Portfolio Breakdown as of 03/31/2016

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

Portfolio Positioningas of 03/31/2016

  • The Diversified Equity Strategy Fund underperformed its benchmark, the 85% Russell 3000® Index/15% MSCI EAFE Index with Gross Dividends, during the first quarter of 2016. 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- and large-cap growth stocks detracted from relative performance, as these categories underperformed the Fund’s benchmark.
  • The Fund’s allocation to U.S. large-cap value equities and mid-cap stocks contributed to relative performance, as these strategies outperformed the Fund’s benchmark.
  • During the quarter, the Fund’s weightings in the information technology sector declined, while allocations to industrials sector increased. The information technology, financials, and consumer discretionary sectors are the largest weightings in the Fund.

Equity Sector Allocation as of 03/31/2016

Information Technology
Financials
Consumer Discretionary
Industrials
Health Care
Consumer Staples
Energy
Materials
Utilities
Telecommunication Services
Ten Largest Equity Holdings Assets
General Electric Co. 1.4%
JPMorgan Chase & Co. 1.2%
Pfizer, Inc. 1.1%
Microsoft Corp. 1.1%
Johnson & Johnson, Inc. 1.0%
Facebook, Inc. 0.9%
Alphabet, Inc. 0.9%
Chevron Corp. 0.8%
AT&T, Inc. 0.8%
Intel Corp. 0.8%
Holdings Assets
Affiliated Fund 19.8%
Growth Opportunities Fund 15.2%
Fundamental Equity Fund 15.0%
Growth Leaders Fund 14.8%
International Core Equity Fund 11.8%
Value Opportunities Fund 10.2%
International Opportunities Fund 8.2%
Developing Growth Fund 4.9%
Fund Dividends & Cap Gains next tab

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