Portfolio Breakdown as of 01/30/2015

Equity Assets
U.S. Large Cap 4.3%
U.S. Small/Mid Cap 9.7%
Intl Equity 8.9%
% of Total Assets 22.9%
Fixed Income Assets
Investment Grade 20.5%
High Yield 40.4%
Convertibles 8.9%
Emerging Mkt Currencies 5.8%
Other and Cash 1.6%
% of Total Assets 75.6%

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
Telecommunication Services
Consumer Staples
Ten Largest Equity Holdings Assets
Wells Fargo & Co. 0.4%
National Australia Bank Ltd. 0.2%
Royal Dutch Shell plc 0.2%
Total S.A. 0.2%
Freenet AG 0.2%
Whirlpool Corp. 0.2%
Crown Castle International Corp. 0.2%
Boston Properties, Inc. 0.2%
XL Capital Ltd. 0.2%
Imperial Tobacco Group plc 0.2%
Ten Largest Fixed Income Issues Assets
U.S. Treasury Note 0.5%
U.S. Treasury Note 0.5%
Twitter, Inc. 0.3%
Yahoo!, Inc. 0.3%
Tesla Motors, Inc. 0.3%
Seven Generations Energy Ltd. 0.3%
Chesapeake Energy Corp. 0.2%
WhiteWave Foods Co. 0.2%
Restoration Hardware Holdings, Inc. 0.2%
DISH DBS Corp. 0.2%
Holdings Assets
High Yield Fund 36.1%
Short Duration Income Fund 25.3%
Convertible Fund 9.9%
International Dividend Income Fund 9.9%
Emerging Markets Currency Fund 6.0%
Calibrated Mid Cap Value Fund 4.5%
Mid Cap Stock Fund 3.8%
Core Fixed Income Fund 2.5%
Growth Opportunities Fund 1.7%
Fund Dividends & Cap Gains next tab

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