I continue to be disappointed by the performance of this fund. After a solid 2011 and 2012, it has lagged dramatically. I am a fan of PH&N on the fixed income side, and had hoped that was enough to offset middle of the road equity management. To date, I have been wrong. Right now, the only positive I can find in the fund is the cash flow it generates, which is currently about 5.4%. Unfortunately, with a mutual fund, cash flow does not equal quality. I am placing the fund UNDER REVIEW immediately, and will be looking for signs of a turnaround. If that doesn’t happen, it will be replaced.