Portfolio Breakdown as of 04/30/2015

Equity Assets
U.S. Large Cap 21.8%
U.S. Small/Mid Cap 29.0%
Intl Equity 20.2%
% of Total Assets 71.0%
Fixed Income Assets
Investment Grade 5.4%
High Yield 22.1%
Convertibles 0.4%
Other and Cash 1.0%
% of Total Assets 27.9%

Portfolio Positioning as of 03/31/2015

  • The regional divergences in economic growth and central bank policy that characterized 2014 gave way to an incipient redistribution of growth during the first quarter of 2015. The cross-border impact of a relatively strong U.S. economy became evident in recent months, with the primary transmission mechanism coming in the form of a rising U.S. dollar that provided a tailwind for export markets around the world.
  • We meaningfully increased the portfolio’s allocation to emerging market currencies during the period. Expectations of a broad-based global expansion have led us to become more constructive on emerging currencies, although we continue to distinguish between those countries that should most benefit from low oil prices and structural reforms and those that are dependent on commodity exports or are expected to cut interest rates in the near-future.
  • Although we maintained a similar allocation to equities quarter-over-quarter, we shifted the composition of the portfolio’s stock holdings in favor of international securities. Given our outlook for longer-term U.S. dollar strength, we implemented currency hedges for non-U.S. equity purchases.
  • We utilized recent price appreciation as an opportunity to trim the portfolio’s high yield debt exposure. However, attractive yields and relatively limited interest rate sensitivity support the case for continued emphasis on credit-sensitive fixed income as the U.S. Federal Reserve inches closer to liftoff.

Equity Sector Allocation as of 04/30/2015

Consumer Discretionary
Health Care
Information Technology
Consumer Staples
Telecommunication Services
Ten Largest Equity Holdings Assets
Invesco Ltd. 1.0%
Whirlpool Corp. 0.9%
Fifth Third Bank 0.8%
Hartford Financial Services Group, Inc. 0.8%
XL Capital Ltd. 0.8%
Cardinal Health, Inc. 0.7%
Baytex Energy Corp. 0.6%
Pfizer, Inc. 0.6%
Chevron Corp. 0.6%
Crescent Point Energy Trust 0.6%
Ten Largest Fixed Income Issues Assets
Banco Popular Espanol SA 0.2%
U.S. Treasury Note 0.2%
DISH DBS Corp. 0.2%
Seven Generations Energy Ltd. 0.2%
U.S. Treasury Note 0.2%
AMC Networks, Inc. 0.1%
MEG Energy Corp. 0.1%
WhiteWave Foods Co. 0.1%
Valeant Pharmaceuticals International 0.1%
U.S. Treasury Note 0.1%
Holdings Assets
High Yield Fund 23.6%
International Dividend Income Fund 21.3%
Calibrated Mid Cap Value Fund 16.7%
Mid Cap Stock Fund 16.0%
Calibrated Large Cap Value Fund 11.8%
Short Duration Income Fund 3.9%
Affiliated Fund 3.5%
Core Fixed Income Fund 2.3%
Growth Opportunities Fund 0.7%
Fund Dividends & Cap Gains next tab

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