Portfolio Breakdown as of 10/30/2015

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

Portfolio Positioningas of 09/30/2015

  • The Alpha Strategy Fund outperformed its benchmark, the 85% Russell 2000® Index/15% S&P Developed Ex-U.S. SmallCap® Index, during the third quarter of 2015.
  • During the quarter, the performance of underlying investment strategies contributed to relative performance, while the Fund’s strategic allocation detracted from 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 micro-cap growth 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 Micro-cap Value strategy also outperformed its underlying benchmark, thereby contributing to relative performance.
  • The Fund’s Developing Growth strategy detracted from relative performance, as it underperformed the Fund’s benchmark.
  • During the quarter, the Fund’s weightings in the energy sector declined, while allocations to the financials sector increased. The financials, information technology, and consumer discretionary sectors are the largest weightings in the Fund.

Equity Sector Allocation as of 10/30/2015

Information Technology
Consumer Discretionary
Health Care
Consumer Staples
Telecommunication Services
Ten Largest Equity Holdings Assets
RenaissanceRe Holdings Ltd. 1.1%
Western Alliance Bancorp 1%
Retail Opportunity Investments Corp. 0.9%
STERIS Corp. 0.9%
Physicians Realty Trust 0.9%
Carrizo Oil & Gas, Inc. 0.9%
MAXIMUS, Inc. 0.8%
South State Corp. 0.8%
Synaptics, Inc. 0.8%
Pinnacle Foods Group LLC 0.8%
Holdings Assets
International Opportunities Fund 20.6%
Small Cap Value Fund 20.3%
Value Opportunities Fund 20.2%
Developing Growth Fund 19.1%
Micro Cap Value Fund 10.4%
Micro Cap Growth Fund 9.4%
Fund Dividends & Cap Gains next tab

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