.36% | -3.39% |
| May 14 | 1.27% | 1.23% |
| Jun 14 | 5.48% | 5.45% |
| Jul 14 | -2.97% | -3.01% |
| Aug 14 | 3.29% | 3.26% |
| Sep 14 | -3.46% | -3.49% |
| Oct 14 | 6.04% | 6.01% |
| Nov 14 | 0.61% | 0.57% |
| Dec 14 | 1.74% | 1.70% |
| Class I | Class R | |
|---|---|---|
| Jan 15 | -1.49% | -1.52% |
| Feb 15 | 6.39% | 6.36% |
| Mar 15 | -1.06% | -1.10% |
| Apr 15 | -2.00% | -2.04% |
| May 15 | 3.12% | 3.09% |
| Jun 15 | -1.02% | -1.06% |
| Jul 15 | -2.11% | -2.14% |
| Aug 15 | -6.62% | -6.65% |
| Sep 15 | -3.78% | -3.82% |
| Oct 15 | 4.96% | 4.92% |
| Nov 15 | 1.15% | 1.12% |
| Dec 15 | -1.57% | -1.61% |
| Class I | Class R | |
|---|---|---|
| Jan 16 | -7.29% | -7.32% |
| Feb 16 | 3.35% | 3.32% |
| Mar 16 | 4.75% | 4.72% |
| Apr 16 | -0.23% | -0.27% |
| May 16 | 0.67% | 0.63% |
| Jun 16 | 0.28% | 0.24% |
| Jul 16 | 3.59% | 3.56% |
| Aug 16 | 0.85% | 0.82% |
| Sep 16 | 1.54% | 1.51% |
| Oct 16 | -3.89% | -3.93% |
| Nov 16 | 8.46% | 8.42% |
| Dec 16 | -0.67% | -0.71% |
| Class I | Class R | |
|---|---|---|
| Jan 17 | 1.68% | 1.64% |
| Feb 17 | 1.31% | 1.27% |
| Mar 17 | -1.10% | -1.14% |
| Apr 17 | 0.59% | 0.57% |
| May 17 | 1.78% | 1.73% |
| Jun 17 | -0.02% | -0.07% |
| Jul 17 | 3.84% | 3.79% |
| Aug 17 | -0.94% | -0.98% |
| Sep 17 | 4.00% | 3.97% |
| Oct 17 | 0.17% | 0.12% |
| Nov 17 | 0.80% | 0.76% |
| Dec 17 | -3.34% | -3.40% |
| Class I | Class R | |
|---|---|---|
| Jan 18 | 4.59% | 4.57% |
| Feb 18 | -4.59% | -4.64% |
| Mar 18 | -0.70% | -0.72% |
| Apr 18 | -2.22% | -2.26% |
| May 18 | 5.79% | 5.71% |
| Jun 18 | 1.20% | 1.18% |
| Jul 18 | 1.83% | 1.78% |
| Aug 18 | 1.49% | 1.44% |
| Sep 18 | -2.08% | -2.09% |
| Oct 18 | -8.70% | -8.75% |
| Nov 18 | 3.78% | 3.71% |
| Dec 18 | -9.35% | -9.35% |
| Class I | Class R | |
|---|---|---|
| Jan 19 | 9.57% | 9.47% |
| Feb 19 | 3.87% | 3.84% |
| Mar 19 | 0.58% | 0.53% |
| Apr 19 | 6.24% | 6.20% |
| May 19 | -4.42% | -4.46% |
| Jun 19 | 8.26% | 8.19% |
| Jul 19 | 1.31% | 1.28% |
| Aug 19 | -1.74% | -1.81% |
| Sep 19 | 2.65% | 2.62% |
| Oct 19 | 4.07% | 4.02% |
| Nov 19 | 3.67% | 3.61% |
| Dec 19 | 3.18% | 3.14% |
| Class I | Class R | |
|---|---|---|
| Jan 20 | -0.21% | -0.26% |
| Feb 20 | -5.71% | -5.75% |
| Mar 20 | -13.50% | -13.55% |
| Apr 20 | 16.81% | 16.79% |
| May 20 | 7.32% | 7.25% |
| Jun 20 | 4.35% | 4.33% |
| Jul 20 | 9.34% | 9.28% |
| Aug 20 | 1.44% | 1.42% |
| Sep 20 | -1.60% | -1.64% |
| Oct 20 | -0.78% | -0.80% |
| Nov 20 | 17.25% | 17.20% |
| Dec 20 | 5.23% | 5.20% |
| Class I | Class R | |
|---|---|---|
| Jan 21 | 5.32% | 5.28% |
| Feb 21 | 2.42% | 2.40% |
| Mar 21 | -0.44% | -0.46% |
| Apr 21 | 0.73% | 0.70% |
| May 21 | -0.21% | -0.25% |
| Jun 21 | 6.88% | 6.84% |
| Jul 21 | 2.51% | 2.49% |
| Aug 21 | 2.71% | 2.67% |
| Sep 21 | -1.31% | -1.34% |
| Oct 21 | 5.47% | 5.45% |
| Nov 21 | 2.26% | 2.23% |
| Dec 21 | -0.88% | -0.92% |
| Class I | Class R | |
|---|---|---|
| Jan 22 | -12.71% | -12.75% |
| Feb 22 | -2.37% | -2.38% |
| Mar 22 | 0.99% | 0.93% |
| Apr 22 | -14.22% | -14.26% |
| May 22 | 2.33% | 2.29% |
| Jun 22 | -11.42% | -11.46% |
| Jul 22 | 13.37% | 13.32% |
| Aug 22 | -3.45% | -3.50% |
| Sep 22 | -12.53% | -12.59% |
| Oct 22 | 3.59% | 3.58% |
| Nov 22 | 6.79% | 6.75% |
| Dec 22 | -5.94% | -5.97% |
| Class I | Class R | |
|---|---|---|
| Jan 23 | 8.35% | 8.34% |
| Feb 23 | -0.96% | -0.99% |
| Mar 23 | 1.59% | 1.54% |
| Apr 23 | -7.07% | -7.09% |
| May 23 | 13.96% | 13.91% |
| Jun 23 | 7.29% | 7.24% |
| Jul 23 | 7.58% | 7.55% |
| Aug 23 | -9.10% | -9.12% |
| Sep 23 | -5.84% | -5.86% |
| Oct 23 | -10.34% | -10.38% |
| Nov 23 | 12.25% | 12.24% |
| Dec 23 | 10.91% | 10.88% |
| Class I | Class R | |
|---|---|---|
| Jan 24 | 5.62% | 5.58% |
| Feb 24 | 16.31% | 16.30% |
