The Ministry Trust Fund portfolio is positioned for long-term growth. The allocation of the portfolio takes into consideration both bull and bear markets. Additionally, the nature of many of our equity managers is to control downside risk. The portfolio is well-diversified and does not have any significant sector overweights. We do not think that a de-risking (getting out of stocks) of the portfolio is warranted based upon current market conditions. The current condition reflects a high level of speculation based on sentiment and not hard economic or financial data.