Portfolio Breakdown as of 05/29/2015

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

Portfolio Positioningas of 03/31/2015

  • The Diversified Equity Strategy Fund outperformed its benchmark, the 85% Russell 3000® Index/15% MSCI EAFE Index with Gross Dividends, during the first 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 growth equities contributed to relative performance, as both small-cap growth and micro-cap growth stocks outperformed the Fund’s benchmark.  The Fund’s weighting in large-cap value stocks detracted from performance, as they underperformed the Fund’s benchmark. 
  • The Fund’s mid-cap growth equity strategy 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 information technology sector, while we trimmed the Fund’s weightings in the financials and consumer staples sectors. The financials, information technology, and consumer discretionary sectors are the largest weightings in the Fund.

Equity Sector Allocation as of 05/29/2015

Information Technology
Consumer Discretionary
Health Care
Consumer Staples
Telecommunication Services
Ten Largest Equity Holdings Assets
Pfizer, Inc. 1.4%
JPMorgan Chase & Co. 1.4%
Apple, Inc. 1.3%
Chevron Corp. 1.2%
Eli Lilly & Co. 1.1%
Intel Corp. 1.0%
Cisco Systems, Inc. 0.8%
Netflix, Inc. 0.7%
Affiliated Managers Group, Inc. 0.7%
Akamai Technologies, Inc. 0.7%
Holdings Assets
Affiliated Fund 20.1%
Growth Opportunities Fund 15.1%
Fundamental Equity Fund 15.0%
Growth Leaders Fund 14.6%
International Core Equity Fund 12.3%
Value Opportunities Fund 9.9%
International Opportunities Fund 8.3%
Developing Growth Fund 4.9%
Fund Dividends & Cap Gains next tab

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