Portfolio Breakdown as of 08/31/2015

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

Portfolio Positioningas of 06/30/2015

  • The Alpha Strategy Fund outperformed its benchmark, the 85% Russell 2000® Index/15% S&P Developed Ex-U.S. SmallCap® Index, during the second quarter of 2015.
  • During the quarter, both the Fund’s strategic allocation and the performance of underlying investment strategies contributed to relative performance.  The Fund’s allocation to small-cap international equities contributed to relative performance, as international small-cap stocks outperformed the Fund’s benchmark. The Fund’s weighting in domestic smid equities detracted from relative performance, as this category underperformed the Fund’s benchmark.
  • In addition to the Fund’s international small-cap equity positive contribution, the small-cap growth strategy also outperformed its underlying benchmark, thereby contributing to relative performance.
  • The Fund’s micro-cap value strategy detracted from relative performance, as it underperformed the Fund’s benchmark.
  • During the quarter, we increased the Fund’s weightings in the health care sector, while we trimmed the Fund’s weightings in the industrials sector. The financials, information technology, and consumer discretionary sectors are the largest weightings in the Fund.

Equity Sector Allocation as of 08/31/2015

Information Technology
Consumer Discretionary
Health Care
Consumer Staples
Telecommunication Services
Ten Largest Equity Holdings Assets
HCC Insurance Holdings, Inc. 1.0%
HealthSouth Corp. 1.0%
Essent Group Ltd. 0.9%
MAXIMUS, Inc. 0.8%
Western Alliance Bancorp 0.8%
Physicians Realty Trust 0.8%
RenaissanceRe Holdings Ltd. 0.8%
South State Corp. 0.8%
Pinnacle Foods Group LLC 0.8%
Steve Madden Ltd. 0.7%
Holdings Assets
Value Opportunities Fund 20.3%
International Opportunities Fund 20.2%
Small Cap Value Fund 20.0%
Developing Growth Fund 19.5%
Micro Cap Value Fund 10.1%
Micro Cap Growth Fund 9.9%
Fund Dividends & Cap Gains next tab

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