Portfolio Breakdown as of 06/30/2015

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 06/30/2015

Financials
Information Technology
Consumer Discretionary
Health Care
Industrials
Consumer Staples
Energy
Materials
Utilities
Telecommunication Services
Ten Largest Equity Holdings Assets
Pfizer, Inc. 1.4%
JPMorgan Chase & Co. 1.4%
Chevron Corp. 1.1%
Apple, Inc. 1.0%
Intel Corp. 1.0%
Eli Lilly & Co. 1.0%
Facebook, Inc. 0.8%
Cisco Systems, Inc. 0.8%
Affiliated Managers Group, Inc. 0.7%
AT&T, Inc. 0.7%
Holdings Assets
Affiliated Fund 19.9%
Growth Opportunities Fund 15.1%
Growth Leaders Fund 15.0%
Fundamental Equity Fund 15.0%
International Core Equity Fund 12.0%
Value Opportunities Fund 10.1%
International Opportunities Fund 8.0%
Developing Growth Fund 5.0%
Fund Dividends & Cap Gains next tab

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