Balanced Fund Asset Allocation Model

(65% Equities / 35% Fixed)

Asset Allocation as of 12-31-2006

Equities

• 19% Large Cap Value – Lord Abbett, & Company
• 17% Large Cap Growth – Montag & Caldwell; Sands Capital Management
• 16% International – Brandes Investment Partners; NWQ International
• 9% Small Cap – Penn Capital Management
• 6% REIT – Invesco Realty Advisors

Fixed Investments

• 25% Intermediate Term Securities – Invesco Capital Management
• 8% Intermediate Term Securities – Davis Hamilton Jackson & Associates

At any one time, Managers may hold as much as 5% of their total assets in Cash and Equivalents.

Printable version of Asset Allocation Model (pdf)

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