TBank Equity Fund QP The fund s investment objective is long-term capital appreciation. It may invest the majority of its net assets in common stocks of companies of any size. The selected investment managers or mutual funds ( Sub-Advisors ) may employ a wide variety of strategies and valuation methodologies in order to meet this objective. The fund may hold investments in US dollar denominated foreign securities and from time to time, based on market factors, the underlying managers may hold cash in order to mitigate market risk. The benchmark used for performance comparison is the S&P 500 Index. Sub-Advisor: Greenfield Seitz Capital Management, 12 th Street Asset Management Fund Expense Ratio: 0.75% (as of 7/1/16) 11.9% Dycom Inds Inc. 5.7% Equity FedEx Corp 5.3% LKQ Corp 5.0% Thor Indus. 4.4% Walgreens Boots Alliance Inc. 4.0% Mobile Mini Inc. 3.6% Dollar General Corporation 3.0% Packaging Corp Amer Com 2.8% Treehouse Foods, Inc. 2.4% % of fund in Top 10 48.0% * QTD 2.95% 2.46% YTD 9.43% 3.84% 1 Year 4.37% 3.99% 3 Years 11.16% 12.87% 5 Years 7.91% 12.23% *This fund's index was the RUSSELL 1000 GROWTH INDEX until 2/1/2014 and then switched to the S&P 500 Index.
TBank Large Cap Value Fund QP The fund s investment objective is long-term capital appreciation. It will generally invest the majority of its net assets in common stocks of larger companies, whose current market values are attractive, relative to their intrinsic value. The asset managers who make the investment decisions will employ in-depth financial research to identify those undervalued companies. Stock selection will generally be based on companies with a market capitalization of $10 billion or greater at the time of initial purchase; however, there will be cases in which the market capitalization will be less than that amount. Securities in the fund will generally have a low price to earnings multiple, a low price to book value, and an established track record of earnings and dividend growth. From time to time, based on market factors, the underlying managers may hold cash in order to mitigate market risk. The benchmark used for performance comparison is the Russell 1000 Value Index. Sub-Advisor: Yacktman Asset Management Co. Fund Expense Ratio: 0.90% (as of 7/1/16) 21.9% Procter & Gamble Co. 12.8% Twenty-First Century Fox, Inc. 9.9% PepsiCo Inc. 8.0% Oracle Corp. 5.8% Johnson Johnson 5.4% Cisco Systems 5.0% Coca Cola Company 4.9% Sysco Corp 4.8% Microsoft Corp. 3.6% % of fund in Top 10 82.1% Large Cap Equity QTD 2.38% 4.58% YTD 7.19% 6.30% 1 Year 8.54% 2.86% 3 Year 8.68% 9.87% 5 Year 10.94% 11.35%
The fund seeks long-term growth of capital. It will generally invest the majority of its net assets in common stocks of small to mid-size companies. The asset managers who make the investment decisions will generally look for companies which have opportunity for growth, yet are currently trading at attractive values. Stock selection will generally be based on companies with a market capitalization of $250 million to $10 billion. Securities will have strong underlying fundamentals and will generally have a value-biased orientation. From time to time, based on market factors, the underlying managers may hold cash in order to mitigate market risk. The value of securities of smaller, less well-known issuers can perform differently from the market as a whole and other types of stocks and can be more volatile than that of larger issuers. The benchmark used for performance comparison is the Russell 2000 Index. Sub-Advisor: The London Company, 12 th Street Asset Management (as of July 2016) TBank Small/Mid Cap Fund QP Fund Expense Ratio: 0.96% (as of 7/1/16) 43.4% New Market Corp 3.6% Orbital ATK Inc. 3.5% First Industrial Realty Trust 2.8% Tempur Sealy Intl Inc. 2.5% Service Corp Intl 2.5% Energizer Holdings, Inc. 2.4% Alexander & Baldwin Holdings Inc. 2.4% Pricesmart Inc. 2.3% Olin Corp. 2.2% % of fund in Top 10 67.7% Small Cap Equity QTD 3.85% 3.79% YTD 8.89% 2.22% 1 Year -0.86% -6.73% 3 Years 3.77% 7.09% 5 Years 7.03% 8.35%