| Mar 24 | 4.89% | 4.86% |
| Apr 24 | -7.03% | -7.05% |
| May 24 | 5.69% | 5.66% |
| Jun 24 | 1.18% | 1.16% |
| Jul 24 | -1.79% | -1.85% |
| Aug 24 | -1.88% | -1.91% |
| Sep 24 | -0.03% | -0.07% |
| Oct 24 | -6.47% | -6.49% |
| Nov 24 | 3.90% | 3.83% |
| Dec 24 | -4.11% | -4.16% |
| Class I | Class R | |
|---|---|---|
| Jan 25 | 2.25% | 2.21% |
| Feb 25 | -7.53% | -7.57% |
| Mar 25 | -11.23% | -11.26% |
The Needham Growth Fund inception date is 1/1/96. Performance data quoted represents past performance and does not guarantee future results. Figures include changes in principal value, reinvested dividends and capital gains distributions. Investment return and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Current performance may be lower or higher than the performance data quoted. Please visit www.needhamfunds.com or call 1-800-625-7071 for the most current month-end performance data.
The source of the data for each of the Russell 2000 Index and the Russell 3000 Index (together, the “Indexes”) is the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2025. All rights in the Indexes vest in the relevant LSE Group company which owns the Index. The Indexes are calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. Neither the LSE Group nor its licensors accept any liability for any errors or omissions in the Indexes; no party may rely on the Index returns shown; and the LSE Group makes no claim, prediction, warranty or representation about the Fund or the suitability of the Indexes with respect to the Fund. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group is not connected to the Fund and does not promote, sponsor or endorse the Fund or the content of this prospectus.
**Performance for any periods prior to the inception date of Institutional Class Shares are based on the historical performance of the Retail Class Shares adjusted to assume the expenses associated with Institutional Class Shares.
Growth of 10K as of 03/31/2025
| NEEIX | NEEGX | Russell 3000 Total Return † | Russell Midcap Growth Total Return †† | SP MidCap 400 Total Return ††† | |
|---|---|---|---|---|---|
| 01/01/1996 | 10000 | 10000 | 10000 | 10000 | 10000 |
| 01/31/1996 | 10854 | 10850 | 10290 | 10177 | 10145 |
| 02/29/1996 | 12168 | 12160 | 10442 | 10562 | 10490 |
| 03/31/1996 | 12583 | 12570 | 10547 | 10645 | 10616 |
| 04/30/1996 | 13549 | 13530 | 10747 | 11159 | 10940 |
| 05/31/1996 | 14455 | 14430 | 11022 | 11387 | 11088 |
| 06/30/1996 | 14180 | 14150 | 10986 | 11043 | 10921 |
| 07/31/1996 | 13834 | 13800 | 10411 | 10185 | 10183 |
| 08/31/1996 | 14360 | 14320 | 10727 | 10736 | 10770 |
| 09/30/1996 | 15117 | 15070 | 11311 | 11418 | 11239 |
| 10/31/1996 | 15053 | 15000 | 11518 | 11284 | 11272 |
| 11/30/1996 | 15340 | 15281 | 12330 | 11949 | 11907 |
| 12/31/1996 | 15219 | 15156 | 12182 | 11748 | 11920 |
| 01/31/1997 | 15824 | 15752 | 12856 | 12267 | 12368 |
| 02/28/1997 | 15913 | 15836 | 12870 | 11997 | 12266 |
| 03/31/1997 | 15992 | 15909 | 12287 | 11319 | 11743 |
| 04/30/1997 | 16040 | 15951 | 12893 | 11597 | 12048 |
| 05/31/1997 | 16761 | 16662 | 13773 | 12636 | 13101 |
| 06/30/1997 | 17030 | 16924 | 14346 | 12985 | 13469 |
| 07/31/1997 | 18005 | 17886 | 15471 | 14228 | 14803 |
| 08/31/1997 | 18190 | 18064 | 14843 | 14089 | 14785 |
| 09/30/1997 | 18737 | 18601 | 15685 | 14803 | 15634 |
| 10/31/1997 | 18083 | 17944 | 15158 | 14061 | 14954 |
| 11/30/1997 | 17897 | 17754 | 15738 | 14209 | 15176 |
| 12/31/1997 | 17676 | 17529 | 16053 | 14396 | 15765 |
| 01/31/1998 | 18050 | 17893 | 16137 | 14137 | 15465 |
| 02/28/1998 | 19553 | 19376 | 17291 | 15466 | 16746 |
| 03/31/1998 | 18909 | 18732 | 18148 | 16114 | 17501 |
| 04/30/1998 | 19468 | 19279 | 18326 | 16333 | 17821 |
