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Home > Financial Services > Mutual Funds > Elite
Elite
McCormick Capital Management is a registered investment advisory firm and manager of the Elite Mutual Funds. The company is located in downtown Seattle, Washington. Founded in January 1987, the funds were created as an efficient vehicle to manage the long-term investment needs of their clients, incorporating several investment classes within the portfolio. The company utilizes a value driven approach, adjusting the various allocation percentages as market conditions change and opportunities are created. Their clients consist of individuals, endowments, trust accounts, and foundations.
Elite Growth & Income fund seeks total return. The fund normally invests at least 65 percent of assets in common and preferred stocks, convertible securities, and investment-grade corporate debt. The fund takes an aggressive approach to the equity and debt securities markets. It may invest up to 5 percent of assets in foreign securities or warrants. The fund may also invest in options on stocks and stock indexes, as well as in short-term securities. The advisor is granted considerable discretion and latitude in determining the fund's portfolio mix and the extent to which options, leverage, and other investment strategies will be employed.
Elite Income fund seeks the highest income return obtainable over the long term. The fund normally invests at least 7 percent of assets in U.S. government obligations and investment-grade corporate debt. Other investments may include corporate debt securities rated as low as CC (or unrated securities of comparable quality), preferred and common stocks having a dividend yield higher than that of the average yield of the stocks in the S&P 500 index, foreign securities, and short-term securities.
The company has audited the accompanying statements of assets and liabilities of The Elite Growth and Income Fund and The Elite Income Fund, each a series of shares of beneficial interest of The Elite Group, including the portfolios of investments as of September 30, 2005, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. The company responsibility is to express an opinion on these financial statements and financial highlights based on their audits.
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