The fund s investment objective is to use tactical asset allocation to provide risk-adjusted exposure to a multitude of financial assets. The selected investment managers or mutual funds ( Sub-Advisors ) are not constrained by a narrow investment objective or style and they employ a multi-asset, flexible allocation investment approach to invest in a very wide range of domestic and foreign securities. They may invest in any market they believe provides a high probability of return or, alternatively, that provides a high degree of safety in uncertain times. The Sub-Advisors attempt to achieve their objective by allocating their assets among stocks, bonds, derivatives including futures contracts and swaps, private placements, structured products, distressed debt, real estate and hard assets, as they deem appropriate based on their economic view. They may invest 100% of assets in foreign or domestic securities and substantially all assets in any given asset class. Equity allocations are not restricted by market capitalization (size) or style classification, e.g., growth or value. Investment managers, who are not mutual funds, may have additional investment and trade restrictions to ensure liquidity of the assets under their management. The benchmark used is the S&P Target Growth Allocation Index. Sub-Advisor: First Pacific Advisors, International Value Advisors TBank Flexible Allocation Fund QP ishares Fund Expense Ratio: 1.02% (as of 7/1/16) FPA Crescent 46.0% IVA Worldwide I 40.5% ishares Growth Allocation ETF 12.8% 0.8% % of fund in Top 10 100% FPA Crescent IVA WorldWide QTD 0.84% 1.99% YTD 1.38% 3.55% 1 Year -1.67% 0.82% 3 Year 3.80% 6.42% 5 Year 4.70% 6.40%
The fund s investment objective is long-term capital appreciation. It will generally invest the majority of its net assets in American Depositary Receipts of foreign companies. Investments can include exposure to both developed and emerging markets. The asset managers will look for companies with attractive values, combined with high levels of quality. The investment style of the fund is a blend of both value and growth oriented investing. Investments in the fund are made upon careful analysis of global economic trends. The fund may concentrate its investment holdings in certain counties or regions, as does its benchmark index. Concentrations in any one country generally will not exceed 25%. This fund is most appropriate for investors seeking exposure to a welldiversified portfolio of international equities. Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. From time to time, based on market factors, the underlying managers may hold cash in order to mitigate market risk. The benchmark used for performance comparison is the MSCI EAFE. Sub-Advisor: First Eagle Investment Management TBank International Fund QP Fund Expense Ratio: 0.59% (as of 7/1/16) First Eagle VEA First Eagle Overseas 51.5% Vanguard FTSE Dvlpd Mkts ETF 47.3% 1.1% % of fund in Top 10 100% QTD 1.29% -1.19% YTD 1.93% -4.04% 1 Year -3.20% -9.72% 3 Year 2.79% 2.52% 5 Year 1.37% 2.15%
The fund s investment objective is to maximize total return to the investor through a combination of current income from and capital appreciation from the underlying fixed income investments. The fund invests primarily in a diversified portfolio of domestic and foreign investment-grade corporate bonds, assetbacked securities, mortgage-backed securities, agency issues, treasuries, and sovereign debt. However, the fund may invest up to 10% of its assets in noninvestment grade fixed income securities. The asset managers who make the investment decisions analyze and take advantage of movements in the yield curve in order to benefit from opportunities presented as well as perform rigorous fundamental research on specific companies. The Sub-Advisors attempt to achieve their objective by allocating their assets among bonds but may also utilize derivatives, including futures contracts to manage their desired exposures. This fund is most appropriate for investors seeking exposure to a well-diversified portfolio of intermediate, core fixed income securities. The benchmark used for performance comparison is