| 05/31/1998 | 18959 | 18769 | 17874 | 15661 | 17019 |
| 06/30/1998 | 19666 | 19462 | 18479 | 16104 | 17126 |
| 07/31/1998 | 18936 | 18732 | 18143 | 15414 | 16462 |
| 08/31/1998 | 15193 | 15025 | 15364 | 12472 | 13398 |
| 09/30/1998 | 16859 | 16666 | 16412 | 13416 | 14648 |
| 10/31/1998 | 18724 | 18503 | 17658 | 14404 | 15957 |
| 11/30/1998 | 18878 | 18649 | 18738 | 15375 | 16754 |
| 12/31/1998 | 21274 | 21009 | 19928 | 16967 | 18778 |
| 01/31/1999 | 22231 | 21945 | 20605 | 17476 | 18047 |
| 02/28/1999 | 20944 | 20668 | 19876 | 16622 | 17102 |
| 03/31/1999 | 22012 | 21714 | 20605 | 17547 | 17580 |
| 04/30/1999 | 22796 | 22481 | 21535 | 18347 | 18966 |
| 05/31/1999 | 24347 | 24001 | 21126 | 18111 | 19049 |
| 06/30/1999 | 26713 | 26325 | 22193 | 19375 | 20068 |
| 07/31/1999 | 27587 | 27176 | 21520 | 18758 | 19642 |
| 08/31/1999 | 28190 | 27760 | 21276 | 18563 | 18969 |
| 09/30/1999 | 28027 | 27590 | 20732 | 18405 | 18383 |
| 10/31/1999 | 26677 | 26252 | 22032 | 19828 | 19320 |
| 11/30/1999 | 31116 | 30610 | 22649 | 21882 | 20334 |
| 12/31/1999 | 38394 | 37757 | 24094 | 25671 | 21542 |
| 01/31/2000 | 39453 | 38784 | 23150 | 25665 | 20936 |
| 02/29/2000 | 50352 | 49482 | 23364 | 31061 | 22401 |
| 03/31/2000 | 47059 | 46230 | 25194 | 31093 | 24276 |
| 04/30/2000 | 46828 | 45987 | 24307 | 28075 | 23428 |
| 05/31/2000 | 43125 | 42335 | 23624 | 26028 | 23136 |
| 06/30/2000 | 48068 | 47171 | 24323 | 28790 | 23475 |
| 07/31/2000 | 46544 | 45659 | 23893 | 26967 | 23846 |
| 08/31/2000 | 53658 | 52620 | 25665 | 31034 | 26509 |
| 09/30/2000 | 51058 | 50052 | 24503 | 29517 | 26327 |
| 10/31/2000 | 49111 | 48127 | 24154 | 27497 | 25434 |
| 11/30/2000 | 42732 | 41861 | 21928 | 21521 | 23515 |
| 12/31/2000 | 41410 | 40552 | 22297 | 22655 | 25314 |
| 01/31/2001 | 50606 | 49540 | 23059 | 23949 | 25877 |
| 02/28/2001 | 44767 | 43810 | 20952 | 19806 | 24401 |
| 03/31/2001 | 42122 | 41207 | 19587 | 16972 | 22586 |
| 04/30/2001 | 46556 | 45529 | 21157 | 19801 | 25078 |
| 05/31/2001 | 47209 | 46151 | 21327 | 19708 | 25662 |
| 06/30/2001 | 49018 | 47902 | 20934 | 19718 | 25558 |
| 07/31/2001 | 46890 | 45807 | 20589 | 18388 | 25178 |
| 08/31/2001 | 44275 | 43237 | 19374 | 17055 | 24354 |
| 09/30/2001 | 38991 | 38063 | 17664 | 14237 | 21325 |
| 10/31/2001 | 42159 | 41141 | 18075 | 15733 | 22268 |
| 11/30/2001 | 45261 | 44153 | 19467 | 17427 | 23925 |
| 12/31/2001 | 46637 | 45480 | 19742 | 18089 | 25161 |
| 01/31/2002 | 46587 | 45414 | 19494 | 17502 | 25030 |
| 02/28/2002 | 44603 | 43466 | 19096 | 16510 | 25061 |
| 03/31/2002 | 47257 | 46036 | 19933 | 17770 | 26852 |
| 04/30/2002 | 44987 | 43810 | 18887 | 16829 | 26727 |
| 05/31/2002 | 42817 | 41681 | 18668 | 16327 | 26276 |
| 06/30/2002 | 38173 | 37147 | 17325 | 14525 | 24353 |
| 07/31/2002 | 33424 | 32513 | 15947 | 13114 | 21994 |
| 08/31/2002 | 33133 | 32219 | 16022 | 13068 | 22104 |
| 09/30/2002 | 29592 | 28764 | 14339 | 12030 | 20324 |
| 10/31/2002 | 31589 | 30696 | 15481 | 12962 | 21204 |
| 11/30/2002 | 36470 | 35428 | 16418 | 13976 | 22431 |
| 12/31/2002 | 33584 | 32612 | 15489 | 13132 | 21509 |
| 01/31/2003 | 33428 | 32448 | 15110 | 13003 | 20881 |
| 02/28/2003 | 33286 | 32301 | 14862 | 12890 | 20383 |
| 03/31/2003 | 32741 | 31760 | 15018 | 13130 | 20555 |
| 04/30/2003 | 35014 | 33954 | 16244 | 14024 | 22048 |
| 05/31/2003 | 39620 | 38407 | 17225 | 15373 | 23875 |
| 06/30/2003 | 40512 | 39258 | 17457 | 15593 | 24179 |
| 07/31/2003 | 43382 | 42025 | 17858 | 16150 | 25037 |
| 08/31/2003 | 46000 | 44546 | 18254 | 17039 | 26173 |
| 09/30/2003 | 46321 | 44841 | 18055 | 16709 | 25772 |
| 10/31/2003 | 48757 | 47182 | 19148 | 18055 | 27721 |
| 11/30/2003 | 49907 | 48279 | 19412 | 18539 | 28686 |
