Annual Shareholder Letter

September 30, 2019

Dear Shareholder:

Consistent with our longstanding investment philosophy and process, substantially all the Fund’s assets are
invested in a focused portfolio of companies which we believe possess strong growth characteristics,
fundamental strength, and compelling long-term price appreciation potential.

During the Reporting Period, the Fund’s Class A and I shares generated cumulative total returns, without
sales charges, of -5.74% and -5.51%, respectively. These returns compare to the cumulative 3.71% total
return of the Fund’s benchmark, the Russell 1000 Growth Index.

The majority of the Fund’s underperformance versus the benchmark stemmed from disappointing
performance within some of our holdings in the Communication Services, Information Technology, and
Consumer Discretionary sectors. Nvidia (NVDA, 2.6% of the Fund), Activision Blizzard (ATVI, 1.9% of the
Fund), and Take-Two Interactive Software (TTWO, 2.9% of the Fund) were among the biggest portfolio
detractors over the past year. We like these company’s prospects looking forward. NVDA should benefit
from a resurgence in the overall semiconductor cycle into 2020, as well as firming growth prospects for
their key gaming and datacenter customers. ATVI and TTWO are two of the leading videogame publishers
in the world, and we expect them to deliver improving results as both Sony and Microsoft launch new game
consoles in time for the holidays in 2020.

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