Portfolio Breakdown as of 02/27/2015

Equity Assets
U.S. Large Cap 23.1%
U.S. Small/Mid Cap 29.1%
Intl Equity 18.5%
% of Total Assets 70.7%
Fixed Income Assets
Investment Grade 4.1%
High Yield 23.8%
Convertibles 0.5%
Other and Cash 0.9%
% of Total Assets 28.4%

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

Consumer Discretionary
Health Care
Information Technology
Consumer Staples
Telecommunication Services
Ten Largest Equity Holdings Assets
Whirlpool Corp. 1.0%
Invesco Ltd. 0.9%
Hartford Financial Services Group, Inc. 0.8%
Fifth Third Bank 0.8%
XL Capital Ltd. 0.8%
Fidelity National Information Services, Inc. 0.6%
Pfizer, Inc. 0.6%
JPMorgan Chase & Co. 0.6%
Allstate Corp. 0.6%
Cardinal Health, Inc. 0.6%
Ten Largest Fixed Income Issues Assets
Banco Popular Espanol SA 0.2%
U.S. Treasury Note 0.2%
Seven Generations Energy Ltd. 0.2%
Valeant Pharmaceuticals International 0.2%
WhiteWave Foods Co. 0.2%
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%
Holdings Assets
High Yield Fund 26.1%
International Dividend Income Fund 19.7%
Calibrated Mid Cap Value Fund 16.3%
Mid Cap Stock Fund 16.2%
Calibrated Large Cap Value Fund 11.6%
Affiliated Fund 3.8%
Core Fixed Income Fund 2.0%
Short Duration Income Fund 2.0%
Growth Opportunities Fund 1.7%
Fund Dividends & Cap Gains next tab

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