| 12/31/2003 | 49688 | 48050 | 20300 | 18741 | 29171 |
| 01/31/2004 | 52618 | 50866 | 20723 | 19360 | 29803 |
| 02/29/2004 | 52060 | 50309 | 21002 | 19684 | 30518 |
| 03/31/2004 | 50841 | 49114 | 20753 | 19647 | 30648 |
| 04/30/2004 | 48656 | 46986 | 20324 | 19092 | 29642 |
| 05/31/2004 | 49978 | 48246 | 20619 | 19543 | 30257 |
| 06/30/2004 | 51335 | 49540 | 21029 | 19854 | 30945 |
| 07/31/2004 | 45991 | 44366 | 20234 | 18539 | 29501 |
| 08/31/2004 | 44480 | 42893 | 20317 | 18310 | 29424 |
| 09/30/2004 | 46702 | 45021 | 20630 | 18994 | 30296 |
| 10/31/2004 | 47687 | 45954 | 20968 | 19638 | 30780 |
| 11/30/2004 | 50609 | 48754 | 21943 | 20652 | 32613 |
| 12/31/2004 | 52990 | 51029 | 22725 | 21642 | 33979 |
| 01/31/2005 | 50560 | 48672 | 22120 | 21062 | 33112 |
| 02/28/2005 | 52686 | 50702 | 22607 | 21596 | 34222 |
| 03/31/2005 | 51190 | 49245 | 22224 | 21280 | 33844 |
| 04/30/2005 | 48144 | 46298 | 21741 | 20438 | 32528 |
| 05/31/2005 | 51703 | 49703 | 22565 | 21609 | 34487 |
| 06/30/2005 | 52743 | 50686 | 22723 | 22011 | 35287 |
| 07/31/2005 | 57754 | 55482 | 23655 | 23295 | 37140 |
| 08/31/2005 | 57672 | 55384 | 23430 | 23153 | 36726 |
| 09/30/2005 | 59312 | 56939 | 23635 | 23452 | 37009 |
| 10/31/2005 | 56825 | 54533 | 23192 | 22762 | 36213 |
| 11/30/2005 | 60735 | 58266 | 24094 | 23997 | 37983 |
| 12/31/2005 | 60928 | 58429 | 24116 | 24260 | 38245 |
| 01/31/2006 | 66226 | 63488 | 24922 | 25713 | 40499 |
| 02/28/2006 | 66606 | 63832 | 24966 | 25397 | 40159 |
| 03/31/2006 | 67398 | 64568 | 25397 | 26106 | 41162 |
| 04/30/2006 | 68447 | 65551 | 25673 | 26217 | 41741 |
| 05/31/2006 | 66180 | 63357 | 24851 | 24983 | 39859 |
| 06/30/2006 | 65998 | 63161 | 24895 | 24881 | 39868 |
| 07/31/2006 | 66620 | 63734 | 24872 | 23989 | 38731 |
| 08/31/2006 | 68594 | 65600 | 25480 | 24542 | 39173 |
| 09/30/2006 | 68841 | 65813 | 26050 | 25102 | 39437 |
| 10/31/2006 | 70646 | 67515 | 26988 | 26065 | 41076 |
| 11/30/2006 | 71846 | 68639 | 27575 | 27088 | 42398 |
| 12/31/2006 | 72224 | 68975 | 27906 | 26845 | 42192 |
| 01/31/2007 | 72768 | 69470 | 28437 | 27822 | 43725 |
| 02/28/2007 | 72773 | 69452 | 27970 | 27762 | 44045 |
| 03/31/2007 | 73614 | 70230 | 28261 | 27908 | 44638 |
| 04/30/2007 | 75530 | 72033 | 29390 | 29134 | 45996 |
| 05/31/2007 | 77282 | 73678 | 30461 | 30315 | 48301 |
| 06/30/2007 | 76771 | 73165 | 29891 | 29790 | 47246 |
| 07/31/2007 | 73997 | 70495 | 28872 | 29123 | 45211 |
| 08/31/2007 | 73763 | 70248 | 29286 | 29280 | 45628 |
| 09/30/2007 | 75051 | 71450 | 30354 | 30429 | 46835 |
| 10/31/2007 | 77047 | 73324 | 30911 | 31205 | 48067 |
| 11/30/2007 | 74578 | 70950 | 29519 | 29831 | 45646 |
| 12/31/2007 | 74770 | 71108 | 29340 | 29913 | 45558 |
| 01/31/2008 | 68511 | 65131 | 27562 | 27536 | 42751 |
| 02/29/2008 | 66147 | 62863 | 26706 | 27117 | 41956 |
| 03/31/2008 | 64593 | 61364 | 26548 | 26638 | 41526 |
| 04/30/2008 | 68623 | 65171 | 27875 | 28570 | 44726 |
| 05/31/2008 | 71390 | 67774 | 28446 | 30075 | 47093 |
| 06/30/2008 | 65326 | 61995 | 26099 | 27876 | 43780 |
| 07/31/2008 | 65328 | 61975 | 25891 | 26817 | 42968 |
| 08/31/2008 | 67348 | 63869 | 26293 | 27062 | 43704 |
| 09/30/2008 | 60486 | 57340 | 23821 | 22928 | 39023 |
| 10/31/2008 | 48581 | 46038 | 19596 | 17896 | 30540 |
| 11/30/2008 | 43652 | 41352 | 18049 | 16063 | 27709 |
| 12/31/2008 | 44748 | 42376 | 18394 | 16654 | 29052 |
| 01/31/2009 | 41828 | 39596 | 16851 | 15904 | 26945 |
| 02/28/2009 | 39589 | 37464 | 15085 | 14694 | 24336 |
| 03/31/2009 | 42740 | 40432 | 16407 | 16094 | 26538 |
| 04/30/2009 | 48259 | 45638 | 18133 | 18381 | 30484 |
| 05/31/2009 | 50332 | 47582 | 19101 | 19331 | 31318 |
| 06/30/2009 | 52296 | 49422 | 19166 | 19421 | 31512 |
| 07/31/2009 | 56673 | 53540 | 20658 | 20953 | 34266 |
