Portfolio Breakdown as of 03/31/2016

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

Portfolio Positioningas of 03/31/2016

  • The Alpha Strategy Fund underperformed its benchmark, the 85% Russell 2000® Index/15% S&P Developed Ex-U.S. SmallCap® Index, during the first quarter of 2016.  During the period, the Fund’s strategic allocation detracted from performance, while performance of underlying investment strategies contributed to relative performance.
  • The Fund’s weightings in domestic small- and micro-cap growth stocks detracted from relative performance, as these categories underperformed the Fund’s benchmark.
  • The Fund’s allocation to domestic mid-cap stocks and small-cap value equities contributed to relative performance, as both strategies outperformed the Fund’s benchmark.
  • During the quarter, the Fund’s weightings in the financials sector declined, while allocations to the industrials sector increased. The information technology, financials, and industrials sectors are the largest weightings in the Fund.

Equity Sector Allocation as of 03/31/2016

Information Technology
Consumer Discretionary
Health Care
Consumer Staples
Telecommunication Services
Ten Largest Equity Holdings Assets
New STERIS Ltd. 1.1%
RenaissanceRe Holdings Ltd. 1.1%
Physicians Realty Trust 1.0%
Retail Opportunity Investments Corp. 1.0%
AECOM 0.9%
Patrick Industries, Inc. 0.9%
Synaptics, Inc. 0.8%
HealthSouth Corp. 0.8%
Booz Allen Hamilton Holding Corp. 0.8%
Carrizo Oil & Gas, Inc. 0.8%
Holdings Assets
Small Cap Value Fund 20.4%
Value Opportunities Fund 20.3%
International Opportunities Fund 20.2%
Developing Growth Fund 19.2%
Micro Cap Value Fund 10.4%
Micro Cap Growth Fund 9.4%
Fund Dividends & Cap Gains next tab

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