Portfolio Breakdown as of 08/31/2015

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

Portfolio Positioningas of 06/30/2015

  • The Diversified Equity Strategy Fund outperformed its benchmark, the 85% Russell 3000® Index/15% MSCI EAFE Index with Gross Dividends, during the second quarter of 2015.
  • During the quarter, both the Fund’s strategic allocation and the performance of underlying investment strategies contributed to relative performance.  The Fund’s allocation to small-cap international equities contributed to relative performance, as international small-cap stocks outperformed the Fund’s benchmark.  The Fund’s weighting in domestic mid-cap growth stocks detracted from performance, as they underperformed the Fund’s benchmark. 
  • In addition to the Fund’s international small-cap equity allocation’s contribution to performance, the U.S. small-cap growth strategy also outperformed its underlying benchmark, thereby contributing to relative performance.
  • The Fund’s large-cap value strategy detracted from relative performance, as it underperformed the Fund’s benchmark.
  • During the quarter, we increased the Fund’s weighting in the health care sector, while we trimmed the Fund’s weightings in the industrials sector. The financials, information technology, and consumer discretionary sectors are the largest weightings in the Fund.

Equity Sector Allocation as of 08/31/2015

Information Technology
Consumer Discretionary
Health Care
Consumer Staples
Telecommunication Services
Ten Largest Equity Holdings Assets
Pfizer, Inc. 1.5%
JPMorgan Chase & Co. 1.4%
Google, Inc. 1.1%
Intel Corp. 1.0%
AT&T, Inc. 1.0%
Cisco Systems, Inc. 0.9%
Apple, Inc. 0.9%
Chevron Corp. 0.8%
Facebook, Inc. 0.8%
Exxon Mobil Corp. 0.7%
Holdings Assets
Affiliated Fund 20.0%
Growth Opportunities Fund 15.1%
Fundamental Equity Fund 14.9%
Growth Leaders Fund 14.9%
International Core Equity Fund 11.9%
Value Opportunities Fund 10.2%
International Opportunities Fund 7.9%
Developing Growth Fund 4.9%
Fund Dividends & Cap Gains next tab

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