| 08/31/2009 | 58088 | 54857 | 21396 | 21594 | 35763 |
| 09/30/2009 | 62072 | 58600 | 22292 | 22836 | 37809 |
| 10/31/2009 | 59769 | 56404 | 21719 | 21919 | 36093 |
| 11/30/2009 | 61141 | 57680 | 22953 | 22944 | 37555 |
| 12/31/2009 | 65995 | 62237 | 23607 | 24364 | 39912 |
| 01/31/2010 | 63869 | 60209 | 22756 | 23391 | 38629 |
| 02/28/2010 | 67327 | 63450 | 23528 | 24552 | 40641 |
| 03/31/2010 | 72854 | 68634 | 25011 | 26233 | 43541 |
| 04/30/2010 | 74678 | 70328 | 25550 | 27011 | 45397 |
| 05/31/2010 | 69242 | 65185 | 23532 | 25157 | 42129 |
| 06/30/2010 | 66201 | 62300 | 22179 | 23557 | 39368 |
| 07/31/2010 | 68580 | 64516 | 23719 | 25178 | 42087 |
| 08/31/2010 | 64093 | 60272 | 22602 | 24095 | 40008 |
| 09/30/2010 | 74388 | 69931 | 24736 | 27008 | 44531 |
| 10/31/2010 | 77150 | 72502 | 25703 | 28064 | 46067 |
| 11/30/2010 | 79959 | 75115 | 25851 | 28984 | 47436 |
| 12/31/2010 | 87066 | 81763 | 27604 | 30792 | 50544 |
| 01/31/2011 | 89502 | 84021 | 28207 | 31406 | 51554 |
| 02/28/2011 | 91246 | 85631 | 29234 | 32677 | 53954 |
| 03/31/2011 | 91746 | 86070 | 29366 | 33210 | 55276 |
| 04/30/2011 | 94006 | 88161 | 30240 | 34411 | 56777 |
| 05/31/2011 | 92635 | 86844 | 29895 | 34292 | 56012 |
| 06/30/2011 | 90636 | 84941 | 29358 | 33745 | 54872 |
| 07/31/2011 | 83931 | 78628 | 28685 | 32479 | 52933 |
| 08/31/2011 | 75321 | 70537 | 26964 | 30265 | 49167 |
| 09/30/2011 | 67331 | 63032 | 24872 | 27223 | 43963 |
| 10/31/2011 | 79126 | 74049 | 27735 | 30893 | 50006 |
| 11/30/2011 | 77815 | 72797 | 27660 | 30743 | 49855 |
| 12/31/2011 | 77866 | 72819 | 27887 | 30284 | 49669 |
| 01/31/2012 | 85188 | 79639 | 29294 | 32480 | 52950 |
| 02/29/2012 | 87950 | 82193 | 30534 | 33928 | 55332 |
| 03/31/2012 | 90121 | 84193 | 31476 | 34680 | 56372 |
| 04/30/2012 | 87821 | 82016 | 31269 | 34680 | 56246 |
| 05/31/2012 | 79787 | 74485 | 29336 | 32127 | 52599 |
| 06/30/2012 | 83194 | 77639 | 30485 | 32737 | 53593 |
| 07/31/2012 | 83580 | 77973 | 30787 | 32695 | 53570 |
| 08/31/2012 | 86301 | 80483 | 31555 | 33811 | 55434 |
| 09/30/2012 | 87261 | 81349 | 32384 | 34488 | 56509 |
| 10/31/2012 | 84122 | 78395 | 31825 | 33701 | 56061 |
| 11/30/2012 | 85611 | 79756 | 32072 | 34452 | 57296 |
| 12/31/2012 | 88200 | 82139 | 32465 | 35070 | 58549 |
| 01/31/2013 | 92714 | 86312 | 34246 | 37232 | 62776 |
| 02/28/2013 | 94002 | 87483 | 34700 | 37607 | 63392 |
| 03/31/2013 | 96527 | 89802 | 36060 | 39105 | 66424 |
| 04/30/2013 | 97426 | 90607 | 36650 | 39681 | 66841 |
| 05/31/2013 | 104048 | 96732 | 37515 | 40724 | 68352 |
| 06/30/2013 | 103428 | 96122 | 37028 | 40227 | 67090 |
| 07/31/2013 | 109243 | 101491 | 39058 | 42729 | 71246 |
| 08/31/2013 | 106708 | 99099 | 37967 | 41916 | 68577 |
| 09/30/2013 | 110635 | 102711 | 39379 | 43984 | 72150 |
| 10/31/2013 | 112278 | 104199 | 41052 | 45137 | 74831 |
| 11/30/2013 | 116199 | 107802 | 42243 | 46134 | 75821 |
| 12/31/2013 | 119284 | 110625 | 43357 | 47605 | 78163 |
| 01/31/2014 | 119750 | 111018 | 41988 | 46569 | 76503 |
| 02/28/2014 | 123577 | 114529 | 43979 | 49495 | 80240 |
| 03/31/2014 | 120415 | 111558 | 44213 | 48577 | 80536 |
| 04/30/2014 | 116375 | 107777 | 44266 | 47864 | 79277 |
| 05/31/2014 | 117847 | 109103 | 45232 | 49164 | 80685 |
| 06/30/2014 | 124307 | 115044 | 46367 | 50702 | 84023 |
| 07/31/2014 | 120610 | 111583 | 45452 | 49187 | 80431 |
| 08/31/2014 | 124582 | 115216 | 47359 | 51836 | 84520 |
| 09/30/2014 | 120271 | 111190 | 46372 | 50332 | 80676 |
| 10/31/2014 | 127537 | 117868 | 47648 | 51722 | 83551 |
| 11/30/2014 | 128313 | 118545 | 48802 | 53422 | 85096 |
| 12/31/2014 | 130543 | 120563 | 48802 | 53271 | 85798 |
| 01/31/2015 | 128603 | 118728 | 47444 | 52373 | 84835 |
