Portfolio Breakdown as of 08/31/2015

Equity Assets
U.S. Large Cap 21.1%
U.S. Small/Mid Cap 29.5%
Intl Equity 19.2%
% of Total Assets 69.8%
Fixed Income Assets
Investment Grade 5.9%
High Yield 23.3%
Convertibles 0.4%
Other and Cash 0.5%
% of Total Assets 29.6%

Portfolio Positioning as of 06/30/2015

  • Following a mild first-quarter contraction, the U.S. economy was bolstered by a resurgence in consumer spending and further labor market improvements. Despite early signs of wage inflation, the Federal Reserve adopted a more dovish stance in its policy deliberations, and reiterated its commitment to supporting economic growth. This change in tone led to modest depreciation of the U.S. dollar against developed currencies such as the euro and contributed to the stabilization of oil prices.
  • We slightly reduced our equity allocation through sales of profitable positions in U.S. growth stocks, while maintaining an overweight to international equities. Although the Greek debt crisis and weakness in Chinese shares dominated overseas headlines late in the quarter, non-U.S. stocks—particularly those in developed European markets—should continue to benefit from a relatively strong U.S. dollar, lower energy costs, and highly accommodative monetary policy.
  • In fixed income, we took advantage of tightening credit spreads to reduce our allocations in high yield bonds. In addition, we added to our position in investment-grade bonds, when valuations became more attractive as longer-term interest rates reached their highs of the year. We continue to maintain a small overweight to credit-sensitive fixed income, however, as fundamentals remain favorable and defaults are running well below long-term averages. Furthermore, attractive yields and relatively limited interest-rate sensitivity should support credit as the Federal Reserve moves closer to “liftoff.” 
  • We reduced our exposure to developed markets currencies this quarter. Exceptionally accommodative monetary policy in the eurozone and Japan continues to render their currencies less attractive, while commodity weakness represents a headwind for exporters such as Australia and Canada. As such, we viewed the second-quarter rally in these currencies as an opportunity to reduce positions in anticipation of future depreciation.

Equity Sector Allocation as of 08/31/2015

Consumer Discretionary
Information Technology
Health Care
Consumer Staples
Telecommunication Services
Ten Largest Equity Holdings Assets
Whirlpool Corp. 0.9%
Invesco Ltd. 0.9%
Fifth Third Bank 0.9%
XL Capital Ltd. 0.8%
Hartford Financial Services Group, Inc. 0.8%
M&T Bank Corp. 0.7%
Orbital ATK, Inc. 0.6%
Pfizer, Inc. 0.6%
JPMorgan Chase & Co. 0.6%
PPL Corp. 0.6%
Ten Largest Fixed Income Issues Assets
Banco Popular Espanol SA 0.3%
U.S. Treasury Note 0.2%
U.S. Treasury Note 0.2%
U.S. Treasury Note 0.2%
DISH DBS Corp. 0.2%
T-Mobile USA, Inc. 0.2%
Federal National Mortgage Assoc. 0.2%
WhiteWave Foods Co. 0.2%
MGM Resorts International 0.2%
AerCap Ireland Capital Ltd. 0.1%
Holdings Assets
High Yield Fund 24.4%
International Dividend Income Fund 20.9%
Calibrated Mid Cap Value Fund 16.9%
Mid Cap Stock Fund 16.4%
Calibrated Large Cap Value Fund 11.5%
Short Duration Income Fund 3.4%
Affiliated Fund 3.3%
Core Fixed Income Fund 3.0%
Fund Dividends & Cap Gains next tab

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