Portfolio Breakdown as of 02/27/2015

U.S. Small Cap
U.S. Mid Cap
Intl Equity
U.S. Micro Cap
Emerging Mkt Equity

Portfolio Positioningas of 12/31/2014

  • The Alpha Strategy Fund underperformed its benchmark, the 85% Russell 2000® Index/15% S&P Developed Ex-U.S. SmallCap® Index, during the fourth quarter of 2014.
  • During the three-month period, both the Fund’s strategic allocation and the performance of underlying investment strategies detracted from relative performance.  The Fund’s allocation to value equities detracted from relative performance, as small cap value and micro-cap value stocks underperformed the Fund’s benchmark.  The Fund’s weighting in micro-cap growth stocks contributed to performance, as they outperformed their underlying benchmark and the Fund’s benchmark. 
  • The Fund’s international small cap equity strategy outperformed its underlying benchmark, thereby contributing to relative performance.
  • The Fund’s mid cap value strategy contributed to relative performance, as it outperformed its underlying benchmark and the Fund’s benchmark.
  • During the quarter, we increased the Fund’s weightings in the consumer discretionary and telecommunications sectors, while we trimmed the Fund’s weightings in the information technology and energy sectors. The financials, information technology, and industrials sectors are the largest weightings in the Fund.

Equity Sector Allocation as of 02/27/2015

Financials
Information Technology
Industrials
Consumer Discretionary
Health Care
Materials
Consumer Staples
Utilities
Energy
Telecommunication Services
Ten Largest Equity Holdings Assets
MAXIMUS, Inc. 0.8%
Western Alliance Bancorp 0.8%
Pinnacle Foods Group LLC 0.8%
HCC Insurance Holdings, Inc. 0.7%
Astronics Corp. 0.7%
Ryder System, Inc. 0.7%
South State Corp. 0.7%
Synaptics, Inc. 0.7%
ExamWorks Group, Inc. 0.6%
Signature Bank 0.6%
Holdings Assets
International Opportunities Fund 20.4%
Small Cap Value Fund 20.0%
Value Opportunities Fund 19.9%
Developing Growth Fund 19.9%
Micro Cap Growth Fund 9.9%
Micro Cap Value Fund 9.7%
Fund Dividends & Cap Gains next tab

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