| 02/28/2015 | 136822 | 126276 | 50191 | 55978 | 89181 |
| 03/31/2015 | 135366 | 124887 | 49680 | 56136 | 90357 |
| 04/30/2015 | 132657 | 122345 | 49905 | 55742 | 89010 |
| 05/31/2015 | 136798 | 126119 | 50595 | 56404 | 90592 |
| 06/30/2015 | 135396 | 124782 | 49749 | 55495 | 89398 |
| 07/31/2015 | 132542 | 122109 | 50581 | 56394 | 89520 |
| 08/31/2015 | 123769 | 113984 | 47527 | 53113 | 84525 |
| 09/30/2015 | 119086 | 109633 | 46142 | 51061 | 81803 |
| 10/31/2015 | 124995 | 115033 | 49787 | 54275 | 86411 |
| 11/30/2015 | 126435 | 116318 | 50063 | 54394 | 87581 |
| 12/31/2015 | 124445 | 114446 | 49035 | 53164 | 83931 |
| 01/31/2016 | 115371 | 106064 | 46269 | 49140 | 79155 |
| 02/29/2016 | 119239 | 109584 | 46254 | 49910 | 80272 |
| 03/31/2016 | 124907 | 114753 | 49510 | 53472 | 87108 |
| 04/30/2016 | 124616 | 114446 | 49817 | 53440 | 88174 |
| 05/31/2016 | 125451 | 115173 | 50708 | 54316 | 90212 |
| 06/30/2016 | 125798 | 115452 | 50813 | 54308 | 90587 |
| 07/31/2016 | 130320 | 119559 | 52829 | 56997 | 94474 |
| 08/31/2016 | 131432 | 120537 | 52964 | 56830 | 94945 |
| 09/30/2016 | 133458 | 122353 | 53047 | 56801 | 94341 |
| 10/31/2016 | 128262 | 117548 | 51900 | 54494 | 91817 |
| 11/30/2016 | 139113 | 127449 | 54222 | 56863 | 99167 |
| 12/31/2016 | 138174 | 126545 | 55280 | 57060 | 101338 |
| 01/31/2017 | 140498 | 128615 | 56321 | 58963 | 103037 |
| 02/28/2017 | 142345 | 130248 | 58415 | 60658 | 105740 |
| 03/31/2017 | 140785 | 128761 | 58455 | 60994 | 105330 |
| 04/30/2017 | 141612 | 129490 | 59075 | 61899 | 106210 |
| 05/31/2017 | 144128 | 131735 | 59679 | 63377 | 105694 |
| 06/30/2017 | 144096 | 131648 | 60218 | 63565 | 107405 |
| 07/31/2017 | 149635 | 136634 | 61353 | 64627 | 108352 |
| 08/31/2017 | 148235 | 135292 | 61471 | 65083 | 106689 |
| 09/30/2017 | 154156 | 140657 | 62971 | 66923 | 110866 |
| 10/31/2017 | 154411 | 140832 | 64345 | 68796 | 113374 |
| 11/30/2017 | 155646 | 141900 | 66299 | 71095 | 117543 |
| 12/31/2017 | 150451 | 137077 | 66961 | 71478 | 117799 |
| 01/31/2018 | 157354 | 143338 | 70491 | 75522 | 121185 |
| 02/28/2018 | 150137 | 136693 | 67892 | 73152 | 115813 |
| 03/31/2018 | 149091 | 135703 | 66530 | 73033 | 116889 |
| 04/30/2018 | 145778 | 132636 | 66782 | 72343 | 116586 |
| 05/31/2018 | 154216 | 140207 | 68668 | 75049 | 121397 |
| 06/30/2018 | 156064 | 141868 | 69117 | 75338 | 121908 |
| 07/31/2018 | 158923 | 144392 | 71411 | 76956 | 124058 |
| 08/31/2018 | 161294 | 146469 | 73918 | 81391 | 128022 |
| 09/30/2018 | 157947 | 143402 | 74041 | 81045 | 126618 |
| 10/31/2018 | 144209 | 130847 | 68589 | 73020 | 114532 |
| 11/30/2018 | 149656 | 135699 | 69963 | 74877 | 118108 |
| 12/31/2018 | 135664 | 123008 | 63451 | 68083 | 104743 |
| 01/31/2019 | 148642 | 134657 | 68898 | 75906 | 115699 |
| 02/28/2019 | 154401 | 139831 | 71321 | 80357 | 120604 |
| 03/31/2019 | 155294 | 140575 | 72362 | 81441 | 119918 |
| 04/30/2019 | 164987 | 149284 | 75252 | 85104 | 124740 |
| 05/31/2019 | 157687 | 142622 | 70382 | 80208 | 114796 |
| 06/30/2019 | 170705 | 154309 | 75325 | 85840 | 123569 |
| 07/31/2019 | 172936 | 156281 | 76445 | 87845 | 125039 |
| 08/31/2019 | 169935 | 153453 | 74887 | 86245 | 119794 |
| 09/30/2019 | 174437 | 157472 | 76201 | 85262 | 123463 |
| 10/31/2019 | 181534 | 163800 | 77841 | 86843 | 124858 |
| 11/30/2019 | 188196 | 169720 | 80800 | 91163 | 128573 |
| 12/31/2019 | 194181 | 175056 | 83133 | 92231 | 132185 |
| 01/31/2020 | 193773 | 174597 | 83042 | 93094 | 128733 |
| 02/29/2020 | 182711 | 164550 | 76243 | 86675 | 116514 |
| 03/31/2020 | 158047 | 142246 | 65759 | 73748 | 92925 |
| 04/30/2020 | 184615 | 166134 | 74468 | 85297 | 106104 |
| 05/31/2020 | 198125 | 178183 | 78450 | 93865 | 113865 |
| 06/30/2020 | 206739 | 185895 | 80244 | 96065 | 115296 |
