Balanced Fund : Portfolio

As of June 30, 2018
Balanced Fund

Top 10 Stock Holdings

Net Assets
Security
2.8%
Berkshire Hathaway Inc. - Class B
2.6%
Visa Inc. - Class A
2.4%
Laboratory Corp. of America Holdings
2.4%
Praxair, Inc.
2.3%
Oracle Corp.
2.1%
Allergan plc
2.1%
Liberty Broadband Corp. - Series C
2.0%
Thermo Fisher Scientific Inc.
2.0%
Comcast Corp. - Class A
2.0%
Mastercard Inc. - Class A
22.7% Total

Common Stocks Industry Breakdown

31.4%
Information Technology
16.8%
Health Care
15.9%
Materials
15.6%
Financials
11.1%
Consumer Discretionary
9.2%
Consumer Staples
100.0% Total

Credit Quality (a) :

51.4%
U.S. Treasury
2.1%
U.S. Government Agency Mortgage Related Securities (b)
3.3%
Aaa/AAA
4.4%
Aa/AA
15.0%
A/A
20.4%
Baa/BBB
0.0%
Ba/BB
0.9%
B/B
0.0%
Caa/CCC
1.6%
Non-Rated
0.9%
Cash Equivalents
100.0% Total
(a) The Fund receives credit quality ratings on underlying securities of the Portfolio when available from credit rating agencies. The Fund will use one rating for an underlying security if that is all that is provided. Ratings and portfolio credit quality may change over time. The Fund itself has not been rated by an independent rating agency.
(b) Mortgage related securities issued and guaranteed by government-sponsored entities such as Fannie Mae and Freddie Mac are generally not rated by ratings agencies.  Securities which are not rated do not necessarily indicate low quality. Fannie Mae’s and Freddie Mac’s senior long-term debt are currently rated Aaa and AAA by Moody’s and Fitch, respectively.
Source: Bloomberg Analytics
Based on percentage of portfolio.

Capitalization :

59.6%
> $50 Billion
27.8%
$10 - $50 Billion
6.2%
$2.5 - $10 Billion
6.4%
< $2.5 Billion
$158.4B Weighted Average Market Cap

Portfolio Characteristics :

Number of Companies
(Equity Holdings)
28
Number of Fixed Income Issuers (Including U.S. Treasury Bills, if applicable)
32
Annual Turnover
(3/31/18)
40%
5-Year Avg. Annual Turnover
(3/31/18)
35%

Characteristics and Volatility Measures :

Versus Blended Index
3 Year
5 Year
10 Year
R-Squared
87.9
84.4
84.1
Beta
0.79
0.76
1.01
Alpha
-0.93
-1.42
-0.97
Upside Capture Ratio
75.4
68.8
93.0
Downside Capture Ratio
93.2
90.6
99.3
Standard Deviation
4.9
4.8
9.8
Sharpe Ratio
0.90
0.99
0.67
Source:  FactSet

Fixed Income Holdings Portfolio Summary

Average Maturity
2.1 years
Average Effective Maturity
2.0 years
Average Duration
1.9 years
Average Effective Duration
1.9 years
Source: Bloomberg Analytics

Fixed Income Holdings Maturity Distribution :

0.9%
Cash Equivalents
32.6%
Less than 1 Year
43.0%
1 - 3 Years
21.3%
3 - 5 Years
1.5%
5 - 7 Years
0.7%
7 - 10 Years
0.0%
10 Years or more
100.0% Total
Source: Bloomberg Analytics
Based on percentage of portfolio.

Fixed Income Holdings Duration Distribution :

33.8%
0 - 1 Years
43.4%
1 - 3 Years
22.1%
3 - 5 Years
0.7%
5 - 7 Years
0.0%
7 - 10 Years
0.0%
10 Years or more
100.0% Total
Source: Bloomberg Analytics
Based on percentage of portfolio.
Portfolio composition is subject to change at any time. Current and future portfolio holdings are subject to risk. An investment in the Fund involves certain risks, such as: The Fund may invest in undervalued securities, which by definition are out of favor with investors, and there is no way to predict when, if ever, such securities may return to favor. Because the Fund may have a more concentrated portfolio than certain other mutual funds, the performance of each holding in the Fund has a greater impact upon the overall portfolio, which increases risk. When interest rates rise, bond prices generally fall, and the Fund’s share price can fall. The Fund may purchase lower rated and unrated fixed-income securities, which involve an increased possibility that the issuers of these may not be able to make payments of interest and principal. See the Fund’s Prospectus for a further discussion of risks related to the Fund.

R-Squared: portfolio’s movements that can be explained by movements in its benchmark.
Beta: measure of systematic risk with respect to a benchmark.
Alpha: difference between a portfolio’s actual returns and its expected performance, given its level of risk measured by beta.
Upside Capture Ratio: manager’s performance in up markets relative to the benchmark.
Downside Capture Ratio: manager’s performance in down markets relative to the benchmark.
Standard Deviation: measure of how widely the returns varied over a certain period of time from the average.
Sharpe Ratio: measure to determine reward per unit of risk.