Portfolio Breakdown as of 02/27/2015

Equity Assets
U.S. Large Cap 10.5%
U.S. Small/Mid Cap 18.7%
Intl Equity 36.8%
% of Total Assets 66.0%
Fixed Income Assets
Investment Grade 0.5%
High Yield 16.7%
Convertibles 0.4%
Emerging Mkt Currencies 13.6%
Other and Cash 2.8%
% of Total Assets 31.2%

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 02/27/2015

Financials
Consumer Discretionary
Utilities
Energy
Health Care
Industrials
Telecommunication Services
Information Technology
Consumer Staples
Materials
Ten Largest Equity Holdings Assets
Royal Dutch Shell plc 1.1%
National Australia Bank Ltd. 1.0%
Total S.A. 1.0%
Freenet AG 0.8%
TeliaSonera AB 0.7%
Imperial Tobacco Group plc 0.7%
Rio Tinto plc 0.7%
Snam SpA 0.7%
TDC A/S 0.7%
BAE Systems plc 0.7%
Ten Largest Fixed Income Issues Assets
Banco Popular Espanol SA 0.4%
Seven Generations Energy Ltd. 0.1%
Valeant Pharmaceuticals International 0.1%
WhiteWave Foods Co. 0.1%
DISH DBS Corp. 0.1%
AerCap Ireland Capital Ltd. 0.1%
AMC Networks, Inc. 0.1%
T-Mobile USA, Inc. 0.1%
First Data Corp. 0.1%
Sabine Pass Liquefaction LLC 0.1%
Holdings Assets
International Dividend Income Fund 39.7%
High Yield Fund 18.9%
Emerging Markets Currency Fund 15.3%
Calibrated Mid Cap Value Fund 12.4%
Mid Cap Stock Fund 11.4%
Growth Opportunities Fund 2.0%
Fund Dividends & Cap Gains next tab

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