| 07/31/2020 | 226053 | 203155 | 84800 | 103740 | 120612 |
| 08/31/2020 | 229318 | 206032 | 90943 | 106562 | 124850 |
| 09/30/2020 | 225645 | 202655 | 87632 | 105070 | 120796 |
| 10/31/2020 | 223877 | 201029 | 85741 | 105199 | 123422 |
| 11/30/2020 | 262489 | 235615 | 96171 | 119329 | 141042 |
| 12/31/2020 | 276213 | 247855 | 100498 | 125053 | 150240 |
| 01/31/2021 | 290900 | 260937 | 100051 | 124636 | 152500 |
| 02/28/2021 | 297930 | 267190 | 103178 | 126764 | 162872 |
| 03/31/2021 | 296630 | 265949 | 106876 | 124346 | 170478 |
| 04/30/2021 | 298797 | 267811 | 112386 | 131333 | 178153 |
| 05/31/2021 | 298171 | 267146 | 112899 | 129326 | 178503 |
| 06/30/2021 | 318685 | 285417 | 115683 | 138114 | 176675 |
| 07/31/2021 | 326678 | 292512 | 117639 | 139537 | 177285 |
| 08/31/2021 | 335539 | 300318 | 120994 | 144041 | 180739 |
| 09/30/2021 | 331157 | 296282 | 115565 | 137065 | 173562 |
| 10/31/2021 | 349262 | 312424 | 123380 | 146675 | 183778 |
| 11/30/2021 | 357167 | 319391 | 121502 | 140478 | 178381 |
| 12/31/2021 | 354040 | 316458 | 126287 | 140970 | 187440 |
| 01/31/2022 | 309029 | 276108 | 118857 | 122779 | 173926 |
| 02/28/2022 | 301698 | 269533 | 115863 | 121288 | 175864 |
| 03/31/2022 | 304671 | 272040 | 119621 | 123236 | 178298 |
| 04/30/2022 | 261352 | 233252 | 108886 | 109359 | 165626 |
| 05/31/2022 | 267452 | 238597 | 108740 | 105126 | 166866 |
| 06/30/2022 | 236898 | 211256 | 99643 | 97268 | 150813 |
| 07/31/2022 | 268580 | 239401 | 108991 | 109171 | 167176 |
| 08/31/2022 | 259301 | 231028 | 104924 | 105595 | 161990 |
| 09/30/2022 | 226799 | 201937 | 95194 | 96633 | 147096 |
| 10/31/2022 | 234950 | 209174 | 103001 | 104227 | 162570 |
| 11/30/2022 | 250910 | 223284 | 108377 | 109898 | 172517 |
| 12/31/2022 | 236000 | 209952 | 102031 | 103302 | 162959 |
| 01/31/2023 | 255706 | 227472 | 109058 | 112316 | 177998 |
| 02/28/2023 | 253256 | 225210 | 106509 | 111207 | 174771 |
| 03/31/2023 | 257270 | 228675 | 109357 | 112739 | 169162 |
| 04/30/2023 | 239076 | 212455 | 110522 | 111106 | 167837 |
| 05/31/2023 | 272440 | 242008 | 110952 | 111175 | 162483 |
| 06/30/2023 | 292302 | 259528 | 118529 | 119768 | 177368 |
| 07/31/2023 | 314458 | 279118 | 122777 | 123392 | 184686 |
| 08/31/2023 | 285838 | 253656 | 120407 | 119324 | 179344 |
| 09/30/2023 | 269156 | 238783 | 114672 | 113511 | 169916 |
| 10/31/2023 | 241318 | 213995 | 111632 | 107719 | 160847 |
| 11/30/2023 | 270876 | 240179 | 122042 | 120860 | 174531 |
| 12/31/2023 | 300435 | 266315 | 128515 | 130023 | 189745 |
| 01/31/2024 | 317326 | 281187 | 129939 | 129322 | 186497 |
| 02/29/2024 | 369092 | 327009 | 136973 | 139045 | 197574 |
| 03/31/2024 | 387130 | 342893 | 141391 | 142370 | 208631 |
| 04/30/2024 | 359917 | 318730 | 135170 | 134102 | 196072 |
| 05/31/2024 | 380405 | 336780 | 141556 | 135531 | 204678 |
| 06/30/2024 | 384888 | 340679 | 145938 | 137795 | 201443 |
| 07/31/2024 | 378007 | 334373 | 148651 | 138631 | 213137 |
| 08/31/2024 | 370917 | 327972 | 151887 | 142075 | 212970 |
| 09/30/2024 | 370813 | 327731 | 155029 | 146809 | 215432 |
| 10/31/2024 | 346832 | 306457 | 153891 | 149374 | 213910 |
| 11/30/2024 | 360345 | 318208 | 164128 | 169283 | 232756 |
| 12/31/2024 | 345538 | 304964 | 159111 | 158762 | 216174 |
| 01/31/2025 | 353320 | 311711 | 164134 | 168891 | 224495 |
| 02/28/2025 | 326732 | 288121 | 160989 | 159267 | 214737 |
| 03/31/2025 | 290038 | 255686 | 151598 | 147458 | 202988 |
The chart illustrates the performance of a hypothetical $10,000 investment made in the Fund since the Fund’s inception. Assumes reinvestment of dividends and capital gains, but does not reflect the effect of redemption fees. This chart does not imply any future performance.
