Portfolio Breakdown as of 01/30/2015

Equity Assets
U.S. Large Cap 15.3%
U.S. Small/Mid Cap 23.3%
Intl Equity 13.3%
% of Total Assets 51.9%
Fixed Income Assets
Investment Grade 7.2%
High Yield 25.4%
Convertibles 8.7%
Emerging Mkt Currencies 5.7%
Other and Cash 1.1%
% of Total Assets 47.0%

Portfolio Positioning as of 12/31/2014

  • Divergence in the global economy remained evident throughout the fourth quarter of 2014. While the rate of the U.S. economic expansion increased, sustainable growth in the eurozone and Japan remained elusive. This growing disparity in economic performance was reflected not only in diverging central bank policies but also in the relative performance of financial markets.
  • Looking ahead, lower oil prices and a stronger U.S. dollar may serve to narrow the gap in economic performance between the United States and other developed nations. While U.S. consumers and corporations will benefit from decreased transportation and input costs, the stimulative impact may be partially offset by disruption in the energy sector.
  • We continue to highlight credit-sensitive fixed-income across our portfolios.  Although we have observed a degree of erosion in underwriting standards and remain vigilant in our credit selection, we believe that strong fundamentals, attractive levels of yield, and relatively limited interest rate sensitivity make high yield a compelling asset class.
  • Relative economic strength in the United States, coupled with the prospect of higher interest rates, should remain supportive of the U.S. dollar. Within emerging market currencies, we continue to distinguish between those that tend to benefit from a stronger U.S. economy while avoiding those of countries with significant ties to commodities or China.

Equity Sector Allocation as of 01/30/2015

Information Technology
Consumer Discretionary
Health Care
Consumer Staples
Telecommunication Services
Ten Largest Equity Holdings Assets
Invesco Ltd. 0.6%
Whirlpool Corp. 0.6%
XL Capital Ltd. 0.5%
Hartford Financial Services Group, Inc. 0.5%
Fifth Third Bank 0.5%
Fidelity National Information Services, Inc. 0.4%
St. Jude Medical, Inc. 0.4%
Cardinal Health, Inc. 0.4%
Wells Fargo & Co. 0.4%
Everest Re Group Ltd. 0.4%
Ten Largest Fixed Income Issues Assets
Twitter, Inc. 0.3%
Tesla Motors, Inc. 0.3%
Yahoo!, Inc. 0.3%
Chesapeake Energy Corp. 0.2%
U.S. Treasury Note 0.2%
Gilead Sciences, Inc. 0.2%
Fiat Chrysler Automobiles N.V. 0.2%
Restoration Hardware Holdings, Inc. 0.2%
Banco Popular Espanol SA 0.2%
RTI International Metals, Inc. 0.2%
Holdings Assets
High Yield Fund 25.9%
International Dividend Income Fund 14.8%
Calibrated Mid Cap Value Fund 12.6%
Mid Cap Stock Fund 11.6%
Convertible Fund 9.9%
Calibrated Large Cap Value Fund 9.2%
Emerging Markets Currency Fund 5.8%
Short Duration Income Fund 5.4%
Core Fixed Income Fund 2.9%
Growth Opportunities Fund 1.6%
Fund Dividends & Cap Gains next tab

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