Equity Market Neutral

as of 04/23/14
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Daily Price (04/23/14) $11.40 Daily Change: $+0.00 (+0.00%)  
Investment Objective: Growth Ticker Symbol: ALHIX
Fund Type: Specialty Stock Funds Fund Code: 108
Share Class: Investor Inception Date: 09/30/05
Total Assets: $44,711,220.74 Newspaper Symbol: EqMktNtrl  
PerformanceG1

Data reflects past performance for Investor Class shares, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value fluctuates. Redemption value may be more or less than original cost. Obtain performance data current to the most recent month end. For additional share class information, consult the prospectus.

  Total Return Average Annual Total Return as of 03/31/2014
Expense
Ratio*
Inception
Date
as of
04/23/2014
YTD
as of
03/31/2014
1 yr
3 yr 5 yr 10 yr 20 yr Life
  +2.33% +4.92% +3.81% +2.29% --% --% +1.79% 3.07% 09/30/05
Morningstar
Ratings
M1:(as of 03/31/2014)
-- -- 4 out of 5 Stars3 out of 5 Stars----Overall
3 out of 5 Stars Overall
Funds rated in category:----87 54 ----87
Morningstar Category: Market Neutral
Lipper Quartiles & Rankings:L1 --Quartile Ranking
25/91
Quartile Ranking
17/68
Quartile Ranking
18/41
----
Ranking for Alternative Equity Market Neutral Funds as of 03/31/2014, based on total returns.
 

M1For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating™ for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating™ metrics. Past performance is no guarantee of future results. Morningstar Rating™ is for Investor share class only; other classes may have difference performance characteristics.

Morningstar InfoM1

Overall Rating
Stars
rated among 87 Market Neutral
(as of 03/31/2014 )
Equity Style BoxN1

The fund's current expense ratio is 3.07%

Investment Strategy:
  • Long-Short Investment Strategy: The fund is designed to generate absolute returns through the use of both long and short positions. This provides enhanced performance potential.
  • Equity Market Neutral: The fund employs an equity market neutral strategy designed to negate the impact of general market movements. The portfolio maintains approximately equal dollar amounts in long and short positions.
  • Quantitative Approach: For over a decade, the Quantitative Equity Group has been actively managing funds that seek to deliver consistent, risk-adjusted performance.
For Investors Who:
  • Seek performance independent of equity market conditions
  • Seek additional return potential through short-selling
  • Seek a diversification opportunity beyond typical asset classes like stocks, bonds and cash
  • Seek an opportunity to invest in an exclusive strategy not normally afforded them
Risk Factors:

The fund's portfolio turnover may be very high. This could result in relatively high transaction costs which could hurt the fund's performance and cause capital gains tax liabilities. There are risks associated with selling short, including the risk that the fund may have to cover its short positions at a higher price than the short price, resulting in a loss. The fund's loss on a short sale is potentially unlimited, as a loss occurs when the value of a security sold short increases.

More Information
arrow Prospectus
arrow Summary Prospectus
arrow Investment Kit
arrow Fund Minimums
arrow Semiannual Report
arrow Annual Report
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Fund Management

Brian Garbe
Brian Garbe
Vice President, Portfolio Manager

Claudia Musat
Claudia Musat
Portfolio Manager, Quantitative Investment Analyst

Objective

The fund seeks capital appreciation independent of equity market conditions.



Footnotes

(*) The annual expense ratio is based on expenses incurred by the fund, as stated in the most recent prospectus.

Fund(s) shown may take short positions. A short position arises when the fund sells stock that it does not own but was borrowed in anticipation that the market price of the stock will decline. If the market price declines, the fund can replace the borrowed stock at a lower price and capture the value represented by the difference between the higher sale price and the lower replacement price. Conversely, if the price of the stock goes up after the fund borrows the stock, the fund will lose money because it will have to pay more to replace the borrowed stock than it received when it sold the stock short. Any loss will be increased by the amount of compensation, interest or dividends, and transaction costs the fund must pay to the lender of the borrowed security. In addition, because the fund's loss on a short sale stems from increases in the value of the stock sold short, the extent of such loss, like the price of the stock sold short, is theoretically unlimited. By contrast, a fund's loss on a long position arises from decreases in the value of the stock and therefore is limited by the fact that a stock's value cannot drop below zero. In addition, the fund may not be able to close out a short position at a particular time or price advantageous to the fund and there is some risk the lender of the stock sold short will terminate the loan at an inopportune time.

G1Fund performance may be subject to substantial short-term changes due to market volatility or other factors.

N1The Morningstar Style BoxTM reveals a fund's investment strategy. For the equity holdings in the fund's portfolio, the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend or growth).

L1Lipper rankings are based on average annual total returns. Portions of the mutual fund performance information contained on this page were supplied by Lipper, a Reuters Company, subject to the following: Copyright © Reuters. All rights reserved. Any copying, republication or redistribution of Lipper content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Lipper. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. Performance data is preliminary and subject to revision. Rankings are based on all classes available within the classification as of the date shown. Rankings are based only on the universe shown.

For a detailed description of any index referenced above, refer to our Glossary.

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