† The Russell 3000® Index measures the performance of the largest 3,000 US companies representing approximately 96% of the investable US equity market, as of the most recent reconstitution.
†† The Russell Midcap® Growth Index measures the performance of the mid-cap growth segment of the US equity universe. It includes those Russell Midcap Index companies with relatively higher price-to-book ratios, higher I/B/E/S (Institutional Brokers’ Estimate System) forecast medium term (2 year) growth and higher sales per share historical growth (5 years).
The source of the data for each of the Russell 3000 Index and the Russell Midcap Growth Index (together, the “Indexes”) is the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2025. All rights in the Indexes vest in the relevant LSE Group company which owns the Index. The Indexes are calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. Neither the LSE Group nor its licensors accept any liability for any errors or omissions in the Indexes; no party may rely on the Index returns shown; and the LSE Group makes no claim, prediction, warranty or representation about the Fund or the suitability of the Indexes with respect to the Fund. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group is not connected to the Fund and does not promote, sponsor or endorse the Fund or the content of this prospectus.
†††The S&P MidCap 400® Growth measures constituents from the S&P MidCap 400 that are classified as growth stocks based on three factors: sales growth, the ratio of earnings change to price, and momentum.
Distributions - 2024
| Class I & Class R Shares | |
| Record Date | November 12, 2024 |
| Ex Date | November 13, 2024 |
| Pay Date | November 13, 2024 |
| Long-Term Capital Gains ($/Share) | $2.39042 per share |
| Short-Term Capital Gains ($/Share) | $0.00000 per share |
| Ordinary Income ($/Share) | $0.00 per share |
Portfolio
Portfolio Characteristics as of 3/31/2025
Top Ten Holdings as of 3/31/2025
| % Of Net Assets | |
|---|---|
| Super Micro Computer Inc. | 7.29% |
| Entegris, Inc. | 5.38% |
| Thermo Fisher Scientific, Inc. | 4.73% |
| PDF Solutions, Inc. | 4.23% |
| Akamai Technologies, Inc. | 4.11% |
| % Of Net Assets | |
|---|---|
| CarMax, Inc. | 3.84% |
| Parsons Corp. | 3.74% |
| Vicor Corporation | 3.62% |
| Nova, Ltd. | 3.57% |
| Becton Dickinson & Co. | 2.74% |
| Total | 43.23% |
Sector Weightings as of 3/31/2025*
*Current portfolio holdings may not be indicative of future portfolio holdings.
(1) Percentage of total investments includes all stocks, plus cash minus all short positions.
(2) Net exposure represents the difference between the long exposure and the short exposure, which produces the net investment exposure.
| Sector | % of Net Investments |
|---|---|
Information Technology |
52.6 |
Industrials |
17.2 |
Health Care |
12.3 |
Consumer Discretionary |
5.5 |
Communication Services |
3.4 |
Materials |
3.0 |
Financials |
1.9 |
Real Estate |
1.6 |
Cash |
1.0 |
Utilities |
0.8 |
Energy |
0.7 |
Risk / Reward Metrics as of 3/31/2025*
| 3-Year | 5-Year | Since Inception | ||||
|---|---|---|---|---|---|---|
| Fund | S&P 400 MidCap | Fund | S&P 400 MidCap | Fund | S&P 400 MidCap | |
| Annualized Return | -2.05 | 4.42 | 12.44 | 16.91 | 11.44 | 10.82 |
| Alpha | -4.86 | 0.00 | -3.12 | 0.00 | 1.48 | 0.00 |
| Beta | 1.06 | 1.00 | 1.03 | 1.00 | 0.99 | 1.00 |
| Maximum Drawdown | -25.77 | -17.50 | -36.77 | -21.52 | -49.15 | -49.62 |
| Upside Capture Ratio | 98.11 | 100.00 | 90.89 | 100.00 | 100.77 | 100.00 |
| Downside Capture Ratio | 114.87 | 100.00 | 104.88 | 100.00 | 98.51 | 100.00 |
| Standard Deviation | 28.53 | 21.13 | 26.10 | 20.02 | 22.10 | 18.15 |
| R-Squared | 61.39 | 100.00 | 62.97 | 100.00 | 65.57 | 100.00 |
| Sharpe Ratio | -0.23 | 0.00 | 0.37 | 0.71 | 0.41 | 0.47 |
*Risk/Reward metrics based on the Fund’s retail share class. The Fund’s inception is 1/1/96. Metrics since inception of the Fund are calculated from 1/31/1996 to 3/31/25. Active Share is as of 12/31/24.
12-Month Trailing Turnover: A measure of trading activity in a fund’s portfolio over the past 12 months expressed as a percentage of the fund’s average total assets.
Active Share: Represents the proportion of portfolio holdings that differ from those in the benchmark index.
Alpha: A statistic that measures the difference between the Fund’s actual returns and its benchmark, given its level of risk as measured by beta. The difference is expressed as an annual percentage.
Beta: A statistic that measures the volatility of the fund, as compared to that of the overall market.
Maximum Drawdown: Measures the largest single drop from peak to trough in the value of a portfolio (before a new peak is achieved).
Upside Capture Ratio: Measures a fund’s performance versus a benchmark during periods where the benchmark had a positive return.
Downside Capture Ratio: Measures a fund’s performance versus a benchmark during periods where the benchmark had a negative return.
Standard Deviation: A statistical measure of portfolio risk used to measure variability of total return around an average, over a specified period of time. The greater the standard deviation over the period, the wider the variability or range of returns and hence, the greater the fund’s volatility.
R-Squared: Measures the percentage of a fund’s returns that can be explained by the returns of the benchmark.
Sharpe Ratio: The Sharpe Ratio is calculated by subtracting the risk-free rate, such as that of the 10-year U.S. Treasury bond from the rate of return for a portfolio and dividing the result by the standard deviation of the portfolio returns.