the Barclays Aggregate Bond Index. Sub-Advisor: Pacific Income Management Company (PIMCO) Fund Expense Ratio: 0.36% (as of 7/1/16) Vanguard Short-Term Bond 15.4% ishares Floating Rate Bond 15.3% PIMCO Internal US Government 13.7% PIMCO Internal Mortgage 12.9% PIMCO Internal Investment Grade 11.5% PIMCO Internal Real Return Bond 8.1% TBank Core Fixed Income Fund QP Mortgage Short Term Bond Government Asset Backed Real Return Investment Grade Emerging Markets ST Floating International QTD 1.80% 2.21% PIMCO Internal Short Term Floating 5.7% PIMCO Internal International 5.1% PIMCO Internal Asset Backed 4.6% PIMCO Internal Emerging Markets 4.1% % of fund in Top 10 96.4% YTD 3.73% 5.31% 1 Year 3.60% 6.00% 3 Year 2.98% 4.06% 5 Year 3.38% 3.76%
The fund s investment objective is to earn a high level of current income, while also maximizing the potential for capital appreciation of the underlying fixed income investments. The fund invests principally in a diversified portfolio of high yield corporate and convertible bonds. These investments are generally considered non-investment grade. Non-investment grade bonds are considered to have more credit risk than investment grade bonds. The asset managers who make the investment decisions will research a company s fundamentals and invest in companies they believe to have strong, stable balance sheets and quality assets. The mix of sectors, company size, credit quality and portfolio maturity will vary based on the asset manager s view of interest rates, the economy and relative value between the different sectors of the high yield fixed income market. From time to time, based on market factors, the underlying managers may hold cash in order to mitigate market risk. This fund is most appropriate for investors who are seeking a high level of current fixed income from their investments and who can diversify their total portfolio with other asset classes to reduce their overall portfolio risk. The benchmark used for performance comparison is the Barclays High Yield Index. Sub-Advisor: Guggenheim Partners Fund Expense Ratio: 0.65% (as of 7/1/16) Guggenheim Floating Rate Fund 9.6% ContourGlobal Pwr 1.5% Epicor/Eagle Corp. 1.5% Vector Group Ltd. 1.4% WMG Acquisition Corp. 1.3% Infor US Inc. Note 1.2% Midas Inter Holdco II 1.2% TBank High Yield Fund QP Bank Loans High Yield Bonds QTD 5.80% 5.52% YTD 7.96% 9.06% Kennedy Wilson Inc. 1.2% T Mobile USA Inc. Note 1.1% LBC Terms Hldg 1.1% % of fund in Top 10 21.1% 1 Year 0.57% 1.62% 3 Year 3.88% 4.19% 5 Year 6.16% 5.84%
The fund s investment objective is to preserve capital and attain long-term total returns through a combination of current income and moderate capital appreciation. The Fund may invest primarily in income bearing securities, including a wide range of debt and dividend paying equity securities. The selected investment managers or mutual funds ( Sub-Advisors ) may adjust their allocations among these securities as dictated by changes in interest rates, as well as the overall economic environment. The Sub-Advisors may elect to reduce portfolio risk through available hedging strategies, through tactical adjustments or by holding cash. The Fund may invest in US and US dollar denominated foreign securities, investment grade and non-investment grade credit, and any income producing security that meets the due diligence standards of the Sub-Advisors. While the Fund will seek an absolute return oriented strategy, the underlying portfolio may include securities that carry equity risk, credit risk and interest rate risk. The benchmark used for comparison purposes is the S&P Target Risk Conservative Index. Sub-Advisor: Frontier Investment Management Company TBank Strategic Income Fund QP Fixed Income Fund Expense Ratio: 0.60% (as of 7/1/16) Equities Asset Weightings Equities 37.8% Mutual Funds 23.0% Fixed Income 20.0% 19.2% % of fund in Top 10 100.0% Mutual Funds * QTD 0.43% 2.37% YTD 2.82% 4.78% 1 Year -1.46% 3.42% 3 Year 1.94% 4.40% 5 Year 1.24% 4.40% *This fund's index was the US TBILL INDEX until 2/1/2014 and then switched to the S&P Target Conservative Index.