Small Cap Fund Quarterly Fund Commentary
September 30, 2014
Third Quarter Results
For the first three quarters of 2014, the Small Cap Fund outperformed its index and peer group. Year-to-date, the Small Cap Fund is down very slightly (-0.05%), while the S&P Small Cap 600 Index is down 3.72% and the peer group as measured by the Lipper Small-Cap Core Funds Index is down 3.33%. The small cap sector itself declined in the third quarter of 2014 with the S&P Small Cap 600 Index down 6.73%. The Fund held up slightly better in the third quarter, but was still down 5.36% and erased all gains from the first half of the year.
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