Portfolio Breakdown as of 01/30/2015

U.S. Large Cap
U.S. Small/Mid Cap
Intl Small/Mid Cap
Intl Large Cap
Emerging Mkt Equity

Portfolio Positioningas of 12/31/2014

  • The Diversified Equity Strategy Fund underperformed its benchmark, the 85% Russell 3000® Index/15% MSCI EAFE Index with Gross Dividends, during the fourth quarter of 2014.
  • During the three-month period, both the Fund’s strategic allocation and the performance of underlying investment strategies detracted from relative performance. 
  • The Fund’s allocation to international equities detracted from relative performance, as international stocks underperformed the Fund’s benchmark. The Fund’s weighting in domestic large cap value contributed to performance, as large cap value stocks outperformed the Fund’s benchmark.
  • The Fund’s domestic mid cap growth equity strategy outperformed its underlying benchmark, thereby contributing to relative performance.
  • The Fund’s large cap growth strategy contributed to relative performance, as it outperformed the Fund’s benchmark.
  • During the quarter, we increased the Fund’s weightings in the healthcare and consumer discretionary sectors, while we trimmed the Fund’s weightings in the energy and information technology sectors. The financials, information technology, and healthcare sectors are the largest weightings in the Fund.

Equity Sector Allocation as of 01/30/2015

Financials
Information Technology
Health Care
Consumer Discretionary
Industrials
Consumer Staples
Energy
Utilities
Materials
Telecommunication Services
Unclassified
Ten Largest Equity Holdings Assets
Chevron Corp. 1.3%
Apple, Inc. 1.2%
Pfizer, Inc. 1.1%
JPMorgan Chase & Co. 0.9%
Bristol-Myers Squibb Co. 0.9%
Eli Lilly & Co. 0.8%
Intel Corp. 0.8%
Avago Technologies Ltd. 0.7%
Allstate Corp. 0.6%
Verizon Communications, Inc. 0.6%
Holdings Assets
Affiliated Fund 19.7%
Growth Opportunities Fund 15.1%
Growth Leaders Fund 15.0%
Fundamental Equity Fund 14.8%
International Core Equity Fund 12.2%
Value Opportunities Fund 10.0%
International Opportunities Fund 8.2%
Developing Growth Fund 5.0%
Fund Dividends & Cap Gains next tab

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