Portfolio Breakdown as of 12/31/2015

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

Portfolio Positioningas of 12/31/2015

  • 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 2015. During the quarter, the performance of underlying investment strategies and the Fund’s strategic allocation detracted from performance.
  • The Fund’s weightings in domestic small-cap growth equities and mid-cap growth stocks detracted from relative performance, as these categories underperformed the Fund’s benchmark.
  • The Fund’s allocation to U.S. large-cap growth equities contributed to relative performance, as this strategy outperformed the Fund’s benchmark.
  • During the quarter, the Fund’s weightings in the energy sector declined, while allocations to healthcare sector increased. The information technology, financials, and consumer discretionary sectors are the largest weightings in the Fund.

Equity Sector Allocation as of 12/31/2015

Information Technology
Financials
Consumer Discretionary
Health Care
Industrials
Consumer Staples
Energy
Utilities
Materials
Telecommunication Services
Ten Largest Equity Holdings Assets
General Electric Co. 1.5%
JPMorgan Chase & Co. 1.4%
Pfizer, Inc. 1.4%
Intel Corp. 1.2%
Microsoft Corp. 1.2%
Alphabet, Inc. 1.0%
AT&T, Inc. 0.9%
Apple, Inc. 0.9%
Chevron Corp. 0.8%
Facebook, Inc. 0.7%
Holdings Assets
Affiliated Fund 19.7%
Fundamental Equity Fund 15.1%
Growth Opportunities Fund 15.0%
Growth Leaders Fund 15.0%
International Core Equity Fund 12.1%
Value Opportunities Fund 9.9%
International Opportunities Fund 8.2%
Developing Growth Fund 5.0%
Fund Dividends & Cap Gains next tab

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